NewzIntel.com

Category: Asia

  • MIL-OSI Submissions: Israel’s attack on Syria: Protecting the Druze minority or a regional power play?

    Source: The Conversation – Canada – By Spyros A. Sofos, Assistant Professor in Global Humanities, Simon Fraser University

    A new round of violence recently erupted in southern Syria, where clashes between local Druze militias and Sunni fighters have left hundreds dead.

    In response, Israel launched airstrikes in and around the province of Sweida on July 15, saying it was acting to protect the Druze minority and to deter attacks by Syrian government forces.

    The strikes mark Israel’s most serious escalation in Syria since December 2024, and they underline a growing trend in its foreign policy: the use of minority protection as a tool of regional influence and power projection.

    The Druze minority

    The Druze, a small but strategically significant ethno-religious group, have historically occupied a precarious position in the politics of Syria, Israel and Lebanon.

    With an estimated million members across the Levant — a sub-region of west Asia that forms the core of the Middle East — the Druze have often tried to preserve their autonomy amid broader sectarian and political upheavals. In Syria, they make up about three per cent of the population, concentrated largely in the southern province of Sweida.

    Following the collapse of Bashar al-Assad’s regime in Syria in late 2024 and the rise of a new Islamist-led government under Ahmed al-Sharaa, the Druze in southern Syria have resisted central authority.

    Though not united in their stance, many Druze militias have rejected integration into the new Syrian army, preferring to rely on local defence networks. The latest wave of violence, sparked by the abduction of a Druze merchant, has been met with both brutality from pro-government forces and military retaliation by Israel.

    Truly protecting Syrian minorities?

    Israeli officials says they intervened to protect the Druze, which is not unprecedented. Over the past year, Israel has increasingly portrayed itself as a defender of threatened minorities in Syria — rhetoric that echoes past efforts to align with non-Arab or marginalized groups, such as the Kurds and certain Christian communities.

    This strategy may be less about humanitarian goals and, in fact, much more deeply political.

    By positioning itself as a regional protector of minorities, Israel could be seeking to craft a narrative of moral authority, particularly as it faces growing international outrage over its policies in the West Bank and Gaza. This is an example of what scholars refer to as strategic or nation branding by states to cultivate legitimacy and influence through selective interventions and symbolic gestures.

    But Israel’s actions may not just concern image. They could also be part of a broader geopolitical strategy of containment and fragmentation.

    The new authorities in Syria are seen as a significant threat, particularly because of the presence of Islamist factions operating near the Israeli-occupied Golan Heights. By creating what is in effect a buffer zone in southern Syria, Israel’s goal may be to prevent the entrenchment of hostile entities along its northern border while also capitalizing on Syria’s internal fragilities.

    Strategic risks

    With sectarian tensions resurfacing in Syria, the Israeli government probably sees an opportunity to build informal alliances with disaffected groups like the Druze, who may be skeptical of the new Syrian government. This reflects a shift in Israel’s foreign policy from reactive deterrence to proactive strategic disruption.

    This approach is not without risks. While some Druze leaders have welcomed Israeli support, others — particularly in Syria and Lebanon — have accused Israel of stoking sectarian tensions to justify military intervention and advance territorial or security aims.

    Such accusations echo longstanding criticisms that Israel’s involvement in regional conflicts is often guided less by humanitarian concern and more by cold strategic calculation.

    This new phase in Israeli foreign policy also fits into a broader pattern I’ve previously written about — the increasing revisionism of Israel’s regional strategy under Benjamin Netanyahu’s leadership. That strategy seemingly seeks to upend multilateral norms, bypass traditional diplomacy and pursue influence through direct engagement — often militarized — with non-state entities and marginalized communities.



    Read more:
    How Israel’s domestic crises and Netanyahu’s aim to project power are reshaping the Middle East

    Israel’s July 15 strikes, and an attack on Syria’s Ministry of Defence in Damascus the following day, have drawn strong condemnation from Arab states, Turkey and the United Nations.

    While Israeli officials have justified the attacks as defensive and humanitarian, the intensity and symbolic targets suggest a deeper intention: to demonstrate operational reach, and, more importantly, actively engage in a redesign of the region with fragmentation and state weakness as the main objective.

    Fragmentation of the Middle East

    The United States, while expressing concern over the violence, has largely remained silent on Israel’s expanding role in Syria. This could further embolden Israeli actions in a region where international norms are being increasingly upended and traditional great power engagement is waning.

    Sectarian clashes are likely to continue in Sweida and beyond as Syria’s central government struggles to reassert control. That means that for Israel, the opportunity to deepen its footprint in southern Syria under the guise of minority protection remains.

    But despite its effort to present itself as a stable, moral presence in an otherwise chaotic neighbourhood, Israel could be undermining the very stability it says it wants to protect as it militarizes humanitarianism.

    The world is not not just witnessing a series of airstrikes or another episode of sectarian violence in the Middle East. It’s watching a profound transformation in the regional order — one in which traditional borders, alliances and identities are being reshaped.

    Amid this environment, Israel’s role could evolve not just as a military power, but as a revisionist nation navigating, and helping to bring about, the fragmentation of the Middle East.

    Spyros A. Sofos 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. Israel’s attack on Syria: Protecting the Druze minority or a regional power play? – https://theconversation.com/israels-attack-on-syria-protecting-the-druze-minority-or-a-regional-power-play-261648

    MIL OSI –

  • MIL-OSI Submissions: ‘Pay us what you owe us:’ What the WNBA’s collective bargaining talks reveal about negotiation psychology

    Source: The Conversation – Canada – By Ryan Clutterbuck, Assistant Professor in Sport Management, Brock University

    WNBA all-star players, led by Indiana Fever’s Caitlin Clark and the Minnesota Lynx’s Naphessa Collier, recently made headlines by wearing “Pay Us What You Owe Us” T-shirts during the pregame warm-up.

    The T-shirts, which are now available for purchase, were a demonstration of players’ frustrations with the WNBA owners and the ongoing collective bargaining agreement negotiation. The collective agreement sets out the terms and conditions of employment (like salaries and benefits) between the league and its players, and is set to expire Oct. 31, 2025.

    Reportedly, players are asking for increased revenue sharing (the current agreement stipulates WNBA players receive only nine per cent of league revenue, relative to their NBA peers who receive 50 per cent), increased compensation (the average WNBA salary is US$147,745) and other benefits.

    Central to these demands is the perception that, despite a surge in popularity, media attention and viewership, WNBA players are still being underpaid and are undervalued.

    Negotiations for a new collective agreement are ongoing. But as the T-shirts and subsequent public statements from the players and the WNBA show, there is increasing frustration with how the process is unfolding.

    What is ‘owed’ to WNBA players?

    Debate over what is “owed” to WNBA players has intensified recently. ESPN commentator Pat McAfee, for example, has suggested the league should simply increase players’ salaries by US$30,000 per player, saying that contracts like Clark’s are “an embarrassment.”

    But others argue this discussion should go beyond players’ salaries. Syracuse University sport management professor Lindsey Darvin writes:

    “The question isn’t whether the WNBA can afford to pay players what they’re worth; it’s whether the league can afford not to make the investments necessary to realize its full potential.”

    According to Darvin, because the WNBA is an economically inefficient — and arguably exploitative — business, its focus should be on increasing revenue, and not simply on reducing its labour costs. For example, with the goal to satisfy increasing market demands for the WNBA, strategies to increase revenue could include expanding the league to new markets, scheduling more games at the 3 p.m. Eastern time slot and increasing the number of regular season games from 44 to 60 or more.

    In sport management classrooms and negotiation workshops at Brock University, we call this “expanding the pie” — working collaboratively, as opposed to combatively, to grow the game and the business so that both players and owners benefit over the long term. But this is easier said than done.

    Information shapes negotiation outcomes

    While it’s still early in the negotiation process, there are lessons that can be learned from this round of collective bargaining. One of those lessons has to do with making and receiving first offers. In particular, two psychological concepts are at play: information asymmetry and the anchoring effect.

    Information asymmetry occurs when one party holds more relevant knowledge than the other. For example, in a typical job negotiation, the employer knows the number of applicants for the position, how much the company is willing to pay and what compensation trends look like across the sector. The candidate, by contrast, lacks most if not all of this information and thus enters the negotiation at a distinct disadvantage.

    The question is: who should make the first salary offer? The general rule is that when you lack critical information, it’s better to let the other side make the first move.

    In the case of the WNBA’s negotiations, the information asymmetry problem is not so obvious. The owners likely have a certain perspective on what is acceptable in terms of sharing league revenue and improving working conditions. But the players possess their own kind of leverage, regarding their willingness to protest or walk out entirely.

    The league made its initial proposal to the players in early July, but it was not well received.

    The ‘anchoring effect’ can skew negotiations

    Another problem influencing negotiations is the “anchoring effect.” This occurs when an initial offer influences subsequent offers and counteroffers, and ultimately has an impact on the final outcome.

    Garage-sale aficionados may recognize this tendency, as buyers often negotiate with the seller’s sticker price in mind, haggling to earn a 25 or 50 per cent discount on an item without considering whether the item is actually worth the cost. Here, the sticker acts as the anchor.

    While sticker prices and first offers are not inherently malicious, some sale prices and first offers are intended to manipulate buyers and negotiators representing the other side. Savvy negotiators deploy strategic anchors, but even they can sometimes miss.

    In maritime terms, anchor scour occurs when a ship’s anchor fails to catch hold and instead drags across the seabed, destroying ecosystems caught in its path.

    In negotiations, a similar process can unfold. When initial moves and first offers fail to catch hold because they are perceived to be unfair by the other side, it can damage relationships and can make subsequent negotiations even more difficult.

    Now, the WNBA may face the consequences of a poorly received anchor. According to WNBA player representative, Satou Sabally, the WNBA’s initial offer was a “slap in the face”.

    New York Liberty’s Breanna Stewart called the players’ meeting with the league on July 17 to discuss a new collective bargaining agreement a “wasted opportunity” while Chicago Sky player Angel Reese called the negotiations “disrespectful.”

    It’s time to right the ship

    Though it’s still early days, we expect negotiations to heat up in the coming weeks as the Halloween deadline to reach a deal approaches.

    There is still time to right the ship, so to speak, but to do so, WNBA players and owners must internalize the potentially disastrous impacts that can come from negotiating over an imagined “fixed pie” instead of expanding it, and dropping anchors that fail to address the other sides’ key interests.

    WNBA players and WNBA team owners now have, in front of them, a once-in-a-generation opportunity to transform professional women’s sport in North America, through creatively and collaboratively expanding the pie and paying the players what they’re owed.

    Michele K. Donnelly has received funding from the Social Sciences and Humanities Research Council (SSHRC).

    Michael Van Bussel and Ryan Clutterbuck do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. ‘Pay us what you owe us:’ What the WNBA’s collective bargaining talks reveal about negotiation psychology – https://theconversation.com/pay-us-what-you-owe-us-what-the-wnbas-collective-bargaining-talks-reveal-about-negotiation-psychology-261731

    MIL OSI –

  • MIL-OSI USA: Congressman Robert Garcia Statement On Ceasefire Between Cambodia and Thailand

    Source: United States House of Representatives – Congressman Robert Garcia California (42nd District)

    Washington, D.C. – Today, Congressman Robert Garcia (CA-42) released the following statement on the proposed ceasefire between Cambodia and Thailand.

    “Long Beach has one of the largest Cambodian populations in the U.S., said Congressman Garcia. “I joined our community to support a ceasefire of hostilities between Cambodia and Thailand. Hundreds of thousands have been displaced and many have lost their lives. We must have peace.”

    MIL OSI USA News –

  • NISAR launch a landmark in Indo-US space cooperation, set to transform earth observation: Jitendra Singh

    Source: Government of India

    Source: Government of India (4)

    Union Minister of State Dr. Jitendra Singh lauded the successful launch of the NASA-ISRO Synthetic Aperture Radar (NISAR) satellite on Wednesday, calling it a “global benchmark” in Earth observation and a powerful symbol of Indo-US scientific collaboration.

    Though parliamentary duties kept him in the capital, Singh joined scientists and senior officials at the CSIR Auditorium in New Delhi to witness the satellite’s flawless lift-off aboard the GSLV-F16 rocket via live telecast from Satish Dhawan Space Centre, Sriharikota.

    “NISAR is not just a satellite; it is India’s scientific handshake with the world,” Singh said, emphasising that the mission represents the growing strength of India’s space programme and its transition from utility-based goals to knowledge-driven global initiatives.

    The 2,393-kg satellite is the first in the world to carry dual-frequency synthetic aperture radars—L-band by NASA and S-band by ISRO—on a single platform. This enables high-resolution, all-weather, day-and-night imaging of Earth’s land and ice surfaces, with a revisit time of just 12 days.

    In a first for the Indian Space Research Organisation (ISRO), the GSLV-F16 successfully placed the satellite into a 747-kilometre Sun-synchronous Polar Orbit, marking the vehicle’s 18th mission and its 12th flight using an indigenous cryogenic stage.

    Singh highlighted NISAR’s broad utility in areas such as disaster management, glacier tracking, agriculture monitoring, climate observation, and more. But he also stressed the mission’s extended value across sectors like aviation safety, maritime navigation, coastal management, and urban planning.

    “This satellite will be a data backbone for smarter decisions in shipping routes, air traffic systems, and infrastructure development,” he said.

    The open-access data policy of NISAR will benefit global researchers, disaster-response agencies, and developing nations, making cutting-edge Earth observation insights widely available over its five-year mission life.

    Jointly funded by NASA and ISRO, the $1.5 billion mission involved significant hardware contributions from both agencies. NASA provided the L-band radar, GPS receiver, high-rate telecom system, and 12-meter deployable antenna, while ISRO contributed the S-band radar, spacecraft bus, launch vehicle, and support systems.

    Singh concluded by attributing India’s space advancements to the visionary leadership of Prime Minister Narendra Modi, saying, “From Chandrayaan to NISAR, we are not just launching satellites—we are launching new possibilities for global science, sustainability, and shared progress.”

  • Bumrah not ruled out of fifth test, says India captain Shubman Gill

    Source: Government of India

    Source: Government of India (4)

    India captain Shubman Gill has refused to rule pace bowler Jasprit Bumrah out of contention for the fifth test against England starting at the Oval on Thursday.

    Bumrah, who is the joint-leading wicket taker in the series with 14, was expected to miss the decisive clash as India’s medical staff want to manage his workload.

    But Gill said any decision would be left late.

    “We will take a decision (on Bumrah) tomorrow; the wicket looks very green. So we will see how it turns out,” Gill told a press conference at the Oval on Wednesday.

    Bumrah was scheduled to play only three of the five tests and has already featured in the opener at Headingley and the back-to-back tests at Lord’s and Old Trafford.

    India need to win the final test to level the series 2-2.

    “2-2 will be very significant for this team,” Gill said. “Every match we have played, it was difficult to decide the winner after the first four days.”

    Should Bumrah miss out, India would likely select Akash Deep or even hand a debut to Arshdeep Singh.

    “He has been asked to get ready but we will take a call on the playing eleven after looking at the pitch by this evening,” Gill said. “England haven’t gone with a frontline spinner.

    “We have Ravindra Jadeja and Washington Sundar, who have done such a good job with the ball and the bat. On that front, it’s a no-brainer for us.”

    India are without wicket keeper Rishabh Pant, ruled out by a foot injury in the fourth test which ended in a draw on Sunday. Dhruv Jurel is set to stand in.

    The build-up to the series finale has been overshadowed by a spat on Tuesday between India head coach Gautam Gambhir and the ground staff at the Oval after Gambhir tried to take a close look at the square.

    Gill said the incident was “absolutely unnecessary”.

    “It’s not the first time that we were having a look at the wicket, we have been there for almost two months,” he said.

    “A coach has every right to be able to go close quarters and have a look at the wicket and I didn’t think there was anything wrong with that. I actually don’t know why the curator would not allow us to go have a look at the wicket.

    “All of us have played so much cricket, we have gone to the pitches so many times, including the coaches and captain, I don’t know what the fuss was about.”

    (Reuters)

     

  • MIL-OSI United Nations: Tsunami alert highlights worth of global early warning system

    Source: United Nations 2

    While the UN-backed International Atomic Energy Agency (IAEA) reported 
    that there had been no damage to Japan’s nuclear facilities after an 8.8 magnitude quake was recorded off Russia’s Kamchatka Peninsula, coastal communities have been taking no chances and evacuating to higher ground or moving further inland.

    Alerts were sent out within a few minutes of the Russia quake, the UN Office for Disaster Risk Reduction (UNDRR) confirmed. Although the authorities have now downgraded the threat across Japan as waves of 1.3 metres (4ft 2in) have been recorded, the advice is for people to stay in shelters until the danger diminishes from continuing sea surges.

    “It is very complex; we are observing the tsunami data in real time, so we need people to stay at the shelter until the tsunami is completed,” said tsunami engineer Professor Fumihiko Imamura from Tohoku University.

    Deadly legacy

    In the Asian island nation, memories are still raw from the 11 March 2011 Tohoku earthquake and tsunami which killed more than 18,000 people.

    Just last year, the 7.6 magnitude Noto quake left approximately 500 dead and damaged 150,000 homes.

    The disaster also caused a major accident at the Fukushima Daiichi Nuclear Power Plant, forcing tens of thousands of people from their homes. 

    Today’s developments come amid reports that the latest earthquake was among the 10 most powerful ever recorded, hence why the authorities are monitoring its impact so closely.

    So far, alerts have been triggered off the west coast of the United States, in South America from Chile to Mexico and from Papua New Guinea to Vanuatu in the Pacific. 

    “A 8.8 magnitude earthquake is a very large earthquake,” explained Kamal Kishore, Special Representative of the UN Secretary-General for Disaster Risk Reduction. 

    “As you go from magnitude eight to nine, or seven to eight, at every step the strength of the earthquake increases exponentially. So, an earthquake which is magnitude eight as opposed to seven would be 30 times bigger.” 

    Faster than a jet liner

    Speaking to UN News, Mr. Kishore highlighted the huge distances tsunamis can cover, picking up enormous energy they then dump on coastal communities. 

    Their progress can be as fast as a passenger jet and can be tracked by deep sea pressure change sensors, or tsunameters, that are connected to surface buoys which relay information in real time to satellites. This data is then modelled by national weather centres, influencing whether alerts are issued.

    “It’s a real threat because the tsunamis travel really fast from one coast to the other,” continued Mr. Kishore. “The Indian Ocean tsunami of 2004 was one of the most devastating in our memory, which travelled from all the way from the coast of Indonesia to the Sri Lankan shores within a little over an hour.”

    Lessons learned

    In addition to the coordination role of UNDRR in the global early warning system, other UN entities also closely involved include the World Meteorological Organization (WMO) and the Intergovernmental Oceanographic Commission of the UN agency for Education, Science and Culture (UNESCO-IOC).  

    The IOC’s role is critical in making sure that countries that use tsunami-tracking instrumentation follow the same standard. 

    These efforts are in line with the UN Secretary-General’s Early Warnings for All initiative to ensure that everyone on Earth is protected from hazardous weather, water or climate events through lifesaving early warning systems.

    Today, one in three people – and mainly in least developed countries and Small Island Developing States – lacks access to adequate multi-hazard early warning systems.

    “Tsunami prevention really highlights how important it is to have multilateral action” such as sharing data to run the algorithms behind wave modelling systems, insisted the UN’s Mr. Kishore. 

    “There are countries which are separated by thousands of kilometres of ocean, but they are affected by the same hazard,” he continued. 

    “If you do not share information on observing these hazards, not just in the location where they have occurred, but on what is happening in the intermediate locations in the ocean…we will not be able to warn our citizens.”  

    MIL OSI United Nations News –

  • Congress’ priority not national security, but vote bank and appeasement politics: Amit Shah

    Source: Government of India

    Source: Government of India (4)

    Union Home Minister Amit Shah on Wednesday listed out several Congress-era errors, leading to the formation of Pakistan-occupied Kashmir (PoK) and loss of vast swathes of land to enemy nations. He also tore into the grand old party’s appeasement politics for political gains.

    Speaking in Rajya Sabha on Operation Sindoor, the Home Minister held Congress’ policies responsible for multiple acts of terror in the country, while categorically stating that Hindus can never be terrorists.

    HM Shah said that the desperation of the Congress party for a certain vote bank, in all these years, emboldened the terrorists and their motives.

    Blasting the previous Congress regimes for coining ‘saffron terror’, he said that the grand old party demonised the majority community i.e. Hindus for its myopic political gains.

    Recalling the Batla House encounter, he said that the Congress party abandoned its own forces and stood with Pakistan-sponsored terrorists for appeasing a certain community.

    “When the country mourned the demise of brave cop Mohan Sharma in Batla House encounter, Sonia Gandhi wept for the Batla House shooters,” he said, questioning the absurd politicking of Congress party.

    The Home Minister also rebutted Congress’ China jab and spoke about instances when the latter’s conduct looked dubious and diabolical.

    “When our forces were engaging with enemy forces during Doklam face-off, the Congress leaders were clandestinely meeting Chinese officials. What kind of politics is this?” he questioned.

    Responding to Chidambaram’s charge that Operation Sindoor was not decisive, he asked the principal opposition party whether the 1965, 1971 battles were final and decisive and if Pakistan stopped spreading terror after being then taught a lesson.

    He said that Prime Minister Narendra Modi-led government has instilled fear in the minds and hearts of terrorists across the border and whenever the terror elements will rear its head, “our Army will crush them again”.

    (IANS)

  • MIL-OSI: KOZII: Real-World Yield Meets Blockchain as IEO Launches on Coinstore

    Source: GlobeNewswire (MIL-OSI)

    Singapore, July 30, 2025 (GLOBE NEWSWIRE) — KOZII, a pioneering real estate-backed Web3 project, is proud to announce the launch of its Initial Exchange Offering (IEO), marking a significant step toward making real estate investment accessible, transparent, and rewarding. Built on tangible income-generating assets and powered by blockchain technology, KOZII merges decentralized finance (DeFi) with student housing in Indonesia to create a sustainable and scalable ecosystem.

    Bridging Real Estate with DeFi

    KOZII transforms traditional real estate investment by allowing users to purchase fractional ownership of verified properties through KOZII tokens. These tokens are backed by real-world rental income, offering investors both immediate yield and long-term growth potential. This model is designed to provide genuine utility, not speculation.

    Key features include:
    Fixed 8% APY for staked tokens during the first 18 months
    Upcoming options for ownership of fractional shares in student-focused apartments
    Transparent, blockchain-based tracking of rental performance
    Profit-sharing through KOZII’s growing property portfolio in Phase 2.

    Token Overview
    ●  Token name:  KOZII token
    ●  Token symbol: KOZII
    ●  Total issue supply: 1,000,000,000
    ●  Total circulation supply: 100,000,000

    What Sets KOZII Apart

    Phase 1: Guaranteed 8% APY from Kozii ecosystem rewards for 18 months
    Phase 2: 3% of KOZII’s net annual profit distributed to token holders
    Seamless, borderless property access and ownership
    Full transparency and security through audited smart contracts

    Property Listings
    KOZII’s initial listings include premium, tokenized residential and service apartments in Jakarta, specifically selected to meet the growing demand for student accommodations. Locations include Java Island and Kuningan.

    Looking Ahead
    KOZII’s mission is to redefine how the world interacts with property investment， transforming it from a high-barrier, paperwork-heavy process into an accessible, decentralized experience backed by real assets and real yield. The project is built to deliver long-term returns, aligned with user success.

    As real-world asset (RWA) narratives gain traction in the Web3 space, KOZII offers a concrete use case and a sustainable model at the intersection of blockchain and real estate.

    KOZII Official Media
    Website | Twitter  | Telegram 

    About Coinstore
    Accessibility. Security. Equity.
    As a leading global platform for cryptocurrency and blockchain technology, Coinstore seeks to build an ecosystem that grants everyone access to digital assets and blockchain technology. With over 10 million users worldwide, Coinstore aims to become the preferred cryptocurrency trading platform and digital service provider worldwide.
    Coinstore Social Media
    Twitter | LinkedIn | Youtube | Tiktok | Telegram Announcement | Telegram Events Announcement

    The MIL Network –

  • MIL-OSI Canada: Premier celebrates first LNG Canada shipments to Asia

    Premier David Eby is celebrating hundreds of jobs and billions in economic growth that come with the first shipments of liquefied natural gas from LNG Canada to Asia, marking a historic milestone for British Columbia diversifying its trade relationships and securing its clean energy future.

    “The first shipments of made-in-B.C. energy across the Pacific come at a pivotal time for our province and the country we love,” Premier Eby said. “Projects like LNG Canada are the reason that B.C. will be the economic engine of a more independent Canada. It creates good jobs, opportunities that let young people build a life here in the North and generates the revenue we need to improve public services everyone relies on.”

    LNG Canada is the largest private-sector investment in Canadian history, with $40 billion committed to building the export facility in Kitimat and associated infrastructure. The project is expected to contribute 0.4% to Canada’s GDP once fully operational.

    The Kitimat facility is one of the cleanest of its kind in the world, with emissions 35% lower than the best-performing global facilities, and 60% lower than the global average. Approximately $6 billion in contracts have gone to B.C. and Indigenous businesses. The project was built in partnership with the Haisla Nation and other Indigenous communities.

    “British Columbia will produce some of the lowest-emission LNG in the world. It is imperative that we get our clean-energy resources to global markets so that we can deliver a stronger, more diversified economy for people and communities to benefit from,” said Adrian Dix, Minister of Energy and Climate Solutions. “LNG Canada’s first shipment to Asia is a major milestone and one that positions B.C. and Canada to meet growing global demand, while highlighting our commitment to responsible energy development.”

    Premier Eby’s recent trade mission to Asia confirmed strong demand for responsibly produced energy from B.C., demand that the LNG Canada project is helping to meet.

    The LNG Canada project has created thousands of good-paying jobs and new opportunities for people in the North and across Canada.

    Quick Facts:

    • At peak construction, there were more than 9,000 highly skilled workers at the LNG Canada site in Kitimat.   
    • More than 300 full-time permanent jobs have been created at the Kitimat facility.
    • Since the final investment decision, the project and associated pipeline have employed 65,000 workers over roughly a six-year construction period, including more than 40,000 Canadians who have worked on the site since the start of construction.

    MIL OSI Canada News –

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump is Protecting the United States’ National Security and Economy by Suspending the De Minimis Exemption for Commercial Shipments Globally

    US Senate News:

    Source: US Whitehouse
    TAKING DECISIVE ACTION GLOBALLY TO PROTECT AMERICANS: Today, President Donald J. Trump signed an Executive Order suspending duty-free de minimis treatment for low-value shipments, closing the catastrophic loophole used to, among other things, evade tariffs and funnel deadly synthetic opioids as well as other unsafe or below-market products that harm American workers and businesses into the United States.
    President Trump is taking action to deal with the national emergencies that he has recently declared with respect to unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.
    Effective August 29, imported goods sent through means other than the international postal network that are valued at or under $800 and that would otherwise qualify for the de minimis exemption will be subject to all applicable duties.
    For goods shipped through the international postal system, packages will instead be assessed duties according to one of the following methodologies:
    Ad valorem duty: A duty equal to the effective tariff rate imposed under the International Emergency Economic Powers Act (IEEPA) that is applicable to the country of origin of the product. This duty shall be assessed on the value of each package.
    Specific duty: A duty ranging from $80 per item to $200 per item, depending on the effective IEEPA tariff rate applicable to the country of origin of the product. The specific duty methodology will be available for six months, after which all applicable shipments must comply with the ad valorem duty methodology.  

    Longstanding exemptions under 19 U.S.C. 1321(a)(2)(A) and (B) remain in place – meaning American travelers can still bring back up to $200 in personal items and individuals can continue to receive bona fide gifts valued at $100 or less duty-free.
    COMBATTING ESCALATING DECEPTIVE SHIPPING PRACTICES, ILLEGAL MATERIAL, AND DUTY CIRCUMVENTION: President Trump is putting an end to the proliferation of shippers worldwide that, among other things, deceptively exploit the de minimis privilege in an effort to evade duties, inspection, and U.S. law.
    Packages entering the United States using the duty-free de minimis exemption are typically subject to less scrutiny than traditional imports; however, the packages can pose health, safety, national and economic security risks. 
    Between 2015 and 2024, the volume of de minimis shipments entering the U.S. increased from 134 million shipments to over 1.36 billion shipments. On average, CBP processes over 4 million de minimis shipments into the U.S. each day.
    The de minimis exemption has been abused, with shippers sending illicit fentanyl and other synthetic opioids, precursors, and paraphernalia into the United States in reliance on the lower security measures applied to de minimis shipments, killing Americans.
    Enforcement data consistently shows that de minimis shipments account for the majority of all cargo enforcement actions. In FY24, 90% of all cargo seizures originated as de minimis shipments, including:
    98% of narcotics seizures (by number of cases).97% of intellectual property rights seizures, totaling 31 million counterfeit items. 
    77% of health and safety/prohibited items seizures totaling more than 20 million dangerous or illicit items (e.g., weapons parts and Glock switches).

    The volume of de minimis shipments, even from countries that historically have not been the primary source of de minimis abuse, has skyrocketed this year, with 309 million so far for FY25 (through June 30), compared to 115 million for all of FY24 resulting in significant lost revenue for the United States.
    CBP is increasingly interdicting de minimis shipments where the certificate of origin is misrepresented in an attempt to circumvent duties.
    BUILDING ON A RECORD OF FIGHTING HARMFUL TRADE LOOPHOLES:   President Trump is delivering on his promise to “put an end” to the “big scam” of de minimis shipments killing Americans and hurting U.S. businesses.
    In February, President Trump declared national emergencies on the United States’ northern and southern borders, including the public health crisis caused by fentanyl and other illicit drugs.
    In April, President Trump declared a national emergency relating to the conditions underlying the United States’ exploding trade deficit and the implications of that deficit for the United States’ economy and national security.
    Effective May 2, President Trump suspended de minimis treatment for low-value packages from China and Hong Kong, which account for the majority of de minimis shipments to the United States.
    The President signed into law the One Big Beautiful Bill Act, which permanently repeals the statutory basis for the de minimis exemption worldwide effective July 1, 2027.
    President Trump is acting more quickly to suspend the de minimis exemption than the OBBBA requires, to deal with national emergencies and save American lives and businesses NOW.

    MIL OSI USA News –

  • MIL-OSI USA: Diaz-Balart Secures Funds for the Everglades, the Miccosukee Tribe, and other Southern Florida Priorities in FY 2026 Interior Funding Bill

    Source: United States House of Representatives – Congressman Mario Diaz-Balart (25th District of FLORIDA)

    WASHINGTON, D.C. – Congressman Mario Díaz-Balart (FL-26), Vice Chair of the House Appropriations Committee, Dean of the Florida Delegation, and Co-Founder and Co-Chair of the Congressional Everglades Caucus, issued the following statement after the House Appropriations Committee approved the Fiscal Year 2026 Department of the Interior, Environment, and Related Agencies Appropriations bill:

    “I was proud to support the FY 2026 Interior funding bill, for which I obtained critical funding for Everglades preservation and restoration efforts, Big Cypress National Preserve, and the Miccosukee Tribe, among other Southern Florida priorities.

    “This bill also promotes American energy independence, enhances U.S. competitiveness, ensures access to public lands, and reduces burdensome Biden-era red tape, all while cutting wasteful spending by six percent.

    “My deepest gratitude to Chairman Simpson for working directly with me to address key priorities of Florida’s Miccosukee Tribe of Indians, the true stewards of our unique and treasured Everglades National Park.” 

    Díaz-Balart secured these priorities for Southern Florida:

    • $973,000 for the Town of MiamiLakes Big Cypress DrainageImprovements Project.
    • $11.6 million for the Everglades Restoration Project through the National Park Service.
    • $73.8 million for the State and Tribal Wildlife Grant Program for the development and implementation of programs benefiting wildlife and their habitats.
    • $6 million to address water qualityby providing funding for critical harmful algal bloom research.
    • $1 million in direct funding for South Florida to expand water quality and ecosystem health monitoring and prediction network.
    • Report language supporting the Tribe’s ongoing efforts with the Department of the Interior to review subsurface mineral rights on their land.
    • Report language prohibiting drilling inBig Cypress National Preserve.
    • Report language recognizing the recent passage of the Miccosukee Reserved Area Amendments Act (H.R. 504), which expands the Miccosukee Reserved Area to include Osceola Camp in Everglades National Park and directs the Department of the Interior, in consultation with the Tribe, to take necessary actions to protect structures within the camp from flooding.
    • Bill language ensuring that no part of Big Cypress National Preserve may be designated as wilderness, a longstanding priority of Congressman Díaz-Balart to protect access for the Tribes and broader public.
    • Reduce our reliance on foreign countries for critical minerals by promoting access to resources here at home.
    • Ensures chemical and pesticide manufacturers are not overburdened with requirements that would drive businesses overseas and threaten American competitiveness.
    • Provides no funds for the American Climate Corps, eco-grief training, or environmental justice activities.
    • Blocks Biden-era regulations that were imposing costs on American families and industry, such as:
      • EPA’s car emission regulations on light, medium, and heavy-duty vehicles;
      • EPA’s Clean Power Plan 2.0; and
      • Regulatory overreach regarding ozone emissions.

    A summary of the bill is available here.

    Bill Report is available here.

    Bill Text is available here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Murray, Smith Introduce New Bill to Restore Medicaid Funding for Planned Parenthood

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Bicameral legislation to reverse “defund” Planned Parenthood provision in Republicans’ reconciliation bill is endorsed by Planned Parenthood & more than 125 original cosponsors

    Senator Murray has led the fight in the Senate against Republican efforts to defund Planned Parenthood, offered an amendment to strip “defund” provision out of the reconciliation bill—Republicans blocked it

    WASHINGTON, D.C. — U.S. Senator Patty Murray (D-WA), a senior member and former chair of the Senate Health, Education, Labor and Pensions Committee, joined Senator Tina Smith (D-MN) and U.S. Representatives Laura Friedman (CA-30), Nikema Williams (GA-5), and Chris Pappas (NH-1) in introducing theRestoring Essential Healthcare Act this week, a bicameral bill that repeals the federal ban on Medicaid reimbursements to Planned Parenthood that Republicans recently enacted as part of their partisan reconciliation legislation, the One Big Beautiful Bill Act.

    The legislation strikes Section 71113 of Republicans’ reconciliation bill, which prohibits federal Medicaid payments to Planned Parenthood clinics that offer reproductive health care and other essential health care services. The provision puts nearly 200 Planned Parenthood clinics at risk of closure, endangering access to health care for more than two million patients across the country.

    “Republicans have been pushing for years to defund Planned Parenthood, because they want to ban abortion nationwide—and they don’t care if they rip away access to cancer screenings, contraception, or other essential preventive care for millions of women in the process,” said Senator Murray. “Our bill is simple: it would reverse the provision Republicans enacted into law that cuts Planned Parenthood and other women’s health clinics off from federal Medicaid funding. In many communities, Planned Parenthood is the only place women can go to get basic preventive care, no matter their income. I’m proud to join my colleagues in this effort to save essential health care.”

    “I worked at Planned Parenthood. I saw how controlling your own health care allows you to make the best decisions about the course of your life – your education, your work and your family,” said Senator Smith. “Planned Parenthood offers so much more than abortion services. In many communities it is the only clinic to provide cancer screenings, birth control, and STI screening. This bill takes a critical step to restore Medicaid funding to Planned Parenthood, to ensure these clinics are equipped with the resources they need to provide essential health care, and to give patients back the right to choose their health care provider.” 

    “President Trump and his allies in Congress chose to devastate our nation’s already fractured health care system when they passed a backdoor abortion ban ‘defunding’ Planned Parenthood. With this provision, they have put nearly 200 health centers at risk of closing and threatened over a million people’s access to cancer screenings, STI testing and treatment,  birth control, and other essential services, all in order to push an unpopular, anti-abortion agenda. We are thankful to Sens. Smith (D-MN) and Murray (D-WA) and Reps. Friedman (D-CA-30), Pappas (D-NH-1), and Williams (D-GA-5) for introducing the Restoring Essential Healthcare Act, and for championing access to high-quality, affordable reproductive care. Everyone deserves health care, and we will continue to fight every day to make that possible,” said Alexis McGill Johnson, president and CEO of Planned Parenthood Action Fund.

    The ban on Medicaid reimbursements to Planned Parenthood could leave thousands of patients in every state with no place to seek essential reproductive care and other vital health services. Every year, Planned Parenthood provides health care to more than two million people, including STI testing, breast exams, birth control, HPV vaccines, and other critical services. 

    The Restoring Essential Healthcare Act has been endorsed by Planned Parenthood Federation of America, Center for Reproductive Rights, Reproductive Freedom Caucus, All* Above All, Guttmacher Institute, National Abortion Federation, National Asian Pacific American Women’s Forum, National Council of Jewish Women, National Family Planning & Reproductive Health Association, National Latina Institute for Reproductive Justice, National Network of Abortion Funds, National Partnership for Women & Families, National Women’s Law Center Action Fund, Reproductive Freedom for All, Physicians for Reproductive Health, Power to Decide.

    There are 133 original cosponsors of the Restoring Essential Healthcare Act in the House, including Williams*, Pappas*, Amo, Auchincloss, Balint, Barragán, Bell, Beyer, Bonamici, Brownley, Budzinski, Carbajal, Carson, Carter, Case, Casten, Castor, Cherfilus-McCormick, Chu, Cisneros, Clarke, Cleaver, Cohen, Correa, Craig, Crockett, Davids, Davis, DeGette, DelBene, Deluzio, DeSaulnier, Dexter, Doggett, Elfreth, Escobar, Evans, Fletcher, Foushee, Frankel, Frost, Garamendi, Garcia (TX), Goldman, Goodlander, Gottheimer, Horsford, Houlahan, Hoyle, Huffman, Ivey, Jacobs, Jackson, Johnson (GA), Kamlager-Dove, Kaptur, Kelly, Kennedy, Khanna, Krishnamoorthi, Landsman, Larson, Lee (PA), Leger Fernandez, Levin, Liccardo, Lieu, Lofgren, Lynch, Mannion, Matsui, McBath, McBride, McClellan, McGovern, McIver, Meeks, Menendez, Meng, Min, Moore, Morelle, Morrison, Moulton, Mullin, Nadler, Norton, Olszewski, Panetta, Pelosi, Peters, Pettersen, Pingree, Pocan, Pou, Quigley, Ramirez, Randall, Raskin, Ross, Ryan, Salinas, Scanlon, Schakowsky, Schneider, Sewell, Sherman, Sherrill, Simon, Sorensen, Soto, Stansbury, Stanton, Stevens, Strickland, Sykes, Takano, Thanedar, Thompson (CA), Titus, Tlaib, Tokuda, Tonko, Torres (NY), Torres (CA), Trahan, Underwood, Veasey, Velázquez, Wasserman Schultz, Waters, Watson Coleman, Wilson.

    Senator Murray has been the leading voice in the Senate speaking out and raising the alarm against Republican efforts to defund Planned Parenthood. After the Parliamentarian allowed Republicans to proceed with their long-sought goal of defunding Planned Parenthood in their reconciliation bill, Senator Murray put forward an amendment to strike the provision—Republicans blocked it.

    At her recent Senate forum on the anniversary of the Dobbs decision, Senator Murray spoke about Republicans’ plan to institute a backdoor nationwide abortion ban and laid out how defunding Planned Parenthood is a key part of that strategy. Last month, Senator Murray delivered a lengthy speech on the Senate floor where she laid out in detail how Republicans’ One Big Beautiful Bill Act will rip away health care from millions of Americans, shutter the doors of hospitals and health care clinics across the country, make the largest cuts to Medicaid and nutrition assistance in history, and blow up the national debt—all so Republicans can fund massive tax breaks for billionaires.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: DH and Guangzhou Municipal Market Regulatory Administration signs Co-operation Arrangement to deepen exchange and co-operation in regulation of drugs and medical devices between Guangzhou and Hong Kong (with photos)

    Source: Hong Kong Government special administrative region – 4

    The Department of Health (DH) today (July 30) signed a Co-operation Arrangement with the Guangzhou Municipal Market Regulatory Administration, with a view to deepening the exchange and co-operation in the regulation of drugs and medical devices between Guangzhou and the Hong Kong Special Administrative Region (HKSAR), and to jointly promote the development of a healthy Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

    The Vice Mayor of the Guangzhou Municipal Government, Mr Lai Zhihong; Deputy secretary-general of the Guangzhou Municipal Government, Ms Meng Hao; and the Party Secretary of the Guangzhou Municipal Market Regulatory Administration, Mr Zhao Junming, attended the signing ceremony of the Co-operation Arrangement in Guangzhou. The Co-operation Arrangement was signed by the Director of Health, Dr Ronald Lam, and the Director of the Guangzhou Municipal Market Regulatory Administration, Mr Jiang Yingqiao.

    “The Co-operation Arrangement will further strengthen the co-operation in testing of Chinese medicines between the Guangzhou Institute for Drug Control and the Government Chinese Medicines Testing Institute (GCMTI) under the DH of the HKSAR. Together, we will drive the high-quality development of Chinese medicines in the GBA, and jointly contribute to enhance new quality productive forces of the healthcare sector in Guangdong and Hong Kong. The permanent premises of the GCMTI will be completed and commissioned in phases by the end of this year, leveraging its expertise in the research and development of internationally recognised reference standards for Chinese medicines and related products, reinforcing Hong Kong’s role as a bridgehead for the internationalisation of Chinese medicines,” Dr Lam said.

    Dr Lam visited the Guangzhou Institute for Drug Control on the same day. The institute, established in 1953, is a technical supporting institution under the Guangzhou Municipal Market Regulatory Administration. It was also one of the first four Port Institutes for Drug Control authorised by the National Ministry of Health and one of the five institutions qualified for conducting inspections of first-time imported drugs nationwide. Currently, the Guangzhou Institute for Drug Control possesses technical advantages in testing the level of pesticide residue, heavy metals and harmful elements, residue of mycotoxins and detection of irradiated Chinese medicines by photostimulated luminescence and thin-layer chromatographic identification of Chinese herbal medicine.

    Dr Lam emphasised that the HKSAR Government will establish the “Hong Kong Centre for Medical Products Regulation” (CMPR) by the end of 2026, consolidating regulatory functions for Western and Chinese medicines, as well as medical devices, and enhancing the existing regulatory regime in a holistic manner, in order to fostering growth in the local healthcare and biotechnology industries. The Co-operation Arrangement will strengthen the collaboration of the regulatory networks between the two regions, further promoting the future development of the CMPR.
     
     

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Remarks at press conference on “Report on Hong Kong’s Business Environment: Unique Strengths under ‘One Country, Two Systems’” (with photos/video)

    Source: Hong Kong Government special administrative region – 4

         The Financial Secretary, Mr Paul Chan; the Secretary for Commerce and Economic Development, Mr Algernon Yau; and the Acting Government Economist, Dr Cecilia Lam, held a press conference on the “Report on Hong Kong’s Business Environment: Unique Strengths under ‘One Country, Two Systems’” this afternoon (July 30). Following are their remarks:

    Reporter: I have some questions. First of all, this report seems that it is a wrapping up of all the measures over the past few years. So, what is the significance of this report to Hong Kong’s future development? Also, amid the rising challenges such as the tariff increases, how are you going to convince foreign chambers or investors to invest in Hong Kong? The last question is about the reports of the developer of 11 Skies of the Airport City project, with some reports saying that the developer has intended to sell this mega project, because of lack of tenants and also lacklustre prospects. So what is your take on the proposal of selling 11 Skies to other parties? Thank you.
     
    Financial Secretary: Thank you. First, the significance of this report. Over the past few years, because of COVID, a lot of overseas visitors didn’t have the opportunity to visit Hong Kong. Given the geopolitical landscape, there has been some misperception about the situation of Hong Kong in the western world. . We are trying very hard to reach out to the international community, to explain to them what is really happening here in Hong Kong by sharing facts and data. The purpose of this report is to recap our developments in a concise report for distribution to them, and this report will be made available online, accessible to anyone who is interested.
     
         On the question of tariffs, on the question of the China-US geopolitical tension, of course, there are challenges, for example, in terms of exports, but there are also opportunities in respect of the international financial centre status of Hong Kong. For challenges on export, the direct impact is minimal because Hong Kong is basically a service economy; we don’t have much manufacturing. On the other hand, the indirect impact could be significant, because we re-export for the Mainland. But over the years, we have seen a number of trends. One of them is Mainland companies realigning their industry bases and supply chains across Southeast Asia. For exports to certain markets, such as the US, a lot of the exports come from those regions. When you look at the figures – the export figures from the Mainland to the US, or from the Mainland via Hong Kong to the US – the share of US in Mainland’s total export has been declining.
     
         From our standpoint, we are adjusting our position. In addition to doing re-export, we have shifted to provide high-value supply chain management and the related trade finance and professional services. That is our response. For opportunities, I think we should not underestimate them. Given the geopolitical landscape, it is increasingly difficult for Mainland companies to go to the US for listing. These companies, would naturally want to come to Hong Kong for listing, because by coming to Hong Kong, they can access both international and Mainland capital. This is a very interesting value proposition to them, and has been demonstrated by the figures so far this year. In fact, we have over 200 companies in the pipeline waiting for listing. But the opportunities are more than the IPO market. Say in asset and wealth management, residents in the GBA (Guangdong-Hong Kong-Macao Greater Bay Area) are interested in having certain assets allocated offshore. Naturally, Hong Kong is the destination. The recent improvement in February last year to the GBA Wealth Management Connect – with the implementation of those measures, we have seen significant inflow of capital from the GBA into Hong Kong. In addition, we also have observed capital flow from the Middle East and ASEAN in the asset and wealth management sector. We are quite confident that, by the year 2027 and 2028 the latest – we will overtake Switzerland in cross-border wealth management.

         Another dimension is Hong Kong’s role as a “super connector” and “super value-adder” under the current geopolitical situation. We have observed Mainland companies’ keen interest to go global. First, this is national policy, i.e. high-level two-way opening up. Second, there is also a need, because these companies want to utilise the production capacity they have and do more exports. What we have been pitching to them is that the best way to do it is to come to Hong Kong, set up a company, use Hong Kong as a platform  as well as a brand to go overseas. In our experience in engaging the Middle East and ASEAN, the value of the “Hong Kong brand” is very much respected. This is one way in which we can help them. In the process, Our professional services and other service providers will benefit.
     
         Finally, on 11 Skies, I won’t comment on individual projects. But overall, the attitude of the Government is that, given the economic transition, and given the challenges currently in the non-domestic property market, banks should be supportive to their clients and help them ride through challenges. In the Hong Kong Monetary Authority, HKMA, a working group has been set up between the Hong Kong Association of Banks and the HKMA. This working group deals with individual cases with a view to helping the communication between the banks and borrowers, so that the lenders can extend a more accommodative and facilitative approach to help borrowers who have a viable business model and have a genuine interest in carrying on their business, but are just facing a liquidity crunch. That is the overall attitude of the Government. Thank you.
     
    Reporter: Hi Mr Chan. So, I just want to follow up on the previous question first. So what’s the significance of issuing the report now, like after the previous issuance of four years ago? Like, why does the Government choose to issue the new report at present? And also, you mentioned a lot of positive signs in the markets, like the stock markets booming, and Hong Kong also saw a record capital inflows in the first half of the year. So why does the Government still remain quite conservative over an uptick of the annual GDP (Gross Domestic Product) growth target for the whole year? And also, how do you see the sustainability of such momentum moving forward? And second question I also want to ask about four sectors that are facing structural changes, like you mentioned, to the retail and catering. Do you see the need to further enhance the support measures besides helping them achieve digital transformation? And finally, about the tariff truce, so the Chinese and US (United States) officials just reached agreements to extend their tariff suspension. So how do you assess the impacts on local business, and would the Government take any steps to help, perhaps exports or local businesses to take this opportunity? Thank you.
     
    Financial Secretary: Thank you. Well, the last report was published in 2021. Over the past few years, because of COVID, a lot of overseas travellers hadn’t come to Hong Kong. Given the geopolitical landscape, the perception about Hong Kong in the Western world is not entirely factual and correct. There are some misconceptions. So the purpose of this report is to show to them the current situation in Hong Kong, so that they will be able to better understand what is happening in this city. If they are interested, they are welcome to visit us to see for themselves what it is really like here and the tremendous opportunities available.
     
         As regards the question about the GDP estimate for the whole year, the GDP growth for the first half of this year has been positive. For the first quarter, the growth was 3.1 per cent; for the second quarter, we have maintained the momentum. But given the geopolitical landscape, there are enormous uncertainty and volatility. At this stage, we think it would be prudent to keep the current GDP estimate. There is in fact a mechanism, a defined timetable for reviewing the GDP estimate regularly. On a published timeline, the Government Economist will share with the community the economic situation, and determine at that time whether to make any revision. It’s better to follow that established practice as it provides certainty to the market.
     
         As to supporting the retail and catering sector, we will keep an open mind. I have elaborated on the situation and how we have been trying to help, but we will continue to closely monitor the situation and if necessary, roll out measures. At this stage, we think the current support measures should stay. Let us observe for a longer time. We have been providing various support measures such as the BUD Fund (Dedicated Fund on Branding, Upgrading and Domestic Sales) for marketing development and e-commerce.  Algernon would share more about that.
     
    Before passing to Algernon, I would say the recent discussions leading to the temporary suspension of tariff rise is, of course, a positive sign. But on the other hand, we are conscious of the fact that things can change overnight. There is still tremendous uncertainty, and consequently, volatility. So for our work, first, we need to ensure financial stability and financial security. On the other hand, stay on course, focus on what we have set out to do, and be persistent with our efforts. That includes reinforcing our relationship with traditional markets like Europe and the US, and at the same time, opening up new markets and new capital sources from the Middle East and Southeast Asia. Thank you, Algernon please.
     
    Secretary for Commerce and Economic Development: Regarding the challenges facing the retail and food and beverage sectors, we have different measures and funding helping the retail sector, such as the BUD Fund. We are also encouraging the sectors to look for changes and transformation, and e-commerce is one of the measures that we promote. Just today, we are going to launch the Hong Kong Shopping Festival for cross-border e-commerce to allow the retail sector to do more e-commerce business. For the maximum cumulative funding of $7 million per enterprise under the BUD Fund, they can apply for $1 million for e-commerce business to arrange for promotion and advertising for e-commerce business across the border.
     
    There are also measures to encourage tourists to come to Hong Kong. Actually, the number of tourists coming to Hong Kong is increasing. It is a positive sign that would help the retail sector. But most importantly, as mentioned by the Financial Secretary, it is time for transformation. We have to look at customer behaviour and their needs, and how we can satisfy customer demand. It is one of the major issues that we have to jointly resolve with enterprises. I have met with different chambers and associations of the retail sector. We had very good discussions on helping them to tackle the challenging situation. As mentioned by the Financial Secretary, we will keep an open mind to look at the situation and to see whether there is a need to introduce further measures to help the retail and food and beverage sectors. Thank you.
     
    Financial Secretary: We should be very confident in Hong Kong’s attractiveness as a hub for foreign businesses and talent. Over the past few years, I’ve been travelling a lot and also heavily engaged with the foreign business community in Hong Kong. I can summarise three key reasons why people should choose Hong Kong. First is, of course, for business reasons. Hong Kong has the proximity and sometimes priority access to the Mainland market. Depending on which sector you are in – if you are in the tech sector, say in the biotech sector, Hong Kong has an additional advantage because of our proximity to Shenzhen, and we are part of the GBA (Guangdong-Hong Kong-Macao Greater Bay Area) which is a technology hub. The Shenzhen-Hong Kong-Guangzhou cluster is very competitive in innovation.
     
        Apart from that, it is the capital market and the full range of funding options available here. For companies at different development stages, whether they are start-ups or others, we welcome them. In Hong Kong, we have around 4,700 start-ups, and the number represents a significant increase compared to that a few years ago. About 20 per cent of their founders come from overseas, and they come here for funding, professional advice, mentoring, and opportunities. In my discussions with the start-ups in Hong Kong Science Park and Cyberport, they value these as well as the innovation ecosystem very much. For start-ups, what they need are application scenarios, professional advice and funding support, and they are all available here. In Hong Kong, we have set up the Hong Kong Investment Corporation Limited, which provides patient capital. This means that if enterprises are engaged in cutting-edge technologies, we are willing to support them from small, and help them grow and connect them with fund managers to raise funds.
     
    The second reason is for their families and children. It is well recognised Hong Kong’s law and order is excellent. We are a very safe city. Education here is also outstanding. Moreover, this is an open and multicultural society, and it is very free. We have gathered a lot of overseas professionals and foreign businessmen here.
     
    Finally, it is about our lifestyle. Whether it is city life, F&B (food and beverage) or our countryside. So with all these, I think if we play our cards right, Hong Kong’s opportunities in the future are tremendous. Thank you for attending this conference. I appreciate your time. Thank you.
     
    (Please also refer to the Chinese portion of the remarks.)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Labour Department investigates fatal work accident in Tai Lam Chung

    Source: Hong Kong Government special administrative region – 4

    The Labour Department (LD) is investigating a fatal work accident that happened in Tai Lam Chung this afternoon (July 30) in which a man died.
     
    The LD immediately deployed staff to the scene upon receiving a report of the accident, and is now conducting an investigation to look into its cause.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ14:Measures to assist young people in home ownership

    Source: Hong Kong Government special administrative region – 4

         Following is a question by the Hon Kenneth Leung and a written reply by the Deputy Chief Secretary for Administration, who is undertaking the duties of the Secretary for Housing, Mr Cheuk Wing-hing, in the Legislative Council today (July 30):
     
    Question:
     
         In recent years, the current-term Government has actively encouraged young people to move up the housing ladder and has put in place a number of measures to assist young people in home ownership. In this connection, will the Government inform this Council:
     
    (1) among the applicants for the White Form Secondary Market Scheme 2024 (WSM 2024), of the number of young applicants under the Youth Scheme (WSM) and their percentage, with a breakdown by age group (i.e. aged 18 to 29 and aged 30 to 39);
     
    (2) out of the 6 000 quota under WSM 2024, of the number of those ultimately allocated to applicants aged under 40; whether the authorities will further increase the quota for the Youth Scheme (WSM) in the light of the response received and the demand of young people for home ownership;
     
    (3) whether it has compiled statistics on the respective numbers of applications for 80 per cent and 90 per cent loan-to-value (LTV) mortgage loans under the Mortgage Insurance Programme (MIP) in each of the past five years, and the respective percentages of such numbers in the total number of new mortgage loans approved each year; among the applicants for 80 per cent and 90 per cent LTV mortgage loans, of the number of young applicants aged under 40;
     
    (4) given that the HKMC Insurance Limited (HKMCI) announced in August last year a new arrangement, in which a waiver of the owner occupancy requirement under MIP will be granted to an eligible homeowner (such as a homeowner’s family expecting newborn(s), resulting in a change in housing needs) for renting out the property, whether the Government knows if HKMCI will consider enhancing such measure (such as expanding the eligibility criteria from families with newborn(s) to include families with young child or children as well), thereby enabling more young families to change residence based on family needs;
     
    (5) as it is learnt that some young families who previously acquired mortgage loans with a high LTV ratio through MIP find it difficult to replace their properties due to property price adjustments, and some even find themselves in negative equity, thus affecting their life planning, whether the Government has conducted surveys and studies, compiled statistics, and monitored on how such situation has impacted young families, and taken timely measures to prevent the problem from worsening; and
     
    (6) whether it will further assist young people in home ownership under the subsidised housing policies, such as adjusting the proportion of subsidised housing supply, extending the Youth Scheme to subsidised housing provided by the Hong Kong Housing Society, and increasing the annual number of applications that can be made for subsidised housing and the proportion of larger flats available, thereby making subsidised housing an important channel for young people to purchase their first home?
     
    Reply:
     
    President,
     
         Since taking office, the current-term Government has actively implemented multiple measures to “enhance speed, quantity, efficiency and quality” in public housing supply. With our unremitting efforts, the problem of back-loaded public housing supply has completely turned around. Coupled with 30 000 Light Public Housing units, the total public housing supply in the coming five years (i.e. 2025-26 to 2029-30) will reach 197 000 units, which is 85 per cent higher than that of the first five year period since the current-term Government took office (i.e. 2022-23 to 2026-27), providing a solid foundation for citizens to live and work in contentment. The Hong Kong Housing Authority (HA) has also been striving to enhance the housing ladder by assisting low- to middle-income families to purchase their own homes through the sale of subsidised sale flats (SSF), and encouraging them to move up the housing ladder as appropriate according to their own affordability.
     
         We notice that many young people are working hard to achieve upward mobility through accumulation of experience and savings. Among buyers of various types of SSF, young people under the age of 40 have always been the majority. For instance, nearly half of the successful applicants for first-hand Home Ownership Scheme (HOS) flats are under the age of 40. Around 80 per cent of applicants and buyers under the White Form Secondary Market Scheme (WSM) are also young people under the age of 40. In fact, the selling prices of SSF are affordable for young people. Taking HOS 2024 as an example, after applying the affordability benchmarks calculation, the flats are sold at around 70 per cent of the market price. Based on the average selling price, a flat of about 380 square feet in saleable area costs only around $2.7 million. As the HA provides a mortgage default guarantee for buyers of SSF, generally, White Form buyers can secure a mortgage loan at 90 per cent of the flat price. Assuming an interest rate at 3.5 per cent and a 30-year mortgage term, young people would only need to make a down payment of about $270,000, with monthly mortgage payments of $10,900, to become homeowners.
     
         To further assist young people, the HA has introduced a series of measures to facilitate their flat purchase. First, starting from the next HOS sale exercise, the HA will allocate an extra ballot number to young family and one-person applicants aged below 40 with White Form status. As for the secondary market, starting from WSM 2024, the HA has increased the quota to 6 000 by 1 500, all of which will be allocated to young family and one-person applicants under the age of 40.
     
         Meanwhile, the Hong Kong Housing Society (HKHS), as a close partner of the Government in housing policies, also fully supports the Government’s relevant housing initiatives in helping young people realise their home ownership aspirations, including the allocation of an additional ballot number to White Form young family and one-person applicants aged below 40 for the purchase of SSF. The HKHS will continue to make reference to the relevant arrangements of the HA and actively work towards the same.
     
         In addition, the Government also assists those higher-income persons who are not eligible for HOS and yet cannot afford private housing to achieve their home ownership aspirations through Starter Homes for Hong Kong Residents (SH) projects. Apart from the first two SH projects offered for sale by the Urban Renewal Authority (i.e. eResidence Towers 1 and 2, as well as eResidence Tower 3) with a total of over 600 SH units sold, the Government is also taking forward a few other SH projects, which will provide a total of around 5 000 SH units from the next few years onwards. Amongst applicants and final purchasers of SH units offered for sale in the past, around 85 per cent were youth aged 40 or below.
     
         Besides providing various types of subsidised housing, the Government has also implemented other measures to assist citizens in home purchase. The current-term Government has since February 2024 abolished all demand-side management measures for residential properties. The Hong Kong Monetary Authority has also since October 2024 adjusted the countercyclical macroprudential measures for property mortgage loans. The maximum loan-to-value (LTV) ratio and debt servicing ratio (DSR) limit were reverted to the pre-2009 levels before the countercyclical macroprudential measures were first introduced, with the maximum LTV ratio for all residential properties adjusted to 70 per cent, regardless of the value of the property, and the DSR limit adjusted to 50 per cent, providing facilitation to persons with different needs for property purchase. Individuals may also obtain high LTV ratio mortgage loans through the Mortgage Insurance Programme (MIP) according to their own needs. In particular, for first-time homebuyers with regular income purchasing properties priced at $10 million or below, the LTV ratio can be up to 90 per cent, which greatly reduces their down payment burden. Meanwhile, to provide comprehensive support for citizens and young people who have aspirations in purchasing flats, the Government has since February 26, 2025 adjusted the value bands of Ad Valorem Stamp Duty payable for sale and purchase or transfer of residential and non-residential properties, raising the maximum value of properties chargeable to $100 stamp duty from $3 million to $4 million. As for SSF, since most units are priced below $4 million (taking HOS 2024 as an example, the average selling price is around $2.7 million), buyers may thus benefit from the aforementioned reduction in stamp duty to $100, with savings to nearly $60,000.
     
         In consultation with the Financial Services and the Treasury Bureau, our reply to the questions raised by the Hon Kenneth Leung is as follows:
     
    (1) During the application period of WSM 2024, the HA received a total of around 34 000 applications. The oversubscription rate is about five times, reflecting the persistent strong demand for second hand SSF of citizens. Among all of the applications received, over 80 per cent came from young applicants opting to join the newly implemented Youth Scheme (WSM), showing that the scheme was well received by the young applicants. Regarding the number and age distribution of young applicants who opted for the Youth Scheme (WSM) under WSM 2024, please refer to Annex 1.
     
    (2) Balloting for WSM 2024 was conducted in April 2025. The HA expects that approval letters will be issued to successful applicants in the third/fourth quarter of 2025. Within the specified period, holders of the approval letters may apply for Certificate of Eligibility to Purchase (valid for 12 months) to purchase a SSF with premium unpaid. The HA will continuously monitor factors including the quota utilisation, demand for SSF, overall market conditions, etc, to make timely adjustments to both the total number of quota and the allocations under the Youth Scheme (WSM).
     
    (3) The MIP is administered by the HKMC Insurance Limited (HKMCI) for promoting home ownership in Hong Kong. When approving residential mortgage loans, banks have to comply with LTV requirement on owner-occupied residential mortgage lending, which is currently set at 70 per cent. With the MIP providing mortgage insurance to banks, banks can provide mortgage loans with higher LTV ratio (i.e. above 70 per cent) without incurring additional credit risk. As long as an application meets the relevant eligibility criteria, the bank can generally provide a mortgage loan of up to 80 per cent LTV ratio under the MIP. For first-time homebuyers with fixed salaries, the maximum LTV ratio can even reach 90 per cent, substantially reducing the down payment burden for homebuyers.
     
         The numbers of new loans drawn down under the MIP in the past five years (categorised by LTV ratio), and their respective proportions to the total number of new loans drawn down (i.e. figures in the brackets) are set out at Annex 2.
     
         Among above new loans drawn down, the numbers of cases involving at least one homeowner aged below 40, and their respective proportions to the total number of new loans drawn down (categorised by LTV ratio) (i.e. figures in the brackets) are set out at Annex 3.
     
    (4) In August 2024, the HKMCI put in place a new arrangement under the MIP to approve on a case-by-case basis eligible homeowners’ applications for renting out their self-occupied properties, so as to help them meet their special needs arising from changes in personal or family circumstances (new arrangement). The new arrangement has been implemented for around one year smoothly, offering substantial assistance to homeowners with special needs. Under the new arrangement, in addition to the situation that the homeowner’s family is expecting newborn(s)/adopting child or children or the homeowner has become unemployed, any homeowner who has other special needs and has been residing in the relevant property for not less than 12 months may also submit an application to the HKMCI through a bank for renting out the self-occupied property. The existing mechanism already allows homeowners who have young children and are able to meet the self-occupancy requirement to submit applications for renting out their self-occupied properties based on their special needs. The HKMCI will consider approving the relevant applications on a case-by-case basis.
     
    (5) The objective of the MIP is to promote home ownership and provide citizens with an additional option for financing. As the fluctuation of the property market is subject to various factors, citizens should take into consideration their needs for home ownership and repayment capability, and assess the risks carefully.
     
    (6) As mentioned above, both the HA and the HKHS are making relentless efforts to optimise various arrangements to help young people with home ownership aspirations strive to climb onto the home ownership ladder. The Chief Executive announced in the 2024 Policy Address that the HA would adjust the ratio between public rental housing (PRH) (including Green Form Subsidised Home Ownership Scheme flats) and SSF from 7:3 to 6:4 in order to increase the supply of SSF. In the next five years (i.e. 2025-26 to 2029-30), the HA and the HKHS will complete about 56 500 SSF. Meanwhile, the HA is implementing the arrangement announced in the 2022 Policy Address regarding the minimum floor area for new flats. The saleable area of all SSF completed from 2026-27 onwards will be no less than 26 square metres in general. Furthermore, in the latter part of the coming decade, we will reserve 10 per cent increase in floor area for public housing. We are also exploring other measures to further assist young people in purchasing SSF and the measures will be launched in a timely manner. That said, we would like to take this opportunity to appeal to young people once again to unleash their potential and create a more prosperous future, but not to limit their room for development just for the sake of meeting the eligibility criteria for PRH application. In the past five years (i.e. 2020-21 to 2024-25), the average age of non-elderly one-person applicants that were housed to PRH was 57 years old. After understanding the above opportunities and support provided by the Government for young people, young people should plan ahead of time so as to climb higher up the housing ladder.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: NASA-ISRO Satellite Lifts Off to Track Earth’s Changing Surfaces

    Source: NASA

    Carrying an advanced radar system that will produce a dynamic, three-dimensional view of Earth in unprecedented detail, the NISAR (NASA-ISRO Synthetic Aperture Radar) satellite has launched from Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh, India.
    Jointly developed by NASA and the Indian Space Research Organisation (ISRO), and a critical part of the United States – India civil-space cooperation highlighted by President Trump and Prime Minister Modi earlier this year, the satellite can detect the movement of land and ice surfaces down to the centimeter. The mission will help protect communities by providing unique, actionable information to decision-makers in a diverse range of areas, including disaster response, infrastructure monitoring, and agricultural management. 
    The satellite lifted off aboard an ISRO Geosynchronous Satellite Launch Vehicle (GSLV) rocket at 8:10 a.m. EDT (5:10 p.m. IST), Wednesday, July 30. The ISRO ground controllers began communicating with NISAR about 20 minutes after launch, at just after 8:29 a.m. EDT, and confirmed it is operating as expected.
    “Congratulations to the entire NISAR mission team on a successful launch that spanned across multiple time zones and continents in the first-ever partnership between NASA and ISRO on a mission of this sheer magnitude,” said Nicky Fox, associate administrator, Science Mission Directorate at NASA Headquarters in Washington. “Where moments are most critical, NISAR’s data will help ensure the health and safety of those impacted on Earth, as well as the infrastructure that supports them, for the benefit of all.”
    From 464 miles (747 kilometers) above Earth, NISAR will use two advanced radar instruments to track changes in Earth’s forests and wetland ecosystems, monitor deformation and motion of the planet’s frozen surfaces, and detect the movement of Earth’s crust down to fractions of an inch — a key measurement in understanding how the land surface moves before, during, and after earthquakes, volcanic eruptions, and landslides.
    “ISRO’s GSLV has precisely injected NISAR satellite into the intended orbit, 747 kilometers. I am happy to inform that this is GSLV’s first mission to Sun-synchronous polar orbit. With this successful launch, we are at the threshold of fulfilling the immense scientific potential NASA and ISRO envisioned for the NISAR mission more than 10 years ago,” said ISRO Chairman V Narayanan. “The powerful capability of this radar mission will help us study Earth’s dynamic land and ice surfaces in greater detail than ever before.”
    The mission’s two radars will monitor nearly all the planet’s land- and ice-covered surfaces twice every 12 days, including areas of the polar Southern Hemisphere rarely covered by other Earth-observing radar satellites. The data NISAR collects also can help researchers assess how forests, wetlands, agricultural areas, and permafrost change over time.
    “Observations from NISAR will provide new knowledge and tangible benefits for communities both in the U.S. and around the world,” said Karen St. Germain, director, Earth Science division at NASA Headquarters. “This launch marks the beginning of a new way of seeing the surface of our planet so that we can understand and foresee natural disasters and other changes in our Earth system that affect lives and property.”
    The NISAR satellite is the first free-flying space mission to feature two radar instruments — an L-band system and an S-band system. Each system is sensitive to features of different sizes and specializes in detecting certain attributes. The L-band radar excels at measuring soil moisture, forest biomass, and motion of land and ice surfaces, while S-band radar excels at monitoring agriculture, grassland ecosystems, and infrastructure movement.
    Together, the radar instruments will enhance all of the satellite’s observations, making NISAR more capable than previous synthetic aperture radar missions. Unlike optical sensors, NISAR will be able to “see” through clouds, making it possible to monitor the surface during storms, as well as in darkness and light.
    NASA’s Jet Propulsion Laboratory in Southern California provided the L-band radar, and ISRO’s Space Applications Centre in Ahmedabad developed the S-band radar. The NISAR mission marks the first time the two agencies have co-developed hardware for an Earth-observing mission.
    “We’re proud of the international team behind this remarkable satellite. The mission’s measurements will be global but its applications deeply local, as people everywhere will use its data to plan for a resilient future,” said Dave Gallagher, director, NASA JPL, which manages the U.S. portion of the mission for NASA. “At its core is synthetic aperture radar, a technology pioneered at NASA JPL that enables us to study Earth night and day, through all kinds of weather.”
    Including L-band and S-band radars on one satellite is an evolution in SAR airborne and space-based missions that, for NASA, started in 1978 with the launch of Seasat. In 2012, ISRO began launching SAR missions starting with Radar Imaging Satellite (RISAT-1), followed by RISAT-1A in 2022, to support a wide range of applications in India.
    In the coming weeks, the spacecraft will begin a roughly 90-day commissioning phase during which it will deploy its 39-foot (12-meter) radar antenna reflector. This reflector will direct and receive microwave signals from the two radars. By interpreting the differences between the two, researchers can discern characteristics about the surface below. As NISAR passes over the same locations twice every 12 days, scientists can evaluate how those characteristics have changed over time to reveal new insights about Earth’s dynamic surfaces.
    The NISAR mission is an equal collaboration between NASA and ISRO. Managed for the agency by Caltech, NASA JPL leads the U.S. component of the project and is providing the mission’s L-band SAR. NASA also is providing the radar reflector antenna, the deployable boom, a high-rate communication subsystem for science data, GPS receivers, a solid-state recorder, and payload data subsystem.
    Space Applications Centre Ahmedabad, ISRO’s lead center for payload development, is providing the mission’s S-band SAR instrument and is responsible for its calibration, data processing, and development of science algorithms to address the scientific goals of the mission. U R Rao Satellite Centre in Bengaluru, which leads the ISRO components of the mission, is providing the spacecraft bus. The launch vehicle is from ISRO’s Vikram Sarabhai Space Centre, launch services are through ISRO’s Satish Dhawan Space Centre, and satellite operations are by ISRO Telemetry Tracking and Command Network. National Remote Sensing Centre in Hyderabad is responsible for S-band data reception, operational products generation, and dissemination.
    To learn more about NISAR, visit:
    https://nisar.jpl.nasa.gov
    -end-
    Karen Fox / Elizabeth VlockHeadquarters, Washington202-358-1600karen.c.fox@nasa.gov / elizabeth.a.vlock@nasa.gov
    Andrew Wang / Jane J. LeeJet Propulsion Laboratory, Pasadena, Calif.626-379-6874 / 818-354-0307andrew.wang@jpl.nasa.gov / jane.j.lee@jpl.nasa.gov

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: President Lai meets delegation from US National Endowment for Democracy

    Source: Republic of China Taiwan

    Details
    2025-07-24
    President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam  
    On the morning of July 24, President Lai Ching-te met with a delegation led by Republic of Somaliland Minister of Foreign Affairs and International Cooperation Abdirahman Dahir Adam. In remarks, President Lai thanked the Somaliland government for its longstanding, staunch support for Taiwan-Somaliland relations. The president mentioned that this year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices and that our exchanges in various areas have yielded significant results. He expressed hope for continuing to deepen our partnership, advancing our bilateral friendship and fruitful cooperation. A translation of President Lai’s remarks follows: I warmly welcome all of our guests to Taiwan. This is the first visit to Taiwan for Minister Adam, Minister Khadir Hussein Abdi, and Admiral Ahmed Hurre Hariye. I thank you for your high regard and support for Taiwan. I also very much appreciate that Lead Advisor Mohamed Omar Hagi Mohamoud, who served as representative of Somaliland to Taiwan during the past five years, continues deepening Taiwan-Somaliland ties in his new role. Somaliland is renowned as a beacon of democracy in the Horn of Africa. I want to once again congratulate Somaliland on successfully holding presidential and political party elections last November, which garnered praise from the international community. At that time, I appointed Deputy Minister of Foreign Affairs François Chihchung Wu (吳志中) to serve as special envoy and lead a delegation to attend the inauguration of President Abdirahman Mohamed Abdullahi, demonstrating that Taiwan would work closely with Somaliland’s new government to write a new chapter in our friendship. Recently, authoritarian regimes have continued to apply new forms of coercion as they intensify suppression of Taiwan’s and Somaliland’s international participation. In response, our two sides must continue to deepen our partnership and demonstrate the resilience of democratic alliances, as well as our staunch commitment to defending our values.  This year marks the fifth anniversary of Taiwan and Somaliland’s mutual establishment of representative offices. Through our joint efforts, we have continued to expand exchanges in various areas, yielding significant results. This afternoon, we will also sign an agreement on coast guard cooperation, launching bilateral cooperation in maritime affairs. Regarding President Abdullahi’s focus on maritime security, the blue economy, and other policy objectives, we can strengthen our bilateral partnership moving forward. In addition, we also hope to work together with like-minded countries such as the United States, and through trilateral or multilateral cooperation platforms, realize the strategic goal of a non-red Somaliland coastline. I want to thank the Somaliland government once more for its longstanding, staunch support for Taiwan-Somaliland relations. I look forward to working with all of you to continue to advance our bilateral friendship and fruitful cooperation. In closing, I once again welcome Minister Adam and the delegation. I have every confidence that, in addition to advancing bilateral cooperation, this trip will allow you to experience Taiwan’s natural beauty and diverse culture. Minister Adam then delivered remarks, thanking the government and people of Taiwan for the warm hospitality they have received since their arrival. He stated that Taiwan is a peaceful nation and that it shares with Somaliland the value of democracy. He stated that we also share the goal of obtaining recognition, so he is glad that the Taiwan-Somaliland relationship is growing by the day. Minister Adam pointed out that there is much pressure that we are both facing in our relationship, but he reassured President Lai that no amount of pressure can change Somaliland’s strong ties with Taiwan. He also thanked the Taiwan government for the help it has proffered to Somaliland, adding that our relationship will only get better. Minister Adam said that Taiwan and Somaliland can cooperate in many areas and that there is more opportunity in Somaliland than any other country, adding that Somaliland is open for investment from Taiwan. Noting that our countries can also collaborate in other areas such as education and maritime security, the minister said that he is glad they will be signing a cooperative agreement in maritime security with Taiwan. He then said he is looking forward to a better relationship in the future. The delegation was accompanied to the Presidential Office by Somaliland Representative to Taiwan Mahmoud Adam Jama Galaal.  

    Details
    2025-07-22
    President Lai meets cross-party Irish Oireachtas delegation
    On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.

    Details
    2025-07-22
    President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
    On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.

    Details
    2025-07-17
    President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos  
    On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows:  I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-07-08
    President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
    On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

  • MIL-OSI NGOs: UK has ‘become a hunting ground for authoritarian regimes’

    Source: Amnesty International –

    Amnesty International UK has welcomed today’s damning report by the Joint Committee on Human Rights (JCHR), which finds that foreign states are operating with impunity to harass, threaten and intimidate individuals on UK soil, with the Government failing to provide adequate protection or response.

    The report, Transnational Repression in the UK, warns that hostile governments, including China, Iran and Russia, are using tactics such as surveillance, harassment, and abuse of legal systems to silence critics, human rights defenders and diaspora communities across the UK. It also highlights severe gaps in the UK’s response, including the absence of a clear legal definition, a lack of data collection, and no dedicated reporting mechanisms for victims.

    The findings reinforce Amnesty’s own research, published last year, which exposed the deep fear experienced by Chinese and Hong Kong students in the UK as a result of Beijing’s efforts to extend its repressive reach abroad. Amnesty documented how students live in constant fear of surveillance, reprisals against family members, and threats from Chinese authorities with many feeling unable to speak freely or engage in activism, even while on UK university campuses.

    Read the report: Chinese and Hong Kong students in the UK live in fear of the long arm of the Chinese government

    Responding to today’s JCHR report, Kerry Moscogiuri, Campaigns Director at Amnesty International UK, said:

    “This report should be a wake-up call. The UK has become a hunting ground for authoritarian regimes targeting dissidents, journalists, and exiles. It’s appalling that those who sought refuge here are met with fear, harassment and intimidation from foreign powers, with woefully inadequate protection and little coordinated response.

    “Amnesty International has repeatedly documented the Chinese government’s transnational repression, including the surveillance and intimidation of students and activists here in the UK. That includes the alarming escalation in threats against the Hong Kong community, with bounties placed on the heads of UK-based pro-democracy activists. Since our report last year, the Government has failed to take adequate action to address this threat.

    “The powerful JCHR report rightly exposes major gaps: the lack of a clear definition of transnational repression, no dedicated reporting mechanism, patchy police response, and a failure to collect even basic data on the scale of the threat. Crucially, it sets a 12-month timeline for government action to put protective systems in place for those most at risk.

    “The Government must now act on these recommendations, not just in principle, but in practice. Protections must be real, visible, and trusted by those they’re meant to serve. Civil society and affected communities need to see that the UK is not just listening, but standing up to repression in all its forms.

    “The UK must act now: work with affected activists and communities to define transnational repression, track it, and confront it, before silence becomes the new norm.”

    Amnesty International UK is urging the Government to immediately adopt the JCHR’s recommendations and establish a clear, cross-departmental strategy to identify, deter and respond to transnational repression including visible protections for those most at risk, and regular engagement with civil society organisations and affected communities.

     

    ENDS

    MIL OSI NGO –

  • MIL-OSI USA: S. 632, IHS Workforce Parity Act of 2025

    Source: US Congressional Budget Office

    S. 632 would modify two workforce development programs aimed at recruiting health professionals for the Indian Health Service (IHS). The IHS Scholarship Program provides grants to current students who are members of federally recognized tribes and working toward degrees in the health professions. The awards cover tuition and education-related expenses in exchange for a two-year, full-time commitment to work for IHS after certification as a health professional. The Loan Repayment Program pays current health professionals up to $25,000 annually to cover student loan repayments and up to $6,000 a year to cover the associated income tax liability in exchange for a two-year, full-time commitment to work for IHS.

    S. 632 would modify both programs by allowing recipients to work part-time in exchange for the financial assistance. Under the bill, Scholarship Program recipients could work 20 hours a week for four years, and Loan Repayment Program recipients could work either part-time at IHS for four years for the full amount of loan and tax assistance or part-time for two years in exchange for a 50 percent reduction in their loan assistance.

    CBO estimates that implementing S. 632 would result in more students and health care professionals receiving financial assistance by agreeing to work with IHS. CBO expects that the number of grants would increase by about 1 percent in 2027 and continue to grow thereafter. By 2031, and for the remainder of the 2025-2035 period, the number of grants is projected to increase by 5 percent relative to current law. Using information from IHS about average scholarship and loan amounts and information on the cost of part-time employment at IHS, CBO estimates that implementing the bill would cost $17 million over the 2025-2030 period and $125 million over the 2025-2035 period. Any related spending would be subject to the availability of appropriated funds.

    The costs of the legislation, detailed in Table 1, fall within budget function 550 (health).

    Table 1.

    Estimated Spending Subject to Appropriation Under S. 632
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035

    Estimated Authorization

    0

    *

    1

    2

    5

    9

    14

    18

    22

    26

    28

    17

    125

    Estimated Outlays

    0

    *

    1

    2

    5

    9

    14

    18

    22

    26

    28

    17

    125

    The CBO staff contact for this estimate is Robert Stewart. The estimate was reviewed by Emily Stern, Senior Adviser for Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI: FormFactor, Inc. Reports 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LIVERMORE, Calif., July 30, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2025 ended June 28, 2025. Quarterly revenues were $195.8 million, an increase of 14.3% compared to $171.4 million in the first quarter of fiscal 2025, and a decrease of 0.8% from $197.5 million in the second quarter of fiscal 2024.

    • Anticipated strength in HBM and Foundry & Logic probe cards drove sequentially stronger second-quarter revenue
    • FormFactor is now shipping in volume to all three major HBM manufacturers
    • Closed acquisition of Farmers Branch manufacturing facility, providing significant operational flexibility in lower operating cost region

    “FormFactor reported sequentially stronger second-quarter revenue that exceeded the high end of our outlook range, due to higher-than-anticipated growth in our probe-card business,” said Mike Slessor, CEO of FormFactor, Inc. “Despite this revenue strength, non-GAAP gross margin and overall profitability fell short of our outlook, mainly caused by an unfavorable shift in product mix and unforecasted ramp-up costs for a second HBM DRAM customer.”

    Second Quarter Highlights

    On a GAAP basis, net income for the second quarter of fiscal 2025 was $9.1 million, or $0.12 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $6.4 million, or $0.08 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $19.4 million, or $0.25 per fully-diluted share. Gross margin for the second quarter of 2025 was 37.3%, compared with 37.7% in the first quarter of 2025, and 44.0% in the second quarter of 2024.

    On a non-GAAP basis, net income for the second quarter of fiscal 2025 was $21.2 million, or $0.27 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $18.0 million, or $0.23 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $27.3 million, or $0.35 per fully-diluted share. On a non-GAAP basis, gross margin for the second quarter of 2025 was 38.5%, compared with 39.2% in the first quarter of 2025, and 45.3% in the second quarter of 2024.

    GAAP net cash provided by operating activities for the second quarter of fiscal 2025 was $18.9 million, compared to $23.5 million for the first quarter of fiscal 2025, and $21.9 million for the second quarter of fiscal 2024. Free cash flow for the second quarter of fiscal 2025 was negative $47.1 million, compared to free cash flow for the first quarter of fiscal 2025 of $6.3 million, and free cash flow for the second quarter of 2024 of $14.2 million.

    A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

    Outlook

    Dr. Slessor added, “In the current third quarter, we expect to deliver revenue comparable to the second quarter, with slightly higher gross margin and operating profit.”

    For the third quarter ending September 27, 2025, FormFactor is providing the following outlook*:

        GAAP   Reconciling Items**   Non-GAAP
    Revenue   $200 million +/- $5 million   —   $200 million +/- $5 million
    Gross Margin   38.5% +/- 1.5%   $3 million   40% +/- 1.5%
    Net income per diluted share   $0.14 +/- $0.04   $0.11   $0.25 +/- $0.04
    *This outlook assumes consistent foreign currency rates.
    **Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.
     

    We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

    The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

    Use of Non-GAAP Financial Information:

    To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and six months ended June 28, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

    About FormFactor:

    FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

    Forward-looking Statements:

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, and the Company’s performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

    FORMFACTOR, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      June 28,
    2025    		   March 29,
    2025    		   June 29,
    2024    		   June 28,
    2025    		   June 29,
    2024
    Revenues $ 195,798     $ 171,356     $ 197,474     $ 367,154     $ 366,199  
    Cost of revenues   122,860       106,833       110,574       229,693       216,561  
    Gross profit   72,938       64,523       86,900       137,461       149,638  
    Operating expenses:                  
    Research and development   28,793       27,800       31,564       56,593       60,191  
    Selling, general and administrative   31,839       33,454       37,874       65,293       70,953  
    Total operating expenses   60,632       61,254       69,438       121,886       131,144  
    Gain on sale of business   —       —       310       —       20,581  
    Operating income   12,306       3,269       17,772       15,575       39,075  
    Interest income, net   2,642       3,317       3,415       5,959       6,571  
    Other income (expense), net   (6 )     890       360       884       880  
    Income before income taxes   14,942       7,476       21,547       22,418       46,526  
    Provision for income taxes   2,372       1,075       2,155       3,447       5,353  
    Loss from equity investment   3,484       —       —       3,484       —  
    Net income $ 9,086     $ 6,401     $ 19,392     $ 15,487     $ 41,173  
    Net income per share:                  
    Basic $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.53  
    Diluted $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.52  
    Weighted-average number of shares used in per share calculations:                
    Basic   77,107       77,345       77,235       77,226       77,343  
    Diluted   77,527       77,884       78,717       77,721       78,746  
                                           
    FORMFACTOR, INC.
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      June 28,
    2025    		   March 29,
    2025    		   June 29,
    2024    		   June 28,
    2025    		   June 29,
    2024
    GAAP Gross Profit $ 72,938     $ 64,523     $ 86,900     $ 137,461     $ 149,638  
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   528       542       545       1,070       1,131  
    Stock-based compensation   1,690       2,005       1,932       3,695       3,860  
    Restructuring charges   183       60       39       243       83  
    Non-GAAP Gross Profit $ 75,339     $ 67,130     $ 89,416     $ 142,469     $ 154,712  
                       
    GAAP Gross Margin   37.3 %     37.7 %     44.0 %     37.4 %     40.9 %
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   0.3 %     0.3 %     0.3 %     0.3 %     0.3 %
    Stock-based compensation   0.8 %     1.2 %     1.0 %     1.0 %     1.1 %
    Restructuring charges   0.1 %     — %     — %     0.1 %     — %
    Non-GAAP Gross Margin   38.5 %     39.2 %     45.3 %     38.8 %     42.3 %
                       
    GAAP operating expenses $ 60,632     $ 61,254     $ 69,438     $ 121,886     $ 131,144  
    Adjustments:                  
    Amortization of intangibles   (191 )     (191 )     (191 )     (382 )     (382 )
    Stock-based compensation   (7,701 )     (7,791 )     (8,277 )     (15,492 )     (16,754 )
    Restructuring charges   (195 )     (2,823 )     (49 )     (3,018 )     (98 )
    Costs related to sale and acquisition of businesses   (55 )     (217 )     (43 )     (272 )     (689 )
    Non-GAAP operating expenses $ 52,490     $ 50,232     $ 60,878     $ 102,722     $ 113,221  
                       
    GAAP operating income $ 12,306     $ 3,269     $ 17,772     $ 15,575     $ 39,075  
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   719       733       736       1,452       1,513  
    Stock-based compensation   9,391       9,796       10,209       19,187       20,614  
    Restructuring charges   378       2,883       88       3,261       181  
    Gain on sale of business, net of costs and acquisition related expenses   55       217       (267 )     272       (19,892 )
    Non-GAAP operating income $ 22,849     $ 16,898     $ 28,538     $ 39,747     $ 41,491  
                                           
    FORMFACTOR, INC.
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Six Months Ended
      June 28,
    2025    		   March 29,
    2025    		   June 29,
    2024    		   June 28,
    2025    		   June 29,
    2024
    GAAP net income $ 9,086     $ 6,401     $ 19,392     $ 15,487     $ 41,173  
    Adjustments:                  
    Amortization of intangibles and fixed asset fair value adjustments due to acquisitions   719       733       736       1,452       1,513  
    Stock-based compensation   9,391       9,796       10,209       19,187       20,614  
    Restructuring charges   378       2,883       88       3,261       181  
    Gain on sale of business and assets, net of costs and acquisition related expenses   3,460       217       (267 )     3,677       (19,892 )
    Income tax effect of non-GAAP adjustments   (1,812 )     (2,026 )     (2,835 )     (3,838 )     (1,922 )
    Non-GAAP net income $ 21,222     $ 18,004     $ 27,323     $ 39,226     $ 41,667  
                       
    GAAP net income per share:                  
    Basic $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.53  
    Diluted $ 0.12     $ 0.08     $ 0.25     $ 0.20     $ 0.52  
                       
    Non-GAAP net income per share:                  
    Basic $ 0.28     $ 0.23     $ 0.35     $ 0.51     $ 0.54  
    Diluted $ 0.27     $ 0.23     $ 0.35     $ 0.50     $ 0.53  
                       
    GAAP net cash provided by operating activities $ 18,893     $ 23,539     $ 21,878     $ 42,432     $ 54,890  
    Adjustments:                  
    Sale of business and acquisition related payments in working capital   168       1,221       630       1,389       677  
    Cash paid for interest   95       92       101       187       201  
    Capital expenditures   (66,256 )     (18,584 )     (8,398 )     (84,840 )     (21,834 )
    Free cash flow $ (47,100 )   $ 6,268     $ 14,211     $ (40,832 )   $ 33,934  
                       
    GAAP net cash used in investing activities $ (78,553 )   $ (84,660 )   $ (6,140 )   $ (163,213 )   $ (9,960 )
    GAAP net cash used in financing activities $ (4,214 )   $ (2,964 )   $ (4,934 )   $ (7,178 )   $ (19,426 )
                                           
    FORMFACTOR, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
      Six Months Ended
      June 28,
    2025    		   June 29,
    2024
    Cash flows from operating activities:      
    Net income $ 15,487     $ 41,173  
    Selected adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation   17,051       14,563  
    Amortization   1,339       1,280  
    Stock-based compensation expense   19,187       20,614  
    Provision for excess and obsolete inventories   6,695       6,277  
    Loss from equity investment   3,484       —  
    Gain on sale of business and assets   (103 )     (20,581 )
    Non-cash restructuring charges   2,160       —  
    Other activity impacting operating cash flows   (22,868 )     (8,436 )
    Net cash provided by operating activities   42,432       54,890  
    Cash flows from investing activities:      
    Acquisition of property, plant and equipment   (84,840 )     (21,834 )
    Proceeds from sale of business and assets   103       21,585  
    Purchase of equity investment   (67,156 )     —  
    Purchases of marketable securities, net   (11,320 )     (9,711 )
    Net cash used in investing activities   (163,213 )     (9,960 )
    Cash flows from financing activities:      
    Purchase of common stock through stock repurchase program, including excise tax paid   (24,586 )     (20,271 )
    Proceeds from issuances of common stock   21,576       4,948  
    Principal repayments on term loans   (549 )     (534 )
    Tax withholdings related to net share settlements of equity awards   (3,619 )     (3,569 )
    Net cash used in financing activities   (7,178 )     (19,426 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,658       (2,826 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (126,301 )     22,678  
    Cash, cash equivalents and restricted cash, beginning of period   197,206       181,273  
    Cash, cash equivalents and restricted cash, end of period $ 70,905     $ 203,951  
                   
    FORMFACTOR, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      June 28,
    2025    		   December 28,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 67,380     $ 190,728  
    Marketable securities   181,949       169,295  
    Accounts receivable, net of allowance for credit losses   115,199       104,294  
    Inventories, net   110,789       101,676  
    Restricted cash   1,061       3,746  
    Prepaid expenses and other current assets   48,884       35,389  
    Total current assets   525,262       605,128  
    Restricted cash   2,464       2,732  
    Operating lease, right-of-use-assets   19,475       22,579  
    Property, plant and equipment, net of accumulated depreciation   259,288       210,230  
    Equity investment   67,264       —  
    Goodwill   200,858       199,171  
    Intangibles, net   9,017       10,355  
    Deferred tax assets   94,795       92,012  
    Other assets   3,185       4,008  
    Total assets $ 1,181,608     $ 1,146,215  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 59,932     $ 62,287  
    Accrued liabilities   38,545       43,742  
    Current portion of term loan, net of unamortized issuance costs   1,121       1,106  
    Deferred revenue   16,450       15,847  
    Operating lease liabilities   7,919       8,363  
    Total current liabilities   123,967       131,345  
    Term loan, less current portion, net of unamortized issuance costs   11,644       12,208  
    Long-term operating lease liabilities   15,231       17,550  
    Deferred grant   18,000       18,000  
    Other liabilities   22,743       19,344  
    Total liabilities   191,585       198,447  
           
    Stockholders’ equity:      
    Common stock   77       77  
    Additional paid-in capital   850,064       837,586  
    Accumulated other comprehensive income (loss)   3,450       (10,840 )
    Accumulated income   136,432       120,945  
    Total stockholders’ equity   990,023       947,768  
    Total liabilities and stockholders’ equity $ 1,181,608     $ 1,146,215  
                   

    About our Non-GAAP Financial Measures:

    We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” included in this press release.

    Investor Contact:
    Stan Finkelstein
    Investor Relations
    (925) 290-4273
    ir@formfactor.com

    Source: FormFactor, Inc.
    FORM-F

    The MIL Network –

  • MIL-OSI: AMSC Reports First Quarter Fiscal Year 2025 Financial Results and Business Outlook

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Financial Highlights:

    • Increased Revenue by 80% Year Over Year to Above $70 Million
    • Reported Net Income of Over $6 Million and Non-GAAP Net Income Exceeding $11 million
    • Achieved Gross Margin Greater than 30%

    Company to host conference call tomorrow, July 31, at 10:00 am ET

    AYER, Mass., July 30, 2025 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its first quarter of fiscal year 2025 ended June 30, 2025.

    Revenues for the first quarter of fiscal 2025 were $72.4 million compared with $40.3 million for the same period of fiscal 2024. The year-over-year increase was driven by organic growth and the acquisition of NWL, Inc. 

    AMSC’s net income for the first quarter of fiscal 2025 was $6.7 million, or $0.17 per share, compared to a net loss of $2.5 million, or $0.07 per share, for the same period of fiscal 2024. The Company’s non-GAAP net income for the first quarter of fiscal 2025 was $11.6 million, or $0.30 per share, compared with a non-GAAP net income of $3.0 million, or $0.09 per share, in the same period of fiscal 2024. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

    Cash, cash equivalents, and restricted cash on June 30, 2025, totaled $213.4 million, compared with $85.4 million at March 31, 2025.

    “We’ve kicked off fiscal 2025 with accelerated growth, delivering a standout first quarter marked by significant progress and exceptional execution that surpassed our expectations,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “AMSC grew fiscal first quarter revenue by 80% year-over-year, generated net income of over $6 million marking our fourth consecutive quarter of profitability, and achieved expanded gross margins surpassing 30%. Strength in the semiconductor market—driven by growing demand for applications such as artificial intelligence and data centers—contributed to our momentum, while bookings and backlog remained steady. These results highlight our continued progress in scaling the business, diversifying revenue streams, and driving outstanding financial performance. We approach the remainder of fiscal 2025 with confidence in our team and business.”

    Business Outlook
    For the second quarter ending September 30, 2025, AMSC expects that its revenues will be in the range of $65.0 million to $70.0 million. The Company’s net income for the second quarter of fiscal 2025 is expected to exceed $2.0 million, or $0.05 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $6.0 million, or $0.14 per share.

    Conference Call Reminder
    In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.

    About AMSC (Nasdaq: AMSC)
    AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance.  Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtecc™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

    AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, NWL, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding execution of our goals and strategies, including scaling our business and diversifying revenue streams; growing demand for applications such as artificial intelligence and data centers; backlog; expectations regarding the second quarter of fiscal 2025; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2025; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have not been historically profitable, which may recur in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; While we generated positive operating cash flow in fiscal 2024 and the prior year, we have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may be required to issue performance bonds, which restricts our ability to access any cash used as collateral for the bonds; We may not realize all of the sales expected from our backlog of orders and contracts; If we fail to implement our business strategy successfully, our financial performance could be harmed; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Our contracts with the U.S. and Canadian governments are subject to audit, modification or termination by such governments and include certain other provisions in favor of the governments. The continued funding of such contracts may remain subject to annual legislative appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Our business and operations may be materially adversely impacted in the event of a failure or security breach of our or any critical third parties’ IT Systems or Confidential Information; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationships; Pandemics, epidemics, or other public health crises may adversely impact our business, financial condition and results of operations; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Industry consolidation could result in more powerful competitors and fewer customers; Our success could depend upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our REG products may not develop; Increasing focus and scrutiny on environmental sustainability and social initiatives could adversely impact our business and financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy; Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2025, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

         
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
         
      Three Months Ended June 30,  
      2025   2024  
    Revenues            
    Grid $ 60,087   $ 32,336  
    Wind   12,271     7,954  
    Total revenues   72,358     40,290  
                 
    Cost of revenues   47,869     28,065  
                 
    Gross margin   24,489     12,225  
                 
    Operating expenses:            
    Research and development   4,304     2,286  
    Selling, general and administrative   14,204     8,898  
    Amortization of acquisition-related intangibles   337     412  
    Change in fair value of contingent consideration   —     3,920  
    Total operating expenses   18,845     15,516  
                 
    Operating income (loss)   5,644     (3,291 )
                 
    Interest income, net   932     1,120  
    Other income (expense), net   347     (160 )
    Income (loss) before income tax expense   6,923     (2,331 )
                 
    Income tax expense   199     193  
                 
    Net income (loss) $ 6,724   $ (2,524 )
                 
    Net income (loss) per common share            
    Basic $ 0.17   $ (0.07 )
    Diluted $ 0.17   $ (0.07 )
                 
    Weighted average number of common shares outstanding            
    Basic   38,875     35,676  
    Diluted   39,742     35,676  
                 
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except per share data)
               
      June 30, 2025     March 31, 2025  
    ASSETS              
    Current assets:              
    Cash and cash equivalents $ 207,890     $ 79,494  
    Accounts receivable, net   54,684       46,186  
    Inventory, net   71,602       71,169  
    Prepaid expenses and other current assets   13,332       8,055  
    Restricted cash   1,349       1,613  
    Total current assets   348,857       206,517  
                   
    Property, plant and equipment, net   38,521       38,572  
    Intangibles, net   5,579       5,916  
    Right-of-use assets   4,041       3,829  
    Goodwill   48,164       48,164  
    Restricted cash   4,180       4,274  
    Deferred tax assets   1,262       1,178  
    Equity-method investments   1,406       1,113  
    Other assets   836       958  
    Total assets $ 452,846     $ 310,521  
                   
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
                   
    Current liabilities:              
    Accounts payable and accrued expenses $ 38,401     $ 32,282  
    Lease liability, current portion   854       685  
    Deferred revenue, current portion   66,055       66,797  
    Total current liabilities   105,310       99,764  
                   
    Deferred revenue, long term portion   9,836       9,336  
    Lease liability, long term portion   2,906       2,684  
    Deferred tax liabilities   1,647       1,595  
    Other liabilities   31       28  
    Total liabilities   119,730       113,407  
                   
    Stockholders’ equity:              
    Common stock, $0.01 par value, 75,000,000 shares authorized; 45,564,273 and 39,887,536 shares issued and 45,160,922 and 39,484,185 shares outstanding at June 30, 2025 and March 31, 2025, respectively   456       399  
    Additional paid-in capital   1,388,948       1,259,540  
    Treasury stock, at cost, 403,351 at June 30, 2025 and March 31, 2025   (3,765 )     (3,765 )
    Accumulated other comprehensive income   1,378       1,565  
    Accumulated deficit   (1,053,901 )     (1,060,625 )
    Total stockholders’ equity   333,116       197,114  
    Total liabilities and stockholders’ equity $ 452,846     $ 310,521  
                   
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
         
      Three Months Ended June 30,  
      2025     2024  
    Cash flows from operating activities:              
                   
    Net income (loss) $ 6,724     $ (2,524 )
    Adjustments to reconcile net income (loss) to net cash provided by operations:              
    Depreciation and amortization   1,229       1,008  
    Stock-based compensation expense   4,526       1,229  
    Provision for excess and obsolete inventory   711       503  
    Amortization of operating lease right-of-use assets   243       192  
    Deferred income taxes   7       (2 )
    Earnings from equity method investments   (293 )     —  
    Change in fair value of contingent consideration   —       3,920  
    Other non-cash items   140       (3 )
    Changes in operating asset and liability accounts:              
    Accounts receivable   (8,512 )     2,786  
    Inventory   (1,046 )     (3,799 )
    Prepaid expenses and other assets   (5,084 )     (3,099 )
    Operating leases   (64 )     (195 )
    Accounts payable and accrued expenses   6,321       (1,734 )
    Deferred revenue   (777 )     5,127  
    Net cash provided by operating activities   4,125       3,409  
                   
    Cash flows from investing activities:              
    Purchases of property, plant and equipment   (814 )     (265 )
    Change in other assets   79       245  
    Net cash used in investing activities   (735 )     (20 )
                   
    Cash flows from financing activities:              
    Repayment of debt   —       (16 )
    Employee taxes paid related to net settlement of equity awards   —       (126 )
    Proceeds from public equity offering, net of offering expenses   124,577       —  
    Net cash provided by (used in) financing activities   124,577       (142 )
                   
    Effect of exchange rate changes on cash   71       (4 )
                   
    Net increase in cash, cash equivalents and restricted cash   128,038       3,243  
    Cash, cash equivalents and restricted cash at beginning of period   85,381       92,280  
    Cash, cash equivalents and restricted cash at end of period $ 213,419     $ 95,523  
                   
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME
    (In thousands, except per share data)
         
      Three Months Ended June 30,  
      2025   2024  
    Net income (loss) $ 6,724   $ (2,524 )
    Stock-based compensation   4,526     1,229  
    Amortization of acquisition-related intangibles   337     412  
    Change in fair value of contingent consideration   —     3,920  
    Non-GAAP net income $ 11,587   $ 3,037  
                 
    Non-GAAP net income per share – basic $ 0.30   $ 0.09  
    Non-GAAP net income per share – diluted $ 0.29   $ 0.08  
    Weighted average shares outstanding – basic   38,875     35,676  
    Weighted average shares outstanding – diluted   39,742     37,032  
                 
    Reconciliation of Forecast GAAP Net Income to Non-GAAP Net Income
    (In millions, except per share data)
       
      Three Months Ending
      September 30, 2025
    Net income   $ 2.0
    Stock-based compensation     3.7
    Amortization of acquisition-related intangibles     0.3
    Non-GAAP net income   $ 6.0
    Non-GAAP net income per share   $ 0.14
    Shares outstanding     43.5
           
           

    Note: Non-GAAP net income is defined by the Company as net income before stock-based compensation; amortization of acquisition-related intangibles; change in fair value of contingent consideration, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income and non-GAAP net income per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net income for the fiscal quarter ending September 30, 2025, including the above adjustments, may differ materially from those forecasted in the table above. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, net income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net income is set forth in the table above.

    Contacts:

    AMSC Director, Communications:
    Nicol Golez
    978-399-8344
    Nicol.Golez@amsc.com

    Investor Relations:
    Carolyn Capaccio
    Phone: (212) 838-3777
    amscIR@allianceadvisors.com

    Public Relations:
    Joe Luongo
    (914) 906-5903
    jluongo@rooneypartners.com

    The MIL Network –

  • MIL-OSI USA News: Suspending Duty-Free De Minimis Treatment for All Countries

    Source: US Whitehouse

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Background.  In Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) and section 2(b) of that order.  In Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary of Commerce (Secretary) that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Mexico to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I declared a national emergency regarding the unusual and extraordinary threat from the failure of the Government of the People’s Republic of China (PRC) to arrest, seize, detain, or otherwise intercept chemical precursor suppliers, money launderers, other transnational criminal organizations, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China), I paused the suspension of duty-free de minimis treatment for articles described in section 2(a) of Executive Order 14195 until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    I subsequently received notification from the Secretary that adequate systems have been established to process and collect duties for articles of the PRC and Hong Kong that would otherwise be eligible for duty-free de minimis treatment, and in Executive Order 14256 of April 2, 2025 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports), I suspended duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for products of the PRC and Hong Kong described in section 2(a) of Executive Order 14195, as amended by Executive Order 14228 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China).  In addition, I instructed the Secretary to submit a report regarding the impact of Executive Order 14256 on American industries, consumers, and supply chains and to make recommendations for further action as he deems necessary.

    In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I declared a national emergency with respect to underlying conditions indicated by the large and persistent annual U.S. goods trade deficits.  I also provided that duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) would remain available for products described in section 3(a) of that order until I received a notification by the Secretary that adequate systems are in place to fully and expeditiously process and collect duties applicable for articles otherwise eligible for duty-free de minimis treatment.

    The Secretary has notified me that adequate systems are now in place to fully and expeditiously process and collect duties for articles otherwise eligible for duty-free de minimis treatment on a global basis, including for products described in section 2(a) and section 2(b) of Executive Order 14193, section 2(a) of Executive Order 14194, and section 3(a) of Executive Order 14257.

    In my judgment, I determine that it is still necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) in the manner and for the articles described below to deal with the unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States. 

    I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Canadian goods to deal with the emergency declared in Executive Order 14193, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14193, as amended, are effective in addressing the emergency declared in Executive Order 14193 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14193 is not undermined.  For example, many shippers go to great lengths to evade law enforcement and hide illicit substances in imports that go through international commerce.  These shippers conceal the true contents of shipments sent to the United States through deceptive shipping practices.  Some of the techniques employed by these shippers to conceal the true contents of the shipments, the identity of the distributors, and the country of origin of the imports include the use of re-shippers in the United States, false invoices, fraudulent postage, and deceptive packaging.  The risks of evasion, deception, and illicit-drug importation are particularly high for low-value articles that have been eligible for duty-free de minimis treatment.

    Independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Mexican goods to deal with the emergency declared in Executive Order 14194, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14194, as amended, are effective in addressing the emergency declared in Executive Order 14194 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14194 is not undermined.

    Independently, and after considering information newly provided by the Secretary, among other things, I determine that it is still necessary and appropriate to continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain goods of the PRC and Hong Kong to deal with the emergency declared in Executive Order 14195, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is still necessary and appropriate to ensure that the tariffs imposed by Executive Order 14195, as amended, are effective in addressing the emergency declared in Executive Order 14195 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14195 is not undermined.

    Also independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) on a global basis to deal with the emergency declared in Executive Order 14257, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14257, as amended, are not evaded and are effective in addressing the emergency declared in Executive Order 14257 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14257 is not undermined.

    Each of my determinations to suspend or continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) are independent from the other.  And each determination is made only for the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.

    Sec. 2.  Suspension of Duty-Free de minimis Treatment.  (a)  The duty-free de minimis exemption provided under 19 U.S.C. 1321(a)(2)(C) shall no longer apply to any shipment of articles not covered by 50 U.S.C. 1702(b), regardless of value, country of origin, mode of transportation, or method of entry.  Accordingly, all such shipments, except those sent through the international postal network, shall be subject to all applicable duties, taxes, fees, exactions, and charges.  International postal shipments not covered by 50 U.S.C. 1702(b) shall be subject to the duty rates described in section 3 of this order.  Entry for all shipments that — prior to the effective date of this order — qualified for the de minimis exemption, except for shipments sent through the international postal network, shall be filed using an appropriate entry type in the Automated Commercial Environment (ACE) by a party qualified to make such entry.

    (b)  Shipments sent through the international postal network that would otherwise qualify for the de minimis exemption under 19 U.S.C. 1321(a)(2)(C) shall pass free of any duties except those specified in section 3 of this order, and without the preparation of an entry by U.S. Customs and Border Protection (CBP), until such time as CBP establishes a new entry process and publishes that process in the Federal Register.  

    Sec. 3.  Duty Rates for International Postal Shipments.  (a)  Transportation carriers delivering shipments to the United States through the international postal network, or other parties if qualified in lieu of such transportation carriers, must collect and remit duties to CBP using the methodology described in either subsection (b) or (c) of this section.  Each transportation carrier shall apply the same methodology across all covered shipments during any given period but may change its methodology no more than once per calendar month, or on another schedule determined to be appropriate by CBP, upon providing at least 24 hours’ notice to CBP.

    (b)  A duty equal to the effective IEEPA tariff rate applicable to the country of origin of the product shall be assessed on the value of each dutiable postal item (package) containing goods entered for consumption.

    (c)  A specific duty shall be assessed on each package containing goods entered for consumption, based on the effective IEEPA tariff rate applicable to the country of origin of the product as follows:

    (i)    Countries with an effective IEEPA tariff rate of less than 16 percent:  $80 per item;

    (ii)   Countries with an effective IEEPA tariff rate between 16 and 25 percent (inclusive):  $160 per item; and

    (iii)  Countries with an effective IEEPA rate above 25 percent:  $200 per item.

    (d)  For all international postal shipments subject to the methodologies described in subsections (b) and (c) of this section, the country of origin of the article must be declared to CBP.

    (e)  The specific duty methodology provided for in subsection (c) of this section shall be available for transportation carriers to select for a period of 6 months from the effective date of this order.  After such time all shipments to the United States through the international postal network must comply with the ad valorem duty methodology in subsection (b) of this section.

    (f)  Shipments sent through the international postal network that are subject to antidumping and countervailing duties or a quota must continue to be entered under an appropriate entry type in ACE to the extent required by all applicable regulations.

    Sec. 4.  Implementation.  (a)  The requirements and procedures established by sections 2 and 3 of this order shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (b)  The provisions of this order supersede section 2 of Executive Order 14256, as amended, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (c)  Consistent with applicable law, the Secretary of Homeland Security is directed and authorized to take all necessary actions to implement and effectuate this order — including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order.  The Secretary of Homeland Security, in consultation with the United States International Trade Commission (ITC), shall determine whether modifications to the Harmonized Tariff Schedule of the United States are necessary to effectuate this order and may make such modifications through notice in the Federal Register.  The Secretary of Homeland Security shall consult with the Secretary of State, the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the United States Trade Representative, the ITC, and the Postmaster General, where appropriate.  The Secretary of Homeland Security may, consistent with applicable law, redelegate any of these functions within the Department of Homeland Security.  All executive departments and agencies shall take all appropriate measures within their authority to implement this order.

    (d)  To ensure remittance of duties in accordance with this order, and to assure compliance with other legal requirements, CBP is authorized to require a basic importation and entry bond as described in 19 C.F.R. 113.62 for informal entries valued at or less than $2,500.  Any carrier that transports international postal shipments to the United States, by any mode of transportation, must have an international carrier bond as described in 19 C.F.R. 113.64 to ensure payment of the duties described in section 3 of this order.  CBP is authorized to ensure that the international carrier bonds required by this subsection are sufficient to account for the duties described in section 3 of this order.

    Sec. 5.  Definition.  As used in this order, the term “effective IEEPA tariff rate” means the total duty rate imposed on articles to address a national emergency declared under IEEPA, including Executive Order 14257, as amended; Executive Order 14193; as amended, Executive Order 14194, as amended; and Executive Order 14195, as amended, in accordance with the stacking rules set out in Executive Order 14289 of April 29, 2025 (Addressing Certain Tariffs on Imported Articles), and any subsequent order or proclamation addressing stacking or the applicability of tariffs imposed under IEEPA.

    Sec. 6.  Severability.  (a)  If any provision of this order or the application of any provision of this order to any individual or circumstance is held to be invalid, the remainder of this order and the application of its provisions to any other individuals or circumstances shall not be affected.

    (b)(i)  If the additional duties imposed under Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended, are held to be invalid, the suspension of, or continued suspension of, duty-free de minimis treatment, as detailed in this order, shall not be affected.  Duty-free de minimis treatment would still be suspended, whether pursuant to my authority under 50 U.S.C. 1702(a)(1)(B) to “regulate . . . importation” or my authority under that provision to “nullify” or “void” “exercising any right . . . or privilege with respect to . . . any property,” in the way and to the extent explained in this order, to deal with the emergencies declared in Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended.  Such suspensions are still necessary and appropriate to address the unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.  Each determination to suspend or continue to suspend duty-free de minimis treatment is still independent from the other determination and made only with the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.  CBP is directed and authorized to take all necessary actions consistent with applicable law to implement and effectuate this order in line with this section ‑- including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order in line with this section.

    (ii)  Duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall remain available for postal shipments until notification by the Secretary to the President that adequate systems are in place to fully and expeditiously process and collect duties applicable for postal shipments otherwise eligible for duty-free de minimis treatment.  After such notification, duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall not be available for postal shipments.

    Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive

    department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    (d)  The costs for publication of this order shall be borne by the Department of Homeland Security.

                                 DONALD J. TRUMP

    THE WHITE HOUSE,

        July 30, 2025.

    MIL OSI USA News –

  • MIL-OSI: Tenaris Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, July 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2025 in comparison with its results for the quarter ended June 30, 2024.

    Summary of 2025 Second Quarter Results

    (Comparison with first quarter of 2025 and second quarter of 2024)

      2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 3,086 2,922 6% 3,322 (7%)
    Operating income ($ million) 583 550 6% 512 14%
    Net income ($ million) 542 518 5% 348 56%
    Shareholders’ net income ($ million) 531 507 5% 335 59%
    Earnings per ADS ($) 0.99 0.94 5% 0.59 68%
    Earnings per share ($) 0.50 0.47 5% 0.29 68%
    EBITDA* ($ million) 733 696 5% 650 13%
    EBITDA margin (% of net sales) 23.7% 23.8%   19.6%  

    * EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales.

    In the second quarter, our sales rose 6% sequentially reflecting an increase in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Our free cash flow for the quarter amounted to $538 million and, after spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025.

    Market Background and Outlook

    Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline. 

    Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time. 

    For the second half, as anticipated in our last conference call, our sales will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will also be affected by the recent increase in tariff costs. 

    Analysis of 2025 Second Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 2Q 2025 1Q 2025 2Q 2024
    Seamless 803 775 4% 805 0%
    Welded 179 212 (16%) 228 (21%)
    Total 982 987 (1%) 1,033 (5%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 2Q 2025 1Q 2025 2Q 2024
    (Net sales – $ million)          
    North America 1,403 1,244 13% 1,439 (2%)
    South America 531 552 (4%) 599 (11%)
    Europe 215 208 3% 269 (20%)
    Asia Pacific, Middle East and Africa 771 761 1% 823 (6%)
    Total net sales ($ million) 2,920 2,765 6% 3,130 (7%)
    Services performed on third party tubes ($ million) 110 101 8% 102 7%
    Operating income ($ million) 554 514 8% 459 21%
    Operating margin (% of sales) 19.0% 18.6%   14.7%  
               

    Net sales of tubular products and services increased 6% sequentially and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria.

    Operating results from tubular products and services amounted to a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 166 157 6% 192 (14%)
    Operating income ($ million) 29 36 (21%) 52 (45%)
    Operating margin (% of sales) 17.3% 23.1%   27.3%  
               

    Net sales of other products and services increased 6% sequentially and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw materials and energy sold to third parties which had a lower margin.

    Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees, taxes, and other expenses.

    Other operating results amounted to a loss of $6 million in the second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024. In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $32 million in the second quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax charge amounted to $105 million in the second quarter of 2025, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income tax charge reflects better results at several subsidiaries.

    Cash Flow and Liquidity of 2025 Second Quarter

    Net cash generated by operating activities during the second quarter of 2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million.

    With capital expenditures of $135 million, our free cash flow amounted to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our net cash position amounted to $3.7 billion at June 30, 2025.

    Analysis of 2025 First Half Results

      6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 6,008 6,763 (11%)
    Operating income ($ million) 1,133 1,323 (14%)
    Net income ($ million) 1,060 1,098 (4%)
    Shareholders’ net income ($ million) 1,038 1,072 (3%)
    Earnings per ADS ($) 1.94 1.87 4%
    Earnings per share ($) 0.97 0.93 4%
    EBITDA* ($ million) 1,429 1,637 (13%)
    EBITDA margin (% of net sales) 23.8% 24.2%  

    * EBITDA in 6M 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $1,808 million, or 26.7% of sales.

    Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback.

    Cash flow provided by operating activities amounted to $1.5 billion during the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position amounted to $3.7 billion at the end of June 2025.

    The following table shows our net sales by business segment for the periods indicated below:

    Net sales ($ million) 6M 2025 6M 2024 Increase/(Decrease)
    Tubes 5,686 95% 6,421 95% (11%)
    Others 322 5% 342 5% (6%)
    Total 6,008   6,763   (11%)
               

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 6M 2025 6M 2024 Increase/(Decrease)
    Seamless 1,578 1,582 0%
    Welded 390 496 (21%)
    Total 1,969 2,078 (5%)
           

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 6M 2025 6M 2024 Increase/(Decrease)
    (Net sales – $ million)      
    North America 2,647 3,028 (13%)
    South America 1,083 1,216 (11%)
    Europe 423 522 (19%)
    Asia Pacific, Middle East and Africa 1,532 1,656 (7%)
    Total net sales ($ million) 5,686 6,421 (11%)
    Services performed on third parties tubes ($ million) 211 294 (28%)
    Operating income ($ million) 1,068 1,245 (14%)
    Operating margin (% of sales) 18.8% 19.4%  
           

    Net sales of tubular products and services decreased 11% to $5,686 million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and Canada and 7% internationally compared to the first half of 2024.

    Operating results from tubular products and services amounted to a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on margins.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 322 342 (6%)
    Operating income ($ million) 65 78 (17%)
    Operating margin (% of sales) 20.2% 23.0%  
           

    Net sales of other products and services decreased 6% to $322 million in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.

    Operating results from other products and services amounted to a gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived from our oilfield services business in Argentina and from the sale of sucker rods.

    Selling, general and administrative expenses, or SG&A, declined from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.

    Other operating results amounted to a loss of $50 thousand in the first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $67 million in the first half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax amounted to a charge of $187 million in the first half of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.

    Cash Flow and Liquidity of 2025 First Half

    Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion (including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction in working capital of $276 million) in the first half of 2024.

    Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half of 2024.

    Following a dividend payment of $600 million in May 2025 and share buybacks of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on July 31, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/dy4pxaxk

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BI13b7d2b9dcce43d79257fc8cfbdde30c

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

    Consolidated Condensed Interim Income Statement

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
      (Unaudited) (Unaudited)
    Net sales 3,085,672 3,321,677 6,007,884 6,763,221
    Cost of sales (2,013,639) (2,143,614) (3,934,494) (4,277,666)
    Gross profit 1,072,033 1,178,063 2,073,390 2,485,555
    Selling, general and administrative expenses (483,633) (496,688) (940,698) (1,004,820)
    Other operating income 4,317 9,461 16,105 25,485
    Other operating expenses (9,983) (179,127) (16,150) (182,847)
    Operating income 582,734 511,709 1,132,647 1,323,373
    Finance Income 63,669 68,884 142,113 125,173
    Finance Cost (9,712) (15,722) (21,457) (36,305)
    Other financial results, net (22,294) 4,021 (53,735) (56,447)
    Income before equity in earnings of non-consolidated companies and income tax 614,397 568,892 1,199,568 1,355,794
    Equity in earnings (losses) of non-consolidated companies 32,651 (82,519) 46,686 (34,340)
    Income before income tax 647,048 486,373 1,246,254 1,321,454
    Income tax (105,342) (138,147) (186,684) (223,003)
    Income for the period 541,706 348,226 1,059,570 1,098,451
             
    Attributable to:        
    Shareholders’ equity 531,323 335,186 1,038,254 1,072,166
    Non-controlling interests 10,383 13,040 21,316 26,285
      541,706 348,226 1,059,570 1,098,451
     

    Consolidated Condensed Interim Statement of Financial Position

    (all amounts in thousands of U.S. dollars) At June 30, 2025 At December 31, 2024
      (Unaudited)  
    ASSETS        

    Non-current assets

    		        
    Property, plant and equipment, net 6,168,254   6,121,471  
    Intangible assets, net 1,362,262   1,357,749  
    Right-of-use assets, net 147,197   148,868  
    Investments in non-consolidated companies 1,575,101   1,543,657  
    Other investments 1,009,677   1,005,300  
    Deferred tax assets 835,954   831,298  
    Receivables, net 152,215 11,250,660 205,602 11,213,945

    Current assets

    		        
    Inventories, net 3,486,537   3,709,942  
    Receivables and prepayments, net 244,958   179,614  
    Current tax assets 415,626   332,621  
    Contract assets 60,182   50,757  
    Trade receivables, net 1,892,116   1,907,507  
    Derivative financial instruments 2,676   7,484  
    Other investments 2,482,514   2,372,999  
    Cash and cash equivalents 572,289 9,156,898 675,256 9,236,180
    Total assets   20,407,558   20,450,125

    EQUITY

    		        
    Shareholders’ equity   16,583,542   16,593,257
    Non-controlling interests   211,117   220,578
    Total equity   16,794,659   16,813,835

    LIABILITIES

    		        

    Non-current liabilities

    		        
    Borrowings 4,361   11,399  
    Lease liabilities 94,170   100,436  
    Derivative financial instruments 1,552   –  
    Deferred tax liabilities 472,640   503,941  
    Other liabilities 296,990   301,751  
    Provisions 61,746 931,459 82,106 999,633

    Current liabilities

    		        
    Borrowings 319,919   425,999  
    Lease liabilities 53,917   44,490  
    Derivative financial instruments 9,254   8,300  
    Current tax liabilities 298,803   366,292  
    Other liabilities 792,982   585,775  
    Provisions 156,387   119,344  
    Customer advances 139,751   206,196  
    Trade payables 910,427 2,681,440 880,261 2,636,657

    Total liabilities

    		   3,612,899   3,636,290
    Total equity and liabilities   20,407,558   20,450,125
     

    Consolidated Condensed Interim Statement of Cash Flows

    (all amounts in thousands of U.S. dollars)   Three-month period ended June 30, Six-month period ended June 30,
        2025 2024 2025 2024
        (Unaudited) (Unaudited)
    Cash flows from operating activities          
    Income for the period   541,706 348,226 1,059,570 1,098,451
    Adjustments for:          
    Depreciation and amortization   150,002 138,509 296,408 313,951
    Bargain purchase gain   – (2,211) – (2,211)
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas   8,650 170,610 18,527 170,610
    Income tax accruals less payments   (36,660) (84,340) (90,793) (113,562)
    Equity in earnings (losses) of non-consolidated companies   (32,651) 82,519 (46,686) 34,340
    Interest accruals less payments, net   (4,616) (14,573) (13,039) (2,635)
    Changes in provisions   628 (6,277) (1,765) (4,732)
    Changes in working capital   26,499 285,066 250,316 275,518
    Others, including net foreign exchange   19,589 17,672 21,609 52,448
    Net cash provided by operating activities   673,147 935,201 1,494,147 1,822,178
               
    Cash flows from investing activities          
    Capital expenditures   (135,454) (161,318) (309,292) (333,415)
    Changes in advances to suppliers of property, plant and equipment   (18,769) (13,467) (5,853) (10,515)
    Cash decrease due to deconsolidation of subsidiaries   (1,848) – (1,848) –
    Acquisition of subsidiaries, net of cash acquired   – 25,946 – 25,946
    Loan to joint ventures   – (1,391) (1,359) (2,745)
    Proceeds from disposal of property, plant and equipment and intangible assets   56,829 723 57,729 6,135
    Dividends received from non-consolidated companies   41,348 53,136 41,348 53,136
    Changes in investments in securities   94,299 (277,085) (131,337) (1,036,752)
    Net cash used in investing activities   36,405 (373,456) (350,612) (1,298,210)
               
    Cash flows from financing activities          
    Dividends paid   (600,317) (458,556) (600,317) (458,556)
    Dividends paid to non-controlling interest in subsidiaries   (27,264) – (27,264) –
    Changes in non-controlling interests   – (5) – 1,115
    Acquisition of treasury shares   (236,744) (492,322) (473,932) (803,386)
    Payments of lease liabilities   (15,392) (16,614) (30,047) (33,382)
    Proceeds from borrowings   128,874 365,149 476,443 1,195,096
    Repayments of borrowings   (145,831) (418,521) (574,956) (1,172,599)
    Net cash used in financing activities   (896,674) (1,020,869) (1,230,073) (1,271,712)
               
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
               
    Movement in cash and cash equivalents          
    At the beginning of the period   758,952 1,323,056 660,798 1,616,597
    Effect of exchange rate changes   (338) (15,237) (2,768) (20,158)
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
    At June 30,   571,492 848,695 571,492 848,695
     

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Income for the period 541,706 348,226 1,059,570 1,098,451
    Income tax charge 105,342 138,147 186,684 223,003
    Equity in earnings (losses) of non-consolidated companies (32,651) 82,519 (46,686) 34,340
    Financial Results (31,663) (57,183) (66,921) (32,421)
    Depreciation and amortization 150,002 138,509 296,408 313,951
    EBITDA 732,736 650,218 1,429,055 1,637,324
             

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Net cash provided by operating activities 673,147 935,201 1,494,147 1,822,178
    Capital expenditures (135,454) (161,318) (309,292) (333,415)
    Free cash flow 537,693 773,883 1,184,855 1,488,763
             

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Cash and cash equivalents 572,289 850,236
    Other current investments 2,482,514 2,452,375
    Non-current investments 1,002,523 1,120,834
    Derivatives hedging borrowings and investments (3,698) –
    Current borrowings (319,919) (559,517)
    Non-current borrowings (4,361) (21,386)
    Net cash / (debt) 3,729,348 3,842,542
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Inventories 3,486,537 3,834,623
    Trade receivables 1,892,116 2,185,425
    Customer advances (139,751) (298,158)
    Trade payables (910,427) (1,020,453)
    Operating working capital 4,328,475 4,701,437
    Annualized quarterly sales 12,342,688 13,286,708
    Operating working capital days 128 129
     

    Giovanni Sardagna      
    Tenaris
     1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • MIL-OSI: JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, July 30, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the “Bidder”), to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares in CECONOMY (the “CECONOMY Shares”) for a cash consideration of EUR 4.60 per share (the “Takeover Offer”).

    The Bidder and CECONOMY have also signed an investment agreement regarding the Takeover Offer and their intended cooperation after completion of the Takeover Offer. Furthermore, regarding their future cooperation, the Bidder and CECONOMY’s largest shareholder group comprising Convergenta Invest GmbH and related shareholders (together, “Convergenta”) entered into a shareholders’ agreement, effectiveness of which is subject to the completion of the Takeover Offer. As a result, post the completion of the Takeover Offer, Convergenta will hold 25.35% of the CECONOMY Shares, reducing its current shareholding in CECONOMY from 29.16% by an irrevocable undertaking to accept the Takeover Offer with respect to 3.81% of the CECONOMY Shares. The Bidder has also entered into agreements with several shareholders of CECONOMY, under which those shareholders have irrevocably undertaken to accept the Takeover Offer with respect to 31.7% of the CECONOMY Shares in total (including 3.81% from Convergenta), securing a total shareholding of 57.1% in combination with the retained stake of JD.com’s future partner Convergenta ahead of the launch of the Takeover Offer.

    CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY’s growth as a stand-alone business and accelerate CECONOMY’s transformation into Europe’s leading omni-channel consumer electronics platform. JD.com, renowned for its superior customer experience and industry-leading e-commerce logistics service standards, will contribute its advanced technology, leading omni-channel retail expertise, and logistics and warehouse capabilities to the partnership. This will strengthen CECONOMY’s capabilities and further develop its core business and capitalize on its market position. As part of the strategic roadmap, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. CECONOMY’s Supervisory Board and Management Board fully support the public Takeover Offer.

    “This partnership with CECONOMY will build Europe’s leading next-generation consumer electronics platform,” said JD.com CEO Sandy Xu. “CECONOMY’s market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate CECONOMY’s ongoing transformation. Our goal is to further grow CECONOMY’s platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of CECONOMY and look forward to working together to initiate the next phase of growth.”

    CECONOMY CEO Dr. Kai-Ulrich Deissner said, “With JD.com’s outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, CECONOMY operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option. In the coming years, we don’t just want to keep pace with the transformation in European retail – we want to continue leading it. JD.com is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with JD.com to strengthen European retail, based on complementary strengths and shared values.”

    “We fully support the strategic investment agreement and takeover offer and are confident that it represents the best opportunity to further drive the successful transformation of CECONOMY,” said Jürgen Kellerhals of anchor shareholder Convergenta. “The management team of CECONOMY has a clear strategic vision, and JD.com brings the resources and expertise required to accelerate the company’s (CECONOMY’s) next phase of growth. The technological expertise of JD.com is world-leading, as demonstrated by its success in other markets. As the long-term anchor investor, we believe this is the right step at the right time for the business, our employees, and our customers.”

    The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company’s cash on balance sheet. The closing of the Takeover Offer is expected to take place in the first half of 2026.

    The Offer Document (in German and a non-binding English translation) which will set forth the detailed terms and conditions of the Takeover Offer, as well as further information relating thereto, will be published by the Bidder following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) on the internet at the website www.green-offer.com.

    This announcement and the information within it are not intended to, and do not, constitute or form part of any offer to purchase or a solicitation of an offer to sell the CECONOMY Shares. Investors and holders of CECONOMY Shares are strongly advised to read the Offer Document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information.

    About JD.com, Inc.

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

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law. 

    For investor and media inquiries, please contact:

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

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

    The MIL Network –

  • MIL-OSI: SEACOR Marine Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2025.

    SEACOR Marine’s consolidated operating revenues for the second quarter of 2025 were $60.8 million, operating income was $6.1 million, and direct vessel profit (“DVP”)(1) was $11.3 million. This compares to consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024, and consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025.

    Notable second quarter items include:

    • 13.0% decrease in revenues from the second quarter of 2024 and a 9.6% increase from the first quarter of 2025.
    • Average day rates of $19,731, a 3.1% increase from the second quarter of 2024, and a 4.8% increase from the first quarter of 2025.
    • 68% utilization, a decrease from 69% in the second quarter of 2024 and an increase from 60% in the first quarter of 2025.
    • DVP margin of 18.6%, a decrease from 29.1% in the second quarter of 2024 and a decrease from 24.5% in the first quarter of 2025, due in part to $9.2 million of drydocking and major repairs during the second quarter of 2025 compared to $8.5 million in the second quarter of 2024 and $5.2 million in the first quarter of 2025, all of which are expensed as incurred.
    • During the second quarter of 2025, the Company completed the sale of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”) for total proceeds of $33.4 million and a gain of $19.1 million. Approximately $12.9 million of the proceeds were used to fund the repurchase of shares and warrants from Carlyle, and the remainder was held as restricted cash to partially fund future milestone payments for the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

    For the second quarter of 2025, net loss was $6.7 million ($0.26 loss per basic and diluted share). This compares to a net loss for the second quarter of 2024 of $12.5 million ($0.45 loss per basic and diluted share). Sequentially, the second quarter 2025 results compare to a net loss of $15.5 million ($0.56 loss per basic and diluted share) in the first quarter of 2025.

    Chief Executive Officer John Gellert commented:

    “The second quarter results reflect the changes to our fleet as we continued to implement our asset rotation and repositioning strategy.

    Our PSV fleet saw substantial improvement on average rates and utilization, achieving a 30.3% DVP margin, even with two of our premium PSVs being out of the market the entire quarter for repairs; one of which also received a hybrid power management upgrade. The two PSVs that we sold during the quarter were sold at compelling values and were some of our first-generation handy size vessels targeting the shallow water market, which is seeing increased vertical integration in some geographic markets. PSVs contributed greatly to our results in Latin America and West Africa, as well as in the Middle East where we operate two of our PSVs in a walk-to-work configuration outfitted with motion compensated gangways owned by SEACOR Marine.

    In the Middle East, the results were largely affected by repairs to one of our premium liftboats for almost the entire quarter. These repairs are ongoing as the scope and cost has exceeded our initial expectations, with the liftboat expected to return to service in September 2025. Despite these challenges, activity in the Middle East market continues to be healthy, and we recently mobilized an additional FSV to respond to market demand.

    In the U.S., we saw a noticeable improvement driven mostly by higher day rates and utilization for our liftboats, offset by higher drydocking expense and the layup of our three FSVs in the region. We anticipate redeploying these FSVs to international markets during the third and fourth quarter of 2025.

    As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants.

    We will continue to adapt and reposition SEACOR Marine into markets and assets with lower volatility and better returns over the coming quarters and ahead of our new PSV deliveries in 2026 and 2027. We have one of the youngest fleets in the sector and will continue to demonstrate the embedded value of our assets.”
    ___________________

    (1 ) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)    		  
        Three Months Ended June 30,     Six months ended June 30,  
        2025     2024     2025     2024  
    Operating Revenues   $ 60,810     $ 69,867     $ 116,309     $ 132,637  
    Costs and Expenses:                        
    Operating     49,493       49,520       91,421       97,619  
    Administrative and general     11,998       10,889       23,484       22,806  
    Lease expense     325       486       662       967  
    Depreciation and amortization     12,090       12,939       24,900       25,821  
          73,906       73,834       140,467       147,213  
    Gains on Asset Dispositions and Impairments, Net     19,163       37       24,972       36  
    Operating Income (Loss)     6,067       (3,930 )     814       (14,540 )
    Other Income (Expense):                        
    Interest income     372       445       808       1,038  
    Interest expense     (8,844 )     (10,190 )     (18,430 )     (20,499 )
    Derivative gains (losses), net     87       104       212       (439 )
    Foreign currency losses, net     (2,119 )     (560 )     (3,315 )     (640 )
    Other, net     —       —       —       (95 )
          (10,504 )     (10,201 )     (20,725 )     (20,635 )
    Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     (4,437 )     (14,131 )     (19,911 )     (35,175 )
    Income Tax Expense (Benefit)     2,508       (682 )     3,412       243  
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (6,945 )     (13,449 )     (23,323 )     (35,418 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies     218       966       1,107       (134 )
    Net Loss   $ (6,727 )   $ (12,483 )   $ (22,216 )   $ (35,552 )
                             
    Net Loss Per Share:                        
    Basic   $ (0.26 )   $ (0.45 )   $ (0.83 )   $ (1.29 )
    Diluted   $ (0.26 )   $ (0.45 )   $ (0.83 )   $ (1.29 )
    Weighted Average Common Stock and Warrants Outstanding:                        
    Basic     25,686,560       27,729,033       26,791,291       27,536,319  
    Diluted     25,686,560       27,729,033       26,791,291       27,536,319  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except statistics and per share data)    		  
              Three Months Ended  
        Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    Time Charter Statistics:                              
    Average Rates Per Day   $ 19,731     $ 18,825     $ 18,901     $ 18,879     $ 19,141  
    Fleet Utilization     68 %     60 %     72 %     67 %     69 %
    Fleet Available Days (2)     4,310       4,583       4,870       5,026       4,994  
    Operating Revenues:                              
    Time charter   $ 57,673     $ 51,933     $ 66,095     $ 63,313     $ 65,649  
    Bareboat charter     838       708       364       372       364  
    Other marine services     2,299       2,858       3,349       5,231       3,854  
          60,810       55,499       69,808       68,916       69,867  
    Costs and Expenses:                              
    Operating:                              
    Personnel     18,969       18,537       20,365       21,940       21,566  
    Repairs and maintenance     13,648       8,520       10,433       9,945       10,244  
    Drydocking     5,143       3,869       2,467       6,068       6,210  
    Insurance and loss reserves     2,982       2,153       2,473       2,584       3,099  
    Fuel, lubes and supplies     4,296       4,546       4,884       6,574       3,966  
    Other     4,455       4,303       6,104       5,796       4,435  
          49,493       41,928       46,726       52,907       49,520  
    Direct Vessel Profit (1)     11,317       13,571       23,082       16,009       20,347  
    Other Costs and Expenses:                              
    Lease expense     325       337       347       364       486  
    Administrative and general     11,998       11,486       10,888       11,019       10,889  
    Depreciation and amortization     12,090       12,810       12,879       12,928       12,939  
          24,413       24,633       24,114       24,311       24,314  
    Gains (Losses) on Asset Dispositions and Impairments, Net     19,163       5,809       11,624       1,821       37  
    Operating (Loss) Income     6,067       (5,253 )     10,592       (6,481 )     (3,930 )
    Other Income (Expense):                              
    Interest income     372       436       372       358       445  
    Interest expense     (8,844 )     (9,586 )     (10,001 )     (10,127 )     (10,190 )
    Derivative gains (losses), net     87       125       (536 )     67       104  
    Loss on debt extinguishment     —       —       (31,923 )     —       —  
    Foreign currency (losses) gains, net     (2,119 )     (1,196 )     1,308       (1,717 )     (560 )
    Other, net     —       —       187       29       —  
          (10,504 )     (10,221 )     (40,593 )     (11,390 )     (10,201 )
    Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     (4,437 )     (15,474 )     (30,001 )     (17,871 )     (14,131 )
    Income Tax Expense (Benefit)     2,508       904       (2,345 )     (513 )     (682 )
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (6,945 )     (16,378 )     (27,656 )     (17,358 )     (13,449 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies     218       889       1,430       1,012       966  
    Net Loss   $ (6,727 )   $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )
                                   
    Net Loss Per Share:                              
    Basic   $ (0.26 )   $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )
    Diluted   $ (0.26 )   $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )
    Weighted Average Common Stock and Warrants Outstanding:                              
    Basic     25,687       27,908       27,773       27,773       27,729  
    Diluted     25,687       27,908       27,773       27,773       27,729  
    Common Shares and Warrants Outstanding at Period End     26,976       29,488       28,950       28,950       28,941  

    __________________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    United States, primarily Gulf of America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 25,262     $ 23,874     $ 26,116     $ 17,188     $ 22,356  
    Fleet utilization     48 %     25 %     45 %     42 %     37 %
    Fleet available days     1,007       1,121       920       920       921  
    Out-of-service days for repairs, maintenance and drydockings     144       153       75       116       179  
    Out-of-service days for cold-stacked status (2)     270       173       184       175       127  
    Operating Revenues:                              
    Time charter   $ 12,205     $ 6,765     $ 10,744     $ 6,593     $ 7,697  
    Other marine services     1,175       235       1,114       1,188       480  
          13,380       7,000       11,858       7,781       8,177  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     6,854       6,486       6,097       6,297       6,284  
    Repairs and maintenance     1,950       1,479       1,680       1,655       1,879  
    Drydocking     3,684       1,066       1,451       2,615       2,570  
    Insurance and loss reserves     1,067       702       854       799       943  
    Fuel, lubes and supplies     1,010       819       854       964       866  
    Other     631       349       229       225       226  
          15,196       10,901       11,165       12,555       12,768  
    Direct Vessel (Loss) Profit (1)   $ (1,816 )   $ (3,901 )   $ 693     $ (4,774 )   $ (4,591 )
    Other Costs and Expenses:                              
    Lease expense   $ 139     $ 136     $ 136     $ 140     $ 141  
    Depreciation and amortization     3,203       3,705       3,196       3,194       3,194  
                                   
    Africa and Europe                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 19,140     $ 17,294     $ 16,895     $ 18,875     $ 18,580  
    Fleet utilization     77 %     70 %     73 %     77 %     74 %
    Fleet available days     1,668       1,710       1,856       1,990       1,969  
    Out-of-service days for repairs, maintenance and drydockings     248       382       180       203       203  
    Out-of-service days for cold-stacked status     —       —       —       58       91  
    Operating Revenues:                              
    Time charter   $ 24,535     $ 20,835     $ 22,999     $ 28,809     $ 27,047  
    Other marine services     806       852       1,027       3,048       1,028  
          25,341       21,687       24,026       31,857       28,075  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     5,515       5,183       5,654       6,083       4,969  
    Repairs and maintenance     4,646       3,462       3,712       3,455       3,161  
    Drydocking     901       1,241       835       681       1,226  
    Insurance and loss reserves     899       594       577       599       819  
    Fuel, lubes and supplies     1,714       2,180       2,226       2,514       1,170  
    Other     2,357       2,727       3,748       3,975       2,801  
          16,032       15,387       16,752       17,307       14,146  
    Direct Vessel Profit (1)   $ 9,309     $ 6,300     $ 7,274     $ 14,550     $ 13,929  
    Other Costs and Expenses:                              
    Lease expense   $ 51     $ 63     $ 82     $ 75     $ 172  
    Depreciation and amortization     4,263       4,402       4,477       4,540       4,565  

    __________________
    (1) See full description of footnote above.
    (2) Includes three FSVs cold-stacked in this region as of June 30, 2025.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    Middle East and Asia                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 15,506     $ 17,848     $ 17,337     $ 17,825     $ 17,083  
    Fleet utilization     73 %     75 %     88 %     71 %     82 %
    Fleet available days     1,089       1,170       1,266       1,288       1,296  
    Out-of-service days for repairs, maintenance and drydockings     204       82       30       229       168  
    Operating Revenues:                              
    Time charter   $ 12,365     $ 15,710     $ 19,385     $ 16,411     $ 18,073  
    Other marine services     432       292       635       375       619  
          12,797       16,002       20,020       16,786       18,692  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     4,511       4,927       5,470       5,769       6,930  
    Repairs and maintenance     6,338       2,505       3,574       3,318       3,443  
    Drydocking     13       1,031       (226 )     832       707  
    Insurance and loss reserves     842       702       804       927       798  
    Fuel, lubes and supplies     1,279       883       840       1,043       1,103  
    Other     1,104       881       1,305       1,131       989  
          14,087       10,929       11,767       13,020       13,970  
    Direct Vessel Profit (1)   $ (1,290 )   $ 5,073     $ 8,253     $ 3,766     $ 4,722  
    Other Costs and Expenses:                              
    Lease expense   $ 72     $ 83     $ 72     $ 73     $ 71  
    Depreciation and amortization     3,227       3,230       3,272       3,261       3,247  
                                   
    Latin America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 23,764     $ 22,084     $ 21,390     $ 21,984     $ 22,437  
    Fleet utilization     66 %     67 %     73 %     63 %     71 %
    Fleet available days (2)     546       582       828       828       808  
    Out-of-service days for repairs, maintenance and drydockings     26       —       20       94       41  
    Operating Revenues:                              
    Time charter   $ 8,568     $ 8,623     $ 12,967     $ 11,500     $ 12,832  
    Bareboat charter     838       708       364       372       364  
    Other marine services     (114 )     1,479       573       620       1,727  
          9,292       10,810       13,904       12,492       14,923  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     2,089       1,941       3,144       3,791       3,383  
    Repairs and maintenance     714       1,074       1,467       1,517       1,761  
    Drydocking     545       531       407       1,940       1,707  
    Insurance and loss reserves     174       155       238       259       539  
    Fuel, lubes and supplies     293       664       964       2,053       827  
    Other     363       346       822       465       419  
          4,178       4,711       7,042       10,025       8,636  
    Direct Vessel Profit (1)   $ 5,114     $ 6,099     $ 6,862     $ 2,467     $ 6,287  
    Other Costs and Expenses:                              
    Lease expense   $ 63     $ 55     $ 57     $ 76     $ 102  
    Depreciation and amortization     1,397       1,473       1,934       1,933       1,933  

    __________________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    AHTS                              
    Time Charter Statistics:                              
    Average rates per day worked   $ —     $ —     $ 10,410     $ 10,316     $ 8,125  
    Fleet utilization     — %     — %     79 %     46 %     49 %
    Fleet available days     —       —       178       334       364  
    Out-of-service days for repairs, maintenance and drydockings     —       —       28       87       29  
    Out-of-service days for cold-stacked status     —       —       —       58       91  
    Operating Revenues:                              
    Time charter   $ (22 )   $ 15     $ 1,465     $ 1,576     $ 1,459  
    Other marine services     (9 )     9       —       13       219  
          (31 )     24       1,465       1,589       1,678  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 9     $ 1     $ 595     $ 981     $ 1,045  
    Repairs and maintenance     255       38       128       239       465  
    Drydocking     —       —       5       436       280  
    Insurance and loss reserves     (4 )     —       49       66       97  
    Fuel, lubes and supplies     (125 )     66       25       90       69  
    Other     (4 )     12       210       263       230  
          131       117       1,012       2,075       2,186  
    Other Costs and Expenses:                              
    Lease expense   $ —     $ —     $ 7     $ 4     $ 164  
    Depreciation and amortization     3       4       122       175       175  
                                   
    FSV                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 13,468     $ 13,786     $ 13,643     $ 13,102     $ 12,978  
    Fleet utilization     67 %     71 %     72 %     81 %     80 %
    Fleet available days     1,935       1,980       2,024       2,024       2,002  
    Out-of-service days for repairs, maintenance and drydockings     181       135       118       96       128  
    Out-of-service days for cold-stacked status     270       90       92       83       36  
    Operating Revenues:                              
    Time charter   $ 17,573     $ 19,357     $ 19,992     $ 21,606     $ 20,698  
    Other marine services     516       762       416       1,012       516  
          18,089       20,119       20,408       22,618       21,214  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 4,526     $ 4,933     $ 5,078     $ 5,637     $ 5,829  
    Repairs and maintenance     3,542       2,983       4,480       4,378       4,572  
    Drydocking     666       353       426       448       457  
    Insurance and loss reserves     683       517       422       532       546  
    Fuel, lubes and supplies     1,449       1,173       1,586       1,962       993  
    Other     1,428       1,782       2,456       2,238       1,850  
          12,294       11,741       14,448       15,195       14,247  
    Other Costs and Expenses:                              
    Depreciation and amortization   $ 4,703     $ 4,932     $ 4,746     $ 4,744     $ 4,746  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    PSV                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 22,231     $ 19,424     $ 17,912     $ 21,819     $ 20,952  
    Fleet utilization     68 %     55 %     72 %     58 %     66 %
    Fleet available days (1)     1,738       1,890       1,932       1,932       1,900  
    Out-of-service days for repairs, maintenance and drydockings     247       396       117       349       291  
    Operating Revenues:                              
    Time charter   $ 26,440     $ 20,286     $ 24,865     $ 24,488     $ 26,390  
    Bareboat charter     838       708       364       372       364  
    Other marine services     433       508       1,561       2,855       2,266  
          27,711       21,502       26,790       27,715       29,020  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 8,567     $ 8,351     $ 8,999     $ 9,360     $ 8,979  
    Repairs and maintenance     3,799       3,949       4,101       3,798       3,151  
    Drydocking     1,993       2,513       1,046       2,629       2,616  
    Insurance and loss reserves     906       631       618       636       1,037  
    Fuel, lubes and supplies     1,858       2,594       2,379       3,594       1,575  
    Other     2,199       2,018       2,566       2,821       1,850  
          19,322       20,056       19,709       22,838       19,208  
    Other Costs and Expenses:                              
    Lease expense   $ —     $ —     $ —     $ (3 )   $ 3  
    Depreciation and amortization     3,943       4,133       4,122       4,117       4,128  

    __________________
    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    Liftboats                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 31,904     $ 39,559     $ 39,326     $ 36,423     $ 43,204  
    Fleet utilization     67 %     44 %     68 %     58 %     54 %
    Fleet available days     637       713       736       736       728  
    Out-of-service days for repairs, maintenance and drydockings     194       87       41       109       143  
    Out-of-service days for cold-stacked status     —       83       92       92       91  
    Operating Revenues:                              
    Time charter   $ 13,682     $ 12,275     $ 19,773     $ 15,643     $ 17,102  
    Other marine services     1,168       1,289       1,177       1,142       666  
          14,850       13,564       20,950       16,785       17,768  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 5,673     $ 5,247     $ 5,678     $ 5,926     $ 6,842  
    Repairs and maintenance     6,022       1,571       1,722       1,531       2,054  
    Drydocking     2,484       1,003       990       2,555       2,857  
    Insurance and loss reserves     1,376       1,241       1,384       1,334       1,482  
    Fuel, lubes and supplies     1,114       712       894       928       1,329  
    Other     803       482       860       473       519  
          17,472       10,256       11,528       12,747       15,083  
    Other Costs and Expenses:                              
    Depreciation and amortization     3,424       3,719       3,866       3,866       3,865  
                                   
    Other Activity                              
    Operating Revenues:                              
    Other marine services   $ 191     $ 290     $ 195     $ 209     $ 187  
          191       290       195       209       187  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 194     $ 5     $ 15     $ 36     $ (1,129 )
    Repairs and maintenance     30       (21 )     2       (1 )     2  
    Insurance and loss reserves     21       (236 )     —       16       (63 )
    Fuel, lubes and supplies     —       1       —       —       —  
    Other     29       9       12       1       (14 )
          274       (242 )     29       52       (1,204 )
    Other Costs and Expenses:                              
    Lease expense   $ 325     $ 337     $ 340     $ 363     $ 319  
    Depreciation and amortization     17       22       23       26       25  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)

    		    
        Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024    
    ASSETS                                
    Current Assets:                                
    Cash and cash equivalents   $ 34,381     $ 42,988     $ 59,491     $ 35,601     $ 40,605    
    Restricted cash     17,174       2,440       16,649       2,263       2,255    
    Receivables:                                
    Trade, net of allowance for credit loss     63,287       63,946       69,888       76,497       70,770    
    Other     10,439       8,811       7,913       7,841       6,210    
    Tax receivable     507       1,602       1,601       983       983    
    Inventories     2,539       2,827       2,760       3,139       3,117    
    Prepaid expenses and other     4,716       6,075       4,406       4,840       5,659    
    Assets held for sale     —       12,195       10,943       —       500    
    Total current assets     133,043       140,884       173,651       131,164       130,099    
    Property and Equipment:                                
    Historical cost     887,408       881,961       900,414       921,445       921,443    
    Accumulated depreciation     (377,265 )     (365,422 )     (367,448 )     (362,604 )     (349,799 )  
          510,143       516,539       532,966       558,841       571,644    
    Construction in progress     31,772       27,248       11,904       11,935       11,518    
    Net property and equipment     541,915       543,787       544,870       570,776       583,162    
    Right-of-use asset – operating leases     1,179       3,293       3,436       3,575       3,683    
    Right-of-use asset – finance leases     25       28       36       19       28    
    Investments, at equity, and advances to 50% or less owned companies     2,310       4,507       3,541       2,046       2,641    
    Other assets     1,558       1,665       1,577       1,864       1,953    
    Total assets   $ 680,030     $ 694,164     $ 727,111     $ 709,444     $ 721,566    
    LIABILITIES AND EQUITY                                
    Current Liabilities:                                
    Current portion of operating lease liabilities   $ 543     $ 540     $ 606     $ 494     $ 861    
    Current portion of finance lease liabilities     11       11       17       17       26    
    Current portion of long-term debt     30,000       30,000       27,500       28,605       28,605    
    Accounts payable     26,737       28,445       29,236       22,744       17,790    
    Other current liabilities     24,182       16,414       27,683       28,808       23,795    
    Total current liabilities     81,473       75,410       85,042       80,668       71,077    
    Long-term operating lease liabilities     812       2,926       2,982       3,221       3,276    
    Long-term finance lease liabilities     14       17       20       4       5    
    Long-term debt     310,980       310,108       317,339       272,325       277,740    
    Deferred income taxes     18,330       20,312       22,037       26,802       30,083    
    Deferred gains and other liabilities     625       1,356       1,369       1,416       1,447    
    Total liabilities     412,234       410,129       428,789       384,436       383,628    
    Equity:                                
    SEACOR Marine Holdings Inc. stockholders’ equity:                                
    Common stock     281       293       287       287       286    
    Additional paid-in capital     468,669       480,904       479,283       477,661       476,020    
    Accumulated deficit     (202,816 )     (196,089 )     (180,600 )     (154,374 )     (138,028 )  
    Shares held in treasury     (9,639 )     (9,628 )     (8,110 )     (8,110 )     (8,110 )  
    Accumulated other comprehensive income, net of tax     10,980       8,234       7,141       9,223       7,449    
          267,475       283,714       298,001       324,687       337,617    
    Noncontrolling interests in subsidiaries     321       321       321       321       321    
    Total equity     267,796       284,035       298,322       325,008       337,938    
    Total liabilities and equity   $ 680,030     $ 694,164     $ 727,111     $ 709,444     $ 721,566    
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)    		  
                    Three Months Ended  
        Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    Cash Flows from Operating Activities:                              
    Net Loss   $ (6,727 )   $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:                              
    Depreciation and amortization     12,090       12,810       12,879       12,928       12,939  
    Deferred financing costs amortization     43       43       254       298       297  
    Stock-based compensation expense     1,510       1,627       1,622       1,604       1,587  
    Debt discount amortization     232       226       1,799       2,061       1,993  
    Allowance for credit losses     (213 )     (407 )     59       101       39  
    (Gains) losses from equipment sales, retirements or impairments     (19,163 )     (5,809 )     (11,624 )     (1,821 )     (37 )
    Losses on debt extinguishment     —       —       28,252       —       —  
    Derivative (gains) losses     (87 )     (125 )     536       (67 )     (104 )
    Interest on finance lease     1       1       2       —       1  
    Settlements on derivative transactions, net     —       (373 )     —       —       —  
    Currency losses (gains)     2,119       1,196       (1,308 )     1,717       560  
    Deferred income taxes     (1,982 )     (1,725 )     (4,766 )     (3,281 )     (3,790 )
    Equity (earnings) losses     (218 )     (889 )     (1,430 )     (1,012 )     (966 )
    Dividends received from equity investees     3,199       —       —       1,498       1,418  
    Changes in Operating Assets and Liabilities:                              
    Accounts receivables     284       5,333       5,448       (7,411 )     (6,928 )
    Other assets     1,901       (1,681 )     1,338       1,032       (2,395 )
    Accounts payable and accrued liabilities     4,934       (6,204 )     1,693       9,325       (4,378 )
    Net cash (used in) provided by operating activities     (2,077 )     (11,466 )     8,528       626       (12,247 )
    Cash Flows from Investing Activities:                              
    Purchases of property and equipment     (10,213 )     (20,795 )     (3,010 )     (210 )     (658 )
    Proceeds from disposition of property and equipment     31,592       8,472       22,441       2,331       86  
    Net cash (used in) provided by investing activities     21,379       (12,323 )     19,431       2,121       (572 )
    Cash Flows from Financing Activities:                              
    Payments on long-term debt     (7,500 )     (5,000 )     (2,479 )     (7,770 )     (6,533 )
    Payments on debt extinguishment     —       —       (328,712 )     —       —  
    Payments on debt extinguishment cost     —       —       (3,671 )     —       —  
    Proceeds from issuance of long-term debt, net of debt discount and issuance costs     8,097       (396 )     345,192       —       —  
    Payments on finance leases     (4 )     (9 )     (13 )     (10 )     (9 )
    Payments for repurchase of common stock     (7,089 )     —       —       —       —  
    Payments for repurchase of warrants     (6,668 )     —       —       —       —  
    Proceeds from exercise of stock options and warrants     —       —       —       38       102  
    Tax withholdings on restricted stock vesting     (11 )     (1,518 )     —       —       (39 )
    Net cash (used in) provided by financing activities     (13,175 )     (6,923 )     10,317       (7,742 )     (6,479 )
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents     —       —       —       (1 )     (1 )
    Net Change in Cash, Restricted Cash and Cash Equivalents     6,127       (30,712 )     38,276       (4,996 )     (19,299 )
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period     45,428       76,140       37,864       42,860       62,159  
    Cash, Restricted Cash and Cash Equivalents, End of Period   $ 51,555     $ 45,428     $ 76,140     $ 37,864     $ 42,860  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS

    		  
        Owned     Managed     Total  
    June 30, 2025                  
    AHTS     —       1       1  
    FSV     21       1       22  
    PSV     19       —       19  
    Liftboats     7       —       7  
          47       2       49  
    December 31, 2024                  
    AHTS     —       2       2  
    FSV     22       1       23  
    PSV     21       —       21  
    Liftboats     8       —       8  
          51       3       54  

    The MIL Network –

  • MIL-Evening Report: The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic

    Source: The Conversation (Au and NZ) – By Gregory Ferris, Senior Lecturer, Media Arts & Production, University of Technology Sydney

    LMPC via Getty Images

    A cinematic firecracker of a film exploded onto international screens 50 years ago this week, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger.

    From its audacious visual style; to its complex, life-threatening stunts; to its pioneering status as an international co-production, Brian Trenchard-Smith’s The Man from Hong Kong has solidified its place as a cult classic.

    The plot is deceptively simple. A Sydney-based crime lord’s activities come under the scrutiny of a determined Hong Kong detective, Inspector Fang Sing Leng. A fiery East-meets-West martial arts showdown explodes across the Australian landscape, pushing both sides to their limits.

    Jimmy Wang Yu (known at the time as Asia’s Steve McQueen) plays Inspector Fang Sing Leng. Fang delivers justice with his fists and uses his wits navigating greater Sydney, with help from the local constabulary and its adoring female population.

    The movie is a playful pastiche that confidently combines martial arts action, police procedurals, spy thrillers, and Westerns, all filtered through a distinctly Australian “crash-zoom” lens.

    An Australia–Hong Kong co-production

    The Man from Hong Kong was the first official Australia–Hong Kong co-production, uniting Hong Kong’s Golden Harvest studio with Australian producer John Fraser.

    This model would pave the way for numerous future collaborations – the film demonstrating that Australia was open for international (film) business, albeit with some constraints, such as shooting locales.

    In The Man from Hong Kong’s case, the financial arrangement was 50/50. As a result, half of the film had to be shot in Hong Kong, despite 85% of the storyline being set in Australia. Many of the interiors were filmed in Hong Kong studios to meet this production requirement.

    An example of this is the interrogation scene, which alternates between its Sydney exteriors and a fight scene taking place in the interior film set shot thousands of miles away at the Golden Harvest studios.

    In a genius bit of montage, the scene jumps from a shot of a kick in the crotch to a close-up of pool balls breaking on a table.

    A film of cunning stunts

    The Man from Hong Kong served as a reunion of sorts for many of the cast and crew, either starring in Stone (1974) or featuring in Trenchard-Smith’s documentary about martial arts films, Kung Fu Killers (1974).

    The film was an influence to Quentin Tarantino and paved the way for films such as Mad Max (1979), particularly in what Trenchard-Smith and his partner in film, stunt legend Grant Page, might call its “cunning stunts”.

    The elaborate car chases and explosive stunt setups in The Man from Hong Kong served as prototypes for iconic sequences that would inspire the Mad Max films, among others, a testament to a bygone era of practical effects and thrill seeking audacity.

    Car crashes and other explosive stunts were executed without permits or road closures. This sense of chaos is heightened by the stunts being performed by the actors themselves, adding a sense of immediacy and peril.

    An example of this is set on the cliffs at Stanwell Park. Wang Yu drives at speed towards the waiting Caroline, executing a precision gravel slide that misses Caroline’s car by under a metre, the shot continuing as he exits the car to greet her.

    Part character, and part tourism advert

    Trenchard-Smith’s script wasn’t shy in its depiction of culture clash, especially when it came to the racist attitudes of the Australian characters.

    But as Trenchard-Smith recalls:

    Our lead character, a Chinese Dirty Harry/James Bond upends these racial stereotypes by being smarter, sexier, and tougher than his opponents.

    Cinematographer Russell Boyd brings a sharp, dynamic (did I mention the crash-zooms?) visual style to the film that deftly matches the on-screen action.

    The film’s Australian setting is part character and part tourism advert – from the “Ayers Rock” (Uluru) cold opener, to the cafe scene on the Opera House forecourt.

    Pure cinema

    Stunt legend Grant Page appears in multiple villainous roles throughout the film, with the martial arts choreography handled by the legendary director Sammo Hung, who also played the role of Win Chan.

    The cast was a fascinating mix of talent and personality. Wang Yu, a martial arts icon, was also an established film director, leading to creative clashes on set with Trenchard-Smith.

    Playing the film’s villain is George Lazenby, whose casting added another layer of meta-textual intrigue, positioning him as an antagonist to a character who was explicitly a Bond villain archetype.

    The Man from Hong Kong remains an exhilarating piece of pure cinema, despite its relatively small budget. It’s an exemplar (and occasional cautionary tale) for filmmakers in terms of international co-production, its cunning stunts, and genre blending.

    The film is a testament to a moment when Australian cinema was confidently looking outwards, ready to take on the world, one explosive car crash at a time.

    Gregory Ferris 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 Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic – https://theconversation.com/the-man-from-hong-kong-at-50-how-the-first-ever-australian-hong-kong-co-production-became-a-cult-classic-260306

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: How migrant business owners turn their identity into an asset, despite some bumps along the way

    Source: The Conversation (Au and NZ) – By Shea X. Fan, Associate Professor, Human Resource Management, Deakin University

    Odua Images/Shutterstock

    Too often, it’s anti-immigration sentiment dominating headlines in Australia. But a quieter story is going untold. Migrants are not just fitting into Australian society, they’re actively reshaping it through entrepreneurship.

    Starting a business is difficult for anyone. But migrant entrepreneurs often do so without the networks, credit history, or local knowledge many Australian-born business owners take for granted.

    Our new research drew on interviews with 38 migrant business owners from 25 different countries, who had all lived in Australia for at least five years.

    We found many are able to turn everyday exclusion into entrepreneurial fuel.
    Many have been able to survive – even thrive – by turning their identity into an asset.

    Yet there is still more we can do to take migrant entrepreneurship seriously and make it a core part of our economic and social planning.

    Key challenges

    Our research reveals migrant business owners face many forms of marginalisation. Some of these are well-understood among the public, others less so.

    One of the biggest is social. Arriving in a new country without established relationships in the community or financial sector, many struggle to gain customer trust or secure loans. It can also mean having less of a safety net.

    As one interviewee put it:

    I don’t have networks built up over the generations to sustain me and give me time to jump back out [of financial difficulties] […] For migrant entrepreneurs, we often do not have such a structure to absorb risks.

    Cultural stereotypes also hinder migrant entrepreneurs, and negative media portrayals can reinforce these biases. Even with local qualifications, they are often perceived as less professional or competent due to race, religion, accent or appearance.

    Many interviewees spoke of constantly having to prove their legitimacy – being overlooked, second-guessed or treated as representatives of their ethnic group rather than as individual business people.

    Establishing social networks in a new country can be difficult.
    Peterfz30/Shutterstock

    Structural barriers

    While the lack of networks and cultural acceptance undermines confidence and connection, structural barriers directly constrain access to the resources needed to survive and expand.

    Without a local credit history or collateral, many are ineligible for loans, yet need those very funds to build their credit standing. Even long-settled migrants found Australia’s legal, bureaucratic and financial systems difficult to navigate.

    Language barriers and unfamiliar regulations can add layers of complexity to this problem. While government support programs exist, they are often inaccessible, or the availability of those programs are poorly communicated to culturally diverse communities.

    These social and systemic disadvantages can push migrant business owners into informal markets or ethnic enclaves, where opportunities are fewer and risks higher.

    Turning identity into an asset

    Despite these barriers, migrant entrepreneurs often find ways to survive. One key strategy is to turn marginalised identities into business strengths.

    Our research found some migrants begin by serving customers from their own ethnic communities, leveraging shared language, culture and trust. Once established, they expand to other migrant groups or the broader public.

    In sectors such as food, fashion and wellness, cultural authenticity can be a competitive advantage.

    One hairdresser from Korea, for example, drew clients by offering Korean styling techniques popularised by the global rise of the Korean popular music style K-pop. She said this gave her work appeal among other migrant groups:

    Korean hairdressers are actually attractive to other Asian countries because Korean hairstyles are considered fashionable and detailed. It’s getting popular here too. This is like free marketing for me.

    One interviewee said her connection to Korea had turned into a business asset.
    kikujungboy CC/Shutterstock

    And rather than simply competing on price, many migrant businesses offer something different: handmade, ethical, sustainable or culturally-rooted products. An Indian small business owner started her business by selling curry pastes made from her own family recipes, telling us:

    I use my family’s traditional Indian recipes to create small spice packs, making it easy for Australians, mostly non-Indian customers, to cook authentic dishes at home.

    Such ventures create not only economic value, but also spaces of cultural exchange and community belonging.

    There’s more we can do

    The most recent figures show migrant entrepreneurs make up one in three small business owners in Australia. Research conducted in 2017 found the vast majority of migrant entrepreneurs had not owned a business before migration.

    With fewer systemic barriers and better support, their potential to contribute would be even greater. There are a range of actions policymakers, local councils, support organisations and local businesses could take.

    First, access could be expanded to small business grants by removing overly complex eligibility and documentation barriers.

    We should also support migrants to navigate collectively “gatekeeping” practices that lock them out of lending, investment and business certification.

    That could include developing alternative credit assessment tools for migrants without a local credit history. There are already some microloan schemes tailored to new migrants or visa holders, including Thrive Refugee Enterprise.

    At the same time, we need to ensure such schemes are being effectively communicated to the communities they’re intended to serve.

    And we need media narratives and public campaigns that highlight successful migrant businesses. Crucially, both policy and practice must be informed by the voices and experiences of migrant entrepreneurs themselves, not just as case studies, but as co-designers of better systems.

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

    – ref. How migrant business owners turn their identity into an asset, despite some bumps along the way – https://theconversation.com/how-migrant-business-owners-turn-their-identity-into-an-asset-despite-some-bumps-along-the-way-261948

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: On the 60th Anniversary of the Creation of Medicaid and Medicare, Luján, Leader Schumer, and Senate Democrats Introduce Legislation to Reverse Devastating Health Care Cuts in Republicans’ Budget Betrayal 

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    WATCH HERE: Senator Luján Delivers Floor Speech on Effort to Reverse Devastating Health Care Cuts in Republicans’ Budget Betrayal

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), along with Senate Democratic Leader Chuck Schumer (D-NY), Ranking Member of the Finance Committee, U.S. Senator Ron Wyden (D-OR), U.S. Senator Jeanne Shaheen (D-NH), and Ranking Member of the Budget Committee, U.S. Senator Jeff Merkley (D-OR), led their Senate Democratic colleagues in introducing the Protecting Health Care And Lowering Costs Act.

    This legislation would reverse all of the health care cuts in the “Big, Ugly Betrayal,” including those to Medicaid, and would permanently extend the ACA premium tax credits. After Republicans passed legislation earlier this month that would kick nearly 15 million people off their health insurance and totals more than one trillion dollars in health care cuts, Senate Democrats are fighting back and pushing to reverse these devastating cuts and extend tax credits to make health care affordable.

    Today marks 60 years since Medicaid and Medicare was created on a bipartisan basis as a promise to the American people that we would stick by the poorest and most disadvantaged among us and take care of the elderly who paid into a system their whole lives. Democrats will be crisscrossing the country to make sure that the American people know it is Congressional Republicans who are reneging on that promise, ripping away health care from millions so they can give tax cuts to billionaires.

    “Sixty years after Medicare and Medicaid opened the door to health care for millions, Congressional Republicans slammed it shut with their Budget Betrayal – ripping coverage from 15 million Americans, including over 100,000 New Mexicans,” said Senator Luján. “Their cuts target children, families, and seniors who depend on Medicaid to survive, and could force rural clinics and hospitals to close their doors. While Republicans gut health care, Senate Democrats are fighting to restore it and protect the people we represent.”

    “For many, the “Big, Ugly Betrayal” is quite literally a matter of life and death. Too many will now have to make the heartbreaking decision between financial ruin and going without care. Already the effects of this bill are being felt. Already hospitals and health care systems are in jeopardy because of this legislation that passed just mere weeks ago,” said Leader Schumer. “Let’s be crystal clear: to pay for tax cuts for billionaires, millions of people are going to lose their health care. That’s the Republicans agenda right there. Well not on our watch. Democrats are fighting this tooth and nail. And today we are proud to introduction legislation which would reverse these devastating cuts and permanently extend the ACA premium tax credits. It is not too late for the Republicans to reverse course and save healthcare for millions.”

    “Trump and Republicans in Congress have been actively misleading the American public. Americans were never told that this flawed bill will punch a hole in a lot more than Medicaid,” said Senator Wyden, Ranking Member of the Finance Committee. “There is simply no way to cut more than $1 trillion from the health care system without taking a deep toll on Americans of all stripes from coast to coast. The more Americans hear about this bill, the less they like it. It’s time to scrap Trumpcare and put America back on a path to affordable health care.”

    “If Affordable Care Act enhanced premium tax credits expire at the end of the year, 20 million Americans will see their health care costs skyrocket at a time when they’re already struggling with increased prices. That pain will be felt almost immediately,” said Senator Shaheen. “That’s on top of the unprecedented health care cuts to Medicaid that were passed in the ‘Big Beautiful Betrayal’. We need to take action now to permanently extend those tax credits so that people know they can count on them.”

    “Congressional Republicans betrayed hardworking families earlier this month when they chose to stand with billionaires by gutting Medicaid and kicking more than 15 million people off their health insurance,” said Senator Merkley, Ranking Member of the Senate Budget Committee. “Republicans have the opportunity to right this wrong by supporting our bill that will reverse these devastating cuts and prevent health care costs from skyrocketing across the country. On this 60th Anniversary of the enactment of Medicaid and Medicare, Democrats are fighting for an economy where families thrive and billionaires finally pay their fair share.”

    The entire Democratic caucus has signed on to co-sponsor the legislation.

    The legislation has been endorsed by American Civil Liberties Union, AFL-CIO. American Federation of State, County and Municipal Employees (AFSCME), AFT: Education, Healthcare, Public Services, All* Above All , Alliance for Retired Americans, American Association on Health and Disability, American Heart Association, American Nurses Association, Autistic Self Advocacy Network, ACLU, Can’t Wait Coalition, Care in Action, Caring Across Generations, Center for American Progress, Center for Medicare Advocacy, CEO Commission for Disability Employment, Children’s Hospital Association, Communication Workers of America, Community Catalyst, Disability Policy Consortium, Disability Rights and Defense Fund, Diverse Elders Coalition (DEC), FamiliesUSA, First Focus for Children, Guttmacher Institute, Health Care for America Now, Ibis Reproductive Health, Justice in Aging, Kids Can’t Wait, Lakeshore Foundation, Little Lobbysists, MoveOn.org, National Abortion Federation, National Alliance for Caregiving, National Alliance for Direct Service Professionals, National Alliance on Mental Illness, National Asian Pacific American Women’s Forum, National Council of Jewish Women, National Committee to Preserve Social Security and Medicare (NCPSSM), National Disability Rights Network, National Domestic Workers Alliance, National Hispanic Council on Aging, National Health Law Program (NHeLP), National Immigration Law Center, National Partnership for Women & Families, National Women’s Law Center, Physicians for Reproductive Health, Planned Parenthood Federation of America, Protect Our Care, Public Citizens, SEIU, Social Security Works, The Arc of the United States, UNIDOS US, United Mine Workers of America, Vizient, Inc., Well Spouse Association, Healthcare Association of New York and Texas Kids Can’t Wait.

    The full text of the legislation can be seen here.

    MIL OSI USA News –

  • MIL-OSI Security: Defense News in Brief: U.S. Marines Mobilize Without Delay: Shift from Exercise to Crisis Response

    Source: United States Marines

    U.S. Marines postured around the globe serve as America’s rapid crisis response force, ready to meet the Nation’s needs at a moment’s notice. On July 26 Marine Corps readiness was on display, when U.S. Marine Medium Tiltrotor Squadron 363, operating under Marine Rotational Force–Darwin, deployed four MV-22B Ospreys more than 1,950 nautical miles from Darwin, Australia, to Clark Air Base, Philippines.

    MIL Security OSI –