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  • MIL-OSI Australia: Shareholder activism: reflections on the current, and future, landscape

    Source: Allens Insights (legal sector)

    Campaigns keep evolving, with more high stakes ahead 11 min read

    Last year was another big one for shareholder activists globally, with investor sentiment in 2024 taking its cues from disruption across the broader economic and geopolitical landscape. Closer to home, activity was more stable in Australia—as it typically is, owing to our smaller footprint, more stringent company laws and stable markets—but campaigns continue to evolve, with activists refining their strategies to both capitalise on financial opportunities and seek redress for governance concerns.

    We expect high stakes for the rest of the year as the Trump administration’s policies upend commercial and regulatory settings and potentially tip the scales in favour of activists. While shareholder activism is now a standard part of the investment landscape in the US, the practice is reverberating around Australia and the rest of the world.

    In this Insight, we bring together the key takeaways from 2024 and provide our thoughts on what we see ahead.

    A snapshot of the numbers

    Activist activity has well and truly bounced back from the subdued levels brought about by the pandemic.

    Over 1000 companies were targeted by activist campaigns worldwide for the second consecutive year.1 The US continues to be the epicentre of activity, with nearly 600 US-listed companies facing activist demands, marking a 7% increase from 2023 and 16% from 2022. There was a strong showing from non-traditional and first-time activists—a record-breaking 160 different investors launched campaigns in the US in 2024, which included 45 first-time activists, also a record.

    Activity in Asia was similarly strong (particularly in Japan and South Korea), though Europe trended down, owing to ongoing disruption brought about by the conflict in Ukraine and generally subdued economic activity. There, the United Kingdom hosts the lion’s share of activity, with 42% of campaigns targeting British companies.

    Australia saw a modest rise in activity year on year, with 56 companies targeted, up nominally from the 54 campaigns recorded in 2023. While the volume of campaigns remained steady, the effectiveness of Australian activists improved—activists were assessed as having achieved their objectives in 25% of resolved campaigns, up from 16% in 2023.

    Despite this, Australian activists struggled to secure board representation in target companies, with only seven board seats gained in 2024, down significantly from 26 in 2023. This divergence suggests that although activism remains a powerful force for corporate engagement, the dominant institutional investors and influential proxy advisors remain selective and largely hesitant in delivering changes at the board level.

    All up, campaign volumes continue to be strong, though success is trickier to measure. Whether the public demands of activists are met is one tangible way of assessing effectiveness, but the overall impact of a campaign can often manifest in less direct ways. For example, the opportunity cost of management in responding to a campaign, the inherent value derived from the ensuing publicity and any derivative or other trading in the target securities—and, of course, the concessions that play out behind closed doors—often contribute to the effectiveness of shareholder activism.

    Stories from the front line

    These are some of the headline-grabbing campaigns that played out in the last year or so that have set the tone for activist causes.

    One of the most closely watched activist campaigns was Glenview Capital’s attempt to gain board representation at CVS Health. Glenview increased its stake in CVS in the third quarter of 2024 by 31%, making its US$635 million holding (equivalent to 1% of the stock) the largest of all three activist hedge funds with an interest in the company. The intervention came following a 27% drop in share price since the beginning of 2024, a market reaction reportedly attributed to higher medical costs in CVS’s insurance segment caused by an influx of medical procedures delayed by the COVID-19 pandemic. Glenview secured four board seats in November 2024, including Glenview CEO Larry Robbins. It was reported that the board appointments were made amid the prospect of Glenview initiating a public and more aggressive proxy fight. This case highlights the increasing sophistication of activist investors targeting high-profile global companies, and underscores the importance of clear, proactive shareholder engagement strategies—a strategy that Australian boards should observe as activism intensifies.

    The activist campaign led by Elliott Investment Management resulted in a change of CEO at Starbucks and a correspondent increase in share value by 24%, equating to US$26 billion in value and marking the company’s most successful day since its initial public offering in 1992.

    In July 2024, it was reported that Elliott had become one of the largest investors in Starbucks, and sought to leverage its position by presenting a proposal to the board for an overhaul of domestic and international strategy. The move followed the stock price having declined by 24% since the former CEO, Laxman Narasimhan, was appointed in March 2023. While Elliott approached the board in private and did not publicly advocate for a replacement CEO, there were persistent leaks to the media, which commentators assessed as likely prompting the decision. On 13 August 2024, the board announced the appointment of Brian Niccol, former CEO of restaurant chain Chipotle, who is credited with Chipotle’s modernisation and an increase in its stock price by 770% since 2018.

    The campaign illustrates that one response strategy in dealing with activists, particularly high-profile investors, can be to move pre-emptively to instigate change before the issues are forced.

    In June 2024, Elliott also disclosed an 11% economic stake in Southwest Airlines worth US$1.9 billion, and converted enough of its derivate holdings in September to amass a 10% common stock holding that enabled Elliott to call a special meeting. Conversely to its approach for Starbucks, it engaged in a more public campaign, by proposing that ‘enhancing the board, upgrading leadership and a comprehensive business review’ were necessary to increase Southwest’s stock price. In October 2024, it was announced that Southwest would appoint five independent directors nominated by Elliott in addition to another board member, and that the former chief executive and then chairman would accelerate his retirement. Following the announcement of the personnel changes, Elliott withdrew its demand for a special shareholder meeting intended to replace 10 members of Southwest’s 15-person board. Elliott’s influence has continued to grow since then, with Southwest disclosing on 19 February 2025 that the company’s agreement with Elliott has been amended to increase the maximum aggregate economic exposure that Elliott may acquire, from 14.9% to 19.9%, but limit it from acquiring more than 12.49% of outstanding common stock until 1 April 2026. When Elliott disclosed its position in June 2024, the Southwest stock price was US$29.70, and as at 14 March 2025, it was US$31.73.

    Consistent with the sentiments of the Trump administration’s focus on rolling back diversity, equity and inclusion (DEI) programs, a group of Apple shareholders submitted on 25 February 2025 a proposal titled ‘Request to Cease DEI Efforts’. This was rejected at Apple’s shareholder meeting in February 2025, with 97.67% of the vote being against the proposal. The campaign against Apple is one of several anti-DEI proposals that have been levied against prominent companies, including Costco, where the proposal was defeated by 98% of votes, and farm equipment maker John Deere, where the proposal was defeated by 98.7%. These proposals have attracted significant attention, by harnessing viral social media campaigns advocating for customer boycotts, inundating company social media accounts with negative comments, and lobbing the threat of lawsuits alleging that DEI initiatives constitute a breach of fiduciary duty. Despite the spotlight (or perhaps because of it?), shareholders of the world’s most valuable listed company voted overwhelmingly not to abandon its DEI initiatives.

    Activist themes

    We see two broad themes that motivate activists at the moment. For the reasons set out in the next section, we think the global economic and geopolitical settings provide an opportunity to shape activist behaviours.

    First, there is the more traditional activist strategy where professional investors identify companies that they perceive could optimise their performance or enhance their governance structures, and then seek to exert influence to encourage the company to focus on increasing shareholder returns. They do this by pushing for one or a combination of:

    Second, there is the rising influence of public sentiment and political undercurrents playing out in the theatre of public markets, and the volatility that comes with it. Activist campaigns are increasingly becoming a proxy for broader societal dissatisfaction.

    In Australia, this dual-track activism—balancing financial imperatives with political and social influences—reinforces the heightened investor expectations for action and accountability for these issues at the board level.

    For instance, shareholder dissent on pay has markedly increased in Australia recently, seeing over 40 strikes among ASX 300 companies in 2023 and 2024, compared with 22–26 strikes recorded between 2018 and 2022.2 Among those receiving a strike was the Australian Securities Exchange itself, with 26.15% of votes against the adoption of the remuneration report. Commentators assessed that the vote was an expression of shareholder dissatisfaction with the $250 million write-down and anticipated cost of a further $300 million to replace the CHESS technology system. Although 13 companies in the ASX 300 received a second strike in 2024, not a single board spill proposal came close to succeeding, with none receiving more than 20% of votes in favour.3 This demonstrates that while strikes are increasing, this is not being accompanied by momentum to trigger broader change to leadership structures—it would appear that shareholders are looking to use their vote to send a shot across the bow as an appropriate warning, rather than achieve a fundamental governance reset.

    Shareholders and special interest groups have also used the proxy forum to express dissatisfaction regarding climate action, reflecting broader societal concerns around environmental sustainability and climate change. Last year, Market Forces led an activist campaign against Woodside Energy, advocating for an overhaul to its climate transition action plan and encouraging other shareholders to push for further board renewal at the 2025 AGM. At the AGM in April 2024, 58.4% of proxies cast were against the transition strategy, following three hours of questions. Earlier this month, another activist shareholder group, the Australasian Centre for Corporate Responsibility, advised investors to vote against the re-election of all three directors standing at the 2025 AGM and continues to integrate climate concerns into its analysis of shareholder returns.

    There is a similar experience in the UK, where Shell shareholders are still asked to vote on resolutions brought by activists to align the company’s medium-term emissions reduction targets with the 2015 Paris Climate Agreement and to factor ‘Scope 3’ emissions from fuels burnt by consumers into such calculations. Although the resolution received just 18.6% support from shareholders in 2024 (down 1.4% from 2023), the sustained pressure and media exposure may have contributed to the environmental, social and governance (ESG) proposals instead advanced by Shell’s board.

    For a more detailed analysis of the specific tactics that activists deploy pursuing these issues and how companies can prepare, see our earlier Insight.

    Our expectations for the road ahead

    Economic and geopolitical disruption to fuel activity

    The global economy is currently experiencing disruption. The focal point is, of course, the US, where the combination of (promised) tax cuts and deregulation will free up capital for investors to pursue short-term opportunities. As the Australian Prudential Regulation Authority Chair, John Lonsdale, remarked in his recent address at the Australian Financial Review Banking Summit, ‘what happens in the world’s biggest economy has implications for the world, and therefore for Australia’. We thus expect the positive conditions for activists will spill across borders, and perhaps the momentum will too—the Australian Securities and Investments Commission recently outlined its first steps towards easing compliance obligations for directors.

    The hoped-for spike in M&A activity creates the opportunity for shareholder activism, so we anticipate elevated volumes of activity in the near term. At the same time, the imposition of tariffs and other protectionist policies—and the market volatility and trade war they may set off—will create winners and losers, with companies that struggle in the turbulence becoming targets for activists.

    A reckoning on ESG and DEI initiatives

    There has been mounting pushback on ESG and, more recently, DEI policies of corporations, with activists querying their necessity and appropriateness. Critics, who may not be shareholders, will be even more emboldened by the priorities and tone of the Trump administration.

    We expect that activists will continue to seek out opportunities to make high-profile examples of some companies. However, while proponents of these initiatives have attracted significant attention, we haven’t yet seen this noise translate into strong shareholder support for campaigns, as the recent experience with Apple demonstrates.

    The anti-anti-ESG and DEI cause

    While some activists are seeking to challenge ESG and DEI initiatives as a corporate priority, we anticipate others that may already be frustrated with perceived slow progress on sustainability, diversity and broader governance issues will look to double down and push for companies to stay the course.

    This sentiment will be particularly emboldened if governments consider rolling back regulations or shifting priorities. If it is perceived that lawmakers and regulators aren’t creating the framework to manage these issues, then we expect activists to take matters into their own hands by using shareholder meetings as forums or otherwise turning to the courts.

    Scrutiny of board composition and director accountability

    We are seeing investors pay closer attention to the fitness for office of individual board members, by using their vote to signal dissatisfaction and impose accountability for governance missteps when directors stand for election or re-election. This can be in relation to a company that has experienced an issue, or could follow individual directors to unrelated companies.

    Expect to see closer scrutiny of board composition and more protest votes against director elections. Even if candidates still easily obtain the ordinary majority needed to carry the resolution, this is a far cry from the near 100% backing candidates would typically receive, and, particularly for larger companies, shows at least some institutional investors (whose holding may have previously been seen as more passive) are sending a message.

    Leveraging technology and AI in activist strategies

    Artificial intelligence (AI) has transformed a number of different fields, and has a role to play in the shareholder activism space as well, by making campaigns data driven and, as a consequence, more cost effective.

    AI can be deployed by activists to monitor and analyse tremendous amounts of data associated with corporate disclosures and financial performance, and to recognise the vulnerabilities and patterns in would-be candidates for a campaign. As these tools grow in sophistication, we expect to see activists be able to penetrate the market more deeply, and move with greater efficiency and precision in identifying opportunities.

    Activism has never been a simple strategy. We anticipate a continued evolution of the activist playbook in light of the above.

    MIL OSI News –

  • MIL-OSI Security: Pittsford father and son facing multiple fraud and ID theft charges in Rochester area credit card scam

    Source: Office of United States Attorneys

    ROCHESTER, NY—U.S. Attorney Michael DiGiacomo announced today that Talib Hussain, 74, and Mirza Khan, 46, both of Pittsford, NY, were charged by criminal complaint with bank fraud, wire fraud, conspiracy to commit bank and wire fraud and aggravated identity theft. The charges carry a maximum penalty of 30 years in prison and a $1,000,000 fine.

    Assistant U.S. Attorney Meghan K. McGuire, who is handling the case, stated that according to the complaint, since January 2015, JP Morgan Chase, Discover Financial Services, Pentagon Federal Credit Union, Bank of America, Barclay Bank, US Bank, Capital One and American Express have identified fraudulent credit card activity in the Rochester area. A high number of newly issued credit cards were charged to their maximum credit limit and almost all the cards had no valid payments applied to the accounts.

    The investigation determined that several of the credit cards were connected. The credit cards were applied for using an actual social security number but a fabricated name and date of birth to create a new, or “synthetic” identity, which was then used to acquire lines-of-credit used by the creator and/or his co-conspirators to make fraudulent purchases until the credit limit was reached. Some of them were used to pay property taxes to the City of Rochester and the Rochester Gas & Electric Corporation bills for properties in Rochester, including Lucky Beverage on Norton Street, Chili Express on Chili Avenue, and Easy (EZ) Food Market on Plymouth Avenue. A total of 32 different fraudulent credit cards were used to make periodic online property tax payments for the three properties between 2016 and 2022, totaling approximately $163,000. Further investigation determined that Lucky Beverage and Chili Express are owned by Mirza Khan, while Easy Food Market is owned by Khan’s father and co-defendant Talib Hussain.

    The complaint is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, Internal Revenue Service Criminal Investigation New York, under the direction of Harry Chavis, Acting Executive Special Agent in Charge, the U.S. Postal Inspection Service Boston Division, under the direction of Inspector in Charge Ketty Larco-Ward, and the Social Security Administration Office of Inspector General, under the direction of Acting Special Agent-in-Charge Amy Connelly.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

    # # # # 

    MIL Security OSI –

  • MIL-OSI USA: Sen. Scott Questions Dr. Mehmet Oz at Confirmation Hearing

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — Recently, U.S. Senator Tim Scott (R-S.C.), member of the Senate Finance Committee, questioned Dr. Mehmet Oz, President Trump’s nominee to lead the Centers for Medicare and Medicaid Services. Senator Scott and Dr. Oz discussed a range of topics, including drug pricing, CRISPR technology, and telemedicine. 
    Excerpts from Senator Scott’s questioning can be found below:
    Watch the full video here.
    On prescription drug pricing…
    “We need to have a long conversation about how expensive drugs are these days, but at the same time, we should have a similar conversation about how when drugs hit that generic market, they dropped precipitously in price … I would hate to, for the lack of a better way of saying, shortchange the American people by focusing on the original sticker price without having the value proposition long-term over the ultimate cost of a drug, when it’s in the generic forms.”
    On CRISPR technology and innovation…
    “I do think that CRISPR technology as we know it today, is going to transform medicine as we know it tomorrow … I hope that you have a commitment, in your new position, to move forward with some of the cell and gene therapy access models that we’re talking about, making it affordable for people … on Medicare and Medicaid.”
    On telemedicine…
    “There’s a silver lining in Covid … It was the development and the acceleration of telemedicine. And I think it’s going to save millions, if not trillions of dollars over time. I hope that you are committed to doing as much investigation as necessary to make sure that telemedicine is not just here to stay, but that it is embraced, adopted throughout our country, wherever it is practical to be used.”

    MIL OSI USA News –

  • MIL-OSI: Qifu Technology, Inc. Announces Pricing of Offering of US$600 Million Cash-par Settled Convertible Senior Notes

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 25, 2025 (GLOBE NEWSWIRE) — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced the pricing of its previously announced offering (the “Notes Offering”) of convertible senior notes in an aggregate principal amount of US$600 million due 2030 (the “Notes”). The Notes have been offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company has granted the initial purchasers in the Notes Offering an option to purchase up to an additional US$90 million principal amount of the Notes, exercisable for settlement within a 13-day period beginning on, and including, the date on which the Notes are first issued.

    The Company plans to use the net proceeds from the Notes Offering for repurchasing the American depositary shares (“ADSs”) and/or class A ordinary shares of the Company concurrently with the pricing of the Notes Offering and from time to time after the pricing of the Notes Offering pursuant to a newly established share repurchase plan (the “March 2025 Share Repurchase Plan”) authorized by the board of directors of the Company. The March 2025 Share Repurchase Plan will run in addition to the Company’s existing share repurchase plan announced in November 2024. The Company expects the offering to be immediately accretive to 2025 earnings per ADS (“EPADS”) upon closing, facilitated by the execution of Concurrent Repurchase (as described below) and the cash-par conversion settlement mechanism of the Notes.

    Terms of the Notes

    The Notes will be general unsecured obligations of the Company and bear interest at a rate of 0.50% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2025. The Notes will mature on April 1, 2030 unless repurchased, redeemed, or converted in accordance with their terms prior to such date. Holders of the Notes may require the Company to repurchase all or part of their Notes for cash on April 3, 2028 or in the event of certain fundamental changes, in each case, at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid interest, if any, to, but excluding, the relevant repurchase date.

    Prior to the close of business on the business day immediately preceding the 50th scheduled trading day before the maturity date, the Notes will be convertible at the option of the holders only upon satisfaction of certain conditions and during certain periods. On or after the 50th scheduled trading day before the maturity date until the close of business on the third scheduled trading day immediately preceding the maturity date, holders may convert their Notes at their option at any time. The initial conversion rate of the Notes is 16.7475 ADSs, per US$1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately US$59.71 per ADS and represents an approximately 35.0% conversion premium over the closing price of the Company’s ADSs on the Nasdaq on March 25, 2025, which was US$44.23 per ADS. The conversion rate of the Notes is subject to adjustment upon the occurrence of certain events.

    The Notes contemplate cash-par settlement upon conversion. Upon conversion, the Company will pay cash in the aggregate principal amount of the Notes being converted and have the right to elect to settle the conversion consideration for amounts in excess of the aggregate principal amount using cash, ADSs, or a combination of cash and ADSs. Holders may elect to receive class A ordinary shares in lieu of any ADSs deliverable upon conversion, subject to certain conditions and procedures.

    In addition, the Company may redeem for cash all but not part of the Notes in the event of certain changes in the tax laws or if less than 10% of the aggregate principal amount of the Notes originally issued remains outstanding at such time, in each case, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the related redemption date. Any redemption may occur only prior to the 50th scheduled trading day immediately preceding the maturity date.

    Concurrent and Future Repurchases under the March 2025 Share Repurchase Plan

    The board of directors of the Company has approved the March 2025 Share Repurchase Plan, under which the Company is authorized to use all the net proceeds from the Notes Offering to repurchase the ADSs and/or class A ordinary shares. This includes (i) the Concurrent Repurchase (as described below) and (ii) the repurchase of additional ADSs and/or class A ordinary shares of the Company on the open market and/or through other means after the pricing of the notes and from time to time.

    Under the March 2025 Share Repurchase Plan, concurrently with the pricing of the Notes Offering, the Company plans to repurchase ADSs with an aggregate value of approximately US$230 million from certain purchasers of the Notes in off-market privately negotiated transactions effected through one of the initial purchasers or its affiliates, as the Company’s agent, at a price per ADS equal to US$44.23, the last reported sale price per ADS on the Nasdaq on March 25, 2025 (such transactions, the “Concurrent Repurchase”). The Concurrent Repurchase is expected to facilitate the initial hedges by purchasers of the Notes who desire to hedge their investments in the Notes, as the Company intends to repurchase the entire initial delta of the transaction. This will allow such purchasers of the Notes to establish short positions that generally correspond to commercially reasonable initial hedges of their investments in the Notes.

    In addition to the Concurrent Repurchase, the Company may repurchase additional ADSs and/or class A ordinary shares after the pricing of the Notes Offering and from time to time pursuant to the March 2025 Share Repurchase Plan. The share repurchases may be effected on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and will be implemented in accordance with all applicable rules and regulations, including the requirements of Rule 10b-18 and/or Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended.

    The Concurrent Repurchase and future repurchases pursuant to the Company’s March 2025 Share Repurchase Plan are generally expected to create meaningful EPADS accretion for and offset potential dilution to the holders of the Company’s class A ordinary shares (including in the form of ADSs) upon conversion of the Notes, taking into the account the settlement method of the Notes.

    Other Matters

    Any repurchase activities of the Company, whether the Concurrent Repurchase and future repurchases pursuant to the Company’s March 2025 Share Repurchase Plan or otherwise pursuant to its other share repurchase plan(s) and program(s), could increase, or reduce the magnitude of any decrease in, the market price of the ADSs and/or class A ordinary shares and/or the trading price of the Notes.

    The Company expects that potential purchasers of the Notes may employ a convertible arbitrage strategy to hedge their exposure in connection with the Notes. Any such activities by potential purchasers of the Notes following the pricing of the Notes and prior to the maturity date could affect the market price of the ADSs and/or class A ordinary shares and/or the trading price of the Notes. The effect, if any, of the activities described in this paragraph, including the direction or magnitude, on the market price of the ADSs and/or class A ordinary shares and/or the trading price of the Notes will depend on a variety of factors, including market conditions, and cannot be ascertained at this time.

    The Notes, the ADSs deliverable upon conversion of the Notes, if any, and the class A ordinary shares represented thereby or deliverable upon conversion of the Notes in lieu thereof have not been registered under the Securities Act, or any securities laws of any other places. They may not be offered or sold within the United States or to U.S. persons, except to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act.

    The Company expects to close the Notes Offering on or about March 27, 2025, subject to the satisfaction of customary closing conditions.

    This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

    This press release contains information about the pending Notes Offering, and there can be no assurance that the Notes Offering will be completed.

    About Qifu Technology

    Qifu Technology is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

    For more information, please visit: https://ir.qifu.tech.

    Safe Harbor Statement

    Any forward-looking statements contained in this press release are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the Credit-Tech industry, governmental policies relating to the Credit-Tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For further information, please contact:

    Qifu Technology

    E-mail: ir@360shuke.com

    The MIL Network –

  • MIL-Evening Report: How Netflix has shaped (and shattered) our content landscape over the past decade – and what comes next

    Source: The Conversation (Au and NZ) – By Alexa Scarlata, Research Fellow, Media & Communication, RMIT University

    Shutterstock

    To mark 10 years since Netflix began operating in Australia, we and our colleagues at the Streaming Industries and Genres Network have published a report that looks at the state of Australia’s streaming industry today – and back at the platforms that have failed over the years.

    It once seemed like Netflix was the be-all and end-all of streaming in Australia. But a decade of competition with other streamers, and stress on local content, paint a very different picture.

    The streaming wars rage on

    Australia’s “streaming wars” kicked off in early 2015 with the arrival of Stan and Netflix, joining smaller players already on the scene. At the time, some industry insiders predicted the new streaming video-on-demand services would quickly consolidate – that there was room for only two major players: Netflix and one other.

    These early assumptions were proven wrong. Instead, Australia has sustained numerous streamers of different sizes, audiences and ownership. The larger, more generalist services such as Netflix, Prime Video and Disney+ compete directly with each other for exclusive content.

    Other niche genre players such as Shudder (horror) and Hayu (reality TV) have managed to stay afloat by catering to a specific audience segment and keeping their prices low.

    There have also been a few fatalities along the way. Quickflix and Presto were early to the market. Both services had gained considerable ground by 2014, with Quicklix leading the way. But they were eventually viewed as sluggish and limited in comparison to Netflix.

    Netflix always on top

    Netflix has always been the most popular streaming service in Australia. One million users had access to the platform within just three months of its arrival in 2015.

    In 2020, analytics firm Ampere Analysis identified Australia as the most highly-penetrated Netflix market in the world, then available in 63% of Australian homes, compared to 50% in the United States.

    In the first half of 2024, it was used by 67% of Australian adults, including some 800,000 people with an ad-tier subscription.

    The global behemoth has produced some notable local titles.

    In January of last year, the series adaptation of Boy Swallows Universe became Netflix’s most successful Australian-made show in its first two weeks on the platform.

    Later in April, the second season of the Heartbreak High reboot debuted at number one in Australia and stayed on the Global Top 10 English TV Series list for three consecutive weeks.



    Read more:
    Streaming, surveillance and the power of suggestion: the hidden cost of 10 years of Netflix

    Collectively, Netflix, Prime Video, Disney+, Paramount+ and Stan spent A$225.2 million on 55 commissioned or co-commissioned Australian programs in the 2023–24 financial year.

    That said, their commitment to the local production sector over the last decade has been limited, as they have no obligation to invest in local content.

    A lack of regulation decimates local genres

    The lack of streaming regulation in Australia, alongside the gradual watering-down of commercial broadcaster obligations, has resulted in the collapse of investment in local content.

    Children’s TV, documentary, drama TV programming and Australian film have all suffered as a result.

    The introduction of multi-national streamers has radically shifted financing practices in Australia, leaving our production sector in distress.

    Last year, we partnered with ACMI to pull together a symposium where streaming industry insiders discussed the deeper implications of streaming on local genres, as well as the opportunities and challenges ahead.

    We heard from Andy Barclay, manager of business and legal affairs at Screen Producer Australia, who said the traditional “jigsaw puzzle” of finance planning based on international territories was all but gone in favour of major streamers offering full funding and “a little premium” upfront.

    But this comes at a cost, as the streamers then control global distribution and hold a tight grip on viewership data. It also means local production can become beholden to the whims of US business interests. As Barclay explain:

    These huge [streaming] companies, their Australian businesses […] we don’t drive their business decisions. It’s what happens over in the United States that drives their business decisions.

    Nonetheless, having fresh, cash-rich and risk-taking players in the Australian content market has led to opportunities for some local creators.

    As Sam Lingham of Australian comedy group Aunty Donna remarked on the same panel:

    Netflix, creatively, were pretty hands-off. We pitched them the show and they were like, ‘yeah, go do that’.

    What’s on the horizon?

    The streaming sector in Australia is now poised to splinter even further.

    Warner Bros Discovery will launch its streaming platform, Max, next week. It will be a real blow to the Foxtel-owned streamer, Binge, which has long touted its exclusive rights to much of the Warner catalogue.

    There are also concerns about the access and affordability of sport. This year, a new AFL broadcast agreement with Fox Sports and Channel Seven saw Saturday night games move behind a paywall. People will now need Kayo Sports or Foxtel to watch these games live.

    Big streamers have also entered the fray. Back in 2016, Netflix said it had no intention of investing in live sport. But we’re now seeing it and other players such as Prime Video, Apple TV+ and YouTube buy into sports rights around the world.

    According to Free TV Chief Executive Bridget Fair

    we saw it [in 2023] with Amazon hoovering up the whole of the World Cup cricket and it’s going to keep happening […] people who previously got a lot of stuff for free are going to have to start paying.

    Finally, many streamers – Netflix, Binge, Prime Video and Stan – have introduced or announced that they will introduce ad-tier subscriptions. Streamers can expect to see better profit margins on their advertising-supported offerings, compared to the monthly subscription model.

    Cheaper, ad-supported subscriptions may prove to be a popular option for viewers stacking multiple subscriptions. Already, 800,000 Australians have signed up to Netflix’s A$7.99 + ads option. But this does make for a disrupted, broadcast-like viewing experience (and one you still have to pay for).

    As the last 10 years of streaming in Australia has shown, the future can be hard to predict when it comes to new players entering established markets. One thing seems certain though – Netflix is here to stay.

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

    – ref. How Netflix has shaped (and shattered) our content landscape over the past decade – and what comes next – https://theconversation.com/how-netflix-has-shaped-and-shattered-our-content-landscape-over-the-past-decade-and-what-comes-next-251471

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: PNG’s Marape and NZ’s Luxon sign new partnership marking 50 years

    RNZ News

    The prime ministers of New Zealand and Papua New Guinea have signed a new statement of partnership marking 50 years of bilateral relations between the two countries.

    The document — which focuses on education, trade, security, agriculture and fisheries — was signed by Christopher Luxon and James Marape at the Beehive in Wellington last night.

    It will govern the relationship between the two countries through until 2029 and replaces the last agreement signed by Marape in 2021 with then-Prime Minister Jacinda Ardern.

    Marking the signing, Luxon announced $1 million would be allocated in response to Papua New Guinea’s aspirations to strengthen public sector institutions.

    “That funding will be able to support initiatives like strengthen cooperation between disaster preparedness institutions and also exchanging expertise in the governance of state owned enterprises in particular,” Luxon said.

    In his response Marape acknowledged the long enduring relationship between the government and peoples of New Zealand and Papua New Guinea.

    He said the new statement of partnership was an important blueprint on how the two countries would progress their relationship into the future.

    “Papua New Guinea brings to the table, as far as our relationship is concerned, our close proximity to Asia. We straddle the Pacific and Southeast Asia, we have an affinity to as much as our own affinity with our relations in the Pacific,” Marape said.

    “Our dual presence at APEC continues to ring [sic] home the fact that we belong to a family of nations and we work back to back on many fronts.”

    Meeting Peters
    Today, Marape will meet with Foreign Affairs Minister Winston Peters and leader of the opposition Chris Hipkins.

    Later in the week, Marape is scheduled to travel to Hamilton where he will meet with the NZ Papua New Guinea Business Council and with Papua New Guinea scholarship recipients at Waikato University.

    James Marape is accompanied by his spouse Rachael Marape and a ministerial delegation including Foreign Minister Justin Tkatchenko, Trade Minister Richard Maru, Minister for Livestock Seki Agisa and Higher Education Minister Kinoka Feo.

    This is Marape’s first official visit to New Zealand following his re-election as prime minister in the last national elections in 2022.

    According to the PNG government, the visit signals a growing relationship between the two countries, especially in trade and investment, cultural exchange, and the newly-added Recognised Seasonal Employer (RSE) scheme that New Zealand has extended to Papua New Guineans to work in Aotearoa.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Budget delivers cheaper medicines and more bulk billing but leaves out long-term health reform

    Source: The Conversation (Au and NZ) – By Henry Cutler, Professor and Director, Macquarie University Centre for the Health Economy, Macquarie University

    Less than two months from an election, the Albanese government last night presented a budget that aims to swing the voting pendulum its way.

    Headline health expenditure includes:

    • $8.5 billion to encourage more GP bulk billing and to train doctors and nurses
    • $1.7 billion to help public hospitals reduce their waiting lists
    • $644 million to establish 50 more urgent care clinics
    • $689 million to reduce the price of prescriptions to $25 for non-concessional patients
    • $793 million for women’s health, to provide greater access to contraception, treatment for urinary tract infections and greater access to perimenopause and menopause care.

    These announcements were already strategically made over the past month to maximise media coverage and build election momentum.

    Australians want more access to affordable health care – and the budget delivers this for many. But it doesn’t push the process of health reform forward, which is needed to secure the health system’s long-term sustainability.

    How does this compare to previous health budgets?

    While the budget contains large health expenditure items, a significant amount was not strictly new funding, but already provided for by the government.

    Consequently, the budget only allocates an additional $7.7 billion to health compared to actual spending for 2024-25.

    This increase aligns with steady long-term spending trends from previous years. It reflects a 6.6% increase in nominal spending (when inflation is included), but only a 3.9% increase in real spending (when inflation is taken out).

    Actual and estimated expenditure from the health portfolio

    Health spending as a proportion of the budget is reducing.
    Treasury

    The proportion of the budget spent on health could be considered historically low, projected to be 15.9% for 2025-26.

    It’s unclear whether Australians want more of the budget allocated to health, but there is certainly a need for greater investment.

    Will this health budget improve Australians’ health?

    The Albanese government is trying to kill three birds with one stone with this health budget. It wants to reduce the cost of living, improve health outcomes, and win an election.

    Keeping the cost of living down and improving health services are the top two most important issues for this election. Headline health announcements directly address these two issues.

    However, they also deliver a political benefit by shifting the media spotlight away from Opposition leader Peter Dutton. He was unable to legitimately counter attack headline health announcements given his unpopularity when he was a health minister. Instead, he promised to match some health announcements if elected.

    Increasing bulk-billing rates and reducing prescription prices will directly reduce out-of-pocket costs for many Australians. This will mostly be for people without a concession card.

    Increasing access to urgent care clinics will also help reduce cost of living pressures because they deliver services free of charge.

    Making health care cheaper for patients will also improve health outcomes. Many Australians sometimes choose not to access health care because of its cost, which can lead to worse health outcomes and expensive hospital care.

    The magnitude of any health improvement will depend on how patients respond to cheaper health care.

    More health benefit will go to patients who start seeing their GP rather than staying at home and trying to manage their condition themselves.

    The health benefit will be less for patients who start seeing their GP instead of an emergency department or urgent care clinic, because they are substituting one place of care for another.

    Is this good health policy?

    There is an “opportunity cost” every time the government spends money. Using the health budget to reduce the cost of living means less money to improve the health system elsewhere.

    In that context, this health budget has missed an opportunity to build a more sustainable health system.

    Medicare is not the best way to fund community care from GPs, nurses and allied health providers. It imposes barriers to establishing seamless multidisciplinary team-based care. These include restricting the types of services non-GP clinicians deliver, and not funding enough care coordination. People with chronic disease, such as diabetes and heart disease, often fall through the cracks and become sicker.

    A review of general practice incentives submitted to the health department last year recommended transition towards new funding models. This could include funding models that pay for a bundle of services delivered together as a team, rather than a fee for every service delivered by each team member.

    But payment reform is extremely hard. Medicare has not substantially changed since 1984 when it was first introduced.

    Given this budget allocated $7.9 billion to increase bulk billing alone, and $2.4 billion ongoing, this budget has a missed opportunity to start the payment reform process. This extra funding will reinforce current payment structures, and could have been used as leverage to get GPs over the line on reforming Medicare.

    The government also missed an opportunity to start reforming the health workforce. An independent review, also submitted last year, sought to improve access to primary care, improve care quality, and improve workforce productivity.

    It outlined 18 recommendations, including payment reform, to remove barriers to increase access to care delivered by multidisciplinary teams of doctors, nurses and allied health providers such as psychologists and physiotherapists.

    Again, there was nothing in this budget to suggest this will be pursued in 2025-26.

    What happens next?

    What next usually depends on which party wins the election.

    In this case, Dutton has agreed to match the health budget spending on bulk billing and price reductions for PBS scripts. But the Coalition has not committed to 50 more urgent care clinics.

    Whichever party wins, there is an urgent need to substantially reform health care if our health system is to remain one of the world’s best.



    Read more:
    At a glance: the 2025 federal budget

    Henry Cutler was a member of the Expert Advisory Panel that delivered its final review of general practice incentives mentioned in this article. He received remuneration from the Department of Health and Aged Care for this role.

    – ref. Budget delivers cheaper medicines and more bulk billing but leaves out long-term health reform – https://theconversation.com/budget-delivers-cheaper-medicines-and-more-bulk-billing-but-leaves-out-long-term-health-reform-251921

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: What works to prevent violence against women? Here’s what the evidence says

    Source: The Conversation (Au and NZ) – By Kristin Diemer, Associate Professor of Sociology, The University of Melbourne

    Journalist and activist Jess Hill’s Quarterly Essay argues Australia’s primary prevention framework to end violence against women isn’t working.

    Hill says the framework focuses too much on addressing gender inequality and changing attitudes, while overlooking crucial opportunities to address drivers of violence such as child maltreatment, alcohol and gambling.

    So what does the evidence say works to prevent violence against women?

    Australia’s plan to reduce and prevent violence

    The World Health Organisation RESPECT framework guides most global intervention programs and includes seven specific strategies to prevent violence against women:

    • Relationship skills strengthening
    • Empowerment of women
    • Services ensured
    • Poverty reduced
    • Environments (schools, workplaces, public spaces) made safe
    • Child and adolescent abuse prevented
    • Transformed attitudes, beliefs and norms.

    These are embedded in the 12 actions of Australia’s prevention framework, called Change the Story, but are not explicitly listed.

    The RESPECT strategies are also included in Australia’s National Plan to End Violence against Women and Children 2022-2032.

    Interventions are usually separated into three complementary, but overlapping approaches: primary (prevention), secondary (early intervention) and tertiary (responses).

    Primary prevention in Change the Story is aimed at addressing the underlying drivers of violence before it occurs. But most interventions have dual purposes of reducing or preventing current and future violence, as we transform into a violence-free community.

    Australia’s national plan includes reducing the harmful use of alcohol, support for children to live free from violence, holding perpetrators to account, changing the law, and promoting gender equality in public and private lives.

    Together, these strategies chip away at harmful underlying attitudes that drive domestic violence.

    Australia’s strategy for preventing violence against women includes holding perpetrators to account.
    Monkey Business Images/Shutterstock

    What does the evidence say works?

    Systematic reviews of interventions to prevent or reduce violence against women and girls find that sufficient investment into the right programs can address the core drivers of violence and lead to a significant reduction and prevention of violence.

    The reviews identify that most successful interventions do not typically separate out prevention from early intervention and response. They focus on gender dynamics, power and control, and locally relevant social structures that disempower women and girls.

    The global program What Works to Prevent Violence against Women and Girls, for example, reviewed 96 evaluations of interventions. Of these, seven interventions had positive effects across all three domains of responding to, reducing and preventing domestic violence.

    None of the effective interventions were the same, but they had common features.

    One of the common indicators of success was that they addressed multiple drivers of violence while being relevant to what was important in the participants’ lives, such as an intervention to reduce HIV or couples counselling. These two interventions were designed to challenge gender inequity and the use of violence, while empowering couples with improved communications skills.

    Effective interventions also commonly included support for survivors, for things such as mental health support, safe spaces, empowerment activities and mediation skills.

    Effective interventions incldue support for survivors and empowerment activites.
    Oleg Elkov/Shutterstock

    Equally important was including work with perpetrators or key influencers, such as other family members or local leaders. One example developed in Tajikistan involved in-laws, which enabled young women to attend and implement ideas from the program into their family life.

    The final two key components of successful interventions were related to implementation of the programs: having the ability to deliver the program with sufficient, well-trained and supported staff, and for a length of time allowing reflection and learning through experience.

    The Transforming Masculinities program in the Democratic Republic of Congo promoted gender equality and positive masculinity within faith communities. Careful selection of staff and volunteers was crucial to the intervention’s success.

    Effective interventions were delivered over 15 to 30 months. They included a combination of community activities and weekly workshops, allowing facilitators to build on content from previous sessions.

    Putting this all together, the most effective programs were rigorously planned and suitable to the client group. They focused on multiple core drivers of violence against women and girls. They worked with perpetrators and community influencers. They also worked with and supported survivors.

    Elements which prevented programs from being effective included short-term or inadequate funding, and a lack of sufficient planning to ensure the intervention was adapted to the client’s context.

    We have clear evidence about they types of programs that can prevent and reduce violence against women and girls, both internationally and in Australia. We also have service providers and program leaders who have been sharing evidence with governments for more than five decades. What we need now is the will and commitment for intensive programming.



    Read more:
    Despite some key milestones since 2000, Australia still has a long way to go on gender equality

    Kristin Diemer has received funding from the Australian Research Council, ANROWS, the Department of Social Services, the Victorian Government and is on the Advisory Group for the Australian National Community Attitudes towards Violence against Women Survey.

    – ref. What works to prevent violence against women? Here’s what the evidence says – https://theconversation.com/what-works-to-prevent-violence-against-women-heres-what-the-evidence-says-252873

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Prospera Energy Inc. Announces Service Rig Update, Closing of Acquisition, Warrant Amendments, Stock Option Grant, and Shares-for-Debt Settlement

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 25, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera“, “PEI” or the “Corporation“)

    Service Rig Update
    Prospera Energy completed a total of thirty-two workovers and reactivations in Q1 2025 before releasing service rigs for spring break-up on March 20th. This included sixteen service rig jobs in Hearts Hill, eleven jobs in Luseland which consisted primarily of high-impact reactivations, and five jobs in Cuthbert. The Corporation will release further information in the March operations update scheduled for release later this month.

    Acquisition Closing
    Prospera Energy announces it has successfully closed the 10% working interest in each of the Hearts Hill, Luseland, and Cuthbert properties from an arm’s length joint venture partner. The total purchase price for this transaction was $1,792,646, consisting of $400,000 in cash to be paid over 16 months, $200,000 in equity through the issuance of 3,076,923 PEI common shares at a price of $0.065 per share, subject to a six-month hold period, and forgiveness of all outstanding debts totaling $1,192,646 owed by the joint venture partner. Furthermore, 3,076,923 warrants were issued, allowing the holder to acquire one PEI common share at a price of $0.10 in the first year and $0.15 in the second year.

    Warrant Amendments Update
    Further to its January 9th, 2025, announcement, Prospera provides an update on the amended terms of outstanding warrants:

    • The expiry date for all 15,330,000 warrants has been extended by one year, now expiring on February 14th, 2026.
    • 13,363,000 of the 15,330,000 warrants have been repriced to $0.06, while 1,967,000 remain priced at $0.09.
    • An accelerated expiry clause has been introduced, whereby the exercise period of the warrants will be reduced to 30 days if, for any ten consecutive trading days during the unexpired term of the warrant the closing price of the listed shares exceeds $0.075.

    Stock Option Grant
    Prospera has granted a total of 2,000,000 options at $0.05 pursuant to its incentive stock option plan to management. Each option allows the holder to acquire one common share of the Corporation at an exercise price of $0.05 per share. The options are exercisable for a period of three years, in accordance with the terms of the plan.

    Shares for Debt
    The Corporation has settled $72,765.48 in outstanding interest expense owed to debenture holders through the issuance of 1,455,309 common shares at a price of $0.05 per share.

    About Prospera
    Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

    Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

    Shubham Garg, Chairman of the Board
    Email: sgarg@prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

    Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI China: China welcomes companies from all countries to seize opportunities, invest in China: FM spokesperson

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

    China welcomes companies from all countries to seize opportunities, invest in China: FM spokesperson

    BEIJING, March 25 — A Chinese foreign ministry spokesperson on Tuesday said China will unswervingly promote high-quality development and high-standard opening-up, welcoming companies from all countries to seize opportunities, invest in China and plan for the future.

    Spokesperson Guo Jiakun made the remarks when asked to provide more information about the China Development Forum 2025 at a daily news briefing.

    With the theme “Unleashing Development Momentum for Stable Growth of Global Economy,” the China Development Forum 2025 ran from March 23 to 24.

    Chinese Premier Li Qiang attended the opening ceremony of the forum on Sunday in Beijing and delivered a keynote speech.

    In his speech, Premier Li encouraged all parties to observe China’s development vitality through the economic highlights of the Spring Festival, comprehend its economic policies via China’s “two sessions,” and consider the righteous path for global development amid evolving international dynamics, said Guo.

    This demonstrates China’s confidence and resolve in driving sustained economic growth, while underscoring its commitment to serving as a stabilizing and anchoring force for global peace and development, Guo added.

    Guo noted that the forum attracted over 750 foreign representatives, with a broader national representation of participating multinational corporations. The number of first-time attending multinational companies has also increased, with a wider coverage of industry categories, he said.

    “This indicates that foreign-funded enterprises continue to hold optimism and businesses’ investment enthusiasm in China, expressing their confidence in the country’s economic development prospects,” Guo added.

    Noting that China will unswervingly promote high-quality development and high-standard opening-up, Guo said China welcomes companies from all countries to seize opportunities, invest in China, and plan for the future, aiming to foster stable global economic growth, jointly resist unilateralism and protectionism, and achieve greater development through mutual benefit.

    MIL OSI China News –

  • MIL-OSI: Dundee Corporation Delivers on Strategic Goals and Reports 2024 Profit

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 25, 2025 (GLOBE NEWSWIRE) — “2024 marked a transformative year for Dundee with broad positive performance in our core strategy and key initiatives that further align our capital structure with our long-term growth objectives,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “During the third quarter, we sold 11 million shares of our position in G Mining Ventures Corp. (“G Mining”) for proceeds of $95.9 million, which was partially used to redeem both classes of our preferred shares and substantially pay down our outstanding loan balance. The redemption of the preferred shares and repayment of our corporate loan is a significant milestone, reducing our cash outflows, enhancing our financial flexibility and positioning Dundee for continued, sustainable growth for the long-term. As we move into 2025, our focus is increasingly on broadening Dundee’s sources of cash flow. Development of the Borborema Project, where we hold an attractive royalty, is progressing well, according to its operator, Aura Minerals Inc., with ramp-up scheduled for early 2025 and commercial production expected in the latter half of the year. This key milestone marks a pivotal step in reinforcing Dundee’s financial position and highlights our ongoing efforts to establish income streams that support our long-term growth objectives.”

    “In addition, we continue to make considerable progress in simplifying Dundee as we shed non-core businesses and investments and free up our capital and talent which can be deployed more strategically. In September, we announced our exit from the investment management business with the divestiture of our flow-through funds which will position us to operate with greater agility in the mining sector. Post year-end, we announced that the ownership group of Android, of which we are 20%, has agreed to sell its interest in the company which demonstrates continued rationalization of the non-core legacy assets and enables us to recycle capital into our core mining business.

    Mr. Goodman concluded: “The entire team at Dundee continues to work diligently to implement and execute our strategy across all fronts. I am encouraged by our ability to sustain and grow our momentum into 2025 as we look forward to the opportunities ahead of us. Our team remains committed to growing the core business, and positioning Dundee to deliver long-term, sustainable value for our stakeholders, shareholders and partners. I would like to thank the entire team for their hard work in navigating a time of continued evolution.”

    SOLID YEAR-END 2024 RESULTS

    • In August 2024, the Corporation sold 11.0 million shares of G Mining Ventures Corp. (“G Mining”) for net proceeds to the Corporation of $95.9 million. Subsequent to year-end, the Corporation sold its remaining 2.9 million shares of G Mining for net proceeds of $45.3 million.
    • Upon the partial sale of G Mining in August of 2024, the Corporation partially repaid $14.0 million of its outstanding loan with Earlston Investments Corp. in 2024 and paid the remaining $5.0 million of loan principal in 2025.
    • In September 2024, the Corporation paid an aggregate of $46.7 million to exercise its option to redeem all its outstanding Preference Shares Series 2 and Preference Shares Series 3 at a price of $25.00 per share and pay the final associated dividends.
    • Subsequent to year-end, Dundee announced the sale of its interest in Android Industries, L.L.C. (“Android”) for cash proceeds of approximately $24.5 million at closing, with additional proceeds payable contingent upon the release of all escrows.
    • In December 2024, the Corporation announced its exit from the investment management business with the divesture of its flow-through related investment management contracts for nominal consideration, aligning internal resources to our long-term strategic priorities.
    • In the third quarter of 2024, Dundee backstopped an $8.0 million rights offering for Maritime Resources Corp. (“Maritime”) and made purchases pursuant to private agreements to acquire approximately 253.0 million common shares of the company and increase our undiluted ownership interest to 43%. The Corporation earned 33.2 million compensation warrants for backstopping the rights offering. Subsequent to year-end, Dundee exercised warrants to acquire 11.8 million additional common shares of Maritime, increasing Dundee’s undiluted ownership interest to 44%.
    • Reported net loss from all portfolio investments for the fourth quarter of 2024 of $2.1 million (2023 – loss of $0.8 million). The key drivers during the quarter included a $4.3 million and $2.9 million market depreciation in the Corporation’s investments in Saturn Metals Limited (“Saturn Metals”) and Ausgold Limited (“Ausgold”), respectively, offset by a $3.7 million investment gain in G Mining. For 2024, the Corporation reported net income from portfolio investments of $65.9 million (2023 – loss of $23.0 million). The top performer of 2024 was the $53.6 million fair value gain in Reunion Gold Corporation.
    • In October 2024, the Corporation announced the completion of the sale of 8,000 shares of TauRx Pharmaceuticals Ltd. to a private investor at a price of US$125.00 per share for proceeds of US$1.0 million (Cdn$1.4 million).
    • Reported consolidated general and administrative expenses for the fourth quarter of $3.8 million (2023 – $2.5 million). For 2024, the Corporation reported consolidated general and administrative expenses of $16.3 million (2023 – $16.1 million).
    • Reported net loss attributable to owners of the Corporation for the fourth quarter of 2024 of $8.2 million (2023 – $2.8 million). For 2024, the Corporation reported net earnings attributable to owners of the Corporation of $59.1 million (2023 – loss of $38.8 million), or earnings of $0.64 per share (2023 – a loss of $0.43 per share).

    SEGMENTED FINANCIAL RESULTS

    Mining Investments

    In the fourth quarter of 2024, the Corporation reported a net loss before taxes from the mining investments segment of $4.2 million (2023 – $1.6 million). Performance from the mining portfolio investments incurred a total loss of $2.6 million (2023 – $1.3 million), which is included in net earnings or loss from this segment. Key drivers during the quarter included a $4.3 million and $2.9 million market depreciation in the Corporation’s investments in Saturn Metals and Ausgold, respectively, offset by a $3.7 million investment gain in G Mining Ventures Corp. (“G Mining”). The share of losses from equity accounted mining investments during the fourth quarter of 2024 was $1.6 million (2023 – $0.3 million).

    During 2024, the Corporation reported net earnings before taxes from the mining investments segment of $61.6 million (2023 – loss of $24.0 million). Performance from the mining investments portfolio contributed $62.5 million (2023 – loss of $24.0 million) to net earnings or loss before taxes in this segment. The key driver of performance during the current year was a $53.6 million market appreciation in the Corporation’s investment in Reunion Gold Corporation, prior to the business combination with G Mining. The share of losses from equity accounting mining investments during 2024 was $1.7 million (2023 – $2.2 million).

    Corporate and others

    The Corporation reported a pre-tax loss from the corporate and others segment, including non-core subsidiaries, of $0.5 million (2023 – $0.3 million) during the three months ended December 31, 2024. During 2024, the corporate and others segment reported pre-tax earnings of $5.5 million (2023 – loss of $12.0 million).

    The fair value of non-mining portfolio investments in the corporate and others segment increased by $0.5 million (2023 – $0.5 million) during the fourth quarter of the current year. The fair value of portfolio investments in this segment increased by $3.4 million (2023 – $1.1 million) during 2024.

    In the fourth quarter, the segment’s non-mining equity accounted investments reported pre-tax earnings of $1.9 million (2023 – $0.3 million). During the same period, the segment’s subsidiaries reported pre-tax losses of $0.1 million (2023 – $0.1 million). During 2024, the segment’s non-mining equity accounted investments reported pre-tax earnings of $1.5 million (2023 – loss of $1.9 million), while subsidiaries reported pre-tax losses of $1.3 million (2023 – $3.2 million).

    Mining Services

    During the three months ended December 31, 2024, the mining services segment, comprised of the Corporation’s 78%-owned subsidiary, Dundee Sustainable Technologies Inc. (“Dundee Technologies”), reported a pre-tax loss of $4.5 million (2023 – $1.2 million), which included a $2.9 million impairment charge to intangible assets and receivables. During 2024, Dundee Technologies incurred a pre-tax loss of $7.9 million (2023 – $4.3 million).

    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS

           
    Carrying value as at December 31,   2024       2023  
    Mining Investments      
    Portfolio investments $ 95,490     $ 126,671  
    Equity accounted investments   30,013       15,731  
    Royalty   18,921       18,921  
        144,424       161,323  
    Corporate and Others      
    Corporate   32,976       18,342  
    Portfolio investments ‒ other   70,495       68,482  
    Equity accounted investments ‒ other   30,240       28,874  
    Real estate joint ventures   2,364       2,852  
    Subsidiaries   3,403       7,738  
        139,478       126,288  
    Mining Services      
    Subsidiaries   (208 )     2,439  
    Equity accounted investment   –       98  
        (208 )     2,537  
           
    SHAREHOLDERS’ EQUITY $ 283,694     $ 290,148  
    Less: Shareholders’ equity attributable to holders of:      
    Preference Shares, series 2   –       (27,667 )
    Preference Shares, series 3   –       (18,125 )
    SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO CLASS A SUBORDINATE SHARES AND CLASS B SHARES OF THE CORPORATION $ 283,694     $ 244,356  
           
    Number of shares of the Corporation issued and outstanding:      
    Class A Subordinate Shares   86,269,735       85,832,805  
    Class B Shares   3,114,491       3,114,491  
    Total number of shares issued and outstanding   89,384,226       88,947,296  
           
    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS * $ 3.17     $ 2.75  

    * Shareholders’ Equity on a per share basis is calculated as total shareholders’ equity per the financial statements, less the carrying amount of Preference shares, series 2 and series 3, and divided by the total number of Class A and Class B shares issued and outstanding.

    The Corporation’s audited consolidated financial statements as at and for years ended December 31, 2024 and 2023, along with the accompanying management’s discussion and analysis, as well as the Annual Information Form, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedarplus.ca or the Corporation’s website at www.dundeecorporation.com.

    ABOUT DUNDEE CORPORATION:

    Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.

    FORWARD-LOOKING STATEMENTS:

    This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Investor and Media Relations
    T: (416) 864-3584
    E: ir@dundeecorporation.com

    The MIL Network –

  • MIL-OSI Economics: Tunisia: the government, the African Development Bank and several partners launch the CAP Emploi programme to boost the economy and create…

    Source: African Development Bank Group
    The CAP Emploi programme, a results-based financing initiative designed to transform Tunisia’s employment landscape, was officially launched on 26 February 2025 in Tunis at a high-level workshop attended by public and private sector stakeholders from the entrepreneurship ecosystem and the employment and vocational…

    MIL OSI Economics –

  • MIL-Evening Report: Protecting salmon farming at the expense of the environment – another step backwards for Australia’s nature laws

    Source: The Conversation (Au and NZ) – By Phillipa C. McCormack, Future Making Fellow, Environment Institute, University of Adelaide

    A bill introduced to parliament this week, if passed, would limit the government’s power to reconsider certain environment approvals when an activity is harming the environment.

    It fulfils Prime Minister Anthony Albanese’s promise last month to introduce new laws to allow salmon farming to continue in Tasmania’s Macquarie Harbour. This salmon farming is currently mooted for reconsideration.

    There’s no doubt Australia’s nature laws need reform. The latest review found “Australians do not trust that the EPBC Act is delivering for the environment, for business or for the community”.

    But stopping the government from reconsidering a past decision is no way to fix these flaws. Reconsidering decisions is necessary if new evidence shows the activity is causing much more harm to nature, or a different kind of harm, than anticipated.

    Salmon farming in Macquarie Harbour

    Salmon have been farmed in Macquarie Harbour for almost 40 years, but activity has increased over the past decade.

    In 2012, Tasmania’s Department of Primary Industries sought approval to expand farming in the harbour, despite possible impacts on threatened species and the Tasmanian Wilderness World Heritage Area.

    But then-Environment Minister, Tony Bourke, declared no further consideration was needed and the action could proceed, because the proposal was not
    “a controlled action”. Under the Act, a controlled action is any activity likely to impact on a matter of national environmental significance, such as a threatened species. A project or development deemed a controlled action then requires approval from the environment minister.

    However, Bourke’s decision was subject to conditions – most importantly, to ensure no significant impacts to the Maugean skate.

    In late 2023, Environment Minister Tanya Plibersek received a series of requests to reconsider Bourke’s 2012 decision.

    New evidence comes to light

    The power to request a reconsideration is available to anyone. If substantial new information justifies it, the minister may revoke the original decision and make a new one.

    In the Macquarie Harbour case, these reconsideration requests relied on scientific studies completed after 2012. One highlighted the skate’s vulnerability to changing water conditions. Another released last month showed a strong correlation between more intense salmon farming and increased extinction risk for the skate.

    Plibersek has not made a decision yet. However, documents her office released under Freedom of Information laws show new evidence. This evidence supports a declaration that salmon farming in Macquarie Harbour should be reconsidered. That could trigger a full review of salmon farming in the Harbour.

    However, the bill Labor has introduced would strip the minister’s powers to reconsider the earlier decision.

    Prime minister promises law change to protect salmon farms, February 2025 (ABC News)

    What does the new bill propose?

    On Monday a government spokesperson said:

    This bill is very specific – it’s a minor change, with extremely strict criteria – focused on giving Tasmanian workers certainty while government investments protect the Maugean Skate. The existing laws apply to everything else, including all new proposals for coal, gas, and land clearing.

    But we disagree. The bill describes the circumstances in which the minister can reconsider a decision. These are cases (such as Macquarie Harbour) where an activity is allowed to proceed without full assessment and approval, in a “particular manner”. The “particular manner” must include complying with a state or territory management arrangement. For example, the salmon farmers have to comply with a Tasmanian government plan for Macquarie Harbour. Finally, these activities must be currently underway, and ongoing in that way, for at least five years.

    It is not uncommon for “particular manner” decisions to require compliance with state or territory management arrangements. So the new legislation will catch more than just the Macquarie Harbour project in the “net”.

    For instance, our quick search of the EPBC Act portal revealed a similar particular manner decision. This means that, after five years of operation, this second decision will also be immune from challenge.

    There would be more where that came from. The bill will not only protect salmon farming in Macquarie Harbour.

    What’s more, reconsideration powers have been used sparingly – there seems no reason to limit their use further. A search of the EPBC Act public portal reveals only 52 reconsideration requests since the Act began, averaging just two a year. Many of these requests were made by proponents, disgruntled with a “controlled action” decision made in relation to their own projects.

    One bad bill after another

    This may sound familiar, because Labor’s bill is similar to Liberal Senator Richard Colbeck’s private bill proposed in December, which also concerned protecting salmon farming jobs in Macquarie Harbour.

    The Senate’s Environment and Communications Legislation Committee made a single recommendation on that bill: that it not be passed.

    The majority report (from Labor, Greens and Independent senators) provided sensible reasons for recommending the bill be abandoned. It noted the power to request a reconsideration already has “appropriate safeguards”.

    Furthermore, these “safeguards strike an appropriate balance by providing industry with confidence and certainty that a decision made will not be easily reversed, while allowing decisions to be reconsidered should new and significant information relating to the decision arise”.

    Just four months later, these remain compelling reasons for maintaining the power to reconsider decisions.

    We don’t have time to go backwards

    This amendment will not achieve the comprehensive reforms the EPBC Act needs. In fact, it will actively undermine these goals. It has been rushed through after years of effort to improve nature laws, on the eve of an election, in a marginal electorate, and has been put to Parliament on the day of a budget lockup.

    Despite removing this scrutiny, the bill is unlikely to resolve the controversy in Macquarie Harbour.



    Read more:
    Labor’s dumping of Australia’s new nature laws means the environment is shaping as a key 2025 election issue

    Phillipa McCormack receives funding from the Australian Research Council, the National Environmental Science Program, Natural Hazards Research Australia, Green Adelaide and the ACT Government. She is a member of the National Environmental Law Association and an affiliated member of the Centre for Marine Socioecology.

    Justine Bell-James receives funding from the Australian Research Council, the Queensland Government, and the National Environmental Science Program. She is a Director of the National Environmental Law Association and a member of the Wentworth Group of Concerned Scientists.

    – ref. Protecting salmon farming at the expense of the environment – another step backwards for Australia’s nature laws – https://theconversation.com/protecting-salmon-farming-at-the-expense-of-the-environment-another-step-backwards-for-australias-nature-laws-252814

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: Guterres urges Caribbean leaders to keep pushing for peace, climate action

    Source: United Nations 2-b

    Peace and Security

    In an address on Wednesday to Caribbean leaders meeting in Barbados, UN Secretary-General António Guterres announced a potential plan to support an “effective force” in Haiti as armed gangs continue to terrorize the population. 

    Mr. Guterres was speaking during the opening of the Caribbean Community (CARICOM) Heads of Government Meeting in the capital Bridgetown, where he called for unity to achieve progress in peace and security, climate and sustainable development.

    “A unified Caribbean is an unstoppable force,” he said. “I urge you to keep using that power to push the world to deliver on its promises.”

    ‘Trouble in paradise’

    The Secretary-General noted that the region’s “exquisite beauty is famed the world over, but there is trouble in paradise.”

    He told leaders that “wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes.”

    Caribbean countries are experiencing uncertainty fuelled by geopolitical tensions, along with the socio-economic impact of the COVID-19 pandemic, soaring debt and interest rates, and a surge in the cost of living. 

    Global solutions exist

    These are all happening “amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets,” and as countries “remain locked-out of many international institutions – one of the many legacies of colonialism today.”

    The UN chief insisted that “the cure for these ills is global,” and the world needs to deliver on hard-won global commitments to address the immense challenges the international community is facing.

    He listed three key areas “where, together, we must drive progress.” 

    Peace in Haiti

    Mr. Guterres called for unity for peace and security, “particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people.”

    He said CARICOM and its Eminent Persons Group have provided invaluable support in this regard. 

    “We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections,” he said.

    Security and stability

    A Security Council-backed Multinational Security Support Mission is currently on the ground to assist the Haitian National Police.

    The Secretary-General said he will soon report to the Council on the situation in the country, including proposals on the role the UN can play to both support stability and security, and address the root causes of the crisis.

    He intends to present a proposal similar to the one for Somalia, in which the UN assumes responsibility for the structural and logistical expenditures necessary to put the force in place. Salaries are paid through a trust fund that already exists.

    “If the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive,” he said, drawing applause.

    © WFP/Fedel Mansour

    Hurricane Beryl last July caused devastation on Union Island in Saint Vincent and the Grenadines.

    Climate crisis opportunity

    His second point – unity on the climate crisis – underlined “a deplorable injustice” as Caribbean countries “have done next to nothing” to create it. Moreover, they have “fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees.”

    Mr. Guterres said countries must deliver new national climate plans ahead of the COP30 UN climate conference later this year.  The plans must align with the 1.5 goal, with the G20 group of industrial nations leading the way.

    “This is a chance for the world to get a grip on emissions,” he said. “And it’s a chance for the Caribbean to seize the benefits of clean power, to tap your vast renewables potential, and to turn your back on costly fossil fuel imports.”

    As finance is required, he underscored the need for confidence that the $1.3 trillion agreed at the previous COP will be mobilized. Developed countries also must honour their promises on adaptation finance and make meaningful contributions to the new Loss and Damage Fund.

    “When the Fund was created, the pledges made were equivalent to the new contract for just one baseball player in New York City,” he remarked.

    Finance for sustainable development

    Meanwhile, the Sustainable Development Goals (SDGs) “are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.”

    The Secretary-General said Caribbean countries have been at the forefront of the fight for change, pioneering bold and creative solutions.  He said the Pact for the Future, together with the Bridgetown Initiative, marks significant progress.

    Mr. Guterres thanked Caribbean leaders for supporting the Pact, which UN Member States adopted last year. 

    Key deliverables include support for an SDG Stimulus of $500 billion annually and commitment to reform international financial institutions to allow greater participation by developing countries. 

    MIL OSI United Nations News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Stockholders of AMPS, ML, AMPY, HEES to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Altus Power, Inc. (NYSE: AMPS), relating to the proposed merger with TPG. Under the terms of the agreement, Altus Power will be acquired by TPG for $5.00 per share of its Class A common stock in an all-cash transaction.

    ACT NOW. The Shareholder Vote is scheduled for April 9, 2025.

    Click here for more https://monteverdelaw.com/case/altus-power-inc-amps/. It is free and there is no cost or obligation to you.

    • MoneyLion Inc. (NYSE: ML), relating to the proposed merger with Gen Digital Inc. Under the terms of the agreement, shareholders of MoneyLion will receive $82.00 per share in cash, and one contingent value right per share entitling the shareholder to a contingent payment of Gen Digital common stock.

    ACT NOW. The Shareholder Vote is scheduled for April 10, 2025.

    Click here for more https://monteverdelaw.com/case/moneylion-inc-ml/. It is free and there is no cost or obligation to you.

    • Amplify Energy Corp. (NYSE: AMPY), relating to the proposed merger with Juniper Capital. Under the terms of the agreement, Amplify shareholders will retain approximately 61% of Amplify’s outstanding equity.

    ACT NOW. The Shareholder Vote is scheduled for April 14, 2025.

    Click here for more https://monteverdelaw.com/case/amplify-energy-corp-ampy/. It is free and there is no cost or obligation to you.

    • H&E Equipment Services, Inc. (NASDAQ: HEES), relating to the proposed merger with Herc Holdings Inc. Under the terms of the agreement, H&E shareholders will receive $78.75 in cash and 0.1287 shares of Herc common stock for each share they own. H&E’s shareholders will own approximately 14.1% of the combined company.

    ACT NOW. The Tender Offer expires on April 15, 2025.

    Click here for more https://monteverdelaw.com/case/he-equipment-services-inc-hees/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Novacrest Introduces Structured, Risk-Managed Real Estate Investment Fund for Passive Investors

    Source: GlobeNewswire (MIL-OSI)

    Kissimmee, FL, March 25, 2025 (GLOBE NEWSWIRE) — Novacrest, a diversified real estate investment firm, has announced the launch of its structured real estate investment fund, designed to provide secure, high-yield passive income opportunities. This fund offers accredited investors a simplified way to benefit from real estate without direct involvement in property management, leveraging a risk-managed approach across various investment vehicles.
    With increasing demand for alternative investments, Novacrest’s model offers a compelling option for those seeking consistent returns while minimizing traditional real estate investment complexities. By diversifying capital into fix-and-flip properties, structured real estate notes, and development projects, the fund optimizes growth and wealth preservation.

    A Smarter Approach to Passive Real Estate Investing

    Traditional real estate investment often requires hands-on management, market expertise, and significant time commitments. Novacrest’s structured investment model removes these barriers, allowing investors to participate in high-performing real estate markets without active involvement.
    Key advantages of Novacrest’s real estate investment fund include:

    • Diverse Investment Vehicles – Capital is allocated across fix-and-flip projects, land development, and structured real estate notes, balancing risk and reward.
    • Risk-Managed Strategy – Investments are backed by data-driven market analysis, ensuring capital is deployed in high-performing real estate markets.
    • Tax-Advantaged Returns – Structured investments offer potential tax-free growth, making them attractive alternatives to traditional real estate income.
    • Complete Investor Transparency – Monthly performance reports, a secure investor dashboard, and clear insights into fund allocations.
    • 100% Passive Investment – Investors benefit from real estate appreciation and profits without dealing with tenants, property maintenance, or legal complexities.

    “We created Novacrest’s real estate investment fund to give investors a smarter, more secure way to build wealth through real estate,” said Kiani Kharfan, CEO of Novacrest. “By combining risk management with strategic asset allocation, we make real estate investing truly passive while delivering strong returns.”

    The Advantage of Florida’s Real Estate Market

    Florida remains one of the most lucrative real estate markets in the U.S., with house flipping and structured real estate investments generating high returns. Recent industry data highlights:

    • 28.7% average ROI on house flipping in Q2 2024, with an average gross profit of $70,250 per flip. (Source: Fool.com)
    • 141.5% ROI on flipped properties in Ocala, positioning Florida as a prime market for investment. (Source: Fool.com)
    • Strong profit margins in Orlando, Jacksonville, and Tampa, reinforcing the state’s reputation as a real estate investment hotspot.

    Novacrest leverages real-time market analytics to identify high-potential opportunities, ensuring optimal investment performance.

    Structured Investments vs. Traditional REITs

    Unlike publicly traded REITs, Novacrest’s private investment fund offers greater control, lower volatility, and direct exposure to real estate-backed assets. By structuring investments across multiple property types, the firm delivers higher, more predictable returns compared to market-dependent REITs.

    Why Investors Are Turning to Novacrest

    With a focus on wealth preservation and strategic growth, Novacrest has positioned itself as a leading alternative investment platform. Investors are drawn to:

    • Higher returns than traditional REITs
    • Asset-backed security
    • Predictable, structured income streams
    • Elimination of property management responsibilities
    • Access to exclusive real estate markets

    “Passive investors deserve a secure, high-yield investment vehicle that works for them,” added Kharfan. “We built Novacrest to be that solution—delivering structured real estate growth without the hassle of direct ownership.”

    How to Get Started

    Novacrest’s real estate investment fund is exclusively available to accredited investors seeking to diversify their portfolios with risk-managed real estate assets. To learn more, visit: Novacrest.

    About Novacrest

    Novacrest is a multi-industry investment firm specializing in real estate development, flipping, structured real estate investments, carbon credits, data centers, and capital raising. The company offers alternative investment opportunities tailored for accredited investors seeking secure, high-yield wealth-building strategies.

    Disclaimer: The expert opinions presented in this PR/Story are based on the extensive experience and knowledge of the source company. These views do not necessarily reflect the opinions of the news distribution company and its distribution partners. There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation. The news distribution company and its distribution partners do not endorse or guarantee the accuracy, completeness, or reliability of the information shared by the guest. Viewers are encouraged to consult with their own experts or conduct their own research when making decisions related to topics of this nature. The source company is the one issuing this release. Please contact them directly for further information.

    The MIL Network –

  • MIL-OSI USA: Cortez Masto Opposes Mehmet Oz for Administrator for the Centers for Medicare and Medicaid Services

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement opposing Dr. Mehmet Oz to serve as President Donald Trump’s Administrator for the Centers for Medicare and Medicaid Services. The statement follows her vote against his nomination in the U.S. Senate Committee on Finance today.

    “President Trump has endorsed the House Republican plan to cut nearly a trillion dollars in funding for Medicaid, and this administration and Elon Musk have shown a clear willingness to disrupt Medicare as well. These cuts would directly harm children and seniors,” said Senator Cortez Masto. “Dr. Oz has demonstrated a complete deference to Trump, and I’m not confident he would fight to protect Medicaid and Medicare from the Trump administration’s chainsaw. I therefore oppose his confirmation.”

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Merkley Introduce Bill to Stop Overpayments in the Medicare Advantage Program

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Jeff Merkley (D-OR) introduced the No Unreasonable Payments, Coding, or Diagnoses for the Elderly (No UPCODE) Act to improve the way Medicare Advantage plans assess patients’ health risks and reduce overpayments for care. The No UPCODE Act will save taxpayers billions by eliminating incentives to overcharge Medicare for care.
    “Medicare is going insolvent, and our budget deficit is expanding. We need to stop overpaying where we can if we’re to preserve Medicare for Americans who rely on it,” said Dr. Cassidy. “This is the direction we need to go.”
    “Fraud, waste, and abuse by bad actors are destroying the stability of both Medicare Advantage and traditional Medicare—this must end,” said Senator Merkley. “Our bipartisan bill cracks down on the fraudsters overcharging taxpayers by billions of dollars every year, closing the loopholes they use to turn sick patients into healthy profits.”
    Traditional Medicare plans reimburse providers for the cost of treatments rendered, while Medicare Advantage is paid a standard rate based on the health of an individual patient. Because of this, Medicare Advantage plans have a financial incentive to make beneficiaries appear sicker than they may be to receive a higher Medicare reimbursement. According to a CBO budget option report, addressing overcoding will save $124 billion over 10 years. 
    The No UPCODE Act would eliminate those incentives by:

    Developing a risk-adjustment model that uses two years of diagnostic data instead of just one year.
    Limiting the ability to use old or unrelated medical conditions when determining the cost of care. 
    Ensuring Medicare is only charged for treatment related to relevant medical conditions.
    Closing the gap between how a patient is assessed under traditional Medicare and Medicare Advantage.

    Background
    Earlier this month, Cassidy discussed his No UPCODE Act during U.S. Centers for Medicare and Medicaid Services (CMS) Director nominee Mehmet Oz’s confirmation hearing before the U.S. Senate Finance Committee. 

    MIL OSI USA News –

  • MIL-OSI Australia: Digital is the best way to lodge partnership SODs

    Source:

    Statements of distribution (SODs) must be lodged for all partnerships. Accurate and timely completion of these enables us to data match and assess if partners have returned their partnership income correctly. Incomplete or incorrect statements may result in partners being unnecessarily subjected to compliance activities.

    Our recent analysis and compliance activities have identified basic errors tax practitioners make with SODs. To avoid these mistakes, make sure you’ve gathered the necessary lodgment information before preparing SODs, and complete all required information for each partner in the SOD labels, including:

    • the name of each individual or entity
    • tax file numbers
    • residential or business addresses
    • date of birth for individuals
    • Australian business numbers for other entities.

    SOD data helps us cross-check and assure that partners are correctly reporting their income in their income tax returns. This is even more important with our increased focus on compliance with Practical Compliance Guideline PCG 2021/4 Allocation of Professional firm profits – ATO compliance approach. It also helps us target our compliance actions more accurately. 

    We strongly recommend digital lodgment of SODs. For partnerships of up to 160 partners, you can already lodge digitally through your lodgment software (Practitioner lodgment service and Standard Business Reporting-enabled software). From 1 July, you’ll be able to digitally lodge 2024–25 and future returns for all partnerships, including those with more than 160 partners. We’ll provide more information on this change closer to that date.

    MIL OSI News –

  • MIL-OSI Australia: Support for those affected by Tropical Cyclone Alfred

    Source:

    We understand taxpayers across New South Wales and Queensland communities have been impacted by Ex-Tropical Cyclone Alfred. We encourage you to continue to lodge your clients’ obligations if you can, however for those clients that have been directly affected in Local Government Areas (LGAs) declared eligible for the Australian Government Disaster Recovery Payment (AGDRPExternal Link), we will provide additional time where you or your client are unable to lodge for the following obligations:

    • Monthly BAS with an original due date of 21 March 2025 will have up to 11 April 2025 to lodge.
    • Individual, Trust and Small Business income tax returns with an original due date of 31 March 2025 will have up to 11 April 2025 to lodge.

    These measures are in addition to our normal range of support options available should you, your clients or your practice need additional help.

    How do I know if a client can lodge late without penalty?

    If we have made a provision for your client to lodge late without penalty, there will be an indicator on their account. This can be identified by running an On-Demand Outstanding Lodgment Report for either Income Tax or Activity Statements in Online services for agents, or through your practice management software.

    Details for running On-Demand reports in Online services for agents and practitioner lodgment service (PLS) – enabled software are available on our website.

    MIL OSI News –

  • MIL-OSI China: Chinese vice premier calls for healthy development of platform economy

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

    BEIJING, March 25 — Chinese Vice Premier Zhang Guoqing has urged intensified efforts to promote the healthy development of the platform economy to better meet the people’s needs for improved lives.

    Zhang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks during an inspection tour of multiple platform enterprises engaged in food delivery, online retail, livestreaming e-commerce, and transportation services.

    Noting that the platform economy can boost the efficiency of resource allocation and the development of new quality productive forces, Zhang called on related companies to play a leading role in promoting innovation, boosting consumption and stabilizing employment.

    Platform companies should also protect the rights and interests of medium and small-sized merchants, as well as people in new forms of employment, and they should safeguard consumer interests and enhance the satisfaction of all platform participants, he said.

    He urged resolute efforts to tackle rat-race competition marked by low quality and low prices, and to foster a healthy ecosystem for the platform economy.

    He also urged efforts to keep improving market regulation efficiency to protect the people’s interests in an improved manner.

    MIL OSI China News –

  • MIL-OSI USA: WATCH: Senator Reverend Warnock Pushes for Commitment to Keep Georgia Social Security Offices Open After Trump Administration Takes Aim at Seniors 

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    WATCH: Senator Reverend Warnock Pushes for Commitment to Keep Georgia Social Security Offices Open After Trump Administration Takes Aim at Seniors 

    At Tuesday’s Senate Finance committee hearing, Senator Reverend Warnock questioned Frank Bisignano, President Trump’s nominee to lead the Social Security Administration (SSA)
    Senator Reverend Warnock pushed Bisignano to commit to keeping all field offices in the state open for Georgia seniors
    This month, SSA announced it was making access to benefits more difficult for seniors, no longer allowing individuals to apply for benefits or request a direct deposit change over the phone; the proposed change could lead to an increase of 7 million visits to field offices per year across the country, and an estimated 200,000 additional visits in Georgia alone
    Senator Reverend Warnock: “Retirees in Georgia who rely on Social Security deserve reliable, timely delivery of their full benefits with world class customer service. […] That’s why so many Georgians and I were alarmed looking at what’s happening last month when several news outlets reported that Elon Musk and his DOGE team announced on their own website plans to permanently close five Social Security customer service offices throughout Georgia”

    Watch Senator Reverend Warnock at Tuesday’s Senate Finance committee hearing HERE
    Washington, D.C. – Today, during a Senate Finance committee hearing on the nomination of Frank Bisignano to lead the Social Security Administration (SSA), U.S. Senator Reverend Raphael Warnock (D-GA) pushed the nominee to commit to keeping all field offices in the state open for Georgia seniors and increasing staffing at Georgia field offices. The Senator’s push comes after the SSA announced it was making access to benefits more difficult for seniors, no longer allowing individuals to apply for benefits or request a direct deposit change over the phone. These and other proposed changes at the SSA could lead to an increase of 7 million visits to field offices per year across the country, and an estimated 200,000 additional visits in Georgia alone. Senator Warnock is committed to ensuring Georgians can easily and efficiently access their benefits that they have paid into over their lifetime. 
    The line of questioning also comes after DOGE announced the closure of five Georgia SSA offices, only to walk back the announcement after the Senator brought attention to the deeply unpopular decision. 
    “Retirees in Georgia who rely on Social Security deserve reliable, timely delivery of their full benefits with world class customer service. […] That’s why so many Georgians and I were alarmed looking at what’s happening last month when several news outlets reported that Elon Musk and his DOGE team announced on their own website plans to permanently close five Social Security customer service offices throughout Georgia. These closures in Brunswick, Columbus, Gainesville, Thomasville, and Vidalia would give Georgia the highest number of planned Social Security office closures of any state. Those five cities represent five counties with over 136,000 people who rely on Social Security benefits,” said Senator Reverend Warnock. 
    The SSA, through both retirement benefits and disability insurance, provides support to 68 million Americans. Without Social Security, nearly 40 percent of people over age 65 would be living in poverty. Social Security has reduced elderly poverty to less than 12 percent according to the Center on Budget and Policy Priorities.  
    “I just need to know, when it comes to office closures, who’s going to be making that decision, you or Elon Musk?” asked Senator Reverend Warnock. 
    “Me,” Frank Bisignano replied. 
    “That’s a good answer. The seniors in my state, those are the folks I’m concerned about. Will you commit to keeping all field offices in my state open for Georgia seniors?” Senator Reverend Warnock asked. 
    In response, Mr. Bisignano said, “You know, I was asked this question more than one time today, and what I will commit to is that there will be no decision made without you knowing about it. I have no intent to close field offices, but I’ve studied nothing on the topic. So it’s a little hard to commit to something without…”
    Senator Reverend Warnock interjected, “I think study is a good thing, and what we’ve seen so far is no study, no real knowledge about what’s going on, just an effort to close offices, to be able to announce that you’re addressing waste, fraud and abuse.”
    Watch the Senator’s full remarks HERE.
    See below a transcript of key exchanges between Senator Warnock and SSA nominee Frank Bisignano (remarks have been lightly edited for clarity):
    Senator Reverend Warnock (SRW): “I want to follow up on some of the issues that we discussed in my office. When we met, I shared with you my strong view that retirees in Georgia who rely on Social Security deserve reliable, timely delivery of their full benefits with world class customer service, and you’ve got a long record of delivering that in the private sphere. That’s why so many Georgians and I were alarmed looking at what’s happening last month when several news outlets reported that Elon Musk and his DOGE team announced on their own website plans to permanently close five Social Security customer service offices throughout Georgia. These closures in Brunswick, Columbus, Gainesville, Thomasville, and Vidalia would give Georgia the highest number of planned Social Security office closures of any state. Those five cities represent five counties with over 136,000 people who rely on Social Security benefits. But since I raised the alarm, since I made some noise about this, DOGE is suddenly out on X, I guess that’s what you call the platform now, denying the closures that it posted on its own website. They posted those closures on their website, and now no one seems to know what’s true or whether or not these announced closures will affect Georgians access to their benefits or other services. So, sir, I know that you aren’t currently at the Social Security Administration, and perhaps you can’t speak to the plans hatched by Elon Musk or DOGE. But if you’re confirmed to lead the agency, Americans deserve to know who will actually be in charge of their benefits. I think we heard an answer from you a moment ago, from my colleague, but I’m going to ask you again for the record, where will the buck stop on this decision, specifically with respect to office closures? As someone who represents the state where they announced five closures–I made noise about it, it was on their website, then they withdrew them and acted like I made it up, they put it on their website–I just need to know, when it comes to office closures, who’s going to be making that decision, you or Elon Musk?”
    Frank Bisignano (FB): “Me.”
    SRW: “That’s a good answer. The seniors in my state, those are the folks I’m concerned about. Will you commit to keeping all field offices in my state open for Georgia seniors?”
    FB: “You know, I was asked this question more than one time today, and what I will commit to is that there will be no decision made without you knowing about it. I have no intent to close field offices, but I’ve studied nothing on the topic. So it’s a little hard to commit to something without…”
    SRW: “I think study is a good thing, and what we’ve seen so far is no study, no real knowledge about what’s going on, just an effort to close offices, to be able to announce that you’re addressing waste, fraud, and abuse. And we all know this is true, regardless of whether we’re Democrats or Republicans, because then they have to go back and rehire some of the people they fire. And you’re a businessman, sir, and you said earlier you wouldn’t operate in this way. And the reason I’m asking about these field offices, and these announced changes, is because it could lead to an increase of 7 million visits to field offices per year across the country, especially with the fact that they’re now not allowing you to call on the phone. An estimated 200,000 additional visits in Georgia alone, which is why, frankly, I think that it’s a terrible idea. But if confirmed, will you commit to increased staffing at Georgia field offices to account for this massive, expected increase in appointments, and to help ensure Georgians can easily and efficiently make appointments. Let me be clear about what I’m asking you: if you’re no longer able to call on the phone, which is a decision that’s already been made, and you have to go online or go to the office and actually have an in-person appointment, you’re going to have a backlog. So I want to know what’s the answer to that. How is it that I can assure the seniors in my church that their lines are not going to get longer and longer? I disagree with the Commerce Secretary who said, well, if his mother-in-law missed a check, she wouldn’t worry about it. I guess she wouldn’t. Her son-in-law is a billionaire. That is not the story of the seniors in my church. Will you make sure that they have access to find out what’s going on with the benefits that they have earned?”
    FB: “Senator, first of all, thank you very much. I’ve spent my career overseeing financial institutions, and today I serve 3,500 financial institutions in America, and that means we have community banks, rural banks, and I know what it means to have to serve neighborhoods and serve rural communities. My commitment is that it will be a fact based, rule-based organization we run, that we will ensure we have the staffing to get the best level of service for our constituents. So I’m giving you a longer answer, but we will have the talent that we need to get the job done at a service level better than today’s.”
    SRW: “I appreciate the answer. I’m just trying to get Georgia residents, senior citizens, the benefits that they have earned. No one is giving them anything, they paid into the system. Thank you.”

    MIL OSI USA News –

  • MIL-OSI USA: Senator Reverend Warnock Votes “No” on Dr. Oz Nomination, Raises Consequences of Medicaid Cuts

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock Votes “No” on Dr. Oz Nomination, Raises Consequences of Medicaid Cuts

    Today, during a Senate Finance committee vote, Senator Reverend Warnock voted “NO” on advancing the nomination of Dr. Mehmet Oz for full Senate consideration to lead the Centers for Medicare & Medicaid Services (CMS)
    If confirmed, Dr. Oz expressed no indication he would defend Medicaid from Washington Republicans who are threatening major slashes in funding for health care
    In Georgia, Medicaid covers two in five children and one in ten veterans
    Senator Reverend Warnock believes access to health care for working or low-income Georgians is too important to gamble with nominees unable to unequivocally defend Medicare and Medicaid from partisan attacks 

    Watch Senator Reverend Warnock’s remarks HERE
    Washington, D.C. – Today, during a Senate Finance Committee hearing, U.S. Senator Reverend Raphael Warnock (D-GA) announced he was voting “no” to advance the nomination of Dr. Mehmet Oz to become the next Administrator for the Centers for Medicare & Medicaid Services (CMS). The Senator cited grave concerns that Dr. Oz would not defend Medicaid, which covers two in five Georgia children and one in ten Georgia veterans, from Washington Republicans looking to make devastating cuts to the program.
    “Let me be really clear that I’m voting against Dr. Oz. I think he is knowledgeable, certainly more knowledgeable than Secretary Kennedy about the program that he’s tasked to lead, but we’ve got to take seriously the needs of millions of Americans who will lose their health care. And so, I’m voting no for his nomination, and I urge my colleagues to do the same,”said Senator Reverend Warnock. 
    In his remarks during the committee hearing, Senator Warnock highlighted how Washington Republicans are proposing to gut almost $900 billion from Medicaid to give millionaires and billionaires an additional tax cut, potentially kicking millions of Americans off of their health care insurance.
    “Here’s the deal, Republicans need a whole lot of money to pay for their tax cuts for the wealthiest among us, and they know if you give people enough bureaucratic hoops to jump through, then enough working people will get tripped up by the red tape and lose their health care. And so that’s the plan, less money spent on a working mom’s cancer treatment because she didn’t fill out the right form every month by the right deadline, so you have more money for billionaire tax cuts. We know this because I live in Georgia. Georgia is the only state with work reporting requirements in its Medicaid program, and all this program has to show for itself five years later, is 6,500 people enrolled. We’ve got nearly 600,000 Georgians who are in the Medicaid gap. The governor’s program has enrolled a whopping 6,500 people,” said Senator Reverend Warnock.
    Interested media can read a transcript of the senator’s remarks below and watch them HERE.
    “Before entering the Senate I was fighting for my state to expand Medicaid, which would give an estimated 600,000 Georgians access to affordable health care. But here we are, 15 years almost to the day of the Affordable Care Act being signed into law, and still Georgia has not expanded Medicaid. Georgia continues to deny its citizens access to this program that’s being supported by the tax paying Georgians. To make matters worse, now, Washington Republicans have proposed to gut almost $900 billion from Medicaid to give millionaires and billionaires an additional tax cut, potentially kicking millions of Americans off of their health care insurance. Medicaid covers almost 40 million children across the country, two in five children in Georgia, one in 10 veterans, 63% of seniors in nursing homes. Medicaid also supports 1/5 of all hospital spending, especially in communities without many hospital options.”
    “Washington Republicans and Dr. Oz say they want to make Medicaid more efficient by requiring people who get their health insurance through Medicaid to fill out government paperwork each month to prove that they are working. Here are the facts: nearly all adults enrolled in Medicaid are either working, in school, or caregivers. By and large, if they can work, they do work. I know that may be hard to believe in a country that increasingly maligns poor people for being poor, but by and large, these folks already work, or their caregivers or their students. They are construction workers. They are restaurant service, and mechanics. They are doing exactly what Dr. Oz and Washington Republicans want them to do. But here’s the deal, Republicans need a whole lot of money to pay for their tax cuts for the wealthiest among us, and they know if you give people enough bureaucratic hoops to jump through, then enough working people will get tripped up by the red tape and lose their health care. And so that’s the plan, less money spent on a working mom’s cancer treatment because she didn’t fill out the right form every month by the right deadline, so you have more money for billionaire tax cuts.”
    “We know this because I live in Georgia. Georgia is the only state with work reporting requirements and its Medicaid program, and all of this program has to show for itself five years later, is 6,500 people enrolled. We’ve got nearly 600,000 Georgians who are in the Medicaid gap. The governor’s program has enrolled a whopping 6,500 people. Mr. Chair. I know I’m running out of time, but as I close, and nobody believes the Baptist preacher when he says as I close, let me be really clear that I’m voting against Dr. Oz. I think he is knowledgeable, certainly more knowledgeable than Secretary Kennedy about the program that he’s tasked to lead, but we’ve got to take seriously the needs of millions of Americans who will lose their health care. And so, I’m voting no for his nomination, and I urge my colleagues to do the same.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Renewable Energy – Hydrogen electric flight prepares for lift off in New Zealand – Are Ake

    Source: Ara Ake

    Stralis Aircraft, Fabrum and Ara Ake are collaborating to advance hydrogen-powered aviation by designing, developing and testing liquid-hydrogen storage tanks and a fuel system for Stralis aircraft. The partnership aims to enable Australasia’s first liquid-hydrogen-powered flight – and support the transition toward zero-emission aviation.
    Australian company Stralis Aircraft, which develops high-performance, low-operating-cost hydrogen-electric propulsion systems, will integrate Fabrum’s tanks and fuel system into its aircraft. New Zealand company Fabrum, which specialises in zero-emission transition technology, will provide lightweight composite tanks and dispensing systems, essential enablers for hydrogen-powered aircraft. The project is supported by Ara Ake, New Zealand’s future energy centre, and aligns with Fabrum’s recently announced hydrogen testing facility at Christchurch International Airport.
    “Our hydrogen liquefier provides readily available liquid hydrogen onsite, allowing the capability to access the critical fuel source to prove and test the tanks and fuel system we are developing for Stralis and their fixed-wing fuel-cell electric aircraft,” said Christopher Boyle, Managing Director of Fabrum. “With Ara Ake support, we are excited to be delivering our light-weight composite tanks and fuel system for Stralis to advance the future of hydrogen-powered flight.”
    The collaboration also aims to strengthen industry ties between New Zealand and Australia. The project will build expertise in liquid-hydrogen storage, refuelling, and aircraft integration, contributing to New Zealand’s growing role in hydrogen aviation.
    “This project is a strong example of Ara Ake’s role in connecting leading organisations across countries to advance real-world clean energy solutions,” said Cristiano Marantes, CEO of Ara Ake. “By enabling this initiative, we’re supporting the first hydrogen-electric demonstration with liquid hydrogen and positioning New Zealand as a global testbed for sustainable aviation innovation.”
    Stralis’ fuel-cell technology is designed to be significantly lighter than existing alternatives, potentially enabling aircraft to fly ten times further than battery-electric solutions at a lower cost than fossil-fuel-powered planes. The company is already testing its hydrogen-electric propulsion systems with a team that has deep expertise in electric-aircraft development.
    “This project is a significant step forward for Stralis as we test and refine our hydrogen-electric propulsion technology and build our liquid hydrogen capability,” said Stuart Johnstone, co-founder and CTO of Stralis Aircraft. “We look forward to advancing hydrogen-electric aviation and fostering new partnerships in New Zealand.”
    Green hydrogen is produced through electrolysis of water using renewable electricity. With an energy density three times higher than sustainable aviation fuel (SAF), and over 100 times greater than batteries, hydrogen can offer a credible alternative for aviation [1] .
    The support from Ara Ake has enabled Stralis and Fabrum to accelerate the development of this technology, with the goal of achieving Australasia’s first liquid-hydrogen-powered flight. This collaboration represents not just a technical milestone, but a pivotal step toward making zero-emission aviation a commercial reality in Australasia and beyond.

    MIL OSI New Zealand News –

  • MIL-OSI: Petrus Resources Announces Fourth Quarter and Year-End 2024 Financial, Operating & Reserves Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 25, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three and twelve months ended December 31, 2024 and to provide 2024 year end reserves information as evaluated by Insite Petroleum Consultants Ltd. (“Insite”). The Company’s Management’s Discussion and Analysis (“MD&A”) and audited consolidated financial statements are available on SEDAR+ (the System for Electronic Document Analysis and Retrieval) at www.sedarplus.ca.

    Q4 2024 HIGHLIGHTS:

    • Dividends – Throughout the fourth quarter Petrus paid a dividend of $0.01 per share per month, totaling $3.7 million. Including the dividend declared on March 3, 2025 payable on March 31, 2025, Petrus will have cumulatively paid $0.18 per share, or $22.4 million in dividends since the company began paying dividends in Q4 2023. Based on the average closing share price at March 24, 2025 of $1.36 per share, the current dividend yield is approximately 9% annually.
    • Production – Production for the fourth quarter of 2024 averaged 9,066 boe/d(1), which was relatively flat compared to 9,215 boe/d in the third quarter of 2024, as natural declines were largely offset by new wells that were brought on production in December 2024.
    • Natural Gas Liquids (NGL) production – NGL production increased to 1,810 bbl/d in the fourth quarter of 2024, up 24% compared to 1,465 bbl/d in the third quarter of 2024. Strategic efforts to improve NGL recoveries resulted in the NGL yield increasing by 25%, from 40 bbl/mmcf of gas in Q4 2023 to 50 bbl/mmcf of gas in Q4 2024.
    • Commodity prices – Total realized price was $26.45/boe in the fourth quarter of 2024, up 10% from $24.07/boe in the third quarter of 2024. Increases were seen across all commodities, with the most notable change in realized natural gas pricing, which was up 101% compared to the prior quarter.
    • Funds flow(2)– Petrus generated funds flow of $12.5 million in the fourth quarter of 2024 compared to $10.7 million in the third quarter of 2024. The 17% increase is due to the higher natural gas prices combined with higher NGL production volumes.
    • Net debt(2)– Net debt was $60.1 million at the end of Q4 2024, which was down $0.3 million compared to the end of the prior quarter.

    2024 ANNUAL HIGHLIGHTS:

    • Commodity prices – Total realized price was $27.24/boe in 2024, a decrease of 18% from $33.31/boe in 2023. Realized natural gas prices declined by 47% from $3.01/mcf in 2023 to $1.60/mcf in 2024.
    • Capital expenditures – Total capital expenditures were $31.8 million in 2024, down from $86.8 million in 2023 as the Company reduced its capital expenditures program in response to lower natural gas prices.
    • Natural Gas Liquids (NGL) production – NGL production was higher by 3% in 2024, increasing to 1,623 bbl/d compared to 1,575 bbl/d in 2023.
    • Production – Production for 2024 averaged 9,382 boe/d(1), as compared to 10,301 boe/d in 2023. The 9% decrease was primarily due to natural declines and a reduced capital program.
    • Funds flow(2)– Petrus generated funds flow of $50.1 million in 2024 compared to $78.0 million in 2023. The 36% decrease was due to a combination of lower natural gas prices and reduced production.
    • Net debt(2)– Petrus reduced net debt by $2.5 million from $62.6 million at year end 2023 to $60.1 million at year end 2024.

    2025 OUTLOOK(3)

    In 2025, Petrus will continue to execute its strategy of disciplined capital investment, focusing on projects that sustain production, increase liquids weighting, enhance capital efficiency, and drive free funds flow. On February 12, 2025, we announced our 2025 capital budget and guidance, available under the ‘News & Events’ section of our website.

    The 2025 capital program began early in the year with a return to drilling in Ferrier. Completion operations were carried out in February and new wells were brought on before the end of the first quarter of 2025. Additionally, construction of the 12-kilometer expansion of the North Ferrier pipeline was completed in March. This infrastructure investment will further improve access to undeveloped lands and allow the Company to transport both its own and third-party natural gas to the Petrus’ operated Ferrier gas plant, providing cost-effective processing and the opportunity to generate additional revenue through third-party fees.

    For the balance of 2025, the Company has hedged approximately 53% of forecasted production at an average of $2.67/GJ for natural gas and CAD$94.81/bbl for oil. The Company is well-positioned to carry out its 2025 capital program and achieve guidance targets. As always, Petrus will closely monitor market conditions and is prepared to adjust its capital program as needed, guided by its commitment to delivering sustainable returns to shareholders.

    FOURTH QUARTER AND YEAR-END 2024 CONFERENCE CALL

    Date: March 26, 2025
    Time: 9:00 am (mountain time)
    Please refer to the events page on Petrus’ website for conference call details and links: www.petrusresources.com/events

    ANNUAL GENERAL MEETING

    The Company’s Annual General Meeting will be held on Wednesday May 21, 2025 at 1:30 pm (mountain time).
    Please refer to the events page on Petrus’ website for location details: www.petrusresources.com/events

    For further information, please contact:

    Ken Gray, P.Eng.
    President and Chief Executive Officer
    T: (403) 930-0889
    E: kgray@petrusresources.com

    (1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production & Product Type Information” for further details.
    (2)Non-GAAP financial measure or non-GAAP ratio. Refer to “Non-GAAP and Other Financial Measures”.
    (3)Refer to “Advisories – Forward-Looking Statements”.

    SELECTED FINANCIAL INFORMATION

    OPERATIONS Twelve months
    ended     

    Dec. 31, 2024

    		 Twelve months
    ended

    Dec. 31, 2023

    		 Three months
    ended

    Dec. 31, 2024

    		 Three months
    ended

    Sept. 30, 2024

    		 Three months
    ended

    Jun. 30, 2024

    		 Three months
    ended

    Mar. 31, 2024
    Average Production            
    Natural gas (mcf/d) 38,149   42,779   36,178   37,368   38,908   40,174  
    Oil and condensate(1) (bbl/d) 1,400   1,595   1,226   1,522   1,322   1,529  
    NGLs (bbl/d) 1,623   1,575   1,810   1,465   1,664   1,557  
    Total (boe/d) 9,382   10,301   9,066   9,215   9,471   9,783  
    Total (boe)(1) 3,433,994   3,760,004   834,111   847,760   861,838   890,267  
    Liquids weighting 32 % 31 % 33 % 32 % 32 % 32 %
    Realized Prices            
    Natural gas ($/mcf) 1.60   3.01   1.61   0.80   1.41   2.54  
    Oil and condensate(1) ($/bbl) 94.35   95.61   93.60   90.80   103.77   90.38  
    NGLs ($/bbl) 38.44   39.31   36.90   36.81   37.25   43.09  
    Total realized price ($/boe) 27.24   33.31   26.45   24.07   26.81   31.42  
    Royalty income 0.05   0.09   0.03   0.05   0.05   0.07  
    Royalty expense (3.66 ) (4.59 ) (3.85 ) (3.06 ) (3.83 ) (3.89 )
    Gain (loss) on risk management activities —   0.40   —   —   —   —  
    Net oil and natural gas revenue ($/boe) 23.63   29.21   22.63   21.06   23.03   27.60  
    Operating expense (5.93 ) (6.25 ) (5.89 ) (6.10 ) (4.96 ) (6.76 )
    Transportation expense (1.55 ) (1.63 ) (1.44 ) (1.46 ) (1.46 ) (1.81 )
    Operating netback(2)($/boe) 16.15   21.33   15.30   13.50   16.61   19.03  
    Realized gain (loss) on financial derivatives 2.02   2.14   3.04   2.49   (0.36 ) 2.90  
    Other cash income (expense) 0.34   0.02   1.19   0.09   0.05   0.05  
    General & administrative expense (1.54 ) (1.11 ) (2.10 ) (1.43 ) (1.34 ) (1.32 )
    Cash finance expense (1.87 ) (1.28 ) (1.83 ) (1.95 ) (1.91 ) (1.78 )
    Decommissioning expenditures (0.52 ) (0.37 ) (0.61 ) (0.12 ) (0.72 ) (0.61 )
    Funds flow & corporate netback(2)($/boe) 14.58   20.73   14.99   12.58   12.33   18.27  
                 
    FINANCIAL (000s except $ per share) Twelve months
    ended

    Dec. 31, 2024

    		 Twelve months
    ended

    Dec. 31, 2023

    		 Three months
    ended

    Dec. 31, 2024

    		 Three months
    ended

    Sept. 30, 2024

    		 Three months
    ended

    Jun. 30, 2024

    		 Three months
    ended

    Mar. 31, 2024
    Oil and natural gas sales 93,721   125,605   22,085   20,446   23,150   28,039  
    Net income (loss) (1,246 ) 50,731   (4,004 ) 5,302   2,789   (5,333 )
    Net income (loss) per share            
    Basic (0.01 ) 0.41   (0.03 ) 0.04   0.02   (0.04 )
    Fully diluted (0.01 ) 0.40   (0.03 ) 0.04   0.02   (0.04 )
    Funds flow(2) 50,058   78,024   12,493   10,665   10,628   16,272  
    Funds flow per share(2)            
    Basic 0.40   0.63   0.10   0.09   0.09   0.13  
    Fully diluted 0.40   0.62   0.10   0.08   0.08   0.13  
    Capital expenditures 31,814   86,843   7,705   4,859   6,907   12,343  
    Weighted average shares outstanding            
    Basic 124,389   123,469   124,497   124,372   124,290   124,299  
    Fully diluted 124,389   126,436   124,497   126,686   126,559   124,299  
    As at period end            
    Common shares outstanding            
    Basic 125,113   124,266   125,113   124,372   124,372   124,259  
    Fully diluted 134,919   134,542   134,919   134,952   134,919   134,484  
    Total assets 420,124   437,842   420,124   421,196   419,584   427,574  
    Non-current liabilities 65,475   60,926   65,475   62,869   59,511   59,995  
    Net debt(2) 60,080   62,596   60,080   60,423   61,848   63,114  

    (1)   Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production & Product Type Information” for further details.
    (2)   Non-GAAP financial measure or non-GAAP ratio. Refer to “Non-GAAP and Other Financial Measures”.


    OPERATIONS UPDATE

    Fourth quarter average production by area was as follows:

    For the three months ended December 31, 2024 Ferrier & North
    Ferrier    		 Foothills Central Alberta Total
    Natural gas (mcf/d) 31,052 539 4,587 36,178
    Oil and condensate (bbl/d) 928 54 244 1,226
    NGLs (bbl/d) 1,665 7 138 1,810
    Total (boe/d)(1) 7,768 151 1,147 9,066

    (1)   Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production & Product Type Information” for further details.

    Production for the fourth quarter of 2024 averaged 9,066 boe/d, as compared to 9,474 boe/d in the fourth quarter of 2023. The 4% decrease was primarily due to natural declines and strategic shut-ins due to low natural gas prices and was partially offset by new wells that commenced production in December 2024.

    RESERVES

    Petrus’ 2024 year end reserves were evaluated by its independent reserves evaluator, Insite, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) as of December 31, 2024 (“2024 Insite Report”). Additional reserve information as required under NI 51-101 will be included in our Annual Information Form for the year ended December 31, 2024, which will be available under the Company’s profile on SEDAR (the System for Electronic Document Analysis and Retrieval) at www.sedarplus.com.

    Petrus has a reserves committee, comprised of a majority of independent board members, that reviews the qualifications and appointment of the independent reserves evaluator. The committee also reviews the procedures for providing information to the evaluators. All booked reserves are based upon annual evaluations by the independent qualified reserve evaluator conducted in accordance with the COGE Handbook and NI 51-101. The evaluations are conducted using all available geological and engineering data. The reserves committee has reviewed the reserves information and approved the 2024 Insite Report.

    The following table provides a summary of the Company’s before tax reserves as evaluated by Insite:

    As at December 31, 2024 Total Company Interest (1)(3)
    Reserve Category Conventional
    Natural Gas
    (mmcf)    		 Light and
    Medium
    Crude Oil
    (mbbl)    		 NGL
    (mbbl)    		 Total
    (mboe)    		 NPV 0%(2)
    ($000s)    		 NPV 5%(2)
    ($000s)    		 NPV 10%(2)
    ($000s)
    Proved Developed Producing 72,283 764 4,661 17,472 300,947 242,886 206,936
    Proved Developed Non-Producing 1,434 19 67 325 3,397 2,821 2,335
    Proved Undeveloped 120,479 3,060 7,235 30,375 425,388 255,976 155,680
    Total Proved 194,196 3,843 11,963 48,172 729,733 501,683 362,616
    Proved + Probable Producing 86,694 913 5,598 20,960 382,364 291,613 238,115
    Total Probable 96,481 3,434 5,405 24,919 499,146 294,964 192,562
    Total Proved Plus Probable 290,677 7,277 17,368 73,091 1,228,879 796,647 555,178

    (1)Tables may not add due to rounding.
    (2)NPV 0%, NPV 5% and NPV 10% refer to the risked net present value of the future net revenue of the Company’s reserves, discounted by 0%, 5% and 10%, respectively
    and is presented before tax and based on Insite’s pricing assumptions.
    (3)Total company interest reserve volumes presented therein are presented as the Company’s total working interest before the deduction of royalties (but after including any royalty interests of Petrus).

    The Company produced 3.4 mmboe during 2024 and ended the year with 17.5 mmboe of Proved Developed Producing (“PDP”) reserves (31% oil and liquids).

    Petrus ended 2024 with $206.9 million, $362.6 million and $555.2 million of PDP, Total Proved (“TP”), and Total Proved plus Probable (“P+P”) reserve value before-tax, respectively, discounted at 10%, based on the 2024 Insite Report. In 2024, the Company realized Finding and Development (“F&D”)(1)(2) costs of $12.58/boe for PDP reserves.

    Based on the 2024 Insite Report, the Company’s PDP reserve value before-tax, discounted at 10% is $1.32 per share (134,918,886 fully-diluted common shares outstanding at December 31, 2024). On the same basis, the Company’s P+P reserve value before-tax, discouted at 10%, is $3.90 per share.  

    (1)Refer to “Oil and Gas Disclosures”
    (2)While F&D costs are commonly used in the oil and nature gas industry and have been prepared by management, these terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons.


    FUTURE DEVELOPMENT COST

    Future Development Cost (“FDC”) reflects Insite’s best estimate of what it will cost to bring the P+P undeveloped reserves on production. The following table provides a summary of the Company’s FDC as set forth in the 2024 Insite Report:

    Future Development Cost ($000s) Total Proved Total Proved + Probable
    2025 44,349 44,349
    2026 138,485 138,485
    2027 151,518 164,611
    2028 83,030 147,282
    Thereafter — 130,453
    Total FDC, Undiscounted 417,381 625,179
    Total FDC, Discounted at 10% 345,611 489,942


    PERFORMANCE RATIOS
    The following table highlights annual performance ratios for the Company from 2020 to 2024(2):

      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022    		 December 31,
    2021    		 December 31,
    2020
    Proved Producing          
    FD&A ($/boe) (1) 12.58 19.67 12.58 15.64 4.83  
    F&D ($/boe) (1) 12.58 19.67 12.70 8.90 4.83  
    Reserve Life Index (yr) (1) 5.24 5.27 5.31 5.41 5.20  
    Reserve Replacement Ratio (1) 0.74 1.15 3.20 0.78 1.20  
    FD&A Recycle Ratio (1) 1.28 1.06 2.91 1.58 2.60  
    Proved Developed          
    FD&A ($/boe) (1) 12.63 19.34 12.50 14.54 4.71  
    F&D ($/boe) (1) 12.63 19.34 12.61 8.53 4.71  
    Reserve Life Index (yr) (1) 5.33 5.36 5.39 5.50 5.20  
    Reserve Replacement Ratio (1) 0.73 1.17 3.22 0.84 1.20  
    FD&A Recycle Ratio (1) 1.28 1.08 2.93 1.70 2.70  
    Total Proved          
    FD&A ($/boe) (1) 17.53 14.50 18.24 10.51 1.29  
    F&D ($/boe) (1) 17.53 14.50 33.99 9.24 1.29  
    Reserve Life Index (yr) (1) 14.4 13.85 12.18 15.30 10.90  
    Reserve Replacement Ratio (1) 0.97 2.98 3.79 4.50 (1.00 )
    FD&A Recycle Ratio (1) 0.92 1.44 2.01 2.35 9.80  
    Future Development Cost (undiscounted) ($000s) 417,381 391,058 313,786 233,684 156,815  
    Total Proved + Probable          
    FD&A ($/boe) (1) 33.63 14.00 15.66 10.57 0.37  
    F&D ($/boe) (1) 33.63 14.00 36.12 8.36 0.37  
    Reserve Life Index (yr) (1) 21.9 21.62 19.68 23.29 17.70  
    Reserve Replacement Ratio (1) 0.33 3.49 6.63 5.10 (1.30 )
    FD&A Recycle Ratio (1) 0.48 1.50 2.34 2.33 33.70  
    Future Development Cost (undiscounted) ($000s) 625,179 618,437 519,823 343,489 252,335  

    (1)Refer to “Oil and Gas Disclosures”
    (2)While FD&A cost and F&D costs, reserve life index, reserve replacement ratio and FD&A recycle ratio are commonly used in the oil and natural gas industry and have been prepared by management, these terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons.


    NET ASSET VALUE
    The following table shows the Company’s Net Asset Value (“NAV”), calculated using the 2024 Insite Report and Insite’s December 31, 2024 price forecast. The reader is cautioned that these amounts may not be directly comparable to other companies, as the term “Net Asset Value” does not have a standardized meaning under GAAP or NI 51-101. Management believes that net asset value provides a useful measure to analyze the comparative change in the Company’s estimated value on a normalized basis.

    As at December 31, 2024 ($000s except per share) Proved Developed
    Producing    		   Total Proved   Proved + Probable  
    Present Value Reserves, before tax (discounted at 10%) (1) 206,936   362,616   555,178  
    Undeveloped Land Value (2) 30,758   30,758   30,758  
    Net Debt (3) (60,080 ) (60,080 ) (60,080 )
    Net Asset Value 177,614   333,294   525,856  
    Fully Diluted Shares Outstanding 134,919   134,919   134,919  
    Estimated Net Asset Value per Fully Diluted Share $1.32   $2.47   $3.90  

    (1)Based on the 2024 Insite Report, using the forecast future prices and costs.
    (2)Based on the exploration and evaluation assets as per the Company’s December 31, 2024 audited consolidated financial statements.
    (3)Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.


    NON-GAAP AND OTHER FINANCIAL MEASURES

    This press release makes reference to the terms “operating netback” (on an absolute and $/boe basis), “corporate netback” (on an absolute and $/boe basis), “funds flow” (on an absolute, per share (basic and fully diluted) and $/boe basis), and “net debt”. These non-GAAP and other financial measures are not recognized measures under GAAP (IFRS) and do not have a standardized meaning prescribed by GAAP (IFRS). Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. These non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS as indicators of our performance. Management uses these non-GAAP and other financial measures for the reasons set forth below.

    Operating Netback
    Operating netback is a common non-GAAP financial measure used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. The most directly comparable GAAP measure to operating netback is oil and natural gas sales. Operating netback is calculated as oil and natural gas sales less royalty expenses, gain (loss) on risk management activities, operating expenses and transportation expenses. See below for a reconciliation of operating netback to oil and natural gas sales.

    Operating netback ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. It is calculated as operating netbacks divided by weighted average daily production on a per boe basis. See below.

    Corporate Netback and Funds Flow
    Corporate netback or funds flow is a common non-GAAP financial measure used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Corporate netback and funds flow are used interchangeably. Petrus analyzes these measures on an absolute value and on a per unit (boe) and per share (basic and fully diluted) basis as non-GAAP ratios. Management believes that funds flow and corporate netback provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. They are calculated as the operating netback less general and administrative expense, cash finance expense and decommissioning expenditures, plus or minus other income (expense) and the realized gain (loss) on financial derivatives. See below for a reconciliation of funds flow and corporate netback to oil and natural gas sales.

    Corporate netback ($/boe) or funds flow ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Management believes that funds flow ($/boe) or corporate netback ($/boe) provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. It is calculated as corporate netbacks or funds flow divided by weighted average daily production on a per boe basis. See below.

    Funds flow per share (basic and fully diluted) is comprised of funds flow divided by basic or fully diluted weighted average common shares outstanding.

      Three months ended

    Dec. 31, 2024

    		 Three months ended

    Dec. 31, 2023

    		 Twelve months ended

    December 31, 2024

    		 Twelve months ended

    December 31, 2023
      $000s $/boe $000s $/boe $000s $/boe $000s $/boe
    Oil and natural gas sales 22,085   26.48   26,747   30.70   93,721   27.29   125,605   33.41  
    Royalty expense (3,212 ) (3.85 ) (4,167 ) (4.78 ) (12,572 ) (3.66 ) (17,255 ) (4.59 )
    Gain (loss) on risk management activities —   —   —   —   —   —   1,522   0.40  
    Net oil and natural gas revenue 18,873   22.63   22,580   25.92   81,149   23.63   109,872   29.22  
    Transportation expense (1,203 ) (1.44 ) (1,271 ) (1.46 ) (5,316 ) (1.55 ) (6,115 ) (1.63 )
    Operating expense (4,915 ) (5.89 ) (4,419 ) (5.07 ) (20,376 ) (5.93 ) (23,505 ) (6.25 )
    Operating netback 12,755   15.30   16,890   19.39   55,457   16.15   80,252   21.34  
    Realized gain (loss) on financial derivatives 2,539   3.04   1,737   1.99   6,930   2.02   8,051   2.14  
    Other income(1) 991   1.19   (161 ) (0.18 ) 1,156   0.34   79   0.02  
    General & administrative expense (1,752 ) (2.10 ) (319 ) (0.37 ) (5,291 ) (1.54 ) (4,183 ) (1.11 )
    Cash finance expense (1,530 ) (1.83 ) (1,246 ) (1.43 ) (6,418 ) (1.87 ) (4,801 ) (1.28 )
    Decommissioning expenditures (510 ) (0.61 ) (376 ) (0.43 ) (1,776 ) (0.52 ) (1,374 ) (0.37 )
    Funds flow and corporate netback 12,493   14.99   16,525   18.97   50,058   14.58   78,024   20.74  
      Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

    Jun. 30, 2024

    		 Three months ended

    March 31, 2024
      $000s $/boe $000s $/boe $000s $/boe $000s $/boe
    Oil and natural gas sales 22,085   26.48   20,446   24.12   23,150   26.86   28,039   31.50  
    Royalty expense (3,212 ) (3.85 ) (2,593 ) (3.06 ) (3,305 ) (3.83 ) (3,461 ) (3.89 )
    Net oil and natural gas revenue 18,873   22.63   17,853   21.06   19,845   23.03   24,578   27.61  
    Transportation expense (1,203 ) (1.44 ) (1,239 ) (1.46 ) (1,259 ) (1.46 ) (1,615 ) (1.81 )
    Operating expense (4,915 ) (5.89 ) (5,172 ) (6.10 ) (4,271 ) (4.96 ) (6,018 ) (6.76 )
    Operating netback 12,755   15.30   11,442   13.50   14,315   16.61   16,945   19.04  
    Realized gain (loss) on financial derivatives 2,539   3.04   2,115   2.49   (307 ) (0.36 ) 2,583   2.90  
    Other income (expense)(1) 991   1.19   77   0.09   40   0.05   48   0.05  
    General & administrative expense (1,752 ) (2.10 ) (1,209 ) (1.43 ) (1,152 ) (1.34 ) (1,178 ) (1.32 )
    Cash finance expense (1,530 ) (1.83 ) (1,657 ) (1.95 ) (1,650 ) (1.91 ) (1,581 ) (1.78 )
    Decommissioning expenditures (510 ) (0.61 ) (103 ) (0.12 ) (618 ) (0.72 ) (545 ) (0.61 )
    Funds flow and corporate netback 12,493   14.99   10,665   12.58   10,628   12.33   16,272   18.28  


    Net Debt
    Net debt is a non-GAAP financial measure and is calculated as the sum of long term debt and working capital (current assets and current liabilities), excluding the current financial derivative contracts and current portion of the lease obligation and decommissioning obligation. Petrus uses net debt as a key indicator of its leverage and strength of its balance sheet. Net debt is reconciled, in the table below, to long-term debt which is the most directly comparable GAAP measure.

    ($000s) As at Dec. 31, 2024 As at Dec. 31, 2023 As at Sep. 30, 2024 As at Jun. 30, 2024 As at March 31, 2024
    Long-term debt 25,000   25,000   25,000   25,000   25,000  
    Current assets (17,583 ) (30,805 ) (20,258 ) (16,333 ) (21,081 )
    Current liabilities 51,268   61,755   48,458   52,379   61,099  
    Current financial derivatives 2,632   8,374   7,690   1,276   (716 )
    Current portion of lease obligation (164 ) (258 ) (230 ) (237 ) (263 )
    Current portion of decommissioning obligation (1,073 ) (1,470 ) (237 ) (237 ) (925 )
    Net debt 60,080   62,596   60,423   61,848   63,114  


    ADVISORIES

    OIL AND GAS DISCLOSURES
    Our oil and gas reserves statement for the year ended December 31, 2024, which includes disclosure of our oil and natural gas reserves and other oil and natural gas information in accordance with NI 51-101, is contained in the Company’s Annual Information Form for the year ended December 31, 2024 (the “AIF”), which will be filed on SEDAR+ at www.sedarplus.ca. It should not be assumed that the present worth of estimated future amounts presented in the tables above represents the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates contained herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

    This release contains metrics commonly used in the oil and natural gas industry which have been prepared by management. These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons.

    Management uses oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Petrus’ operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this release, should not be relied upon for investment or other purposes.

    F&D Costs and FD&A Costs

    FD&A cost is defined as capital costs for the time period including change in FDC divided by change in reserves including revisions and production for that same time period. F&D cost is defined as capital costs for the time period including change in FDC divided by change in reserves including revisions and production for that same time period, excluding acquisitions and dispositions. Both F&D costs and FD&A costs take into account reserves revisions during the year on a per boe basis. The methodology used to calculate F&D costs includes disclosure required to bring the proved undeveloped and probable reserves to production. Annually, changes in forecast FDC occur as a result of Petrus’ development, acquisition and disposition activities, undeveloped reserve revision and capital cost estimates. These values reflect the independent evaluator’s best estimate of the cost to bring the proved and probable undeveloped reserves to production.

    Reserve Life Index

    Reserve life index is defined as total reserves by category divided by the annualized fourth quarter production.

    Reserve Replacement Ratio

    The reserve replacement ratio is calculated by dividing the yearly change in reserves net of production by the actual annual production for the year.

    FD&A Recycle Ratio

    The FD&A recycle ratio is calculated by dividing operating netback by FD&A costs.

    ADVISORIES

    Basis of Presentation

    Financial data presented above has largely been derived from the Company’s financial statements, prepared in accordance with GAAP which require publicly accountable enterprises to prepare their financial statements using IFRS. Accounting policies adopted by the Company are set out in the notes to the audited consolidated financial statements as at and for the twelve months ended December 31, 2024. The reporting and the measurement currency is the Canadian dollar. All financial information is expressed in Canadian dollars, unless otherwise stated.

    Forward-Looking Statements

    Certain information regarding Petrus set forth in this release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus’ internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus. In particular, forward-looking statements included in this release include, but are not limited to statements with respect to: that in 2025, Petrus will continue to execute its strategy of disciplined capital investment, focusing on projects that sustain production, increase liquids weighting, enhance capital efficiency, and drive free funds flow; that the Company is well-positioned to carry out its 2025 capital program and achieve guidance targets; that Petrus will closely monitor market conditions and is prepared to adjust its capital program as needed, guided by its commitment to delivering sustainable returns to shareholders; the estimated future development costs to bring our undeveloped reserves on production; that we have a unique ability to be dynamic and respond quickly to constantly evolving market conditions; that Petrus will continue paying an industry leading, high-yielding dividend to our shareholders while investing remaining cash flow in high return wells and strategic infrastructure projects; that during periods of low prices, we will maintain production and cash flow and ensure the Company is positioned to quickly pivot to a growth strategy when pricing is more constructive; that our strengths will continue to serve the Company and our shareholders well as we navigate the constant changes and challenges inherent in this business; that the Company utilizes financial derivative contracts and physical commodity contracts to mitigate commodity price risk and provide stability and sustainability to the Company’s economic returns, funds flow, dividend payments and capital development plans; that the Company’s risk management contracts provide protection from significant changes in crude oil and natural gas commodity prices out to 2026; that the Company endeavors to hedge approximately half of its forecasted production for up to 12 months forward, and approximately 25% of its forecasted production for 12 to 24 months forward; that the Company’s hedging strategy is intended to provide stability and sustainability to the Company’s economic returns, funds flow, dividend payments and capital development plans; that the Company does not intend to settle its DSUs for cash; and that the Company expects the working capital deficiency to diminish over the next 12 months as the RLF is paid down by cash flow from operations. In addition, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

    These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company’s control, including: the risk that (i) negotiations between the U.S. and Canadian governments are not successful and one or both of such governments implements announced tariffs, increases the rate or scope of announced tariffs, or imposes new tariffs on the import of goods from one country to the other, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed by the U.S., Canada, China and other countries and responses thereto could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company; the impact of general economic conditions; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; extreme weather events, such as wild fires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to our assets and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that we pay may be reduced or suspended entirely; that we reduce or suspend the repurchase of shares under our NCIB; and the other risks and uncertainties described in our AIF. With respect to forward-looking statements contained in this release, Petrus has made assumptions regarding: that the tariffs that have been publicly announced by the U.S. and Canadian governments (but which are not yet in effect) do not come into effect, but that if such tariffs do come into effect, the potential impact of such tariffs, and that other than the tariffs that have been announced, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the amount of dividends that we will pay; the number of shares that we will repurchase under our NCIB; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on our costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking information provided in this release in order to provide investors with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.

    This release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Petrus’ prospective results of operations including, without limitation, the percentage of our forecast production for the 2025 that is hedged, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits Petrus will derive therefrom. Petrus has included the FOFI in order to provide readers with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes.

    These forward-looking statements and FOFI are made as of the date of this release and the Company disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    BOE Presentation

    The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boe’s do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.

    Production & Product Type Information

    References to crude oil (or oil), natural gas liquids (“NGLs”), natural gas and average daily production in this document refer to the light and medium crude oil, conventional natural gas, and NGLs product types, as applicable, as defined in National Instrument 51-101 (“NI 51-101”), except as noted below.

    NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas.

    Abbreviations
    $000’s   thousand dollars
    $/bbl   dollars per barrel
    $/boe   dollars per barrel of oil equivalent
    $/GJ   dollars per gigajoule
    $/mcf   dollars per thousand cubic feet
    bbl   barrel
    mbbl   thousand barrels
    bbl/d   barrels per day
    boe   barrel of oil equivalent
    mboe   thousand barrel of oil equivalent
    mmboe   million barrel of oil equivalent
    boe/d   barrel of oil equivalent per day
    GJ   gigajoule
    GJ/d   gigajoules per day
    mcf   thousand cubic feet
    mcf/d   thousand cubic feet per day
    mmcf/d   million cubic feet per day
    NGLs   natural gas liquids
    WTI   West Texas Intermediate

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    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI USA: Finance Committee Advances Dr. Oz to be CMS Commissioner

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–The U.S. Senate Finance Committee today advanced the nomination of Dr. Mehmet Oz to be Administrator of the Centers for Medicare & Medicaid Services (CMS) by a vote of 14-13.  Following the vote, Chairman Mike Crapo (R-Idaho) issued the statement below:

    “Dr. Oz’s years of experience as an acclaimed physician and public health advocate have prepared him well to manage the intricacies of CMS.  He will work tirelessly to deliver on the promise of much-needed change at CMS that ensures Americans receive the best care possible.  I look forward to working with him as Administrator.”

    Dr. Oz’s nomination was reported out of the Committee by a vote of 14 to 13.  Executive session information can be found here.

    Chairman Crapo’s full statement at the nomination hearing can be found here, and his statement at the executive session can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: On Equal Pay Day, Senator Murray Leads Entire Senate Democratic Caucus in Reintroducing Paycheck Fairness Act to End Wage Discrimination, Close Gender Pay Gap

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Murray, former HELP Chair, is a longtime leader in the fight to ensure equal pay for equal work

    Murray: “Women don’t want more discrimination. They don’t want more of their wages stolen by bosses like Elon. They just want the pay they earned. They just want to be treated decently—and paid fairly no matter who they are.”

    Washington, D.C. — Today, on Equal Pay Day, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, led the entire Senate Democratic caucus in reintroducing the Paycheck Fairness Act, legislation to combat pay discrimination and help close the gender pay gap by strengthening the Equal Pay Act of 1963, ending the practice of pay secrecy, and strengthening available remedies to ensure wronged employees can challenge pay discrimination and hold employers accountable. U.S. Representative Rosa DeLauro (D, CT-03) led the reintroduction of the Paycheck Fairness Act in the House today.

    More than five decades after the passage of the Equal Pay Act of 1963, the gender wage gap still exists—and alarmingly, for the first time in 20 years, the gender pay gap widened in 2023. Across all workers in the United States, women were typically paid 75 cents for every dollar paid to a man in 2023, adding up to a $14,170 pay difference in a year. U.S. women overall lost $1.7 trillion in earnings overall in 2023, according to a recent analysis by the National Partnership for Women & Families.  

    “When you do the same work as your colleagues, you should get the same pay, and no one should get to rip you off and pay you less because you are a woman. The principle is simple—but the problem we are talking about is far from trivial; it’s an injustice that compounds over time, robbing women of hundreds of thousands of dollars over the course of their career,” Senator Murray said.

    “For anyone who is serious about fighting for women, for anyone who is serious about ensuring our economy is built on merit and not undermined by discrimination, this is basic stuff. But Trump and Elon—some of the richest men in the world—are right now eliminating a 60-year-old executive order that helped ensure federal contractors don’t discriminate against women, illegally firing commissioners at the EEOC, which enforces existing pay discrimination laws, and making it easier to rip workers off,” Senator Murray continued. “Women don’t want more discrimination. They don’t want more of their pay stolen by bosses like Elon. They just want the pay they earned. They just want to be treated decently—and paid fairly no matter who they are. Republicans can choose to stand with billionaires who cheat their workers—but by reintroducing the Paycheck Fairness Act today, Democrats are showing that we stand with women, we stand with workers, we stand for fairness, and we are going to keep fighting to make sure people get the pay they have rightfully earned, down to the last dime.”

    “Equal Pay Day marks how far into the current year a woman must work to catch up to what her male counterpart earned in the previous year,” said Rep. DeLauro, Ranking Member of the House Appropriations Committee. “Six decades after passage of the Equal Pay Act of 1963, women working full-time or part-time still earn 75 cents for every dollar earned by men. We are in a cost of living crisis – this must end. Equal pay for equal work is a simple concept – men and women in the same job deserve the same pay. It is time we make it real it for the millions of American women who are being unfairly undervalued in the workplace. Let’s enact the Paycheck Fairness Act and empower working women by giving them the tools to ensure their contributions to the workplace are properly respected and reflected in their pay.”

    Senator Murray’s Paycheck Fairness Act would:

    • Require employers to prove that pay disparities exist for legitimate, job-related reasons. In doing so, it ensures that employers who try to justify paying a man more than a woman for the same job must show the disparity is not sex-based, but job-related and necessary.
    • Ban retaliation against workers who discuss their wages.
    • Remove obstacles in the Equal Pay Act to facilitate participation in class action lawsuits that challenge systemic pay discrimination, by allowing workers to opt-out, rather than requiring them to opt-in.
    • Improve the Equal Employment Opportunity Commission’s (EEOC) and Department of Labor’s (DOL) tools for enforcing the Equal Pay Act. To help these enforcement agencies better uncover and remedy wage discrimination, the bill will require the collection of compensation data from certain employers, including federal contractors.
    • Provide assistance to all businesses to help them with their equal pay practices, recognize excellence in pay practices by businesses, and empower women and girls by creating a negotiation skills training program.
    • Prohibit employers from relying on and seeking the salary history of prospective employees.

    Throughout her career, Senator Murray has been a leader in Congress in fighting for efforts to close the gender pay gap and ensure equal pay for equal work, and she has helped lead the fight in Congress for paid family and medical leave since she first joined Congress. Senator Murray leads the Bringing an End to Harassment by Enhancing Accountability and Rejecting Discrimination (BE HEARD) in the Workplace Act, comprehensive legislation to prevent workplace harassment, strengthen and expand key protections for workers, and support workers in seeking accountability and justice. Senator Murray leads the Wage Theft Prevention and Wage Recovery Act, comprehensive legislation to put hard-earned wages back in workers’ pockets and crack down on employers who unfairly withhold wages from their employees. Murray also recently helped reintroduce the Protecting the Right to Organize (PRO) Act to protect workers’ right to join and form a union in order to demand better pay, benefits, and working conditions—legislation she first introduced in the 116th Congress. Murray also introduced the Children Harmed in Life-threatening or Dangerous (CHILD) Labor Act last Congress, new legislation to protect children from exploitative child labor practices and hold the companies and individuals who take advantage of them accountable.

    In recent weeks, Senator Murray raised the alarm on President Trump’s illegal firing of EEOC Commissioners Charlotte Burrows and Jocelyn Samuels and National Labor Relations Board (NLRB) Member Gwynne Wilcox, as well as the firings of EEOC General Counsel Karla Gilbride and NLRB General Counsel Jennifer Abruzzo—Murray has long championed the vital work and mission of the EEOC and the NLRB in protecting workers’ rights.

    The full text of the Paycheck Fairness Act is HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Welch Pushes Frank Bisignano, Nominee to Oversee SSA, to Defend Social Security from DOGE: “Keep Musk the hell out of Social Security.”

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – During a Senate Finance Committee hearing today, U.S. Senator Peter Welch (D-Vt.) questioned Frank Bisignano, President Trump’s nominee to be the Commissioner of the Social Security Administration (SSA), a federal agency that provides program benefits to over 150,000 Vermonters and 71 million Americans. Senator Welch pushed Bisignano on how he would protect Social Security from the Trump Administration and Elon Musk’s actions to harm social security. Senator Welch also pressed Bisignano on working to increase Social Security death benefits. 
    “Here’s the dilemma that you and every other nominee is in: Musk is running roughshod. He could care less about what the function is. He wants a body count. And he, from our perspective, has way more control over every agency than the head of the agency…So, you’re going to be under the thumb of DOGE, that’s the aspect of this that worries me,” said Senator Welch. “You know what? Keep Musk the hell out of Social Security.” 
    Watch the exchange between Senator Welch and Frank Bisignano, President Trump’s pick for Commissioner of the Social Security Administration: 
    Read excerpts of Senator Welch’s questioning below: 
    Sen. Welch: Here’s my problem with DOGE—it’s not about efficiency. There’s nobody here who doesn’t want to have our committee run more efficiently, or our Congress run more efficiently…But what’s happened with DOGE—and the news is in on this—I mean, this isn’t a debatable proposition. They’re cutting first, shooting first, and aiming later. And it’s really had incredibly damaging effects on what’s going on…The question is: doesn’t it make sense for an agency, whose goal is to have its place to be more efficient, to study the function first before they start firing people? 
    Bisignano: Yeah. I think—first of all, I think that the agency needs, is a multidisciplined… 
    Sen. Welch: That’s what I’m asking. Let’s be just direct here. DOGE has sent out termination notices to people, by DOGE employees who have no idea who the people are that they’re firing. They just know they’re on a list and they need a body count in order to be able to claim they’re ‘saving money.’  But nobody took a look at what the function was before they started firing people. I mean, have you ever done that in all of the time of your successful career that’s been a hallmark of being able to make organizations run more efficiently? Would you do it that way?  
    Bisignano: Uh, no.   
    Sen. Welch: That’s the right answer…Nobody would do it that way. Here’s the dilemma that you and every other nominee is in: Musk is running roughshod. He could care less about what the function is. He wants a body count. And he, from our perspective, has way more control over every agency than the head of the agency. I’d much prefer to have somebody who, with your experience, looks carefully at what the function is and then makes determinations about how to improve the delivery of that function. So, you’re going to be under the thumb of DOGE, that’s the aspect of this that worries me.  
    Bisignano: I’m planning on running the agency, reporting to the President, and I think the President has made it clear that DOGE is there for input, but that the agency heads own their decisions.  
    Sen. Welch: You know what, keep Musk the hell out of Social Security, please—totally. One Vermonter contacted me about the death benefit—we talked about this in my office. 1955 is when the death benefit in Social Security was established—$255. It doesn’t go as far today as it did before. And I want to work to have that come up to 2025 standards. Do you support doing that in a way that’s fiscally responsible for the Social Security beneficiaries?  
    Bisignano: As I said in your office, I’m happy to work on it with you. 

    MIL OSI USA News –

  • MIL-OSI USA: Welch Opposes Dr. Oz, Trump’s Pick to Oversee Medicare and Medicaid Services

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – In the Senate Finance Committee today, U.S. Senator Peter Welch (D-Vt.) opposed advancing Dr. Mehmet Oz’s nomination to be the next Administrator of the Centers for Medicare & Medicaid Services (CMS), a federal agency within the Department of Health and Human Services (HHS) that provides health care to over 100 million Americans. Senator Welch released the following statement after the vote: 
    “A major responsibility of the person overseeing the Medicare and Medicaid programs–services more than 150,000 Vermonters rely on–is to fight excessive charges. We spend the most and get the least and need to be doing everything we can to get folks a fair price for their prescription drugs. It was clear after his nomination hearing that Dr. Oz is not the right person to lead CMS and will not crack down on excessive pricing in health care. He’s spent years promoting debunked health products to the public for his own gain and will enable President Trump as he rips away the health care millions of seniors, children, and families depend on.” 
    Earlier this month in the Senate Finance Committee, Senator Welch pressed Dr. Oz about how the Trump Administration plans to eliminate rip-offs for patients and excessive pricing in private equity and Medicare Advantage to lower prescription drug prices.   

    MIL OSI USA News –