Category: Business

MIL-OSI Global: We surveyed 1,500 Florida kids about cellphones and their mental health – what we learned suggests school phone bans may have important but limited effects

Source: The Conversation – USA – By Justin D. Martin, Associate Professor of Digital Communication and Journalism, University of South Florida

The debate over banning smartphones in schools rages as more students are bringing phones to schools. Thomas Barwick/DigitalVision via Getty Images

In Florida, a bill that bans cellphone use in elementary and middle schools, from bell to bell, recently sailed through the state Legislature.

Gov. Ron DeSantis signed it into law on May 30, 2025. The same bill calls for high schools in six Florida districts to adopt the ban during the upcoming school year and produce a report on its effectiveness by Dec. 1, 2026.

Parents are divided on the issue. According to a report from Education Week, many parents want their kids to have phones for safety reasons – and don’t support bans as a result.

But in the debate over whether phones should be banned in K-12 schools – and if so, how – students themselves are rarely given a voice.

We are experts in media use and public health who surveyed 1,510 kids ages 11 to 13 in Florida in November and December 2024 to learn how they’re using digital media and the role tech plays in their lives at home and at school. Their responses were insightful – and occasionally surprising.

Adults generally cite four reasons to ban phone use during
school: to improve kids’ mental health, to strengthen academic outcomes, to reduce cyberbullying and to help limit kids’ overall screen time.

But as our survey shows, it may be a bit much to expect a cellphone ban to accomplish all of that.

What do kids want?

Some of the questions in our survey shine light on kids’ feelings toward banning cellphones – even though we didn’t ask that question directly.

We asked them if they feel relief when they’re in a situation where they can’t use their smartphone, and 31% said yes.

Additionally, 34% of kids agreed with the statement that social media causes more harm than good.

And kids were 1.5 to 2 times more likely to agree with those statements if they attended schools where phones are banned or confiscated for most of the school day, with use only permitted at certain times. That group covered
70% of the students we surveyed because many individual schools or school districts in Florida have already limited students’ cellphone use.

How students use cellphones matters

Some “power users” of cellphone apps could likely use a break from them.

Twenty percent of children we surveyed said push notifications on their phones — that is, notifications from apps that pop up on the phone’s screen — are never turned off. These notifications are likely coming from the most popular apps kids reported using, like YouTube, TikTok and Instagram.

This 20% of children was roughly three times more likely to report experiencing anxiety than kids who rarely or never have their notifications on.

They were also nearly five times more likely to report earning mostly D’s and F’s in school than kids whose notifications are always or sometimes off.

Our survey results also suggest phone bans would likely have positive effects on grades and mental health among some of the heaviest screen users. For example, 22% of kids reported using their favorite app for six or more hours per day. These students were three times more likely to report earning mostly D’s and F’s in school than kids who spend an hour or less on their favorite app each day.

They also were six times more likely than hour-or-less users to report severe depression symptoms. These insights remained even after ruling out numerous other possible explanations for the difference — like age, household income, gender, parent’s education, race and ethnicity.

Banning students’ access to phones at school means these kids would not receive notifications for at least that seven-hour period and have fewer hours in the day to use apps.

Phones and mental health

However, other data we collected suggests that bans aren’t a universal benefit for all children.

Seventeen percent of kids who attend schools that ban or confiscate phones report severe depression symptoms, compared with just 4% among kids who keep their phones with them during the school day.

This finding held even after we ruled out other potential explanations for what we were seeing, such as the type of school students attend and other demographic factors.

We are not suggesting that our survey shows phone bans cause mental health problems.

It is possible, for instance, that the schools where kids already were struggling with their mental health simply happened to be the ones that have banned phones. Also, our survey didn’t ask kids how long phones have been banned at their schools. If the bans just launched, there may be positive effects on mental health or grades yet to come.

In order to get a better sense of the bans’ effects on mental health, we would need to examine mental health indicators before and after phone bans.

To get a long-term view on this question, we are planning to do a nationwide survey of digital media use and mental health, starting with 11- to 13-year-olds and tracking them into adulthood.

Even with the limitations of our data from this survey, however, we can conclude that banning phones in schools is unlikely to be an immediate solution to mental health problems of kids ages 11-13.

Grades up, cyberbullying down

Students at schools where phones are barred or confiscated didn’t report earning higher grades than children at schools where kids keep their phones.

This finding held for students at both private and public schools, and even after ruling out other possible explanations like differences in gender and household income, since these factors are also known to affect grades.

There are limits to our findings here: Grades are not a perfect measure of learning, and they’re not standardized across schools. It’s possible that kids at phone-free schools are in fact learning more than those at schools where kids carry their phones around during school hours – even if they earn the same grades.

We asked kids how often in the past three months they’d experienced mistreatment online – like being called hurtful names or having lies or rumors spread about them. Kids at schools where phone use is limited during school hours actually reported enduring more cyberbullying than children at schools with less restrictive policies. This result persisted even after we considered smartphone ownership and numerous demographics as possible explanations.

We are not necessarily saying that cellphone bans cause an increase in cyberbullying. What could be at play here is that at schools where cyberbullying has been particularly bad, phones have been banned or are confiscated, and online bullying still occurs.

But based on our survey results, it does not appear that school phone bans prevent cyberbullying.

Overall, our findings suggest that banning phones in schools may not be an easy fix for students’ mental health problems, poor academic performance or cyberbullying.

That said, kids might benefit from phone-free schools in ways that we have not explored, like increased attention spans or reduced eyestrain.

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

– ref. We surveyed 1,500 Florida kids about cellphones and their mental health – what we learned suggests school phone bans may have important but limited effects – https://theconversation.com/we-surveyed-1-500-florida-kids-about-cellphones-and-their-mental-health-what-we-learned-suggests-school-phone-bans-may-have-important-but-limited-effects-256970

MIL OSI – Global Reports –

June 12, 2025
MIL-OSI Global: Antagonism to transgender rights is tied to the authoritarian desire for social conformity – not just partisan affiliation

Source: The Conversation – USA – By Tatishe Nteta, Provost Professor of Political Science and Director of the UMass Amherst Poll, UMass Amherst

President Donald Trump signs an executive order barring transgender female athletes from competing in women’s or girls sporting events on Feb. 5, 2025, in Washington. AP Photo/Alex Brandon

Since becoming president, Donald Trump has aggressively sought to fulfill his campaign promise to reverse the Biden administration’s protection of transgender Americans.

His administration decreed that the federal government will recognize only two genders and banned transgender Americans from serving in the military. Trump has also restricted federal funds for hospitals that perform gender-affirming care.

Trump is not alone in attacking the rights of transgender Americans. In 2025, 53 bills have been introduced in the U.S. Congress and over 900 bills have been introduced in 49 states that aim to limit the rights of transgender Americans in education, health care and athletics, according to the Trans Legislation Tracker.

While legal and ethical questions remain about these efforts, restricting the rights of transgender Americans seems to enjoy support among a majority of Americans.

For example, support for restricting the ability of medical professionals from providing gender-affirming care to minors has risen from 46% in 2022 to 56% in 2025, according to the Pew Research Center.

We wanted to know what factors contribute to majority support among Americans for these measures. We found that authoritarian attitudes – the desire for social conformity and an aversion to difference – play an important role in Americans’ willingness to restrict transgender rights.

A member, left, of the Idaho Liberty Dogs, a far-right extremist group, argues with attendee Kimberly Rumph near the entrance of the first Pride festival ever held in Nampa, Idaho, on June 9, 2024.
Kyle Green for The Washington Post via Getty Images

Preferring conformity, suppressing social difference

A number of civil rights organizations, pro-democracy think tanks and scholars have recently argued that executive and legislative efforts to limit the rights of transgender Americans reflect a larger authoritarian turn in the nation’s politics.

Here, we refer to authoritarianism not as a type of political system or the characteristics of a leader, but rather as a person’s preference for social conformity and desire to suppress social difference.

According to this perspective, the attack on transgender rights is intended to appeal to Americans with authoritarian inclinations. As seen in authoritarian regimes such as Russia and Turkey, political leaders first mobilize their citizens on the basis of their desire to suppress transgender individuals in order to advance a broader movement to undermine democracy and restrict the rights of other groups that fail to conform to majority values.

While this perspective is quickly gaining media coverage, there hasn’t yet been hard evidence that authoritarians are particularly supportive of anti-trans legislation. Our goal was to assess the link between authoritarian attitudes and support for measures that restrict transgender rights.

We are political scientists who study the role of authoritarianism in American politics and who field polls that explore Americans’ views on a number of pressing issues.

In April 2025, we fielded a nationally representative survey of 1,000 American adults, asking about their perceptions of the first months of the second Trump presidency, their views toward various groups in society, and their policy preferences. We also asked them for their views about restrictions on the provision of gender-affirming care to transgender Americans.

Here’s how we analyzed and interpreted their responses.

Conformity, obedience, uniformity

Authoritarianism is defined by public opinion scholars as an individual’s predisposition toward conformity, obedience and uniformity and an aversion to diversity, difference and individual autonomy.

To measure authoritarianism, scholars use a scale that asks respondents to express their preferences for a range of child-rearing practices. The scale asks whether a respondent tends to prefer children who are obedient, well behaved and well mannered or children who are independent, creative and considerate. Those who tend to favor obedient children are scored as having more authoritarian views.

Child-rearing preferences seem to be unrelated to attitudes about conformity in society. But there is good reason to believe that an adult who prefers conformity, obedience and uniformity in children also desires the same in society at large.

Political psychologists have used this scale to help explain Americans’ support for the war on terrorism, their racial attitudes, views on gender equality and immigration attitudes.

This work consistently shows that individuals who are less authoritarian are more likely to support policies that recognize diverse views. Those who rank high on authoritarianism prefer policies that highlight social unity and conformity.

Thus, we expected that Americans with more authoritarian attitudes would more strongly support state laws that seek to restrict transgender Americans’ access to gender-affirming care.

We find evidence that this is indeed the case.

A person holds a sign supporting transgender veterans at the Unite For Veterans rally in Washington, D.C., on June 3, 2025.
Dominic Gwinn/Middle East Images via AFP via Getty Images

‘Not a sideshow’

In line with other polling on this issue, our survey found that a little over one-third of Americans – 36% – express support for legislation that would make providing gender-affirming medical care to transgender youth a crime. Among the remaining respondents, 38% expressed opposition, and 26% expressed ambivalence toward this proposal.

We looked at support for banning gender-affirming care by level of authoritarianism. We found clear differences between the most and least authoritarian Americans.

Among those who score highest on the authoritarian scale, 46% express support for this ban, with 18% in opposition. The remaining 36% responded “neither support nor oppose” this ban. Examining the views of Americans who exhibit the least authoritarian views, we find that while 21% support these bans, 61% oppose them and 18% expressed an ambivalent view.

Authoritarianism remains an important contributor to Americans’ support for a ban on gender-affirming care for transgender youth, even after we take into account other considerations that influence this attitude.

Republican partisanship, conservative ideology and religiosity all increase support for a ban on gender-affirming care. After accounting for these factors, as well as for characteristics such as education, income, age and knowing a transgender person, more authoritarian people are still more likely to support the ban.

Many state legislatures and the U.S. Congress are considering legislation to restrict the rights of transgender Americans.

The findings from our survey suggest that while partisanship, ideology and religiosity all play key roles in explaining the popularity of these policies, a missing piece of the puzzle is authoritarianism.

Given their aversion to diversity and difference and their preference for the status quo, Americans with authoritarian inclinations likely believe that transgender people pose a threat to the social order. Thus, they are more likely than Americans low in authoritarianism to support policies that seek to restrict transgender rights in order to restore social conformity.

It’s not clear whether the passage of anti-transgender policies alone will lead the nation to turn away from a largely diverse and open democracy toward a more closed and intolerant society. But the fight over transgender rights is not a sideshow in American politics. Instead, it is one of the first of many battles over diversity and difference that will determine the nation’s political future.

Jesse Rhodes has received funding from the National Science Foundation, the Demos Foundation, and the Spencer Foundation. He is a member of the American Civil Liberties Union.

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

– ref. Antagonism to transgender rights is tied to the authoritarian desire for social conformity – not just partisan affiliation – https://theconversation.com/antagonism-to-transgender-rights-is-tied-to-the-authoritarian-desire-for-social-conformity-not-just-partisan-affiliation-257431

MIL OSI – Global Reports –

June 12, 2025
MIL-OSI Africa: Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course

Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

The governments of Ghana and Zambia recently took a decision that could have serious consequences for other African countries. The decision relates to arrangements on how the two countries will repay the debt they owe to Africa Export-Import Bank (Afreximbank).

They have both taken decisions to relegate Afreximbank to a commercial lender from a preferred creditor. This means that the terms on which Afreximbank has lent money to these two countries will change. And it will lose certain protections. For example preferred creditors are repaid first, before any other lenders.

This protects preferred creditors’ balance sheets and enables them to continue lending during crisis periods when others cannot. In contrast, commercial banks get paid later or might not get paid at all. This higher risk factor means that they charge higher rates.

Based on decades of researching Africa’s capital markets and the institutions that govern them it’s my view that the long-term consequences of this precedent are detrimental. If other African borrowers follow suit, treating loans from African multilateral development banks as ordinary commercial debt during restructuring, it will erode the viability of these institutions. Investors who fund Afreximbank through bonds and capital markets may reassess its risk profile, pushing up its cost of funding and making future lending less affordable.

The ultimate losers will be African countries themselves, especially those with limited access to international capital. Afreximbank, along with other African financial institutions, is a lifeline for trade finance, infrastructure development, and crisis response. Undermining its legal protections weakens the continent’s capacity for self-reliant development.

Afreximbank was created under the auspices of the African Development Bank (AfDB) in 1993. It was set up with a public interest mandate to develop African trade and promote integration. Its legal status and structural features place it closer to international multilateral development banks than to private creditors, justifying its treatment as a preferred creditor.

The decision by Accra and Lusaka signals lack of confidence in African financial institutions. It suggests that they do not trust them to the same extent as global institutions like the International Monetary Fund and World Bank. These are treated as preferred creditors, on the assumption that they will lend to countries in crisis or distress when commercial lenders retreat.

The actions of Ghana and Zambia set a dangerous precedent by sidelining African financial institutions in favour of external creditors. That risks weakening Africa’s financial institutions and undermining the very concept of African solutions to African problems. Investors will become more sceptical and pessimistic, demanding more interest.

The continent needs to develop an ability to independently design, finance and implement its economic development policies without support from external financial institutions. Afreximbank helps to achieve this through financing African-designed infrastructure and counter-cyclical lending.

Ghana and Zambia still have an opportunity to correct course. In my view they should do so for the sake of the bank, its member states and the future of African economic sovereignty.

The background

Ghana and Zambia have both defaulted on their external bonds in the last four years. Zambia in October 2020 and Ghana in December 2022. This forced them to negotiate new sustainable terms with creditors.

During their respective debt negotiations, both countries have announced that they would include African multilateral development banks such as Afreximbank and the Trade and Development Bank in the debt restructuring.

This followed private and bilateral creditors contesting unequal distribution of restructuring burdens, where they face losses while some multilateral institutions are shielded. The International Monetary Fund and World Bank, which are preferred creditors, do not fund infrastructure, they only offer balance of payments support.

The decision by Ghana and Zambia to relegate Afreximbank was made during an ongoing comprehensive debt restructuring. Ghana and Zambia have been negotiating with creditors for over a year in an attempt to resolve their sovereign debt crises.

The two countries were complying with International Monetary Fund supported restructuring terms. Bilateral creditors were also demanding fair burden sharing with African multilateral banks.

Afreximbank: not just another lender

Ghana and Zambia don’t have a legal leg to stand on.

Afreximbank’s preferred creditor status is not an informal privilege but derives from Article VX(1) of its founding agreement. The agreement has been signed and ratified by member states into national laws, including Ghana and Zambia.

This status is further reinforced by the bank’s diplomatic immunities and privileges and its ability to operate across African jurisdictions under protected legal frameworks. The role of Afreximbank, therefore, goes beyond that of a traditional commercial bank.

Preferred creditor status protects development finance institutions in a number of ways. The biggest protection is that lenders are prioritised for repayment. This protects their balance sheets, enabling them to continue lending when others cannot.

A preferred creditor status is accorded for a reason. It is to ensure that development finance institutions can lend in times of distress with confidence, on the guarantee that they will be repaid ahead of other creditors. Country actions that violate this principle disrupt the implicit covenant that enables counter-cyclical financing. This is breaking the financial lifeline that countries might need when nobody else is willing to help them. This is precisely the kind of support that Ghana and Zambia relied on during their respective debt crises in December 2022 and October 2020, respectively.

A bank that has consistently stepped up

It is worth recalling that during the COVID-19 pandemic (2019–2021) and again when global markets closed access to Eurobond issuances for African countries, investors didn’t want to lend African countries for fear of defaulting. Afreximbank was one of the few institutions that continued to lend to African sovereigns. This included US$750 million to Ghana and US$45 million to Zambia.

When Ghana, Zambia and other commodity export-dependent countries faced acute foreign currency shortages and tightening global liquidity caused by the 2015/16 commodity crisis of low prices, Afreximbank did not hesitate to deploy resources.

Zambia has also benefited significantly from Afreximbank’s trade and development finance in energy, agriculture and healthcare. These are areas that many commercial banks view as too risky or low-margin.

For Zambia and Ghana to classify Afreximbank in the same category as hedge funds, bondholders or purely commercial lenders, is ahistorical and unwarranted.

Restructuring loans from Afreximbank risks inadvertently raising the cost of capital for African countries. If Afreximbank can no longer be shielded under preferred creditor status norms, it may be forced to adopt more conservative lending practices, charge higher risk premiums or retreat from high-risk markets altogether.

The knock-on effect is reduced access to affordable, timely financing for countries that need it most.

Afreximbank has rejected the idea that its loans ought to be restructured.

Ghana and Zambia should correct course

Ghana and Zambia still have an opportunity to correct course. They can reaffirm Afreximbank’s preferred creditor status, exclude it from restructuring tables meant for commercial creditors, and honour their legal commitments.

In doing so, they would not only preserve their reputations as reliable debtors but also strengthen the broader fabric of African financial solidarity.

African countries must be cognisant that no one else will build their institutions for them. If they do not defend and respect them, they cannot expect the rest of the world to do so. The credibility, sustainability and legitimacy of Africa’s financial independence depends, in large part, on how they treat the institutions they have built.

The decision to treat Afreximbank and the Trade and Development Bank like commercial lenders is short-sighted and self-defeating. It must be reversed.

– Ghana and Zambia have snubbed Africa’s leading development bank: why they should change course
– https://theconversation.com/ghana-and-zambia-have-snubbed-africas-leading-development-bank-why-they-should-change-course-258467

MIL OSI Africa –

June 12, 2025
MIL-OSI United Kingdom: Ten British AI breakthroughs set to cut bills and heat homes more efficiently
Source: United Kingdom – Government Statements

Press release

Ten British AI breakthroughs set to cut bills and heat homes more efficiently

Millions of families could see warmer homes and lower energy bills, as ministers back ten new AI innovations which will help make the UK a clean energy superpower through the government’s Plan for Change.
Manchester Prize finalists announced.

Ten AI pioneers are being supported to develop AI solutions which slash energy bills and accelerate the UK’s clean energy superpower ambitions.

Technologies include AI-powered heat mapping drones and smart panels that warm homes from the outside.

Winners will compete for £1 million Manchester Prize, helping to unlock AI innovation and growth to deliver the government’s Plan for Change.

Millions of families could see warmer homes and lower energy bills, as ministers back ten new AI innovations which will help make the UK a clean energy superpower through the government’s Plan for Change.

The ten finalists for the second round of the Manchester Prize include revolutionary technologies that could transform how Britain tackles climate change, while cutting costs for working families.

Among them is a system using AI to design bespoke panels, turning bricks into radiators to warm homes from the outside in, keeping a comfortable inside temperature all year round and simplifying the installation of heat pumps in older homes while reducing costs.

Another team uses AI-enabled drones to map heat loss across entire neighbourhoods, helping councils identify exactly which homes need urgent insulation upgrades – which could save households hundreds on their annual energy bill.

The Manchester Prize, funded by the Department of Science, Innovation and Technology and delivered by Challenge Works (part of the Nesta group), is rewarding UK-led AI breakthroughs that support the public good, including growing the economy, improving public services and helping to create a just transition to Net Zero for everyone.

Secretary of State for Science, Innovation and Technology, Peter Kyle said:

AI is opening up transformative new ways to tackle climate change and support the UK’s ambition to become a clean energy superpower.

That includes using the technology to keep our homes warm, while also supporting projects which will use AI to slash carbon emissions in our cement and steel industries – sectors which account for 16% of global emissions.

This is how we deliver our Plan for Change – harnessing innovation to solve major challenges, cut energy bills, and improve lives across Britain.

Energy Secretary Ed Miliband said:

Clean power is the economic opportunity of the 21st century and these projects will help households and businesses take advantage of lower bills, in a smarter and faster way than ever before.

From specially designed radiator walls to a smart power grid that flicks on and off as we need, AI has the potential to help every home in Britain to feel the benefits of warmer homes and homegrown clean energy.

Julia King, Baroness Brown of Cambridge, chair of the Manchester Prize judging panel said:

We are at a critical juncture in the journey to net zero, the next decade is make or break if the world is to keep global temperatures from exceeding 1.5C by 2050. Global emissions need to halve by 2030 compared to 1990 levels if we are to stay on track, while electricity production will need to double by 2050 to meet the demands of an electrified economy – clean energy innovation is essential.

The rapid advancement of AI means we have tools like never before to achieve the goal of decarbonising the economy while supporting individuals, communities and businesses to thrive.

Other finalists include AI technologies to help the logistics industry cut its emissions, and AI being used to ensure the energy grid remains balanced at all times – as more and more of our energy supplies comes from wind and solar.

The ten teams behind the advanced AI solutions have each received £100,000 in seed funding, plus £60,000 worth of compute credits to help train and scale their models. They will also benefit from non-financial support including investor readiness guidance and access to a network of experts, positioning them for success in the pursuit of the £1 million grand prize in spring 2026. The winning solution will demonstrate not only technical innovation, but also an evidenced road map to near-term (2030) adoption, scale and impact.

These shortlisted finalists will now follow in the footsteps of Polaron – the inaugural winners of the Manchester Prize which speeds up the development of advanced materials used in all walks of life – from wind turbines to electric batteries.

The winning innovation will be announced early next year, taking home the grand prize of £1 million to bring their cutting-edge ideas to life.

It builds on the AI Opportunities Action Plan, the UK government’s blueprint to accelerate the use of AI across the economy. By harnessing cutting-edge solutions like these, AI is driving breakthroughs in industry, transforming public services, and improving the lives of citizens across the country.

Notes to Editors

About the first Manchester Prize

The Manchester Prize is a multi-million-pound challenge prize from the UK’s Department for Science, Innovation and Technology to reward UK-led breakthroughs in artificial intelligence for public good. It is rewarding innovations that will help to transform the lives of the people across the UK and continue to secure the UK’s place as a global leader in cutting edge innovation.

In its second year, the Manchester Prize will reward UK-led breakthroughs in artificial intelligence that will accelerate action towards the UK’s ambitious clean energy and net zero goals – manchesterprize.org.

About Challenge Works

Challenge Works is a global leader in designing and delivering high-impact challenge prizes that incentivise cutting-edge innovation for social good. It is part of UK innovation foundation agency Nesta. For more than a decade, it has run more than 97 prizes, distributed more than £210 million in funding and engaged with 16,000 innovators.

Manchester Prize (year 2) finalists

Agent Net Zero

Agent Net Zero by University of Sheffield and AMRC. Agent Net Zero is an innovative AI system that helps industrial companies become more sustainable by analysing their environmental impact in real-time. The system continuously monitors energy usage and emissions by connecting to various data sources across operations. Using advanced AI techniques, Agent Net Zero identifies environmental hotspots and automatically suggests practical improvements. This gives businesses clear, actionable insights to reduce their carbon footprint while maintaining productivity and competitiveness, essentially providing a “sustainability assistant” that works 24/7 to help companies achieve their net-zero goals.

BiofuelAi

BiofuelAi by University of Surrey. BiofuelAi brings cutting-edge AI and machine learning to the biofuel industry, optimising complex, variable processes in real time. Traditional biogas production often relies on operator intuition due to unpredictable biological systems because biofuels are made from multiple material inputs. BiofuelAi solves this with advanced predictive models that create a digital twin of each site, enabling whole-system optimisation – from daily feedstock recipes to long-term acquisition strategies. Developed by AI and sustainability experts, the platform boosts efficiency, profitability, and environmental impact, offering a scalable solution for cleaner, data-driven energy production worldwide.

Carbon Re

Carbon Re by Carbon Re. Cement forms the foundation of our modern world but it has a sustainability problem – it is responsible for around 8% of global CO₂ emissions. Carbon Re is tackling this challenge by building AI process control software to cut emissions in cement production. Acting like self-driving for industrial plants, Carbon Re optimises industrial processes in real-time, helping manufacturers cut both costs and carbon while transitioning to low-carbon operations. A joint spin out of University College London and the University of Cambridge, Carbon Re was founded to deliver immediate climate impact for heavy industry.

Cavolo

Cavolo by Kale AI. Cavolo uses advanced AI to make city deliveries more efficient and eco-friendly. The system helps businesses switch from traditional delivery vans to Light Electric Vehicles (LEVs), which are more efficient in busy cities. By using AI, Cavolo optimises delivery routes in real-time, reducing traffic, energy use, and emissions. The technology helps make urban logistics faster and greener, allowing businesses to deliver goods quickly while saving time and reducing their environmental impact.

Deep.Optimiser-PhyX

Deep.Optimiser-PhyX by Deep.Meta. Deep.Meta is tackling carbon emissions in the steel industry with an AI-powered Digital Twin – a smart digital replica of the production process that combines physics and machine learning to optimise furnace operations. By using real-time sensor data and material science, Deep.Meta more accurately predicts steel slab temperatures and improves scheduling, boosting energy efficiency and significantly cutting emissions. Unlike black-box AI, which can discourage adoption, Deep.Meta’s explainable, physics-based models offer clear reasoning, building trust with users. Founded by experts in metallurgy and machine learning, Deep.Meta is already partnering with global steelmakers and aims to scale through broader industry collaboration.

DRIVE

DRIVE (Deep Re-enforcement learning for Intelligent Vehicle and Energy optimisation) by Flexible Power Systems. Flexible Power Systems (FPS) helps big fleets like vans, trucks, and buses switch to electric by managing vehicles, chargers, and schedules with smart software. FPS uses advanced AI called Deep Reinforcement Learning to solve complex, fast-changing problems – like where and when to charge – more quickly and efficiently. After training in a virtual world, the AI can make smart decisions in real time. First used in EV fleets, this technology could also help with bigger energy challenges in the future.

EnergyWall

EnergyWall by Underheat, in partnership with University of Salford. EnergyWall upgrades a building’s walls, gently warming or cooling homes from the outside, turning bricks into radiators that maintain a comfortable internal temperature all year round. Using AI to analyse a building and off-site manufacturing, it designs and installs pipe systems into insulation panels for the walls of a building, making retrofitting buildings with heat pumps faster, cheaper, and less disruptive. This approach is ideal for social housing, helping reduce carbon emissions, cut energy bills, and tackle condensation that causes mould. It’s a smarter, scalable way to decarbonise heating and fight fuel poverty across the UK.

Green Loops

Green Loops by University of Wolverhampton, in partnership with ABCircular GmbH Berlin. Green Loops tackles the challenge of recycling end-of-life photovoltaic (PV) cells by creating high-efficiency solar panels from recycled materials. It uses machine learning to analyse the optical properties of materials and structures of solar cells. Using highly conductive artificially engineered MXene-based metamaterials, Green Loops optimises the design of solar cells to enhance energy performance while reducing manufacturing costs. With the growing e-waste problem from old solar panels, the technology helps reduce waste, supports a circular economy, and makes solar energy more sustainable and accessible.

Grid Stability

Grid Stability by University of Manchester. For electricity grids to function, there must be balance between the electricity going into the grid and the electricity leaving it. Grid Stability Monitor uses AI and machine learning to quickly analyse power grid stability as more low-carbon technologies like wind, solar, EVs and heat pumps connect. It replaces slow, complex simulations with rapid, AI-driven assessments, enabling real-time monitoring, faster decision-making, and more confident planning. This helps grid operators maintain reliability while scaling up clean energy solutions and cutting emissions.

Rapid Thermal Performance Assessment algorithms (RaThPAs)

Rapid Thermal Performance Assessment algorithms (RaThPAs) by Kestrix. Kestrix uses AI and thermal drones to map heat loss across entire neighbourhoods, acting as fast, 3D energy surveys from the sky. This helps stakeholders like utilities, councils and housing providers plan energy upgrades with fewer costly, time-consuming site visits. Like a “Google Maps of heat loss,” the system shows where buildings are leaking heat and recommends fixes. With a team of experts in computer vision and physics, Kestrix aims to speed up home retrofits, in turn cutting emissions, saving households money, and making homes warmer and healthier at scale.

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Published 11 June 2025
MIL OSI United Kingdom –
June 12, 2025
MIL-OSI USA: Rep. Neguse, Gun Violence Prevention Leaders Call on Senate to Strip Effort to Deregulate Firearms Silencers from Republicans’ Budget Bill

Source: United States House of Representatives – Congressman Joe Neguse (D-Co 2)

Washington, D.C. — House Assistant Minority Leader Joe Neguse (CO-02), Gun Violence Prevention Task Force Chair Mike Thompson (CA-04), and Congressman Gabe Amo (RI-01) led over 60 members of the Democratic Caucus in penning a letter to Senate Finance Committee Chairman Mike Crapo and Senate Judiciary Committee Chairman Chuck Grassley, urging they commit to removing language that eliminates excise taxes on firearm silencers and deregulates their use under the National Firearms Act currently included in the so-called “One Big Beautiful Bill Act.”

Neguse and his colleagues on the House Rules Committee exposed Republicans’ last-minute move to eliminate firearm silencer regulations during the panel’s marathon 21-hour hearing. A silencer, when attached to the barrel of a firearm, muffles the sound of gunfire—obstructing law enforcement efforts to respond to active shooters and making it more difficult to recognize the sound of gunfire and locate the source of gunshots quickly and effectively.

“In the dead of night, our Republican colleagues added a provision (Sec. 112029) to H.R.1 that would remove firearm silencers from the NFA. This change, which was ultimately included in the legislation, would be catastrophic to public safety and greatly impede law enforcement efforts to keep our communities safe,” wrote Neguse, Thompson, and Amo.

The lawmakers continued: “As you know, the so-called ‘Byrd Rule’ under the Congressional Budget Act makes clear that, in short, non-budgetary provisions cannot be included in reconciliation legislation. Removing the regulatory structure for firearm silencers is thus not only dangerous, but blatantly violative of the Byrd Rule. Put simply, the provision represents a clear attempt to make a significant policy change to a century-old law, and cannot be adopted through the reconciliation process on that basis alone.”

“Congress has long maintained strong regulations for firearm silencers under the NFA for good reason. Law enforcement has identified silencers in crimes across the country–including in mass shootings in Monterey Park, California, Virginia Beach, Virginia, and by a gunman that killed two police officers during a 10-day shooting spree in Southern California. Furthermore, according to data from the ATF, in 2023 alone, over 400 silencers were recovered and traced from violent crime scenes. It is with this in mind, that we strongly urge you to remove Section 112029, and any provision that would deregulate and eliminate excise taxes on firearm silencers as the Senate considers the FY25 reconciliation bill. If enacted, these provisions would place the public and our brave law enforcement officers in harm’s way. The American people and our law enforcement deserve better,” they concluded.

The full letter is available HERE.

It is supported by Brady: United Against Gun Violence, Everytown for Gun Safety, and Giffords.

“The inclusion of the deregulation of silencers under the National Firearms Act in the budget reconciliation bill is unconscionable and demonstrates a complete disregard for public safety. In the wrong hands, silencers are extremely dangerous as they make it much more difficult for victims, bystanders, and law enforcement to recognize and react to gunfire and to identify shooters, even when in close proximity. Deregulating these under the NFA devices will enable mass shooters and other bad actors, putting the lives of law enforcement and the public at risk across the nation,” said Mark Collins, Director of Federal Policy at Brady.

“The silencer provisions in this bill will put law enforcement and our communities at greater risk from gun violence while costing taxpayers more than a billion dollars. We urge the Senate to remove these harmful provisions, and thank Rep. Neguse for his leadership on this issue,” said Monisha Henley, Everytown’s Senior Vice President, Government Affairs.

“Instead of fighting crime and keeping American families safe, House Republicans gave gun industry CEOs a $1.5 billion tax break to boost their bottom line. Silencers enable shooters to cause more violence without being detected. Law enforcement has opposed efforts to sell silencers without background checks for a reason — they make law enforcement’s jobs harder. We thank Rep. Neguse for his leadership on this issue, and urge the Senate to keep silencers out of the hands of dangerous people,” said Emma Brown, Executive Director of GIFFORDS.

###

MIL OSI USA News –

June 12, 2025
MIL-OSI Africa: SA creative sector generates revenue and job opportunities

Source: South Africa News Agency

SA creative sector generates revenue and job opportunities

Deputy Minister in the Presidency Kenny Morolong says the South African creative industry is a significant one that generates considerable revenue and provides employment to many.

“The industry plays a vital role in the economy by contributing towards knowledge attainment, nation-building and cultural preservation,” Morolong said on Tuesday.

Speaking at the book launch of Business by Grace, written by Zibusiso Mkhwanazi, Morolong said by publishing local literature and promoting cultural heritage, the sector contributes to the preservation and development of the South African culture of reading and writing.

The book by Mkhwanazi – a South African advertising guru and entrepreneur who rose from humble beginnings – is described as “not just a story of business success”. The Mkhwanazi Foundation says Business by Grace shows readers how to embrace lessons that come from building businesses in the face of hardship, and provides practical insights on turning vision into value.

Morolong said the creative industry, including publishing and print media, is an important source of revenue and employment in South Africa.

“The industry also acts as the central core of an entire network of related individuals and industries, such as paper manufacturers, educational institutions, ink producers, authors, printers, designers, book binders, illustrators, booksellers, distributors and CD manufacturers.

“The importance of the creative industry in this new environment is greatly increased… as it is a source of information and knowledge, and a vehicle for political, social and cultural expression.”

Morolong identified the sector as one that can and ought to help South Africans to overcome the many persistent challenges that confront society and the economy.

“Our expectations of this sector are onerous. However, the history we are making is centred on growing the sector in the same way we have grown other sectors of our economy through inclusion, empowerment and unleashing the energies and talents of South Africans.”

Morolong said a great deal has also been written to capture the defining features of post-apartheid South Africa, and the necessarily high cost of democratic transformation.

“Demographic conditions such as high unemployment rates, the youthfulness of the population, uneven access to basic services, such as water and electricity, form part of the challenges that continue to confront the current government.

“The process of change is by necessity also related to new policies that aim to facilitate comprehensive economic reforms, encapsulated in the many government policy frameworks and more recently in the National Development Plan Vision 2030.

“These reforms have in general, been focused in two directions. In the first place, reforms are aimed at addressing the immense disparities in wealth and status in South African society and provide improved access to opportunities for employment and benefits to those negatively affected by apartheid policies,” the Deputy Minister said. – SAnews.gov.za

Edwin
Wed, 06/11/2025 – 10:05

MIL OSI Africa –

June 12, 2025
MIL-OSI Africa: Eco (Atlantic) Oil & Gas Chief Executive Officer (CEO) Joins African Energy Week (AEW) 2025 Amidst Push to Unlock Orange Basin Potential

Source: Africa Press Organisation – English (2) – Report:

Gil Holzman, President and CEO of independent oil and gas exploration company Eco (Atlantic) Oil & Gas, has confirmed his participation as a speaker at the upcoming African Energy Week (AEW): Invest in African Energies conference, scheduled to take place from September 29 to October 3, 2025, in Cape Town. As an independent with strategic assets in Namibia and South Africa, Eco (Atlantic) Oil & Gas’ Holzman is well-positioned to shape discussions around the opportunities within the African oil and gas sector.

Eco (Atlantic) Oil & Gas is accelerating exploration across several key assets in the Orange Basin, one of the world’s most promising exploration frontiers located offshore South Africa and Namibia. In June 2025, the company secured the exploration right and transfer of 75% interest in Block 1. The milestone follows an announcement made in May 2025 that the company acquired 2D and 3D seismic data for Block 1 offshore South Africa to support a future drilling campaign.

The block – where wells drilled in the 1980s indicated high-quality, commercial-scale oil and gas deposits – became part of Eco (Atlantic) Oil & Gas’ portfolio in June 2024 through the acquisition of a 75% working interest from Orange Basin Oil and Gas. According to Eco (Atlantic) Oil & Gas, the acquisition of the block is a testament to the firm’s commitment to unlock the vast hydrocarbon potential of the Orange Basin to drive a just and inclusive energy transition for the region. Meanwhile, Eco (Atlantic) Oil & Gas is also planning an intensive drilling program in South Africa’s Block 3B/4B, having raised CAD$11.5 million via a farm out deal in the block in January 2025. Eco (Atlantic) Oil & Gas holds a 5.25% carried interest in the block.

In Namibia, Eco (Atlantic) Oil & Gas continues to advance exploration activities across four Petroleum Exploration Licenses – PEL 97, 98, 99 and 100 – while actively seeking farm-out partners to increase funding and technical expertise. The company holds operatorship and an 85% interest in each PEL, which represent a combined total area of 28,593 km2 in the Walvis Basin. As a frontier basin, Walvis holds immense opportunities for play-opening discoveries. Holzman’s participation at AEW: Invest in African Energies 2025 provides a strategic opportunity to engage potential investors and collaborators to fast-track these developments.

“Eco (Atlantic) Oil & Gas is bullish about unlocking one of the world’s most prolific basins, the Orange Basin. The company’s commitment, investments and technical capabilities are vital to securing energy independence for South Africa, Namibia and the broader southern African region on the back of oil and gas exploitation,” stated Tomás Gerbasio, Vice President of Commercial and Strategic Engagement at the African Energy Chamber.

At AEW: Invest in African Energies, Holzman will participate in high-level discussions and showcase Eco Atlantic’s project pipeline, reaffirming the company’s commitment to Africa’s energy future. Holzman will join leading stakeholders to discuss how African oil and gas reserves – estimated at 125 billion barrels of oil and 620 trillion cubic feet of gas – can serve as critical enablers of energy access, industrialization and economic transformation across the continent. With over 600 million Africans lacking electricity and 900 million without access to clean cooking, hydrocarbons are vital for bridging the continent’s energy gap.

– on behalf of African Energy Chamber.

About AEW: Invest in African Energies:
AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.

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MIL OSI Africa –

June 12, 2025
MIL-OSI Russia: Financial News: Convertible Bond Market: What Was and What Will Be

Translation. Region: Russian Federal

Source: Central Bank of Russia –

The first set of amendments to the rules for issuing convertible bonds was introduced in 2018–2019. However, such securities were issued rarely. Issuers lacked flexibility in setting conversion parameters, and investors were in no hurry to purchase such a complex product, since it requires a more complex analysis of the risk-return ratio. In addition, the situation was negatively affected by macroeconomic uncertainty and the departure of large venture funds from the Russian market.

In order to increase the demand for convertible bonds, the Bank of Russia proposes to create conditions for their use at the pre-IPO stage (thanks to this, the issuer will be able to attract financing on more favorable terms before acquiring public status), and also to consider the possibility of switching from a fixed to a variable conversion rate. Such changes will allow companies to better adapt the instrument to their needs and the market situation.

Preview photo: ABCDstock / Shutterstock / Fotodom

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //vv. KBR.ru/Press/Event/? ID = 24705

MIL OSI Russia News –

June 12, 2025
MIL-OSI Russia: Financial news: Bank of Russia decisions regarding financial market participants

Translation. Region: Russian Federal

Source: Central Bank of Russia (2) –

All segments

Licensing measures

Control of insolvency restoration procedures

On the reorganization of the non-state pension fund

On the introduction of a ban

On termination of a mutual investment fund

On lifting the previously imposed ban

Qualification certificates

On the results of inspections of non-credit financial institutions

About joining the SGP

Control of insolvency restoration procedures

Licensing measures

Maintaining registers

Control of insolvency restoration procedures

Maintaining registers

On filing a bankruptcy petition with the court

Licensing

Access to the financial market

Registration actions

Operations Prohibition

Accreditation of organizations

Maintaining registers

Qualification certificates

Licensing

Response measures

On the issue of securities

Registration actions

Licensing measures

State control over the acquisition of shares

On extending the period for eliminating the violation

Accreditation

Accreditation of news agencies

Prescriptions

Control of insolvency restoration procedures

Prescriptions

Entry into the register

Exclusion from the registry

Maintaining registers

Transfer of insurance portfolio

Agreements with the Bank of Russia

Maintaining registers

Restriction of activities of the OIS/OOTSFA

Replacement of an official of the OIS/OOCFA

Restriction of the activities of the OFP

Maintaining registers

Accreditation of investment advisory programs

Maintaining registers

Restriction of activities of the OIP

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

MIL OSI Russia News –

June 12, 2025
MIL-OSI Russia: Financial news: RUONIA rate

Translation. Region: Russian Federal

Source: Central Bank of Russia (2) –

All information on the RUONIA interest rate published by the Bank of Russia on the official website is public and generally accessible, therefore it can be reproduced in any media, on Internet servers or on any other media. The terms of use and reproduction of this information are presented in the section “About the site”. When reproducing information about the RUONIA rate, a link to the original source (the official website of the Bank of Russia) is required. The Bank of Russia is not responsible for information about the RUONIA interest rate published in sources other than its official website.

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

MIL OSI Russia News –

June 12, 2025
MIL-OSI Russia: Dmitry Patrushev: The government is increasing the efficiency of forest inventory

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Deputy Prime Minister Dmitry Patrushev held a meeting devoted to forest management issues in Russia. The event was attended by the management of the Accounts Chamber, the Ministry of Natural Resources, the Ministry of Finance, the Ministry of Industry and Trade, the Federal Forestry Agency, and heads of regions in which the forest industry complex has a significant impact on the economy.

Since 2020, on the instructions of the President of Russia, a large-scale reform of the forestry industry has been carried out, aimed at increasing the transparency and efficiency of its functioning.

Previously, forest resources were assessed by regions using the federal budget and their own funds. At the same time, forest management was carried out by businesses. Such decentralization had a negative impact on the efficiency of the system’s management.

The Deputy Prime Minister emphasized that it was possible to improve manageability thanks to the transfer of forest inventory powers to the federal level in 2022. In particular, the areas covered by forest management have increased – in three years, work has been completed on almost 60 million hectares.

At the same time, Dmitry Patrushev noted that the pace of work in this area needs to be increased in order to involve forest resources in circulation.

During the meeting, the heads of the Arkhangelsk and Irkutsk regions, as well as Primorsky Krai, informed about the situation on the ground and presented their proposals for improving work and developing the regulatory framework.

Following the meeting, the Ministry of Natural Resources and the Federal Forestry Agency were instructed to speed up work on improving legislation, including taking into account the noted proposals of the heads of regions. Additionally, it is necessary to improve the forest assessment planning system, including using modern technologies in the field of artificial intelligence and Earth remote sensing data.

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

MIL OSI Russia News –

June 12, 2025

MIL-OSI Russia: Financial News: RUONIA Index and Urgent Version

Translation. Region: Russian Federal

Source: Central Bank of Russia (2) –

For financial products with a floating interest rate (e.g. loans, bonds), the Bank of Russia proposes to use the urgent version of RUONIA as an indicator.

Two products have been developed:

urgent version of RUONIA for terms of one, three and six months; the RUONIA accumulated value index, on the basis of which each market participant can calculate for themselves interest rates of any (non-standard) term.

Date	06/10/2025	06/11/2025
Index	3.676664	3.678659
Urgent version of RUONIA for 1 month	20.96	20.94
Urgent version of RUONIA for 3 months	21.58	21.56
Urgent version of RUONIA for 6 months	22.09	22.08

Dynamics of the index and urgent version of RUONIA

The index and urgent version of RUONIA are calculated for each day based on the RUONIA interest rate (using the compound interest formula on business days for which RUONIA was calculated, using the simple interest formula on weekends and days for which RUONIA was not calculated) and are published on the website of the Bank of Russia on the days of RUONIA calculation after the publication of RUONIA.

RUONIA Interest Rate Methodology And Methodology for the formation and publication of the RUONIA index and the urgent version of RUONIA officially approved by the Bank of Russia.

The urgent version of RUONIA has an economic justification – the final yield is measured by the results of daily reinvestment during the “overnight” period. The issuer (borrower) pays the actual cost of money that has developed on the market over the past interest period.

The use of the urgent version of RUONIA allows smoothing the yield and avoiding shocks of the money (currency) market, as well as one-time changes in the key rate of the Bank of Russia. Thus, the urgent version of RUONIA relieves issuers and borrowers from the effects of volatility of short-term interest rates. At the same time, it acts as a nominal anchor – by managing the liquidity of the banking sector, the regulator stabilizes the value of RUONIA daily within the interest rate corridor, which ensures the predictability of its dynamics. Accordingly, the use of RUONIA in active and passive transactions allows minimizing the basis risk, since interest payments on claims and liabilities are closely correlated with each other.

In 2020, the Bank of Russia conducted an international audit confirming RUONIA’s compliance with the requirements of the International Organization of Securities Commissions.

In the Bank of Russia, control over compliance with international requirements is carried out by RUONIA Monitoring Committee. RUONIA is characterized by low operational risk.

User’s Guide for the RUONIA Index and Urgent Version.

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

MIL OSI Russia News –

June 12, 2025

MIL-OSI USA: Visit Any Disaster Recovery Center For In-Person FEMA Assistance

Source: US Federal Emergency Management Agency

Headline: Visit Any Disaster Recovery Center For In-Person FEMA Assistance

Visit Any Disaster Recovery Center For In-Person FEMA Assistance

FRANKFORT, Ky

–If you are a Kentucky survivor who experienced loss as the result of the severe storms, straight-line winds and tornadoes from May 16-17, 2025, you do not have to go to a Disaster Recovery Center in your own county

You can receive in-person FEMA assistance at any center

No appointment is needed

To find all Disaster Recovery Center locations, including those in other states, go to fema

gov/drc or text “DRC” and a Zip Code to 43362

Disaster Recovery Centers are one-stop shops where you can get information and advice on available assistance from state, federal and community organizations

You can get help to apply for FEMA assistance, learn the status of your FEMA application, understand the letters you get from FEMA and get referrals to agencies that may offer other assistance

The U

S

Small Business Administration representatives and resources from the Commonwealth are also available at the Disaster Recovery Centers to assist you

FEMA is encouraging Kentuckians affected by the May tornadoes to apply for federal disaster assistance as soon as possible

The deadline to apply is July 23

You don’t have to visit a center to apply for FEMA assistance

There are other ways to apply: online at DisasterAssistance

gov, use the FEMA App for mobile devices or call 800-621-3362

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

For more information about Kentucky tornado recovery, visit www

fema

gov/disaster/4875

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4864

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Wed, 06/11/2025 – 12:06

MIL OSI USA News –

June 12, 2025
MIL-OSI USA: DCCA NEWS RELEASE: DCCA DISCIPLINARY ACTIONS (THROUGH MAY 2025)

Source: US State of Hawaii

DCCA NEWS RELEASE: DCCA DISCIPLINARY ACTIONS (THROUGH MAY 2025)

Posted on Jun 10, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

JOSH GREEN, M.D.

GOVERNOR

KE KIAʻĀINA

KA ʻOIHANA PILI KĀLEPA

NADINE Y. ANDO

DIRECTOR

KA LUNA HOʻOKELE

DENISE P. BALANAY

SENIOR HEARINGS OFFICER

DCCA DISCIPLINARY ACTIONS

(Through May 2025)

June 10, 2025

HONOLULU – The state Department of Commerce and Consumer Affairs (DCCA) and its respective state Boards and Commissions released a summary of disciplinary actions through the month of May 2025, taken on individuals and entities with professional and vocational licenses in Hawai‘i. These disciplinary actions include dispositions based upon either the results of contested case hearings or settlement agreements submitted by the parties. Respondents enter into settlement agreements as a compromise to claims and to conserve on the expenses of proceeding with an administrative hearing.

The DCCA and the Boards and Commissions are responsible for ensuring those with professional and vocational licenses areperforming up to the standards prescribed by state law.

Respondent:     Tricia Ann K.C. Mangubat fka Tricia Ann K. Castro

Case Number:   ACC 2022-22-L

Sanction:          Voluntary license surrender

Effective Date: 3-14-25

RICO alleges that Respondent plead guilty in the United States District Court for the District of Hawaii to Conspiracy to defraud the United States and Conspiracy to Commit Bank Fraud, in potential violation of HRS §§ 436B-19(7), 436B-19(8), 436B-19(9), 436B-19(14), 466-9(b)(5), and 466-9(b)(8). (Board approved Settlement Agreement.)

Respondent:     Mali Bella Company, LLC dba Mali Bella Construction

Case Number: CLB 2024-195-L Sanction:          License revocation

Effective Date: 5-23-25

RICO alleges that Respondent entered into a written contract to renovate and construct a home addition, failed to provide required disclosures, and failed to complete the project as agreed, in potential violation of HRS §§ 444-17(11) and 444-25.5.(Board approved Settlement Agreement.)

Respondent:     Mali Bella Company, LLC dba Mali Bella Construction

Case Number: CLB 2024-381-L Sanction:          License revocation

Effective Date: 5-23-25

RICO alleges that Respondent entered into a written contract to renovate a home and failed to provide required disclosures, in potential violation of HRS §§ 444-17(12) and 444-25.5(b)(1), and HAR §§ 16-77-80(a)(3), 16-77-80(a)(5), 16-77-80(a)(6), and 16-77-80(a)(7). (Board approved Settlement Agreement.)

Respondent:     David P. Luedtke

Case Number: CLB 2024-195-L Sanction:          License revocation

Effective Date: 5-23-25

RICO alleges that Respondent was the principal RME of Mali Bella Construction (MBC), that MBC entered into a written contract to renovate and construct a home addition, and that MBC failed to provide required disclosures, in potential violation of HRS §§ 444-17(12) and 444-25.5, and HAR § 16-77-71(a). (Board approved Settlement Agreement.)

Respondent:     David P. Luedtke

Case Number: CLB 2024-381-L Sanction:          License revocation

Effective Date: 5-23-25

RICO alleges that Respondent was the principal RME of Mali Bella Construction (MBC), that MBC entered into a written contract to renovate a home, and that MBC failed to provide required disclosures, in potential violation of HRS §§ 444-17(12) and 444-25.5, and HAR § 16-77-71(a). (Board approved Settlement Agreement.)

REAL ESTATE COMMISSION

Respondent:    Leeann Starinieri

Case Number:   REC 2023-461-L

Sanction:          $1,500 fine, comply with ADLR terms, continue counseling, substance abuse assessment

Effective Date: 5-30-25

RICO alleges that on November 7, 2023, Respondent pled no contest to Reckless Driving in the District Court of the Fifth Circuit, Respondent’s driver’s license was administratively forfeited for four years, and that Respondent wrote a letter to RICO stating she quit drinking alcohol and was in counseling, in potential violation of HRS § 436B-19(12). (Commission approved Settlement Agreement.)

Respondent:    Stephen T. Wells

Case Number:   REC 2025-115-L

Sanction:          1-year license suspension, 2-year license probation, education course

Effective Date: 5-30-25

RICO alleges that on February 27, 2025, Respondent was sentenced in the U.S. District Court for the State of Hawaii for Health Care Fraud, in potential violation of HRS §§ 436B-19(6) and 436B-19(12). (Commission approved Settlement Agreement.)

Respondents: Hale Nani Realty LLC and Mon-Jiuan Ide

Case Number:   REC 2024-503-L

Sanction:          $15,000 fine

Effective Date: 5-30-25

RICO alleges that it received a referral alleging Respondents’ licenses were inactive since January 1, 2023, due to Respondent Ide, principal broker for Hale Nani Realty LLC, having insufficient continuing education credits, that Respondent Hale Nani Realty LLC’s license was inactive from January 1, 2023 through December 2, 2024, and that Respondent Ide’s license was inactive from January 1, 2023 through November 8, 2024, in potential violation of HRS § 467-7. (Commission approved Settlement Agreement.)

Respondents: Iridescent Productions LLC dba Turquoise Hawaii Real Estate and Rebecca Brooke Corby dba Rebecca Corby

Case Number:   REC 2022-410-L

Sanction:          $400 fine

Effective Date: 5-30-25

The Commission adopted the Hearings Officer’s recommended decision and found and concluded that Respondent violated HRS §§ 436B-19(16) and 436B-19(17). (Commission’s Final Order after contested case hearing.)

BusinessCheck is an online platform designed to serve as a comprehensive resource for researching licensed professionals. This tool empowers users to verify licenses, review complaint histories and discover when a business was established, all in one place. Please visit businesscheck.hawaii.gov to verify a professional’s license status, confirming their qualifications, compliance with regulations and accountability to a governing body.

# # #

Media Contact:

Communications Office

Department of Commerce and Consumer Affairs

Phone: 808-586-2760

Email: [email protected]

MIL OSI USA News –

June 12, 2025
MIL-OSI USA: DLNR News Release-Dredging Begins of Lava Inundated Pohoiki Boat Ramp, June 10, 2025

Source: US State of Hawaii

DLNR News Release-Dredging Begins of Lava Inundated Pohoiki Boat Ramp, June 10, 2025

Posted on Jun 10, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF LAND AND NATURAL RESOURCES

KA ‘OIHANA KUMUWAIWAI ‘ĀINA

JOSH GREEN, M.D.
GOVERNOR

DAWN CHANG
CHAIRPERSON

DREDGING BEGINS OF LAVA INUNDATED POHOIKI BOAT RAMP

Blessing Highlights Community Involvement

FOR IMMEDIATE RELEASE

June 10, 2025

PUNA DISTRICT, Hawai‘i Island – Dredging work began today to restore access to the lava-barricaded Pohoiki Boat Ramp, eight years after lava from an eruption of Kīlauea rendered it unusable.

On Monday, hundreds of people gathered for a community celebration and blessing at the top of the ramp, which by November is expected to be clear of an estimated 42,000 cubic yards of black sand and boulders. That’s about 22,000 full-sized pickup truck beds.

DLNR Chair Dawn Chang, speaking before the blessing, commented, “This is a day of celebration to recognize the collaboration of the community, elected officials and DLNR working together to support this project. The Pohoiki Boat Ramp is a piko, or focal point for this community. Fishing is a huge part of the greater Puna community and commercial, recreational and subsistence fishers have been waiting patiently for this work to begin. The million-dollar question is what took so long?”

Even before the eruption, Finn McCall, the head engineer with the DLNR Division of Boating and Ocean Recreation (DOBOR), made multiple visits to Pohoiki. Immediately after the eruption stopped, McCall continued making further visits to Pohoiki to shift the strategy in addressing ramp needs. “Boy, this has been a long journey,” he remarked. We tried looking at sites from Kapoho all the way to Kalapana. Sand and boulders continued to fill the entire bay, but once that stopped, we began focusing on restoring the Pohoiki ramp.”

The state had hoped for more federal support to approve removal of most of the volcanic debris in Pohoiki Bay, but FEMA was only able to approve restoration of the boat ramp entrance channel. Then it took dogged efforts by state lawmakers from the district to convince the rest of the legislature that opening the Pohoiki boat ramp was the top priority for people in the district.

Chang singled out the efforts of state Senator Joy San Buenaventura and state Representative Greggor Ilagan in getting $5.4 million of state funding for the dredging. The total project cost came in at $9.28 million, which means the $2.9 million shortfall is being covered by DOBOR’s Boating Special Fund, which derives its revenues almost entirely from boating user fees.

In remarks during the blessing ceremony, Sen. San Buenaventura said, “We needed people to understand how much it cost in fuel just to bring all our boats from the Wailoa Small Boat Harbor in Hilo, the nearest boating facility, out to Puna to they could fish to feed and support their families.”

She and Rep. Ilagan often pointed out it was akin to only having one small boat ramp for all of O‘ahu. “In 2021, I was also advocating for the alternate highway route, as that was the number-one issue that people voted on during town hall meetings. In 2022 the community reprioritized my priorities and made the Pohoiki Boat Ramp number one.”

Chang fielded letter after letter, comment after comment from upset and frustrated fishers, some of whom had to give up their generational livelihoods of fishing because it became too expensive. Family members with lineal connections to the coastline were not able to fish, either. She and every single speaker singled out the community for not giving up and pushing to have Pohoiki restored.

As did the consulting company and contractor hired to do the work. Kyle Kaneshiro of Limtiaco Consulting commented, “This has been one of the most eye-opening, humbling projects I’ve ever worked on. The community made everything so easy. This is not an easy project, but the community got everyone together.”

Guy DiBartolo from Goodfellows Bros. Inc., added, “I’ve been to many ground blessings and ceremonies. This one for me, stands out as something unique and special, seeing the community’s involvement over many months and years.”

For many people, like DLNR First Deputy Ryan Kanaka‘ole, Pohoiki stirs up fond childhood memories. “Summertime for me was coming down here, making the two-hour drive each way from Kaʻū with my father to dive, surf, or just relax. This day makes me remember my dad. He didn’t have a house, but he had a car and I’ll never forget those days spent at Pohoiki.”

The contractor has nine months to complete the project but expects to be finished in November.

# # #

RESOURCES

(All images/video Courtesy: DLNR)

HD video – Pohoiki Boat Ramp Dredging Blessing (June 9, 2025):

https://www.dropbox.com/scl/fi/kw102jfqjg9w20upm9bsr/Pohoiki-Dredging-Project-Blessing-June-9-2025.mp4?rlkey=p3dz85napmmocpeivp0c45zj0&st=g7w1fs9s&dl=0

HD video – Pohoiki dredging project blessing media clips (June 9, 2025):

https://www.dropbox.com/scl/fi/hzi3qkgl7t3gkaaisinb6/Pohoiki-dredging-project-blessing-media-clips-June-9-2025.mp4?rlkey=jca3f5ys756051odrc32vzuw4&st=fmke94pp&dl=0

(Shot sheet/transcriptions attached)

Photographs – Pohoiki dredging project blessing (June 9, 2025):

https://www.dropbox.com/scl/fo/kedkashm6iqvkt9q7l7v6/AD3MEi0Yyw70FEu516nwrQ0?rlkey=c4c37j39ftlugmkq0hzh8cws6&st=n4fne779&dl=0

Media Contact:

Dan Dennison

Communications Director

Hawai‘i Dept. of Land and Natural Resources

808-587-0396

[email protected]

MIL OSI USA News –

June 12, 2025
MIL-OSI: Inception Growth Acquisition Limited Announces Extension of Business Combination Period

Source: GlobeNewswire (MIL-OSI)

New York, June 11, 2025 (GLOBE NEWSWIRE) — Inception Growth Acquisition Limited (NASDAQ: IGTA, the “Company”), a publicly traded special purpose acquisition company, announced today that at its annual meeting of stockholders on June 5, 2025 (the “Meeting”), the Company’s stockholders voted in favor of, among others, the proposals to amend (i) its amended and restated certificate of incorporation; and (ii) the investment management trust agreement with Continental Stock Transfer & Trust Company, giving the Company the right to extend the date on which to commence liquidating the trust account established in connection with the Company’s initial public offering (the “Trust Account”) by four (4) times for an additional one (1) month each time from June 13, 2025 to October 13, 2025 by depositing into the trust account an aggregate amount equal to $0.075 multiplied by the number of common stock issued in the Company’s initial public offering that has not been redeemed for each one-month extension. The purpose of the extension is to provide additional time for the Company to complete a business combination.

Contact

Inception Growth Acquisition Limited
Investor Relationship Department
(315) 636-6638

The MIL Network –

June 12, 2025

MIL-OSI: Apollo Capital Releases Investor Presentation Highlighting Plan to Make MediPharm Labs the World’s Leading International Medical Cannabis Company

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 11, 2025 (GLOBE NEWSWIRE) — Apollo Technology Capital Corporation (“Apollo Capital”), which together with its affiliates and associates collectively is one of the largest shareholders of MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm”, “MediPharm Labs”, or the “Company”), owning approximately 3% of the Company’s common stock, today issued a presentation to set forth their ambitious plan to grow your investment and help turn MediPharm around.


Outlines Commitment to Immediately and Aggressively Execute on Action Plan to 10X+ Share Price and Create Value for All Shareholders Details Specific and Measurable Initiatives to Save MediPharm Labs from Insolvency at the Hands of Greedy, Reckless, and Maligned Leaders Sets Forth Plan to Stop Exorbitant Executive Compensation Pay-for-Failure and End 3 Years of Value Destructive Actions

THE TIME TO ACT IS NOW. VOTE THE GOLD CARD TODAY.

SHAREHOLDERS ARE URGED TO PROTECT THEIR INVESTMENT BY VOTING THE GOLD PROXY CARD “FOR” APOLLO CAPITAL’S SIX HIGHLY-QUALIFIED DIRECTOR NOMINEES AND DISREGARD MEDIPHARM LABS’ GREEN PROXY CARD.

TOGETHER LET’S SAVE MEDIPHARM AND DELIVER THE VALUE THAT SHAREHOLDERS DESERVE.

View the Presentation at https://www.curemedipharm.com/historical-filing/investor-presentation.

For more information on our detailed value creation plan and instructions on how to vote, please see our website www.curemedipharm.com.

Contacts

For Shareholders:
Carson Proxy
North American Toll-Free Phone: 1-800-530-5189
Local or Text Message: 416-751-2066 (collect calls accepted)
E: info@carsonproxy.com

For Media:
media@curemedipharm.com

This solicitation is being made by and on behalf of Apollo Capital, who, as of the date of this Circular, beneficially owns or controls, directly and indirectly through its wholly-owned subsidiary, Nobul Technologies Inc., 12,491,500 common shares of the Company (“Common Shares”), representing approximately 3% of the total Common Shares issued and outstanding, and not by the management of the Company.

Legal Disclosures

Information in Support of Public Broadcast Exemption under Canadian Law

In connection with the annual general and special meeting (the “Annual Meeting”) of shareholders of MediPharm, Apollo Capital has filed an amended and restated dissident information circular dated May 15, 2025 (the “Circular”), as amended and supplemented by an addendum to the Circular subsequently filed by Apollo Capital and Patrick McCutcheon (together, the “Concerned Stakeholder”) dated June 4, 2025 (the “Addendum” and together with the Circular, the “Amended Circular”), each in compliance with applicable corporate and securities laws. The Concerned Stakeholder has provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations (“NI 51-102”) and the corresponding exemption under the Business Corporations Act (Ontario), and has filed the Amended Circular, available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The Amended Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of the Concerned Stakeholder’s director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Amended Circular is hereby incorporated by reference into this press release and is available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 151 John Street, Barrie, Ontario, Canada L4N 2L1.

SHAREHOLDERS OF MEDIPHARM ARE URGED TO READ THE AMENDED CIRCULAR CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and shareholders are able to obtain free copies of the Amended Circular and any amendments or supplements thereto and further proxy circulars at no charge under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. In addition, shareholders are also able to obtain free copies of the Amended Circular and other relevant documents by contacting the Concerned Stakeholder’s proxy solicitor, Carson Proxy Advisors Ltd. (“Carson Proxy”) at 1-800-530-5189, local (collect outside North America): 416-751-2066 or by email at info@carsonproxy.com. Finally, the Amended Circular is available on this website https://www.curemedipharm.com/historical-filing/investor-flyer.

Proxies may be revoked in accordance with subsection 110(4) of the Business Corporations Act (Ontario) by a registered shareholder of Company shares: (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing executed by the shareholder or by the shareholder’s attorney authorized in writing; (c) by transmitting by telephonic or electronic means a revocation that is signed by electronic signature in accordance with applicable law, as the case may be: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Annual Meeting or any adjournment or postponement of the Annual Meeting is to be held, or (ii) with the chair of the Annual Meeting on the day of the Annual Meeting or any adjournment or postponement of the Annual Meeting; or (d) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non-registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the Annual Meeting.

The costs incurred in the preparation and mailing of any circular or proxy solicitation by the Concerned Stakeholder and any other participants named herein will be borne directly and indirectly by Apollo Capital. However, to the extent permitted under applicable law, Apollo Capital intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of its director nominees at the Annual Meeting.

This press release and any solicitation made by the Concerned Stakeholder is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of the Concerned Stakeholder who will not be specifically remunerated therefor. In addition, the Concerned Stakeholder may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf.

Apollo Capital has entered into an agreement with Carson Proxy for solicitation and advisory services in connection with the solicitation of proxies by the Concerned Stakeholder for the Annual Meeting, for which Carson Proxy will receive a fee from Apollo Capital not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses. Apollo Capital has also engaged Gasthalter & Co. LP (“G&Co”) to act as communications consultant to provide the Concerned Stakeholder with certain communications, public relations and related services, for which G&Co will receive, from Apollo Capital, a minimum fee of US$75,000 in addition to a performance fee of US$250,000 in the event that the Concerned Stakeholder’s nominees make up a majority of the board of directors of MediPharm (the “Board”) following the Annual Meeting, plus excess fees, related costs and expenses.

No member of the Concerned Stakeholder nor any of their respective associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company’s last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company’s affiliates. No member of the Concerned Stakeholder nor any of their respective associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Annual Meeting, other than setting the number of directors and the election of directors to the Board.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of the Concerned Stakeholder and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements contained herein are made only as of the date hereof and the Concerned Stakeholder disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Concerned Stakeholder hereafter becomes aware, except as required by applicable law.

Hashtags: #ShareholderActivism #CorporateGovernance #InvestorProtection #Investor Alert #Investor Fraud #FinancialRegulation #CorporateCrime #FinancialCrime #HomelandSecurity #DHS #OpioidCrisis #OpioidEpidemic #OpioidLitigation #OpioidVictims #BMO #DEA #ONDCP

The MIL Network –

June 12, 2025

MIL-OSI: TruGolf Announces Acquisition of mlSpatial

Source: GlobeNewswire (MIL-OSI)

Salt Lake City, Utah, June 11, 2025 (GLOBE NEWSWIRE) — TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading golf technology company, has announced that it has executed a definitive agreement to acquire mlSpatial, a renowned AI and machine learning engineering firm. This strategic acquisition aims to advance the integration of artificial intelligence within TruGolf’s industry-leading products, including the Apogee Launch Monitor, Launchbox, Multisport Arcade, and E6 Apex.

The collaboration between TruGolf and mlSpatial began in March 2024 with a licensing agreement to co-develop an AI engine enhancing the 9-axis spin accuracy of TruGolf’s Apogee Launch Monitor. Building upon this successful partnership, the full acquisition of mlSpatial will enable TruGolf to seamlessly incorporate advanced AI technologies across its entire product suite, delivering unparalleled user experiences, training suggestions, and player insights.

“We are very excited to bring mlSpatial and its AI and machine learning technology into the TruGolf family,” said Chris Jones, TruGolf CEO. He continued, “Acquiring mlSpatial marks a significant milestone in our commitment to revolutionize golf simulation through cutting-edge AI integration. This acquisition empowers us to explore innovative applications of AI across our ecosystem, enhancing realism and interactivity for our users while lowering development costs.”

Josh Pomazal, founder of mlSpatial, expressed enthusiasm about the acquisition: “We’re excited to leverage TruGolf’s extensive real-time data, collected daily, to continually refine our products with the advanced machine learning and AI models we’ve developed over the years.”

This acquisition solidifies our deep commitment to innovation and aligns with the broader industry trend of significant investments in AI infrastructure. Notably, in January 2025, President Donald Trump announced a private-sector initiative, the Stargate Project, aiming to invest up to $500 billion in AI infrastructure within the United States. This substantial investment underscores the rapid progress and importance of AI technologies across various sectors.

reuters.com

TruGolf’s acquisition of mlSpatial positions the company at the forefront of AI-driven innovation in golf simulation, promising enhanced performance and immersive experiences for enthusiasts worldwide.

For more information, please visit www.trugolf.com.

About TruGolf Holdings

TruGolf is a golf technology company, committed to making golf, easy. From innovative uses for AI to build content and enhance its image and spatial analysis, to gamified golf improvement plans, TruGolf is an industry leader in the growing technological revolution in the sport of golf. Since its founding, TruGolf has redefined what is possible in golf through technology. TruGolf’s suite of Hardware, Software, and Web Products make it easier to Play, Improve, and Enjoy the game of golf.

Forward-Looking Statements

Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements include, without limitation, whether the Company’s compliance plan will be accepted by Nasdaq and the Company’s expected future cash needs. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website, www.sec.gov.

Media Contacts:

TruGolf: Michael Bacal: Phone: 917-886-9071; mbacal@darrowir.com Web: TruGolf.com LinkedIn: @TruGolf

The MIL Network –

June 12, 2025
MIL-OSI: Siebert Financial Deepens Tech Strategy with FusionIQ Investment

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) — Siebert Financial Corp. (NASDAQ: SIEB) today announced a meaningful investment and strategic partnership with FusionIQ, a leading cloud-native digital wealth management platform. Under the agreement, Siebert will deploy FusionIQ’s technology to enhance its digital offerings and streamline end-to-end investment workflows across its growing client base.

This move aligns with Siebert’s broader strategy to prioritize technology investment and forge strategic alliances to better serve its clients. The partnership enables Siebert to offer modular digital solutions that include hybrid advice, self-directed investing, and multi-custodian integration.

“This partnership marks a pivotal step in reshaping our digital footprint,” said John J. Gebbia, Chief Executive Officer of Siebert Financial Corp. “It’s an investment that is positioning Siebert as a digital-first partner for the next generation of investors.”

“We’re thrilled to integrate FusionIQ’s leading digital wealth management solutions with Siebert’s client offerings,” said John Kimbro, CTO of FusionIQ. “This partnership supports our shared mission to deliver financial freedom to everyone—through intuitive, scalable tools that meet each investor’s unique needs.”

“Our partnership with Siebert Financial Corp. reflects a shared vision for the future of wealth management and investing tools—one that is inclusive, digital, and built for the next generation of investors,” said Eric Noll, CEO of FusionIQ. “With their forward-looking leadership and deep client relationships, Siebert is uniquely positioned to help us expand access to modern investing solutions. This is just the beginning—together, we’ll continue to broaden our reach, enhance our offerings, and redefine how wealth is built and managed in a digital-first world.”

John M. Gebbia, Co-CEO of Muriel Siebert & Co. LLC, added, “We’re thrilled to integrate FusionIQ’s award-winning platform with Siebert. This collaboration accelerates our commitment to delivering personalized, tech-driven experiences to our client base. Our goal is clear: empower clients with tools that reflect today’s expectations and tomorrow’s ambitions.”

About Siebert Financial Corp.
Siebert is a diversified financial services company and has been a member of the NYSE since 1967, when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC, and StockCross Digital Solutions, Ltd, and Gebbia Media LLC. Through these entities, Siebert provides a full range of brokerage and financial advisory services, including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions, in addition to entertainment and media productions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by, or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of the management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A – Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2024, and Siebert’s filings with the SEC.

Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise, except to the extent required by the federal securities laws.

Media Contact:
Deborah Kostroun, Zito Partners
deborah@zitopartners.com
+1 (201) 403-8185

The MIL Network –

June 12, 2025
MIL-OSI: Global Billion Dollar Oncology Industry Experiencing Substantial Growth Driven by Increasing Cancer Incidences

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., June 11, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The global oncology market is undergoing rapid growth, mainly due to the increasing number of cancer cases around the world. The World Health Organization estimates there will be over 35 million new cancer cases by 2050, a massive 77% increase from the estimated 20 million cases in 2022. This rising occurrence of cancer has been attributed to lifestyle changes in an increasingly geriatric population in both developed countries and emerging economies. Environmental factors such as pollution and the high penetration of microplastics, a potential carcinogen, are also contributing to the growing number of cancer cases. As the global burden of cancer continues to go up, government and private organizations are increasing funding in both healthcare infrastructure and investment into research and development of therapeutics and potential cures for various kinds of cancers. Many federal early detection programs have been launched with large players in the pharmaceutical sector looking to increase the number of clinical trials and drug discovery studies undertaken. These innovations are propelling market expansion, with the sector expected to witness significant growth in the coming years as new technologies and therapies continue to emerge. A new research report from BioSpace, said the global oncology market size was USD 321.19 billion in 2024, and calculated at USD 356.20 billion in 2025 is expected to reach around USD 903.81 billion by 2034, growing at a CAGR of 10.9% for the forecasted period. the development of the global healthcare infrastructure and cancer continuing to be one of the leading causes of death worldwide drives growth in the global oncology market. Active oncology biotech and pharma companies in the markets this week include Oncolytics Biotech^®Inc. (NASDAQ: ONCY) (TSX: ONC), Novartis AG (NYSE: NVS), BioNTech SE (NASDAQ: BNTX), Arvinas, Inc. (NASDAQ: ARVN), Pfizer Inc. (NYSE: PFE).

The report said: “Innovations in cancer treatments include advancements in immunotherapy and precision medicine (which include targeted therapies), and the various applications of artificial intelligence. Some examples of novel oncological treatments include kinase and checkpoint inhibitors, monoclonal antibodies, and CAR-T cell therapy. These therapeutics mobilize the body’s immune system in new ways to fight cancer. As early diagnostic techniques improve, certain kinds of cancers, such as breast cancer, melanoma, and thyroid cancer, can be cured more frequently. Techniques such as liquid biopsy, biomarker-based testing and breakthroughs such as next-generation sequencing (NGS) are enhancing the ability to diagnose cancer at an early stage. As investment continues to grow in the oncology sector, new treatments are expected to improve the remission and survival rates of patients battling this disease and provide a boost to growth in the global oncology market.”

Oncolytics Biotech^®Inc. (NASDAQ: ONCY) (TSX: ONC) Names New CEO to Accelerate Momentum in Immunotherapy Programs — Oncolytics Biotech ^® Inc., ($ONCY $ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced the appointment of Jared Kelly as Chief Executive Officer and a member of its Board of Directors.

Mr. Kelly is a successful biotech executive who has proven expertise in transformative deals and corporate strategy. Most recently, he played a central role in orchestrating the sale of Ambrx Biopharma to Johnson & Johnson for $2 billion. Prior to Ambrx, he advised multiple leading-edge biotech companies on M&A and licensing transactions at highly respected law firms, including Lowenstein Sandler LLP and Kirkland & Ellis LLP. He is a JD and LLM graduate of Georgetown Law.

“Mr. Kelly’s vision and track record is an extraordinary fit with the standout clinical data pelareorep has generated to date,” said Wayne Pisano, Chair of Oncolytics’ Board of Directors and outgoing Interim CEO. “We believe Mr. Kelly’s well-documented ability to prioritize clinical program development, execute successful financings, and attract the attention of large industry peers will help maximize Oncolytics’ potential to deliver transformative outcomes for patients and exceptional value for investors.”

Mr. Kelly added, “Pelareorep’s clinical data across multiple tumors is striking and represents the potential for a true backbone immunotherapy to address many in-need indications. Importantly, the data show that pelareorep creates a robust immunologic response in difficult tumors and increases survival in a patient population where survival has historically evaded most patients. With a renewed focus and sharpened clinical development plan, we believe we will move pelareorep forward effectively and efficiently to a place where potential partners will see the value of a de-risked immunotherapy. I am excited to get to work accelerating development and unlocking significant value for stakeholders.”

Pelareorep, an intravenously-administered immunotherapeutic agent, has been granted FDA Fast Track designation by the U.S. Food and Drug Administration (FDA) in metastatic pancreatic ductal adenocarcinoma (mPDAC) and HR+/HER2- metastatic breast cancer (mBC). It has delivered compelling results in mPDAC, a high-value indication with significant unmet need. In Phase 1 and 2 trials involving more than 140 mPDAC patients, pelareorep has delivered a >60% objective response rate in tumor evaluable patients in the most recent study, which is more than double the benefit observed in historical control trials, and, separately, two-year survival rates 4-6 times those observed in control patients or against the benchmark in prior studies.

In mBC, pelareorep recorded a meaningful survival benefit in two randomized Phase 2 studies of over 100 combined mBC patients, IND-213 and BRACELET-1. Phase 2 objective response rate data in second-line or later unresectable squamous cell carcinoma of the anal canal (SCCA) patients continue to exceed historical data for treatment with a checkpoint inhibitor alone. These consistent efficacy signals, in combination with multiple chemotherapies and checkpoint inhibitors, uniquely position pelareorep as a high-potential asset for further development in-house and/or through strategic partnerships. Pelareorep also has a well-defined and favorable safety profile based on data from >1,100 patients across multiple tumor types.

As a material inducement to Mr. Kelly’s appointment as Chief Executive Officer, and in accordance with NASDAQ Listing Rule 5635(c)(4), Mr. Kelly has been awarded an initial stock option grant exercisable for 2,850,000 shares with an exercise price of CAD$0.57, vesting equally over three years. He also received a performance-based stock option grant exercisable for 1,900,000 shares with an exercise price of CAD$0.57, which will vest upon the achievement of certain financing objectives. All stock option grants have a term of 5 years from the date of grant. The Company also granted Mr. Kelly restricted stock units, which will entitle him to receive that number of Common Shares equal to 2% of the Company’s then outstanding common shares upon the Company entering into a definitive agreement for certain transactions providing for the acquisition of the Company or the exclusive license of pelareorep. Each of these awards is intended to align Mr. Kelly’s long-term incentives with the creation of shareholder value. CONTINUED… Read these full press releases and more news for ONCY at: https://www.financialnewsmedia.com/news-oncy/

Other recent oncology developments in the biotech industry of note include:

Novartis AG (NYSE: NVS) recently announced topline results from a pre-specified interim analysis of the Phase III PSMAddition trial. The trial met its primary endpoint with a statistically significant and clinically meaningful benefit in radiographic progression-free survival (rPFS) with a positive trend in overall survival (OS) in patients with prostate-specific membrane antigen (PSMA)-positive metastatic hormone-sensitive prostate cancer (mHSPC) treated with radioligand therapy (RLT), Pluvicto™ (lutetium (177Lu) vipivotide tetraxetan), in combination with standard of care (SoC) versus SoC alone1. In PSMAddition, the SoC is a combination of androgen receptor pathway inhibitor (ARPI) therapy and androgen deprivation therapy (ADT)3.

Almost all mHSPC patients ultimately progress to metastatic castration-resistant prostate cancer (mCRPC)4. There is a need for additional treatment options with novel mechanisms of action that further delay progression, prolong OS and improve disease control compared to the current SoC, while showing a favorable safety and tolerability profile.

BioNTech SE (NASDAQ: BNTX) and Bristol Myers Squibb (BMY, “BMS”) recently announced that the companies have entered into an agreement for the global co-development and co-commercialization of BioNTech’s investigational bispecific antibody BNT327 across numerous solid tumor types. Under the agreement, BioNTech and BMS will work jointly to broaden and accelerate the development of this clinical candidate.

BioNTech’s BNT327, a next-generation bispecific antibody candidate targeting PD-L1 and VEGF-A, is currently being evaluated in multiple ongoing trials with more than 1,000 patients treated to date, including global Phase 3 trials with registrational potential evaluating BNT327 as first-line treatment in extensive stage small cell lung cancer (“ES-SCLC”) and non-small cell lung cancer (“NSCLC”). A global Phase 3 trial evaluating the candidate in triple negative breast cancer (“TNBC”) is planned to start by the end of 2025. Preliminary data from ongoing trials underscore the potential for combining anti-PD-L1 and anti-VEGF-A – two well-established therapeutic targets – into a single molecule to deliver synergistic clinical benefits for patients across multiple tumor types.

Arvinas, Inc. (NASDAQ: ARVN) and Pfizer Inc. (NYSE: PFE) recently announced detailed results from the Phase 3 VERITAC-2 clinical trial (NCT05654623) evaluating vepdegestrant monotherapy versus fulvestrant in adults with estrogen receptor-positive, human epidermal growth factor receptor 2-negative (ER+/HER2-) advanced or metastatic breast cancer (MBC) whose disease progressed following prior treatment with cyclin-dependent kinase (CDK) 4/6 inhibitors and endocrine therapy. These data, which were highlighted in the American Society of Clinical Oncology (ASCO^®) press briefing and selected for Best of ASCO, will be presented today in a late-breaking oral presentation (Abstract LBA1000) and have been simultaneously published in the New England Journal of Medicine.

In the trial, vepdegestrant demonstrated a statistically significant and clinically meaningful improvement in progression-free survival (PFS) among patients with an estrogen receptor 1 (ESR1) mutation, reducing the risk of disease progression or death by 43% compared to fulvestrant [Hazard Ratio (HR)=0.57 (95% CI 0.42–0.77); 2-sided P<0.001]. The median PFS, as assessed by blinded independent central review (BICR), was 5.0 months with vepdegestrant versus 2.1 months with fulvestrant. Investigator-assessed PFS was consistent with the BICR-assessed PFS. In patients with ESR1 mutations, vepdegestrant demonstrated a consistent PFS benefit over fulvestrant across all pre-specified subgroups. The trial did not reach statistical significance in improvement in PFS in the intent-to-treat (ITT) population, with a median PFS of 3.7 months for vepdegestrant versus 3.6 for fulvestrant [HR=0.83 (95% CI 0.68–1.02); 2-sided P=0.07].

About FN Media Group:

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated forty nine hundred dollars for news coverage of the current press releases issued by Oncolytics Biotech^® Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:

Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

SOURCE: FN Media Group

The MIL Network –

June 12, 2025
MIL-OSI: Draganfly Announces Pricing of US$13.75 Million Public Offering

Source: GlobeNewswire (MIL-OSI)

Saskatoon, SK., June 11, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a drone solutions, and systems developer, today announced the pricing of its public offering (the “Offering”) of 5,500,000 units, with each unit consisting of one common share and one warrant to purchase one common share. Each unit is to be sold at a public offering price of US$2.50, for gross proceeds of approximately US$13.75 million, before deducting placement agent discounts and offering expenses. The warrants will have an exercise price of CA$5.0768 (or US$3.71) per share, are exercisable immediately and will expire five years following the date of issuance.

Maxim Group LLC is acting as sole placement agent for the Offering.

Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core products, potential acquisitions and research and development. The Offering is expected to close on or about June 12, 2025, subject to the satisfaction of customary closing conditions.

The Offering is subject to customary closing conditions including receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange and notification to the Nasdaq Stock Market.

The Offering is being made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly will offer and sell the securities in the United States only. No securities will be offered or sold to Canadian purchasers.

A preliminary prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof has been filed with the applicable securities commissions in Canada and with the SEC in the United States and is available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. A final prospectus supplement with the final terms will be filed with the securities regulatory authorities in the Canadian provinces of British Columbia, Saskatchewan and Ontario and the SEC. Copies of the preliminary prospectus supplements, accompanying Base Shelf Prospectus, and final prospectus supplement, when available, relating to the Offering may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

Media Contact
media@draganfly.com

Company Contact
Email: info@draganfly.com

Forward Looking Statements

Certain statements contained in this news release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the timing, size and expected gross proceeds of the Offering, the satisfaction of customary closing conditions related to the Offering and sale of securities, the intended use of proceeds, and Draganfly’s ability to complete the Offering. Closing of the Offering is subject to numerous factors, many of which are beyond Draganfly’s control, including but not limited to, the failure of the parties to satisfy certain closing conditions, and other important factors disclosed previously and from time to time in Draganfly’s filings with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and with the SEC. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

The MIL Network –

June 12, 2025
MIL-OSI: Envoy Medical to Present at the Life Sciences Virtual Investor Forum June 12th
Source: GlobeNewswire (MIL-OSI)

WHITE BEAR LAKE, Minn., June 11, 2025 (GLOBE NEWSWIRE) — Envoy Medical^®, Inc. (NASDAQ: COCH) (“Envoy Medical”), a revolutionary hearing health company focused on fully implanted hearing devices that leverage the ear’s natural anatomy, today announced that Brent Lucas, CEO of Envoy Medical, will present live at the Life Sciences Virtual Investor Frum hosted by VirtualInvestorConferences.com, on June 12^th, 2025.

DATE: June 12^th
TIME: 3pm Eastern
LINK: REGISTER HERE
Available for 1×1 meetings: June 12^th through the 17^th

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

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

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

Recent Company Highlights
- June 10, 2025 – Envoy Medical’s Pivotal Clinical Trial for Fully-Implanted Acclaim^® Cochlear Implant On Track After First Month Follow Up
- May 13, 2025 – Envoy Medical Achieves Clinical Trial Milestone and is Optimistic About Expansion into Final Stage of Trial
About Virtual Investor Conferences^®

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

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

About Envoy Medical, Inc.

Envoy Medical (NASDAQ: COCH) is a hearing health company focused on providing innovative technologies across the hearing loss spectrum. Envoy Medical has pioneered one-of-a-kind, fully implanted devices for hearing loss, including its fully implanted Esteem^® active middle ear implant, commercially available in the U.S. since 2010, and the fully implanted Acclaim^® cochlear implant, an investigational device. Envoy Medical is dedicated to pushing hearing technology beyond the status quo to improve access, usability, compliance, and ultimately quality of life.

About the Fully Implanted Acclaim^® Cochlear Implant

We believe the fully implanted Acclaim Cochlear Implant (“Acclaim CI”) is a first-of-its-kind hearing device. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound. The device is powered by a rechargeable battery and has an external charger to charge the internal device when necessary. In addition, patients are given an external remote or programmer to adjust settings or turn the device on or off.

The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed adequate candidates by a qualified physician.

The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019.

For more information on the trial, investors can visit clinicaltrials.gov or www.envoymedical.com/acclaim-pivotal.

CAUTION The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.

About the Esteem^® Fully Implanted Active Middle Ear Implant (FI-AMEI)

The Esteem fully implanted active middle ear implant (FI-AMEI) is the only FDA-approved, fully implanted hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing. Patients are given an external remote or “personal programmer” to adjust volume, switch between hearing profiles, or turn the device on or off.

Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.

Additional Information and Where to Find It

Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-Looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments; the timing and results of IRB approvals, site documents, logistics or activations, enrollments, follow-up visits, data, and clinical trials of the Acclaim CI, and the participation or any changes in participation of any subjects, institutions or healthcare professionals in such trials; the Acclaim CI being the first to market fully implanted cochlear implant; the safety, performance, and market acceptance of the Acclaim CI; and any information concerning possible or assumed future operations of Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to changes in the market price of shares of Envoy Medical’s Class A Common Stock; changes in or removal of Envoy Medical’s shares inclusion in any index; Envoy Medical’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in the Annual Report on Form 10-K filed by Envoy Medical on March 31, 2025, and in other reports Envoy Medical files, with the SEC. If any of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical.

About Virtual Investor Conferences^®

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

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

CONTACTS:
Envoy Medical Investor Contact
Phil Carlson
KCSA Strategic Communications
212.896.1233
Envoy@kcsa.com

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

The MIL Network –
June 12, 2025

MIL-OSI: Robinhood Markets, Inc. Reports May 2025 Operating Data

Source: GlobeNewswire (MIL-OSI)

MENLO PARK, Calif., June 11, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for May 2025.

Funded Customers at the end of May were 25.9 million (up about 5 thousand from April 2025, up 1.8 million year-over-year). In May, Funded Customers grew by approximately 5 thousand after the impact of required escheatment of approximately 100 thousand low-balance accounts.
Total Platform Assets at the end of May were $255 billion (up 10% from April 2025, up 89% year-over-year). Net Deposits were $3.5 billion in May, or a 18% annualized growth rate relative to April 2025 Total Platform Assets. Over the last twelve months, Net Deposits were $59.1 billion, or an annual growth rate of 44% relative to May 2024 Total Platform Assets.
Equity Notional Trading Volumes were $180.5 billion (up 14% from April 2025, up 108% year-over-year). Options Contracts Traded were 179.8 million (up 7% from April 2025, up 36% year-over-year). Crypto Notional Trading Volumes were $11.7 billion (up 36% from April 2025, up 65% year-over-year).
Margin balances at the end of May were $9.0 billion (up 7% from the end of April 2025, up 100% year-over-year).
Total Cash Sweep balances at the end of May were $30.8 billion (up 7% from the end of April 2025, up 52% year-over-year).
Total Securities Lending Revenue in May was $33 million (up 32% from April 2025, up 43% year-over-year).
May 2025 results do not include the benefit of the Bitstamp acquisition which closed on June 2, 2025, including its approximately 500 thousand funded customers.

	May 2025	April 2025	M/M Change	May 2024	Y/Y Change
(M – in millions, B – in billions)
Funded Customer Growth (M)
Funded Customers	25.9	25.9	–	24.1	+7%

Asset Growth ($B)
Total Platform Assets	$255.3	$232.3	+10%	$135.0	+89%
Net Deposits¹	$3.5	$6.8	NM	$3.6	NM

Trading
Trading Days (Equities and Options)	21	21	–	22	(5%)
Total Trading Volumes
Equity ($B)	$180.5	$157.8	+14%	$86.8	+108%
Options Contracts (M)	179.8	167.5	+7%	131.9	+36%
Crypto ($B)	$11.7	$8.6	+36%	$7.1	+65%

Daily Average Revenue Trades (DARTs) (M)
Equity	2.3	2.3	–	2.0	+15%
Options	1.2	1.2	–	0.8	+50%
Crypto	0.5	0.5	–	0.3	+67%

Customer Margin and Cash Sweep ($B)
Margin Book	$9.0	$8.4	+7%	$4.5	+100%
Total Cash Sweep	$30.8	$28.9	+7%	$20.3	+52%
Gold Cash Sweep	$28.8	$26.9	+7%	$19.6	+47%
Non-Gold Cash Sweep	$2.0	$2.0	–	$0.7	186%

Total Securities Lending Revenue ($M)	$33	$25	+32%	$23	+43%

Note: Does not reflect the acquisition of Bitstamp, which closed on June 2, 2025.

1. Net Deposits do not include results from TradePMR.

For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com.

The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.

About Robinhood

Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

“Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

Contacts

Investor Relations
ir@robinhood.com

Media
press@robinhood.com

The MIL Network –

June 12, 2025

MIL-OSI: Aterian’s PurSteam and Mueller Living Brands Launch Products in Walmart Stores
Source: GlobeNewswire (MIL-OSI)

SUMMIT, N.J., June 11, 2025 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER), a consumer products company, today announced the national launch of two of its most innovative home appliances – the PurSteam Steam Station Max and the Mueller Living Cordless Portable Vacuum Sealer – now available nationwide across Walmart locations.

“These launches reflect Aterian’s broader mission to expand our omni-channel presence by bringing high-quality consumer products to both digital and physical retail platforms,” said Arturo Rodriguez, Chief Executive Officer of Aterian. “The increased brand visibility, coupled with mass-market accessibility, is designed to strengthen the Company’s growth trajectory and retail partnerships.”

Product Launch Descriptions
- The PurSteam Steam Station Max delivers premium ironing performance at an accessible price point. Featuring rapid 1.5-minute preheat, strong continuous steam output, and a large 50.7 oz water tank, it’s built for speed and convenience. A ceramic soleplate ensures smooth gliding across all fabrics, while integrated anti-calc, anti-drip, and auto shut-off features enhance safety and extend appliance life.
- Also launching is the Mueller Living Cordless Portable Vacuum Sealer, a compact, high-performance food preservation tool that seals up to 60 bags on a single charge. With universal compatibility, fast 3-hour charging, and a cordless design, it’s ideal for everyday kitchens, meal prepping, or on-the-go storage.
“Whether it’s the commercial-grade power of our PurSteam Steam Station Max or the flexible, space-saving design of our Mueller Living Cordless Portable Vacuum Sealer, our goal is to deliver intelligent products that make life at home better,” Mr. Rodriguez continued. “These launches exemplify our commitment to combining thoughtful design with the power, safety, and everyday convenience that households demand.”

About PurSteam
PurSteam, an Aterian brand, is dedicated to revolutionizing the way people clean and care for their homes. From high-performance steam irons to state-of-the-art steam mops, PurSteam delivers products that combine advanced technology, superior quality, and exceptional value. To learn more, visit www.pursteam.com.

About Mueller Living
Mueller Living, part of the Aterian brand portfolio, believes the kitchen is the heart of the home. Known for its premium, affordable kitchen tools, Mueller Living inspires cooks of all levels with products that blend comfort, design, and durability. To learn more, visit www.muellerliving.com.

About Aterian, Inc.
Aterian, Inc. (Nasdaq: ATER) is a technology-enabled consumer products company that builds and acquires leading e-commerce brands across multiple categories, including home and kitchen appliances, health and wellness, and air quality devices. The Company sells across the world’s largest online marketplaces, including Amazon, Walmart, and Target as well as its own direct-to-consumer websites. Aterian’s brands include Mueller Living, PurSteam, hOmeLabs, Squatty Potty, Healing Solutions, and Photo Paper Direct. To learn more, visit www.aterian.io.

Forward Looking Statements
All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, our ability to expand our omni-channel presence, and strengthen our growth trajectory and retail partnerships. These forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to our ability to continue as a going concern, the effect of tariffs and other costs on our results, our ability to continue to operate following our reduction in workforce, our ability to meet financial covenants with our lenders, our ability to maintain and to grow market share in existing and new product categories; our ability to continue to profitably sell the SKUs we operate; our ability to maintain Amazon’s Prime badge on our seller accounts or reinstate the Prime badge in the event of any removal of such badge by Amazon; our ability to create operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise, the economies of scale of our supply chain and automation driven by our platform; those related to our ability to grow internationally and through the launch of products under our brands and the acquisition of additional brands; those related to consumer demand, our cash flows, financial condition, forecasting and revenue growth rate; our supply chain including sourcing, manufacturing, warehousing and fulfillment; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies and our ability to integrate such companies and technologies with our business; our ability to continue to access debt and equity capital (including on terms advantageous to the Company) and the extent of our leverage; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.

Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor Contact:

The Equity Group
Devin Sullivan, Managing Director
dsullivan@theequitygroup.com

Conor Rodriguez, Associate
crodriguez@theequitygroup.com

The MIL Network –
June 12, 2025
MIL-OSI: AMSC Announces Pricing of $115 Million Public Offering of Common Stock

Source: GlobeNewswire (MIL-OSI)

AYER, Mass., June 11, 2025 (GLOBE NEWSWIRE) — American Superconductor Corporation (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, announced today that it has priced its underwritten public offering of 4,125,000 shares of its common stock at a public offering price of $28.00 per share. AMSC expects the gross proceeds from this offering to be $115,500,000, before deducting the underwriting discounts and commissions and other estimated offering expenses. AMSC intends to use the net proceeds from this offering for working capital and general corporate purposes, including potential strategic acquisitions. AMSC has granted the underwriters a 30-day option to purchase up to 618,750 additional shares of its common stock at the public offering price, less underwriting discounts and commissions. AMSC expects to close the offering, subject to customary conditions, on or about June 12, 2025.

Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering. Craig-Hallum Capital Group LLC is acting as lead manager and Roth Capital Partners is acting as co-manager for the offering.

A shelf registration statement relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (SEC) and is effective. A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering has been filed with the SEC and a final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8563, or by email at EquityProspectus@opco.com. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the SEC’s website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, among other things, statements regarding the completion of the offering, the expected gross proceeds therefrom, the intended use of net proceeds therefrom, and other statements containing the words “intends,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of AMSC’s common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: the risk and uncertainties associated with market conditions, satisfaction of customary closing conditions related to the public offering, as well as risks and uncertainties in AMSC’s business, including those risks discussed in the “Risk Factors” section in the preliminary prospectus supplement related to the offering and in Part I, Item 1A of AMSC’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and AMSC’s other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While AMSC may elect to update such forward-looking statements at some point in the future, AMSC disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing its views as of any date subsequent to the date of this press release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contacts

Nicol Golez
Phone: 978-399-8344
Nicol.Golez@amsc.com

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

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

The MIL Network –

June 12, 2025
MIL-OSI: Conavi Medical to Present at the Life Sciences Virtual Investor Forum June 12th
Source: GlobeNewswire (MIL-OSI)

TORONTO, June 11, 2025 (GLOBE NEWSWIRE) — Conavi Medical Corp. (TSXV: CNVI) (OTCQB: CNVIF) (“Conavi Medical” or the “Company”), a commercial-stage medical device company focused on designing, manufacturing, and marketing imaging technologies to guide common minimally invasive cardiovascular procedures, today announced that Thomas Looby, CEO, will present live at the Life Sciences Virtual Investor Forum hosted by VirtualInvestorConferences.com, on June 12^th, 2025

DATE: June 12^th
TIME: 2:00 PM ET
LINK: REGISTER HERE

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

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

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

Recent Company Highlights
- Upsized $20 million CAD financing led by U.S. institutional investors is expected to support finalizing product development of the next-generation Novasight Hybrid system, submit for regulatory clearance and enable commercial launch
- New U.S. intracoronary imaging guidelines from the American College of Cardiology and recent peer-reviewed research strongly validate Novasight’s unique value proposition
- U.S. FDA 510(k) submission remains on track for calendar Q3 2025
About Conavi Medical
Conavi Medical is focused on designing, manufacturing, and marketing imaging technologies to guide common minimally invasive cardiovascular procedures. Its patented Novasight Hybrid™ System is the first system to combine both intravascular ultrasound (IVUS) and optical coherence tomography (OCT) to enable simultaneous and co-registered imaging of coronary arteries. The Novasight Hybrid System has 510(k) clearance from the U.S. Food and Drug Administration; and regulatory approval for clinical use from Health Canada, China’s National Medical Products Administration, and Japan’s Ministry of Health, Labor and Welfare. For more information, visit conavi.com.

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

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

Forward-Looking Statements
This press release includes forward-looking information or forward-looking statements within the meaning of applicable securities laws regarding Conavi and its business, which may include, but are not limited to, statements with respect to the anticipated use of proceeds from the April 2025 public offering, Conavi’s exposure to the U.S. investment community, the commercialization and development of the Novasight Hybrid System and the achievement and timeline of key milestones towards commercialization and development of the Novasight Hybrid System. All statements that are, or information which is, not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking information or statements”. Often but not always, forward-looking information or statements can be identified by the use of words such as “shall”, “intends”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate” “anticipate” or any variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “might”, “can”, “could”, “would” or “will” be taken, occur, lead to, result in, or, be achieved. Such statements are based on the current expectations and views of future events of the management of the Company. They are based on assumptions and subject to risks and uncertainties. Although management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including, without limitation, those listed in the “Risk Factors” section of the short form prospectus dated April 15, 2025 and the joint information circular of the Company dated August 30, 2024 (both of which are on the Company’s profile at sedarplus.ca ). Although Conavi has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Conavi does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
No regulatory authority has approved or disapproved the content of this press release.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contacts:

Conavi Medical
Stefano Picone
Chief Financial Officer
ir@conavi.com
(416) 483-0100

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

The MIL Network –
June 12, 2025
MIL-OSI Economics: Philip R. Lane: The euro area bond market

Source: European Central Bank

Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Government Borrowers Forum 2025

Dublin, 11 June 2025

I am grateful for the invitation to contribute to the Government Borrowers Forum. I will use my time to cover three topics.^[1] First, I will briefly discuss last week’s monetary policy decision.^[2] Second, I will describe some current features of the euro area bond market.^[3] Third, I will outline some innovations that might expand the scope for euro-denominated bonds to serve as safe assets in global portfolios.

Monetary policy

At last week’s meeting, the Governing Council decided to lower the deposit facility rate (DFR) to two per cent. The baseline of the latest Eurosystem staff projections foresees inflation at 2.0 per cent in 2025, 1.6 per cent in 2026 and 2.0 per cent in 2027; output growth is foreseen at 0.9 per cent for 2025, 1.2 per cent in 2026 and 1.3 per cent in 2027. The lower inflation path in the June projections compared to the March projections reflects the significant movements in energy prices and the exchange rate in recent months. These relative price movements both have a direct impact on inflation but also an indirect impact via the impact of lower input costs and a lower cost of living on the dynamics of core inflation and wage inflation.

The June projections were conditioned on a rate path that included a quarter-point reduction of the DFR in June: model-based optimal policy simulations and an array of monetary policy feedback rules indicated a cut was appropriate under the baseline and also constituted a robust decision, remaining appropriate across a range of alternative future paths for inflation and the economy. By supporting the pricing pressure needed to generate target-consistent inflation in the medium-term, this cut helps ensure that the projected negative inflation deviation over the next eighteen months remains temporary and does not convert into a longer-term deviation of inflation from the target. This cut also guards against any uncertainty about our reaction function by demonstrating that we are determined to make sure that inflation returns to target in the medium term. This helps to underpin inflation expectations and avoid an unwarranted tightening in financial conditions.

The robustness of the decision is also indicated by a set of model-based optimal policy simulations conducted on various combinations of the scenarios discussed in the Eurosystem staff projections report, even when also factoring in upside scenarios for fiscal expenditure. A cut is also indicated by a broad range of monetary policy feedback rules. By contrast, leaving the DFR on hold at 2.25 per cent could have triggered an adverse repricing of the forward curve and a revision in inflation expectations that would risk generating a more pronounced and longer-lasting undershoot of the inflation target. In turn, if this risk materialised, a stronger monetary reaction would ultimately be required.

Especially under current conditions of high uncertainty, it is essential to remain data dependent and take a meeting-by-meeting approach in making monetary policy decisions. Accordingly, the Governing Council does not pre-commit to any particular future rate path.

The euro area bond market

Chart 1

Ten-year nominal OIS rate and GDP-weighted sovereign yield for the euro area

(percentages per annum)

Sources: LSEG and ECB calculations.

Notes: The latest observations are for 10 June 2025.

Let me now turn to a longer-run perspective by inspecting developments in the bond market. In the first two decades of the euro, nominal long-term interest rates in the euro area were, by and large, on a declining trend from the start of the currency bloc until the outbreak of the pandemic (Chart 1). The ten-year overnight index swap (OIS) rate, considered as the ten-year risk-free rate in the euro area, declined from 6 percent in early 2000 to -50 basis points in 2020, a trend matched by the 10-year GDP-weighted sovereign bond yield.^[4] The economic recovery from the pandemic and the soaring energy prices in response to the Russian invasion in Ukraine caused surges in inflation which led to an increase of interest rates. The recent stability of these long-term rates suggests that markets have seen the euro area economy gradually moving towards a new long-term equilibrium following the peak of annual headline inflation in October 2022, as past shocks have faded.

Chart 2

Decomposition of the ten-year spot euro area OIS rate into term premium and expected rates

(percentages per annum)

Sources: LSEG and ECB calculations.

Notes: The decomposition of the OIS rate into expected rates and term premia is based on two affine term structure models, with and without survey information on rate expectations^[5], and a lower bound term structure model^[6] incorporating survey information on rate expectations. The latest observations are for 10 June 2025.

A term structure model makes it possible to decompose OIS rates into a term premium component and an expectations component. For the ten-year OIS rate, the expectations component reflects the expected average ECB policy rate over the next ten years and is affected by ECB’s policy decisions on interest rates and communication about the future policy path (e.g., in the form of explicit or implicit forward guidance). The term premium is a measure of the estimated compensation investors demand for being exposed to interest rate risk: the risk that the realised policy rate can be different from the expected rate.

Chart 3

Ten-year euro area OIS rate expectations and term premium component

(percentages per annum)

Sources: LSEG and ECB calculations.

Notes: The decomposition of the OIS rate into expected rates and term premia is based on two affine term structure models, with and without survey information on rate expectations⁴, and a lower bound term structure model⁵ incorporating survey information on rate expectations. The latest observations are for 10 June 2025.

The decline of long-term rates in the first two decades of the euro and the rapid increase in 2022 were driven by both the expectations component and the term premium (Charts 2 and 3). The premium was estimated to be largely positive in the early 2000s, understood as a sign that the euro area economy was mostly confronted with supply-side shocks. Starting with the European sovereign debt crisis, the euro area was more and more characterised as a demand-shock dominated economy, in which nominal bonds act as a hedge against future crises and thus investors started requiring a lower or even negative term premium as compensation to hold these assets.^[7] The large-scale asset purchases of the ECB under the APP reinforced the downward pressure on the term premium. By buying sovereign bonds (and other assets), the ECB reduced the overall amount of duration risk that had to be borne by private investors, reducing the compensation for risk.^[8] With demand and supply shocks becoming more balanced again and central banks around the world normalising their balance sheet holdings of sovereign bonds in recent years, the term premium estimate turned positive again in early 2022 and continued to inch up through the first half of 2023. As it became clear in the second half of 2023 that upside risk scenarios for inflation were less likely, the term premium fell back to some extent and has been fairly stable since.

Different to the ten-year maturity, very long-term sovereign spreads did not experience the same pronounced negative trend. From the inception of the euro until 2014, the thirty-year euro area GDP-weighted sovereign yield fluctuated around 3 percent. The decline to levels below 2 percent after 2014 and around 0.5 percent in 2020 reflect declining nominal risk-free rates more generally but also coincide with the announcements of large-scale asset purchases (PSPP and PEPP). Likewise, the upward shift back to above 3 percent during 2022 occurred on the back of rising policy rates and normalising central bank balance sheets.

Chart 4

Ten-year sovereign bond spreads vs Germany

(percentages per annum)

Sources: LSEG and ECB calculations.

Notes: The spread is the difference between individual countries’ 10-year sovereign yields and the 10-year yield on German Bunds. The latest observations are for 10 June 2025.

In the run-up to the global financial crisis, sovereign yields in the euro area were very much aligned between countries and also with risk-free rates (Chart 4). With the onset of the global financial crisis and later the European sovereign debt crisis, sovereign spreads for more vulnerable countries soared as investors started to discriminate between euro area countries according to their perceived creditworthiness.

On top of the efforts of European sovereigns to consolidate their public finances, President Draghi’s 2012 “whatever it takes” speech and the subsequent announcement of Outright Monetary Transaction (OMTs) marked a turning point in the euro area sovereign debt crisis. Sovereign spreads came down from their peaks but have kept some variation across countries ever since.

The large-scale asset purchases under the APP and PEPP further compressed sovereign spreads. During the pandemic and the subsequent monetary policy tightening, the flexibility in PEPP and the creation of the Transmission Protection Instrument (TPI) supported avoiding fragmentation risks in sovereign bond markets. The extraordinary demand for sovereign bonds as collateral at the beginning of the hiking cycle, at a time when central bank holdings of these bonds were still high, resulted in the yields of German bonds, which are the most-preferred assets when it comes to collateral, declining far below the risk-free OIS rate in the course of 2022. These tensions eased as collateral scarcity reversed.^[9]

This year, bond yields and bond spreads in the euro area have been relatively stable, despite significant movements in some other bond markets. This can be interpreted as reflecting a balancing between two opposing forces: in essence, the typical positive spillover across bond markets has been offset by an international portfolio preference shift towards the euro and euro-denominated securities. This international portfolio preference shift is likely not uniform and is some mix of a pull back by European investors towards the domestic market and some rebalancing by global investors away from the dollar and towards the euro. More deeply, the stability of the euro bond market reflects a high conviction that euro area inflation is strongly anchored at the two per cent target and that the euro area business cycle should be relatively stable, such that the likely scale of cyclical interest rate movements is contained. It also reflects growing confidence that the scope for the materialisation of national or area-wide fiscal risks is quite contained, in view of the shared commitment to fiscal stability among the member countries and the demonstrated capacity to react jointly to fiscal tail events.^[10]

Chart 5

Holdings of “Big-4” euro area government debt

(percentage of total amounts outstanding)

Sources: ECB Securities Holding Statistics and ECB calculations.

Notes: The chart is based on all general government plus public agency debt in nominal terms. The breakdown is shown for euro area holding sectors, while all non-euro area holders are aggregated in the orange category in lack of more detailed information. ICPF stands for insurance corporations and pension funds. The “Big-4” countries include DE, FR, IT, ES. 2014 Q4 reflects the holdings before the onset of quantitative easing. 2022 Q4 reflects the peak of Eurosystem holdings at the end of net asset purchases.

Latest observation: Q1 2025

In understanding the dynamics of the bond market, it is also useful to examine the distribution of bond holdings across sectors. The largest euro-area holder sectors are banks, insurance corporations and pension funds (ICPF) and investment funds, while non-euro area foreign investors also are significant holders (Chart 5). The relative importance of the sectors differs between countries. Domestic banks and insurance corporations play a relatively larger role in countries like Italy and Spain, while non-euro area international investors hold relatively larger shares of debt issued by France or Germany.

Since the start of the APP in early 2015, the Eurosystem increased its market share in euro area sovereign bonds from about 5 per cent of total outstanding debt to a peak of 33 per cent in late 2022. Net asset purchases by the Eurosystem were stopped in July 2022, while the full reinvestment of redemptions ceased at the end of that year: by Q1 2025, the Eurosystem share had declined to 25 per cent. The increase in Eurosystem holdings during the QE period was mirrored by falling holdings of banks and non-euro area foreign investors. The holding share of banks declined from 22 per cent in 2014 to 14 per cent at the end of 2022, while the share held by foreign investors fell from 35 per cent to 25 per cent over the same period.

ICPFs have consistently held a significant share of the outstanding debt, especially at the long-end of the yield curve. Since 2022, following the end of full reinvestments under the APP, more price-sensitive sectors, such as banks, investment funds and private foreign investors, have regained some market share. Holdings by households have also shown some noticeable growth in sovereign bond holdings, driven primarily by Italian households.^[11] In summary, the holdings statistics show that the bond market has smoothly adjusted to the end of quantitative easing. In particular, the rise in bond yields in 2022 was sufficient to attract a wide range of domestic and global investors to expand their holdings of euro-denominated bonds.^[12]

To gain further insight into the recent dynamics of the euro area bond market, it is helpful to look at recent portfolio flow data and bond issuance data. Market data on portfolio flows^[13] highlights a repatriation of investment funds in bonds by domestic investors during March, April, and May, contrasting sharply with 2024 trends, while foreign fund inflows into euro area bonds during the same period surpassed the 2024 average (Chart 6). Simultaneously, EUR-denominated bond issuance by non-euro area corporations has surged in 2025, reaching nearly EUR 100 billion year-to-date compared to an average of EUR 32 billion over the same period in the past five years (Chart 7).

Expanding the pool of safe assets

These developments (stable bond yields, increased foreign holdings of euro-denominated bonds) have naturally led to renewed interest in the international role of the euro.^[14]

The euro ranks as the second largest reserve currency after the dollar. However, the current design of the euro area financial architecture results in an under-supply of the safe assets that play a special role in investor portfolios.^[15] In particular, a safe asset should rise in relative value during stress episodes, thereby providing essential hedging services.

Since the bund is the highest-rated large-country national bond in the euro area, it serves as the main de facto safe asset but the stock of bunds is too small relative to the size of the euro area or the global financial system to satiate the demand for euro-denominated safe assets. Especially in the context of much smaller and less volatile spreads (as shown in Chart 4), other national bonds also directionally contribute to the stock of safe assets. However, the remaining scope for relative price movements across these bonds means that the overall stock of national bonds does not sufficiently provide safe asset services.

In principle, common bonds backed by the combined fiscal capacity of the EU member states are capable of providing safe-asset services. However, the current stock of such bonds is simply too small to foster the necessary liquidity and risk management services (derivative markets; repo markets) that are part and parcel of serving as a safe asset.^[16]

There are several ways to expand the stock of common bonds. Just as the Next Generation EU (NGEU) programme was financed by the issuance of common bonds jointly backed by the member states, the member countries could decide to finance investment European-wide public goods through more common debt.^[17] From a public finance perspective, it is natural to match European-wide public goods with common debt, in order to align the financing with the area-wide benefits of such public goods. If a multi-year investment programme were announced, the global investor community would recognise that the stock of euro common bonds would climb incrementally over time.

In addition, in order to meet more quickly and more decisively the rising global demand for euro-denominated safe assets, there are a number of options in generating a larger stock of safe assets from the current stock of national bonds. Recently, Olivier Blanchard and Ángel Ubide have proposed that the “blue bond/red bond” reform be re-examined.^[18] Under this approach, each member country would ring fence a dedicated revenue stream (say a certain amount of indirect tax revenues) that could be used to service commonly-issued bonds. In turn, the proceeds of issuing blue bonds would be deployed to purchase a given amount of the national bonds of each participating member state. This mechanism would result in a larger stock of common bonds (blue bonds) and a lower stock of national bonds (red bonds).

While this type of financial reform was originally proposed during the euro area sovereign debt crisis, the conditions today are far more favourable, especially if the scale of blue bond issuance were to be calibrated in a prudent manner in order to mitigate some of the identified concerns. In particular, the euro area financial architecture is now far more resilient, thanks to the significant institutional reforms that were introduced in the wake of the euro area crisis and the demonstrated track record of financial stability that has characterised Europe over the last decade. The list of reforms include: an increase in the capitalisation of the European banking system; the joint supervision of the banking system through the Single Supervisory Mechanism; the adoption of a comprehensive set of macroprudential measures at national and European levels; the implementation of the Single Resolution Mechanism; the narrowing of fiscal, financial and external imbalances; the fiscal backstops provided by the European Stability Mechanism; the common solidarity shown during the pandemic through the innovative NGEU programme; the demonstrated track record of the ECB in supplying liquidity in the event of market stress; and the expansion of the ECB policy toolkit (TPI, OMT) to address a range of liquidity tail risks. ^[19] In the context of the sovereign bond market, these reforms have contributed to less volatile and less dispersed bond returns.

As emphasised in the Blanchard-Ubide proposal, there is an inherent trade off in the issuance of blue bonds. In one direction, a larger stock of blue bonds boosts liquidity and, if a critical mass is attained, also would trigger the fixed-cost investments need to build out ancillary financial products such as derivatives and repos. In the other direction, too-large a stock of blue bonds would require the ringfencing of national tax revenues at a scale that would be excessive in the context of the current European political configuration in which fiscal resources and political decision-making primarily remains at the national level. As emphasised in the Blanchard-Ubide proposal, this trade-off is best navigated by calibrating the stock of blue bonds at an appropriate level.

In particular, the Blanchard-Ubide proposal gives the example of a stock of blue bonds corresponding to 25 per cent of GDP. Just to illustrate the scale of the required fiscal resources to back this level of issuance: if bond yields were on average in the range of two to four per cent, the servicing of blue bond debt would require ringfenced tax revenues in the range of a half per cent to one per cent of GDP. While this would constitute a significant shift in the current allocation of tax revenues between national and EU levels, this would still leave tax revenues predominantly at the national level (the ratio of tax revenues to GDP in the euro area ranges from around 20 to 40 per cent). The shared payoff would be the reduction in debt servicing costs generated by the safe asset services provided by an expanded stock of common debt.

An alternative, possibly complementary, approach that could also deliver a larger stock of safe assets from the pool of national bonds is provided by the sovereign bond backed securities (SBBS) proposal.^[20] The SBBS proposal envisages that financial intermediaries (whether public or private) could bundle a portfolio of national bonds and issue tranched securities, with the senior slice constituting a highly-safe asset. The SBBS proposal has been extensively studied (I chaired a 2017 ESRB report) and draft enabling legislation has been prepared by the European Commission.^[21] Just as with the blue/red bond proposal, sufficient issuance scale would be needed in order to foster the market liquidity needed for the senior bonds to act as highly liquid safe assets.

In summary, such structural changes in the design of the euro area bond market would foster stronger global demand for euro-denominated safe assets. A comprehensive strategy to expand the international role of the euro and underpin a European savings and investment union should include making progress on this front.

MIL OSI Economics –

June 12, 2025
MIL-OSI Economics: International use of the euro broadly stable in 2024
Source: European Central Bank

11 June 2025
- Euro’s share across various indicators of international currency use largely unchanged at around 19%
- Emerging challenges include initiatives promoting global use of cryptocurrencies
- Upholding rule of law essential for maintaining, and potentially increasing, global trust in the euro
The international role of the euro remained broadly stable in 2024 and the euro held on to its position as the second most important currency globally. The share of the euro across various indicators of international currency use has been largely unchanged since Russia’s full-scale invasion of Ukraine, standing at around 19%. These are some of the main findings in the annual review of the Although current data indicate no significant changes in the international use of the euro, it is important to remain vigilant. Central banks continued to accumulate gold at a record pace and some countries have been actively exploring alternatives to traditional cross-border payment systems. There is evidence of a link between geopolitical alignments and shifts in invoicing currency patterns in global trade, particularly since Russia’s invasion of Ukraine. New challenges to the international role of the euro have also emerged, including initiatives that promote the global use of cryptocurrencies.

This changing landscape underscores the importance for European policymakers of creating the necessary conditions to strengthen the global role of the euro, such as advancing the Savings and Investment Union to fully leverage European financial markets. Eliminating barriers within the European Union would enhance the depth and liquidity of euro funding markets. Moreover, accelerating progress on a digital euro is key for supporting a competitive and resilient European payment system. “The digital euro would contribute to Europe’s economic security and strengthen the international role of the euro,” said Executive Board member Piero Cipollone. The global appeal of the euro is also supported by the ECB’s initiatives to offer solutions for settling wholesale financial transactions recorded on distributed ledger technology platforms in central bank money and to improve cross-border payments between the euro area and other jurisdictions. In addition, the ECB’s euro liquidity lines to non-euro area central banks foster the use of the euro in global financial and commercial transactions.

For media queries, please contact The international role of the euro remained broadly stable in 2024

Composite index of the international role of the euro

(percentages; at current and constant Q4 2024 exchange rates; four-quarter moving averages)

Sources: Bank for International Settlements, International Monetary Fund (IMF), CLS Bank International, Ilzetzki, Reinhart and Rogoff (2019) and ECB staff calculations.
Notes: Arithmetic average of the shares of the euro at constant (current) exchange rates in stocks of international bonds, loans by banks outside the euro area to borrowers outside the euro area, deposits with banks outside the euro area from creditors outside the euro area, global foreign exchange settlements, global foreign exchange reserves and global exchange rate regimes. Estimates of the share of the euro in global exchange rate regimes from 2010 onwards are based on IMF data; pre-2010 shares are estimated using data from Ilzetzki, E., Reinhart, C. and Rogoff, K., “Exchange Arrangements Entering the Twenty-First Century: Which Anchor will Hold?”, The Quarterly Journal of Economics, Vol. 134, Issue 2, May 2019, pp. 599-646. The latest observation is for the fourth quarter of 2024.
MIL OSI Economics –
June 12, 2025
MIL-OSI Economics: ECB and People’s Bank of China sign Memorandum of Understanding on cooperation

Source: European Central Bank

11 June 2025

On the occasion of her visit to Beijing, Christine Lagarde, President of the European Central Bank (ECB), and Pan Gongsheng, Governor of the People’s Bank of China, have signed a Memorandum of Understanding (MoU) on cooperation in the field of central banking.

This MoU, which updates the previous MoU of 2008, includes a framework for the regular exchange of information, dialogue and technical cooperation between the two institutions.

“It is important that we sustain global cooperation, and I am pleased to sign this MoU together with Governor Pan as a sign of our continued dialogue with the People’s Bank of China,” ECB President Christine Lagarde said.

For media queries, please contact Paul Gordon, tel.: +49 172 253 5723.

MIL OSI Economics –

June 12, 2025

MIL-OSI Economics: New data release: ECB wage tracker indicates decline in negotiated wage growth over course of year

Source: European Central Bank

11 June 2025

ECB wage tracker updated with wage agreements signed up to mid-May 2025
Forward-looking information confirms negotiated wage growth set to ease over course of year, consistent with data published following April 2025 Governing Council meeting

The European Central Bank (ECB) wage tracker, which only covers active collective bargaining agreements, indicates negotiated wage growth with smoothed one-off payments of 4.7% in 2024 (based on an average coverage of 48.8% of employees in participating countries), and 3.1% in 2025 (based on an average coverage of 47.4%). The ECB wage tracker with unsmoothed one-off payments indicates an average negotiated wage growth level of 4.9% in 2024 and 2.9% in 2025. The downward trend of the forward-looking wage tracker for the remainder of 2025 partly reflects the mechanical impact of large one-off payments (that were paid in 2024 but drop out in 2025) and the front-loaded nature of wage increases in some sectors in 2024. The wage tracker excluding one-off payments indicates growth of 4.2% in 2024 and 3.8% in 2025. See Chart 1 and Table 1 for further details.

The ECB wage tracker may be subject to revisions, and the forward-looking part should not be interpreted as a forecast, as it only captures the information that is available for the active collective bargaining agreements. It should also be noted that the ECB wage tracker does not track the indicator of negotiated wage growth precisely and therefore deviations are to be expected over time.

For a more comprehensive assessment of wage developments in the euro area, please refer to the June 2025 Eurosystem staff macroeconomic projections for the euro area, which indicate a yearly growth rate of compensation per employee in the euro area of 3.2% in 2025, with a quarterly profile of 3.5% in the first quarter, 3.4% in the second quarter, 3.1% in Q3 in the third quarter, and of 2.8% in the fourth quarter.

The ECB publishes four wage tracker indicators for the aggregate of seven participating euro area countries on the ECB Data Portal.

Chart 1

ECB wage tracker: forward-looking signals for negotiated wages and revisions to previous data release

2023-25	Revisions to previous data release
(left-hand scale: yearly growth rates, percentages; right-hand scale: percentage share of employees)	(percentage points)

Sources: ECB calculations based on data on collective bargaining agreements signed up to mid-May 2025 provided by the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Oesterreichische Nationalbank, the Dutch employers’ association AWVN and Eurostat. The indicator of negotiated wage growth is calculated using data from the Deutsche Bundesbank, the Ministerio de Empleo y Seguridad Social, the Centraal Bureau voor de Statistiek, Statistik Austria, the Istituto Nazionale di Statistica (ISTAT), the Banque de France and Haver Analytics.

Notes: Dashed lines denote forward-looking information up to December 2025.

What do the four different indicators show?

The headline ECB wage tracker shows negotiated wage growth that includes collectively agreed one-off payments, such as those related to inflation compensation, bonuses or back-dated pay, which are smoothed over 12 months.
The ECB wage tracker excluding one-off payments reflects the extent of structural (or permanent) negotiated wage increases.
The ECB wage tracker with unsmoothed one-off payments is constructed using a methodology that, both in terms of data sources and statistical methodology, is conceptually similar to, but not necessarily the same as, that used for the ECB indicator of negotiated wage growth.
The share of employees covered is the percentage of employees across the participating countries that are directly covered by ECB wage tracker data. This indicator provides information on the representativeness of the underlying (negotiated) wage growth signals obtained from the set of wage tracker indicators for the aggregate of the participating countries. Employee coverage differs across countries and within each country over time (further details are provided in Table 2).

Table 1

ECB wage tracker summary

(percentages)

	ECB wage tracker			Coverage
	Headline indicator	Excluding one-off payments	With unsmoothed one-off payments	Share of employees (%)
2013-2023	2.0	1.9	2.0	49.1
2024	4.7	4.2	4.9	48.8
2025	*3.1*	*3.8*	*2.9*	*47.4*
2024 Q1	4.1	3.7	5.2	49.0
2024 Q2	4.4	3.9	3.4	49.0
2024 Q3	5.1	4.5	6.8	48.7
2024 Q4	5.4	4.7	4.3	48.4
2025 Q1	4.6	4.5	2.5	49.6
Apr-25	4.1	4.5	4.2	49.6
May-25	*3.8*	*4.2*	*4.0*	*49.5*
Jun-25	*3.9*	*4.1*	*3.9*	*47.1*
Jul-25	*2.7*	*3.7*	*1.0*	*46.5*
Aug-25	*2.1*	*3.5*	*2.1*	*46.4*
Sep-25	*2.0*	*3.4*	*3.1*	*46.2*
2025 Q4	*1.7*	*3.1*	*2.9*	*44.7*

Sources: ECB calculations based on data provided by the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Oesterreichische Nationalbank, the Dutch employers’ association AWVN and Eurostat.

Notes: ECB wage tracker indicators reflect yearly growth in negotiated wages as a percentage. Coverage is defined as the share of employees in the participating countries as a percentage. Rows with values in italics and bold refer to the forward-looking aspect of the respective indicators.

Table 2

Employee coverage by country

(share of employees in each country, percentages)

	Germany	Greece	Spain	France	Italy	Netherlands	Austria	Euro area
2013-2023	41.7	10.0	61.1	51.8	48.7	64.2	56.7	49.1
2024 Q1	43.4	16.0	57.1	48.5	48.2	62.7	78.6	49.0
2024 Q2	43.7	15.9	56.5	48.5	48.1	62.5	77.8	49.0
2024 Q3	43.9	15.8	54.9	48.4	47.9	62.2	77.8	48.7
2024 Q4	43.5	15.7	53.7	48.5	47.8	62.0	77.8	48.4
2025 Q1	44.0	19.3	53.4	53.7	47.8	61.3	76.2	49.6
2025 Q2	*44.8*	*16.1*	*52.4*	*53.3*	*43.5*	*60.5*	*73.1*	*48.7*
2025 Q3	*43.9*	*8.6*	*51.1*	*52.9*	*35.6*	*58.3*	*71.4*	*46.4*
2025 Q4	*43.2*	*8.2*	*50.7*	*48.5*	*35.5*	*54.7*	*66.5*	*44.7*

Sources: ECB, the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Oesterreichische Nationalbank, the Dutch employers’ association AWVN and Eurostat.
Notes: The euro area aggregate comprises the seven participating wage tracker countries. The coverage shows the relative strength of wage signals for each country and the euro area. The historical average is calculated from January 2016 to December 2023 for Greece and from February 2020 to December 2023 for Austria. For the other countries, it is calculated from January 2013 to December 2023. Rows with values in italics and bold refer to the forward-looking aspect of the respective indicators.

For media queries, please contact Benoit Deeg, tel.: +491721683704

Notes:

The ECB wage tracker is the result of a Eurosystem partnership currently comprising the European Central Bank and seven euro area national central banks: the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, De Nederlandsche Bank, and the Oesterreichische Nationalbank. It is based on a highly granular database of active collective bargaining agreements for Germany, Greece, Spain, France, Italy, the Netherlands and Austria. The wage tracker is one of many sources that can help assess wage pressures in the euro area.
The wage tracker methodology uses a double aggregation approach. First, it aggregates the highly granular information on collective bargaining agreements and constructs the wage tracker indicators at the country-level using information on the employee coverage for each country. Second, it uses this information to construct the aggregate for the euro area using time-varying weights based on the total compensation of employees among the participating countries.
Given that the forward-looking nature of the tracker is dependent on the underlying collective bargaining agreements database, the wage signals should always be considered conditional on the information available at any given point in time and thus subject to revisions.
The results in this press release do not represent the views of the ECB’s decision-making bodies.

MIL OSI Economics –

June 12, 2025

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