Category: Americas

MIL-OSI Global: Nitrous oxide recreational use is linked to brain damage and sudden death − but ‘laughing gas’ is still sold all over the US

Source: The Conversation – USA – By Andrew Yockey, Assistant Professor of Public Health, University of Mississippi

Nitrous oxide is often inhaled with a balloon. Matt Cardy/Getty Images News

The U.S. Food and Drug Administration is warning Americans about the ever-increasing and potentially deadly recreational use of nitrous oxide products, particularly among young people.

Marketed with names like “Galaxy Gas” and “Miami Magic,” and often sold in steel cartridges known as “whippets,” these products are cheap and readily available at gas stations, convenience stores, smoke shops and major retail outlets, including Walmart. They’re also sold online.

As an assistant professor of public health who studies these products, I’m aware of how dangerous they can be.

Recreational and continued use of nitrous oxide can cause a wide range of serious health problems, and in some cases, death.

A long list of potential harms

The list of serious side effects from frequent use is long. It includes: cognitive impairment, memory problems, hallucinations, headaches, lightheadedness, mood disturbances, blood clots, limb weakness, trouble walking, peripheral neuropathy, impaired bowel or bladder function, spinal cord degeneration and irreversible brain damage. Vitamin B-12 deficiency is common and can lead to nerve and brain damage.

Deaths in the U.S. attributed to abuse of nitrous oxide jumped more than 100% between 2019 and 2023; over a five-year period, emergency department visits rose 32%.

All told, more than 13 million Americans have misused nitrous oxide at least once during their lifetimes. This includes children: In 2024, just over 4% of eighth graders and about 2% of 12th graders said they’ve tried inhalants. Nitrous oxide is among the most abused of these inhalants due to its low cost, easy availability and commercial appeal – one flavor of the gas is named “pink bubble gum.”

Pure nitrous, inhaled for a quick high, can be lethal.

Laughing gas parties

Because of legal loopholes in the Food and Drug Administration Act, nitrous oxide remains unregulated. What’s more, U.S. scientists have done relatively little research on its abuse, partly because the public still perceives the substance as benign, particularly when compared with alcohol.

The few studies on the use of nitrous oxide are limited mainly to case reports – that is, a report on a single patient. Although limited in scope, they’re alarming.

More thorough studies are available in the United Kingdom and Europe, where there’s even more demand for the product. One example: Over a 20-year period, 56 people died in England and Wales after recreational use. Typically, deaths occur from hypoxia, which is the lack of oxygen to the brain, or accidents occurring while intoxicated by the gas, such as car wrecks or falls.

Americans have known about the effects of nitrous oxide for centuries. Before becoming a medicinal aid, nitrous oxide was popular at “laughing gas” parties during the late 1700s.

Physicians began using it in the U.S. around the mid-19th century after Horace Wells, a dentist, attended a stage show – called “Laughing Gas Entertainment” – and saw the numbing effect that nitrous oxide had on audience volunteers. By coincidence, Wells was having a wisdom tooth removed the next day, so he tried the gas during his procedure. The nitrous oxide worked; Wells said he felt no pain. Thereafter, medicinal use of the gas was gradually accepted.

Today, nitrous oxide is often used in dentist offices. It’s safe under a doctor’s supervision as a mild sedative that serves as a pain reliever and numbing agent.
Nitrous oxide also benefits some patients with severe psychiatric disorders, including treatment-resistant depression and bipolar depression. It may also help with anxiety and pain management.

Bans and restrictions

No federal age restrictions exist for purchasing nitrous oxide products, although a few states have passed age limits.

As of May 2025, four U.S. states – Louisiana, Michigan, Alabama and California – have banned the recreational use of nitrous oxide, and more than 30 states are working on legislation to ban or at least restrict sale of the products. In addition, numerous lawsuits filed against the manufacturers are in court.

Research shows school prevention programs help keep kids from using these products. So does early screening of patients by primary care and mental health physicians. The sooner they can intervene, the more likely that ongoing therapy will work.

Through appropriate legislation, regulation, education and intervention, nitrous oxide abuse can be slowed or stopped. Otherwise, these products – with their sleek packaging and attractive social media campaigns that obscure their dangers – remain a growing threat to our children.

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

– ref. Nitrous oxide recreational use is linked to brain damage and sudden death − but ‘laughing gas’ is still sold all over the US – https://theconversation.com/nitrous-oxide-recreational-use-is-linked-to-brain-damage-and-sudden-death-but-laughing-gas-is-still-sold-all-over-the-us-254983

MIL OSI – Global Reports –

May 10, 2025
MIL-OSI Global: How William Howard Taft’s approach to government efficiency differed from Elon Musk’s slash-and-burn tactics

Source: The Conversation – USA – By Laura Ellyn Smith, Assistant Teaching Professor of History, Arizona State University

Elon Musk and his son board Air Force One in West Palm Beach, Fla., on April 13, 2025. Mandel Ngan/AFP via Getty Images

For four months, the world’s richest man has played an unprecedented role in U.S. government. At the start of his 2025 term, President Donald Trump asked Elon Musk to cut government “waste and fraud.” That translated into the Musk-driven firing of 121,000 federal workers, essentially closing entire government programs and departments.

Many Americans protested Musk’s work. His unsupervised access to sensitive government materials and unchecked influence over the firing of federal employees represents an unprecedented moment in the United States. An unelected billionaire sought to overhaul the federal government, empowered and legitimized not by Congress but only by the president.

There are two individuals intrinsic to any presidential effort to restructure government: the president himself and the person he entrusts with the task.

In 2025, Musk has been the person designated to carry out the president’s aims.

In 1910, it was Frederick Cleveland, an academic, who was President William H. Taft’s designated head of his effort to streamline government.

Both presidents, Taft and Trump, have said they wanted to improve how government functioned.

But while Taft worked with Congress to launch his effort, Trump hasn’t followed that route. And the men each president asked to lead their efforts were vastly different in the responsibility given to them, and different in values as well as temperament.

Power on Pennsylvania Avenue

Among the many historic attempts by presidents to streamline federal government, Taft’s administration provides a distinct parallel to an administration attempting to make government more efficient.

The Taft administration’s early 20th-century equivalent to the Musk-run Department of Government Efficiency, or DOGE, was called the Commission on Economy and Efficiency.

Unlike DOGE, created by presidential fiat via an executive order, Taft’s efficiency commission was funded by Congress.

Taft also delegated the work of this reorganization to trusted Cabinet subordinates, rather than an outsider who was not confirmed by Congress. Other presidents of Taft’s generation would have found it unthinkable to delegate such consequential work to someone outside of the bureaucracy to the extent that Trump has empowered Musk.

The work of Taft’s commission took place during a time of turmoil for the role and power of the president, as the country itself became more powerful and its governance more complex, calling for increased efficiency through streamlining.

Studying and streamlining government

Taft organized his commission in 1910, a year into his presidency. It lasted until his divided party led to his election defeat in 1912.

The commission’s aims were tied to economy and efficiency – as the commission itself was named. Indeed, Secretary of the Navy George von Lengerke Meyer, one of Taft’s trusted Cabinet members, concisely explained how the “main object was the establishment of a system which would enable the Secretary to administer his office efficiently and economically, with the advice of responsible expert advisers, ensuring continuity of policy for the future.”

Taft came to the presidency in 1909 with clear concepts of how the nation’s top office needed to become more powerful to meet the growing country’s burgeoning needs.

The presidency, he believed, also needed to expand its power to meet the modernizing demands of the Progressive Era in early 20th-century America. This era put new demands on government to be responsive to the country’s expanding needs, from grassroots demands by voters for greater government activism to professionals seeking more efficient support for their businesses from the government.

Taft was critically aware of existing inefficiency, with bureaucratic work overlapping at expense to the government, without any clear mandate, job description or hierarchy. The vision of the commission is clear in a diagram for the War Department that sought to streamline the bureaucracy, conglomerating the existing 18 divisions into eight.

A chart of the Taft commission’s proposed streamlining of what was then called the ‘War Department.’
archive.org

The Commission on Economy and Efficiency focused on providing solutions for this clearly defined problem of government inefficiency. At the time of Taft’s final message to Congress in 1913, the commission had submitted 85 reports to Taft encouraging the reorganization of executive departments, including new and specifically defined roles for government employees.

One of the reports from Taft’s commission, which he delivered to Congress.
Google Books

Long-term, targeted changes

Unlike the radical unilateral actions taken by DOGE, the Taft commission recommended action to Congress for the long term, while making more targeted changes to the executive bureaucracy behind the scenes.

Despite Taft’s pleas stressing the need to sustain these changes beyond his tenure, Congress was tired of the empowerment of the executive by Republican presidents Theodore Roosevelt, followed by Taft, and had no incentive to support reorganization.

This is in direct contrast to Trump and Musk’s less substantiated concerns over “fraud and abuse” or ongoing vague concerns over the size and cost of the federal government. That phrasing may inspire more consensus over the problem, but not necessarily the solution.

President William Howard Taft at a desk in the Oval Office in 1909.
Corbis Historical/Getty Images

Empowering the executive

Taft’s choice to head his commission, Frederick Cleveland, was a kindred spirit who believed in a strengthened presidency. Cleveland was an academic with past affiliations with the University of Pennsylvania and New York University. Congress accepted Cleveland’s nomination, seeing him as a pioneer in the realm of public administration.

Cleveland fit the Progressive Era’s mantra of employing experts. As a professional but not a member of the wealthy elite, and having been considered by Congress, Cleveland represents a clear distinction from Musk, who appears to have little understanding of what an average American may need from an operative federal bureaucracy.

Cleveland reflected the Taft administration’s approach of wanting to remold the government without animosity toward federal workers specifically or the government more broadly. He embraced the Progressive Era ethos in seeking to rectify inefficiency.

Streamlining did not equate to big cuts. The priority remained ensuring the American government could meet the increased demands of the new century.

Similar to DOGE, the White House was the command center for the Commission on Economy and Efficiency. That enabled Taft to manage reorganization of the executive branch from the Oval Office.

Not all of the modernizing and streamlining of the federal government would come at the behest of Taft’s commission.

Impatient to implement change while awaiting the commission’s reports, and with the commission hampered by a decrease in congressional funding in 1912, Taft had immediately sought improvement within his own administration.

But when the commission’s reports were finally available, Taft was in the unfortunate position of being a lame duck and could do little besides emphasize the need for further action.

While limited in the short term, the commission’s reports were later credited for major changes: “Although the report fell on deaf ears in Congress, it would become an essential roadmap for the budget reforms of 1921. The Budget and Accounting Act of 1921 addressed and mirrored the concerns and proposals of the Commission’s Report,” as described by the Calvin Coolidge Presidential Foundation.

Unlike DOGE, the approach of Taft and his commission focused on streamlining rather than gutting federal bureaucracy.

That approach was reflective of an era when experts were revered and sought after rather than maligned. As an experienced bureaucrat, Taft characteristically directed that the problem of government inefficiency be studied. This secured his legacy, as his agenda was eventually put into practice and embraced, proving his reflective approach to be ahead of its time.

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

– ref. How William Howard Taft’s approach to government efficiency differed from Elon Musk’s slash-and-burn tactics – https://theconversation.com/how-william-howard-tafts-approach-to-government-efficiency-differed-from-elon-musks-slash-and-burn-tactics-249891

MIL OSI – Global Reports –

May 10, 2025
MIL-OSI Global: Science requires ethical oversight – without federal dollars, society’s health and safety are at risk

Source: The Conversation – USA – By Christine Coughlin, Professor of Law, Wake Forest University

Brain organoids, pictured here, raise both many medical possibilities and ethical questions. NIAID/Flickr, CC BY-SA

As the Trump administration continues to make significant cuts to NIH budgets and personnel and to freeze billions of dollars of funding to major research universities – citing ideological concerns – there’s more being threatened than just progress in science and medicine. Something valuable but often overlooked is also being hit hard: preventing research abuse.

The National Institutes of Health has been the world’s largest public funder of biomedical research. Its support helps translate basic science into biomedical therapies and technologies, providing funding for nearly all treatments approved by the Food and Drug Administration from 2010 to 2019. This enables the U.S. to lead global research while maintaining transparency and preventing research misconduct.

While the legality of directives to shrink the NIH is unclear, the Trump administration’s actions have already led to suspended clinical trials, institutional hiring freezes and layoffs, rescinded graduate student admissions, and canceled federal grant review meetings. Researchers at affected universities say that funding will delay or possibly eliminate ongoing studies on critical conditions like cancer and Alzheimer’s.

The Trump administration has deeply culled U.S. science across agencies and institutions.

It is clear to us, as legal and bioethics scholars whose research often focuses on the ethical, legal and social implications of emerging biotechnologies, that these directives will have profoundly negative consequences for medical research and human health, with ripple effects that will last decades. Our scholarship demonstrates that in order to contribute to knowledge and, ultimately, to biomedical treatments, medical research at every stage depends on significant infrastructure support and ethical oversight.

Our recent focus on brain organoid research – 3D lab models grown from human stem cells that simulate brain structure and function – shows how federal support for research is key to not only promote innovation, but to protect participants and future patients.

History of NIH and research ethics

The National Institutes of Health began as a one-room laboratory within the Marine Hospital Service in 1887. After World War I, chemists involved in the war effort sought to apply their knowledge to medicine. They partnered with Louisiana Sen. Joseph E. Ransdell who, motivated by the devastation of malaria, yellow fever and the 1928 influenza pandemic, introduced federal legislation to support basic research and fund fellowships focusing on solving medical problems.

By World War II, biomedical advances like surgical techniques and antibiotics had proved vital on the battlefield. Survival rates increased from 4% during World War I to 50% in World War II. Congress passed the 1944 Public Health Services Act to expand NIH’s authority to fund biomedical research at public and private institutions. President Franklin D. Roosevelt called it “as sound an investment as any Government can make; the dividends are payable in human life and health.”

As science advanced, so did the need for guardrails. After World War II, among the top Nazi leaders prosecuted for war crimes were physicians who conducted experiments on people without consent, such as exposure to hypothermia and infectious disease. The verdicts of these Doctors’ Trials included 10 points about ethical human research that became the Nuremberg Code, emphasizing voluntary consent to participation, societal benefit as the goal of human research, and significant limitations on permissible risks of harm. The World Medical Association established complementary international guidelines for physician-researchers in the 1964 Declaration of Helsinki.

At least 100 participants died in the Tuskegee Untreated Syphilis Study.
National Archives

In the 1970s, information about the Tuskegee study – a deceptive and unethical 40-year study of untreated syphilis in Black men – came to light. The researchers told study participants they would be given treatment but did not give them medication. They also prevented participants from accessing a cure when it became available in order to study the disease as it progressed. The men enrolled in the study experienced significant health problems, including blindness, mental impairment and death.

The public outrage that followed starkly demonstrated that the U.S. couldn’t simply rely on international guidelines but needed federal standards on research ethics. As a result, the National Research Act of 1974 led to the Belmont Report, which identified ethical principles essential to human research: respect for persons, beneficence and justice.

Federal regulations reinforced these principles by requiring all federally funded research to comply with rigorous ethical standards for human research. By prohibiting financial conflicts of interest and by implementing an independent ethics review process, new policies helped ensure that federally supported research has scientific and social value, is scientifically valid, fairly selects and adequately protects participants.

These standards and recommendations guide both federally and nonfederally funded research today. The breadth of NIH’s mandate and budget has provided not only the essential structure for research oversight, but also key resources for ethics consultation and advice.

Brain organoids and the need for ethical inquiry

Biomedical research on cell and animal models requires extensive ethics oversight systems that complement those for human research. Our research on the ethical and policy issues of human brain organoid research provides a good example of the complexities of biomedical research and the infrastructure and oversight mechanisms necessary to support it.

Organoid research is increasing in importance, as the FDA wants to expand its use as an alternative to using animals to test new drugs before administering them to humans. Because these models can simulate brain structure and function, brain organoid research is integral to developing and testing potential treatments for brain diseases and conditions like Alzheimer’s, Parkinson’s and cancer. Brain organoids are also useful for personalized and regenerative medicine, artificial intelligence, brain-computer interfaces and other biotechnologies.

Brain organoids are built on knowledge about the fundamentals of biology that was developed primarily in universities receiving federal funding. Organoid technology began in 1907 with research on sponge cells, and continued in the 1980s with advances in stem cell research. Since researchers generated the first human organoid in 2009, the field has rapidly expanded.

Brain organoids have come a long way since their beginnings over a century ago.
Madeline Andrews, Arnold Kriegstein’s lab, UCSF, CC BY-ND

These advances were only possible through federally supported research infrastructure, which helps ensure the quality of all biomedical research. Indirect costs cover operational expenses necessary to maintain research safety and ethics, including utilities, administrative support, biohazard handling and regulatory compliance. In these ways, federally supported research infrastructure protects and promotes the scientific and ethical value of biotechnologies like brain organoids.

Brain organoid research requires significant scientific and ethical inquiry to safely reach its future potential. It raises potential moral and legal questions about donor consent, the extent to which organoids should be grown and how they should be disposed, and consciousness and personhood. As science progresses, infrastructure for oversight can help ensure these ethical and societal issues are addressed.

New frontiers in scientific research

Since World War II, there has been bipartisan support for scientific innovation, in part because it is an economic and national security imperative. As Harvard University President Alan Garber recently wrote, “[n]ew frontiers beckon us with the prospect of life-changing advances. … For the government to retreat from these partnerships now risks not only the health and well-being of millions of individuals but also the economic security and vitality of our nation.”

Cuts to research overhead may seem like easy savings, but it fails to account for the infrastructure that provides essential support for scientific innovation. The investment the NIH has put into academic research is significantly paid forward, adding nearly US$95 billion to local economies in fiscal year 2024, or $2.46 for every $1 of grant funding. NIH funding had also supported over 407,700 jobs that year.

President Donald Trump pledged to “unleash the power of American innovation” to battle brain-based diseases when he accepted his second Republican nomination for president. Around 6.7 million Americans live with Alzheimer’s, and over a million more suffer from Parkinson’s. Hundreds of thousands of Americans are diagnosed with aggressive brain cancers each year, and 20% of the population experiences varying forms of mental illness at any one time. These numbers are expected to grow considerably, possibly doubling by 2050.

Organoid research is just one of the essential components in the process of learning about the brain and using that knowledge to find better treatment for diseases affecting the brain.

Science benefits society only if it is rigorous, ethically conducted and fairly funded. Current NIH policy directives and steep cuts to the agency’s size and budget, along with attacks on universities, undermine globally shared goals of increasing understanding and improving human health.

The federal system of overseeing and funding biomedical science may need a scalpel, but to defund efforts based on “efficiency” is to wield a chainsaw.

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

– ref. Science requires ethical oversight – without federal dollars, society’s health and safety are at risk – https://theconversation.com/science-requires-ethical-oversight-without-federal-dollars-societys-health-and-safety-are-at-risk-252794

MIL OSI – Global Reports –

May 10, 2025
MIL-OSI Video: No birds were hurt during this Army training!

Source: US Army (video statements)

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #Shorts #Army

https://www.youtube.com/watch?v=Rn8HGkuyTHo

MIL OSI Video –

May 10, 2025
MIL-OSI USA: UConn Equestrian Team Achieves Highest Points in Region

Source: US State of Connecticut

The UConn Equestrian Team achieved the status of being the regional high point team at the close of this year’s Intercollegiate Horse Shows Association (IHSA) competition season.

“It’s awesome,” says team captain Elinor Addonizio ‘25 (CAHNR). “I think it gives everybody a lot of hope for the future to continue doing so well.”

This year, UConn’s point total was 276. The second-place team, Boston University, had 225 points.

“It really was an incredible season,” coach Marilyn Bennett says. “I’m really proud of all of them. They put in a lot of hard work, and it really is a testament to that…It’s a great way to represent the school.”

For each show, teams choose individual riders in each event and class to be their point riders. This means those riders’ points, based on where they place in the event, count toward the team’s total.

“Essentially it comes down to the point riders who won the most and did the best,” Addonizio says.

At their home show in October, UConn’s team earned a perfect score.

“Every single point rider won their class – which is pretty much unheard of,” Addonizio says. “So, that was a really big accomplishment.”

One member of the UConn Team, Cara Bailey ‘27 (CAHNR), qualified for nationals, which will take place in May.

Currently, there are 24 showing members on the UConn Equestrian Team, and 30 members total. Riders are placed into jumping and flat event classes based on their experience and skill level.

What is unique to the IHSA competitions is that, unlike elsewhere in the equestrian world, riders do not bring horses to competitions. Instead, they are randomly assigned a horse from the hosting institution’s barn.

“You have no idea until the day of what horse you’re going to ride,” Bennett says. “So that adds a whole other element to showing…It makes it unique and really cool.”

To prepare for this challenge, the UConn team changes which horse they ride for each of their weekly practices.

This was the first year UConn competed in Region 4 with Massachusetts schools after their previous region was dissolved.

“We were pretty nervous heading into this new region because we’d never competed against these teams, and they’re all very accomplished teams,” Addonizio says. “So, it’s really, really exciting, and honestly we didn’t expect it, which made it all the more special.”

Addonizio has been a member of the team since her freshman year and was captain for the past two years.

After graduating this spring with a degree in animal science with a focus on equine breeding, Addonizio is going to New Zealand to help deliver foals for the horse racing industry. She was the 2024 recipient of the Samantha Calzone scholarship.

“I found my people and a true home, and I’m just lucky to get to ride horses every week and be with such a great group of people,” Addonizio says. “And the leadership experience that I’ve gained from it as captain has been pretty life changing.”

UConn recently announced a new Equine Science and Management major, launching in the fall of 2026.

Follow UConn CAHNR on social media

MIL OSI USA News –

May 10, 2025
MIL-OSI USA: Neag School Class of 2025 Student Profile: Sara Rosenthal

Source: US State of Connecticut

Editor’s Note: As Commencement approaches, we are featuring some of our Neag School Class of 2025 graduating students over the coming days.

Major: BS, Chemistry Education
Hometown: Colchester, Connecticut

Q: Why did you choose UConn?

A: I chose UConn because there are so many opportunities here. When I applied, I was unsure about what my goals were in my life and my career. I knew that UConn had so many different groups of people, and I was positive that I would eventually find the place where I belonged within the community.

Q: What’s your major or field of study, and what drew you to it?

A: My major is chemistry education. I didn’t start out immediately knowing that I would end up in education. I entered UConn as a biomedical engineering major, but it never felt like the perfect fit. Through the School (now College) of Engineering, I was able to get a job as a STEM summer program director for middle schoolers. Working with students and creating a project-based curriculum for them was one of the best experiences I’ve ever had. I realized how much I enjoyed sharing my science knowledge with the kids and acting as a mentor for them while they were in the program. Halfway through my sophomore year, I decided to make the switch to education. It has been incredible, and I have never looked back.

Q: Did you have a favorite professor or class?

A: My favorite professor would have to be Dr. Todd Campbell. He was my professor for the senior science teaching methods course. His enthusiasm for education is infectious, and I felt like I was constantly expanding my view of what it meant to be an effective science teacher when I was in class with him. I view him as someone whom I can go to for advice and who I know will always be rooting for my success.

Q: What activities were you involved in as a student?

A: The main non-academic activity that I have been involved in during my time at UConn is the UConn Tap Team. I have been a member of the team for all four years. We compete with tap dance routines that we practice over the course of the school year. The connections that I have made with people on the team are a part of what has made my time at UConn so meaningful. Now, I am the team president and get to give back to the organization, which is responsible for many amazing memories.

Q: What’s one thing that surprised you about UConn?

A: I was surprised by how small UConn can feel at times, in a good way. Once you start making connections with people on campus, you will never feel like you’re going through life alone. It is nice to see familiar faces wherever you are and to have a sense of belonging.

Q: What are your plans after graduation/receiving your degree?

A: My immediate plan is to be a chemistry instructor for UConn’s BRIDGE program run by the Vergnano Institute for Inclusion. I will also be enjoying the warm weather and making sure I take time to enjoy this season of life. My long-term goal is to move to Boston and begin my education career. I want to continue growing and learning as an educator and make an impact on students’ lives.

Q: How has UConn prepared you for the next chapter in life?

A: The Neag School of Education at UConn has been wonderful. I feel like my courses and student teaching experience have made me a more confident and capable teacher. The best way to learn is through practice, and my time with the Neag School of Education has given me so many opportunities to try new tools and techniques in a supportive environment. UConn has also made me more passionate. My four years here allowed me to explore different sides of my identity and find the things that make me feel energized and fulfilled. Education was an unexpected path for me, and I wouldn’t have found my love for teaching if UConn didn’t value a well-rounded student experience.

Education was an unexpected path for me, and I wouldn’t have found my love for teaching if UConn didn’t value a well-rounded student experience. &#8212 Sara Rosenthal

Q: Any advice for incoming students?

A: Just trust the process and trust yourself. If you’re not feeling a little lost in your direction in life at least once, you’re probably doing it all wrong. Enjoy it while it’s happening. Sometimes I feel like I worried so much about what was coming next that I forgot to take in the details. Don’t forget that you’re probably living the life you were thinking about a few years ago and how awesome that is.

Q: What’s one thing everyone should do during their time at UConn?

A: Explore. There are so many unique and interesting little pockets of campus that I would have never found if I didn’t wander. It is easy to stay in your routine out of convenience, but I think everyone should try to see parts of campus they would never normally encounter.

Q: What will always make you think of UConn?

A: Gentry will always make me think of UConn. I have sat outside on the sundial more times than I can remember and stared up at the building. I will always remember the first time I walked through Gentry after getting accepted into the Neag School. I will never forget how right it felt. I will always think of the Gentry vending machine when I think of UConn and how my cohort mates would sneak down to grab a snack during lecture breaks. Gentry will always make me think of the wonderful people I met there and how I wouldn’t be the same without them.

MIL OSI USA News –

May 10, 2025
MIL-OSI USA: Neag School Class of 2025 Student Profile: Michael Santos

Source: US State of Connecticut

Editor’s Note: As Commencement approaches, we are featuring some of our Neag School Class of 2025 graduating students over the coming days.

Major: BS, Sport Management and minor in Digital Marketing and Analytics
Hometown: East Granby, Connecticut

Q: Why did you choose UConn?

A: As a Connecticut native, I grew up admiring UConn’s athletic programs. Choosing UConn felt natural — not only because of that connection but also because of the wide range of academic and experiential opportunities available to students here.

Q: What’s your major or field of study, and what drew you to it?

A: I’m majoring in sport management with a minor in digital marketing and analytics. I’ve always known I wanted to work in sports, and UConn allowed me to shape my academic path around that passion, especially within sport marketing.

Q: Did you have a favorite professor or class?

A: My favorite class was EDLR 3091, the Sport Internship course taught by Dr. Danielle DeRosa. While most of the learning happened outside the classroom, it gave me the most hands-on insight into how an athletic department operates and what it’s really like to work in sports.

Q: What activities were you involved in as a student?

A: I was a member of the UConn club baseball team, interned with UConn Sport Properties and the UConn Athletics marketing department, and was actively involved in the UConn Sport Business Association and the UConn Sport Business Conference.

Q: What’s one thing that surprised you about UConn?

A: By the end of my four years, I was surprised at how many familiar faces I had come to recognize — students, professors, and coworkers. UConn started to feel smaller in the best way, and I really appreciated that sense of community.

Q: What are your plans after graduation/receiving your degree?

A: I plan to pursue a career in the sports industry, ideally within partnerships or sponsorships.

Q: How has UConn prepared you for the next chapter in life?

A: UConn taught me not only technical skills but also how to be adaptable. It helped me grow more independent, become comfortable with uncertainty, and learn through experience — lessons that I know will carry into my career.

UConn taught me not only technical skills but also how to be adaptable. &#8212 Michael Santos

Q: Any advice for incoming students?

A: Don’t stay in your dorm all day! Put yourself out there — join clubs, meet new people, try new things. Whether you love it or realize it’s not for you, it’s all part of figuring out what you really enjoy.

Q: What’s one thing everyone should do during their time at UConn?

A: Attend the UConn Sport Business Conference — it’s a great opportunity to connect, learn, and get inspired by professionals in the industry.

Q: What will always make you think of UConn?

A: Winning championships — UConn is the Basketball Capital of the World!

MIL OSI USA News –

May 10, 2025
MIL-OSI USA: South Carolina AG Alan Wilson asks SCOTUS to uphold Maine legislator’s right to vote and speak freelyRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced today that his office has joined a friend-of-the-court brief filed in the United States Supreme Court supporting Maine Representative Laurel Libby, who was stripped of her ability to vote and speak on the State House floor by Democratic legislative leadership.

The Supreme Court is being asked to restore Representative Libby’s voting rights while her case continues through the courts, as such actions likely violate the foundational principles of representative democracy and the U.S. Constitution.

“This is not a partisan issue, it’s a constitutional one,” said Attorney General Alan Wilson. “In our system of government, every citizen deserves to have their voice heard through their elected officials. Blocking a legislator from voting silences not just one voice, but the voice of every constituent they represent. That’s not how our republic is supposed to work. The ability of lawmakers to speak and vote freely on behalf of their districts is a foundational part of American democracy, and I am standing up to ensure that principle is protected.”

The case involves Representative Libby being barred from voting and speaking on the Maine House floor after she posted on social media about a biologically male student-athlete who won a girls’ pole-vaulting competition. The brief argues that stripping a duly elected lawmaker of their right to vote undermines democratic representation and violates the constitutional rights of both the representative and their constituents.

The coalition of attorneys general asserts that legislative immunity, which generally shields lawmakers from lawsuits related to legislative actions, does not protect actions that directly undermine democratic processes, like removing a legislator’s voting rights.

In addition to South Carolina, attorneys general from the following states joined the brief: Alabama, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Mississippi, Missouri, Montana, North Dakota, Ohio, and South Dakota.

You can read the brief here.

MIL OSI USA News –

May 10, 2025
MIL-OSI: Sharc Energy Featured in Ottawa’s LeBreton Flats Redevelopment District Energy Project

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 09, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce that two SHARC 880 Wastewater Energy Transfer (“WET”) systems will be used to power a district energy system (also referred to as thermal energy network), in the Canadian capital of Ottawa, Ontario, serving the LeBreton Flats redevelopment.

A new era of sustainable energy is dawning in Ottawa with the formation of the LeBreton Community Utility Partnership, a joint venture between Envari Holding Inc. (a subsidiary of Hydro Ottawa Holding Inc.) and Theia Partners. Together with the City of Ottawa, the partners have formalized a landmark agreement to implement an advanced WET system.

“The formation of the LeBreton Community Utility partnership marks a significant step in realizing a truly sustainable energy model for urban development. Our WET technology, powered by SHARC Energy’s Canadian innovation, will provide reliable, efficient, and environmentally responsible thermal energy to the LeBreton community, starting with DREAM’s Odenak development,“ stated Scott Demark, Partner at Theia Partners.

“This is more than just a project; it’s a testament to Ottawa’s dedication to leading the way in sustainable energy solutions. Hydro Ottawa is proud to be at the forefront of this innovation, demonstrating the power of collaboration and forward-thinking technology, including the highly efficient and Canadian-made SHARC Energy WET System, in building a sustainable future for the community we serve. We are especially pleased that this project supports vital affordable housing and aligns with our commitment to ensuring all customers can participate in a smart and equitable energy future,” says Bryce Conrad, President and CEO of Hydro Ottawa Holding Inc.

This groundbreaking energy project will harness the untapped thermal potential of wastewater to provide 9 Megawatts (MW) of sustainable and efficient building heating and cooling to the LeBreton Flats redevelopment including DREAM’s Odenak development at 665 Albert Street, the inaugural customer for LeBreton Community Utility’s WET system. Odenak is a 600-unit, two-tower project adjacent to the Pimisi light rail transit (LRT) station. It features a mix of market-rate and affordable residential units as well as retail spaces. The WET system utilizes highly efficient heat pumps and operates entirely without fossil fuel, marking a significant step towards a cleaner energy future for the city.

“HTS is incredibly proud to be involved in this monumental project, which sets a new standard in sustainability. We are honored to contribute to such an innovative solution that not only pushes the boundaries of technology but also fosters a more sustainable future. This project reflects our commitment to advancing environmentally responsible practices and delivering the most advanced HVAC solutions,” said Wael Khalaf, P.Eng. HTS, SHARC Energy’s Ontario representative.

By utilizing SHARC Energy’s WET system, the LeBreton Community Utility estimates a reduction of approximately 5,066 tonnes of greenhouse gas (GHG) emissions annually compared to traditional buildings relying on boilers and chillers. To visualize 5,066 tonnes, it is the equivalent of the electricity used by 3,387 homes for a full year (as calculated by the Natural Resources Canada’s Greenhouse Gas Equivalencies Calculator).

“Almost 95 per cent of Ottawa’s greenhouse gases emissions are not within the City’s direct control. Instead, they require community action and commitment to achieve our reduction targets. In partnering on this innovative sewage energy project at LeBreton Flats, the City is supporting other local businesses and organizations to help us achieve a clean energy future for all of Ottawa,” said Mayor Mark Sutcliffe, City of Ottawa

Construction to connect to the City’s sewer infrastructure is slated to begin later this year, following a collaborative design phase between the City of Ottawa and the LeBreton Community Utility partners. SHARC Energy anticipates commencing submittals for the SHARC WET systems in 2025 with equipment build and delivery expected during 2026.

The LeBreton Community Utility Partnership is also engaged in discussions with the National Capital Commission (NCC) to explore the potential for the WET network to serve additional land parcels at the LeBreton Flats redevelopment, to take advantage of economies of scale. This forward-thinking approach positions the site as a model for sustainable community energy infrastructure in Canada. Moreover, this presents additional opportunities for the implementation of SHARC WET equipment.

About SHARC Energy

SHARC International Systems Inc. is a world leader in energy transfer with the wastewater we send down the drain every day. SHARC Energy’s systems exchange thermal energy with wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

About HTS

HTS is North America’s largest independent distributor of built-to-order, full-service commercial and industrial HVAC solutions. HTS is dedicated to driving shared success by collaborating with all those involved in the design, selection, installation, and maintenance of the ideal HVAC solution for each project.

ON BEHALF OF THE BOARD

Freid Andriano
Chairman

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a8dbc469-7d83-4929-8402-906d4e192f12

The MIL Network –

May 10, 2025

MIL-OSI: NextNav Inc. Reports First Quarter 2025 Results and Operational Highlights

Source: GlobeNewswire (MIL-OSI)

FCC releases Notice of Inquiry (NOI) with bipartisan 4-0 vote

NextNav Announces Appointment of Rear Admirals H. Wyman Howard and Lorin Selby to its Board of Directors

RESTON, Va., May 09, 2025 (GLOBE NEWSWIRE) — NextNav Inc. (NASDAQ: NN) a leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation, today reported its financial results and operational updates for the quarter ended March 31, 2025.

“During the quarter we saw continued FCC momentum with a unanimous vote in March to further explore PNT solutions, specifically including NextNav’s,” said NextNav’s CEO, Mariam Sorond. “We remain focused on executing against our goals and addressing an urgent national security need for a terrestrial complement and backup to GPS. We look forward to working with the FCC and the rest of the industry to enable PNT resiliency.”

Recent Operational Highlights

Announced Appointment of Two New Members to Board of Directors: On April 16, 2025, NextNav announced the appointment of Retired Rear Admirals H. Wyman Howard and Lorin Selby to its Board of Directors, effective May 1, 2025.
FCC Releases Notice of Inquiry (NOI): On March 27, 2025, the FCC unanimously voted to approve the NOI titled Promoting the Development of PNT Technologies and Solutions to explore how the Commission may foster GPS backups and alternatives, underscoring the FCC’s focus on this issue. On April 28, 2025, NextNav filed comments with the FCC emphasizing the importance of at least one future-proof solution that relies on market forces to deliver a terrestrial, widescale PNT solution that is broadly available to critical infrastructure, public safety, and consumers, and has a clear path to incorporation in end-user devices.

Three Months Ended March 31, 2025 Financial Highlights

Revenue: was $1.5 million in the three months ended March 31, 2025, as compared to $1.0 million in the prior year period. The increase was driven by an increase in service revenue from technology and services contracts with government and commercial customers.
Operating Loss: was $17.0 million in the three months ended March 31, 2025, as compared to an operating loss of $16.2 million in the prior year period, primarily driven by higher professional fees and outside consulting expenses, partially offset by reductions in software license costs and payroll-related expenses.
Net Loss: was $58.6 million in the three months ended March 31, 2025, including a loss on change in the fair value of derivative liability of $24.5 million and debt extinguishment loss of $14.4 million, as compared to a net loss of $31.6 million in the prior year period, including a loss on the fair value of the warrants of $13.2 million.
Balance Sheet: as of March 31, 2025, the Company had $150.4 million in cash and cash equivalents and $38.0 million in short term investments. Net long term debt of $213.1 million includes derivative liability of $56.5 million, and is net of unamortized discount of $33.4 million, with a face value of $190.0 million.

Conference Call Information

NextNav will host a conference call for analysts and investors at 9:00 am ET on Friday, May 9, 2025.

Registration for the conference call can be completed by visiting the following website prior to, or on the day of, the conference call: https://registrations.events/direct/Q4I6293672417. After registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast.

To access the live webcast or a replay, visit the Company’s investor relations website at https://ir.nextnav.com/.

A replay will be available through March 16, 2025. To receive replay details, please register through the link above. After registering for replay details, each participant will be provided with call details and access codes to listen to the call playback.

About NextNav Inc.

NextNav Inc. (Nasdaq: NN) is a leader in next generation positioning, navigation and timing (PNT), enabling a whole new ecosystem of applications and services that rely upon 3D geolocation and PNT technology. Powered by low-band licensed spectrum, NextNav’s positioning and timing technologies deliver accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency and commercial use cases.

For more information, please visit https://nextnav.com/ or follow NextNav on Twitter or LinkedIn.

Source: NN-FIN

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav’s future prospects, developments and business strategies. In particular, such forward-looking statements include the achievement of certain FCC-related milestones and FCC approvals, the ability to realize the broader spectrum capacity and the advancement of NextNav’s terrestrial 3D PNT services, NextNav’s position to drive growth in its 3D geolocation business and expansion of its next generation terrestrial 3D PNT technologies, the business plans, objectives, expectations and intentions of NextNav, and NextNav’s estimated and future business strategies, competitive position, industry environment, potential growth opportunities, revenue, expenses, and profitability. These statements are based on NextNav’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to, those included in Part II, Item 1A, “Risk Factors” of the Company’s quarterly reports on Form 10-Q, and Part I, Item 1A, “Risk Factors” of the NextNav’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Sloane & Company
nextnav@sloanepr.com

NEXTNAV INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)

	March 31, 2025 (unaudited)			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	150,422		$	39,330
Short term investments		37,986			40,785
Accounts receivable		1,645			3,301
Other current assets		3,413			2,629
Total current assets	$	193,466		$	86,045
Property and equipment, net of accumulated depreciation of $14,725 and $13,716 at March 31, 2025 and December 31, 2024, respectively		16,972			17,974
Operating lease right-of-use assets		17,329			17,368
Goodwill		17,641			16,966
Intangible assets		9,454			9,589
Other assets		13,744			13,798
Total assets	$	268,606		$	161,740

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,131		$	858
Accrued expenses and other current liabilities		7,312			8,536
Operating lease current liabilities		2,795			2,462
Deferred revenue		310			288
Total current liabilities	$	11,548		$	12,144

Warrants		21,425			28,707
Operating lease noncurrent liabilities		14,198			14,352
Other long-term liabilities		1,761			1,795
Long term debt, net		213,101			54,621
Total liabilities	$	262,033		$	111,619

Stockholders’ equity:
Common stock, authorized 500,000,000 shares; 132,413,938 and 131,268,940 shares issued and 132,281,710 and 131,136,712 shares outstanding at March 31, 2025 and December 31, 2024, respectively		14			14
Additional paid-in capital		926,280			912,241
Accumulated other comprehensive income		1,657			665
Accumulated deficit		(920,685	)		(862,106	)
Common stock in treasury, at cost; 132,228 shares at both March 31, 2025 and December 31, 2024		(693	)		(693	)
Total stockholders’ equity	$	6,573		$	50,121
Total liabilities and stockholders’ equity	$	268,606		$	161,740

NEXTNAV INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

	Three Months Ended March 31,
	2025			2024
Revenue	$	1,539		$	1,046
Operating expenses:
Cost of goods sold (exclusive of depreciation and amortization)		2,533			2,761
Research and development		4,038			4,670
Selling, general and administrative		10,520			8,446
Depreciation and amortization		1,452			1,319
Total operating expenses	$	18,543		$	17,196
Operating loss	$	(17,004	)	$	(16,150	)
Other income (expense):
Interest expense, net		(2,738	)		(2,168	)
Debt extinguishment loss		(14,434	)		—
Change in fair value of warrants		6,041			(13,176	)
Change in fair value of derivative liability		(24,523	)		—
Other loss, net		(5,863	)		(72	)
Loss before income taxes	$	(58,521	)	$	(31,566	)
Provision for income taxes		58			44
Net loss	$	(58,579	)	$	(31,610	)
Foreign currency translation adjustment		993			(522	)
Comprehensive loss	$	(57,586	)	$	(32,132	)
Net loss		(58,579	)		(31,610	)
Net loss attributable to common stockholders	$	(58,579	)	$	(31,610	)
Weighted average of shares outstanding – basic and diluted		131,104			111,061
Net loss attributable to common stockholders per share – basic and diluted	$	(0.45	)	$	(0.28	)

NEXTNAV INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)

	Three Months Ended March 31,
	2025			2024
Operating activities
Net loss	$	(58,579	)	$	(31,610	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,452			1,319
Equity-based compensation		4,324			4,244
Change in fair value of warrants		(6,041	)		13,176
Debt extinguishment loss		13,734			—
Issuance of common warrants		5,766			—
Change in fair value of derivative liability		24,523			—
Realized and unrealized gain on short term investments		(338	)		(50	)
Equity method investment loss		39			40
Asset retirement obligation accretion		26			16
Amortization of debt discount		1,739			1,442
Changes in operating assets and liabilities:
Accounts receivable		1,656			836
Other current assets		(749	)		(434	)
Other assets		16			(107	)
Accounts payable		273			878
Deferred revenue		22			(10	)
Accrued expenses and other liabilities		(254	)		3,022
Operating lease right-of-use assets and liabilities		212			253
Net cash used in operating activities	$	(12,179	)	$	(6,985	)

Investing activities
Purchases of network assets, property, and equipment		(30	)		(32	)
Purchase of internal use software		(101	)		(163	)
Purchase of marketable securities		(31,463	)		(5,918	)
Sale and maturity of marketable securities		34,600			4,000
Net cash provided by (used in) investing activities	$	3,006		$	(2,113	)

Financing activities
Proceeds from 2028 senior convertible notes		190,000			—
Repayment of 2026 senior secured notes		(70,000	)		—
Payments towards debt issuance cost		(550	)		—
Payments towards debt		(27	)		(28	)
Proceeds from exercise of common warrants		517			—
Proceeds from exercise of common stock options		232			544
Net cash provided by financing activities	$	120,172		$	516
Effect of exchange rates on cash and cash equivalents		93			21
Net increase (decrease) in cash and cash equivalents		111,092			(8,561	)
Cash and cash equivalents at beginning of period		39,330			81,878
Cash and cash equivalents at end of period	$	150,422		$	73,317

Non-cash investing and financing information
Capital expenditure included in Accrued expenses and other current liabilities	$	22		$	278

The MIL Network –

May 10, 2025

MIL-OSI United Kingdom: expert reaction to the debate on hormone-treated beef and chlorinated chicken

Source: United Kingdom – Executive Government & Departments

May 9, 2025

Scientists comment on hormone-treated beef and chlorinated chicken, following the announcement of a UK-US trade deal.

Beef

Prof Chris Elliott, Chair of Food Safety, Queen’s University Belfast (QUB), said:

“There are a number of hormones, mainly anabolic steroids that are classified as growth promoters. They were banned in the EU back in the 1980’s on the grounds they were a food safety risk. This has been hotly disputed by the US and other countries that use the hormones in livestock production.

“The bulk of the scientific evidence suggests they are safe if used correctly. However incorrect use (as can happen accidently or deliberately) could pose health issues.

“The big issue is that use of such hormones is not ‘natural’ – but again this is widely disputed as livestock have many things added to their diets to enhance growth rates.

“Testing for the presence of the hormones can be done but it’s extremely difficult and requires very expensive equipment and the cost per test would runs into many hundreds of pounds. There has previously been evidence that meat claimed as ‘hormone free’ was in fact treated with anabolic steroids.”

Chicken

Prof Paul Wigley, Professor in Animal Microbial Ecosystems, University of Bristol, said:

“The use of high-concentration chlorine washes applied in the USA and other countries is adopted as a relatively simple and low-cost method to reduce foodborne bacterial pathogens such as Salmonella from chicken carcasses. Its efficacy is questionable. Rates of human Salmonella infection in the USA are around double the European average and around five times greater than in the UK.

“The UK approach is to control on the farm with the use of vaccines, good biosecurity and hygiene together with regular testing for Salmonella, accompanied by far greater levels of animal welfare that were set down by EU legislation and still adopted in the UK. Salmonella is in effect eradicated in UK Lion Mark eggs and is uncommon in UK-produced poultry meat.

“An analogy is going out for a walk as seeing a pile of dog muck. The UK/EU approach is to avoid getting it on your shoes. The American approach is wiping it off when you get home but we all know that some will remain trapped in the tread.

“The ban on US produced chicken on public health grounds is justified when simply looking at the figures of public health impact. Human Salmonella infection often leads to hospitalisation and most recent figures indicate there were 33 deaths resulting from Salmonella in the UK in 2013. We cannot ban on welfare grounds but there is a clear public health reason to do so.”

Beef and chicken

Prof Guy Poppy, PVC Research and Innovation, University of Bristol, said:

On chlorine-washed chicken:

“The use of chlorine washes to ensure chickens are safe to eat is a difference between how the USA and the EU/UK regulate food. The USA uses product-based approach while the EU and UK use a process-based one – i.e. consideration of the process we use to ensure safety rather than the end outcome. If done correctly the end product, chicken, is equally safe, but the system we currently use involves several steps in how chickens are produced throughout the rearing and preparation of the chicken for sale – as opposed to the USA system which uses chlorine to ‘disinfect’ the chicken prior to retail. Both systems are used to reduce/eliminate the number of microorganisms in the chicken which can make us ill.

“Many of the biosecurity processes used in the UK can also enhance welfare, such as practices to reduce the levels of pathogens in chickens – as opposed to being reliant on a system of using chlorine to reduce the pathogens after slaughter.”

On hormone-treated beef:

“There are significant disagreements between the EU and the US on the health issues of hormone treated beef. Whilst the EU claim that one of the regularly used hormones is carcinogenic, the US and Canada claim to the WTO that the EU risk assessment is flawed. And several of the hormones used do not have any health claims against them. However, the rearing practice which is involved in accelerating growth can be seen as an animal welfare issue as weight gain and the feedlots and other practices to reduce feed requirements and accelerate growth result in much lower animal welfare than rearing systems not involving hormones or feedlots.

“Both of these types of animal food production illustrate different rearing systems and methods to control risk. If done correctly and with checks in place, they both result in a safe product but there are differences in the animal welfare outcomes of the production systems used in the US compared to the UK/EU. The US style production systems can lead to reduced costs and increased profits and thus I can see why UK farmers are concerned about the effects this may have on the current UK meat system. It is clear that the current UK food system needs transforming to improve human and environmental health, but I am not sure this is a direction of travel which will help that.”

Declared interests

Paul Wigley: I have and continue to receive funding from UKRI around this area but no current or recent work with industry in these areas

Chris Elliott: No interests to declare

Guy Poppy: CSA at the FSA 2014-2020, Exec Chair at BBSRC 2023-2024

For all other experts, no reply to our request for DOIs was received.

MIL OSI United Kingdom –

May 10, 2025
MIL-OSI United Kingdom: ARU illustrators discuss the art of the picture book

Source: Anglia Ruskin University

Kate Winter in her studio

A group of prize-winning illustrators from Anglia Ruskin University (ARU) will be sharing their expertise during a special event in Cambridge on Monday, 19 May.

The event is being held to celebrate the 10^th anniversary of the prestigious Klaus Flugge Prize, which is awarded annually to the most promising and exciting newcomer to children’s book illustration.

The panel will feature three recent winners of this national award – Flavia Drago, Mariajo Ilustrajo and Kate Winter – all alumni of ARU’s world-leading Children’s Book Illustration MA course in Cambridge.

Taking place at Waterstones bookshop on Sidney Street, the event is aimed at anyone interested in illustration and the art of visual storytelling. The talented trio will discuss the elements of a successful picture book and provide valuable tips for aspiring illustrators.

Flavia Drago, originally from Mexico City, won the Klaus Flugge Prize in 2021 for her book Gustavo the Shy Ghost, which also topped The New York Times’ best sellers list. Flavia is currently studying a PhD at ARU, focusing on horror in children’s picture books.

Originally from Madrid, Mariajo Ilustrajo is now based in the UK and won the award in 2023 for Flooded, which she started on the MA course at ARU. The story, which features animals teaming up to tackle the impacts of climate change, also earned her the Best New Talent prize at the World Illustration Awards.

Kate Winter received the award last year for The Fossil Hunter, marking the first time a non-fiction book has won the £5,000 prize. After completing her MA in Children’s Book Illustration, Kate now lectures on ARU’s BA (Hons) Illustration course, balancing her teaching with her work as a professional illustrator and writer.

“I feel very fortunate to be able to bring ideas and stories alive for children through the universal language of illustration. I am really looking forward to talking to Mariajo and Flavia about our different approaches to making picture books, how we develop ideas and what role the images play in our storytelling.”

Kate Winter

The event will be chaired by Dr Elys Dolan, a Senior Lecturer in Children’s Books Illustration at ARU. Elys, an award-winning author and illustrator of books such as Weasels and Steven Seagull Action Hero, also studied on the MA Children’s Book Illustration course at ARU’s Cambridge School of Art.

The event on Monday, 19 May at Waterstones in Cambridge runs from 6pm-7.30pm and tickets are priced at £8. For further information and to purchase tickets, visit Celebrating the Klaus Flugge Prize with Kate Winter, Mariajo Ilustrajo and Flavia Drago | Events at Waterstones Bookshops

Meanwhile Polly Noakes, who graduated from the MA in Children’s Book Illustration at ARU in 2015, has just been announced as the winner of the 2025 Oscar’s Book Prize. Polly received the £10,000 award for her picture book Just The Two Of Us.

MIL OSI United Kingdom –

May 10, 2025
MIL-OSI Security: Evolving threat of chemical weapons calls for united front

Source: Interpol (news and events)

AMMAN, Jordan – The Fifth Plenary Meeting of the Global Congress on Chemical Security and Emerging Threats has concluded with recommendations to boost global action against chemical security threats. These include strengthening regional networks, developing a centralized chemical database, and addressing challenges posed by emerging technologies and artificial intelligence (AI).

Chemical weapon threats continue to undermine the security landscape, with technological advancements increasing accessibility to chemicals of concern and advanced chemical dispersal mechanisms.

Emerging technologies, particularly artificial intelligence, pose significant concerns. Non-state actors are already using AI to create propaganda and plan attacks. Chemical synthesis and cyberattacks against chemical facilities are potential AI-facilitated threats.

The proliferation of weapons of mass destruction, with non-state actors exploiting vulnerabilities and trafficking hazardous materials, poses a significant threat. Fragmented regulatory controls exacerbate the illegitimate diversion of chemical precursors, and new technologies, including uncrewed systems such as drones, increase their range and threat potential.

Major General Al-Maaytah of Jordan’s Public Security Directorate emphasized the global nature of chemical security:

“Chemical security is no longer only a national or regional responsibility, but rather a global priority requiring significant cooperation between governments and institutions.”

Gathering 300 delegates from over 100 countries and six international organizations to forge a united front against these evolving threats, the four-day meeting (5 – 8 May) underscored the need for enhanced cooperation, public-private partnerships, and information sharing through a unified global platform coordinated by INTERPOL.

INTERPOL President Ahmed Naser Al-Raisi highlighted the importance of collective strength and partnerships:

“Chemical security is a global responsibility that demands our collective attention and action. We must commit to fostering a culture of shared responsibility and strengthen partnerships across borders, sectors, and disciplines to create a safer, more secure future for all.”

The Global Congress, co-implemented by INTERPOL, Global Affairs Canada, the US Cybersecurity and Infrastructure Security Agency (CISA), the US Defense Threat Reduction Agency (DTRA), and the FBI, aims to cultivate a global and multi-sectoral culture of chemical security. Launched in 2018, it brings together international stakeholders to share expertise, develop innovative strategies, and promote cooperation and information sharing against chemical security threats.

[embedded content]

MIL Security OSI –

May 10, 2025
MIL-OSI: Research Capital Corporation Welcomes Jean-Paul Bachellerie to Its Executive Team

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 09, 2025 (GLOBE NEWSWIRE) — Research Capital Corporation (“RCC”), one of Canada’s largest independent, fully integrated, employee-owned investment dealers, is pleased to announce that Jean-Paul (“J-P”) Bachellerie has joined the firm as a Director and Member of RCC’s Executive Committee. In his initial role as Executive Vice President, he will be responsible for the management and further growth of RCC’s western business operations.

Mr. Bachellerie, CPA, was previously CEO and Chair of PI Financial Corp., where he was employed in various roles over the past 29 years, having responsibility for all aspects of that firm’s operations. Over the past 35 years, he has had extensive securities industry experience and served on numerous industry committees and councils, including having served on the Board of Directors of the Canadian Investment Regulatory Organization (CIRO) from 2013 to 2022. Since 2014, he has also sat on the combined Board of the Canadian Depository for Securities (CDS) and Canadian Derivatives Clearing Corporation (CDCC).

“I am very pleased and excited to be working with J-P. I have known him for many years and am confident that his knowledge and experience in our industry will be a great asset to our firm. His sense of fairness and balance in dealing with others will also be a great fit with the culture of our employee-owned company,” said Geoffrey Whitlam, President of RCC.

About Research Capital Corporation

Research Capital Corporation is one of Canada’s largest and oldest independent, fully integrated, employee-owned investment dealers, offering private client and equity capital markets services. Founded in 1921, RCC is a member of all Canadian stock exchanges and serves its clients from several major cities across Canada.

For more information, please contact:

Geoffrey Whitlam, President
Phone: 416-864-7641
Email: gwhitlam@researchcapital.com

The MIL Network –

May 10, 2025

MIL-OSI: illumin Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter Revenue of $29.1 Million up 17% YoY
Exchange Service Revenue up 148% YoY

(All monetary figures are expressed in Canadian dollars unless otherwise stated)

TORONTO, May 09, 2025 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM and OTCQB: ILLMF) (“illumin” or the “Company”), the advertising technology platform that enables you to win your next customer, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

First quarter 2025 revenue rose 17% year-over-year to $29.1 million, driven by higher Exchange service revenue, partially offset by lower Managed service revenue.
Self-service revenue was $8.4 million, up slightly compared with the year ago period and represented 29% of total revenue.
The Company on-boarded 18 net new Self-service clients during the quarter, reflecting sales initiatives targeting higher-spend clients and positioning the Company for continued long-term Self service revenue growth.
Managed service revenue was $8.7 million compared to $11.8 million in the prior year, primarily reflecting more cautious marketing spend related to geo-political and macro-economic uncertainty.
Exchange service revenue increased by 148% from the prior year to $12.0 million, resulting from increased demand from new customers, an enhanced supplier network, and platform improvements.
Gross margin was 45% compared to 47% for the same period in 2024, reflecting the change in mix to service lines with lower margins, such as Exchange service.
Net revenue, or gross profit (revenue less media-related costs), was $13.1 million, up 13% compared with $11.6 million in the prior year period.
Adjusted EBITDA loss was $0.4 million, compared to $0.0 million in the prior year period, primarily attributable to higher operating costs due to higher sales, sales support functions, and marketing costs, partly offset by higher revenue.
Net loss was $(1.9) million, compared to $(1.1) million in Q1 2024. The increase in the net loss was primarily a result of higher operating costs due to increased sales and marketing costs and a lower net foreign exchange gain compared to the prior year period, partially offset by higher revenue.
On December 23, 2024, the Company commenced a new normal course issuer bid (“2024 NCIB”) for its common shares that will remain open until December 22, 2025, or such earlier time as the 2024 NCIB is completed or terminated at the option of the Company. Under the 2024 NCIB, the Company may purchase for cancellation up to 3,914,167 common shares, representing approximately 10% of the Company’s public float as of December 10, 2024. Daily purchases are limited to 12,518 common shares. For the three months ended March 31, 2025, the company purchased nil common shares pursuant to the 2024 NCIB.

Simon Cairns, illumin’s Chief Executive Officer, commented, “Our first quarter revenue rose 17% even after a slower start to the period than we anticipated. We responded by adjusting our marketing tests week to week and made several advances in our selling process and sales team, which enabled us to exit the quarter with solid growth, led by a 148% rise in our Exchange service revenue and supported by solid performance in Self-service.”

“In Exchange service, we continue to create and capture both new and recurring demand at surprising levels, as a result of product and selling investments that have given us some differentiation in a very crowded market. As for Self-service, we successfully added 18 new customers in the quarter, which is in line with our key goal of adding targeted, higher-spend clients in this growth area. Self-service revenue, while up slightly year-over-year, exhibited several solid underlying trends, such as increased customer adoption, spend performance and conversion.”

“We continue to employ the more customer-centric portfolio platform approach that we launched in the second half of 2024, where customers can pick and choose how they want to be supported. Our efforts to market and sell more effectively continue to yield initial positive results, assisted by our ability to offer our clients a broad range of solutions that fit their needs. We continue to invest in our Self-service platform and Exchange service offering, while balancing this with a focus on maintaining liquidity and cost management across our organization.”

“We remain focused on our plan – being aggressive in generating better marketing and sales performance, removing friction from our selling processes and furthering our product stickiness as a Self-first platform supported by complimentary Managed and Exchange services,” concluded Mr. Cairns.

Elliot Muchnik, illumin’s Chief Financial Officer, commented, “For what is typically a seasonally slower quarter, our strong year-over-year increase in total revenue reflects exceptional growth in Exchange service due to our initiatives to drive increased demand in this area. Adjusted EBITDA declined slightly despite higher revenues as we continued to make strategic investments in sales and marketing to bolster our long-term growth. As we look ahead, operational discipline continues to be a priority as we aim to grow our Adjusted EBITDA while preserving our substantial net cash position.”

The following table presents a reconciliation of Net loss to Adjusted EBITDA for the periods ended:

	Three months ended
	March 31,			March 31,
		2025			2024
Net loss for the period	$	(1,854	)	$	(1,138	)
Adjustments:
Finance income, net		(337	)		(506	)
Foreign exchange gain		(311	)		(1,386	)
Depreciation and amortization		1,382			1,365
Income tax expense (benefit)		(63	)		378
Share-based compensation		737			699
Severance expenses		34			90
Nasdaq-related costs¹		–			423
Other non-recurring expenses		1			89
Total adjustments		1,443			1,152
Adjusted EBITDA	$	(411	)	$	14

(1) Nasdaq-related costs are listing fees and directors’ and officers’ insurance specific to the Company’s Nasdaq listing and have been reclassed below Adjusted EBITDA as they are not recurring.

Conference Call Details:

Date: Friday, May 9, 2025
Time: 8:30AM Eastern Time

To register for the conference call webcast and presentation, please visit:

https://events.illumin.com/q1-2025-earnings-call

Please connect 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.

A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://illumin.com/investor-information/.

Non-IFRS Measures

This press release makes reference to certain non-IFRS Accounting Standard measures (“non-IFRS measures”). These measures are not recognized measures under IFRS Accounting Standards (“IFRS”), do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures including “revenue less media-related costs”, “Gross margin”, and “Adjusted EBITDA” (as well as other measures discussed elsewhere in this press release).

The term “Gross margin” refers to the amount that “revenue less media-related costs” represents as a percentage of total revenue for a given period. Gross margin is used for internal management purposes as an indicator of the performance of the Company’s solution in balancing the goals of delivering excellent results to advertisers while meeting the Company’s margin objectives and, accordingly, the Company believes it is useful supplemental information.

“Adjusted EBITDA” refers to net income (loss) after adjusting for finance costs (income), impairment loss, fair value gain, income taxes, foreign exchange loss (gain), depreciation and amortization, share-based compensation, acquisition and related integration costs, severance expenses and adjustments to the carrying value of investment tax credits receivable. The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities before taking into consideration how those activities are financed and taxed and prior to taking into consideration depreciation of property and equipment and certain other items listed above. It is a key measure used by the Company’s management and board of directors to understand and evaluate the Company’s operating performance, to prepare annual budgets and to help develop operating plans.

These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors, and other interested parties frequently use non-IFRS measures in the evaluation of issuers, and that these non-IFRS measures are relevant to their analysis of the Company.

About illumin:

illumin is evolving the digital advertising landscape by empowering marketers to achieve transformative results through its customer-centric approach. Featuring a unified canvas built around the open web, illumin lets brands and agencies seamlessly plan, build, and execute campaigns across the entire marketing funnel—connecting programmatic channels, email, and social media within a single platform. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe. For more information, visit illumin.com.

Disclaimer with regard to forward looking statements

Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

For further information, please contact:

Steve Hosein
Investor Relations
illumin Holdings Inc.
416-218-9888 ext. 5313
investors@illumin.com

David Hanover
Investor Relations – U.S.
KCSA Strategic Communications
212-896-1220
dhanover@kcsa.com

Please note that the following financial information is an extract from the Company’s Consolidated Financial Statements for the three months ended March 31, 2025 and 2024 (the “Financial Statements”) provided for readers’ convenience and should be viewed in conjunction with the Notes to the Financial Statements, which are an integral part of the statements. The full Financial Statements and MD&A for the period may be found by accessing SEDAR+ at www.sedarplus.com.

illumin Holdings Inc.
Consolidated Statements of Financial Position
(Expressed in thousands of Canadian dollars)
For the three months ended March 31, 2025 and 2024

	March 31, 2025		December 31, 2024
Assets

Current assets
Cash and cash equivalents	$	54,013	$	55,952
Accounts receivable		27,663		44,650
Income tax receivable		417		613
Prepaid expenses and other		3,439		2,864

		85,532		104,079
Non-current assets
Other assets		117		115
Property and equipment		7,102		7,406
Intangible assets		11,099		9,352
Goodwill		4,870		4,870

		108,720		125,822

Liabilities

Current liabilities
Accounts payable and accrued liabilities		24,534		39,148
Income tax payable		80		137
Borrowings		15		48
Lease obligations		1,212		1,513

		25,841		40,846
Non-current liabilities
Deferred tax liability		661		1,241
Lease obligations		4,553		4,702

		31,055		46,789

Shareholders’ equity		77,283		79,033

		108,720		125,822

illumin Holdings Inc.
Consolidated Statements of Comprehensive Loss
(Expressed in thousands of Canadian dollars, except share amounts)
For the three months ended March 31, 2025 and 2024

		2025			2024

Revenue	$	29,081		$	24,952

Media-related costs		15,935			13,327

Gross profit		13,146			11,625

Operating expenses
Sales and marketing		7,348			5,753
Technology		4,338			4,086
General and administrative		1,906			2,374
Share-based compensation		737			699
Depreciation and amortization		1,382			1,365

		15,711			14,277

Loss from operations		(2,565	)		(2,652	)

Finance income, net		(337	)		(506	)
Foreign exchange gain		(311	)		(1,386	)

		(648	)		(1,892	)

Net loss before income taxes		(1,917	)		(760	)

Income tax expense (benefit)		(63	)		378

Net loss for the period		(1,854	)		(1,138	)


Basic and diluted net loss per share		(0.04	)		(0.02	)

Other Comprehensive Loss

Items that may be subsequently reclassified to net loss:
Exchange loss on translating foreign operations		(389	)		(164	)

Comprehensive loss for the period		(2,243	)		(1,302	)

illumin Holdings Inc.
Consolidated Statements of Cash Flows
(Expressed in thousands of Canadian dollars)
For the three months ended March 31, 2025 and 2024

		2025			2024
Cash provided by (used in)

Operating activities
Net loss for the period	$	(1,854	)	$	(1,138	)
Adjustments to reconcile net loss to net cash flows
Depreciation and amortization		1,382			1,365
Finance income, net		(337	)		(506	)
Share-based compensation		737			699
Foreign exchange gain		(311	)		(1,386	)
Severance expense		34			90
Income tax expense (benefit)		(63	)		378
Change in non-cash operating working capital
Accounts receivable		16,769			10,447
Prepaid expenses and other		(522	)		427
Other assets		–			(1	)
Accounts payable and accrued liabilities		(14,759	)		(6,151	)
Income taxes paid, net		(349	)		(52	)
Interest received		363			495

		1,090			4,667

Investing activities
Additions to property and equipment		(47	)		(775	)
Additions to intangible assets		(2,465	)		(1,761	)

		(2,512	)		(2,536	)

Financing activities
Repayment of international loans		(33	)		(33	)
Payment of leases		(533	)		(510	)
Repurchase of common shares for cancellation		–			(1,912	)
Proceeds from the exercise of stock options		138			4

		(428	)		(2,451	)

Decrease in cash and cash equivalents		(1,850	)		(320	)

Impact of foreign exchange on cash and cash equivalents		(89	)		405

Cash and cash equivalents – beginning of period		55,952			55,455

Cash and cash equivalents – end of period		54,013			55,540

Supplemental disclosure of non-cash transactions
Unpaid additions (reversals) to property and equipment, net		313			(734	)

The MIL Network –

May 10, 2025

MIL-OSI: Plains All American Reports First-Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported first-quarter 2025 results and provided the following highlights:

First-Quarter Results

Reported net income attributable to PAA of $443 million and net cash provided by operating activities of $639 million
Delivered Adjusted EBITDA attributable to PAA of $754 million
Exited the quarter with 3.3x leverage ratio, toward the low end of our target range of 3.25x – 3.75x (includes previously announced and closed transactions)
Paid a quarterly cash distribution of $0.38 per unit ($1.52 per unit annualized), representing a current distribution yield of ~9.0%

Business Highlights

Plains acquired the remaining 50% interest in Cheyenne Pipeline, enhancing our integration from the Guernsey market to pipelines supplying Cushing, Oklahoma, which closed on February 28, 2025
Plains acquired Black Knight Midstream’s Permian Basin crude oil gathering business, for approximately $55 million, which closed effective May 1, 2025
Placed into service the 30 Mb/d Fort Saskatchewan fractionation complex debottleneck project enhancing our fee-based cash flow in Canada
Increased our 2025 C3+ spec product sales hedge profile to approximately 80% at approximately $0.70 per gallon level

“Plains delivered another quarter of solid operational and financial performance,” said Willie Chiang, Chairman and CEO. “Substantial cash flow generation from our integrated Crude Oil and NGL footprints coupled with a strong balance sheet positions us well through a time of market volatility and uncertainty. Our focus on efficient growth remains consistent with the addition of two new bolt-on acquisitions and our Fort Saskatchewan fractionation complex debottleneck project now in service. Finally, our commitment to financial discipline and financial flexibility remains unchanged while continuing to return cash to unitholders through a strong distribution payout.”

Plains All American Pipeline

Summary Financial Information (unaudited)
(in millions, except per unit data)

	Three Months Ended March 31,				%
*GAAP Results*	2025		2024		Change
Net income attributable to PAA ⁽¹⁾	$	443	$	266		67	%
Diluted net income per common unit	$	0.49	$	0.29		69	%
Diluted weighted average common units outstanding		704		701		—	%
Net cash provided by operating activities	$	639	$	419		53	%
Distribution per common unit declared for the period	$	0.3800	$	0.3175		20	%

	Three Months Ended March 31,						%
*Non-GAAP Results* ⁽²⁾	2025			2024			Change
Adjusted net income attributable to PAA ⁽¹⁾	$	375		$	354			6	%
Diluted adjusted net income per common unit	$	0.39		$	0.41		(5		)%
Adjusted EBITDA	$	881		$	847			4	%
Adjusted EBITDA attributable to PAA ⁽¹⁾	$	754		$	718			5	%
Implied DCF per common unit and common unit equivalent	$	0.66		$	0.67		(1		)%
Adjusted Free Cash Flow ⁽³⁾	$	(308	)	$	70		**
Adjusted Free Cash Flow after Distributions ⁽³⁾	$	(639	)	$	(217	)	**
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽³⁾	$	(169	)	$	262		**
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽³⁾	$	(500	)	$	(25	)	**

_____________________

**	Indicates that variance as a percentage is not meaningful.
⁽¹⁾	Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.
⁽²⁾	See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
⁽³⁾	The 2025 period includes the impact of a net cash outflow of $624 million for bolt-on acquisitions.

Summary of Selected Financial Data by Segment (unaudited)
(in millions)

	Segment Adjusted EBITDA
	Crude Oil			NGL
Three Months Ended March 31, 2025	$	559		$	189
Three Months Ended March 31, 2024	$	553		$	159
*Percentage change in Segment Adjusted EBITDA versus* *2024* *period*		1	%		19	%

First-quarter 2025 Crude Oil Segment Adjusted EBITDA was in line with comparable 2024 results. Favorable results in the 2025 period from (i) higher tariff volumes on our pipelines, (ii) tariff escalations and (iii) contributions from recently completed bolt-on acquisitions were largely offset by (iv) higher operating expenses and (v) the impact to our assets from refinery downtime.

First-quarter 2025 NGL Segment Adjusted EBITDA increased 19% versus comparable 2024 results primarily due to higher weighted average frac spreads and NGL sales volumes in the first quarter of 2025.

Plains GP Holdings

PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

Conference Call and Webcast Instructions

PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, May 9, 2025 to discuss first-quarter performance and related items.

To access the internet webcast, please go to https://edge.media-server.com/mmc/p/qqvgtyoa/

Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Condensed Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit our website at www.plains.com (in particular the section under “Financial Information” entitled “Non-GAAP Reconciliations” within the Investor Relations tab), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Non-GAAP Financial Performance Measures

Adjusted EBITDA is defined as earnings before (i) interest expense, (ii) income tax (expense)/benefit, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities), (iv) gains and losses on asset sales, asset impairments and other, net, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among PAA and certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests.

Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our core operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our core operating results and/or (v) other items that we believe should be excluded in understanding our core operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Condensed Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

Non-GAAP Financial Liquidity Measures

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present the Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).


PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per unit data)

	Three Months Ended March 31,
		2025			2024
REVENUES	$	12,011		$	11,995

COSTS AND EXPENSES
Purchases and related costs		10,761			10,917
Field operating costs		368			358
General and administrative expenses		100			96
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Total costs and expenses		11,478			11,625

OPERATING INCOME		533			370

OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities		103			95
Gain on investments in unconsolidated entities, net		31			—
Interest expense, net ⁽¹⁾		(127	)		(95	)
Other income/(expense), net ⁽¹⁾		26			(5	)

INCOME BEFORE TAX		566			365
Current income tax expense		(46	)		(53	)
Deferred income tax (expense)/benefit		(4	)		39

NET INCOME		516			351
Net income attributable to noncontrolling interests		(73	)		(85	)
NET INCOME ATTRIBUTABLE TO PAA	$	443		$	266

NET INCOME PER COMMON UNIT:
Net income allocated to common unitholders — Basic and Diluted	$	343		$	203
Basic and diluted weighted average common units outstanding		704			701
Basic and diluted net income per common unit	$	0.49		$	0.29

_____________________

⁽¹⁾

PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Interest expense, net” and “Other income/(expense), net” each include $20 million for the three months ended March 31, 2025 related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED BALANCE SHEET DATA (in millions)

	March 31, 2025		December 31, 2024
ASSETS
Current assets (including cash and cash equivalents of $427 and $348, respectively)	$	4,735	$	4,802
Property and equipment, net		16,062		15,424
Investments in unconsolidated entities		2,745		2,811
Intangible assets, net		1,675		1,677
Linefill		988		968
Long-term operating lease right-of-use assets, net		321		332
Long-term inventory		289		280
Other long-term assets, net		244		268
Total assets	$	27,059	$	26,562

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	4,691	$	4,950
Senior notes, net		8,131		7,141
Other long-term debt, net		73		72
Long-term operating lease liabilities		301		313
Other long-term liabilities and deferred credits		1,003		990
Total liabilities		14,199		13,466

Partners’ capital excluding noncontrolling interests		9,632		9,813
Noncontrolling interests		3,228		3,283
Total partners’ capital		12,860		13,096
Total liabilities and partners’ capital	$	27,059	$	26,562

DEBT CAPITALIZATION RATIOS
(in millions)

	March 31, 2025			December 31, 2024
Short-term debt	$	478		$	408
Long-term debt		8,204			7,213
Total debt	$	8,682		$	7,621

Long-term debt	$	8,204		$	7,213
Partners’ capital excluding noncontrolling interests		9,632			9,813
Total book capitalization excluding noncontrolling interests (“Total book capitalization”)	$	17,836		$	17,026
Total book capitalization, including short-term debt	$	18,314		$	17,434

Long-term debt-to-total book capitalization		46	%		42	%
Total debt-to-total book capitalization, including short-term debt		47	%		44	%

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT ⁽¹⁾ (in millions, except per unit data)

	Three Months Ended March 31,
	2025			2024
Basic and Diluted Net Income per Common Unit
Net income attributable to PAA	$	443		$	266
Distributions to Series A preferred unitholders		(39	)		(44	)
Distributions to Series B preferred unitholders		(18	)		(19	)
Amounts allocated to participating securities		(1	)		(1	)
Impact from repurchase of Series A preferred units ⁽²⁾		(43	)		—
Other		1			1
Net income allocated to common unitholders	$	343		$	203

Basic and diluted weighted average common units outstanding ⁽³^{) (}⁴⁾		704			701

Basic and diluted net income per common unit	$	0.49		$	0.29

_____________________

⁽¹⁾	We calculate net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
⁽²⁾	We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income allocated to common unitholders.
⁽³⁾	The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
⁽⁴⁾	Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATED CASH FLOW DATA (in millions)

	Three Months Ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	516		$	351
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Deferred income tax expense/(benefit)		4			(39	)
Equity earnings in unconsolidated entities		(103	)		(95	)
Distributions on earnings from unconsolidated entities		125			132
Other		(13	)		8
Changes in assets and liabilities, net of acquisitions		(139	)		(192	)
Net cash provided by operating activities		639			419

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities ⁽¹⁾⁽²⁾		(1,149	)		(261	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by/(used in) financing activities ⁽¹⁾		590			(273	)

Effect of translation adjustment		(1	)		(4	)

Net increase/(decrease) in cash and cash equivalents and restricted cash		79			(119	)

Cash and cash equivalents and restricted cash, beginning of period		348			450
Cash and cash equivalents and restricted cash, end of period	$	427		$	331

_____________________

⁽¹⁾	PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the three months ended March 31, 2025, “Net cash used in investing activities” includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash provided by/(used in) financing activities.”
⁽²⁾	The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.

CAPITAL EXPENDITURES
(in millions)

	Net to PAA ⁽¹⁾				Consolidated
	Three Months Ended March 31,				Three Months Ended March 31,
	2025		2024		2025		2024
Investment capital expenditures:
Crude Oil	$	89	$	65	$	120	$	90
NGL		41		14		41		14
Total Investment capital expenditures		130		79		161		104
Maintenance capital expenditures		38		53		41		57
	$	168	$	132	$	202	$	161

_____________________

⁽¹⁾	Excludes expenditures attributable to noncontrolling interests.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP RECONCILIATIONS (in millions, except per unit and ratio data)

Computation of Basic and Diluted Adjusted Net Income Per Common Unit ⁽¹⁾:

	Three Months Ended March 31,
	2025			2024
Basic and Diluted Adjusted Net Income per Common Unit
Net income attributable to PAA	$	443		$	266
Selected items impacting comparability – Adjusted net income attributable to PAA ⁽²⁾		(68	)		88
Adjusted net income attributable to PAA	$	375		$	354
Distributions to Series A preferred unitholders		(39	)		(44	)
Distributions to Series B preferred unitholders		(18	)		(19	)
Amounts allocated to participating securities		(1	)		(2	)
Impact from repurchase of Series A preferred units ⁽³⁾		(43	)		—
Other		1			1
Adjusted net income allocated to common unitholders	$	275		$	290

Basic and diluted weighted average common units outstanding ⁽⁴^{) (}⁵⁾		704			701

Basic and diluted adjusted net income per common unit	$	0.39		$	0.41

_____________________

⁽¹⁾	We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.
⁽²⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽³⁾	We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.
⁽⁴⁾	The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three months ended March 31, 2025 and 2024 as the effect was antidilutive.
⁽⁵⁾	Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation:

	Three Months Ended March 31,
	2025			2024
Basic and diluted net income per common unit	$	0.49		$	0.29
Selected items impacting comparability per common unit ⁽¹⁾		(0.10	)		0.12
Basic and diluted adjusted net income per common unit	$	0.39		$	0.41

_____________________

⁽¹⁾	See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional information.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:

	Three Months Ended March 31,
	2025			2024
Net income	$	516		$	351
Interest expense, net of certain items ⁽¹⁾		107			95
Income tax expense		50			14
Depreciation and amortization		262			254
Gain on asset sales, net		(13	)		—
Gain on investments in unconsolidated entities, net		(31	)		—
Depreciation and amortization of unconsolidated entities ⁽²⁾		20			19
Selected items impacting comparability – Adjusted EBITDA ⁽³⁾		(30	)		114
Adjusted EBITDA	$	881		$	847
Adjusted EBITDA attributable to noncontrolling interests		(127	)		(129	)
Adjusted EBITDA attributable to PAA	$	754		$	718

Adjusted EBITDA	$	881		$	847
Interest expense, net of certain non-cash and other items ⁽⁴⁾		(104	)		(90	)
Maintenance capital		(41	)		(57	)
Investment capital of noncontrolling interests ⁽⁵⁾		(30	)		(25	)
Current income tax expense		(46	)		(53	)
Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings ⁽⁶⁾		(2	)		12
Distributions to noncontrolling interests ⁽⁷⁾		(132	)		(100	)
Implied DCF	$	526		$	534
Preferred unit distributions paid ⁽⁷⁾		(64	)		(64	)
Implied DCF Available to Common Unitholders	$	462		$	470

Weighted Average Common Units Outstanding		704			701
Weighted Average Common Units and Common Unit Equivalents		767			772

Implied DCF per Common Unit ⁽⁸⁾	$	0.66		$	0.67
Implied DCF per Common Unit and Common Unit Equivalent ⁽⁹⁾	$	0.66		$	0.67

Cash Distribution Paid per Common Unit	$	0.3800		$	0.3175
Common Unit Cash Distributions ⁽⁷⁾	$	267		$	223
Common Unit Distribution Coverage Ratio	1.73x			2.11x

Implied DCF Excess	$	195		$	247

_____________________

⁽¹⁾	Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among PAA and certain Plains entities.
⁽²⁾	Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.
⁽³⁾	See the “Selected Items Impacting Comparability” table for additional information.
⁽⁴⁾	Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among PAA and certain Plains entities.
⁽⁵⁾	Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.
⁽⁶⁾	Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities).
⁽⁷⁾	Cash distributions paid during the period presented.
⁽⁸⁾	Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.
⁽⁹⁾	Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation:

	Three Months Ended March 31,
	2025		2024
Basic net income per common unit	$	0.49	$	0.29
Reconciling items per common unit ^{(1) (2)}		0.17		0.38
Implied DCF per common unit	$	0.66	$	0.67

Basic net income per common unit	$	0.49	$	0.29
Reconciling items per common unit and common unit equivalent ^{(1) (3)}		0.17		0.38
Implied DCF per common unit and common unit equivalent	$	0.66	$	0.67

_____________________

⁽¹⁾	Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.
⁽²⁾	Based on weighted average common units outstanding for the three months ended March 31, 2025 and 2024 of 704 million and 701 million, respectively.
⁽³⁾	Based on weighted average common units outstanding for the period, as well as weighted average Series A preferred units outstanding for the three months ended March 31, 2025 and 2024 of 63 million and 71 million, respectively.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation:

	Three Months Ended March 31,
		2025			2024
Net cash provided by operating activities	$	639		$	419
Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow:
Net cash used in investing activities ⁽¹⁾⁽²⁾		(1,149	)		(261	)
Cash contributions from noncontrolling interests		4			12
Cash distributions paid to noncontrolling interests ⁽³⁾		(132	)		(100	)
Proceeds from the issuance of related party notes ⁽¹⁾		330			—
Adjusted Free Cash Flow ⁽⁴⁾	$	(308	)	$	70
Cash distributions ⁽⁵⁾		(331	)		(287	)
Adjusted Free Cash Flow after Distributions ⁽⁴^{) (}⁶⁾	$	(639	)	$	(217	)

	Three Months Ended March 31,
		2025			2024
Adjusted Free Cash Flow ⁽⁴⁾	$	(308	)	$	70
Changes in assets and liabilities, net of acquisitions ⁽⁷⁾		139			192
Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) ⁽⁸⁾	$	(169	)	$	262
Cash distributions ⁽⁵⁾		(331	)		(287	)
Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) ⁽⁸⁾	$	(500	)	$	(25	)

_____________________

⁽¹⁾	PAA and certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash used in investing activities.”
⁽²⁾	The 2025 period includes a net cash outflow of $624 million for bolt-on acquisitions.
⁽³⁾	Cash distributions paid during the period presented.
⁽⁴⁾	Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
⁽⁵⁾	Cash distributions paid to preferred and common unitholders during the period.
⁽⁶⁾	Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.
⁽⁷⁾	See the “Condensed Consolidated Cash Flow Data” table.
⁽⁸⁾	Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED ITEMS IMPACTING COMPARABILITY (in millions)

	Three Months Ended March 31,
	2025			2024
Selected Items Impacting Comparability: ⁽¹⁾
Derivative activities and inventory valuation adjustments ⁽²⁾	$	34		$	(159	)
Long-term inventory costing adjustments ⁽³⁾		3			33
Deficiencies under minimum volume commitments, net ⁽⁴⁾		7			12
Equity-indexed compensation expense ⁽⁵⁾		(9	)		(9	)
Foreign currency revaluation ⁽⁶⁾		—			9
Transaction-related expenses ⁽⁷⁾		(5	)		—
Selected items impacting comparability – Adjusted EBITDA	$	30		$	(114	)
Gain on investments in unconsolidated entities, net		31			—
Gain on asset sales, net		13			—
Tax effect on selected items impacting comparability		(3	)		30
Aggregate selected items impacting noncontrolling interests		(3	)		(4	)
Selected items impacting comparability – Adjusted net income attributable to PAA	$	68		$	(88	)

_____________________

⁽¹⁾	Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.
⁽²⁾	We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable. For applicable periods, we excluded gains and losses from the mark-to-market of the embedded derivative associated with the Preferred Distribution Rate Reset Option of our Series A preferred units.
⁽³⁾	We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.
⁽⁴⁾	We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.
⁽⁵⁾	Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.
⁽⁶⁾	During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.
⁽⁷⁾	Primarily related to acquisitions completed during the first quarter of 2025.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
SELECTED FINANCIAL DATA BY SEGMENT (in millions)

	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	Crude Oil			NGL			Crude Oil			NGL
Revenues ⁽¹⁾	$	11,439		$	638		$	11,582		$	507
Purchases and related costs ⁽¹⁾		(10,488	)		(339	)		(10,665	)		(346	)
Field operating costs ⁽²⁾		(292	)		(76	)		(266	)		(92	)
Segment general and administrative expenses ^{(2) (3)}		(79	)		(21	)		(73	)		(23	)
Equity earnings in unconsolidated entities		103			—			95			—

Other segment items: ⁽⁴⁾
Depreciation and amortization of unconsolidated entities		20			—			19			—
Derivative activities and inventory valuation adjustments		(24	)		(10	)		37			122
Long-term inventory costing adjustments		—			(3	)		(28	)		(5	)
Deficiencies under minimum volume commitments, net		(7	)		—			(12	)		—
Equity-indexed compensation expense		9			—			9			—
Foreign currency revaluation		—			—			(17	)		(4	)
Transaction-related expenses		5			—			—			—
Segment amounts attributable to noncontrolling interests ⁽⁵⁾		(127	)		—			(128	)		—
Segment Adjusted EBITDA	$	559		$	189		$	553		$	159

Maintenance capital expenditures	$	31		$	10		$	46		$	11

_____________________

⁽¹⁾	Includes intersegment amounts.
⁽²⁾	Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.
⁽³⁾	Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.
⁽⁴⁾	Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.
⁽⁵⁾	Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)

OPERATING DATA BY SEGMENT ⁽¹⁾

	Three Months Ended March 31,
	2025		2024
Crude Oil Segment Volumes
Crude oil pipeline tariff (by region)
Permian Basin ⁽²⁾		6,869		6,428
South Texas / Eagle Ford ⁽²⁾		492		378
Mid-Continent ⁽²⁾		415		486
Gulf Coast ⁽²⁾		214		202
Rocky Mountain ⁽²⁾		495		499
Western		247		259
Canada		354		348
Total crude oil pipeline tariff ⁽²⁾		9,086		8,600

NGL Segment Volumes
NGL fractionation		157		128
NGL pipeline tariff		234		214
Propane and butane sales		147		128

_____________________

⁽¹⁾	Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.
⁽²⁾	Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
NON-GAAP SEGMENT RECONCILIATIONS (in millions)

Supplemental Adjusted EBITDA attributable to PAA Reconciliation:

	Three Months Ended March 31,
	2025		2024
Crude Oil Segment Adjusted EBITDA	$	559	$	553
NGL Segment Adjusted EBITDA		189		159
Adjusted other income, net ⁽¹⁾		6		6
Adjusted EBITDA attributable to PAA ⁽²⁾	$	754	$	718

_____________________

⁽¹⁾	Represents “Other income/(expense), net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among PAA and certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.
⁽²⁾	See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in millions, except per share data)

	Three Months Ended March 31, 2025									Three Months Ended March 31, 2024
				Consolidating									Consolidating
	PAA			Adjustments ⁽¹⁾			PAGP			PAA			Adjustments ⁽¹⁾			PAGP
REVENUES	$	12,011		$	—		$	12,011		$	11,995		$	—		$	11,995

COSTS AND EXPENSES
Purchases and related costs		10,761			—			10,761			10,917			—			10,917
Field operating costs		368			—			368			358			—			358
General and administrative expenses		100			1			101			96			1			97
Depreciation and amortization		262			—			262			254			—			254
Gain on asset sales, net		(13	)		—			(13	)		—			—			—
Total costs and expenses		11,478			1			11,479			11,625			1			11,626

OPERATING INCOME		533			(1	)		532			370			(1	)		369

OTHER INCOME/(EXPENSE)
Equity earnings in unconsolidated entities		103			—			103			95			—			95
Gain on investments in unconsolidated entities, net		31			—			31			—			—			—
Interest expense, net		(127	)		20			(107	)		(95	)		—			(95	)
Other income/(expense), net		26			(20	)		6			(5	)		—			(5	)

INCOME BEFORE TAX		566			(1	)		565			365			(1	)		364
Current income tax expense		(46	)		—			(46	)		(53	)		—			(53	)
Deferred income tax (expense)/benefit		(4	)		(23	)		(27	)		39			(14	)		25

NET INCOME		516			(24	)		492			351			(15	)		336
Net income attributable to noncontrolling interests		(73	)		(335	)		(408	)		(85	)		(209	)		(294	)
NET INCOME ATTRIBUTABLE TO PAGP	$	443		$	(359	)	$	84		$	266		$	(224	)	$	42

Basic and diluted weighted average Class A shares outstanding								198									197

Basic and diluted net income per Class A share							$	0.42								$	0.21

_____________________

⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
CONDENSED CONSOLIDATING BALANCE SHEET DATA (in millions)

	March 31, 2025							December 31, 2024
			Consolidating							Consolidating
	PAA		Adjustments ⁽¹⁾			PAGP		PAA		Adjustments ⁽¹⁾			PAGP
ASSETS
Current assets	$	4,735	$	(6	)	$	4,729	$	4,802	$	(26	)	$	4,776
Property and equipment, net		16,062		—			16,062		15,424		—			15,424
Investments in unconsolidated entities		2,745		—			2,745		2,811		—			2,811
Intangible assets, net		1,675		—			1,675		1,677		—			1,677
Deferred tax asset		—		1,199			1,199		—		1,220			1,220
Linefill		988		—			988		968		—			968
Long-term operating lease right-of-use assets, net		321		—			321		332		—			332
Long-term inventory		289		—			289		280		—			280
Other long-term assets, net		244		—			244		268		—			268
Total assets	$	27,059	$	1,193		$	28,252	$	26,562	$	1,194		$	27,756

LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities	$	4,691	$	(7	)	$	4,684	$	4,950	$	(26	)	$	4,924
Senior notes, net		8,131		—			8,131		7,141		—			7,141
Other long-term debt, net		73		—			73		72		—			72
Long-term operating lease liabilities		301		—			301		313		—			313
Other long-term liabilities and deferred credits		1,003		—			1,003		990		—			990
Total liabilities		14,199		(7	)		14,192		13,466		(26	)		13,440

Partners’ capital excluding noncontrolling interests		9,632		(8,276	)		1,356		9,813		(8,462	)		1,351
Noncontrolling interests		3,228		9,476			12,704		3,283		9,682			12,965
Total partners’ capital		12,860		1,200			14,060		13,096		1,220			14,316
Total liabilities and partners’ capital	$	27,059	$	1,193		$	28,252	$	26,562	$	1,194		$	27,756

_____________________

⁽¹⁾	Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.

PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited)
COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE (in millions, except per share data)

	Three Months Ended March 31,
	2025		2024
Basic and Diluted Net Income per Class A Share
Net income attributable to PAGP	$	84	$	42
Basic and diluted weighted average Class A shares outstanding		198		197

Basic and diluted net income per Class A share	$	0.42	$	0.21

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;
declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;
fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;
unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);
the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;
the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;
the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom;
environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;
negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;
the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;
weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);
the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;
negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;
the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;
the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;
loss of key personnel and inability to attract and retain new talent;
disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;
the effectiveness of our risk management activities;
shortages or cost increases of supplies, materials or labor;
maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;
our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;
the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;
failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;
tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;
the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;
the use or availability of third-party assets upon which our operations depend and over which we have little or no control;
the currency exchange rate of the Canadian dollar to the United States dollar;
the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;
significant under-utilization of our assets and facilities;
increased costs, or lack of availability, of insurance;
fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;
risks related to the development and operation of our assets; and
other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships’ filings with the Securities and Exchange Commission.

About Plains:

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (“NGL”). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 8 million barrels per day of crude oil and NGL.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

Contacts:

Blake Fernandez
Vice President, Investor Relations
(866) 809-1291

Michael Gladstein
Director, Investor Relations
(866) 809-1291

The MIL Network –

May 10, 2025

MIL-OSI: Best 5 Tribal Loans Direct Lender Guaranteed Approval For Bad Credit with No Credit Check – Payday Ventures
Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 09, 2025 (GLOBE NEWSWIRE) — Payday Ventures, a leading provider of online payday loans, owns multiple providers offering tribal loans direct lender guaranteed approval with no credit check, helping Americans with urgent financial needs get fast access to cash even with poor or no credit history. These providers specialize in tribal payday loans, tribal installment loans direct lenders no credit check, and tribal loans for bad credit, ensuring borrowers can secure up to $5000 with instant approval, flexible terms, and no teletrack verification. Whether you need $500 tribal installment loans or higher amounts, applications are 100% online and take just minutes to complete.

Easiest Tribal Loans to Get Online for Bad Credit 2025
- Heart Paydays – Best for Tribal Loans Online Up to $50,000 with Guaranteed Approval
- Low Credit Finance – Top Choice for Tribal Payday Loans No Credit Check with Fast Payout
- Green Dollar Loans – Easiest Tribal Loans to Get Online with Direct Lender Matching
- Viva Payday Loans – Ideal for Tribal Installment Loans for Bad Credit with No Teletrack
- Loan Raptor – Quick and Easy Tribal Loans for Bad Credit and Self-Employed Borrowers
In 2025, online tribal loans have emerged as one of the easiest tribal loans to get, thanks to relaxed eligibility criteria and fast turnaround times. Since these guaranteed tribal loans are offered by lenders on Native American tribal land, they are not bound by traditional state regulations—allowing for more lenient terms for people with low credit scores. In this guide, we cover the top 5 best tribal loans direct lender guaranteed approval, including platforms that specialize in easy tribal loans for bad credit, tribal loans no credit check, and tribal loans online guaranteed approval.

Click Here to Apply for Tribal Loans >>

What Are Tribal Loans?

Tribal loans are short-term or installment loans provided by lenders operating under the sovereign laws of Native American tribes. Unlike traditional loans, tribal loans direct lender guaranteed approval options often have relaxed requirements, making them ideal for borrowers with bad credit.

Features of Guaranteed Tribal Loans Offered by These Providers

The top tribal loan platforms like Super Personal Finder, Viva Payday Loans, and Green Dollar Loans offer fast, flexible, and hassle-free loan options. Borrowers can get tribal loans no credit check with approval in minutes and funding in 24 – 48 hours. These platforms support tribal installment loans for bad credit, allow loan amounts up to $50,000.

Click Here to Apply for Tribal Loans >>

Types of Direct Tribal Loans USA

$500 Tribal Installment Loans Direct Lenders Only – Great for short-term needs. Get up to $500 with no credit check and repay over several months.

Tribal Payday Loans No Credit Check – Perfect for emergencies. Fast approval with minimal eligibility requirements and no hard credit pull.

Tribal Installment Loans for Bad Credit – Ideal for borrowers with poor credit scores. Borrow up to $5,000 and repay in affordable monthly installments.

Tribal Loans Online Guaranteed Approval No Teletrack – Avoid credit databases like Teletrack. Get approved based on your income and repayment ability.

Easy Tribal Loans for Bad Credit Self-Employed – Designed for gig workers and freelancers. Use bank statements or tax returns to qualify.

Online Tribal Loans with Same Day Deposit – Apply online and receive funds as soon as the same business day after approval.

Name: Mukesh Bhardwaj
Email: mukesh@paydayventures.com

Disclaimer: This announcement contains general information about Payday Ventures loan services and should not be considered financial advice. Loans are available to US residents only.

The MIL Network –
May 10, 2025

MIL-OSI: Bitdeer Announces April 2025 Production and Operations Update

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 09, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today announced its unaudited mining and operations updates for April 2025.

Operational Update

Self-mined Bitcoin: 166 Bitcoins, increase of 45.6% from March 2025 on higher average self-mining hashrate from energization of SEALMINERs.
Mining Rig Manufacturing and R&D:
- SEALMINER A1: 3.7 EH/s are energized with remaining 0.1 EH/s to be energized in Q2 2025.
- SEALMINER A2:
  - Total of 3.3 EH/s mining rigs have been manufactured and 1.2 EH/s are in assembly as of the end of April.
  - Of the 3.3 EH/s mining rigs that have been manufactured:
    - External-sales: 1.3 EH/s of mining rigs have been shipped to external customers.
    - Self-mining:
      - 0.5 EH/s have been deployed in Texas and Tydal, Norway.
      - 0.4 EH/s are in-transit to Bitdeer’s site in Texas and Tydal, Norway.
      - 1.1 EH/s are being prepared for shipping.
- SEALMINER A3:
  - Beyond the initial testing result of an energy efficiency of 9.7 J/TH at the chip level while running at low voltage, ultra power-saving mode, Bitdeer successfully completed testing several dozen of its prototype models in April 2025, with all the test results meeting expectations.
  - Machine level testing is expected to be finalized by late Q2 2025.
- SEALMINER A4:
  - SEAL04 R&D remains on track to achieve an expected chip efficiency of approximately 5 J/TH with anticipated initial tape-out in Q4 2025.
HPC/AI:
- Discussions are ongoing with multiple development partners and potential end users for selected large scale sites in the U.S. for HPC/AI.
Hosting:
- Client-hosted mining rigs increased by 3,000 units or 0.6 EH/s in April 2025, due to existing customers increasing hosted mining rigs.
Infrastructure:
- Tydal, Norway: 70 MW of available power capacity was energized in April 2025. The remaining 105 MW are expected to be energized by end of Q2 2025.
- Jigmeling, Bhutan: 132 MW of available power capacity was energized in April 2025. The remaining 368 MW are on track to be energized in phases by the end of Q2 2025. Two 132kV transformers have been energized and five 220kV transformers are expected to be ready for energization in June 2025. Construction of datacenter infrastructure and cooling systems are in progress and also expected to be completed in June 2025.
- Clarington, Ohio: Paused Bitcoin mining related construction at 570 MW Clarington, Ohio site (Phase 1 and 2) as a result of advancing HPC/AI discussions.
Financing:
- In April 2025, Bitdeer entered into a loan agreement with Matrixport Group, a related party of the Company, for a financing facility of up to US$200.0 million. Loans drawn under the facility bear a variable interest rate equal to 9.0% plus a market-based reference rate. Each drawdown is repayable in fixed monthly installments over a 24-month term and is secured by a pledge of SEALMINERs.

Management Commentary

“In April 2025, we successfully energized 70 MW and 132 MW of power capacity at our Tydal, Norway expansion and Jigmeling, Bhutan sites, respectively, bringing Bitdeer’s global available power capacity to nearly 1.1 GW,” said Matt Kong, Chief Business Officer at Bitdeer. “By the end of June 2025, we expect to energize the remaining 473 MW at Tydal and Jigmeling, increasing our global available power capacity to 1.6 GW—of which more than half will be located outside the U.S. Our early investment in global diversification is now yielding meaningful strategic benefits. Our international footprint enhances our operational flexibility, particularly as we navigate evolving global trade dynamics. In the near term, we are prioritizing deployments of our SEALMINER A2s in Norway and Bhutan, which we expect will drive our self-mining hashrate to over 40 EH/s in 2025. Further, we made the strategic decision to pause Bitcoin mining related construction at our 570 MW site in Clarington, Ohio due to advancing discussions with multiple development partners and end users for HPC/AI. The Company maintains full optionality to reassess and resume the build-out for Bitcoin mining at a later date.”

Production and Operations Summary

Metrics	Apr 2025	Mar 2025	Apr 2024
Total hash rate under management¹(EH/s)	25.1	24.2	22.3
– Proprietary hash rate	12.4	12.1	8.4
• Self-mining	12.4	11.5	6.7
• Cloud Hash Rate	–	–	1.7
• Delivered but not hashing	–	0.6	–
– Hosting	12.7	12.1	13.9
Mining rigs under management	179,000	175,000	224,000
– Self-owned²	98,000	97,000	86,000
– Hosted	81,000	78,000	138,000
Bitcoins mined (self-mining only)	166	114	265
Bitcoin held³	1,246	1,156	103

¹Total hash rate under management as of April 30, 2025 across the Company’s primary business lines: Self-mining, Cloud Hash Rate, and Hosting.

Self-mining refers to cryptocurrency mining for the Company’s own account, which allows it to directly capture the high appreciation potential of cryptocurrency.
Cloud Hash Rate offers hash rate subscription plans and shares mining income with customers under certain arrangements. The Cloud Hash Rate stated above reflects the contracted hash rate with customers at month-end.
Hosting encompasses a one-stop mining machine hosting solution including deployment, maintenance, and management services for efficient cryptocurrency mining.

²Self-owned mining machines are for the Company’s self-mining business and Cloud Hash Rate business.
³Bitcoins held do not include the Bitcoins from deposits of the customers.

Infrastructure Construction Update

Site / Location	Capacity (MW)	Status	Timing⁴
Electrical capacity
– Rockdale, Texas	563	Online	Completed
– Knoxville, Tennessee	86	Online	Completed
– Wenatchee, Washington	13	Online	Completed
– Molde, Norway	84	Online	Completed
– Tydal, Norway	120	Online	Completed
– Gedu, Bhutan	100	Online	Completed
– Jigmeling, Bhutan	132	Online	Completed
Total electrical capacity	1,098⁵
Pipeline capacity
– Tydal, Norway Phase 2	105	In progress	Q2 2025
– Massillon, Ohio	221	In progress	Q3 – Q4 2025
– Clarington, Ohio Phase 1	266	Paused	TBD
– Clarington, Ohio Phase 2	304	Pending approval	TBD
– Jigmeling, Bhutan	368	In progress	Q2 2025
– Rockdale, Texas	179	In planning	Estimate 2026
– Alberta, Canada	99	In planning	Q4 2026
– Oromia Region, Ethiopia	50	In planning	Q4 2025
Total pipeline capacity	1,592
Total global electrical capacity	2,690

⁴ Indicative timing. All timing references are to calendar quarters and years.
⁵ Figures represent total available electrical capacity.

Rockdale, Texas – 100 MW Hydro-cooling conversion energization commenced:

All cooling system delivered and installed.
Energization in accordance with the phased of delivery of mining rigs.
Approximately 1.4 EH/s of SEALMINER A1 hydro mining rigs have been energized.

Tydal, Norway – 175 MW site expansion has commenced energization and is expected to be fully energized by end of Q2 2025:

70 MW was energized in April.
Remaining 105 MW is expected to be energized in phases by end of Q2 2025.
Installation of the transformers has been completed, with the delivery and installation of electrical equipment currently in progress. Additionally, the procurement and delivery of containers and hydro-cooling systems are underway, and drainage systems construction is ongoing.

Massillon, Ohio – 221 MW site on track for completion in H2 2025:

Substation construction is underway and is expected to be completed in Q3 2025.
Building design completed and construction has begun earlier than expected.
Estimated energization is expected to be completed in phases between Q3 and Q4 2025.

Clarington, Ohio – Paused Bitcoin mining related construction at 570 MW Clarington, Ohio site (both Phase 1 and 2) as a result of advancing HPC/AI discussions.

The Company maintains full optionality to reassess and resume the build-out for Bitcoin mining at a later date.

Jigmeling, Bhutan – 500 MW site has commenced energization and is expected to be fully energized in phases by end of Q2 2025:

132 MW was energized in April.
Remaining 368 MW is expected to be energized in phases by end of Q2 2025.
Two 132kV transformers have been energized and five 220kV transformers are expected to be ready for energization in June 2025.
Delivery of containers and hydro-cooling systems are in progress and is expected to be completed in phases by Q2 2025.

Fox Creek, Alberta – 101 MW site acquired in Alberta, sitting on 19 acres, is fully licensed and permitted:

Site includes all permits and licenses to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”).
Bitdeer will develop and construct the power plant in partnership with a leading engineering, procurement and construction (“EPC”) company and is expected to be energized by Q4 2026.

Oromia Region, Ethiopia – Signed an SPA and a turnkey agreement for the acquisition and construction of a 50 MW Bitcoin mining project in Ethiopia for US$7.5 million:

Acquisition includes local Ethiopian company with a mining permit, connected to a neighboring transmission substation at 33kV interconnection.
This local Ethiopian company has signed a Power Purchase Agreement (PPA) with Ethiopian Electric Power Company for a duration of 4 years at an electricity price of approximately US$0.036/ kWh.
Bitdeer is working closely with an EPC contractor with specialized experience in Bitcoin mining and this mining project is expected to be energized in Q4 2025.

Upcoming Conferences and Events

May 14 – 15, 2025: Macquarie Asia Conference 2025 in Hong Kong
May 19 – 20, 2025: Barclay 15^th Annual Emerging Payments and Fintech Forum in New York City
May 20, 2025: Benchmark Virtual Digital Asset Seminar
May 21 – 22, 2025: B. Riley 25^th Annual Investor Conference in Marina Del Rey, California
May 28, 2025: Orange Group & Blockware Sell-side and Buy-side Conference in Las Vegas, Nevada
June 24 – 26, 2025: Roth 15th Annual Conference in London
June 25, 2025: Northland Virtual Growth Conference 2025

About Bitdeer Technologies Group

Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

For investor and media inquiries, please contact:

Investor Relations
Orange Group
Yujia Zhai
bitdeerIR@orangegroupadvisors.com

Public Relations
BlocksBridge Consulting
Nishant Sharma
bitdeer@blocksbridge.com

The MIL Network –

May 9, 2025

MIL-OSI Global: The prospect of a US pope was once viewed with suspicion – but Leo XIV could prove an important counter to Trump

Source: The Conversation – UK – By Massimo D’Angelo, Research Associate in the Institute for Diplomacy and International Affairs, Loughborough University

Pope Leo XIV has been elected as the 267th pontiff, leader of the Catholic church and spiritual guide to more than 1.4 billion Catholics. He is the first pope in history to come from the United States.

Since the 19th century, the influence of the United States within the Catholic Church has steadily increased, mirroring the country’s global geopolitical rise. US bishops, institutions and donors have played a growing role in shaping church policy, appointments and international engagement, signalling a shift away from traditional European dominance.

This growing influence had long been accompanied by unease over the idea of entrusting the leadership of the global Catholic community to a figure from the world’s most powerful nation. In this sense, the election of Leo XIV is an unexpected and significant choice.

Robert Francis Prevost, born in Chicago in 1955, has spent much of his ecclesiastical life to date in Peru, where he became a respected figure within the local church. He had been sent to Peru on a missions after taking his solemn vows as an Augustinian and studying in Rome.

Once there, he served for many years as judicial vicar and professor of canon, patristic (early Christian), and moral theology in Trujillo. In 2014, he was appointed apostolic administrator of Chiclayo and became its bishop in 2015, a post he held until 2023.

Prevost gained Peruvian citizenship and was widely regarded as a stabilising, pastoral presence in a church often divided between liberation theology and ultra-traditionalism. Known for his humility and approachability, he was respected for his ability to foster dialogue among Peru’s diverse episcopate.

His longstanding commitment to Latin America helped shape his international reputation and proved key to his eventual election as the church’s first North American pope.

Continuity or rupture with Francis?

It is difficult to determine at this early stage whether the election of Leo XIV will mark a continuation of Pope Francis’s pontificate or a clear departure from it. More likely, it will represent something of a middle path.

The first image of the newly elected pope – appearing on the balcony in traditional white and red papal garments, adorned with a gold cross – was striking. It echoed the appearance of Benedict XVI in 2005, in contrast to Francis’s more austere choice of a plain white cassock and silver cross, which reflected a deliberate gesture of humility.

Yet, Leo XIV’s strong focus on the poor – rooted in his years as a missionary in Peru – and his warm greeting to the Peruvian community, one of the Church’s global peripheries, suggest a clear line of continuity with Francis’s pastoral priorities.

Even his choice of name evokes Leo XIII, pope from 1878 to 1903 and author of Rerum Novarum, the landmark encyclical on social justice and the rights of the poor. Leo XIV may, therefore, embody a papacy that maintains a firm commitment to the marginalised, while adopting a less confrontational, more measured style than that of his reformist predecessor, who sometimes adopted openly anti-curial stances.

A Counterweight to Trump?

Prior to becoming pope, Prevost has, on several occasions, openly criticised the current US administration – particularly on matters of migration policy. As a cardinal, he voiced concern over statements made by US vice president J.D Vance, who converted to Catholicism in 2019.

He shared an article challenging Vance’s interpretation of Christian love in relation to immigration. Prevost also shared posts critical of both Donald Trump and Salvadoran president Nayib Bukele regarding the deportation of Kilmar Abrego Garcia, a Salvadoran national living in Maryland.

In this light, the election of an American pope – once a prospect viewed with suspicion – could now represent one of the strongest moral voices against the hardline migration policies of his own country’s government and a counterbalance to Donald Trump’s influence.

The choice of the name Leo is also potentially significant here. Pope Leo XIII strongly opposed extreme nationalism, viewing it as a threat to the Church’s universal mission and moral authority.

While acknowledging the value of legitimate patriotism, he maintained that loyalty to God and the church must always take precedence over allegiance to the nation-state. In encyclicals such as Immortale Dei and Sapientiae Christianae, he defended the church’s supranational character and cautioned against subordinating faith to national interests.

For Leo XIII, true civic virtue could never conflict with divine law, and any form of nationalism that did so risked becoming a kind of idolatry. In an era of rising nationalism across the globe – particularly in the United States – connecting to this message would be a clear and powerful statement.

While the prospect of an American pope once caused concern, the choice of Leo XIV shows sensitivity to the world’s margins. Yet, in a Church where Catholic growth is most pronounced in Africa and Asia – while numbers continue to decline in Europe and the Americas – the election of another western pontiff is not without its challenges. Some regions may still feel overlooked or underrepresented.

A promising gesture was the decision to deliver a brief message in Spanish from the balcony of St Peter’s – the first time in papal history. At the same time, it is striking that the most globally diverse conclave ever convened has placed the church’s leadership in the hands of a cardinal from the world’s most powerful nation. The new pope will need to unify a church that is increasingly global and moving beyond its eurocentric past.

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

– ref. The prospect of a US pope was once viewed with suspicion – but Leo XIV could prove an important counter to Trump – https://theconversation.com/the-prospect-of-a-us-pope-was-once-viewed-with-suspicion-but-leo-xiv-could-prove-an-important-counter-to-trump-256146

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI USA: Kugler, Assessing Maximum Employment

Source: US State of New York Federal Reserve

Thank you, Francine, and thank you to the Central Bank of Iceland for the invitation to speak to you today.1
My subject is the Federal Reserve’s mandate of maximum employment. In the Fed’s monetary policymaking, maximum employment and stable prices are linked in the mandate assigned to the Federal Reserve by U.S. law, which we refer to as the dual mandate. Icelanders, I know, are a seafaring people, and those here will understand what I mean when I say that the dual mandate is our “lodestar,” a word our two languages share. It is our goal and our guide in setting monetary policy.
There is an important distinction between our dual-mandate goals. For reasons that I will explain, while the Federal Open Market Committee (FOMC) has defined “stable prices” as 2 percent annual inflation, such numerical precision is not possible in defining maximum employment.
To achieve price stability, the Fed adopted a numerical target for inflation in 2012 that hasn’t changed. It has remained unchanged because the Committee has repeatedly reaffirmed the judgment that it made in 2012 that 2 percent inflation is the rate most consistent with its statutory mandate. In contrast, the Federal Reserve has not spelled out a numerical goal for the unemployment rate or some other measure of employment because maximum employment can move up and down over time and is not directly measurable, and also because the different factors that determine it are either difficult or impossible to measure in real time.
Plan of the TalkThe unemployment rate is the statistic that the public most often uses to form views about labor market conditions, and it is also the statistic that economists most often use to try to infer maximum employment. And economists frequently refer to u* as the unemployment rate that corresponds to maximum employment. That said, in my speech today, I would like to offer historical examples of why u* varies over time and why it would be a mistake to assume that it is a fixed number.2 Then, I will review the evolution of the unemployment rate over the past two decades and show that this rate has varied over time, moved by the interplay of myriad factors such as demographics, labor market regulations, changes in business or consumer confidence, or cyclical changes in aggregate demand and monetary policy shocks. In contrast, u* is moved mostly by either structural changes, such as skill deterioration or capital depreciation, or by long-run factors in the labor market, such as the demographic and skill composition of the population. As a result, u* does not move as much as the unemployment rate over time.3 This is significant because monetary policy is aimed at managing the business cycle to minimize deviations from maximum employment.
In reviewing the unemployment rate, I will also note that it certainly bears valuable information, but, in many cases, this needs to be complemented with other labor market indicators to have a fuller picture of the state of the economy.
As I have noted, maximum employment is not directly measurable. Likewise, we cannot observe u* directly, and it has to be inferred by statistical techniques, which I’ll review.4 One element common to all the approaches that I review is that they use a number of labor market indicators in addition to the unemployment rate in forming their estimates of maximum employment. Another element in common to some of the approaches is that they try to separate transient factors, or higher-frequency variation, from a more permanent, long-run feature of the economy that can be interpreted as u*.
Case Study: The Assumption of a Fixed Maximum Employment in the 1970sA common assumption in the economics profession during the 1960s was that u* was 4 percent.5
While this number might have been a decent approximation of u* during that period, it did not consider the possibility of meaningful changes in that value and, specifically, changes due to the rapid growth in labor supply from the post–World War II baby boomers entering the workforce. Especially because younger workers have higher levels of unemployment, the advent of the baby boomers meant that u* in the 1970s was surely higher than 4 percent. The Federal Reserve was slow in revising its estimate of u*. The high unemployment rate and too low fixed estimate of u* minimum unemployment, in conjunction with the failure to recognize the slowdown in trend productivity, led the Federal Reserve to exaggerate the estimate of slack in the economy and maintain monetary policy that was too loose, adding to other factors driving persistently high inflation over that decade.6 This experience led the Federal Reserve to recognize that a fixed 4 percent value for u* was a poor basis for understanding the cyclical position of the economy.
The experience of the 1960s and 1970s made it clear that demographic changes need to be considered in estimating u*—a topic I will explore further in my speech.
The U.S. Labor Market over the Past Two DecadesThe U.S. labor market over the past two decades provides some valuable circumstantial evidence for how maximum employment can change over time. Let me start by discussing the Great Recession, which began in late 2007 and was driven by a severe financial crisis. In the months before the recession began, the unemployment rate reached a low of 4.4 percent and then peaked at 10 percent in October 2009. Although the unemployment rate is a useful metric of the severity of that event, an additional variable that reflects the depth and persistence of the downturn in the labor market after the Great Recession was the share of long-term unemployed—the percentage of unemployed people out of work for 27 weeks or more—which was nearly twice as high as during the deep recession of the 1980s. Longer spells of unemployment can generate persistence because the longer the duration of unemployment for workers, the more their skills erode and the harder it is to become reemployed, leading, in turn, to higher unemployment, a phenomenon known as hysteresis. While some have argued that only workers unemployed for shorter durations should be counted in estimating the slack in the economy, hysteresis is an important part of slack during periods with high unemployment.7 Instead, the experience of the Great Recession reinforced the value of consulting other useful measures of slack.
After the Great Recession, it took eight years for the unemployment rate to reach the pre-recession low, but when it did, in 2016, it continued to fall, reaching 3.5 percent in 2019 and remaining close to this level until the beginning of the COVID-19 recession in 2020. One thing that was remarkable about this period was that this low level of unemployment occurred without any escalation of inflation. Personal consumption expenditures inflation ran well below an annual rate of 2 percent for almost all of the decade after the Great Recession, when monetary policy was highly accommodative. One could infer that u* had moved down over this period.
Turning to the pandemic recession, the unemployment rate rose to nearly 15 percent in two months, but a distinguishing feature of this increase was that a large fraction of the unemployed were temporarily laid off.8 Economic research suggests that those who lose their jobs via temporary layoffs have a high likelihood of being recalled, with the latest estimates suggesting a 60 percent probability.9 Considering this, it was not surprising that the post-pandemic recovery was characterized by a fast decline in the unemployment rate.10 In this sense, the unemployment rate alone was not a sufficient indicator of the true state of the labor market. In the post-pandemic recovery, the unemployment rate fell to 3.4 percent by April 2023. Again, for a second time we saw the unemployment rate falling to levels that were in the past associated with price pressures, whereas in this case inflation was also falling.
In summary, the past two recessions underscored that there are useful statistics beyond the unemployment rate that help inform a reading of maximum employment, and the past two recoveries suggest that the U.S. economy may sustain unemployment as low as 3.5 percent.
Turning to the current state of the labor market, the unemployment rate has risen only very slowly, and it has moved within a tight range of around 4.2 percent, which is its current reading. In addition, temporary layoffs are back at their pre-pandemic level, and vacancies and quits have leveled off. As a consequence, I judge the labor market to be stable. Most likely, the labor market is also close to maximum employment given that the estimates of u* from some of the models that I will consider in the rest of this speech are in the vicinity of 4.2 percent.
I have used some historical examples to illustrate how the unemployment rate has changed over time, and I have made some informal inference on the movements of u* in certain periods. Now let me explore different ways of estimating maximum employment. I will cover three separate methods: a method that uses the demographic composition of the population; a definition that considers the unemployment rate in conjunction with inflation in order to get closer to a definition of u* consistent with stable prices; and, lastly, a definition that focuses on maximum employment that one can obtain by taking into account that workers take time to find jobs and firms take time to fill job openings. Some of the models that I review also consider the labor force participation rate, as structural variation in this rate also affects maximum employment. Historical experience with the different forces that can move around maximum employment indicates that all three of these approaches could be helpful in the future when trying to estimate maximum employment.11
Estimation of Maximum Employment Using DemographicsIn describing the impact of the baby boomers on the labor market, I have already provided an example of how the demographic composition of the workforce may affect maximum employment. More generally, the age distribution in the population or educational attainment or skill distribution are always important factors in evaluating the potential workforce. Beyond the composition of the workforce, developments within specific demographic subgroups also may be relevant for maximum employment. For instance, the increase in labor force participation of women over the past 50 years has been an important factor that has augmented the available workforce. Granular data from the Labor Department’s monthly survey of household employment known as the Current Population Survey, sometimes in conjunction with data on job openings and flows in and out of employment, can add demographic details to the estimation of maximum employment.
The models that exploit demographic data separate the trend or structural factors in both the unemployment rate and labor force participation rate from transient factors in individual demographic groups, allowing an estimate of maximum employment.12 I think of this as a “bottom up” approach.13
One can add an additional layer of complexity in working with demographic groups. One important aspect of the unemployment rate is its characteristic countercyclical dynamics—that is, the way this rate increases at the onset of recessions due to an increase in the flow out of employment or layoffs, and its decline in expansions as more unemployed workers find jobs and flow into employment. In recognition of the importance of these flows, one alternative to extracting trends by demographic group is to extract trends in the flows by demographic groups and reconstruct u* dynamics from those flows. The implicit assumption is that the trend components of flows into and out of unemployment capture structural characteristics of the labor market, including market imperfections and the cost of job searches for both workers and employers.14 The models in this class estimate a trend unemployment rate in the range between 4.1 and 4.3 percent in the fourth quarter of 2024.15
Estimation of Maximum Employment Consistent with Stable PricesAs I mentioned, the dual mandate includes stable prices. The models that I have just described do not contain information on prices. However, one may include price information by adding inflation as a measure of aggregate price pressures in order to come up with an estimate of maximum employment consistent with stable prices.16 A higher unemployment rate signals more workers are available to work, indicating more slack. As more workers are employed, the economy is moving to a situation of fewer resources being available for additional output and most likely to more price pressures. Maximum employment consistent with stable prices ideally strikes a balance between additional workers being hired and additional increases in prices. I have alluded to this concept in an informal way when arguing that in the period after the Great Recession, u* may have moved down through 2019.
In practice, inflation information is folded into the model by adding a relationship between prices and the unemployment rate known as the Philips curve. There is a long tradition in extracting trend employment consistent with stable prices using a various labor market and output measures. I will draw upon that heritage and briefly describe a model that like the statistical methods that I have already reviewed also aims at estimating maximum employment by separating the unemployment rate from cyclical factors, but it does so by using numerous output and labor market indicators in conjunction with price information.17 Output indicators include both gross domestic product and gross domestic income. Among labor market indicators, in addition to the unemployment rate, there are payrolls, the workweek, and labor force participation, which means that the model is not limited to just the unemployment rate in inferring trend unemployment. The purpose of using many indicators is the belief that all of them follow the same cycle, and that it is easier to identify and separate the cycle from trend using a large set of indicators. Coming back to the Phillips curve, I would note that models that estimate u* are somewhat sensitive to the specification of the Phillips curve. For instance, the model that I have just described has a u* estimate of about 5 percent in the fourth quarter of 2024, but alternative Phillips curve specifications may lower it below 5 percent.18
Estimation of the Efficient Level of EmploymentA third, often less mentioned concept of full employment is the “efficient” level of unemployment. This concept starts with the idea that it is inefficient for society to have unemployed workers and job openings. Society as a whole would gain by matching those workers with those job openings in a productive way. Of course, it is impossible to instantaneously reduce unemployed workers and job openings to zero. Newly unemployed workers take time to find a job, and vacancies take time to fill as firms find and screen applicants with the right skills. The empirical relationship between the unemployment rate and the job openings rate is summarized by the Beveridge curve, a downward-sloping curve along which more unemployed workers are associated with fewer job openings. The Beveridge curve is a structural aspect of the labor market, and it is effectively a constraint on the relationship between the unemployment rate and the job openings rate. However, given the Beveridge curve, monetary policymakers can try to move the economy along the curve closer to a point at which the total number of vacancies plus unemployed is minimized. One can show that this happens somewhere in between the two, precisely around a value of the unemployment rate equal to the geometric average of the unemployment and vacancy rate.19 The current estimate of this full employment concept places the unemployment rate at 4.2 percent in the fourth quarter of 2024.
Conclusion and Policy MessageI want to draw some conclusions from the points I have made today.
My discussion has touched upon many different statistics of the labor market, including the possibility of using data that exploits the heterogeneity of different demographic groups, which I judge to be very informative about u*. The reason is that different business cycles are generated by different shocks that affect the economy in different ways, so that useful indicators of slack in past cycles may not be as insightful in the future. For instance, when there is slack in the labor market, measures taking into account unemployment duration can be more informative about the persistence of unemployment and future slack. By contrast, when labor markets are tight, measures of flows into, out of, and across jobs will give a better measure of the job opportunities for workers and potential upward pressures on wages. Similarly, the vacancy and unemployment ratio combination used in the definition of efficient u* can provide an alternative measure of maximum employment.
Of course, any one of the estimation techniques that I have reviewed has limitations. For instance, there are constraints on the number of indicators that each model can process. This implies that some models will be better at capturing some drivers of maximum employment than others. That is why I cannot point to the best statistic or best model of maximum employment. I can only acknowledge that a rich set of models and indicators only benefits the policymaker. Given the uncertainty in estimating maximum employment in real time and the many options available, I consider it undesirable to adopt one particular measure to guide monetary policy. This is something to bear in mind as I approach the current review of the FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, which we call our framework.

1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
2. In fact, early on, economists have embarked to estimate the time-varying maximum employment in the economy. At least since Perry (1970), it was noted that u* can vary over time; see George L. Perry (1970), “Changing Labor Markets and Inflation,” (PDF) Brookings Papers on Economic Activity, no. 3, pp. 411–48. Return to text
3. Consistent with the view that u* moves less than the unemployment rate over time, in this speech, most of the models that I review assume that u* is the trend component of the unemployment rate. For an alternative view that challenges the weaker cyclicality of u* relative to the unemployment rate, see Robert E. Hall and Marianna Kudlyak (2023), “The Active Role of the Natural Rate of Unemployment,” NBER Working Paper Series 31848 (Cambridge, Mass.: National Bureau of Economic Research, November; revised December 2024). Return to text
4. For some early examples of the use of advanced statistical techniques such as the application of Kalman filtering techniques, see, for instance, the early examples of Peter K. Clark (1987), “The Cyclical Component of U.S. Economic Activity,” Quarterly Journal of Economics, vol. 102 (November), pp. 797–814; and Kenneth N. Kuttner (1994), “Estimating Potential Output as a Latent Variable,” Journal of Business & Economic Statistics, vol. 12 (July), pp. 361–68. For a recent summary of the literature, see Alessandro Barbarino, Travis J. Berge, and Andrea Stella (2024), “The Stability and Economic Relevance of Output Gap Estimates,” Journal of Applied Econometrics, vol. 39 (September/October), pp. 1065–81. Return to text
5. See Arthur M. Okun (1962), “Potential GNP: Its Measurement and Significance,” Proceedings of the Business and Economics Statistics Section, pp. 98–104. Return to text
6. See Athanasios Orphanides (2003), “The Quest for Prosperity without Inflation,” Journal of Monetary Economics, vol. 50 (April), pp. 633–63. Return to text
7. See, for instance, Olivier J. Blanchard and Lawrence H. Summers (1987), “Hysteresis in Unemployment,” European Economic Review, vol. 31 (February–March), pp. 288–95. Return to text
8. In addition, the rise in temporary layoffs was considered by the Bureau of Labor Statistics to be understated, because many respondents to the Current Population Survey misreported their status as employed but not at work—that is, the properly measured unemployment rate would have risen by much more than was actually reported; see, for example, page 6 of the May 2020 Employment Situation report, which is available on the Bureau of Labor Statistics’ website at https://www.bls.gov/news.release/archives/empsit_06052020.pdf. Return to text
9. See the classic study of David M. Lilien (1980), “The Cyclical Pattern of Temporary Layoffs in United States Manufacturing,” Review of Economics and Statistics, vol. 62 (February), pp. 24–31. For a more recent paper that makes use of matched employer–employee data, see Arash Nekoei and Andrea Weber (2015), “Recall Expectations and Duration Dependence,” American Economic Review, vol. 105 (May), pp. 142–46. Return to text
10. Moreover, academic research also suggests that the extent of firms’ recourse to temporary layoffs is correlated with firms’ expectations of near-term economic activity. This would have suggested in real time that a sharp rise in temporary layoffs was not as worrisome as a similar increase in permanent job losses. See Arash Nekoei and Andrea Weber (2020), “Seven Facts about Temporary Layoffs,” CEPR Discussion Paper 14845 (London: Centre for Economic Policy Research, June 3). Return to text
11. Some studies distinguish long-run unemployment, which would fall in the first category of models that use demographic information, from stable price unemployment, which also adds a Phillips curve to the model. For a recent review, see Richard K. Crump, Christopher J. Nekarda, and Nicolas Petrosky-Nadeau (2020), “Unemployment Rate Benchmarks,” Finance and Economics Discussion Series 2020-072 (Washington: Board of Governors of the Federal Reserve System, August). Return to text
12. The resulting unemployment rate trend can be thought of as a “natural rate.” The first reference to a “natural rate” of unemployment is from Milton Friedman in 1968. Friedman made it clear that he used the term to try and separate real forces from monetary forces, which are assumed to be more transient; therefore, it seems appropriate to use the term “natural rate” for estimates from demographic trends. See Milton Friedman (1968), “The Role of Monetary Policy,” American Economic Review, vol. 58 (March), pp. 1–17. That said, such a concept is controversial; see Richard Rogerson (1997), “Theory Ahead of Language in the Economics of Unemployment,” Journal of Economic Perspectives, vol. 11 (Winter), pp. 73–92. Return to text
13. See, for instance, Stephanie Aaronson, Bruce Fallick, Andrew Figura, Jonathan Pingle, and William Wascher (2006), “The Recent Decline in the Labor Force Participation Rate and Its Implications for Potential Labor Supply,” (PDF) Brookings Papers on Economic Activity, pp. 69–154; Daniel Aaronson, Luojia Hu, Arian Seifoddini, and Daniel G. Sullivan (2015), “Changing Labor Force Composition and the Natural Rate of Unemployment,” Chicago Fed Letter 338 (Chicago: Federal Reserve Bank of Chicago); Andreas Hornstein and Marianna Kudlyak (2019), “Aggregate Labor Force Participation and Unemployment and Demographic Trends,” February 28, https://ssrn.com/abstract=3347310; and Didem Tüzemen (2019), “Job Polarization and the Natural Rate of Unemployment in the United States,” Economics Letters, vol. 175 (February), pp. 97–100. Return to text
14. See, for instance, Mary C. Daly, Bart Hobijn, Ayşegül Şahin, and Robert G. Valletta (2012), “A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?” Journal of Economic Perspectives, vol. 26 (Summer), pp. 3–26. Return to text
15. See Murat Tasci (2012), “The Ins and Outs of Unemployment in the Long Run: Unemployment Flows and the Natural Rate,” Working Paper 12-24 (Cleveland: Federal Reserve Bank of Cleveland, November). See also Richard K. Crump, Stefano Eusepi, Marc Giannoni, and Ayşegül Şahin (2019), “A Unified Approach to Measuring u*,” (PDF) BPEA Conference Drafts, March 7–8. Ahn adds unemployment duration in conjunction with flows to estimate u*; see Hie Joo Ahn (2023), “Duration Structure of Unemployment Hazards and the Trend Unemployment Rate,” Journal of Economic Dynamics and Control, vol. 151 (June), 104664. Return to text
16. Estimates that use prices are sometimes referred to as the non-accelerating inflation rate of unemployment, or NAIRU, although NAIRU is somewhat of a misnomer. In fact, the inflation process in the Great Moderation is not described well by an accelerationist Phillips curve but rather by a mean reverting process around a stable trend, conveniently proxied by long-run inflation expectations. In that case, it would be more accurate to talk about “NIRU,” or non-inflationary rate of unemployment. Return to text
17. The estimate that I report are from a variant of the model in Charles A. Fleischman and John M. Roberts (2011), “From Many Series, One Cycle: Improved Estimates of the Business Cycle from a Multivariate Unobserved Components Model,” (PDF) Finance and Economics Discussion Series 2011-46 (Washington: Board of Governors of the Federal Reserve System, October). Return to text
18. For instance, the Phillips curve could be non-linear as in Pierpaolo Benigno and Gauti B. Eggertsson (2023), “It’s Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,” NBER Working Paper Series 31197 (Cambridge, Mass.: National Bureau of Economic Research, April). Return to text
19. The efficient level of unemployment is also referred to as the “full employment rate of unemployment” or FERU; see Pascal Michaillat and Emmanuel Saez (2024), “u* = √uv: The Full-Employment Rate of Unemployment in the United States,” (PDF) BPEA Conference Draft, September 26–27. Return to text

MIL OSI USA News –

May 9, 2025
MIL-OSI Global: The prospect of an American pope was once viewed with suspicion – but Leo XIV could prove an important counter to Trump

Source: The Conversation – UK – By Massimo D’Angelo, Research Associate in the Institute for Diplomacy and International Affairs, Loughborough University

Pope Leo XIV has been elected as the 267th pontiff, leader of the Catholic church and spiritual guide to more than 1.4 billion Catholics. He is the first pope in history to come from the United States.

Since the 19th century, the influence of the United States within the Catholic Church has steadily increased, mirroring the country’s global geopolitical rise. American bishops, institutions and donors have played a growing role in shaping church policy, appointments and international engagement, signalling a shift away from traditional European dominance.

This growing influence had long been accompanied by unease over the idea of entrusting the leadership of the global Catholic community to a figure from the world’s most powerful nation. In this sense, the election of Leo XIV is an unexpected and significant choice.

Robert Francis Prevost, born in Chicago in 1955, has spent much of his ecclesiastical life to date in Peru, where he became a respected figure within the local church. He had been sent to Peru on a missions after taking his solemn vows as an Augustinian and studying in Rome.

Once there, he served for many years as judicial vicar and professor of canon, patristic (early Christian), and moral theology in Trujillo. In 2014, he was appointed apostolic administrator of Chiclayo and became its bishop in 2015, a post he held until 2023.

Prevost gained Peruvian citizenship and was widely regarded as a stabilising, pastoral presence in a church often divided between liberation theology and ultra-traditionalism. Known for his humility and approachability, he was respected for his ability to foster dialogue among Peru’s diverse episcopate.

His longstanding commitment to Latin America helped shape his international reputation and proved key to his eventual election as the church’s first North American pope.

Continuity or rupture with Francis?

It is difficult to determine at this early stage whether the election of Leo XIV will mark a continuation of Pope Francis’s pontificate or a clear departure from it. More likely, it will represent something of a middle path.

The first image of the newly elected pope – appearing on the balcony in traditional white and red papal garments, adorned with a gold cross – was striking. It echoed the appearance of Benedict XVI in 2005, in contrast to Francis’s more austere choice of a plain white cassock and silver cross, which reflected a deliberate gesture of humility.

Yet, Leo XIV’s strong focus on the poor – rooted in his years as a missionary in Peru – and his warm greeting to the Peruvian community, one of the Church’s global peripheries, suggest a clear line of continuity with Francis’s pastoral priorities.

Even his choice of name evokes Leo XIII, pope from 1878 to 1903 and author of Rerum Novarum, the landmark encyclical on social justice and the rights of the poor. Leo XIV may, therefore, embody a papacy that maintains a firm commitment to the marginalised, while adopting a less confrontational, more measured style than that of his reformist predecessor, who sometimes adopted openly anti-curial stances.

A Counterweight to Trump?

Prior to becoming pope, Prevost has, on several occasions, openly criticised the current US administration – particularly on matters of migration policy. As a cardinal, he voiced concern over statements made by US vice president J.D Vance, who converted to Catholicism in 2019.

He shared an article challenging Vance’s interpretation of Christian love in relation to immigration. Prevost also shared posts critical of both Donald Trump and Salvadoran president Nayib Bukele regarding the deportation of Kilmar Abrego Garcia, a Salvadoran national living in Maryland.

In this light, the election of an American pope – once a prospect viewed with suspicion – could now represent one of the strongest moral voices against the hardline migration policies of his own country’s government and a counterbalance to Donald Trump’s influence.

The choice of the name Leo is also potentially significant here. Pope Leo XIII strongly opposed extreme nationalism, viewing it as a threat to the Church’s universal mission and moral authority.

While acknowledging the value of legitimate patriotism, he maintained that loyalty to God and the church must always take precedence over allegiance to the nation-state. In encyclicals such as Immortale Dei and Sapientiae Christianae, he defended the church’s supranational character and cautioned against subordinating faith to national interests.

For Leo XIII, true civic virtue could never conflict with divine law, and any form of nationalism that did so risked becoming a kind of idolatry. In an era of rising nationalism across the globe – particularly in the United States – connecting to this message would be a clear and powerful statement.

While the prospect of an American pope once caused concern, the choice of Leo XIV shows sensitivity to the world’s margins. Yet, in a Church where Catholic growth is most pronounced in Africa and Asia – while numbers continue to decline in Europe and the Americas – the election of another western pontiff is not without its challenges. Some regions may still feel overlooked or underrepresented.

A promising gesture was the decision to deliver a brief message in Spanish from the balcony of St Peter’s – the first time in papal history. At the same time, it is striking that the most globally diverse conclave ever convened has placed the church’s leadership in the hands of a cardinal from the world’s most powerful nation. The new pope will need to unify a church that is increasingly global and moving beyond its eurocentric past.

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

– ref. The prospect of an American pope was once viewed with suspicion – but Leo XIV could prove an important counter to Trump – https://theconversation.com/the-prospect-of-an-american-pope-was-once-viewed-with-suspicion-but-leo-xiv-could-prove-an-important-counter-to-trump-256146

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI: Bitget Wallet Launches EIP-7702 Detection Tool Upon Ethereum’s Pectra Upgrade

Source: GlobeNewswire (MIL-OSI)

SAN SALVADOR, El Salvador, May 09, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial crypto wallet, has introduced a new detection feature for EIP-7702, a key component of Ethereum’s latest Pectra upgrade. The tool allows users to check whether their wallet is bound to this new functionality and disable it with one click, enhancing safety as wallets adopt more advanced capabilities.

EIP-7702 enables externally owned accounts (EOAs) to temporarily function like smart contracts, allowing features such as stablecoin-based gas payments, third-party fee sponsorship, and batch transactions. These improvements are designed to streamline blockchain interactions and lower technical barriers for everyday users.

Bitget Wallet plans to fully support EIP-7702 in future releases, viewing it as a step toward broader crypto accessibility. By eliminating the need to hold ETH for gas fees and enabling multiple actions in a single transaction, the standard offers a more efficient and user-friendly experience. However, its added flexibility also requires new safeguards to prevent misuse and protect user assets.

To address these concerns, Bitget Wallet’s detection feature offers real-time visibility and control, reducing the risk of unintended approvals from malicious contracts. Additional EIP-7702-based tools, including support for stablecoin gas payments, are expected to roll out in future product updates.

“The shift toward smart account functionality requires wallets to rethink both user experience and security from the ground up,” said Alvin Kan, COO of Bitget Wallet. “EIP-7702 introduces meaningful flexibility, but it also demands clearer visibility and control. Our goal is to ensure users can adopt these new features with confidence, not complexity.”

About Bitget Wallet
Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple, seamless and secure for everyone. With over 60 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, a DApp browser, and crypto payment solutions. Supporting 130+ blockchains, 20,000+ DApps, and a million tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

For media inquiries, please contact media.web3@bitget.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15d5c494-6e25-43e7-922e-27cfae4e8302

The MIL Network –

May 9, 2025
MIL-OSI USA: Barr, Artificial Intelligence and the Labor Market: A Scenario-Based Approach

Source: US State of New York Federal Reserve

Thank you for the opportunity to speak to you today.1 In my remarks, I would like to address a key question facing economists, policymakers, and people all over the world: How will artificial intelligence, particularly generative artificial intelligence, or GenAI, affect workers and the labor market in the years ahead?
Before I turn to that issue, I’d like to touch on a topic that I expect is also of interest: the outlook for the U.S. economy and the implications for monetary policy.
The U.S. economy entered this quarter in a relatively strong position: The unemployment rate has been low and stable, and the disinflationary process has continued on a gradual, albeit uneven, path towards our 2 percent objective. Private domestic final purchases have been solid. Overall, the economy has been resilient.
Against that backdrop, the outlook has been clouded by trade policies that have led to an increase in uncertainty, contributing to declines in measures of consumer and business sentiment. I expect tariffs to lead to higher inflation in the United States and lower growth both in the United States and abroad starting later this year.
In my view, higher tariffs could lead to disruption to global supply chains and create persistent upward pressure on inflation. Faced with substantial tariffs, businesses will likely change how they source intermediate inputs, and it will take time and investment for them to reroute their distribution networks. Conversely, global trade networks may change rapidly, and some suppliers may not be able to adapt quickly enough to survive these changes. This concern is particularly acute for small businesses, which are less diversified, less able to access credit, and hence more vulnerable to adverse shocks. Small businesses play a vital role in production networks, often providing specialized inputs that can’t easily be sourced elsewhere, and business failures could further disrupt supply chains. As we saw during the pandemic, such disruptions can have large and lasting effects on prices, as well as output.
I am equally concerned that tariffs will lead to higher unemployment as the economy slows. Thus, the FOMC may be in a difficult position if we were to see both rising inflation and rising unemployment.
The size and scope of the recent tariff increases are without modern precedent, we don’t know their final form, and it is too soon to know how they will affect the economy. Yet given the economy’s strong starting point and the progress we have made in bringing inflation back toward our 2 percent objective, monetary policy is in a good position to adjust as conditions unfold. Meanwhile, we will also be closely monitoring how technologies like artificial intelligence are being integrated into economic activity and analyzing the implications for how the economy will evolve.
Let me now return to the longer-term question of how AI will affect the labor market. Debate about machines replacing workers is nothing new, and even artificial intelligence is not particularly new either. AI has, in some form, arguably been around for decades. Computer scientists have been developing machine learning algorithms for many years, and these algorithms have been widely used in commercial applications, such as fraud detection and advertising. Speech and facial recognition are already ubiquitous. These more long-standing forms of AI are continuing to improve, driving progress in domains ranging from finance to medical diagnosis, and becoming so deeply embedded in our daily lives that we scarcely notice them anymore.
But GenAI promises to go much further. Unlike traditional machine learning techniques, which often focus on relatively simple prediction and classification tasks, the large language models that have emerged in recent years can generate new content—anything from news articles to computer code to images and video to customer service dialogue. Emerging forms of “agentic” AI can undertake complex, multistep tasks—for example, taking a customer through a transaction and then placing an automated order. As AI continues to develop, it will increasingly be combined with physical technologies like autonomous vehicles and advanced robotics, further extending its ability to interact with the real world. And AI may be shaping up to become what the esteemed economist Zvi Griliches called an “invention of a method of inventing” that speeds up the research and development process itself.2
Growing evidence indicates that AI will be a “general purpose technology”—such as railroads, electricity, or computers—which is characterized by widespread adoption, complementary progress in many downstream applications, and ongoing improvement in the core technology.3 Past general purpose technologies have dramatically improved productivity. So, against this background, the natural question is, what about AI?
In trying to understand how AI might transform work, it’s useful to consider how it could be applied in individual occupations, each of which comprises a range of tasks that vary in their susceptibility to automation. Like past waves of information technology, AI will substitute for human labor in some tasks, complement human labor in other tasks, and spur the creation of new tasks that humans will perform, at least initially.4 The net effects of AI on employment, both in the aggregate and across demographic and education groups, will depend on the relative size of these offsetting effects.
A pessimistic view is that AI and robotics could become so capable and cost effective as to render most human labor obsolete, culminating in mass unemployment. Such concerns about technological advances are hardly a novel development. At least since the Luddites of the early 19th century tried to disable textile looms, people have feared that machines would bring about steep declines in employment, wages, and human welfare.5
Economists have long been skeptical of that view, which suffers from the “lump of labor fallacy”—the presumption that there’s a fixed amount of work to be done, so if machines do it, humans will not.6 New technologies do eliminate some existing occupations, and not all workers benefit from technological change. But technology also creates new occupations, and the many waves of technological advances over the centuries haven’t rendered humans obsolete. For example, many of the tasks that were performed by humans in the 1950s are now performed by computers and robots, and yet the unemployment rate is similar to what it was back then, while the labor force participation rate is higher overall.
However, the amazing potential capabilities and breadth of applications associated with AI—many of which are already apparent—make it worth asking whether this time may be different. AI holds enormous promise of faster economic growth, advances in human health, and a higher standard of living. But alongside the kinds of labor market disruptions seen in past episodes of revolutionary technological change, we will need to consider the possibility of more sweeping changes in the way we work.
A Scenario ApproachIn a previous speech, I outlined two hypothetical scenarios describing how AI could evolve.7 In the first scenario, we see only incremental adoption that primarily augments what humans do today but still leads to significant and widespread productivity gains. In the second scenario, we see profound change, in which we extend human capabilities with far-reaching consequences.
Today, I will apply the same approach to analyze the potential effects of AI on the labor market. Of course, there is tremendous uncertainty about how AI will evolve and how it will affect the economy, as well as society more broadly. Amid this uncertainty, a scenario-based approach can give us a framework for thinking about the potential effects of AI on employment, real wages, and productivity, as well as for considering the possible role that government could play in influencing this transition.
Scenario 1: Incremental ProgressLet’s start with the “gradual” scenario, in which new AI technologies are adopted at a brisk, but not a breathless, pace or advance quickly at first and then plateau—perhaps because of constraints imposed by computing resources, the exhaustion of novel training data, and rising energy consumption.
Under this scenario, AI primarily operates by automating some—but not all—tasks within many occupations. We’ve seen some of this task substitution happen already: Computer programmers rely on AI copilots to write code, allowing them to focus on higher-level tasks, while customer support agents can use chatbots to improve and expedite their responses.8 Lawyers draw on GenAI to conduct legal research, while AI-powered safety features improve the performance of human automobile drivers.
Under this scenario, as foundational models improve, novel use cases are discovered, and businesses continue to integrate AI into their operations, more and more occupations will be affected, and many jobs will use AI tools more intensively. As these technologies improve, even incremental change may allow AI to become accurate and cheap enough to replace some occupations altogether. It’s hard to make predictions at this stage. But a plausible conjecture is that we could see, for example, fewer human programmers, lawyers, or commercial drivers. At the same time, most current occupations would persist in this scenario—albeit in modified and more productive forms.
Beyond existing occupations, general purpose technologies also encourage the creation of new occupations, fueled by new products and novel ways of doing business. It’s difficult to envision the novel jobs that will replace the ones we might lose to an incremental AI scenario. But one possibility is that the future could bring us managers of AI agents, specialists in human–AI collaboration, ethicists, safety experts, and large numbers of people involved in adopting, maintaining, and educating about AI tools. Technology, and how we use a particular innovation, evolves in unpredictable ways, and we should expect to be surprised.
Under this scenario, jobs remain plentiful, real wages are buoyed by productivity gains, and employment and labor force participation remain high and could even rise, if strong wage growth entices new labor market entrants and if improvements in health care increase work capacity among older or disabled individuals. If the widespread adoption of AI proceeds gradually, then workers will have time to adjust, reducing the disruption to the labor market—though, as with previous general purpose technologies, AI would likely imply that some groups of workers experience a painful process of dislocation and transition.
Retraining could help here. A recent survey carried out by the Federal Reserve Bank of New York found that many businesses plan to retrain their workers to use AI rather than laying them off.9 In some cases, AI may disrupt career ladders by automating many entry-level tasks—such as reviewing legal documents or drafting code—that were historically performed by early-career workers. But if labor demand changes slowly enough, students and workers are more likely to have time to predict which skills will be marketable and to make and recoup human capital investments before their skills become obsolete.
What about the effect of AI on inequality? Some research suggests that GenAI may help less-productive workers catch up to their more-productive peers.10 That said, the AI economy will likely put a premium on digital skills, facility with new technologies, and adaptability. The precedent of the computer revolution suggests that highly educated workers may benefit most, boosting wage inequality—a phenomenon called “skill-biased technological change.”11 Another possibility is that the labor share of income could decline, if capital owners benefit more than wage earners—for example, because the gains accruing from AI adoption go to large, highly capitalized firms whose technical capabilities, consumer networks, and training data allow them to develop state-of-the-art AI techniques.
Scenario 2: TransformationNow let’s consider an alternative scenario in which AI completely transforms the economy. As I described in my earlier speech, in this transformative scenario, humans employ AI to unleash their imagination and creativity—combined with robust investment in research and development—to make rapid breakthroughs that have the potential to improve our lives. With growth propelled by swift technological progress, society’s resources would be vastly expanded, AI would spur revolutionary advances in health, and many individuals would enjoy more time for leisure activities.
Indeed, transformative AI could bring about a state of affairs that John Maynard Keynes famously envisioned almost a hundred years ago, one in which there are “ever larger and larger classes and groups of people from whom problems of economic necessity have been practically removed.”12 At the same time, transformative AI could imply a much smaller role for human labor—a development that would entail sweeping social changes and profound challenges for government.
Under this scenario, AI would take over a broad range of existing jobs. As economist Anton Korinek writes, “AI systems advance toward mastering all forms of cognitive work that can be performed by humans, including new tasks that don’t even exist yet.”13 Building on developments we are already starting to see, improved chatbots and AI agents would outperform their human counterparts in activities ranging from customer support to medical diagnosis. Along similar lines, advanced robotics could increasingly substitute for human workers in manual and production jobs. Widespread automation would bring many benefits. The availability and quality of many services could increase markedly, and many less-desirable jobs—such as those involving tedious tasks or dangerous working conditions—could be transferred to machines.
What jobs would exist in this more transformative scenario? As in the more gradual scenario—and just as has happened in the past, when earlier general purpose technologies were adopted—we would see the emergence of new occupations. These would notably include jobs that involve managing the new AI-dominated economy. In addition, some existing occupations would likely persist, at least for some time. This would be the case for three key reasons. First, some jobs may prove especially hard to automate. For example, plumbers and mechanics rely on physical dexterity and adaptability to situations—attributes that machines may find difficult to replicate, or to replicate cheaply. Second, in some contexts, consumers may insist on a human touch. Patients may still want human doctors and therapists, while parents may want human teachers and caregivers to look after their children. Third, even when AI has the technical capability to carry out tasks, some jobs are likely to be protected by laws and regulations. For example, legal and political systems would likely continue to insist on human judges and elected officials. Eventually, however, an increasing share of current jobs may be automated. The technological frontier is moving quickly, consumers’ preferences may change as they become more comfortable interacting with AI, and the regulatory landscape could evolve to provide broader roles for AI.
It’s difficult to say how many jobs will exist under transformative AI. On the one hand, it’s possible that—as has happened so often in the past—the economy will find inventive new ways to keep most people employed. On the other hand, there are concerns that some workers could experience a large enough decline in their earnings potential that paid work may no longer be an available option. Employment and labor force participation could fall; displaced workers may grapple with a loss of daily routines, social connectedness, and the meaning they derived from employment. The risk of a significant decline in employment looms large in many people’s concerns about AI, and it’s important for policymakers to be attentive to that risk.
Even if AI ultimately creates as many jobs as it eliminates, we should expect that the transition will be difficult. Existing firms would likely reorganize their production, laying off workers in the process. They could also lose market share to technologically sophisticated start-ups, which could scale up with a minimal number of human workers managing AI subordinates.14 Many displaced workers would have obsolete skills, and skill mismatch could lead to a structural increase in unemployment as these workers retool for new occupations. It is possible that unemployment might rise only temporarily. It is also possible, however, that more sustained increases could be observed. That would be the case if technology continued to evolve too quickly for many workers to keep up, leading to continual churn and ongoing dislocation.
How might transformative AI affect income inequality? Both traditionally high-wage occupations, such as lawyers and financial professionals, and lower-wage occupations, such as factory and retail workers, could be automated, and it is difficult to predict how AI would affect wage structures. But the largest wage gains would likely go to the highest-skilled workers, as they would be best positioned to implement frontier technologies and help oversee the AI economy. In addition, if capital owners are the main beneficiaries, the labor share of income could decline precipitously.
Transformative AI could bring about profound improvements in living standards, leisure opportunities, and human health. At the same time, society would confront profound distributional changes and potential challenges. Much would depend on how broadly the economic benefits are shared, how policymakers respond, and how society adapts to the rapid pace of change.
How Will We Know Which Future We Are Living in?The world looks very different across these two scenarios. As AI spreads throughout the economy, how will we know which world we’re living in, particularly in view of the likelihood that AI adoption will proceed at different rates in different occupations and industries?
First, we will need to track how many businesses are using AI and how it is affecting their operations. Recent surveys give different impressions about AI adoption thus far, but they consistently show rapid increases in usage over time.15
Second, we will need to monitor AI’s evolving technological capabilities. AI developers test their models against human performance in benchmark activities like standardized tests and visual tasks. Results of these tests will continue to provide important clues about which activities, and thus which occupations, are at risk of being automated. Along these lines, economists have already developed measures of occupations’ exposure to automation. They have based these measures on the characteristics of the tasks involved in different occupations.16 Of course, as the set of tasks that AI can perform expands, these measures can be updated accordingly.
A third way to judge how AI is changing the economy is that data on job openings will likely be a leading indicator of changes in labor demand. What kinds of jobs are employers creating? What skills do they cite in job ads?17
And, lastly, job growth by occupation and industry is likely to reflect the emerging effects of AI. So far, the imprint of AI is difficult to discern in the employment statistics, but that is likely to change. It may be difficult to disentangle the effects of AI from the other determinants of employment growth, especially in real time. But in the event of truly sweeping changes in the occupational structure, the effects of AI should show up in the data.
Looking AheadWhat do these two scenarios imply for society? In scenario 1, the issues that society has to address will be more straightforward. Policymakers will have to decide how to regulate emergent technologies, education and training programs will have to be tailored to shifts in labor demand, and some labor market regulations may need to be updated. In scenario 2, the issues that society will need to address will be more profound. Questions will include how to ensure that the economic gains associated with AI are broadly shared across individuals and households, and how to adapt social institutions to a world in which many more individuals in their prime working years may be working less. Fortunately, although this second scenario would entail many difficult challenges, it also implies a world in which society has many more resources to deploy against those challenges.
Those are some of the big questions that society may need to grapple with in the future, and most of these questions are not those that will be primarily addressed by monetary policymakers. As a central banker, I can speak more specifically about how structural changes in the economy related to AI could affect monetary policy considerations—in particular, the Federal Reserve’s dual mandate to promote maximum employment and stable prices. Monetary policy considerations could be affected in many ways; I will limit myself to two prominent possibilities.
First, AI may require monetary policymakers to reassess our estimates of the natural rate of unemployment, which informs our assessment of the cyclical state of the economy and thus the appropriate stance of monetary policy. The natural rate, which we call u*, is the unemployment rate that corresponds to the maximum level of employment that can be maintained without producing undesirably high inflation. Among other things, u* depends on the efficiency with which matches are formed between workers and firms, and it could rise if shifts in labor demand across industries and occupations lead to skill mismatch and lengthy unemployment spells as workers retrain and switch careers. The natural rate also depends on the demographic composition of the labor force, which AI could affect. If AI shifts the workforce toward groups that have higher labor force attachment but lower unemployment rates (such as college graduates), the result could be downward pressure on u*. It should be stressed that u* is never directly observed and is difficult to discern in real time. But economists use a wide range of models to estimate the natural rate, and we can use those models to see how u* is changing as AI is adopted more widely.18
Another related consideration relevant for monetary policy is how economic changes due to AI will affect the neutral interest rate, or r*, which is the level of the real interest rate consistent with the economy being at its potential and inflation being at our 2 percent objective. Economic theory suggests that a permanently higher growth rate of productivity, of the kind that might arise under either AI scenario, tends to raise r*. When that happens, a higher real interest rate would be required to deliver any desired monetary policy stance. A challenge that we face is that it is difficult to work out in real time how r* is evolving. But we can make judgments about developments in the behavior of r* by monitoring the relationship between economic activity and interest rates and by using financial market information to estimate longer-run real interest rates.
ConclusionI’ll return to the broader point and conclude. AI is poised to transform our economy, likely in profound ways. But the speed and extent of that transformation are not yet clear. AI is likely to boost productivity, increase scientific discovery, and transform the nature of work. How these developments unfold will have important implications for society and for central bankers.

1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
2. See page 502 in Zvi Griliches (1957), “Hybrid Corn: An Exploration in the Economics of Technological Change,” Econometrica, vol. 25 (October), pp. 501–22. See also Iain M. Cockburn, Rebecca Henderson, and Scott Stern (2019), “The Impact of Artificial Intelligence on Innovation: An Exploratory Analysis,” in Ajay Agrawal, Joshua Gans, and Avi Goldfarb, eds., The Economics of Artificial Intelligence: An Agenda (Chicago: University of Chicago Press), pp. 115–48, and Martin Neil Baily, David M. Byrne, Aidan T. Kane, and Paul E. Soto (forthcoming), “Generative AI at the Crossroads: Light Bulb, Dynamo, or Microscope,” Brookings Institution working paper. Return to text
3. The term “general purpose technology” is typically abbreviated to GPT. To avoid confusion with ChatGPT, I will continue to use the longer term. For a definition and discussion of past general purpose technologies, see Timothy F. Bresnahan and Manuel Trajtenberg (1995), “General Purpose Technologies ‘Engines of Growth’?” Journal of Econometrics, vol. 65 (January), pp. 83–108. For a discussion of whether earlier AI techniques already meet these criteria, see Avi Goldfarb, Bledi Taska, and Florenta Teodoridis (2023), “Could Machine Learning Be a General Purpose Technology? A Comparison of Emerging Technologies Using Data from Online Job Postings,” Research Policy, vol. 52 (January), 104653. For a discussion of GenAI specifically, see Tyna Eloundou, Sam Manning, Pamela Mishkin, and Daniel Rock (2023), “GPTs Are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models,” (PDF) March 17 (revised August 22). For a contrasting view that AI will have only modest effects on productivity over the next 10 years, see Daron Acemoglu (2025), “The Simple Macroeconomics of AI,” Economic Policy, vol. 40 (January), pp. 13–58. Return to text
4. See Daron Acemoglu and Pascual Restrepo (2019), “Automation and New Tasks: How Technology Displaces and Reinstates Labor,” Journal of Economic Perspectives, vol. 33 (Spring), pp. 3–30. Return to text
5. As David Autor writes, “There have been periodic warnings in the last two centuries that automation and new technology were going to wipe out large numbers of middle class jobs. The best-known early example is the Luddite movement of the early 19th century, in which a group of English textile artisans protested the automation of textile production by seeking to destroy some of the machines.” See page 3 in David H. Autor (2015), “Why Are There Still So Many Jobs? The History and Future of Workplace Automation,” Journal of Economic Perspectives, vol. 29 (Summer), pp. 3–30. Return to text
6. For example, see textbook discussions of automation and unemployment by Paul A. Samuelson (1964), Economics: An Introductory Analysis, 6th ed. (New York: McGraw-Hill), pp. 333–37; and James D. Gwartney and Richard Stroup (1982), Economics: Private and Public Choice, 3rd ed. (New York: Academic Press), pp. 518–19. Return to text
7. See Michael S. Barr (2025), “Artificial Intelligence: Hypothetical Scenarios for the Future,” speech delivered at the Council on Foreign Relations, New York, February 18. See also Anton Korinek and Donghyun Suh (2024), “Scenarios for the Transition to AGI,” NBER Working Paper Series 32255 (Cambridge, Mass.: National Bureau of Economic Research, March). Return to text
8. For evidence that GenAI increases the productivity of human programmers, see Sida Peng, Eirini Kalliamvakou, Peter Cihon, and Mert Demirer (2023), “The Impact of AI on Developer Productivity: Evidence from GitHub Copilot,” (PDF) February 13. For similar evidence regarding customer support agents, see Erik Brynjolfsson, Danielle Li, and Lindsey Raymond (2025), “Generative AI at Work,” Quarterly Journal of Economics, vol. 140 (May), pp. 889–942. Return to text
9. See Jaison R. Abel, Richard Deitz, Natalia Emanuel, and Benjamin Hyman (2024), “AI and the Labor Market: Will Firms Hire, Fire, or Retrain?” Federal Reserve Bank of New York, Liberty Street Economics (blog), September 4. Among surveyed businesses in New York and New Jersey, about half of businesses that planned to use AI within the next six months expected to retrain their current staff to use AI. Return to text
10. See Shakked Noy and Whitney Zhang (2023), “Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence,” Science, July 13, vol. 381 (6654), pp. 187–92. Return to text
11. See Claudia Goldin and Lawrence F. Katz (2008), The Race between Education and Technology (Cambridge: Harvard University Press). Return to text
12. See page 372 in John Maynard Keynes (1930), “Economic Possibilities for Our Grandchildren,” in Essays in Persuasion (New York: W.W. Norton & Company, 1963), pp. 358–73. Return to text
13. See page 9 in Anton Korinek (2024), “The Economics of Transformative AI,” (PDF) Reporter, no. 4 (Cambridge, Mass.: National Bureau of Economic Research), pp. 9–12. Return to text
14. See Erin Griffith (2025), “A.I. Is Changing How Silicon Valley Builds Start-Ups,” New York Times, February 20. See also Microsoft (2025), 2025: The Year the Frontier Firm Is Born, Work Trend Index Annual Report, April 23, https://www.microsoft.com/en-us/worklab/work-trend-index/2025-the-year-the-frontier-firm-is-born. Return to text
15. For a summary of recent survey evidence on AI adoption, see Leland Crane, Michael Green, and Paul Soto (2025), “Measuring AI Uptake in the Workplace,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 5). Across six firm-level surveys, the share of respondents using some form of AI ranges widely—from 5 to 40 percent—likely in part reflecting differences in sample composition, question wording, and the period over which AI usage is measured. Across 10 individual-level surveys, usage of GenAI generally ranges between 20 and 40 percent, with much higher rates among computer programmers. Return to text
16. For examples of this approach, see Carl Benedikt Frey and Michael A. Osborne (2017), “The Future of Employment: How Susceptible Are Jobs to Computerisation?” Technological Forecasting and Social Change, vol. 114 (January), pp. 254–80; Erik Brynjolfsson, Tom Mitchell, and Daniel Rock (2018), “What Can Machines Learn, and What Does It Mean for Occupations and the Economy?” AEA Papers and Proceedings, vol. 108 (May), pp. 43–47; Edward W. Felten, Manav Raj, and Robert Seamans (2018), “A Method to Link Advances in Artificial Intelligence to Occupational Abilities,” AEA Papers and Proceedings, vol. 108 (May), pp. 54–57; and Eloundou, Manning, Mishkin, and Rock, “GPTs Are GPTs” (see note 3). Return to text
17. See Daron Acemoglu, David Autor, Jonathon Hazell, and Pascual Restrepo (2022), “Artificial Intelligence and Jobs: Evidence from Online Vacancies,” Journal of Labor Economics, vol. 40 (April), pp. S293–340. Return to text
18. See Brandyn Bok, Richard K. Crump, Christopher J. Nekarda, and Nicolas Petrosky-Nadeau (2023), “Estimating Natural Rates of Unemployment: A Primer,” (PDF) Working Paper Series 2023-25 (San Francisco: Federal Reserve Bank of San Francisco, August). One approach for estimating u* is to aggregate across demographic groups that differ in their average unemployment rates over long periods. Another common approach is to estimate state-space models that incorporate a Phillips curve relationship between unemployment and inflation, as in Thomas Laubach (2001), “Measuring the NAIRU: Evidence from Seven Economies,” Review of Economics and Statistics, vol. 83 (May), pp. 218–31. In addition, assessments of the natural rate can be informed by models that yield estimates of matching efficiency, such as Regis Barnichon and Andrew Figura (2015), “Labor Market Heterogeneity and the Aggregate Matching Function,” American Economic Journal: Macroeconomics, vol. 7 (October), pp. 222–49; and Hie Joo Ahn and Leland D. Crane (2020), “Dynamic Beveridge Curve Accounting,” Finance and Economics Discussion Series 2020-027 (Washington: Board of Governors of the Federal Reserve System, March). Return to text

MIL OSI USA News –

May 9, 2025
MIL-OSI: Toobit in Dubai: Championing Crypto Culture as CFN Official Sponsor

Source: GlobeNewswire (MIL-OSI)

GEORGE TOWN, Cayman Islands, May 09, 2025 (GLOBE NEWSWIRE) — In a city known for its innovation and world-class events, Toobit‘s sponsorship of Crypto Fight Night (CFN) Dubai 2025 on 1 May this year showcased the exciting connection between blockchain, entertainment, and community building.

Held in conjunction with TOKEN2049, CFN Dubai 2025 combined sports and blockchain, attracting a global audience during one of the busiest weeks in the crypto calendar.

Not unlike TOKEN2049, the event also provided a powerful platform for athletes, creators, and crypto leaders to unite—reflecting the qualities of resilience, precision, and performance that align with Toobit’s vision for the digital asset space.

Crypto Culture Comes Alive

Alongside co-sponsors memecoin BONK, stablecoin Solstice, and blockchain venture Ghaf Studios, the award-winning exchange’s presence at CFN Dubai 2025 is perhaps also representative of where and how crypto subculture is headed. No longer confined to sterile conference halls or technical panels, blockchain is finding expression in arenas, festivals, and entertainment venues.

A large part of that is due to crypto’s inherent demographic. Mostly young, digitally native, and culturally fluent, this generation is building their identities around the assets they’re investing in. They want to see their values reflected in the events that merge tech, lifestyle, and high-energy storytelling. And CFN Dubai 2025 delivered exactly that.

It was also an opportunity to engage directly with users, creators, and builders in one of the world’s most energized digital hubs. By supporting the event and introducing crypto to the wider sports demographic, the cryptoasset platform was able to enhance the visibility of blockchain applications, reaching over 20,000 concurrent viewers across the official livestream and separate watch parties hosted by the sponsors.

The Highlight

A highlight of CFN Dubai 2025 was the match between Brian Rose, “The OG”, and Modrick Buck, “The Warrior”.

Brian, 53, is an American-born British podcaster based in London. He is a digital finance advocate and even ran for Mayor of London. Brian hosts London Real, a podcast and former YouTube channel he started in 2011. He made his debut entrance into pro boxing during the match.

29-year-old Modrick Buck, a young musician and boxer, faced Brian in the ring. In the blue corner, he was eager to add another win to his professional record.

“The Warrior” was not able to get the first round knockout that he predicted, with “The OG” holding strong till the end of the match.

After three intense rounds, Modrick Buck claimed a tight victory with scores of 30-27, 30-27, and 28-29 from the three judges.

Built on Partnerships

Despite having no operations nor office in Dubai, Toobit’s attendance at TOKEN2049 and CFN Dubai this year was one stop on a broader journey across the globe.

Earlier, the digital asset exchange sponsored Web3 Amsterdam, an annual event that brings together Web3 enthusiasts, innovators, and industry leaders to explore the latest trends and foster collaboration in the Netherlands.

Toobit is set to grace the picturesque city again later this month as a platinum sponsor of Dutch Blockchain Week 2025, continuing its expanding presence in one of Europe’s most innovative blockchain hubs.

The exchange has also recently been named Best Crypto Exchange MENA 2025 at the World Business Outlook Awards.

With a newly acquired Polish license issued by the Polish Financial Supervision Authority (KNF), Toobit’s regulatory path continues to evolve alongside their global user base, empowering users and communities with real tools, transparent systems, and meaningful participation.

What’s Next for Toobit?

Global expansion continues to be on the cards for Toobit, who has prioritized building its foundations over the promises of hype often found in crypto.

The exchange uses a transparent system, with a publicly verified proof-of-reserves that is independently checked by third-party firms. These include blockchain security experts like Hacken, Beosin, and Elliptic, who conduct regular security assessments.

CFN Dubai 2025 brought this vision to life. From the fighters in the ring to the fans in the stands, the event displayed the same resilience and strategy that define successful traders and teams in the Web3 space.

Toobit is not just building technology. True to its motto of giving “A Bit More Than Crypto”, it’s shaping the communities behind it as a fast-growing global crypto exchange.

As crypto enters a new era of global adoption, Toobit remains focused on providing a secure, seamless, and user-friendly trading experience.

Disclaimer: Toobit does not currently offer any virtual asset services in the UAE and is not licensed by the Dubai Virtual Assets Regulatory Authority (VARA). Toobit will only provide such services, if any, in Dubai after receiving required licenses from VARA.

About Toobit

Toobit is where the future of crypto trading unfolds—an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers. With deep liquidity and cutting-edge technology, Toobit empowers traders worldwide to navigate the digital asset markets with confidence. We offer a fair, secure, seamless, and transparent trading experience, ensuring every trade is an opportunity to discover what’s next.

For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

Contact: Davin C.
Email: market@toobit.com
Website: www.toobit.com

Disclaimer: This is a paid post and is provided by Toobit. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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The MIL Network –

May 9, 2025
MIL-OSI Europe: First “Urbi et Orbi” Blessing of the Holy Father Leo XIV

Source: The Holy See

This evening the Holy Father Leo XIV, preceded by the Cross, appeared on the external Loggia of Blessings of the Vatican Basilica to greet the people and to impart the “Urbi et Orbi” Apostolic Blessing.
Before the Blessing, the new Pope addressed the following words to the faithful:

Words of the Holy Father
Peace be with you all!
Dear brothers and sisters, this is the first greeting of the Risen Christ, the good shepherd who gave his life for God’s flock. I too would like this greeting of peace to enter into your heart, to reach your families, all people, wherever they may be, all peoples, all the earth. Peace be with you!
This is the peace of the Risen Christ, a disarmed and disarming peace, a humble and preserving peace. It comes from God. God, who loves all of us, without any limits or conditions. We still keep in our ears the weak but always courageous voice of Pope Francis, who blessed Rome – the Pope who blessed Rome and the world that day on Easter morning.
Allow me to continue that same blessing. God loves us, all of us, evil will not prevail. We are all in God’s hands. Therefore, without fear, united, hand in hand with God and among ourselves, let us go forward. We are disciples of Christ, Christ goes before us, and the world needs his light. Humanity needs him like a bridge to reach God and his love. You too, help us to build bridges with dialogue, with encounter, uniting us all so as to be one people always in peace. Thank you, Pope Francis!
I also wish to thank all my Cardinal brothers who chose me to be the Successor of Peter and to walk together with you, as a united Church always seeking peace and justice, always seeking to work as men and women faithful to Jesus Christ, without fear, to proclaim the Gospel, to be missionaries.
I am an Augustinian, a son of Saint Augustine, who said: “With you I am a Christian and for you a bishop”. In this sense, we can all work together towards that homeland that God has prepared for us.
To the Church of Rome, a special greeting! [Applause]. We must strive together to be a missionary Church, building bridges, dialogue, always open to receiving with open arms for everyone, like this square, open to all, to all who need our charity, our presence, dialogue and love.
[In Spanish] And if I may also say a word, a greeting to everyone, and in particular to my dear diocese of Chiclayo, in Peru, where a faithful people have accompanied their bishop, shared their faith and given so much, in order to continue to be the faithful Church of Jesus Christ.
[Returning to Italian]
To all of you, brothers and sisters of Rome, of Italy, of all the world, we want to be a synodal Church, a Church on the move, a Church that always strives for peace, that always strives for charity, that always strives to be close, especially to those who suffer.
Today is the day of the Supplica to Our Lady of Pompeii. Our Mother Mary always wants to walk with us, to stay close, to help us with her intercession and her love.
So, I would like to pray with you. Let us pray together for this new mission, for all the Church, for peace in the world, and let us ask Mary, our Mother, for this special grace.
Ave Maria…

MIL OSI Europe News –

May 9, 2025
MIL-OSI: Nagano Tonic Complaints Explained: 2025 Nagano Lean Body Tonic User Reviews Analysed & Verified
Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, May 09, 2025 (GLOBE NEWSWIRE) —
- Why Nagano Lean Body Tonic Is Making Waves in 2025’s Natural Weight Loss Scene
- Nagano Tonic Complaints: What’s Really Behind the Negative Reviews?
- Metabolic Biohacking & Thermogenesis: Unlocking Your Body’s Natural Fat-Burning Power
- Appetite, Digestion, and Energy: The Science Behind EGCG, Inulin, Ashwagandha, and Bitter Melon
- The Hidden Saboteurs of Weight Loss: Cravings, Stress, Fatigue, and Gut Imbalances
- Inside the Formula: Ingredient Profile, Claimed Benefits & Where It May Fall Short
- Cost, Guarantees & Where to Buy: What to Know Before Ordering from the Official Nagano Website
- Your Top Questions Answered: Side Effects, Results Timeline, Dosage & More
- Transparency First: Disclaimers, Safety Notes & Smart Supplement Shopping Tips
Nagano Tonic Complaints Investigated – 2025 User Reviews Verified

Nagano Lean Body Tonic is emerging as a popular clean-label supplement in 2025, promoted for its natural support of metabolism, appetite control, and energy levels. This article offers a balanced, in-depth look at verified customer reviews, reported complaints, and the science behind its ingredients.

While it’s not a miracle solution, many users describe steady fat loss, improved energy, and fewer cravings with consistent use. Formulated with well-researched compounds like green tea extract (EGCG), inulin, ashwagandha, and bitter melon, the tonic promotes a holistic approach to weight management by addressing metabolism, digestion, and stress.

Sold exclusively through the official website, it’s backed by a 180-day money-back guarantee. This review aims to help readers decide whether this trending fat-burning formula delivers real results, without the hype or hidden drawbacks.

Introduction To Nagano Lean Body Tonic

In the evolving world of natural weight loss solutions, few products have stirred as much conversation in 2025 as Nagano Lean Body Tonic. Marketed as a metabolism-boosting formula inspired by traditional Japanese wellness principles, this powdered supplement has drawn attention not only for its fat-burning claims but also for a rising number of user reviews, ranging from enthusiastic praise to critical feedback. As interest grows, so does the need for a clear, honest assessment before clicking “buy.”

Nagano Tonic’s appeal lies in its clean, natural ingredient lineup and its promise to combat stubborn fat, enhance energy, and support wellness—all without synthetic stimulants. But with increased visibility comes scrutiny. Some users have voiced concerns about effectiveness, delayed results, and taste, highlighting the importance of real user experiences in understanding the full picture.

This article takes a deep dive into the 2025 reviews of Nagano Lean Body Tonic, weighing both the pros and the cons. We’ll also explore common obstacles to lasting weight loss—and how this tonic claims to address them through a modern “biohacking” approach. Biohacking involves optimizing your biology through lifestyle, nutrition, and supplementation—something this formula claims to support through ingredients aimed at metabolism, cravings, and energy levels.

In a crowded wellness market, transparent, up-to-date analysis is essential. That’s what you’ll find here: a detailed, unbiased, and SEO-friendly breakdown covering everything from ingredient science to pricing and policies, so you can decide whether Nagano Lean Body Tonic is truly worth your time and trust.

Understanding The Common Weight Loss Challenges

In 2025, weight loss remains anything but simple. More people are beginning to understand that there’s no universal fix, especially as metabolic health, hormones, and daily habits become more central to long-term success. For those who’ve cycled through countless fat-burning pills, fad diets, and intense workouts only to see minimal or fleeting results, frustration is mounting. To evaluate whether Nagano Lean Body Tonic is a viable solution, it’s essential to first unpack the real challenges of today’s weight loss landscape.

Why Belly Fat Remains So Stubborn

For countless men and women, abdominal fat is more than just an aesthetic concern—it’s a deeply persistent issue tied to stress, aging, and a sluggish metabolism. This is one of the hardest areas to lose fat, often resisting even the most disciplined efforts. The search for deeper, metabolism-driven solutions has become a priority.

That’s where emerging ideas like “thermogenic activation” and “metabolic biohacking” come into play. These modern approaches mark a shift from crash diets to science-informed, natural methods that work with the body, not against it. Nagano Tonic embraces this shift by aiming to realign the body’s metabolic rhythm with plant-based ingredients inspired by traditional Japanese herbal practices. The goal? To promote more efficient fat-burning and sustained wellness.

While the tonic isn’t a medical treatment, its formula includes natural compounds linked to energy enhancement and metabolic support, factors that could help reduce stubborn fat when combined with healthy habits.

Cravings, Appetite, and the Dieting Dilemma

Uncontrolled cravings are a major obstacle to achieving sustainable weight loss. Whether it’s late-night snacking, stress-eating, or blood sugar dips, many people find themselves locked in a cycle of overindulgence followed by guilt and diet restarts. Even the most disciplined low-calorie plans can unravel under the pressure of hunger and emotional triggers.

This is where natural appetite-regulating ingredients are gaining ground. Compounds like inulin (a gut-friendly prebiotic fiber) and ashwagandha (an adaptogen known for stress balance)—both found in Nagano Tonic—are drawing attention for their potential to curb excessive hunger and support mood stability. While results vary by individual, this approach represents a welcome shift: fueling the body instead of depriving it.

The Energy-Motivation Connection Often Overlooked

Fatigue is one of the most underrated barriers to weight loss. When energy runs low, so does motivation to cook, exercise, or stick to goals. Recognizing this link is a game-changer. Instead of relying on caffeine-heavy stimulants that create temporary highs followed by crashes, many health-conscious users are now turning to natural tonics that support daily vitality more sustainably.

Enter antioxidant-rich superfoods like Camu Camu, Mangosteen, and EGCG from green tea. These aren’t miracle ingredients, but they may contribute to cleaner, more consistent energy when paired with balanced routines. Nagano Lean Body Tonic leans into this philosophy, combining plant-based energy support with a metabolism-friendly formula, offering users a gentler, more holistic alternative to traditional weight loss aids.

Gut Health, Inflammation, and the Weight Loss Connection

In 2025, a growing body of research continues to highlight a key—but often overlooked—factor in weight loss resistance: gut health. Imbalances in gut microbiota can lead to chronic inflammation, bloating, sluggish digestion, and intensified sugar cravings—all of which hinder fat loss efforts. As awareness grows, prebiotics and digestive-friendly compounds are gaining mainstream attention. Nagano Lean Body Tonic taps into this trend with ingredients like inulin and ginger, both recognized for their potential to support digestive health and promote a healthier internal environment.

While these natural compounds are not a replacement for medical treatment, they may serve as a valuable part of a broader wellness routine. The emerging concept of the gut-brain-weight axis—how digestion, mental health, and metabolism are interconnected—is becoming a cornerstone in modern weight management. Formulas that address this triad holistically are earning recognition for their multi-pronged approach to wellness.

Why Addressing These Core Issues Matters

Understanding the real barriers to weight loss is more than just identifying what’s going wrong—it’s about aligning with solutions that work with your body, not against it. Nagano Lean Body Tonic appears tailored to meet these challenges, blending the time-tested wisdom of Eastern wellness practices with today’s nutritional science. This makes it an appealing option for those seeking to rebalance their system naturally, without turning to harsh stimulants or restrictive regimens.

In the next section, we’ll explore how Nagano Tonic carves its place in a saturated wellness market—and whether its ingredient transparency, natural claims, and user experiences support the promises found on its official website.

Kickstart Your Wellness Journey Naturally with Nagano Lean Body Tonic

Looking for a cleaner, smarter way to boost metabolism and cut cravings? Nagano Lean Body Tonic may be the modern, natural solution to help you reset and energize from within.

Read our full analysis to see what real users are saying and whether it truly supports weight loss

Introducing Nagano Lean Body Tonic

The surge in interest around Nagano Lean Body Tonic in 2025 is far from accidental. In a market dominated by synthetic diet pills and fleeting health fads, more consumers are gravitating toward clean-label supplements rooted in traditional practices and backed by evolving science. As a powdered drink mix, Nagano Tonic distinguishes itself with a combination of ancient herbal wisdom and functional, metabolism-supporting ingredients.

But the big question remains: does it actually live up to the hype?

This section breaks down what the product is, what’s inside it, and how it positions itself as a natural solution to today’s most common weight loss hurdles. You’ll also see how it compares to the flood of detox teas, thermogenic fat burners, and trendy metabolism blends currently crowding the shelves.

What Exactly Is Nagano Lean Body Tonic?

Nagano Lean Body Tonic is a powdered dietary supplement designed to be stirred into water or your favorite beverage. It contains a carefully selected mix of fruits, herbs, roots, and adaptogenic botanicals—many inspired by Japanese wellness rituals. Rather than being just another fat-burning formula, Nagano presents itself as a multi-functional wellness tonic aimed at supporting metabolism, reducing cravings, and promoting cleaner, sustained energy.

Unlike conventional fat burners that rely heavily on caffeine or synthetic appetite suppressants, this tonic opts for a gentler approach. It embraces functional nutrition—working in harmony with your body to restore metabolic balance without overloading your system.

This reflects a broader 2025 shift toward Eastern-inspired fat-loss strategies, which prioritize internal balance and long-term vitality over short-term gimmicks. Nagano Tonic positions itself at this crossroads: ancient herbal tradition meeting modern nutritional needs.

Curious To Know More? Visit The Official Nagano Tonic Website Here

Core Ingredients And Their Functional Benefits

While the complete ingredient list can be found on the official website (leanbodytonic.com), below is a closer look at the standout components that give Nagano Lean Body Tonic its unique edge over conventional weight loss supplements.

Camu Camu

This Amazonian superfruit is revered for its exceptionally high Vitamin C content. Frequently associated with immune support and antioxidant activity, Camu Camu is thought to help reduce oxidative stress, a factor that can contribute to fatigue and stubborn weight gain.

EGCG (from Green Tea Extract)

One of the most researched thermogenic compounds in the natural wellness space, EGCG may support fat oxidation and healthy metabolic function, especially when paired with an active lifestyle and balanced nutrition. While not a magic bullet, it remains a valuable asset in the broader metabolic support toolkit.

Mangosteen

Southeast Asian herbal traditions often turn to mangosteen for its xanthones—powerful antioxidants believed to support the body’s inflammatory response. Its detox-friendly profile and potential to assist with systemic balance are why it’s featured in many modern wellness blends, including Nagano.

Ashwagandha

This revered adaptogen is known for helping the body manage stress and regulate cortisol levels, an important factor given that elevated cortisol is often linked to abdominal fat accumulation. Its calming, balancing effects may also support better emotional eating habits and energy stability.

Momordica Charantia (Bitter Melon)

A staple in Eastern medicine, bitter melon has long been used for its potential effects on blood sugar and appetite control. While its intense flavor may not appeal to everyone, its metabolic support properties make it a strategic addition to the Nagano formula.

Inulin

This prebiotic fiber plays a dual role—supporting gut health and increasing satiety. By fostering a healthier digestive environment and helping users feel fuller longer, inulin may help cut down on snacking and improve weight control outcomes.

Other Key Ingredients: Eleuthero Root, Cinnamon Cassia, Ginger, Acerola, and Alfalfa Leaf

These additional botanicals contribute more than just flavor. They offer a range of potential benefits, including antioxidant protection, digestive comfort, and gentle metabolic regulation. While not headline ingredients, their presence reflects a comprehensive, wellness-first formulation strategy.

Disclaimer: Effects of natural ingredients can vary significantly between individuals. Nagano Lean Body Tonic is not intended to diagnose, treat, cure, or prevent any disease. Always consult a healthcare professional before starting any supplement, particularly if managing existing health conditions or taking medication.

Tap To Get Details Of All The Ingredients Used In Nagano Lean Body Tonic From The Official Website

A Clean-Label Choice For The Conscious Consumer

In today’s wellness landscape, where artificial additives are increasingly questioned, Nagano Lean Body Tonic sets itself apart with its commitment to clean, plant-based ingredients. By avoiding preservatives, stimulants, and synthetic fillers, the tonic appeals to health-conscious individuals who prefer natural thermogenic support over chemically engineered alternatives.

Additionally, the product is non-GMO, vegan-friendly, and manufactured in a GMP-certified facility, as stated by the brand. These quality assurances resonate with modern consumers seeking transparency, ethical sourcing, and evidence of good manufacturing standards.

How Does Nagano Tonic Align With Consumer Expectations?

What sets Nagano Lean Body Tonic apart isn’t just its ingredient list—it’s the way the formula aims to support multiple facets of weight wellness:
- Naturally encourages metabolic activity (without synthetic stimulants)
- Supports stress management with adaptogenic herbs
- It may help curb cravings thanks to digestion-friendly prebiotics
- Caters to a clean-living, holistic lifestyle
These benefits resonate strongly with the mindset of today’s health-conscious consumer, especially in 2025, where sustainable transformation has overtaken fad diets and quick-fix solutions. The tonic’s approach aligns with the growing demand for natural, effective alternatives that address body, mind, and lifestyle in unison.

Investigating Customer Complaints And Reviews

As with any supplement that earns buzz, Nagano Lean Body Tonic has its fair share of both advocates and critics. As usage grows, so does the flood of online reviews, social media chatter, Reddit discussions, and blog breakdowns. For curious shoppers, it’s essential to sort through the noise and get a clear picture of what users are actually experiencing.

In this section, we break down some of the most common criticisms, highlight verified customer success stories, and explore why reactions can differ so much between individuals. Given how often terms like “Nagano Tonic scam,” “real results after 30 days,” or “does it really work?” appear in search results, an unbiased investigation is more than helpful—it’s necessary.

Top Reported Complaints: What You Should Know

Although many buyers report positive changes, several recurring complaints stand out. These issues aren’t deal-breakers, but they offer valuable context for prospective users.

1. Results Can Take Time

Perhaps the most frequent criticism involves the pace of visible results. Users hoping for dramatic fat loss in just a few days may find themselves disappointed early on.

“I didn’t feel much difference in the first two weeks, but by week four I noticed more energy and less bloating. Still, it’s not some instant miracle,” wrote one Reddit user in a health thread.

This gradual improvement is typical of plant-based, clean-label formulas that avoid harsh stimulants or extreme fat-blocking compounds. Like many natural wellness products, consistency and patience are key to unlocking benefits.

2. Taste and Mixability Concerns

While many people enjoy the tonic’s slightly fruity, herbal flavor, others describe it as “an acquired taste.” Some report that the texture can be gritty or clumpy, especially when mixed with cold water.

Tip: Users often find better mixability with warm water or when blending the tonic into smoothies, citrus juice, or herbal tea for a smoother experience.

3. Not Sold on Major Retail Platforms

Another point of frustration is the tonic’s limited distribution. It’s sold exclusively through the official website, which prevents access via Amazon, Walmart, or third-party wellness sites. While this helps protect the formula’s integrity, it can be inconvenient for those used to broader availability.

Important Note: Always purchase from the official site to avoid counterfeit or expired products. Unauthorized resellers may offer imitations or tampered formulations.

Verified Positive Reviews: What Real Users Say Works

Now let’s flip the script and explore the growing number of users who report noticeable improvements while using Nagano Lean Body Tonic as part of their daily wellness routine. These testimonials often include boosted energy, reduced bloating, fewer cravings, and gradual but steady fat loss over time.

1. A Clean Energy Boost—Without the Crash

A standout benefit reported by many users is an increase in natural energy, especially in the morning hours after taking the tonic.

“I’ve basically replaced my coffee. It gives me a clean, steady lift with no jitters or mid-morning crashes,” shared one user in a 2025 feedback summary.

This effect may be attributed to ingredients like green tea extract (rich in EGCG), ginger, and the adaptogen Ashwagandha—all known for promoting balanced, stimulant-free vitality.

2. Better Appetite Control and Reduced Cravings

Numerous users say they experienced fewer urges to snack, especially on sugary or processed foods, after consistently taking the tonic for several weeks.

While it’s difficult to pinpoint exact causes without clinical data, the presence of prebiotic fiber (inulin), cinnamon cassia, and bitter melon may support satiety and blood sugar stability, reducing cravings naturally.

Disclaimer: These results reflect individual experiences and are not guaranteed. Speak with a healthcare provider for tailored health advice.

3. Sustainable, Long-Term Results with Consistent Use

Those who incorporated Nagano Tonic daily, especially alongside light movement, mindful eating, or walking, were more likely to report positive changes.

“After 8 weeks, I lost 9 pounds. It didn’t happen overnight, but my clothes fit better and my energy is up. This feels like something I can stick with,” noted one verified buyer.

This reflects the product’s alignment with modern wellness trends that favor long-term body recomposition over dramatic quick fixes.

See what current users are reporting about their experience with Nagano Tonic, available on the official website

Why Mixed Reviews Exist, Even When Results Are Positive

It’s important to understand that supplement performance can vary widely. Factors like diet, stress, sleep, hormone balance, and activity level all play a role in how effective any supplement may be for a given person. Misleading social media ads can also create unrealistic expectations, leading some users to feel disappointed if they don’t experience rapid changes.

That’s why transparent, balanced reviews like this are essential for setting realistic expectations.

A Grounded Solution in a Market Full of Hype

All things considered, Nagano Lean Body Tonic seems to deliver meaningful support for many users, especially those who value consistency, clean ingredients, and holistic health. While no product is perfect, most complaints revolve around personal preferences or timing, not the safety or integrity of the product itself.

With roots in traditional Japanese wellness and modern metabolic science, the tonic presents itself as a clean, non-GMO, naturally supportive tool in your health toolkit.

The Science Behind Nagano Lean Body Tonic

Today’s health-conscious consumer seeks more than just weight loss—they want holistic, natural solutions that support full-body wellness. Nagano Lean Body Tonic steps up to this demand by offering a blend of plant-based compounds rooted in both science and traditional Japanese health practices.

Let’s dive into the key functions of the formula and how its ingredients may work synergistically to support metabolism, cravings, digestion, and stress resilience.

1. Metabolic Activation Through Thermogenesis

A major focus of Nagano Tonic is enhancing metabolic activity via natural thermogenesis—the process of using stored fat as energy. Key ingredients include:

Green Tea Extract (EGCG):
EGCG, a potent catechin in green tea, has been shown to support fat oxidation and energy expenditure, especially during physical activity. It’s a well-studied, non-stimulant thermogenic agent found in many effective wellness supplements.

Note: These effects are based on early-stage studies and user testimonials. Results will vary.

Ginger + Cinnamon Cassia:
Known for their warming, digestive, and circulation-boosting properties, these herbs help create an environment that supports metabolic efficiency and energy transformation.

2. Nutrient-Dense Antioxidants for Systemic Health

Camu Camu + Mangosteen:
These antioxidant-rich superfruits are known for reducing oxidative stress and inflammation, both of which are now recognized as roadblocks to optimal metabolism. Camu Camu also delivers a significant dose of vitamin C, supporting immune and mitochondrial function.

3. Appetite Control and Satiety Support

Inulin (Prebiotic Fiber):
Naturally found in chicory root, inulin promotes fullness, supports digestion, and may slow glucose absorption. It also feeds healthy gut bacteria, key players in appetite and weight regulation.

Bitter Melon (Momordica Charantia):
Used traditionally for blood sugar support, bitter melon may help reduce sugar-related cravings by encouraging a healthy insulin response.

Disclaimer: Bitter melon is still being evaluated in scientific studies. Consult your provider before use if you have blood sugar concerns.

4. Stress Reduction for Weight Stability

Stress often triggers overeating and belly fat accumulation. The adaptogens in Nagano Tonic help address this root cause:

Ashwagandha:
One of the most well-known adaptogens, it may help lower cortisol levels and reduce emotional eating or fatigue associated with chronic stress.

Eleuthero (Siberian Ginseng):
Included to support sustained energy and resilience under pressure, this adaptogen helps keep mental and physical fatigue at bay without overstimulating the body.

5. Gut Health: The Missing Link in Weight Wellness

Gut health influences metabolism, inflammation, and even mood. By including gut-supportive ingredients like inulin, digestive herbs, and superfruit antioxidants, Nagano Tonic aims to support a healthier internal environment that fosters fat metabolism and emotional well-being.

Note: This tonic is not intended to diagnose, treat, or cure any disease. Results vary and are not guaranteed.

The Synergy That Sets It Apart

What makes Nagano Tonic stand out isn’t one “miracle” ingredient—it’s the harmony of its components. From metabolism and appetite to stress and gut balance, this formula addresses multiple dimensions of wellness. That’s what makes it a good fit for consumers looking for something smarter than another crash diet or caffeine pill.

In a world filled with synthetic fat burners and exaggerated claims, Nagano Lean Body Tonic offers a gentler, functional path to feeling better, inside and out.

Curious About How Nagano Tonic Works? Dive Into The Details

How To Add Nagano Tonic To Your Routine?

Ease of use is crucial for long-term success, and Nagano Lean Body Tonic fits easily into modern wellness routines.

Daily Usage Guide:
- Dosage: One scoop daily
- How to Mix: Stir into 6–8 oz of water, juice, or smoothies
- When to Take: Morning, preferably before food
- Duration: Use consistently for 30–60 days to evaluate effects
Many users take it alongside light morning movement, meditation, or as part of a clean breakfast routine. It can also be used to support intermittent fasting plans, as it’s low in calories and often described as a metabolic primer.

Always consult your healthcare provider before beginning any new supplement, especially if pregnant, nursing, or managing a medical condition.

Pairing Nagano Tonic With Healthy Habits

One of the key reasons wellness-minded users appreciate Nagano Lean Body Tonic is that it doesn’t require an intense lifestyle overhaul. Still, when paired with purposeful habits, the tonic’s benefits may be noticeably amplified.

1. Prioritize Morning Hydration

Since the tonic is mixed with liquid, starting your day with it naturally encourages better hydration. Hydrating early supports digestion, detoxification, and nutrient delivery—all of which are foundational to healthy metabolism.

Tip: Follow your tonic with an extra glass (16–20 oz) of water to activate your system and support gut function from the start of the day.

2. Stick to a Whole-Foods Diet

Nagano Tonic complements—rather than replaces—a nutritious diet. The best outcomes are often reported by those who focus on:
- Lean proteins (chicken, lentils, eggs)
- Fiber-rich greens (kale, spinach, broccoli)
- Slow-burning carbs (quinoa, oats, brown rice)
- Healthy fats (nuts, olive oil, avocado)
This type of eating pattern supports metabolic function while reducing inflammation and bloating.

3. Keep Your Body Moving

While Nagano doesn’t promise results without movement, it works well alongside light physical activity. Even short daily walks, stretching, or 20-minute workouts can complement the tonic’s natural energy-boosting and fat-burning support.

These simple efforts can elevate energy, improve hormone function, and reinforce consistent progress.

4. Layer in Stress Relief

With stress-regulating ingredients like ashwagandha and eleuthero root already in the mix, adding stress-management habits can further support emotional balance and weight goals. Try:
- Short breathing sessions or meditation
- Scented candles or diffusers (lavender, eucalyptus)
- Tech-free wind-down routines in the evening
Managing cortisol naturally supports fat metabolism, especially around the midsection.

Consistency Makes The Difference

Unlike stimulant-heavy fat burners, Nagano Lean Body Tonic takes a gentler, cumulative approach. It’s designed for long-term metabolic balance rather than short bursts of unsustainable energy.

Most successful users report visible improvements after 60–90 days of steady use alongside other healthy practices. The focus here is on sustainable progress, not overnight changes.

Note: Your results will depend on your personal routine, diet, and lifestyle. Nagano is meant to support, not replace, foundational wellness practices.

Creating A Wellness Ritual That Works

Nagano Tonic can do more than just assist weight goals—it can anchor positive routines. Whether it becomes part of your breakfast ritual, your pre-walk boost, or a cue for mindful eating, this kind of habit stacking builds momentum.

By integrating it into your existing structure, you can design a supportive routine that aligns with your wellness goals in a realistic, manageable way.

Purchasing And Guarantee Details

Understanding the product is only half the equation—it’s also important to know how the purchase process works. Here’s what to expect when buying Nagano Lean Body Tonic.

Where To Purchase?

The tonic is exclusively available through its official website. This ensures you’re getting the genuine product with the correct formulation, not a knockoff. Avoid third-party retailers like Amazon, Walmart, or eBay. These listings are often unauthorized and can carry expired or counterfeit products.

Buying directly also unlocks exclusive discounts, bulk deals, and updated shipping options.

Pricing Plans Of Nagano Tonic

As of now, Nagano Tonic offers three standard packages:
- Single Bottle: $79 for a 30-day supply
- Best Value (6 Bottles): $234 total ($39/bottle) 180-day supply
- Popular (3 Bottles): $177 total ($59/bottle) 90-day supply
Each order includes usage instructions, and the more you buy, the more you save.

Tap To Order Nagano Lean Body Tonic From The Official Website

180-Day Risk-Free Guarantee

Nagano Tonic is backed by a no-questions-asked, 180-day money-back guarantee. You can try the supplement for up to six months and request a refund, even if the bottles are opened or used.

Refund Policy Highlights:
- Valid for all order sizes (1, 3, or 6 bottles)
- Return shipping is the customer’s responsibility
- Contact customer service within 180 days for refund instructions
This generous guarantee shows the brand’s confidence and allows users to evaluate the product at their own pace.

How To Request A Return?

To start a refund, contact customer service by email or phone and send the product back to the fulfillment center.

Contact Details:
- Email: support@leanbodytonic.com
- Phone: (863) 591-4284
- Return Address: 285 Northeast Ave, Tallmadge, OH 44278, USA
Return Tips:
- Use trackable shipping
- Include your order ID and original packaging
- Keep a copy of your shipping receipt
Nagano Lean Body Tonic Reviews: Final Thoughts

In a crowded market of stimulant pills and fad diets, Nagano Lean Body Tonic offers a grounded, holistic alternative. It combines Eastern botanicals and modern science to gently support metabolism, digestion, and energy, without harsh side effects. After reviewing customer testimonials, examining common complaints, and analyzing its ingredients, one thing is clear: Nagano is not a magic bullet, but it is a helpful ally for those pursuing lasting change.

What makes Nagano stand out is its multifaceted approach. It supports metabolism through ingredients like green tea, ginger, and other thermogenic; helps control cravings with inulin fiber and bitter melon; and enhances stress resilience through adaptogens such as ashwagandha and eleuthero root.

Additionally, it promotes gut health and digestion, factors often overlooked in weight loss and provides non-stimulant energy support for sustained daily wellness. This thoughtful blend is ideal for individuals seeking not only fat loss but also better mood, improved energy, and enhanced daily performance.

Used in combination with smart lifestyle habits such as staying hydrated, eating whole foods, getting sufficient sleep, and staying active, Nagano Lean Body Tonic can offer a meaningful edge in your wellness journey.

Email: support@leanbodytonic.com

Disclaimer: The information shared about Nagano Lean Body Tonic has not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease. Results may vary from person to person. Before starting Nagano Lean Body Tonic—especially if you are pregnant, nursing, taking medications, or managing a medical condition—please consult with your healthcare provider.

This content is for informational and educational purposes only and should not be considered medical advice. Some links on this page may be affiliate links, meaning we may earn a commission if you choose to purchase through them. Always make informed decisions in partnership with a qualified medical professional when considering any supplement as part of your wellness routine.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d24aa16-706a-4dbc-8890-71918ce0232f

https://www.globenewswire.com/NewsRoom/AttachmentNg/063f8cdd-1952-46cb-9a72-030ae0393ad7

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The MIL Network –
May 9, 2025
MIL-OSI United Nations: From Waste to Opportunity: UNRMS and the Road to 100% Phosphogypsum Utilization
Source: United Nations Economic Commission for Europe

The global phosphate fertilizer industry produces in excess of 230 million tonnes of phosphogypsum (PG) each year, a quantity anticipated to increase in response to the escalating demand for food production. Historically regarded as a waste, PG has now accumulated in stockpiles surpassing 6 billion tonnes, thereby presenting significant environmental and economic challenges.

The newly released 2025 International Fertilizer Association (IFA) report titled “Phosphogypsum: From Waste to Inventory ” presents compelling evidence that phosphogypsum (PG) can be reclassified as a secondary raw material, exhibiting a multitude of potential applications. These analyses were undertaken with the support of the United Nations Resource Management System (UNRMS), which provides a structured framework for sustainable resource classification and reuse. As of 2024, global reuse rates of PG are approximately 35%, with countries such as Brazil and China showcasing the viability of large-scale, market-driven valorization. Presently, PG is utilised in road construction, building materials, soil conditioning, and environmental restoration initiatives. With appropriate pre-treatment and well-defined regulatory frameworks, even critical raw materials, such as rare earth elements (REE), can be effectively recovered from PG in significant quantities.

UNRMS: A Governance Framework for Circular Resource Use

The United Nations Resource Management System (UNRMS) provides a progressive governance framework aimed at supporting the sustainable utilisation of natural resources, including industrial co-products such as PG. UNRMS integrates principles of transparency, circularity, value creation, and equity at every phase of the resource lifecycle, encompassing production through to post-use recovery.

Within the framework of PG studies, UNRMS advocates for a shift from waste disposal towards the valorization of resources. It encourages nations to implement differentiated regulatory approaches that are congruent with environmental risks and socio-economic advantages. By incorporating PG management into comprehensive national strategies—particularly those that focus on climate resilience, food security, and green infrastructure—UNRMS offers governments and industry a pragmatic model to align with the Sustainable Development Goals (SDGs) and the Paris Agreement.

100% Utilization: A Feasible and Forward-Looking Objective

The 2025 report delineates an expanding array of PG applications, many of which are commercially viable. These encompass:
- Bio-innovation and land restoration techniques include microbial soil enhancement, biocrust stabilization, and mangrove substrate engineering.
By implementing the UNRMS framework, countries can facilitate the establishment of policies, investments, and innovations that render the goal of 100% PG utilization both attainable and imminent. This approach constitutes not only a solution for waste management but also a conduit for climate-smart, resource-efficient, and inclusive development.

Source: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-phosphate.pdf 

MIL OSI United Nations News –
May 9, 2025
MIL-OSI Asia-Pac: President Lai extends congratulations on election of His Holiness Pope Leo XIV

Source: Republic of China Taiwan

Details
2025-05-05
President Lai meets Japanese Diet Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi
On the afternoon of May 5, President Lai Ching-te met with a delegation from Japan led by House of Representatives Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi. President Lai thanked the government of Japan for continuously speaking up for Taiwan at international venues and reiterating the importance of peace and stability in the Taiwan Strait. The president stated that to address China’s gray-zone aggression against neighboring countries, Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. He said he looks forward to bilateral industrial cooperation in fields including semiconductors, hydrogen energy, AI, and drones, jointly strengthening the resilience of non-red supply chains, and promoting mutual prosperity and development. A translation of President Lai’s remarks follows: I would like to welcome all the members of the Japanese Diet who are using their valuable Golden Week vacation to visit Taiwan, especially House of Representatives Member Nishimura Yasutoshi, whom former Prime Minister Shinzo Abe deeply trusted and relied on, and who for many years held important cabinet positions. This is his first visit after a hiatus of 17 years, so I am sure he will sense Taiwan’s progress and development. House of Representatives Member Tanaka Kazunori has long promoted local exchanges between Taiwan and Japan, and I hope that our visitors will all gain a deeper understanding of Taiwan through this visit. Yesterday, several of our distinguished guests made a special trip to Kaohsiung to pay their respects at the statue of former Prime Minister Abe, a visionary politician with a broad, international perspective. The former prime minister pioneered the vision of a free and open Indo-Pacific, and once said that “if Taiwan has a problem, then Japan has a problem,” demonstrating strong support for Taiwan and making a deep and lasting impression on the hearts of Taiwanese. Over the past few years, China has continuously conducted military exercises in the Taiwan Strait, East and South China Seas, and carried out acts of gray-zone aggression against neighboring countries, severely undermining regional peace and stability. Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. Especially since Taiwan and Japan are democratic partners who share values such as freedom, democracy, and respect for human rights, if we can strengthen cooperation in areas such as maritime security, social resilience, and addressing gray-zone aggression, I am confident we can demonstrate the strength of deterrence, ensure peace and stability in the Indo-Pacific region, and safeguard our cherished democratic institutions. I would like to take this opportunity to thank the Japanese government for continuously speaking up for Taiwan at international venues, including this year’s US-Japan leaders’ summit, the G7 foreign ministers’ joint statement, and the Japan-NATO bilateral meeting, reiterating the importance of peace and stability in the Taiwan Strait and expressing opposition to unilaterally changing the status quo by force or coercion. In the face of global economic and trade changes, economic security is becoming increasingly important, and Taiwan looks forward to further deepening economic cooperation with Japan. In addition to actively seeking to participate in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Taiwan hopes to sign an economic partnership agreement (EPA) with Japan as soon as possible. This will expand our cooperation in industries such as semiconductors, hydrogen energy, AI, and drones, establish a closer economic partnership, jointly strengthen the resilience of non-red supply chains, and promote mutual prosperity and development. Once again, I welcome all of our guests. I am deeply grateful for your taking concrete action to deepen Taiwan-Japan relations and show support for Taiwan. I wish you a successful and rewarding visit. Representative Nishimura then delivered remarks, first thanking President Lai for taking time out of his busy schedule to meet with the visiting delegation. He also expressed admiration for the performance of President Lai’s government, which has allowed Taiwan to develop smoothly amidst the current complex international situation. Representative Nishimura mentioned that when former Prime Minister Abe unfortunately passed away in 2020, President Lai, who was vice president at the time, personally visited the former prime minister’s residence to offer his condolences. The representative said that including that meeting, today is the second time he and President Lai have met. This delegation’s visit to Taiwan, he said, carries on the legacy of former Prime Minister Abe. He said that Taiwan and Japan are countries that share universal values and have close ties in terms of economic cooperation and mutual visits. Notably, he highlighted, in 2024, business travelers from Taiwan made over six million visits to Japan, and based on population, Taiwan has the highest percentage of visitors to Japan. He also expressed hope that more Japanese people will visit Taiwan for tourism. Representative Nishimura stated that the delegation visited Kaohsiung yesterday to pay their respects at the statue of former Prime Minister Abe. Then, he said, they traveled to Tainan to sample a wide variety of fruits and local delicacies, during which time they also discussed the Wushantou Reservoir, built by Japanese engineer Hatta Yoichi. Since May 8 is the anniversary of Mr. Hatta’s birth, Representative Nishimura said he hopes to use this opportunity to continue Mr. Hatta’s concern and love for Taiwan, and further deepen the friendship between Taiwan and Japan. Representative Nishimura said that when he served as Japan’s Minister of Economy, Trade, and Industry, he welcomed Taiwan’s application to join the CPTPP on behalf of the Japanese government. He also said that his government has also provided substantial assistance for the establishment of Taiwan Semiconductor Manufacturing Company’s (TSMC) fab in Kumamoto, Japan. He said he believes that mutual cooperation between Taiwan and Japan in the semiconductor sector can further promote semiconductor industry development, and build a more resilient supply chain system. Representative Nishimura pointed out that former Prime Minister Abe once said, “If Taiwan has a problem, then Japan has a problem.” Currently, many European countries are also very concerned about peace and stability in the Asia-Pacific region, because it is crucial to peace and stability in the entire international community. It can therefore be said that “if Taiwan has a problem, the world has a problem.” He said he believes that in order to maintain peace and stability in the Taiwan Strait, like-minded countries and allied nations must all cooperate closely and definitively proclaim that message. He then said he looks forward to exchanging views with President Lai on issues such as strengthening Taiwan-Japan relations and changes in the international situation. The delegation also included Chairman of Kanagawa Prefecture Japan-Taiwan Friendship Association Matsumoto Jun, Japanese House of Representatives members Nishime Kosaburo, Sasaki Hajime, Yana Kazuo, and Katou Ryusho, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

Details
2025-05-02
President Lai meets Atlantic Council delegation
On the afternoon of May 2, President Lai Ching-te met with a delegation from the Atlantic Council, a think tank based in Washington, DC. In remarks, President Lai said that we have already proposed a roadmap for deepening Taiwan-US trade ties to achieve a common objective of reducing all bilateral tariffs. At the same time, the president said, we will expand investments across the United States and create win-win outcomes for both sides through the trade and economic strategy of “Taiwan plus the US.” The president also emphasized that Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. He expressed hope that, given shared economic and security interests, Taiwan and the US will generate even greater synergy and prove to be each other’s strongest support. A translation of President Lai’s remarks follows: I welcome you all to Taiwan. In particular, Vice President Matthew Kroenig visited Taiwan last June and now is making another trip less than a year later. He also contributed an important article supporting Taiwan to a major international publication, highlighting the concern that our international friends have for Taiwan. We are truly moved and thankful. On behalf of the people of Taiwan, I sincerely thank all sectors of the US for their longstanding and steadfast support for Taiwan. Especially, as we face the challenges arising from the regional situation, we hope to continue deepening the Taiwan-US partnership. Holding a key position on the first island chain, Taiwan faces military threats and gray-zone aggression from China. We will continue to show our unwavering determination to defend ourselves. I want to emphasize that Taiwan is accelerating efforts to enhance its overall defense capabilities. The government will also prioritize special budget allocations to increase Taiwan’s defense spending from 2.5 percent of GDP to more than 3 percent. This reflects the efforts we are putting into safeguarding our nation and demonstrates our determination to safeguard regional peace and stability. During President Donald Trump’s first term, Taiwan purchased 66 new F-16V fighter jets. The first of these rolled off the assembly line in South Carolina at the end of this March. This is crucial for Taiwan’s strategy of achieving peace through strength. In the future, we will continue to procure defense equipment from the US that helps ensure peace and stability across the Taiwan Strait. We also look forward to bilateral security collaboration evolving beyond arms sales to a partnership that encompasses joint research and development and joint manufacturing, further strengthening our cooperation and exchanges. Taiwan firmly believes in fair, free, and mutually beneficial trade ties. Indeed, we have already proposed a roadmap for deepening Taiwan-US trade ties. This includes our common objective of reducing all bilateral tariffs as well as narrowing the trade imbalance through the procurement of energy and agricultural and other industrial products from the US. At the same time, we will expand investments across the US. We will promote our “Taiwan plus one” policy, that is, the new trade and economic strategy of “Taiwan plus the US,” to build non-red supply chains and create win-win outcomes for both sides. As the US is moving to reindustrialize its manufacturing industry and may hope to become a global manufacturing center for AI, Taiwan is willing to join in the efforts. Taiwan is not only a bastion of freedom and democracy, but also an indispensable hub for global supply chains. We have every confidence that, given shared Taiwan-US economic and security interests, we can generate even greater synergy and prove to be each other’s strongest support. In closing, I thank Vice President Kroenig once again for leading this delegation, demonstrating support for Taiwan. I look forward to exchanging opinions with you all in just a few moments. I wish you a smooth and successful trip. Vice President Kroenig then delivered remarks, first thanking President Lai for hosting them. He said that it is an honor to be here and to lead a delegation from the Atlanta Council, which consists of a mix of former senior US government officials with responsibility for Taiwan and also rising stars visiting Taiwan for the first time. Vice President Kroenig said that they are here at a critical moment, as there is an ongoing war in Europe, multiple conflicts in the Middle East, and increased Chinese aggression in the Indo-Pacific. Moreover, he pointed out, the regimes of China, Russia, Iran, and North Korea are increasingly working together in a new axis of aggressors. Vice President Kroenig indicated that the challenge facing the US and its allies and partners, including Taiwan, is how to deter these autocracies and maintain global peace, prosperity, and freedom, especially in Taiwan, whose security and stability matter, not only for Taiwan, but also for the US and the world. Vice President Kroenig assured President Lai and the people of Taiwan that the US is a reliable partner for Taiwan. The vice president stated that the administration under President Trump is prioritizing the deterrence of China, and that President Trump has announced an intention to have the largest US defense budget in history, more than US$1 trillion, to resource this priority. Pointing out that an America-first president will not help a country that is not helping itself, Vice President Kroenig said that their delegation has been impressed with the steps President Lai and the administration are taking to strengthen Taiwan’s security, including increasing defense spending, developing a societal resilience strategy, and using cutting edge technologies like unmanned systems to promote indigenous defense production. Vice President Kroenig said that more than money and equipment are necessary to secure a democracy against a powerful and ruthless neighbor, adding that history shows that the human factor is the most important. In the end, he said, it will be the will of the people of Taiwan to resist coercion and to defend their home which will be the most important factor determining the future fate of Taiwan and for the ability of the people of Taiwan to chart their own destiny. Vice President Kroenig emphasized that Americans are willing to support Taiwan in this endeavor, but it will be the people of Taiwan and strong and capable leaders like President Lai at the forefront of this struggle, with the firm support of America. Vice President Kroenig said that as the US and Taiwan work together on these challenges, the Atlantic Council looks forward to offering support behind the scenes. Founded in 1961 to support the Transatlantic Alliance, he said, the Atlantic Council is a global think tank, and part of its DNA is working closely with friends and allies in the Indo-Pacific, including Taiwan. He said they look forward to continuing their close and longstanding cooperation with Taiwan through visiting delegations, research and reports, and public and private events. In closing, Vice President Kroenig thanked President Lai again for hosting them and for the work he is doing to secure the free world. The delegation also included former Deputy Assistant Secretary of Defense for East Asia Heino Klinck and former Director for Taiwan Affairs at the White House National Security Council Marvin Park.

Details
2025-05-01
President Lai meets Japan’s LDP Youth Division delegation
On the morning of May 1, President Lai Ching-te met with a delegation from Japan’s Liberal Democratic Party (LDP) Youth Division. In remarks, President Lai thanked the guests for demonstrating support for deepening Taiwan-Japan ties through concrete actions. The president expressed hope that Taiwan and Japan can continue to conduct exchanges in such areas as national defense, the economy, education, culture, sports, and the arts so that bilateral relations reach even greater heights. A translation of President Lai’s remarks follows: I want to welcome our distinguished guests, who include Diet members in the LDP Youth Division and guests from Junior Chamber International (JCI) Japan, to the Presidential Office. It is also a pleasure to see LDP Youth Division Director Nakasone Yasutaka, House of Representatives Member Hiranuma Shojiro, and House of Councillors Member Kamiya Masayuki again today. I look forward to discussions with all our distinguished guests. The LDP Youth Division and JCI Japan have once again demonstrated support for deepening Taiwan-Japan ties through concrete actions. On behalf of the people of Taiwan, I also want to thank the LDP Youth Division for launching a fundraising campaign to help those affected by the earthquake in Hualien County on April 3 last year. LDP Youth Division members will be important leaders in Japan’s political arena in the future. Taiwan deeply values our exchanges with the Youth Division and hopes to bring about concrete results from such exchanges. Peace and stability in the Taiwan Strait are critical to the security and prosperity of the world, and Taiwan and Japan can work together to promote peace and stability in the Indo-Pacific region. Former Prime Ministers Abe Shinzo and Kishida Fumio, and current Prime Minister Ishiba Shigeru have repeatedly stressed the importance of peace and stability in the Taiwan Strait at important international venues. Taiwan is deeply grateful to Japan’s current and former prime ministers for their concern and support for this issue. Taiwan and Japan can also cooperate in industry and the economy. As our industries are complementary, further cooperation can create win-win outcomes. In the semiconductor industry, for instance, Taiwan’s strengths lie in manufacturing, while Japan’s strengths lie in materials, equipment, and technology. If we work together, the semiconductor industry is sure to see even more robust development. In addition to the economy and national defense, Taiwan and Japan can also conduct exchanges in such areas as education, culture, sports, and the arts. Our countries have long shared deep ties – Director Nakasone’s grandfather, former Prime Minister Nakasone Yasuhiro, was stationed in Taiwan and lived in what is now the Mingde New Residential Quarter of Kaohsiung City’s Zuoying District. I am confident that on the basis of our already solid foundations, Taiwan-Japan relations can reach even greater heights. Director Nakasone then delivered remarks, first thanking President Lai for finding time in his busy schedule to meet with the visiting delegation. He said that the LDP Youth Division sends a visiting delegation to Taiwan each year and is always granted the opportunity to meet with the president, demonstrating his high regard for the delegation, for which the director again expressed his gratitude. He remarked that he, together with House of Representatives Member Suzuki Keisuke, visited Taiwan last July, and that whenever he visits Taiwan, it feels as if he is returning home. Director Nakasone recalled President Lai’s earlier remarks, saying that he hopes the young people of Taiwan and Japan can fully engage in exchanges in the areas of national defense, the economy, culture, education, and the arts. The director said he believes that in today’s complex and difficult international situation, such directives are necessary. This is especially so, he emphasized, during United States President Donald Trump’s second term, when things once taken for granted are no longer so, and when the global economy is undergoing significant changes. Director Nakasone expressed his full support for strengthening Taiwan and Japan’s practical and strategic cooperation. He said he believes each side will be able to benefit from such cooperation and hopes that exchanges will progress toward shared goals. He pointed out that, as maritime nations, Taiwan and Japan share the goals of protecting the ocean and using marine resources wisely, goals that we ought to cooperate on and devote our full efforts to. The peace and stability of the Taiwan Strait are critical to the peace and stability of East Asia and even the world, he said, so we must ensure that the world and its leaders recognize this point, and Japan will do its utmost to advocate for it. Director Nakasone said, on the topic of semiconductors, that Taiwan Semiconductor Manufacturing Company’s new fab in Japan’s Kumamoto Prefecture has made the area very lively, adding that the Japanese government is providing more than 1.25 trillion yen in subsidies. Moving forward, the Japanese government plans to inject an additional 10 trillion yen, he said, to aid in the development of AI and other fields. Noting that Taiwan and Japan both excel in semiconductors, he expressed his hope that each can give free rein to its strengths to produce an even greater effect. Director Nakasone said that despite Taiwan’s facing formidable internal and external circumstances, it saw 4.6 percent economic growth last year under President Lai’s strong leadership, and it continued to promote measures to enhance overall societal resilience, all of which is admirable. In closing, the director thanked President Lai once again for taking the time to meet with them. Also in attendance were Japanese House of Representatives Members Nemoto Taku and Fukuda Kaoru, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

Details
2025-04-29
President Lai meets NBR delegation
On the morning of April 29, President Lai Ching-te met with a delegation from the National Bureau of Asian Research (NBR). In remarks, President Lai stated that as Taiwan stands at the very frontline of defense of global democracy, we are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, demonstrating our commitment to defending freedom and democracy. The president said he hopes to further advance national security and industrial cooperation between Taiwan and the United States. He also expressed hope that this will help boost economic resilience for both sides and establish each as a key pillar of regional security, elevating our relations to even higher levels. A translation of President Lai’s remarks follows: I am delighted to meet with Admiral John Aquilino again today. I also warmly welcome NBR President Michael Wills and our distinguished guests from the bureau to Taiwan. I look forward to exchanging views with you all on Taiwan-US relations and the regional situation. During his tenure as commander of the US Indo-Pacific Command, Admiral Aquilino placed much attention on the Taiwan Strait issue. And the NBR has conducted a wealth of research and analysis focusing on matters of regional security. Thanks to all of your outstanding contributions and efforts, the international community has gained a better understanding of the role Taiwan plays in the Indo-Pacific region and in global democratic development. For this, I want to extend my deepest gratitude. Taiwan stands at the very frontline of defending global democracy and is located at a strategically important location in the first island chain. We are actively implementing our Four Pillars of Peace action plan, which includes continuing to enhance our national defense capabilities, building economic security, demonstrating stable and principled cross-strait leadership, and standing side-by-side with the democratic community to jointly demonstrate the strength of deterrence and safeguard regional peace and stability. At the beginning of this month, I announced an increase in military allowances for volunteer service members and combat troops. The government will also continue to reform national defense and enhance self-sufficiency in defense. In addition, we will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. These efforts continue to strengthen Taiwan’s self-defense capabilities and demonstrate our commitment to defending freedom and democracy. As we mark the 46th anniversary of the enactment of the Taiwan Relations Act, we thank the US government for continuing its arms sales to Taiwan and strengthening the Taiwan-US partnership over the years. We believe that, in addition to engaging in military exchanges and cooperation, Taiwan and the US can build an even closer economic and trade relationship, boosting each other’s economic resilience and establishing each as a key pillar of regional security. I expect that your continued assistance will help advance national security and industrial cooperation between Taiwan and the US, elevating our relations to even higher levels. Once again, I welcome our distinguished guests to Taiwan and wish you a pleasant and successful trip. I hope that through this visit, you gain a more comprehensive and in-depth understanding of Taiwan’s economy and national defense. Admiral Aquilino then delivered remarks, thanking the Ministry of National Defense for the invitation and President Lai for receiving and spending time with them. Mentioning that this is his second visit in five months, he said he continues to be incredibly impressed with the president’s leadership and the actions he has taken to secure Taiwan and defend its people. Admiral Aquilino said that he has watched the efforts of the ministers on whole-of-society defense to demonstrate deterrence and added that the pace of the work is nothing short of inspiring. Admiral Aquilino noted that Taiwan’s thriving democracy is incredibly important to the peace and stability of the region. He stated that he, alongside the NBR, will continue to offer support, noting that President Wills and his team are an asset to Taiwan and the US that helps continue our close relationship and ensure peace and stability in the region.

Details
2025-04-28
President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae
On the afternoon of April 28, President Lai Ching-te met with a delegation led by Member of the Japanese House of Representatives and former Minister of State for Economic Security Takaichi Sanae. In remarks, President Lai thanked the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. The president expressed hope that in the face of China’s continually expanding red supply chains, Taiwan and Japan can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that enhance economic resilience and industrial competitiveness for both sides, and jointly pave the way for further prosperity and growth in the Indo-Pacific region. A translation of President Lai’s remarks follows: First, I would like to extend a warm welcome to Representative Takaichi as she returns for another visit to Taiwan. I am also very happy to have Members of the House of Representatives Kikawada Hitoshi and Ozaki Masanao, and Member of the House of Councillors Sato Kei all gathered together here to engage in these very important exchanges. Our visitors will be taking part in many exchange activities during this trip. Earlier today at the Indo-Pacific Strategy Thinktank’s International Political and Economic Forum, Representative Takaichi delivered a speech in which she clearly demonstrated the great importance she places upon the friendship between Taiwan and Japan. For this I want to express my deepest appreciation to each of our guests. The peoples of Taiwan and Japan have a deep friendship and mutual trust. We have a shared commitment to the universal values of democracy, freedom, and respect for human rights, but beyond that, we both have striven to contribute to regional peace and stability. I also want to thank the government of Japan for repeatedly emphasizing the importance of peace and stability across the Taiwan Strait at important international venues. Tomorrow you will all make a trip to Kaohsiung to visit a bronze statue of former Prime Minister Abe Shinzo, who once said, “If Taiwan has a problem, then Japan has a problem.” We will always remember the firm support and friendship he showed Taiwan. Since taking office last year, I have worked hard to improve Taiwan’s whole-of-society defense resilience and implement our Four Pillars of Peace action plan. By strengthening our national defense capabilities, building up economic security, demonstrating stable and principled cross-strait leadership, and deepening partnerships with democratic countries including Japan, we can together maintain peace and stability in the Indo-Pacific region and across the Taiwan Strait. At the same time, in the face of China’s continually expanding red supply chains, we hope that Taiwan and Japan, as important economic and trade partners, can continue to cooperate closely in such fields as semiconductors, energy, and AI technology to create non-red supply chains that further enhance economic resilience and industrial competitiveness for both sides. Going forward, Taiwan will work hard to play an important role in the international community and contribute its key strengths. I hope that, with the support of our guests, Taiwan can soon accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and sign an economic partnership agreement (EPA) with Japan so that we can jointly pave the way for further prosperity and growth in the Indo-Pacific region. Lastly, I thank each of you once again for taking concrete action to support Taiwan. I am confident that your visit will help deepen Taiwan-Japan ties and create even greater opportunities for cooperation. Let us all strive together to keep propelling Taiwan-Japan relations forward. Representative Takaichi then delivered remarks, first thanking President Lai and Taiwanese political leaders for the warm hospitality they extended to the delegation, and mentioning that the visiting delegation members are all like-minded partners carrying on the legacy of former Prime Minister Abe. July 8 this year will mark the third anniversary of the passing of former Prime Minister Abe, she said, and when the former prime minister unfortunately passed away, President Lai, then serving as vice president, was among the first to come offer condolences, for which she expressed sincere admiration and gratitude. Representative Takaichi stated that Taiwan and Japan are island nations that face the same circumstances and problems, and that Japan’s trade activities rely heavily on ocean transport, so once a problem arises nearby that threatens maritime shipping lanes, it will be a matter of life and death for Japan. Taiwan and Japan are similar, as once a problem arises, both will face food and energy security issues, and supply chains may even be threatened, she said. Regarding Taiwan-Japan cooperation, Representative Takaichi stated that both sides must first protect and strengthen supply chain resilience. President Lai has previously said that he wants to turn Taiwan into an AI island, she said, and in semiconductors, Taiwan has the world’s leading technology. Representative Takaichi went on to say that Taiwan and Japan can collaborate in the fields of AI and semiconductors, quantum computing, and dual-use industries, as well as in areas such as drones and new energy technologies to build more resilient supply chains, so that if problems arise, we can maintain our current standard of living with peace of mind. Representative Takaichi indicated that cooperation in the defense sector is also crucial, and that by uniting like-minded countries including Taiwan, the United States, Japan, the Philippines, and Australia, and even countries in Europe, we can build a stronger network to jointly maintain our security guarantees. Representative Takaichi expressed hope that Taiwan and Japan will continue to strengthen substantive non-governmental relations, including personnel exchange visits and information sharing, so that we can jointly face and respond to crises when they arise. Regarding the hope to sign a Taiwan-Japan EPA that President Lai had mentioned earlier, she also expressed support and said she looks forward to upcoming exchanges and talks. The visiting delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

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2025-04-06
President Lai delivers remarks on US tariff policy response
On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions. However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods: 1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age. 4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

MIL OSI Asia Pacific News –

May 9, 2025
MIL-OSI United Kingdom: Universal Periodic Review 49: UK Statement on Guyana
Source: United Kingdom – Executive Government & Departments

World news story

Universal Periodic Review 49: UK Statement on Guyana

UK Statement on Guyana, delivered at Guyana’s Universal Periodic Review at the Human Rights Council in Geneva.
Thank you, Mr Vice-President,

We welcome the steps taken by Guyana to improve the legal framework for human rights, including efforts to advance gender equality.

Yet challenges remain, particularly in protecting the rights of vulnerable groups, including LGBT+ individuals and persons with disabilities, as well as safeguarding fundamental freedoms such as press freedom and civic space.

Ongoing efforts to strengthen human rights must be complemented by tangible action to address these concerns and ensure that all citizens, including marginalised communities, can fully enjoy their rights without fear of discrimination or violence.

We recommend that Guyana:

Takes steps to safeguard press freedom and ensure the independence of the media, by refraining from intimidation, ensuring equitable access to state resources for all media outlets and committing to international press standards.

Strengthens civic participation by establishing formal and transparent mechanisms for regular consultations with civil society organisations on policy development.

Continues to strengthen legal protections for LGBT+ individuals, by decriminalising consensual same-sex relations between adults, and combatting discrimination and violence based on sexual orientation and gender identity.

Thank you.

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Published 9 May 2025
MIL OSI United Kingdom –
May 9, 2025
MIL-OSI Europe: Leo XIV, Successor of Peter

Source: Agenzia Fides – MIL OSI

Rome (Agenzia Fides) – The Conclave, which began on Wednesday, May 7, elected Cardinal Robert Francis Prevost as the 266th Successor of Peter on Thursday, May 8. The new Pope took the name Leo XIV and greeted the crowd in St. Peter’s Square and the adjacent Via della Conciliazione at 7:03 p.m. from the central Loggia of the Vatican Basilica. He concluded by imparting the Urbi et Orbi Blessing.The following is the full first speech of Pope Leo XIV before imparting the Blessing:”Peace be with all of you!Dearest brothers and sisters, this is the first greeting of the Risen Christ, the good shepherd who gave his life for God’s flock. I too would like this greeting of peace to enter your heart, to reach your families, to all people, wherever they are, to all peoples, to the whole earth. Peace be with you!This is the peace of the Risen Christ, an unarmed and disarming peace, humble and persevering. It comes from God, God who loves us all unconditionally. We still have in our ears that weak but always courageous voice of Pope Francis who blessed Rome!The pope who blessed Rome gave his blessing to the world, to the entire world, that Easter morning.Allow me to follow up on that same blessing: God cares for us, God loves all of us, and evil will not prevail! We are all in God’s hands. Therefore, without fear, united hand in hand with God and among ourselves, let us move forward.We are disciples of Christ. Christ goes before us. The world needs His light. Humanity needs Him as the bridge to reach God and His love. Help us too, then help each other to build bridges – with dialogue, with encounter, uniting all of us to be one people always in peace. Thank you, Pope Francis!I also want to thank all the fellow cardinals who chose me to be the Successor of Peter and to walk with you, as a united Church always seeking peace, justice – always trying to work as men and women faithful to Jesus Christ, without fear, to proclaim the Gospel, to be missionaries.I am a son of Saint Augustine, (an) Augustinian, who said: “With you I am a Christian and for you a bishop.” In this sense, we can all walk together towards that homeland that God has prepared for us.To the Church of Rome, a special greeting! We must seek together how to be a missionary Church, a Church that builds bridges (and) dialogue, always open to receive (people), like this square, with open arms – everyone, all those who need our charity, our presence, dialogue and love.Y si me permiten también, una palabra, un saludo a todos aquellos y en modo particular a mi querida diócesis de Chiclayo, en el Perú, donde un pueblo fiel ha acompañado a su obispo, ha compartido su fe y ha dado tanto, tanto para seguir siendo Iglesia fiel de Jesucristo.(translation: And if you allow me also, a word, a greeting to all those, and particularly to my beloved diocese of Chiclayo, in Peru, where a faithful people have accompanied their bishop, have shared their faith, and have given so much, so much to continue being a faithful Church of Jesus Christ).To all of you, brothers and sisters of Rome, of Italy, of the whole world, we want to be a synodal Church, a Church that walks, a Church that always seeks peace, that always seeks charity, that always seeks to be close especially to those who suffer.Today is the day of the Supplication to Our Lady of Pompeii. Our Mother Mary always wants to walk with us, to stay close, to help us with her intercession and her love.So I would like to pray together with you. Let us pray together for this new mission, for the whole Church, for peace in the world, and let us ask for this special grace from Mary, our Mother.Hail Mary, Full of Grace, The Lord is with thee. Blessed art thou among women, and blessed is the fruit of thy womb, Jesus. Holy Mary, Mother of God, pray for us sinners now, and at the hour of our death. Amen».(Agenzia Fides 9/5/2025)
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MIL OSI Europe News –

May 9, 2025

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May 9, 2025

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Universal Periodic Review 49: UK Statement on Guyana

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