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Category: Australia

  • MIL-OSI USA: CFTC Staff Issues No-Action Letter Extension Regarding Non-U.S. Swap Dealers

    Source: US Commodity Futures Trading Commission

    CFTC Staff Issues No-Action Letter Extension Regarding Non-U.S. Swap Dealers | CFTC

    /PressRoom/PressReleases/9088-25
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    June 23, 2025

    WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Division of Market Oversight today issued a no-action letter extending the no-action position of CFTC Letter No. 22-14 concerning certain swap reporting requirements of Part 45 and Part 46 of the CFTC’s regulations.  

    The letter applies to certain non-U.S. swap dealers and non-U.S. major swap participants established in Australia, Canada, the European Union, Japan, Switzerland or the United Kingdom, that are not part of an affiliated group in which the ultimate parent entity is a U.S. swap dealer, U.S. major swap participant, U.S. bank, U.S. financial holding company or U.S. bank holding company.  

    -CFTC-

    MIL OSI USA News –

  • MIL-OSI Economics: Panels established to review Canadian surtaxes, Chinese duties on farm and fish products

    Source: World Trade Organization

    DS627: Canada — Measures on Certain Products of Chinese Origin

    China submitted its second request for the establishment of a dispute panel with respect to the surtax measures imposed by Canada on certain products of Chinese origin, including electric vehicles and steel and aluminium products. Canada had said it was not ready to accept China’s first request for the panel at a DSB meeting on 23 May.

    China said it considers Canada’s measures inconsistent with provisions of the General Agreement on Tariffs and Trade (GATT). It added that it was open to constructive discussions and remains committed to resolving the dispute.

    It is unfortunate that China has included in its panel request claims related to certain solar products, critical minerals, semiconductors, permanent magnets and natural graphite imported from China, Canada said, noting that there are no Canadian surtax measures on these products. China has therefore failed to identify the specific measures at issue as required under the Dispute Settlement Understanding (DSU), Canada said.

    Canada said its surtax measures on electric vehicles and steel and aluminium products are justified under the GATT and that it was fully prepared to defend these measures. Canada remains committed to maintaining constructive dialogue with China even as the dispute moves to the panel stage, it added.

    The United States said that China responded to the surtaxes by imposing countermeasures in the form of additional duties on Canadian agricultural and fishery products.

    The DSB agreed to the establishment of the panel. 

    Australia, the European Union, India, Japan, the Republic of Korea, Malaysia, Norway, the Russian Federation, Singapore, Switzerland, Türkiye, the United Kingdom, Ukraine and the United States reserved their third-party rights to participate in the proceedings.

    DS636: China — Additional Import Duties on Certain Agricultural and Fishery Products from Canada

    Canada submitted its second request for the establishment of a dispute panel with respect to the additional import duties imposed by China on certain Canadian agricultural and fisheries products. China had said it was not ready to accept Canada’s first request for the panel at a special DSB meeting on 5 June.

    Canada said the import duties imposed by China represented a unilateral determination and trade countermeasures contrary to WTO rules. Canada moreover said that as the dispute concerns perishable goods, the case should be treated as urgent as provided by the DSU. Canada remains committed to maintaining constructive dialogue with China even as the dispute moves to the panel stage, it added.

    China replied that it regretted Canada’s decision to seek the establishment of a panel and opposed Canada’s claim that DSU provisions on urgency apply to this case. China said it will defend itself in the proceedings and is confident that its measures will be found consistent with WTO rules. It added that it remained open to engagement with Canada.

    The United States reiterated that the measures at issue are countermeasures imposed by China in response to Canadian measures China is challenging in DS627.

    The DSB agreed to the establishment of the panel. 

    Australia, the European Union, India, Japan, Norway, the Russian Federation, Singapore, Switzerland, Türkiye, the United Kingdom, the United States and Viet Nam reserved their third-party rights to participate in the proceedings.

    Appellate Body appointments

    Colombia, speaking on behalf of 130 members, introduced for the 88th time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

    The United States said it does not support the proposed decision and noted its longstanding concerns with WTO dispute settlement that have persisted across US administrations. The United States emphasized that the dispute settlement process was meant to help members resolve specific disputes without creating new rules that alter rights and obligations under the covered WTO agreements. The US reiterated that fundamental reform of WTO dispute settlement is needed and that it will reflect on the extent to which it is possible to achieve such a reformed WTO dispute settlement system.

    More than 20 members took the floor to comment, one speaking on behalf of a group of members. Several members urged others to consider joining the Multi-party interim appeal arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body. 

    Colombia, on behalf of the 130 members, said it regretted that for the 88th occasion members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said for the group.

    Dispute settlement reform

    The DSB Chair, Ambassador Clare Kelly (New Zealand), said that the General Council (GC) Chair Ambassador Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia) had informed members in a 6 June communication that, regarding dispute settlement reform, his consultations have confirmed readiness to preserve and build on the progress already made, and to advance only when the time is ripe to make meaningful progress on key unresolved issues with the engagement of all delegations.

    The GC Chair also indicated that both the DSB Chair and the GC Chair will be closely monitoring the situation and will revert to members at the appropriate time. The DSB chair added that her door is open to delegations wishing to further discuss the matter.

    Surveillance of implementation

    The United States presented status reports with regard to DS184, “US — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”,  DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

    The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

    Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.” 

    Next meeting

    The next regular DSB meeting will take place on 25 July 2025.

    Share

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Tourism Strategy Committee holds fourth meeting (with photos)

    Source: Hong Kong Government special administrative region

    Tourism Strategy Committee holds fourth meeting  
         Members expressed their recognition to the KTSP since its commissioning, which was well received by both the tourism industry and the visitors. Members put forward suggestions for optimising the transportation and catering arrangements during mega events as well as strengthening cross-sector collaboration with the tourism industry.
     
         Regarding the preliminary land use proposal of the sites around Hung Hom Station and its waterfront areas, members considered that with panoramic views of Victoria Harbour, the waterfront areas were well-positioned to be re-planned and developed into a new harbourfront landmark that would integrate leisure and entertainment, dining and retail, and water-friendly elements. As for the utilisation of water body, members agreed that the water body adjacent to the former Hung Hom Freight Yard site should be put to good use. The proposed world-class yacht berthing facilities to be provided thereat could be integrated with land-based facilities for retail, dining and entertainment so as to promote yacht tourism. Members also recommended the Government to provide space for setting up land-side ancillary facilities to support the operation of the yacht berthing facilities. The DEVB is currently consulting the public and stakeholders on the preliminary land use proposal. The consultation period will end on July 5, 2025. The Government will take into account members’ recommendations and the feedback received during the consultation period when refining the development proposal and finalising the detailed development parameters. The target is to commence the relevant statutory procedures in the second half of 2026.
     
    In addition, members also exchanged views with Hong Kong Tourism Board’s representatives regarding Hong Kong’s latest tourism performance and relevant statistics. For the first five months of 2025, Hong Kong received more than 20 million visitor arrivals, a 12 per cent increase year-on-year. Among the visitors, about 15 million came from the Mainland, a 10 per cent rise year-on-year. Growth momentum is sustained across various non-Mainland markets, with around 5 million visitor arrivals in the first five months, an 18 per cent rise year-on-year. Number of visitor arrivals from Japan, South Korea, the Philippines, Indonesia and Taiwan and increasing more than 20 per cent year-on-year respectively. For Australia, a significant growth of more than 30 per cent was recorded.
     
    The Committee is tasked to provide the Government with strategic advice and foster collaboration among different stakeholders in tourism and related sectors for further promoting the long-term and sustainable development of Hong Kong’s tourism industry. Members include prominent figures and key leaders from the tourism and other related sectors such as culture, sports, retail and catering.
    Issued at HKT 21:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Central Ohio Woman Sentenced to More Than Five Years in Prison for $2.8 Million Pandemic Relief Fraud Scheme

    Source: US FBI

    COLUMBUS, Ohio – A Westerville woman who claimed affiliation with Dayton-area pizza restaurants to obtain nearly $1.9 million in COVD-19 relief funds was sentenced in U.S. District Court today to 70 months in prison.

    Lorie A. Schaefer, 63, also assisted a co-defendant in fraudulently receiving more than $980,000 pandemic relief loans in exchange for payment, causing a total of $2.8 million in fraud.

    According to court documents, Schaefer opened new bank accounts in December 2020 prior to registering a fictitious business name with the State of Ohio in March 2021.

    Schaefer fraudulently claimed affiliation with the Flying Pizza restaurants in Dayton, Centerville and Fairborn. When notified that a Paycheck Protection Plan (PPP) loan for nearly $1.9 million had been filed in the name of Flying Pizza, individuals at the family-owned business said their restaurants could not justify such a large loan.

    Schaefer claimed to have 98 employees and submitted altered bank records as part of her application. Schaefer also claimed the business was established in March 2021, even though the original Flying Pizza was established in 1984. Additionally, she claimed not to be under indictment despite having pending theft charges in Meigs County. Schaefer attached multiple fraudulent documents to her PPP application, including a bank statement, tax records, and a letter from the IRS.

    Bank records indicate Schaefer improperly used PPP funds for personal expenses, for example, nearly $26,000 on liposuction, a $10,000 check for a “newborn baby gift,” and more than $900,000 to purchase and renovate a home in Westerville. Schaefer also made purchases at Wayfair, Lamps Plus, Kroger, KFC, Burger King, Arby’s, McDonald’s and Olive Garden. Evidence also suggests Schaefer used the fraud proceeds to purchase vehicles in Ohio and property in Australia.

    After being charged in this case, Schaefer committed new offenses and violated her pre-trial release multiple times, leading to the revocation of her bond.

    She pleaded guilty in July 2024 and twice attempted to withdraw her guilty plea.

    Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio; Anthony Licari, Special Agent in Charge, Department of Transportation Office of Inspector General, Midwestern Region; and Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division; announced the sentence imposed today by U.S. District Court Judge Edmund A. Sargus, Jr. Assistant United States Attorney David J. Twombly is representing the United States in this case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Central Ohio Woman Sentenced to More Than Five Years in Prison for $2.8 Million Pandemic Relief Fraud Scheme

    Source: US FBI

    COLUMBUS, Ohio – A Westerville woman who claimed affiliation with Dayton-area pizza restaurants to obtain nearly $1.9 million in COVD-19 relief funds was sentenced in U.S. District Court today to 70 months in prison.

    Lorie A. Schaefer, 63, also assisted a co-defendant in fraudulently receiving more than $980,000 pandemic relief loans in exchange for payment, causing a total of $2.8 million in fraud.

    According to court documents, Schaefer opened new bank accounts in December 2020 prior to registering a fictitious business name with the State of Ohio in March 2021.

    Schaefer fraudulently claimed affiliation with the Flying Pizza restaurants in Dayton, Centerville and Fairborn. When notified that a Paycheck Protection Plan (PPP) loan for nearly $1.9 million had been filed in the name of Flying Pizza, individuals at the family-owned business said their restaurants could not justify such a large loan.

    Schaefer claimed to have 98 employees and submitted altered bank records as part of her application. Schaefer also claimed the business was established in March 2021, even though the original Flying Pizza was established in 1984. Additionally, she claimed not to be under indictment despite having pending theft charges in Meigs County. Schaefer attached multiple fraudulent documents to her PPP application, including a bank statement, tax records, and a letter from the IRS.

    Bank records indicate Schaefer improperly used PPP funds for personal expenses, for example, nearly $26,000 on liposuction, a $10,000 check for a “newborn baby gift,” and more than $900,000 to purchase and renovate a home in Westerville. Schaefer also made purchases at Wayfair, Lamps Plus, Kroger, KFC, Burger King, Arby’s, McDonald’s and Olive Garden. Evidence also suggests Schaefer used the fraud proceeds to purchase vehicles in Ohio and property in Australia.

    After being charged in this case, Schaefer committed new offenses and violated her pre-trial release multiple times, leading to the revocation of her bond.

    She pleaded guilty in July 2024 and twice attempted to withdraw her guilty plea.

    Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio; Anthony Licari, Special Agent in Charge, Department of Transportation Office of Inspector General, Midwestern Region; and Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division; announced the sentence imposed today by U.S. District Court Judge Edmund A. Sargus, Jr. Assistant United States Attorney David J. Twombly is representing the United States in this case.

    # # #

    MIL Security OSI –

  • MIL-OSI: Federal Home Loan Banks Publish Comprehensive 2024 Impact Report

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, June 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Banks (FHLBanks), member-owned cooperatives that power communities, announced today the release of their 2024 Impact Report, highlighting their continued reliability as a liquidity provider and a landmark year of support for housing affordability and community development across the United States. Together, the 11 regional FHLBanks ended the year with more than $737 billion in advances outstanding, nearly $220 billion in outstanding letters of credit, and nearly $70 billion in mortgage loans held. They also committed more than $1.2 billion to housing programs and voluntary initiatives – setting a new high-water mark in the System’s 90+ year history. The Affordable Housing Program alone supported projects representing an estimated $8.9 billion in total development costs in 2024, demonstrating the integral role the FHLBanks play in expanding housing supply and economic opportunity.

    In 2024, the FHLBanks continued to deliver on their mission to provide reliable liquidity to nearly 6,500 financial institution members, while promoting access to safe, affordable housing in urban, suburban, and rural communities alike, transforming capital into community impact.

    “We are proud to be a dependable partner for America’s housing finance system and a critical component of our nation’s economic vitality,” said Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, the public voice of the FHLBank System. “The results demonstrated by our impact in 2024 reflect our deep-rooted commitment to expanding opportunity through responsible funding, innovative partnerships, and community-led solutions. When local financial institutions thrive, so do the communities they serve, and we provide the stability and strategic support our members depend on to stimulate economic opportunity.”

    Key 2024 Highlights:

    • $737 billion in advances outstanding to member institutions at year-end, ensuring the flow of affordable credit to local economies, especially during times of economic uncertainty.
    • $220 billion in total notional amount of outstanding letters of credit, helping members attract municipal deposits, keeping local funds in the community.
    • $70 billion in mortgage loans held at year-end, with nearly $15 billion in new mortgage loans purchased in 2024, 28% of which assisted low-income families.
    • $752 million in Affordable Housing Program (AHP) funding expensed, enabling the creation or preservation of over 26,000 housing units, 83% of which were multifamily developments.
    • $528 million in voluntary contributions for housing and economic development, including down payment assistance, disaster recovery, and regional capacity-building efforts.
    • Over 14,000 first-time homeowners supported through AHP grants.
    • $9.2 billion in Community Investment Program (CIP) advances for housing outstanding at year-end and $2.4 billion in Community Investment Cash Advances (CICA) for economic development outstanding at year-end, preserving over 12,500 jobs.

    As the housing market continues to evolve, the FHLBanks remain committed to addressing persistent affordability challenges and ensuring that local lenders have the capital and tools needed to serve their communities effectively.

    For an introductory video and to read the full 2024 Impact Report click here.

    About: The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies, and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories. The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth. The Council of FHLBanks represents all 11 FHLBanks.

    CONTACT INFORMATION
    Council of FHLBanks
    Peter E. Garuccio
    202-955-0002 ext. 14
    pgaruccio@cfhlb.org

    The MIL Network –

  • MIL-OSI: Federal Home Loan Banks Publish Comprehensive 2024 Impact Report

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, June 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Banks (FHLBanks), member-owned cooperatives that power communities, announced today the release of their 2024 Impact Report, highlighting their continued reliability as a liquidity provider and a landmark year of support for housing affordability and community development across the United States. Together, the 11 regional FHLBanks ended the year with more than $737 billion in advances outstanding, nearly $220 billion in outstanding letters of credit, and nearly $70 billion in mortgage loans held. They also committed more than $1.2 billion to housing programs and voluntary initiatives – setting a new high-water mark in the System’s 90+ year history. The Affordable Housing Program alone supported projects representing an estimated $8.9 billion in total development costs in 2024, demonstrating the integral role the FHLBanks play in expanding housing supply and economic opportunity.

    In 2024, the FHLBanks continued to deliver on their mission to provide reliable liquidity to nearly 6,500 financial institution members, while promoting access to safe, affordable housing in urban, suburban, and rural communities alike, transforming capital into community impact.

    “We are proud to be a dependable partner for America’s housing finance system and a critical component of our nation’s economic vitality,” said Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, the public voice of the FHLBank System. “The results demonstrated by our impact in 2024 reflect our deep-rooted commitment to expanding opportunity through responsible funding, innovative partnerships, and community-led solutions. When local financial institutions thrive, so do the communities they serve, and we provide the stability and strategic support our members depend on to stimulate economic opportunity.”

    Key 2024 Highlights:

    • $737 billion in advances outstanding to member institutions at year-end, ensuring the flow of affordable credit to local economies, especially during times of economic uncertainty.
    • $220 billion in total notional amount of outstanding letters of credit, helping members attract municipal deposits, keeping local funds in the community.
    • $70 billion in mortgage loans held at year-end, with nearly $15 billion in new mortgage loans purchased in 2024, 28% of which assisted low-income families.
    • $752 million in Affordable Housing Program (AHP) funding expensed, enabling the creation or preservation of over 26,000 housing units, 83% of which were multifamily developments.
    • $528 million in voluntary contributions for housing and economic development, including down payment assistance, disaster recovery, and regional capacity-building efforts.
    • Over 14,000 first-time homeowners supported through AHP grants.
    • $9.2 billion in Community Investment Program (CIP) advances for housing outstanding at year-end and $2.4 billion in Community Investment Cash Advances (CICA) for economic development outstanding at year-end, preserving over 12,500 jobs.

    As the housing market continues to evolve, the FHLBanks remain committed to addressing persistent affordability challenges and ensuring that local lenders have the capital and tools needed to serve their communities effectively.

    For an introductory video and to read the full 2024 Impact Report click here.

    About: The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies, and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories. The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth. The Council of FHLBanks represents all 11 FHLBanks.

    CONTACT INFORMATION
    Council of FHLBanks
    Peter E. Garuccio
    202-955-0002 ext. 14
    pgaruccio@cfhlb.org

    The MIL Network –

  • India to conduct first comprehensive household income survey in 2026

    Source: Government of India

    Source: Government of India (4)

    In a landmark step to bridge critical data gaps in the Indian economy, the Ministry of Statistics and Programme Implementation (MoSPI) has announced that the National Sample Survey (NSS) will undertake its first full-fledged Household Income Survey in 2026. The initiative, announced today, aims to generate detailed insights into income distribution and assess the impact of structural changes in the Indian economy over the last 75 years.

    Since its inception in 1950, the NSS has built a global reputation for its wide-ranging and methodically rigorous household surveys, conducted on an annual and quarterly basis. However, despite this legacy, the NSS has yet to implement a nationwide survey focused solely on income distribution. Past attempts, including pilot surveys and efforts in the 9th and 14th rounds in the 1950s, and more structured surveys on receipts and disbursements in the 19th and 24th rounds during the 1960s and 70s, failed to yield reliable data. The key issue was the consistent underreporting of income compared to household consumption and savings.

    Recognizing the growing importance of understanding household income for policy design and economic planning, the Ministry has now resolved to address these long-standing limitations. This survey forms part of a broader initiative by MoSPI to strengthen India’s statistical infrastructure, which has recently included annual surveys on the unincorporated and services sectors, private capital expenditure, and domestic travel and tourism.

    To guide the successful execution of this ambitious survey, MoSPI has constituted a Technical Expert Group (TEG) under the chairmanship of Dr. Surjit S. Bhalla, former Executive Director for India at the International Monetary Fund. Drawing from international best practices adopted in countries such as Australia, the United States, Canada, and South Africa, the TEG will oversee the conceptual framework, survey methodology, sampling design, and estimation techniques. It will also guide the integration of digital technology in measuring wage and income impacts.

    The group is empowered to co-opt additional subject matter experts and invite special invitees to its meetings as needed, ensuring a robust and inclusive consultation process.

  • MIL-OSI: UPDATE – Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and US$155 Price Target

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S. 

    Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of US$155, reflecting strong upside potential of approximately 25% from current market levels.

    “Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

    Investment Thesis Highlights:

    • Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
    • Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
    • Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
    • Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
    • Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
    • ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), US$1 billion Indigenous economic commitment, and sector-leading safety.

    Valuation & Target:
    Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of US$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

    Risk Factors:

    • Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
    • Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
    • Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.

    About Rockcliffe Capital Research
    Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

    Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.

    Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.

    Media Contact
    Rockcliffe Capital
    Research & Markets Division
    research@rockcliffe.capital
    +1 (416)-642-1967

    This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.

    The MIL Network –

  • MIL-OSI: UPDATE – Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and US$155 Price Target

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S. 

    Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of US$155, reflecting strong upside potential of approximately 25% from current market levels.

    “Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

    Investment Thesis Highlights:

    • Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
    • Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
    • Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
    • Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
    • Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
    • ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), US$1 billion Indigenous economic commitment, and sector-leading safety.

    Valuation & Target:
    Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of US$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

    Risk Factors:

    • Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
    • Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
    • Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.

    About Rockcliffe Capital Research
    Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

    Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.

    Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.

    Media Contact
    Rockcliffe Capital
    Research & Markets Division
    research@rockcliffe.capital
    +1 (416)-642-1967

    This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.

    The MIL Network –

  • MIL-OSI: Coface SA: Coface strengthens its strategic focus on data and innovation, and continues to invest in its Information Services growth

    Source: GlobeNewswire (MIL-OSI)

    Coface strengthens its strategic focus on data and innovation, and continues to invest in its Information Services growth

    Paris, 23 June 2025 – 17.45

    Coface announces the creation of a dedicated technological hub focused on data, connectivity, and product innovation led by Thibault Surer, Group Strategy and Development Director. Thibault Surer will continue to oversee Strategy, Economic research, Marketing, and Mergers & Acquisitions.

    Coface also announces the appointment of Joerg Diewald as Information Services and Partnerships Director to support and accelerate the business development of these two strategic activities.

    These changes will be effective from July 1st, 2025.

    These appointments strengthen Coface’s governance and are perfectly in line with the Group’s strategic focus, notably around data and innovation.

    Xavier Durand, Coface’s Chief Executive Officer, commented:
    “Over the last 12 months, we have made significant progress in Information Services and data. This strengthening of governance is an important step of our continued efforts and will allow us to face up the complexity and scale of the transformation required. These appointments are perfectly in line with the objectives of our strategic plan Power The Core, which aims to reach data and technology excellence and generate a grow profitably Information Services.”

     

    Thibault Surer, Group Strategy and Development Director will lead a dedicated technological hub focused on data, connectivity, and product innovation while continuing to oversee Strategy, Economic research, Marketing, and Mergers & Acquisitions.

    As our investments in data and innovation grow, it is becoming clear that the complexity and scale of the transformations required in these domains deserve greater attention and a strengthened governance. This is the objective behind the creation of the technology hub.

    		   
    Joerg Diewald, appointed as the new Global Head of Information Services and partnerships will focus on the business development of these two strategic activities.

    Before joining Coface, he served as Chief Commercial Officer and Board Member at Solarisbank AG in Berlin, a Fintech company operating in the digital banking industry. Joerg brings more than 30 years of international experience in banking, commercial finance, and risk management.

    Based in Mainz, Germany, Joerg Diewald directly reports to Xavier Durand, Chief Executive Officer of Coface.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI: Coface SA: Coface strengthens its strategic focus on data and innovation, and continues to invest in its Information Services growth

    Source: GlobeNewswire (MIL-OSI)

    Coface strengthens its strategic focus on data and innovation, and continues to invest in its Information Services growth

    Paris, 23 June 2025 – 17.45

    Coface announces the creation of a dedicated technological hub focused on data, connectivity, and product innovation led by Thibault Surer, Group Strategy and Development Director. Thibault Surer will continue to oversee Strategy, Economic research, Marketing, and Mergers & Acquisitions.

    Coface also announces the appointment of Joerg Diewald as Information Services and Partnerships Director to support and accelerate the business development of these two strategic activities.

    These changes will be effective from July 1st, 2025.

    These appointments strengthen Coface’s governance and are perfectly in line with the Group’s strategic focus, notably around data and innovation.

    Xavier Durand, Coface’s Chief Executive Officer, commented:
    “Over the last 12 months, we have made significant progress in Information Services and data. This strengthening of governance is an important step of our continued efforts and will allow us to face up the complexity and scale of the transformation required. These appointments are perfectly in line with the objectives of our strategic plan Power The Core, which aims to reach data and technology excellence and generate a grow profitably Information Services.”

     

    Thibault Surer, Group Strategy and Development Director will lead a dedicated technological hub focused on data, connectivity, and product innovation while continuing to oversee Strategy, Economic research, Marketing, and Mergers & Acquisitions.

    As our investments in data and innovation grow, it is becoming clear that the complexity and scale of the transformations required in these domains deserve greater attention and a strengthened governance. This is the objective behind the creation of the technology hub.

    		   
    Joerg Diewald, appointed as the new Global Head of Information Services and partnerships will focus on the business development of these two strategic activities.

    Before joining Coface, he served as Chief Commercial Officer and Board Member at Solarisbank AG in Berlin, a Fintech company operating in the digital banking industry. Joerg brings more than 30 years of international experience in banking, commercial finance, and risk management.

    Based in Mainz, Germany, Joerg Diewald directly reports to Xavier Durand, Chief Executive Officer of Coface.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: GUU at the competition “My country – my Russia”: the rector presented awards, and a graduate became the winner

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    On June 21, 2025, as part of the Youth Day of the St. Petersburg International Economic Forum (SPIEF), a solemn awards ceremony was held for the winners of the XXII season of the All-Russian competition “My Country – My Russia”.

    Rector of the State University of Management Vladimir Stroyev presented awards to the winners in the nomination “Transport. Communication routes of my country”. The coordinator of experts in this area, including teachers of our university, was the director of the Institute of Economics and Finance of the State University of Management Galina Sorokina.

    “For many years now I have been taking part in the award ceremony and in the competition as a whole. Our teachers and students also actively participate. Every year during the selection and evaluation of works, we are all inspired by the ideas of the children. I am convinced every time that there are many passionate, beautiful and good people in our country,” said Vladimir Stroyev.

    In addition, Victoria Kostikova, a graduate of the Institute of Economics and Finance of the State University of Management this year in the International Management program, became the winner of the competition in the nomination “My Hospitable Russia” with the International Educational Project “Teleport”.

    “The project provides an opportunity for foreign students to become researchers of Russian culture, tell their stories, and share them with the world. Behind this project is friendship, which is stronger than borders and prejudices. We study the past through cultural heritage, explore the present through travel and dialogue, and together we shape a multipolar future where Russia is perceived not as an abstraction, but as a country of people to which one wants to return,” Victoria said about her project.

    Let us recall that 183 participants aged 18 and over made it to the final stage of the “My Country – My Russia” competition, and the prize places were taken by 39 authors of the best projects aimed at the socio-economic development of Russian territories.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: ALL4 Mining Announces Global Expansion and New Live Cryptocurrency Mining Strategies for 2025

    Source: GlobeNewswire (MIL-OSI)

    London, UK, June 23, 2025 (GLOBE NEWSWIRE) — ALL4 Mining, a leading global cloud mining platform headquartered in London, has officially announced the expansion of its advanced live cryptocurrency mining strategies for 2025, empowering crypto investors and institutional clients to achieve sustainable passive income with real-time, secure, and eco-friendly mining solutions.

    Founded in 2019, ALL4 Mining has grown into a trusted industry leader operating more than 200 mining farms worldwide. The company is dedicated to building a safe, compliant, and green mining infrastructure that delivers stable, intelligent data processing services to users in multiple countries.

    “At ALL4 Mining, our mission is to make smart, efficient crypto mining accessible to everyone, from individual investors to large institutions,” said a spokesperson for ALL4 Mining. “By combining cutting-edge technology, clean energy, and robust security, we provide a transparent and profitable mining experience that keeps pace with the fast-evolving crypto market.”

    How to Get Started with ALL4 Mining

    ALL4 Mining’s user-friendly platform makes it easy to participate in crypto mining in just a few simple steps:

    1️⃣ Register: Sign up on the official website and receive a $15 welcome bonus to start mining immediately.
    2️⃣ Select a Plan: Choose a mining contract that matches your budget and goals.
    3️⃣ Start Mining: Let ALL4 Mining’s secure, advanced data centers work for you 24/7.
    4️⃣ Earn Daily Income: Enjoy steady daily income in top cryptocurrencies like BTC, ETH, DOGE, XRP, SOL, and more.

    Users can also download the official ALL4 Mining mobile app — available for Apple and Android — to track mining activities, manage contracts, and receive real-time updates anytime, anywhere.

    Key Features and Benefits

    ✅ Global Green Mining Network: Over 200 mining farms powered by renewable, low-carbon energy sources, supporting sustainable crypto production.
    ✅ High Efficiency & Stability: State-of-the-art data centers ensure consistent daily returns with no hidden fees.
    ✅ Robust Security: Multi-layer protection with SSL encryption, 2FA, McAfee® and Cloudflare® safeguards, plus 24/7 monitoring.
    ✅ 24/7 Support: Round-the-clock customer service to promptly address any user inquiries or technical issues.

    As blockchain technology continues to advance, ALL4 Mining is committed to setting a new standard for transparent, flexible, and profitable cloud mining, providing both short-term and long-term options to match diverse financial goals.

    To learn more and join the growing ALL4 Mining community, visit https://all4mining.com today.

    About ALL4 Mining
    ALL4 Mining is a UK-based global leader in cryptocurrency cloud mining, offering secure, sustainable, and easy-to-use mining services for individual and institutional clients worldwide. With a focus on clean energy, advanced technology, and strict compliance, ALL4 Mining makes earning daily crypto income simple and reliable.

    For media inquiries, please contact:
    ALL4 Mining
    info@all4mining.com
    Flat 75 Cheyne Court, London, United Kingdom, SW3 5TT
    https://all4mining.com

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: Tourism Strategy Committee meets

    Source: Hong Kong Information Services

    The Tourism Strategy Committee, chaired by Secretary for Culture, Sports & Tourism Rosanna Law, held its fourth meeting today.

     

    During the meeting, representatives from Kai Tak Sports Park Limited and the Development Bureau briefed the committee on matters relating to the sports park, and the preliminary land use proposal for sites around Hung Hom Station and nearby waterfront areas.

     

    Members praised the sports park, highlighting that it has impressed visitors and boosted the tourism industry. They also put forward suggestions for optimising transportation and catering arrangements during mega events and for strengthening cross-sector collaboration with the tourism industry.

     

    Regarding the preliminary land use proposal for sites around Hung Hom Station and nearby waterfront areas, committee members remarked that given their location on Victoria Harbour, the waterfront areas are well-positioned for redevelopment into a new harbourfront landmark that can integrate leisure, entertainment, dining, retail, and water-friendly elements.

     

    Members agreed that the water body adjacent to the former Hung Hom Freight Yard should be put to use, and commented that the proposed world-class yacht berthing facilities could be integrated with land-based facilities for retail, dining and entertainment so as to promote yacht tourism. They also recommended that the Government provide space for land-side ancillary facilities to support the operation of the yacht berthing facilities.

     

    The bureau is currently consulting the public and stakeholders on the preliminary land use proposal, and the Government will take into account members’ recommendations and the feedback received during the consultation period when refining the proposal and finalising the development parameters. The target is to commence relevant statutory procedures in the second half of 2026.

     

    Separately, members exchanged views with Tourism Board representatives regarding the city’s latest tourism performance and statistics.

     

    For the first five months of 2025, Hong Kong had more than 20 million visitor arrivals, a 12% increase year on year. Among these visitors, about 15 million came from the Mainland, a 10% rise on the same period in 2024. Visitor arrivals from Japan, South Korea, the Philippines, Indonesia and Taiwan rose more than 25%. For Australia, growth of 35% was recorded.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and C$155 Price Target

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S.

    Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of C$155, reflecting strong upside potential of approximately 25% from current market levels.

    “Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

    Investment Thesis Highlights:

    • Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
    • Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
    • Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
    • Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
    • Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
    • ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), C$1 billion Indigenous economic commitment, and sector-leading safety.

    Valuation & Target:
    Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of C$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

    Risk Factors:

    • Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
    • Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
    • Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.

    About Rockcliffe Capital Research
    Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

    Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.

    Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.

    Media Contact
    Rockcliffe Capital
    Research & Markets Division
    research@rockcliffe.capital
    +1 (416)-642-1967

    This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.

    The MIL Network –

  • MIL-OSI: Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and C$155 Price Target

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S.

    Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of C$155, reflecting strong upside potential of approximately 25% from current market levels.

    “Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

    Investment Thesis Highlights:

    • Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
    • Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
    • Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
    • Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
    • Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
    • ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), C$1 billion Indigenous economic commitment, and sector-leading safety.

    Valuation & Target:
    Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of C$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

    Risk Factors:

    • Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
    • Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
    • Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.

    About Rockcliffe Capital Research
    Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

    Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.

    Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.

    Media Contact
    Rockcliffe Capital
    Research & Markets Division
    research@rockcliffe.capital
    +1 (416)-642-1967

    This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.

    The MIL Network –

  • MIL-OSI: BOSS Money Ranked Highest by Customers Among Money Transfer Companies

    Source: GlobeNewswire (MIL-OSI)

    Newark, NJ, June 23, 2025 (GLOBE NEWSWIRE) — BOSS Money, the remittance and payments brand of IDT Corporation (NYSE: IDT), achieved the highest average app store rating of the eighteen digital money transfer companies in FXC Intelligence’s 2025 customer satisfaction ranking. FXC Intelligence is a highly regarded financial intelligence and analytics company specializing in cross-border payments.

    The BOSS Money app led the pack with a 4.9 average app rating in the FXC Intelligence rankings. Over 100,000 customers across the App store and Google Play platforms have given BOSS Money the highest possible score.

    “This recognition reflects the BOSS Money app’s unrivaled ease-of-use and proven reliability,” said Esti Witty, EVP Product at BOSS Money. “Our customers’ feedback, experiences, and trust inspire us to innovate and improve every day.”

    The FXC Intelligence app rankings reflect comparative customer scores for money transfer apps in the App Store and Google Play. Boss Money’s 4.6 Trustpilot rating was also among the highest in its peer group.

    New BOSS Money customers get two $0-fee transfers on their first two transactions to over 50 countries using a debit card in the BOSS Money app, and five $0-fee transactions when sending money to family or friends in Mexico. BOSS Money is known for its low fees and competitive exchange rates. Within the app, customers can compare foreign exchange rates quoted by leading money transfer providers to see exactly how much they are saving.

    “If you have not yet tried the BOSS Money app, this is your invitation. With two $0-fee transfers and the best exchange rates, it is easier than ever to become a happy BOSS Money customer,” Witty emphasized.

    The BOSS Money app is free at the iOS App and Google Play Stores.

    To learn more about BOSS Money’s low fees, competitive exchange rates and exclusive promotions visit bossmoney.com.

    ABOUT BOSS MONEY

    BOSS Money’s rapidly expanding international remittance service provides fast, secure and reliable money transfers for residents of the U.S. and Canada to popular destination countries in Latin America, the Caribbean, Africa, and South Asia. BOSS Money offers a robust menu of payout options including cash pick-up, mobile money, in-country bank account, and debit card direct deposit. Customers can remit funds through the highly rated BOSS Money and BOSS Revolution apps or through licensed Boss Money retailers.

    ABOUT IDT CORPORATION

    IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

    All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

    CONTACT
    IDT Corporation Investor Relations
    Bill Ulrey
    william.ulrey@idt.net

    # # #

    The MIL Network –

  • MIL-OSI: High Roller Technologies to Present at the Small Cap Growth Virtual Investor Conference June 26th

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, June 23, 2025 (GLOBE NEWSWIRE) — High Roller Technologies, Inc. (“High Roller” and the “Company”) (NYSE: ROLR), operator of award-winning premium online casino brands High Roller and Fruta, today announced that Seth Young, SVP Corporate Strategy & Investor Relations, will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com, on June 26th, 2025

    DATE: June 26th
    TIME: 12:00 PM ET
    LINK: REGISTER HERE
    Available for 1×1 meetings: July 1, 2025

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    About High Roller Technologies, Inc.

    High Roller Technologies, Inc. is a leading global online gaming operator known for its innovative casino brands, High Roller and Fruta, listed under the ticker ROLR on the NYSE. The Company delivers a cutting-edge real-money online casino platform that is intuitive and user-friendly. With a diverse portfolio of over 5,000 premium games from more than 90 leading game providers, High Roller Technologies serves a global customer base, offering an immersive and engaging gaming experience in the rapidly expanding multi-billion iGaming industry. The online casino features enhanced search engine optimization, machine learning, seamless direct API integrations, faster load times, and superior scalability.

    As an award-winning operator, High Roller Technologies continues to redefine the future of online gaming through innovation, performance, and a commitment to excellence. For more information, please visit the High Roller Technologies, Inc. investor relations website, X, Facebook, and LinkedIn pages.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    High Roller Technologies, Inc.

    ir@highroller.com

    800-460-1039

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: 51Talk Online Education Group to Present at the Small Cap Growth Virtual Investor Conference June 26th, 2025

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, June 23, 2025 (GLOBE NEWSWIRE) — 51Talk Online Education Group (NYSE American: COE), based in Singapore, focused on global online education, today announced that David Chung, the Company’s investor relations vice president, will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com, on June 26th, 2025.

    DATE: June 26th, 2025
    TIME: 9:30 a.m. EDT
    LINK: REGISTER HERE

    Available for 1×1 meetings: June 26th, 2025

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    • Gross billings for the first quarter of 2025 were US$21.9 million, a 74.6% growth from the first quarter of 2024.
    • Net revenues were US$18.2 million for the first quarter of 2025, a 93.1% increase from US$9.4 million for the first quarter of 2024.
    • The number of active students with attended lesson consumption was approximately 81,100 in the first quarter of 2025, representing a 75.5% increase from approximately 46,200 for the first quarter of 2024.

    About 51Talk Online Education Group

    51Talk Online Education Group (NYSE American: COE) is a global online education platform with core expertise in English education. The Company’s mission is to make quality education accessible and affordable. The Company’s online and mobile education platforms enable students to take live interactive English lessons, on demand. The Company connects its students with a large pool of highly qualified teachers that it assembled using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    51Talk Online Education Group
    David Chung
    Investor Relations Vice President
    davidchung@51talk.com
    Jinling Wang
    Investor Relations Manager
    wangjinling@51talk.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Anthony Pompliano Strikes $1 Billion Merger to Create ProCap Financial; Raises Over $750M in Largest Initial Fundraise in History for Public Bitcoin Treasury Company

    Source: GlobeNewswire (MIL-OSI)

    • ProCap Financial to strategically acquire bitcoin and generate revenue and profits from its bitcoin holdings
    • Equity investors have immediate exposure to bitcoin based on structure of financing transactions
    • Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take ProCap Financial public

    New York, NY, June 23, 2025 (GLOBE NEWSWIRE) — American investor and entrepreneur Anthony Pompliano today announced that ProCap BTC, LLC, a bitcoin-native financial services firm, has entered into a definitive agreement for a business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC sponsored by a controlled subsidiary of Cohen & Company, Inc.

    At the closing of the proposed business combination, the combined company will operate as ProCap Financial, Inc., with up to $1 billion in bitcoin on its balance sheet. Entities in the proposed transaction raised $516.5 million in equity and $235 million in convertible notes, the largest initial fundraise in history for a public bitcoin treasury company.

    Leading institutional and bitcoin-native investors participating in the financing transactions include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. Industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Matteo Franceschetti participated as well.

    ProCap Financial aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. ProCap Financial plans to use its bitcoin balance sheet to generate revenue and profit through a variety of strategies.

    ProCap Financial will be led by Anthony Pompliano, who has invested in more than 300 private companies and is one of the leading voices on bitcoin globally.

    “The legacy financial system is being disrupted by bitcoin,” said Pompliano. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”

    “From day one we sought to partner with a platform and a leader that could develop a transformative organization – and we found that in ProCap BTC and Anthony Pompliano,” said Gary Quin, CEO of CCCM. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”

    Terms of the Proposed Business Combination and Financing Transactions

    The proposed business combination (the “Business Combination”) between ProCap BTC, LLC (“ProCap BTC”) and Columbus Circle Capital Corp. I (“CCCM”) will result in ProCap Financial, Inc. (“ProCap Financial”) being a publicly listed company. In connection with the Business Combination, ProCap BTC sold $516.5 million of non-voting preferred units to investors in a private placement (the “Preferred Equity Raise”) and ProCap Financial secured commitments for $235 million in senior secured convertible notes (the “Convertible Notes”) from investors in a private placement (the “Convertible Debt Raise”, together with the Business Combination and the Preferred Equity Raise, the “Proposed Transactions”). At the closing of the Business Combination (the “Closing”), any funds remaining in the CCCM trust account will be delivered to ProCap Financial. The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to Closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial’s balance sheet.

    The Preferred Equity Raise was funded contemporaneously with the execution of the definitive agreements. ProCap BTC agreed to purchase bitcoin (the “BTC Assets”) using the aggregate amount of funds raised in the Preferred Equity Raise within fifteen days of the date of signing the definitive agreements. The BTC Assets will be held in a custodial account until the completion of the Business Combination, providing future shareholders of ProCap Financial with immediate exposure to bitcoin rather than waiting until after the Closing.

    The Convertible Notes will be funded at the close of the Business Combination and have a 130% conversation rate, zero interest rate, and maturity of up to 36 months. The Convertible Notes will be 2x collateralized by cash, cash equivalents or a portion of the bitcoin purchased with the proceeds from the Proposed Transactions. U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and guarantee arrangements.

    At the Closing, former security holders of CCCM and former unit holders of ProCap BTC (“ProCap Holders”) will receive, as consideration in the Business Combination, newly-issued securities of ProCap Financial. The number of ProCap Financial shares issuable to the ProCap Holders at Closing will depend on the value of the BTC Assets measured as of a date shortly before the Closing, subject to a cap, and provided, also, that the ProCap Holders that are investors in the Preferred Equity Raise (as defined herein) will, at a minimum, receive such number of ProCap Financial shares as represents 1.25 times the number of preferred units delivered to such investors upon consummation of the Preferred Equity Raise, based on the trade weighted average price of the BTC Assets, as further described in the definitive agreements for the Proposed Transactions (the “Transaction Agreements”).

    Prior to entering into the definitive agreement, the proposed Business Combination has been approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the Transaction Agreements, including covenants and conditions to Closing reasonably customary for similar transactions, including that the Proposed Transactions and their terms be approved by requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

    The parties expect to consummate the Proposed Transactions prior to the end of 2025, after the submission for review by the U.S. Securities & Exchange Commission (the “SEC”) of a registration statement on Form S-4 to register applicable securities issuable by ProCap Financial upon consummation of the proposed Business Combination. The parties intend to take actions necessary for the Convertible Notes, upon issuance in connection with the Closing, to have an associated 144A CUSIP number on the issue date to facilitate potential post-Closing trading amongst QUIBS, but are not expected to otherwise be registered or tradeable.

    The terms of the Proposed Transactions described in this release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the Transaction Agreements and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to Closing. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

    Advisors

    Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“Cohen & Company”) is acting as exclusive financial advisor to ProCap BTC.

    Cohen & Company and Clear Street LLC are serving as joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

    Reed Smith LLP is acting as legal advisor for ProCap BTC, LLC and ProCap Financial, Inc. in connection with the Proposed Transactions.

    Ellenoff Grossman & Schole LLP is acting as legal advisor to CCCM in connection with the Proposed Transactions. Ogier is acting as special Cayman Islands counsel to CCCM.

    Morgan, Lewis & Bockius LLP is acting as legal advisor to the joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

    About ProCap BTC, LLC and ProCap Financial, Inc.

    ProCap BTC, LLC is a bitcoin-native financial services firm founded by Anthony Pompliano. Pompliano has invested in more than 300 private companies and is one of the leading voices on bitcoin globally. ProCap Financial, Inc., the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

    About Columbus Circle Capital I
    Columbus Circle Capital Corp. I (NASDAQ: CCCM) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

    About Cohen & Company

    Cohen & Company is J.V. B. Financial Group, LLC’s full-service boutique investment bank based in New York City that provides high-touch services across strategic advisory, mergers & acquisitions, and capital markets transactions. Cohen & Company merges boutique attentiveness with institutional scale. Learn more at https://www.cohencm.com/.  J.V. B. Financial Group, LLC is an indirect controlled subsidiary of Cohen & Company Inc, a financial services company specializing in an expanding range of capital markets and asset management services. Cohen and Company Inc has approximately $2.3 billion of assets under management. 

    About Clear Street

    Clear Street Investment Banking provides a full suite of strategic advisory, transactions and creative capital solutions to companies and investors across high-growth sectors including technology, healthcare, energy and beyond. Clear Street Investment Banking is part of Clear Street, the cloud-native financial services firm delivering financing, derivatives, execution and more to power client success. Learn more at https://www.clearstreet.io/investment-banking.

    Additional Information and Where to Find It

    ProCap Financial, Inc. (“ProCap Financial”) and Columbus Circle Capital Corp. I (“CCCM”) intend to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with the proposed business combination between ProCap BTC, LLC (“ProCap BTC”) and CCCM (the “Proposed Transactions”). The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. ProCap Financial and/or CCCM will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’s SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor New York, NY 10019, e-mail: IR@ColumbusCircleCap.com; or upon written request to ProCap Financial, Inc., 600 Lexington Ave., Floor 2, New York, NY 10022.

    NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

    The offer and sale of the convertible notes to be issued by ProCap Financial and the preferred units of ProCap BTC sold in connection with the Proposed Transactions has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

    Participants in Solicitation

    CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

    No Offer or Solicitation

    This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

    Forward-Looking Statements

    This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets held by ProCap BTC and ProCap Financial, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders, which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock of ProCap Financial to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, ProCap Financial experiences difficulties managing its growth and expanding operations; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list ProCap Financial’s common stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC.

    The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the final prospectus of CCCM dated as of May 15, 2025 and filed by CCCM with the SEC on May 19, 2025, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC, or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

    The terms of the Proposed Transactions described in this communication, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive business combination agreement and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to closing of the Proposed Transactions. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

    Media Contacts

    Ebony Lewkovitz
    ebony@edencommunications.com 

    Larissa Bundziak
    larissa@edencommunications.com 

    IR@ColumbusCircleCap.com

    The MIL Network –

  • MIL-OSI: Anthony Pompliano Strikes $1 Billion Merger to Create ProCap Financial; Raises Over $750M in Largest Initial Fundraise in History for Public Bitcoin Treasury Company

    Source: GlobeNewswire (MIL-OSI)

    • ProCap Financial to strategically acquire bitcoin and generate revenue and profits from its bitcoin holdings
    • Equity investors have immediate exposure to bitcoin based on structure of financing transactions
    • Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take ProCap Financial public

    New York, NY, June 23, 2025 (GLOBE NEWSWIRE) — American investor and entrepreneur Anthony Pompliano today announced that ProCap BTC, LLC, a bitcoin-native financial services firm, has entered into a definitive agreement for a business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM), a SPAC sponsored by a controlled subsidiary of Cohen & Company, Inc.

    At the closing of the proposed business combination, the combined company will operate as ProCap Financial, Inc., with up to $1 billion in bitcoin on its balance sheet. Entities in the proposed transaction raised $516.5 million in equity and $235 million in convertible notes, the largest initial fundraise in history for a public bitcoin treasury company.

    Leading institutional and bitcoin-native investors participating in the financing transactions include Magnetar Capital, Woodline Partners LP, Anson Funds, RK Capital, Off the Chain Capital, Parafi, Blockchain.com, Arrington Capital, BSQ Capital Partners, and FalconX. Industry veterans such as Mark Yusko, Jason Williams, Eric Semler, Tony Guoga, and Matteo Franceschetti participated as well.

    ProCap Financial aims to become the leading financial services firm at the intersection of bitcoin and traditional finance. ProCap Financial plans to use its bitcoin balance sheet to generate revenue and profit through a variety of strategies.

    ProCap Financial will be led by Anthony Pompliano, who has invested in more than 300 private companies and is one of the leading voices on bitcoin globally.

    “The legacy financial system is being disrupted by bitcoin,” said Pompliano. “ProCap Financial represents our solution to the increasing demand for bitcoin-native financial services among sophisticated investors. Our objective is to develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings.”

    “From day one we sought to partner with a platform and a leader that could develop a transformative organization – and we found that in ProCap BTC and Anthony Pompliano,” said Gary Quin, CEO of CCCM. “Anthony’s track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself. We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.”

    Terms of the Proposed Business Combination and Financing Transactions

    The proposed business combination (the “Business Combination”) between ProCap BTC, LLC (“ProCap BTC”) and Columbus Circle Capital Corp. I (“CCCM”) will result in ProCap Financial, Inc. (“ProCap Financial”) being a publicly listed company. In connection with the Business Combination, ProCap BTC sold $516.5 million of non-voting preferred units to investors in a private placement (the “Preferred Equity Raise”) and ProCap Financial secured commitments for $235 million in senior secured convertible notes (the “Convertible Notes”) from investors in a private placement (the “Convertible Debt Raise”, together with the Business Combination and the Preferred Equity Raise, the “Proposed Transactions”). At the closing of the Business Combination (the “Closing”), any funds remaining in the CCCM trust account will be delivered to ProCap Financial. The full proceeds of the CCCM Trust Account, assuming no trust redemptions at or prior to Closing, is included in the up to $1 billion expected to be used to purchase bitcoin for ProCap Financial’s balance sheet.

    The Preferred Equity Raise was funded contemporaneously with the execution of the definitive agreements. ProCap BTC agreed to purchase bitcoin (the “BTC Assets”) using the aggregate amount of funds raised in the Preferred Equity Raise within fifteen days of the date of signing the definitive agreements. The BTC Assets will be held in a custodial account until the completion of the Business Combination, providing future shareholders of ProCap Financial with immediate exposure to bitcoin rather than waiting until after the Closing.

    The Convertible Notes will be funded at the close of the Business Combination and have a 130% conversation rate, zero interest rate, and maturity of up to 36 months. The Convertible Notes will be 2x collateralized by cash, cash equivalents or a portion of the bitcoin purchased with the proceeds from the Proposed Transactions. U.S. Bank National Trust, N.A. will serve as collateral agent and trustee with regard to the Convertible Notes and associated indenture and guarantee arrangements.

    At the Closing, former security holders of CCCM and former unit holders of ProCap BTC (“ProCap Holders”) will receive, as consideration in the Business Combination, newly-issued securities of ProCap Financial. The number of ProCap Financial shares issuable to the ProCap Holders at Closing will depend on the value of the BTC Assets measured as of a date shortly before the Closing, subject to a cap, and provided, also, that the ProCap Holders that are investors in the Preferred Equity Raise (as defined herein) will, at a minimum, receive such number of ProCap Financial shares as represents 1.25 times the number of preferred units delivered to such investors upon consummation of the Preferred Equity Raise, based on the trade weighted average price of the BTC Assets, as further described in the definitive agreements for the Proposed Transactions (the “Transaction Agreements”).

    Prior to entering into the definitive agreement, the proposed Business Combination has been approved by the board of directors of CCCM and by the board of managers of ProCap BTC. The terms of the Transaction Agreements, including covenants and conditions to Closing reasonably customary for similar transactions, including that the Proposed Transactions and their terms be approved by requisite CCCM shareholders and by the sole voting unit holder of ProCap BTC, an entity owned and controlled by Pompliano.

    The parties expect to consummate the Proposed Transactions prior to the end of 2025, after the submission for review by the U.S. Securities & Exchange Commission (the “SEC”) of a registration statement on Form S-4 to register applicable securities issuable by ProCap Financial upon consummation of the proposed Business Combination. The parties intend to take actions necessary for the Convertible Notes, upon issuance in connection with the Closing, to have an associated 144A CUSIP number on the issue date to facilitate potential post-Closing trading amongst QUIBS, but are not expected to otherwise be registered or tradeable.

    The terms of the Proposed Transactions described in this release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the Transaction Agreements and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to Closing. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

    Advisors

    Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“Cohen & Company”) is acting as exclusive financial advisor to ProCap BTC.

    Cohen & Company and Clear Street LLC are serving as joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

    Reed Smith LLP is acting as legal advisor for ProCap BTC, LLC and ProCap Financial, Inc. in connection with the Proposed Transactions.

    Ellenoff Grossman & Schole LLP is acting as legal advisor to CCCM in connection with the Proposed Transactions. Ogier is acting as special Cayman Islands counsel to CCCM.

    Morgan, Lewis & Bockius LLP is acting as legal advisor to the joint co-placement agents in connection with the Preferred Equity Raise and Convertible Debt Raise.

    About ProCap BTC, LLC and ProCap Financial, Inc.

    ProCap BTC, LLC is a bitcoin-native financial services firm founded by Anthony Pompliano. Pompliano has invested in more than 300 private companies and is one of the leading voices on bitcoin globally. ProCap Financial, Inc., the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

    About Columbus Circle Capital I
    Columbus Circle Capital Corp. I (NASDAQ: CCCM) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

    About Cohen & Company

    Cohen & Company is J.V. B. Financial Group, LLC’s full-service boutique investment bank based in New York City that provides high-touch services across strategic advisory, mergers & acquisitions, and capital markets transactions. Cohen & Company merges boutique attentiveness with institutional scale. Learn more at https://www.cohencm.com/.  J.V. B. Financial Group, LLC is an indirect controlled subsidiary of Cohen & Company Inc, a financial services company specializing in an expanding range of capital markets and asset management services. Cohen and Company Inc has approximately $2.3 billion of assets under management. 

    About Clear Street

    Clear Street Investment Banking provides a full suite of strategic advisory, transactions and creative capital solutions to companies and investors across high-growth sectors including technology, healthcare, energy and beyond. Clear Street Investment Banking is part of Clear Street, the cloud-native financial services firm delivering financing, derivatives, execution and more to power client success. Learn more at https://www.clearstreet.io/investment-banking.

    Additional Information and Where to Find It

    ProCap Financial, Inc. (“ProCap Financial”) and Columbus Circle Capital Corp. I (“CCCM”) intend to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with the proposed business combination between ProCap BTC, LLC (“ProCap BTC”) and CCCM (the “Proposed Transactions”). The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. ProCap Financial and/or CCCM will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’s SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor New York, NY 10019, e-mail: IR@ColumbusCircleCap.com; or upon written request to ProCap Financial, Inc., 600 Lexington Ave., Floor 2, New York, NY 10022.

    NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

    The offer and sale of the convertible notes to be issued by ProCap Financial and the preferred units of ProCap BTC sold in connection with the Proposed Transactions has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

    Participants in Solicitation

    CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

    No Offer or Solicitation

    This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

    Forward-Looking Statements

    This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets held by ProCap BTC and ProCap Financial, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders, which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock of ProCap Financial to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, ProCap Financial experiences difficulties managing its growth and expanding operations; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list ProCap Financial’s common stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC.

    The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the final prospectus of CCCM dated as of May 15, 2025 and filed by CCCM with the SEC on May 19, 2025, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC, or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

    The terms of the Proposed Transactions described in this communication, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive business combination agreement and assume no redemptions from the CCCM trust account. These terms are subject to change, including as a result of fluctuations in the price of bitcoin prior to closing of the Proposed Transactions. There can be no assurance that the final terms at Closing will reflect the figures referenced herein.

    Media Contacts

    Ebony Lewkovitz
    ebony@edencommunications.com 

    Larissa Bundziak
    larissa@edencommunications.com 

    IR@ColumbusCircleCap.com

    The MIL Network –

  • MIL-OSI Russia: Xinjiang Uyghur Autonomous Region has 54 sister cities

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, June 23 (Xinhua) — Urumqi, capital of northwest China’s Xinjiang Uygur Autonomous Region, and Samarkand, capital of Uzbekistan’s Samarkand Province, established sister city relations following the recently held second China-Central Asia Summit, bringing the number of sister cities of Xinjiang Uygur Autonomous Region to 54 from 16 countries in Asia, Europe, North America and Oceania, the Xinjiang Daily newspaper reported on Monday, citing a source from the Chinese People’s Association for Friendship with Foreign Countries.

    According to the report, back in August 2023, the authorities of Urumqi and Samarkand signed an agreement of intent to establish sister city relations, this step is aimed at promoting bilateral cooperation in trade, economy, culture, education, tourism, health care and other fields in various forms in order to stimulate the common prosperity and development of both cities.

    To date, sister city relations have been established between Urumqi and 14 cities in 12 countries, including Peshawar in Pakistan, Bishkek in Kyrgyzstan, Almaty in Kazakhstan and Narrandera in Australia.

    These facts show Xinjiang’s expanded opening to the outside world, which is also reflected in the region’s foreign trade. According to statistics, in the first five months of this year, Xinjiang traded with 222 countries and regions around the world, with foreign trade turnover amounting to 227.67 billion yuan (about 31.75 billion U.S. dollars), up 22.9 percent year on year. -0-

    MIL OSI Russia News –

  • MIL-OSI: Baylin Technologies to Present at the Small Cap Growth Virtual Investor Conference June 26th

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Baylin Technologies Inc. (“Baylin” or the “Company”), based in Toronto, Ontario, Canada today announced that Chief Executive Officer Leighton Carroll, will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com, on June 26th, 2025.

    DATE: June 26th
    TIME: 10:30am EDT
    LINK: REGISTER HERE

    Available for 1×1 meetings: June 26/27

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    About Baylin

    Baylin is a leading diversified global wireless technology company. Baylin focuses on research, design, development, manufacturing and sales of passive and active radio frequency and satellite communications products, and the provision of supporting services. Baylin aspires to exceed its customers’ needs and anticipate the direction of the market. For further information, please visit www.baylintech.com.

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:

    Baylin Technologies Inc
    Name: Kelly Myles
    Title: Director Communications and Investor Relations
    Email: Kelly.Myles@baylintech.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: FactSet Reports Results for Third Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    • Q3 GAAP revenues of $585.5 million, up 5.9% from Q3 2024.
    • Organic Q3 ASV of $2,296.9 million, up 4.5% year over year.
    • Q3 GAAP operating margin of 33.2%, down approximately 350 bps year over year, and adjusted operating margin of 36.8%, down 270 bps year over year.
    • Q3 GAAP diluted EPS of $3.87, down 5.4% from the prior year, and adjusted diluted EPS of $4.27, down 2.3% year over year.
    • FactSet appointed Sanoke Viswanathan as CEO, effective early September 2025. He succeeds Phil Snow, who will retire as CEO and Board member. Snow will remain a senior advisor through the end of the calendar year.

    NORWALK, Conn., June 23, 2025 (GLOBE NEWSWIRE) — FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its third quarter fiscal 2025 ended May 31, 2025.

    Third Quarter Fiscal 2025 Highlights

    • GAAP revenues increased 5.9%, or $32.8 million, to $585.5 million for the third quarter of fiscal 2025 compared with $552.7 million in the prior year period. Organic(1) revenues grew 4.4% year over year to $577.2 million during the third quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.
    • Annual Subscription Value (“ASV”) was $2,335.1 million at May 31, 2025, compared with $2,199.1 million at May 31, 2024. Organic ASV was $2,296.9 million at May 31, 2025, up 4.5% or $98.5 million year over year(2).
    • Organic ASV increased $22.6 million over the last three months. Please see the “ASV” section of this press release for details.
    • GAAP operating margin decreased to 33.2% compared with 36.6% for the prior year period. Adjusted operating margin decreased to 36.8% compared with 39.4% in the prior year period. GAAP and adjusted operating margin decreased primarily due to the lapping of both a lower bonus accrual and a one-time payroll tax adjustment that occurred in the prior year, as well as higher annual base salaries from inclusion of recent acquisitions, partially offset by growth in revenues. In addition, GAAP operating margin decreased due to higher amortization of intangible assets.
    • GAAP diluted earnings per share (“EPS”) decreased 5.4% to $3.87 compared with $4.09 for the same period in fiscal 2024. Adjusted diluted EPS decreased 2.3% to $4.27 compared with $4.37 in the prior year period. The decrease in GAAP diluted EPS and adjusted diluted EPS were mainly driven by higher operating expenses, partially offset by growth in revenues.
    • Net cash provided by operating activities was $253.8 million for the third quarter of fiscal 2025, an increase of 6.5% compared with the prior year period. Free cash flow increased to $228.6 million for the third quarter of fiscal 2025, compared with $216.9 million for the prior year period, an increase of 5.4%, primarily due to higher operating cash flows.
    • GAAP effective tax rate for the third quarter of fiscal 2025 increased to 17.5% compared with 17.0% for the third quarter of fiscal 2024. The increase was primarily due to certain discrete items, mainly lower excess tax benefits related to stock-based compensation, as well as a higher overall foreign tax rate, partially offset by lower U.S. tax on foreign earnings.

    (1) References to “organic” figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency.

    (2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet’s offerings toward providing more managed services and less project-based services.

    “We are pleased with our third quarter performance, which reflects the execution of our enterprise solution strategy. With a healthy pipeline and increased momentum, we are well-positioned to finish the fiscal year with strength,” said Phil Snow, CEO of FactSet. “As FactSet prepares for its next chapter of leadership, I’m proud of the solid foundation we’ve established, built on innovation, client trust, and industry-leading data and workflow solutions. This platform gives me great conviction in the Company’s continued success.”

    Key Financial Measures*

    (Condensed and Unaudited) Three Months Ended  
      May 31,  
    (In thousands, except per share data) 2025 2024 Change
    Revenues $ 585,520   $ 552,708   5.9 %
    Organic revenues $ 577,200   $ 552,708   4.4 %
    Operating income $ 194,155   $ 202,459   (4.1 )%
    Adjusted operating income $ 215,313   $ 217,960   (1.2 )%
    Operating margin   33.2 %   36.6 %  
    Adjusted operating margin   36.8 %   39.4 %  
    Net income $ 148,542   $ 158,135   (6.1 )%
    Adjusted net income $ 163,921   $ 168,796   (2.9 )%
    EBITDA $ 235,915   $ 239,930   (1.7 )%
    Diluted EPS $ 3.87   $ 4.09   (5.4 )%
    Adjusted diluted EPS $ 4.27   $ 4.37   (2.3 )%

             * See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.

    “As anticipated, the second half in fiscal 2025 is showing improved results, with third quarter organic ASV growth accelerating as we meet client demands and execute diligently,” said Helen Shan, FactSet’s CFO. “At the same time, we remain focused on investing in our strategic priorities and are reaffirming our fiscal 2025 guidance to achieve our full year targets.”

    Annual Subscription Value (ASV)

    ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients.

    ASV was $2,335.1 million at May 31, 2025, compared with $2,199.1 million at May 31, 2024. Organic ASV was $2,296.9 million at May 31, 2025, up $98.5 million from the prior year, for a growth rate of 4.5%. Organic ASV increased $22.6 million over the last three months.

    The buy-side and sell-side organic ASV annual growth rates as of May 31, 2025 were each 4.0%. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

    Segment Revenues and ASV

    ASV from the Americas was $1,513.1 million compared with ASV in the prior year period of $1,415.3 million. Organic ASV from the Americas increased 5.0% to $1,486.0 million. Americas revenues for the quarter increased to $380.5 million compared with $356.5 million in the third quarter of last year. The Americas quarterly organic revenues growth rate was 5.0% over the prior year period.

    ASV from EMEA was $581.9 million compared with ASV in the prior year period of $565.0 million. Organic ASV from EMEA increased 2.1% to $575.2 million. EMEA revenues were $145.7 million compared with $141.2 million in the third quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 2.3% over the prior year period.

    ASV from Asia Pacific was $240.1 million compared with ASV in the prior year period of $218.8 million. Organic ASV from Asia Pacific increased 7.1% to $235.7 million. Asia Pacific revenues were $59.3 million compared with $55.0 million in the third quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.4% over the prior year period.

    Operational Highlights – Third Quarter Fiscal 2025

    • Client count as of May 31, 2025 was 8,811, a net increase of 166 clients in the past three months, driven by hedge fund, corporate and wealth management clients, and now includes clients from the LiquidityBook acquisition. The count includes clients with ASV of $10,000 and more.
    • User count was 220,496 as of May 31, 2025, a net increase of 1,355 users in the past three months, driven by an increase in wealth management users. The user count does not reflect the fiscal 2025 acquisitions.
    • Annual ASV retention was greater than 95% as of May 31, 2025. When expressed as a percentage of clients, annual retention was 91% as of May 31, 2025.
    • Employee headcount was 12,579 as of May 31, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions and an increase in employees in our Centers of Excellence. FactSet’s Centers of Excellence account for approximately 67% of the Company’s employees.
    • A quarterly dividend of $41.6 million, or $1.10 per share, was paid on June 18, 2025, to holders of record of FactSet’s common stock at the close of business on May 30, 2025. This represents a 6% increase in the regular quarterly dividend from the $1.04 per share paid in the previous quarter and marks the 26th consecutive year the Company has increased dividends on a stock split-adjusted basis.
    • FactSet entered into a new credit agreement that includes a term loan of $500 million and a revolving credit facility of $1.0 billion, which remains undrawn. The term loan was used to repay borrowings under the 2022 credit agreement.
    • FactSet announced that Phil Snow will retire as CEO and a member of the Board, effective early September 2025 and will be succeeded by Sanoke Viswanathan, most recently CEO of International Consumer and Wealth at JPMorgan Chase. Snow will serve as a senior advisor through the end of the calendar year.
    • FactSet was named Databricks’ Financial Services Data Partner of the Year. FactSet data is available on the Databricks Marketplace to help clients accelerate time to value by eliminating manual data integration and enabling seamless and secure access to FactSet’s industry-leading proprietary and third-party connected data.
    • After the quarter, CUSIP Global Services announced a collaboration with Aumni, Inc., a JPMorgan company, to expand CUSIP coverage for venture-backed and private equity-owned companies. This expanded coverage provides standardized identifiers for company issuers and their financial instruments, thereby increasing efficiency, accuracy, and security in reporting, settlement, and analytics for venture capital firms, private equity firms, and their investors.

    Share Repurchase Program

    FactSet repurchased 184,050 shares of its common stock for $80.7 million at an average price of $438.45 during the third quarter of fiscal 2025 under the Company’s share repurchase program. As of May 31, 2025, $106.2 million remained available for share repurchases under this program. Additionally, on June 17, 2025, the Board of Directors of FactSet approved a new share repurchase authorization of up to $400 million, which will be available on September 1, 2025.

    Annual Business Outlook

    FactSet reaffirms its outlook for fiscal 2025 provided on March 20, 2025. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

    Fiscal 2025 Expectations

    • Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025.
    • GAAP revenues are expected to be in the range of $2,305 million to $2,325 million.
    • GAAP operating margin is expected to be in the range of 32.0% to 33.0%.
    • Adjusted operating margin is expected to be in the range of 36.0% to 37.0%.
    • FactSet’s annual effective tax rate is expected to be in the range of 17% to 18%.
    • GAAP diluted EPS is expected to be in the range of $14.80 to $15.40.
    • Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40.

    Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

    Conference Call

    Third Quarter 2025 Conference Call Details

    Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

    A replay will be available on the Company’s investor relations website after 1:00 p.m. Eastern Time on June 23, 2025, through June 23, 2026. The earnings call transcript will be available via FactSet CallStreet.

    Forward-looking Statements

    This press release contains forward-looking statements based on management’s current expectations, estimates, forecasts and projections about future events and circumstances, industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company’s strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “intends,” “projects,” “indicates,” “predicts,” “potential,” or “continue,” and similar expressions. Forward-looking statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those expressed or implied by the forward-looking statements. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. FactSet assumes no duty to and does not undertake to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Future results could differ materially from historical performance.

    About Non-GAAP Financial Measures

    The Company reports its financial results in accordance with U.S. GAAP. The Company also refers to and presents certain additional non-GAAP financial measures. These measures include: organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, adjusted diluted EPS, and free cash flow. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP at the back of this release.

    FactSet uses these non-GAAP financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these non-GAAP financial measures provide useful supplemental information to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and such measures may also facilitate comparisons to historical performance. The Company believes that organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, and adjusted diluted EPS help to fully reflect the underlying economic performance of FactSet. The Company believes that free cash flow is useful to investors because it is an indication of cash flow that may be available to fund investments in future growth initiatives. The presentation of this non-GAAP financial information should not be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. We are not able to reconcile certain forward-looking non-GAAP measures to reported measures without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact or exact timing of items that may impact comparability.

    About FactSet

    FactSet (NYSE:FDS | NASDAQ:FDS) supercharges financial intelligence, offering enterprise data and information solutions that power our clients to maximize their potential. Our cutting-edge digital platform seamlessly integrates proprietary financial data, client datasets, third-party sources, and flexible technology to deliver tailored solutions across the buy-side, sell-side, wealth management, private equity, and corporate sectors. With over 47 years of expertise, a presence in 20 countries, and extensive multi-asset class coverage, we leverage advanced data connectivity alongside AI and next-generation tools to streamline workflows, drive productivity, and enable smarter, faster decision-making. Serving more than 8,800 global clients and over 220,000 individual users, FactSet is a member of the S&P 500 dedicated to innovation and long-term client success. Learn more at www.factset.com and follow us on X and LinkedIn.

    Investor Relations:                         
    Kevin Toomey
    +1.212.209.5259
    Kevin.Toomey@factset.com

    Media Relations:
    Kelsey Goldsmith
    +1.207.712.9726
    Kelsey.Goldsmith@factset.com

                 
    Consolidated Statements of Income (Unaudited)            
      Three Months Ended   Nine Months Ended
      May 31,   May 31,
    (In thousands, except per share data) 2025   2024   2025   2024
    Revenues $ 585,520     $ 552,708     $ 1,724,847     $ 1,640,869  
    Operating expenses              
    Cost of services   280,729       246,986       809,112       753,749  
    Selling, general and administrative   110,636       103,263       344,753       313,679  
    Total operating expenses   391,365       350,249       1,153,865       1,067,428  
                   
    Operating income   194,155       202,459       570,982       573,441  
                   
    Other income (expense), net              
    Interest income   1,509       4,568       4,483       10,427  
    Interest expense   (15,122 )     (16,894 )     (43,438 )     (50,231 )
    Other income (expense), net   (594 )     399       (20 )     736  
    Total other income (expense), net   (14,207 )     (11,927 )     (38,975 )     (39,068 )
                   
    Income before income taxes   179,948       190,532       532,007       534,373  
                   
    Provision for income taxes   31,406       32,397       88,583       86,743  
    Net income $ 148,542     $ 158,135     $ 443,424     $ 447,630  
                   
    Basic earnings per common share $ 3.92     $ 4.15     $ 11.68     $ 11.76  
    Diluted earnings per common share $ 3.87     $ 4.09     $ 11.53     $ 11.58  
                   
    Basic weighted average common shares   37,907       38,089       37,976       38,069  
    Diluted weighted average common shares   38,344       38,640       38,457       38,644  

    Certain prior year figures have been conformed to the current year’s presentation.

       
    Consolidated Balance Sheets (Unaudited)  
         
         
    (In thousands) May 31, 2025   August 31, 2024
    ASSETS          
    Cash and cash equivalents $ 356,361     $ 422,979  
    Investments   7,684       69,619  
    Accounts receivable, net of reserves of $13,917 at May 31, 2025 and $14,581 at August 31, 2024   271,851       228,054  
    Prepaid taxes   61,048       55,103  
    Prepaid expenses and other current assets   63,534       60,093  
    Total current assets   760,478       835,848  
         
    Property, equipment and leasehold improvements, net   79,627       82,513  
    Goodwill   1,277,855       1,011,129  
    Intangible assets, net   1,931,210       1,844,141  
    Deferred taxes   66,870       61,337  
    Lease right-of-use assets, net   119,191       130,494  
    Other assets   103,531       89,578  
    TOTAL ASSETS $ 4,338,762     $ 4,055,040  
         
    LIABILITIES    
    Accounts payable and accrued expenses $ 144,487     $ 178,250  
    Current debt   —       124,842  
    Current lease liabilities   33,219       31,073  
    Accrued compensation   98,131       93,279  
    Deferred revenues   170,897       159,761  
    Current taxes payable   30,545       40,391  
    Dividends payable   41,644       39,470  
    Total current liabilities   518,923       667,066  
         
    Long-term debt   1,430,197       1,241,131  
    Deferred taxes   16,573       8,452  
    Deferred revenues, non-current   312       1,344  
    Taxes payable   48,072       40,452  
    Long-term lease liabilities   157,088       177,521  
    Other liabilities   12,415       6,614  
    TOTAL LIABILITIES $ 2,183,580     $ 2,142,580  
         
    STOCKHOLDERS’ EQUITY    
    TOTAL STOCKHOLDERS’ EQUITY $ 2,155,182     $ 1,912,460  
         
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,338,762     $ 4,055,040  
                   
    Consolidated Statements of Cash Flows (Unaudited)  
      Nine Months Ended
      May 31,
    (In thousands) 2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES              
    Net income $ 443,424     $ 447,630  
    Adjustments to reconcile net income to net cash provided by operating activities    
    Depreciation and amortization   114,972       91,154  
    Amortization of lease right-of-use assets   23,152       22,846  
    Stock-based compensation expense   47,154       46,707  
    Deferred income taxes   3,154       (6,979 )
    Other, net   7,428       7,831  
    Changes in assets and liabilities, net of effects of acquisitions    
    Accounts receivable   (41,492 )     (7,176 )
    Prepaid expenses and other assets   6,699       (14,941 )
    Accounts payable and accrued expenses   (49,717 )     17,296  
    Accrued compensation   3,789       (33,329 )
    Deferred revenues   4,955       13,817  
    Taxes payable, net of prepaid taxes   (19,108 )     (15,992 )
    Lease liabilities, net   (30,250 )     (31,687 )
    Net cash provided by operating activities   514,160       537,177  
         
    CASH FLOWS FROM INVESTING ACTIVITIES    
    Purchases of property, equipment, leasehold improvements and capitalized internal-use software   (74,840 )     (59,722 )
    Acquisition of businesses, net of cash and cash equivalents acquired   (348,255 )     —  
    Purchases of investments   (4,433 )     (44,936 )
    Proceeds from maturity or sale of investments   58,155       —  
    Net cash provided by (used in) investing activities   (369,373 )     (104,658 )
         
    CASH FLOWS FROM FINANCING ACTIVITIES    
    Proceeds from debt   803,410       —  
    Repayments of debt   (742,500 )     (187,500 )
    Dividend payments   (118,329 )     (111,297 )
    Proceeds from employee stock plans   72,616       83,497  
    Repurchases of common stock   (193,838 )     (171,918 )
    Other financing activities   (20,686 )     (15,690 )
    Net cash provided by (used in) financing activities   (199,327 )     (402,908 )
         
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,966       (1,911 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (52,574 )     27,700  
    Cash and cash equivalents at beginning of period   422,979       425,444  
    Cash, cash equivalents and restricted cash at end of period $ 370,405     $ 453,144  
         
    Reconciliation of total cash, cash equivalents and restricted cash:    
    Cash and cash equivalents $ 356,361     $ 453,144  
    Restricted cash included in Prepaid expenses and other current assets   6,522       —  
    Restricted cash included in Other assets   7,522       —  
    Total cash, cash equivalents and restricted cash $ 370,405     $ 453,144  

    Certain prior year figures have been conformed to the current year’s presentation.

    Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

    Organic Revenues

    Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues:

                       
    (Unaudited) Three Months Ended    
      May 31,    
    (In thousands) 2025   2024   Change
    Revenues $ 585,520     $ 552,708       5.9 %
    Acquisition revenues   (7,781 )     —      
    Currency impact   (539 )     —      
    Organic revenues $ 577,200     $ 552,708       4.4 %
                           

    Non-GAAP Financial Measures

    The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, and adjusted diluted EPS.

    Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense.

               
      Three Months Ended        
      May 31,        
    (in thousands, except per share data) 2025   2024   % Change
    Operating income $ 194,155     $ 202,459       (4.1 )%
    Intangible asset amortization   19,182       16,674          
    Business acquisitions and related costs   1,976       423          
    Restructuring/severance   —       (1,596 )        
    Adjusted operating income $ 215,313     $ 217,960       (1.2 )%
    Operating margin   33.2 %     36.6 %        
    Adjusted operating margin(1)   36.8 %     39.4 %        
    Net income $ 148,542     $ 158,135       (6.1 )%
    Intangible asset amortization   13,943       11,466          
    Business acquisitions and related costs   1,436       291          
    Restructuring/severance   —       (1,096 )        
    Adjusted net income(2) $ 163,921     $ 168,796       (2.9 )%
    Net income   148,542       158,135       (6.1 )%
    Interest expense   15,122       16,894          
    Income taxes   31,406       32,397          
    Depreciation and amortization expense   40,845       32,504          
    EBITDA $ 235,915     $ 239,930       (1.7 )%
    Diluted EPS $ 3.87     $ 4.09       (5.4 )%
    Intangible asset amortization   0.36       0.30          
    Business acquisitions and related costs   0.04       0.01          
    Restructuring/severance   —       (0.03 )        
    Adjusted diluted EPS(2) $ 4.27     $ 4.37       (2.3 )%
    Weighted average common shares (diluted)   38,344       38,640          
    (1) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
    (2) For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended May 31, 2025 and May 31, 2024 were taxed at an adjusted tax rate of 27.3% and 31.2%, respectively.
       

    Business Outlook Operating Margin, Net Income and Diluted EPS

    (Unaudited)    
    Figures may not foot due to rounding Annual Fiscal 2025 Guidance
    (In millions, except per share data) Low end of range   High end of range
    Revenues $ 2,305     $ 2,325  
    Operating income $ 761     $ 744  
    Operating margin   33.0 %     32.0 %
         
    Intangible asset amortization   80       81  
    Other adjustments (net)   12       12  
    Adjusted operating income $ 853     $ 837  
    Adjusted operating margin(a)   37.0 %     36.0 %
         
    Net income $ 588     $ 567  
    Intangible asset amortization   66       66  
    Other adjustments (net)   10       10  
    Discrete tax items   (4 )     (4 )
    Adjusted net income $ 660     $ 640  
         
    Diluted earnings per common share $ 15.40     $ 14.80  
    Intangible asset amortization   1.73       1.73  
    Other adjustments (net)   0.30       0.30  
    Discrete tax items   (0.03 )     (0.03 )
    Adjusted diluted earnings per common share $ 17.40     $ 16.80  
    (a) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
       

    Free Cash Flow

    Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow.

         
    (Unaudited) Three Months Ended  
      May 31,  
    (In thousands) 2025   2024   Change
    Net Cash Provided for Operating Activities $ 253,833     $ 238,235       6.5 %
    Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software   (25,230 )     (21,339 )  
    Free Cash Flow $ 228,603     $ 216,896       5.4 %
                           

    Supplementary Schedules of Historical ASV by Client Type

    The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

    The numbers below do not include professional services or issuer fees.

                     
      Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Q4’23
    % of ASV from buy-side clients 82.3% 82.3% 82.1% 82.0% 82.3% 82.0% 82.0% 81.8%
    % of ASV from sell-side clients 17.7% 17.7% 17.9% 18.0% 17.7% 18.0% 18.0% 18.2%
                     
    ASV Growth rate from buy-side clients 4.0% 4.1% 4.3% 4.9% 5.3% 5.6% 7.2% 6.9%
    ASV Growth rate from sell-side clients 4.0% 2.2% 3.5% 3.8% 3.7% 5.5% 7.6% 9.3%
                     

    The following table presents the calculation of organic ASV.

       
    (In millions) As of May 31, 2025
    As reported ASV $ 2,335.1  
    Currency impact (a)   (5.7 )
    Acquisition ASV (b)   (32.5 )
    Organic ASV $ 2,296.9  
    Organic ASV annual growth rate   4.5 %
    (a) The impact from foreign currency movements.
       
    (b) Acquired ASV from acquisitions completed within the last 12 months.

    The MIL Network –

  • MIL-OSI Asia-Pac: Speech by CE at Greenway 2025 – Accelerating Changes (English only) (with photos/video)

    Source: Hong Kong Government special administrative region

         â€‹Following is the speech by the Chief Executive, Mr John Lee, at Greenway 2025 – Accelerating Changes today (June 23):
     
    Your Excellency Ambassador Harvey Rouse (Ambassador and Head of Office of the European Union to Hong Kong), Mr Iñaki Amate (Chair of the European Chamber of Commerce in Hong Kong), consuls-general, heads of chambers, ladies and gentlemen,
     
         Good afternoon. It is a great pleasure to join you, once again, at the Greenway forum, the fourth edition, this year under the theme of “Accelerating Changes”. And, as before, it’s organised by the European Union Office to Hong Kong and Macao, and the European Chamber of Commerce in Hong Kong.
     
         The European Union (EU) has long been one of Hong Kong’s long-standing business partners. Hong Kong takes pride in being home to 1 640 EU (European Union) companies, which makes the EU the largest foreign business community in Hong Kong. Thank you and welcome indeed.
     
         Alongside business, we come together in so many others areas of mutual interest, from education and cultural exchange to innovation and technology pursuits. And, yes, to the environment – to global warming and all the complexities it entails.
     
         Because climate change affects us all, it must involve us all. Each and every one of us.
     
         The World Meteorological Organization’s latest report, published last month, notes that there is a 70 per cent chance that the five-year average warming, for 2025 to 2029, will exceed 1.5 degrees Celsius. That’s up significantly from the 47 per cent chance forecast in its report last year. So from a 47 per cent chance the forecast jumped to 70 per cent.
     
         Allow me, for the next few minutes, to tell you what Hong Kong is doing to work against the universal threat of climate change, and to achieve climate neutrality.
     
         Since Hong Kong reached its carbon peak, in 2014, our carbon emissions have dropped by about a quarter. In 2023, our per capita carbon emissions were about 4.58 tonnes. To put that in perspective, it is 60 per cent of the EU’s emissions, so we aren’t doing too badly, and only one quarter of that of the United States.
     
         Hong Kong is well on its way to cutting its carbon emissions in half by 2035, achieving carbon neutrality before 2050, which is our stated goal.
     
         Last week, we welcomed the news that Hong Kong is once again one of the world’s top three most-competitive economies. We are dedicated to decarbonising this international financial, shipping and trade centre while keeping up with our competitiveness. And we do that by engineering green transformation through innovation.
     
         Hong Kong’s prowess in financial services places us, favourably, in becoming Asia’s premier hub for green and sustainable finance. With our financing platforms, we could help to mobilise the capital for climate solutions, while ensuring robust integrity within our financial markets.
     
         Last year, the total green and sustainable debts issued in Hong Kong exceeded US$84 billion. And the volume of green and sustainable bonds arranged here amounted to US$43 billion. That places us first in the Asian market for seven years in a row, capturing 45 per cent of the region’s total.
     
         Our regulatory framework is fundamental to creating a sustainable finance ecosystem. The Hong Kong Monetary Authority published the Hong Kong Taxonomy for Sustainable Finance last year, aligning our taxonomy with the two mainstream taxonomies of the Mainland and the European Union. Encompassing economic activities in power generation, transportation, construction, and water and waste management, it will facilitate green finance flows and promote sustainable development.
     
         Like our economy, Hong Kong’s resolve to green transformation goes beyond finance. Consider green transport, a transformation moving into the fast lane on our roads. The adoption of electric vehicles has been remarkable.
     
         Just five years ago, Hong Kong was home to about 14 000 electric vehicles. By the end of last year, that number had surged to about 110 000, that’s seven times more.
     
         Today, seven out of every 10 newly registered private cars in our city are electric. That, ladies and gentlemen, is among the highest growth rates in the world.
     
         Vehicles, of course, are only one part of a complex equation. An extensive and convenient charging network is the backbone of any electric vehicle revolution.
     
         Our strategy is people-centric, recognising that the best place to charge is at home or at the workplace. Through our EV-charging at Home Subsidy Scheme, we expect to see charging infrastructure installed in about 140 000 parking spaces in private residential buildings by the 2027-28 financial year. That will enable a smooth and non-disruptive electric vehicle transition for thousands of households.
     
         As for our world-class public transport system, we have unveiled a clear Green Transformation Roadmap for public buses and taxis.
     
         Through targeted subsidy schemes, that will fast-track the introduction of about 600 electric buses and 3 000 electric taxis. We are managing the transition in an orderly manner, using incentives rather than penalties, to ensure that our green ambitions don’t translate into additional costs for passengers.
     
         Our vision for green mobility goes well beyond the road. As one of the world’s premier aviation hubs, we’re looking to the skies, too, to chart the green way to our transport future.
     
         Sustainable Aviation Fuel, or SAF, is critical to the long-term future of air travel. It’s also essential to ensuring Hong Kong’s continuing leadership in aviation.
     
         SAF has the potential to reduce life-cycle carbon emissions by more than 80 per cent compared to conventional jet fuel. The Hong Kong SAR (Special Administrative Region) Government is working closely with the Airport Authority to set a clear target for SAF consumption.
     
         Globally, SAF supply is limited, and the cost remains high. And we see this as an opportunity for Hong Kong to innovate and lead.
     
         We are exploring a range of supply options, including collaborations with enterprises in the Mainland and internationally. Our goal is to establish a stable and competitive regional supply chain for SAF, taking advantage of our unique position within the Guangdong-Hong Kong-Macao Greater Bay Area. It will accelerate the decarbonisation of our aviation industry and provide greener travel options.
     
         Our green ambitions also extend to the iconic Victoria Harbour, a vital artery for our city. Our Pilot Scheme for Electric Ferries will shape the future of maritime transport.
     
         With a commitment of HK$350 million, the Government is subsidising the construction of new electric ferries and their charging infrastructure, allowing operators to test the new green technology in local waters with full support.
     
         The first two of these pioneering vessels are already navigating Victoria Harbour, following rigorous testing.
     
         Beyond the local waters, we are greening the vast shipping lanes that connect Hong Kong to the world. Hong Kong is already a top 10 port for vessel refuelling.
     
         To build on this, we launched an Action Plan on Green Maritime Fuel Bunkering late last year, with the goal of transforming Hong Kong into a leading international centre for green maritime fuel bunkering.
     
         Industry response has been overwhelmingly positive, with key partners worldwide expressing strong interest in developing the services here. Hong Kong will spearhead the global effort in decarbonising shipping and, in doing so, create new economic opportunities. Something my good friend has already said: “Green actually means business.”
     
         When it comes to environmental connectivity, I’m pleased to note that EU companies play an important role in Hong Kong’s waste management and recycling facilities.
     
         And I look forward to the expertise and support of EU companies in the Northern Metropolis, our new engine for growth dedicated to green living, and the area’s long-term green development.
     
         Ladies and gentlemen, Hong Kong has an iconic skyline. It also holds a treasure of having some 40 per cent of its land pulsing as the city’s green lungs, with country parks breathing life into our metropolis, conservation areas cradling biodiversity little seen in other global financial hubs.
     
         This is Hong Kong’s defining paradox: where business and ecology coexist in symphony. For us, economic dynamism and environmental stewardship aren’t just compatible – they’re dual engines propelling our future. We balance development with sustainability. And we will do all we can to work with other places, the EU very much included, on the green way forward.
     
         I look forward to building strong ties with the EU, to finding solutions to climate change, to creating far-reaching opportunities for us all.
     
         My thanks to the organisers, the European Union Office to Hong Kong and Macao and the European Chamber of Commerce in Hong Kong. I’m grateful, too, to today’s supporting organisations – the Business Environment Council, the Consulate General of Sweden and the Hong Kong General Chamber of Commerce.
     
         I am certain you will enjoy today’s Greenway forum, and I look forward to our continuing, rewarding, co-operation in the years to come. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: The Box Plymouth announces landmark Beryl Cook exhibition for 2026

    Source: City of Plymouth

    Taking place 100 years after she was born, the exhibition will re-assess and re-present Cook’s work, giving her the acclaim she deserves

    The Box Plymouth has today revealed details of a major exhibition by artist Beryl Cook (1926-2008). Running from Saturday 24 January to Sunday 31 May 2026, it will be the most extensive exhibition of her work to date. With the help of new research and rarely or never seen before paintings and archival material, it will reposition her career and contribution to British art.

    Born Beryl Frances Lansley in Egham, Surrey in 1926, Cook was a self-taught artist who was already in her late thirties when she picked up a paint brush. She moved to Plymouth in 1968, and the city and its people became her muse for the next 40 years. Her first exhibition at the former Plymouth Arts Centre in 1975 led to a major feature in the Sunday Times and launched a career filled with vibrant, warm-hearted paintings that led to an OBE for services to the arts in 1995.

    “A century after she was born a reappraisal of Beryl Cook’s work feels long overdue,” says Victoria Pomery, CEO of The Box. “Although loved by many, she wasn’t given enough serious consideration during her lifetime and we want to change that. This exhibition is a timely opportunity for us to fully explore her impact and highlight how skilled she was at documenting everyday life during a time of social change from the 1970s to the 2000s.”

    Ambitious in scale as well as approach, the exhibition will feature more than 80 works, including paintings from The Box’s significant art collection, loans from both private and public collections, plus rarely seen items from the personal archives of the Cook family.

    “We are thrilled to be celebrating 100 years of Beryl with The Box,” says Beryl Cook’s granddaughter, Sophie Cook. “Plymouth had a special place in Beryl’s heart having spent most of her life living there, so this feels like the rightful home for such a special exhibition.”

    The exhibition will also feature works by figures from history with whom Cook felt an affinity, such as influential Flemish painter Pieter Bruegel the Younger (1564-1638) and acclaimed English artist Stanley Spencer (1891-1959). Her continued impact on artists who are working today will also be explored.

    “This exhibition is a chance for us to really examine Cook’s meticulous practice, process and legacy, as well as present a wider contextualisation of her career,” says Terah Walkup, art curator at The Box who has been working with curatorial consultant Ben Borthwick on its development. “It will foreground her fascination and positive portrayals of a variety of people and communities, including those who were often on the fringes of mainstream society and, through the research we’re doing, share fresh perspectives from those who knew her, were painted by her or were there when some of her most iconic works were created.”

    Stay up to date with the development of the exhibition at theboxplymouth.com.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Talk reveals how history’s kids were stitched up by embarrassing outfits

    Source: City of Leeds

    The cringeworthy costumes and embarrassing outfits endured by children through the ages will come to light in a fashion-focused event in Leeds this week.

    During a special talk at Lotherton, visitors will have the chance to hear about the timeless trend of dressing children like adults for family pictures, while seeing first-hand some of the more unusual results inflicted on infants for more than 500 years.

    The talk will be part of the attraction’s current Fashion at Play exhibition, which explores the history of children’s fashion from the 1600s to the modern day.

    Among the outlandish outfits up for discussion will be the famous portrait of Child with Rattle, painted in 1611, which has been specially conserved for display in the exhibition.

    Depicting a boy of about two years old, just taking his first steps, the child was previously thought to be a girl but is now believed to be Henry Frederick Howard, the future third Earl of Arundel who was born in 1608.

    Dressed in an ostentatious silk gown, with a lace neck ruff and fancy lace hat, and accessorised with a hand made, lace apron, his eye-catching ensemble was specifically designed to capture the wealth and status of his family.

    Other questionable outfits featured in the event include those worn by youngsters Elizabeth and Edward, captured in a painting from around 1740.

    Aged around 12, Edward has been dressed in an adult suit, sporting a large wig and is even holding a dress sword in an effort to make him look like a proper grown-up gentleman for the portrait.

    Other outfits include a father and son in Wakefield wearing suits and riding matching penny farthing bikes, a fashion print from a Victorian women’s fashion magazine from around 1885 and a carefully posed picture of a mother and daughter from the 1860s, both wearing formal dress.

    The exhibition also features an album of photographs documenting a spectacular children’s fancy dress ball hosted at Leeds Town Hall by the mayor and mayoress of Leeds, Mr and Mrs Alf Cooke, on January 12, 1891.

    Nearly 400 children from well-to-do families attended, with each child dressed in a striking costume.

    Natalie Raw, Leeds Museums and Galleries’ curator of costume and textiles, said: “The long tradition of children wearing grown up outfits is one that has clearly endured for hundreds of years, with youngsters of all ages being styled to essentially look like miniature versions of their parents.

    “The reasons for this have varied, from wanting to convey wealth and status in aristocratic circles, to a simple expression of affection between parents and their children.

    “Unfortunately for the children depicted in some of these family portraits, it’s probably fair to say they wouldn’t have chosen these outfits for themselves. Nevertheless, they do still tell us a lot about the evolution of children’s fashions and styles and how much they reflect wider trends over the years.”

    During the upcoming talk, which takes place on June 24, visitors will also have the chance to see a variety of historic garments up close, followed by tea in the servants’ rooms at Lotherton with the curator.

    Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, said: “It’s fascinating to see how the story of fashion, costumes and textiles in Leeds and beyond has developed over the centuries and to have so many remarkable images and objects in our collection which help tell that story so well.

    “Our exhibitions and events are the perfect way to get an up-close look at some of these wonderful exhibits and to find out more about the lesser known aspects of what is an amazing facet of our local heritage.”

    More details on the Tea and Talk session, including how to book, can be fund at: Tea and Talk with the Curator: Mini Adults | Leeds Museums and Galleries | Days out and exhibitions

    Fashion at Play will be at Lotherton until October 12, 2025. For more details, please visit: Fashion at Play | Leeds Museums and Galleries | Days out and exhibitions

    ENDS

    MIL OSI United Kingdom –

  • MIL-Evening Report: View from the Hill: Albanese supports US bombing, reluctantly

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    When Prime Minister Anthony Albanese and Foreign Minister Penny Wong went out on Monday to back the United States attack on Iran, it was obvious their support was through gritted teeth.

    Albanese told their joint news conference: “The world has long agreed that Iran cannot be allowed to get a nuclear weapon. And we support action to prevent that. That is what this is.

    “The US action was directed at specific sites central to Iran’s nuclear program. We don’t want escalation and a full-scale war. We continue to call for dialogue and for diplomacy. As I’ve said for many days now, we are deeply concerned about any escalation in the region and we want to see diplomacy, dialogue and de-escalation.”

    At the news conference and in Wong’s media round beforehand, one big question was, why did they take so long to appear?

    The attack is a seismic event in the Middle East conflict. Yet on Sunday the government only put out a tepid statement attributed to a “spokesperson”, which did not endorse the American action.

    This suggests the prime minister and foreign minister are, at the very least, uncomfortable with the action.

    It is further evidence of the current distance between the Australian government and the Trump administration. Whether it affects Albanese’s attempt to get the now much-sought after bilateral remains to be seen.

    At every stage of the Middle East conflict, as the situation has progressively escalated, the Australian government has been urging restraint and/ or de-escalation.

    Albanese is caught between not wanting to repudiate the Americans, the conflicting pressures of domestic lobbies, and his Labor constituency.

    Over the years, Albanese has moved to the political centre. But he hasn’t taken down from his website a strong speech he made in 2003 opposing the Iraq war.

    “In the short term, the conflict that is now clearly about to start can only make things worse, perhaps much worse,” Albanese told parliament then. “Iraq does not represent a threat to Australia. We are, with this [Howard government] decision, supporting a pre-emptive strike, which changes forever the way that international politics works.”

    In that war and this war, some of the same issues are at play. Iraq was thought to have weapons of mass destruction – later it was found it did not. Iran has long been on the path to developing nuclear weapons, but there are varying intelligence assessments of how much progress it has made.

    One can’t help thinking Albanese probably has the same sort of reservations about the Iran strike that he did about the Iraq war.

    For Australia’s there is one big difference: there is no thought of involving Australian defence forces, as happened in Iraq.

    Former Labor senator Doug Cameron, in parliament from 2008 to 2019 and a firebrand of the left, on Monday recalled how then opposition leader Simon Crean opposed Australia’s support for and participation in the Iraq war. (Crean said, “Never allow our foreign policy to be determined by another nation. Never commit to unnecessary war when peace is possible.”)

    Cameron, now a national patron of Labor Against War, issued several tweets condemning the government’s stand, and saying “time for Labor backbenchers to speak up”.

    But the Labor backbench is far from what it once was. Hardly anyone speaks up to challenge anything. As for the left, it is a shadow of its old feisty self.

    “What has happened to the left?” Cameron asks. “To be honest I don’t understand it,” he admits to The Conversation.

    Cameron recalls how the left – and indeed the wider caucus – was up in arms when Bob Hawke in the mid-1980s wanted Australia to facilitate the Americans’ testing of MX missiles that would splash down in the Tasman Sea. Hawke had to back down.

    He wonders if it’s a matter of not wanting to contradict a “left prime minister, and a left foreign minister”. “Personal support and party solidarity have come before common sense.”

    There are many causes of the demise of the ALP left, as Cameron knew it. They include the loss of what power Labor’s rank-and-file once had, the splintering of the left more broadly to minor parties notably the Greens, and the decline of ideology within Labor (and generally). There is no current “Doug Cameron”-equivalent in the caucus. The factions no longer fight over ideas – they preside over spoils.

    Those who contest the thesis of the decline of the left argue the contemporary Labor left has been shaping the Albanese government’s agenda on key issues from within, for example on industrial relations, industry policy, climate policy, and gender issues.

    If the Albanese of 2003 could have foreseen what the caucus left of 2025 would be like, he’d have been surprised, and possibly shocked. As it is, he’s pretty pleased the left is so quietly behaved.

    Michelle Grattan 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. View from the Hill: Albanese supports US bombing, reluctantly – https://theconversation.com/view-from-the-hill-albanese-supports-us-bombing-reluctantly-258967

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu and Mrs. Wu Attended the First Planning Meeting of the 2025 Double Tenth Celebration Committee

    Source: Republic of China Taiwan

    The 2025 Double Tenth Celebration Committee held its first planning meeting today, chaired by Chairperson Michael Wu. The meeting was well attended by Overseas Community Affairs Council (OCAC) Commissioners Johnson Hsiung and Shirley Chen, as well as community leaders and representatives from various organizations. Director General David Cheng-Wei Wu and Mrs. Wu were also invited to participate.
    Chairperson Wu expressed his hope that senior members of the Taiwanese community would continue to offer their valuable guidance and share their experiences. He also looked forward to greater involvement from the younger generation, to carry on the proud traditions of the Taiwanese community in Sydney. He also gave a briefing on this year’s National Day Gala theme: “Reflections of Culture in an Age of Technology,” which explores how Taiwan’s traditional culture continues to thrive and evolve in the digital era. From classical art forms to innovative reinterpretations, the event highlights the harmony between heritage and technology — showcasing Taiwan’s identity in a modern world.
    DG Wu first thanked last year’s Chairperson, Sophia Huang, for her dedication and hard work. DG Wu also commended Chairperson Wu for taking on the responsibility despite his busy schedule. He noted that this year’s theme, which focuses on technology, fully reflects Taiwan’s leading position in the global high-tech industry — with TSMC standing as a pinnacle of semiconductor excellence and cutting-edge research. DG Wu expressed deep appreciation for the unity of the Taiwanese community and their continued support for the government of R.O.C.(Taiwan). Finally, this year’s National Day Gala will be held on the evening of Double Ten Day, symbolizing the celebration’s anticipated success.
    The committee also presented budget requirements and outlined the plans of related events. Chairperson Wu thoughtfully prepared a selection of delicious food to thank community members for their participation and support.

    MIL OSI Asia Pacific News –