Category: Business

MIL-OSI USA: Hickenlooper, Cantwell, Lummis, Wicker Reintroduce Bill to Clear Space Junk, Protect Space Exploration

US Senate News:

Source: United States Senator John Hickenlooper – Colorado
ORBITS Act would create landmark program to clean up dangerous orbital debris threatening space exploration, satellites, and commercial space operations
Bill unanimously passed Senate last Congress
WASHINGTON – Today, U.S. Senators John Hickenlooper, Maria Cantwell, Cynthia Lummis, and Roger Wicker reintroduced the bipartisan Orbital Sustainability (ORBITS) Act to establish a first-of-its-kind demonstration program that would reduce the nearly 1 million pieces of space junk in orbit.
“Dangerous debris in Earth’s orbit threatens American satellites and jeopardizes future space exploration missions,” said Hickenlooper. “It’s time we clean up the clutter and protect our critical space operations.”
“The Orbital Sustainability or ORBITS Act will jumpstart the technology development we need to address the very serious problem of orbital debris that threatens our scientific satellites, human space exploration and commercial space services,” said Cantwell. “The longer we delay in taking meaningful action, the less safe our activities in orbit become.”
“Space is getting more and more crowded with debris that poses a real threat to our satellites,” said Lummis. “People in Wyoming and across the country depend on satellites for our national security, weather forecasting, wildfire monitoring, GPS navigation, and communications essential for our way of life. The ORBITS Act addresses this growing challenge and helps maintain safe human spaceflight operations above the earth. This bipartisan solution will protect America’s interests in space for generations to come.”
“The ORBITS Act would address a key aspect of the complex space debris problem. We should be empowering NASA to partner with the U.S. space industry in active debris removal technology to tackle space junk threats. The United States is the world’s premier spacefaring nation, and I look forward to continuing our leadership,” said Wicker.
The ORBITS Act passed the Senate in the 118th Congress.
Space junk, or orbital debris, currently threatens human space exploration, scientific research missions, and emerging commercial space services. There are approximately 8,000 metric tons of debris currently in orbit, including at least 900,000 individual pieces of debris that are potentially lethal to satellites. Because of the threats from debris already in orbit, simply preventing more debris in the future is not enough. The ORBITS Act will jumpstart a program focused on research, development, and the demonstration of technologies capable of safely carrying out successful Active Debris Remediation (ADR) missions to create a robust commercial market for these services.
In recent years, NASA canceled a planned spacewalk and maneuvered the International Space Station (ISS) to avoid colliding with orbital debris. Due to growing amounts of debris, the ISS has performed numerous Pre-Determined Debris Avoidance Maneuvers (PDAM) in the past year alone.
Specifically, the bill contains the following provisions:
Orbital Debris Remediation List
Directs NASA, in coordination with the Departments of Commerce, Defense, and the National Space Council, to publish a list of debris objects that pose the greatest risk to the safety of orbiting spacecraft and on-orbit activities

Active Orbital Debris Remediation Demonstration Program
Directs NASA to establish a demonstration program to partner with industry in developing technology for remediating debris objects through repurposing or removal from orbit
The NASA program will promote competition by incentivizing two or moreteams of technology developers to conduct demonstrations of successful debris remediation

Asks NASA to partner with other nations to address debris in orbit that belongs to them

Active Debris Remediation (ADR) Services
Encourages the U.S. government to buy ADR services from industry partners once they succeed in the demonstration and are commercially available
Requires an economic assessment of the long-term demand for ADR services

Uniform Orbital Debris Standards
Directs the National Space Council to update the Orbital Debris Mitigation Standard Practices (ODMSP) used by U.S. government space missions
Encourages the FAA and FCC to use the updated standards and practices as the basis for federal regulations applicable to all space activities
Directs the U.S. to encourage other nations to align their regulations with ours to encourage effective and non-discriminatory regulation worldwide

Space Traffic Coordination Standard Practices
Directs the Department of Commerce, in coordination with the National Space Council and the FCC, to develop and promote standard practices for avoiding near misses and collisions between spacecraft in orbit

Key supporters of the bill include the Aerospace Industry Association, Secure World Foundation, and CONFERS.
Full text of the ORBITS Act is available HERE.

MIL OSI USA News –

May 27, 2025
MIL-OSI United Kingdom: AI experiments see “Humphrey” help townhalls cut costs and improve services
Source: United Kingdom – Government Statements

Press release

AI experiments see “Humphrey” help townhalls cut costs and improve services

AI experts are experimenting to build new AI within “Humphrey” to help speed up admin in areas like planning and social care, as 25 councils trial new AI tech from Whitehall.
AI experts are experimenting to build new AI within “Humphrey” to help speed up admin in areas like planning and social care, as 25 councils trial new AI tech from Whitehall.

Early research on the tech shows officials are saved from 60-minutes of admin for each hour-long meeting, saving staff from what half say is the worst thing about their job.

Comes as “Humphrey” is taking notes in the Prime Minister’s Council of Nations and Regions meeting taking place today, with talks covering recent trade deals and how AI can improve public services.

Local councils across the country are trialling a new AI tool called ‘Minute’ – part of the “Humphrey” suite being rolled out across Whitehall – to cut burdensome admin tasks to improve services for citizens as part of the UK government’s Plan for Change.

It comes as the Prime Minister brings together Heads of the devolved governments and elected English Mayors today at the Council of the Nations and Regions for talks on recent trade deals, as well as how AI can improve public services and maximise the technology’s benefits for people across UK. ‘Minute’ has been used to take notes in the meeting, marking the first time AI has been used in a meeting chaired by a UK Prime Minister.

25 local councils are currently taking part in the early-stage trial of ‘Minute’ to speed up note taking across the services they provide, including West Berkshire Council and Stockton-on-Tees Borough Council. This includes streamlining burdensome admin tasks in the planning process to help hit the government’s target of building 1.5 million homes by 2030.

This could help speed up actions after planning meetings, allowing officers to focus on the task at hand, rather than paperwork, and make informed decisions to get homes built. This will support approvals, so bricks can be laid and homes built faster.

The tool also helps take detailed notes in meetings between social care workers and their supervisors, allowing workers to focus on offering more support instead of being bogged down by bureaucracy.

The trial comes as alongside a push from government to help local councils use technology to improve the dozens of essential services they are responsible for delivering to local residents – from planning approvals to housing, pest control and parking permits. It includes a new AI Knowledge Hub published today, sharing exciting examples of how local councils are using technology so others can learn from them – such as an AI assistant that speeds up the reporting of fly-tipping and graffiti in central London.

‘Minute’ is part of ‘Humphrey’, the package of AI tools built to help civil servants deliver for ministers and the public more effectively. It uses generative AI to turn meetings into notes and adds unique tools to help tweak and correct summaries more efficiently. Early tests of the technology in central government showed that officials were saved, on average, from one hour of admin per one hour meeting, with nearly half of them saying note-taking is the least enjoyable part of their job.

In the pilot, the tool helps local councils automate requirements for note taking and record keeping so officials can focus on helping residents more quickly.

The trial announced today follows the Prime Minister setting out that he will “push forward with the digitisation of government services” to find £45 billion worth of productivity savings to make the state more productive and agile and deliver the Plan for Change.

AI and Digital Government Minister Feryal Clark said:

From parking permits and planning permission, local councils handle some of the services that impact our daily lives most. For too long, they have been left to fend for themselves when keeping up with rapid innovations in AI and digital technology – when we know it has huge potential to help solve many of the challenges they face.

That’s why “Humphrey”, a suite of exciting AI tools built in my department, is being sent to townhalls to help them fast track planning decisions, build 1.5 million homes and take meeting notes more quickly. This is just the first step as we are also going to work with local councils to help them buy and build the technology they need to deliver our Plan for Change and support their local communities more effectively.

Lords Minister for Housing and Local Government Baroness Taylor said:

Local councils are on the frontline of housing delivery, and we’re backing them with cutting-edge AI technology like ‘Minute’, so officers can spend less time buried in admin and more time helping to get Britain building.

This is alongside our landmark reforms to deliver 1.5 million homes, including the Planning and Infrastructure Bill, which will get working people and families in to secure homes and boost economic growth right across the country.

Earlier this year, the government’s State of Digital Government Review unveiled that local councils were spending £5 billion per year on technology, despite employing half the number of digital specialists they should be. The report also found that each of the 320 local authorities negotiate technology contracts with big tech companies independently – when many are buying exactly the same tools – making this spending much less effective.

Work has also begun to look at how technology built by the UK government, like the upcoming GOV.UK App which will give people access to public services on their phones, can help councils save money while delivering a better, more consistent service for citizens. It will also aim to improve data sharing between councils and other public bodies, as well as helping councils negotiate contracts together and share best practices.

It comes alongside a new AI Knowledge Hub being published, sharing practical examples of how AI is being used in government and across local councils so other organisations across the UK can take their work forward. The publication of the website delivers against a recommendation made in the AI Opportunities Action Plan, aiming to help the public sector adopt AI more quickly and effectively.

Other areas set to be discussed today include how by working with devolved governments and mayors the UK can ensure it has the infrastructure and capability needed to power AI, and ways to facilitate better data sharing.

DSIT media enquiries

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Published 23 May 2025
MIL OSI United Kingdom –
May 27, 2025
MIL-OSI Russia: China reports significant growth in online digital sales

Translation. Region: Russian Federal

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

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

BEIJING, May 23 (Xinhua) — Online sales of digital goods in China grew 8.4 percent year on year in the first four months of 2025, data released by the Ministry of Commerce showed on Friday.

In particular, according to the data, during the reporting period, sales of intelligent robots and smart home systems grew by 87.6 percent and 16 percent year-on-year, respectively.

An official from the e-commerce department of the ministry attributed the growth to the high level of integration of domestic and foreign trade in e-commerce, as well as the strong potential of linking global production and supply chains.

From January to April, online trade-in sales of 15 categories of home appliances and digital products increased by 11.5 percent year-on-year.

The consumption of services also saw significant growth, with online sales in the arts and tourism sectors growing by 31.9 percent and 25.4 percent year-on-year, respectively. -0-

MIL OSI Russia News –

May 27, 2025
MIL-OSI Global: What’s it like being a raven or a crow?

Source: The Conversation – UK – By Walter Veit, Lecturer, Department of Philosophy, University of Reading

Corvids are no birdbrains. Mimmo Lusito/Pexels, CC BY-SA

Many of us as children may have wondered what’s going on inside the mind of an animal – what are they thinking and feeling? Most animal researchers study science because of their fascination with animals, but for a long time scientific norms made it impossible to even raise the question of animal consciousness without losing scientific credibility.

Fortunately, those days have ended, thanks in large part to pioneering work by scientists such as Donald Griffin, who argued from the 1980s to his death in 2003 that animal minds should be a topic for scientific study.

We are philosophers who study consciousness, and in our recent research we worked with other scientists to explore what the world might be like from the point of view of corvids, the family of birds that includes ravens, crows, jays and magpies.

“Birdbrain” used to be a common insult but corvids have such surprising intelligence that they are sometimes described by scientists and journalists as “feathered apes”. But we wanted to go beyond intelligence. To do this we examined five dimensions of their experience by combing through studies on their behaviour, cognition, brains, emotions and consciousness.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Corvids’ eyes have incredibly sharp resolution that allows them to navigate while flying at high speeds and to find potential sources of food. Their hearing is excellent, perhaps unsurprising for songbirds, allowing them to even distinguish reliable from unreliable group members by assessing and remembering their alert calls.

They also have a good sense of smell, which they use to help them find nuts and other food they have hidden. Unfortunately, we do not know how their smell compares to a lot of other animals, because there are not enough studies on corvids’ sense of smell yet.

Emotional lives

Corvids show cognitive biases, similar to humans. They have negative moods and show signs of pessimism after observing similar states in others.

But they also show positive moods after successfully using tools – just like humans. And they can also show neophobia – wariness of new objects.

Even if you come with treats to give them, corvids are reluctant to fly close to someone they haven’t met before, but are confident with humans they know well – another common human trait.

It is common for people to only attribute emotional lives to mammals, but corvids show that we should study the emotions of birds in more detail.

Integrated experiences

We humans have one stream of consciousness. But birds lack a corpus callosum, the structure that connects the two brain hemispheres in us and other mammals.

Their brain halves show a lot of division of labour, such as using their different eyes to focus on different tasks. However, that doesn’t necessarily mean that their experience is split into two selves – it could suggest a kind of partial unity different from our own.

Perhaps their consciousness is more like split-brain human patients who have had their corpus callosum cut to reduce the effects of seizures. When two pictures are presented in their respective left and right visual fields, these people will draw what they see on the left side with their left hand, whereas they will verbally describe what is on the right, giving the appearance of two selves in one body.

Consciousness across time

Corvids show remarkable abilities in their sense of self across time. Because they often hide food (scientists call this caching), they can remember not just where they hid food, but also what kind of food it was and how long ago they hid it – which is relevant for more perishable foods such as insects, compared to longer-lasting nuts.

Here their memory far outstrips our own or, for that matter, most other animals when it comes to hiding objects, with some corvids caching and remembering over a thousand food items in a month for later consumption. No human would be able to remember that many hiding spots.

Corvids can even plan, collecting and storing a tool such as a spoon for future use.

Is this magpie waiting for the photographer to go away before it hides its nut?
Fercast/Shutterstock

A rich sense of self

They not only recognise themselves in mirrors, but also understand other minds. Research has shown corvids go back to remove cached food and hide it elsewhere if they know they have been observed – but only if they have stolen from others in the past.

Male jays will watch the feeding behaviour of a female they want to court, so they can bring their preferred food. Even more solitary corvids, such as ravens, seem to have well-developed social skills, which scientists used to think were largely restricted to mammals.

In all of this, there is still a great deal of uncertainty. Learning about the minds of other animals requires a great deal of inference from sparse and often ambiguous data. But we believe that there is scientific evidence for rich conscious experiences in corvids. For most species, it is a lack of research, not a lack of capacity, that keeps us silent on what their subjective experiences are like.

This research also has implications for corvid welfare. Understanding what the world is like for an animal means understanding what feels good and bad for them. Their good memories may mean they suffer longer from a negative experience, neophobia will mean novel objects should be introduced slowly, their social abilities mean they should be housed in groups. Giving them tools could allow them enriching experiences.

All this should be taken into account when deciding how to care for these birds when kept in cavity, and how to minimise welfare risks in other interactions with them.

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

– ref. What’s it like being a raven or a crow? – https://theconversation.com/whats-it-like-being-a-raven-or-a-crow-257171

MIL OSI – Global Reports –

May 27, 2025
MIL-OSI Global: Oscar Wilde’s The Ballad of Reading Gaol is a work of art activism beloved by Banksy

Source: The Conversation – UK – By Sondeep Kandola, Senior Lecturer in English Literature and Cultural History, Liverpool John Moores University

Oscar Wilde photographed by Napoleon Sarony (c. 1882). Library of Congress

In 2021, Banksy revealed a mural of Oscar Wilde, clad in prisoner garb, making an escape from the abandoned Reading jail. The artist claimed that he would donate profits from the sale of the stencil he used to create the work (a projected £10 million) to set up an arts hub in the Grade II listed building.

This hasn’t yet taken place, but speaking about the work at the time, Banksy dubbed Wilde “the patron saint of smashing two contrasting ideas together to create magic. Converting the place that destroyed him into a refuge for art feels so perfect we have to do it.”

In 1895, Wilde was sentenced to two years of hard labour for “gross indecency” after being convicted of “homosexual acts”. He was posthumously pardoned in 2017 under the Turing Law.

The Ballad of Reading Gaol, which he wrote two years after his release, hypnotically details the psychological and physical horrors of living in isolation in unsanitary single-cells for 23 hours a day.

It also reveals the mind-numbing conditions and physically exhausting jobs that were relentlessly inflicted on prisoners in Wilde’s day. They were required to ascend 56 steps a minute for nine hours a day on a treadmill, break stones and pick oakum (fibres from the ropes used on ships). And to do so in complete silence.

This article is part of Rethinking the Classics. The stories in this series offer insightful new ways to think about and interpret classic books and artworks. This is the canon – with a twist.

In the poem, Wilde details the intense surveillance techniques and harsh punishments adopted by the prison wardens against the “outcast men”.

Oscar Wilde’s prison cell in Reading Gaol as it appears today.
Jack1956/Wiki Commons

“Like ape or clown, in monstrous garb,” he writes, the inmates silently trudge the prison yard in their one allotted hour of exercise per day. The poem focuses on one prisoner in particular, named only as CTW, who is sentenced to death for murdering his wife. It traces his walk to the “hideous” shed where he is to be executed, which ghoulishly sees him “cross his own coffin”.

More gothic images abound. CTW’s impending burial in an unhallowed and anonymous grave is described as “with yawning mouth the horrid hole / Gaped for a living thing” while “the very mud cried out for blood”.

Wilde also references a scene from Coleridge’s 1797 masterpiece The Rime of the Ancient Mariner as he envisions phantoms dancing a “grisly masque” in which they sing of inexorable triumph of sin in prison, “the Secret House of Shame”.

Moreover, Wilde denies that the sacrifice that CTW has offered to the prison with his execution is ultimately redemptive for him as:

He did not pass in purple pomp

Nor ride a moon-white steed

Three yards of cord and a sliding board

Are all the gallows need.

In the ballad, Wilde represents the prison experience as sadistic and unrelenting. Much like Banksy over a century later, Wilde used the degree of anonymity the poem afforded (he published it under his cell number, C33) to berate an inhumane society and the distressing penal policy of “hard labour, hard fare, hard board” that he was forced to endure.

The Ballad of Reading Gaol can ultimately be read as a celebration of compassion, resilience and art activism. Through the poem and letters he wrote to the Daily Chronicle, Wilde publicly attempted to “try and change [prison life] for others”.

Wilde and his lover, Lord Alfred Douglas in 1893.
British Library

Despite Wilde’s public notoriety, Irish MPs Michael Davitt and T.P. O’Connor even went as far as to quote the ballad in parliamentary debates, which led to the adoption of some of the recommendations that Wilde had made in his letters in the 1898 Prison Reform Act.

Although Wilde, himself, was to suffer the psychological and physical effects of his imprisonment until the end of his short life two years later, the 1898 Act saw the treadmill abolished, ensured solitary confinement could only be used for a maximum of 28 days and children were separated from adult prisoners. And yet, sadly, Wilde’s description of “the foul and dark latrine” of “humanity’s machine” continues to reverberate today.

On August 22 2024, “independent monitors” into the conditions at Wandsworth Prison (where Wilde was briefly held) found it to be “crumbling, overcrowded and vermin-infested, with inmates living in half the cell space available when it was first opened in 1851”.

While Wilde’s “swan song” joins with Banksy’s escaped prisoner to expose the failings of modern penal practices, it also reminds us of the enduring power of art and imagination to foster change.

Beyond the canon

As part of the Rethinking the Classics series, we’re asking our experts to recommend a book or artwork that tackles similar themes to the canonical work in question, but isn’t (yet) considered a classic itself. Here is Sondeep Kandola’s suggestion:

If you are looking for further reading on the topic of prison life and the prison experience, Andy West’s memoir The Life Inside (2022) offers a sobering and often witty reflection on living in the carceral state today. A philosophy teacher in prison, West explores the notion of freedom, redemption and our broken prison system.

You might also be interested to read Brendan Behan’s powerful 1958 autobiography Borstal Boy and Bobby Sands’ courageous Writings from Prison (2020), two incarcerated Irish writers who shared Wilde’s republican sympathies and similarly questioned the ethics and integrity of the British government who imprisoned them.

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

– ref. Oscar Wilde’s The Ballad of Reading Gaol is a work of art activism beloved by Banksy – https://theconversation.com/oscar-wildes-the-ballad-of-reading-gaol-is-a-work-of-art-activism-beloved-by-banksy-237581

MIL OSI – Global Reports –

May 27, 2025
MIL-OSI Russia: IMF Reaches Staff-Level Agreement with São Tomé and Príncipe on the First Review under the Extended Credit Facility Arrangement and Completes 2025 Article IV Mission
Source: IMF – News in Russian

May 23, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
- IMF staff and the São Toméan authorities have reached a staff-level agreement on the first review of the economic policies underpinned by the 40-month ECF-supported program. Most quantitative targets for the first review have been met and significant progress was made on a range of macro-structural issues.
- The authorities have made progress in re-building macroeconomic stability, improving the fiscal position, and advancing the government’s reform agenda. Inflation has declined from recent highs, due to global disinflation and a tight monetary stance. Growth is expected to pick up and inflation to further decelerate over the medium term.
- The authorities remain committed to the objectives established in the ECF-supported program approved by the IMF Executive Board in December 2024.
Washington, DC: An International Monetary Fund (IMF) staff team, led by Mr. Slavi Slavov, Mission Chief for São Tomé and Príncipe, held meetings in São Tomé during May 8-21, 2025, to discuss progress on the authorities’ reforms and policy priorities in the context of the first review of São Tomé and Príncipe’s 40-month program supported by the Extended Credit Facility (ECF). The arrangement was approved by the IMF Executive Board for a total amount of SDR18.5 million (around US$25 million) on December 19, 2024. The team also conducted discussions on the 2025 Article IV consultation.

At the conclusion of the visit, Mr. Slavov issued the following statement:

“The São Toméan authorities and IMF staff team have reached a staff-level agreement on the first review of São Tomé and Príncipe’s economic program supported by the ECF arrangement. Subject to approval by the IMF’s Executive Board, São Tomé and Príncipe would have access to about SDR 4 million (US$5.3 million), bringing the total IMF financial support disbursed under the current arrangement to around SDR 8 million (about US$10.6 million).

“Against an increasingly challenging global economic backdrop, the São Toméan economy remains relatively resilient, with growth of 1.1 percent in 2024 despite stubbornly high inflation, a tight policy mix, and the country’s vulnerability to climate change and natural disasters. Inflation remains in the low double digits, while core inflation has declined significantly. The pegged exchange rate has served as an anchor to support domestic stability, but the inflation differential with the Euro Area has put pressures on the fragile external position of the country.

“Growth is expected to reach 2.9 percent in 2025, accelerate further to 4.7 percent in 2026, and remain at around 3.5 percent over the medium term. This reflects the recovery of the agriculture sector and tourism, while private and public investments are expected to boost growth going forward. The IMF-supported program plays a catalytic role in mobilizing financial support and technical assistance from the country’s main development partners. Declining international oil prices are expected to reduce fiscal and external sector pressures, improving reserves accumulation and macroeconomic stability. Reforming the energy sector remains key to unlocking growth and alleviating pressures on public debt and foreign exchange reserves. The government has made significant strides in fiscal consolidation, reaching a domestic primary balance of zero in 2024, better than the targeted deficit of 0.5 percent of GDP.

“Discussions on the 2025 Article IV consultation focused on the importance of investing in resilient infrastructure and improving public investment management to reduce the country’s vulnerability to climate change and natural disasters. Discussions also covered improving inflation forecasting, liquidity management, and strengthening financial inclusion.

“The IMF staff team met President Carlos Vila Nova; Prime Minister Américo d’Oliveira dos Ramos; Minister of State for Economy and Finance Gareth Haddad do Espírito Santo Guadalupe; Acting Governor of the Central Bank Lara Simone Beirão; other government officials; representatives of the private sector including banks; and development partners. The mission expresses its deep appreciation to the authorities for their cooperation, hospitality, and constructive policy discussions.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/22/pr25157-sao-tome-and-principe-imf-reaches-sla-1st-rev-under-ecf-completes-2025-aiv-mission

MIL OSI
MIL OSI Russia News –
May 27, 2025
MIL-OSI: ALRMiner Launches Smarter System to Boost Returns and Cut Energy Use
Source: GlobeNewswire (MIL-OSI)

Monmouth, Monmouthshire, May 23, 2025 (GLOBE NEWSWIRE) —

The platform has evolved to accommodate the needs of its growing customer base throughout the years. ALRMiner introduced their revolutionary Mining Optimization System to enhance operational consistency and decrease electricity use throughout their global mining operations. The platform of ALR Miner reached 7.9 million users in 180 countries which represents a major growth milestone.

This strategic rollout addresses long-standing inefficiencies in cloud mining by enabling real-time resource allocation based on blockchain load, network demand, and power availability. By continually adjusting its operations to match market and environmental dynamics, the platform now delivers greater reward stability without increasing hardware strain or energy consumption.

The new system evaluates variables such as network congestion, mining difficulty, and local energy cost patterns, rerouting computing capacity accordingly. The impact is immediate: more consistent returns for users and reduced energy draw during low-efficiency cycles.

“This launch is the result of years of disciplined engineering and field testing,” said Olivia Miller, Director of Communications at ALR Miner. “We’re not just scaling infrastructure—we’re refining the very core of how mining works. Our users expect reliable, transparent results. This system delivers just that, with smarter energy use and more predictable rewards.”

During the multi-region trial phase, ALR Miner observed a 22% improvement in daily yield accuracy and a 30% reduction in unnecessary power usage across its Canada, Nordic, and Eastern European operations. The company’s design and energy teams coordinated across five time zones to ensure the update seamlessly integrates with every active contract.

This latest development supports ALR Miner’s overarching commitment to responsible and sustainable growth. Each of its facilities runs on clean energy—predominantly solar, hydroelectric, and wind. The optimization system really enhances this eco-friendly model by adjusting to changes in renewable energy availability on the fly. So when there’s more stress on the grid or whenever the solar energy production drops, the system quickly adapts to keep everything running efficiently without losing any output.

Here’s What ALR Miner Users Can Expect:
- Payouts every day that are more reliable: The system is set up to handle tasks quickly, so returns will stay steady no matter what level of contract you choose.
- Aligning with the environment: The platform also runs on renewable energy, which is good for the environment because it means less reliance on fossil fuels.
- Hassle-Free Integration: Users don’t have to lift a finger; everything runs smoothly on the platform itself.
ALR Miner simplifies the mining process for both newcomers and experienced miners alike. There are no hidden fees, no need for personal equipment, and everything is transparent. With its optimization system now launched, ALR Miner is committed to technical integrity, environmental care, and user satisfaction.

To get more details or check out contract options, https://alrminer.com

Media Contact:
Olivia Miller
Director of Communications
media@alrminer.com
+44 7514 226545

Company Address:
ALR Miner Headquarters
78 Queen Street, Monmouthshire, UK

Disclaimer: This press release is for informational purposes only and does not constitute financial advice, legal advice, or investment recommendations. Cryptocurrency involves risk and market volatility. Please research or consult a licensed financial advisor before making investment decisions. Alrminer.com and associated parties are not liable for any financial loss incurred.

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The MIL Network –
May 27, 2025
MIL-OSI: TerraVest Industries Inc. Announces Closing of Upsized Bought Deal Offering of Common Shares and Concurrent Closing of the Over-Allotment Option

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

TORONTO, May 23, 2025 (GLOBE NEWSWIRE) — TerraVest Industries Inc. (TSX:TVK) (“TerraVest” or the “Company”) is pleased to announce that it has closed its previously announced bought deal treasury offering (the “Offering”) and concurrent closing of the exercise in full of the over-allotment option granted to a syndicate of underwriters (the “Underwriters”) with National Bank Financial Markets, Canaccord Genuity, and Desjardins Capital Markets acting as Co-Bookrunners. Pursuant to the Offering, the Company issued an aggregate 2,001,000 common shares (the “Shares”) at a price of $160.30 per share (the “Offer Price”) for gross proceeds of $320,760,300. The gross proceeds include 261,000 Shares issued at the same Offer Price for gross proceeds of $41,838,300 on the exercise in full of the over-allotment option granted to the Underwriters.

The net proceeds from the Offering will be initially allocated towards repaying existing debt and supporting general corporate activities, until required for future acquisitions or growth opportunities.

ABOUT TERRAVEST INDUSTRIES INC.:

TerraVest is a diversified industrial company that manufactures and sells goods and services to a variety of end-markets. The Company is a market-leading manufacturer of home heating products, propane, anhydrous ammonia (“NH3”) and natural gas liquids (“NGL”) transport vehicles and storage vessels, energy processing equipment and fiberglass storage tanks. TerraVest is focused on acquiring and operating market-leading businesses that will benefit from TerraVest’s financial and operational support. For more information on the Company, please visit https://terravestindustries.com/. Additional information relating to the Company, including all public filings, is available on SEDAR+ (www.sedarplus.ca).

FOR FURTHER INFORMATION, PLEASE CONTACT:
Dustin Haw
Chief Executive Officer
TerraVest Industries Inc.
ir@terravestindustries.com

Caution Concerning Forward-Looking Statements

This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding the use of proceeds of the Offering, potential for future acquisitions by TerraVest, our strategic direction and evaluation of the business segments and TerraVest as a whole, TerraVest’s plans with respect to its existing portfolio businesses and long-term acquisition strategy and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as “expects” and “will” or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.

Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.

The MIL Network –

May 27, 2025
MIL-OSI: Wix Acquires Hour One to Expand Generative AI Capabilities and Accelerate Product Innovation

Source: GlobeNewswire (MIL-OSI)

NEW YORK— Today Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform globally¹, announced its acquisition of Hour One, a pioneer in generative AI media creation. This acquisition marks yet another milestone in Wix’s transformation into a frontrunner in AI-powered digital experiences, giving the company access to advanced technologies that will continue to shape the future of web and visual design creation.

Founded in 2019, Hour One develops technology that enables the effortless creation of studio-quality content at scale. Its platform supports personalized video and interactive experiences that merge storytelling with real-time engagement. At the core of Hour One’s offering is a proprietary cloud-based infrastructure that integrates generative AI inference with advanced 3D rendering – a technology that puts Wix on the cutting edge of scalable, high-impact content creation.

“We are excited to expand our knowledge and investment in AI by bringing Hour One into the Wix fold,” said Ronny Elkayam, COO at Wix. “This move reinforces Wix’s position as a leader in the new era of generative AI and fuels our vision to make web creation smarter, faster, and more immersive. We see significant opportunities to accelerate innovation and build experiences the industry hasn’t yet imagined. By bringing these capabilities in-house, we can maintain higher quality and control over rapidly evolving front-end technologies, reduce reliance on third-party providers, and better manage costs. Most importantly, we are acquiring a team of exceptional talent with deep technical expertise in generative AI and media infrastructure. Together, we’ll push the boundaries of what creators and businesses can do with Wix.”

“Joining Wix is a natural next step in our journey,” said Oren Aharon, Ph.D., Co-founder and CEO of Hour One. “From day one, we’ve been driven by the vision of making high-quality media creation accessible and scalable through AI. With Wix’s global reach, product innovation, and commitment to empowering creators, we’re excited to amplify our impact and shape the next generation of web and content experiences together.”

Founders Oren Aharon Ph.D., Lior Hakim and Arnon Kahani and their team will join Wix at their headquarters, bringing with them years of experience, innovation, and a shared ambition to redefine what’s possible with technology.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform¹ to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

For more about Wix, please visit our Press Room
Media Relations Contact: PR@wix.com

¹ Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

The MIL Network –

May 27, 2025
MIL-OSI: XRP News: Buy $XDX, An XRP-Backed Token on XenDex As CME Group Launches XRP Futures
Source: GlobeNewswire (MIL-OSI)

SYDNEY, May 23, 2025 (GLOBE NEWSWIRE) — As global crypto momentum surges around XRP, the launch of CME Group’s XRP Futures has sent bullish waves through the market. At the heart of this renewed interest lies XenDex, the first all-in-one decentralized exchange (DEX) on the XRP Ledger and its $XDX presale ends in just 5 days.

Early investors are rushing in to lock down $XDX at pre-launch pricing before listings go live on Binance, Gate.io, MEXC, BitMart, MagneticX, and FirstLedger. With the presale soft cap filled and the hard cap nearly complete, this is the final chance to buy before demand and price skyrocket.

Buy $XDX Before Listing On Binance

What is XenDex on XRP Blockchain?

XenDex is a DeFi powerhouse being built natively on XRPL, designed for both beginners and professional traders. It merges DeFi functionalities into a seamless interface backed by XRPL’s unmatched speed and low transaction fees.

Features and Problems XenDex Aims to Solve on XRP Ledger

While XRP excels in speed and cost, it lacks native DeFi solutions. XenDex solves this with:
- Lending & Borrowing – Lend or borrow XRP tokens on XenDex
- AI Copy Trading – Mirror top traders automatically
- Cross-Chain Trading – Swap XDX across Ethereum, BNB, and Solana
- DAO Governance – Community-driven decision-making
Buy $XDX on XenDex At Discount

Advantages of Holding $XDX

$XDX unlocks major benefits for holders:
- Voting rights for platform proposals
- Staking and yield farming rewards
- Trading fee discounts
- Early access to launches and airdrops
Where Can I Trade $XDX?

After the presale, $XDX will list on Binance, Gate.io, BitMart, MEXC, MagneticX, and FirstLedger, ensuring high liquidity and global reach.

Is XenDex a Legit Project on XRP?

Absolutely. XenDex is a transparent, community-first project, backed by XRPL integrations and a skilled team with prior experience on Cardano and SUI. The platform is currently undergoing smart contract audits and has formed strategic partnerships with Xaman, XRP Toolkit, Gitbook, Github, and Namecheap.

Purchase $XDX At A low Price & Earn Rewards

How Do I Buy $XDX?

Visit: https://xendex.net/presale
Set up a trustline-compatible wallet (e.g., Xaman)
Minimum buy: 150 XRP
Rate: 1.25 XRP = 10 XDX
More info: https://xdxdocs.gitbook.io/xendex/buy-usdxdx-token-presale

XenDex Presale Details
- Soft Cap: Filled
- Hard Cap: Almost Reached
- Price: 1.25 XRP = 10 XDX
- Presale Rate: 150 XRP = 1200 $XDX
- Time Remaining: 5 Days
Buy Now Before the Presale Ends: https://xendex.net/presale

Join XenDex Community

Website: xendex.net
Presale: xendex.net/presale
Telegram: t.me/xendexcommunity
Twitter: x.com/xendex_xrp
Docs: xdxdocs.gitbook.io

Contact:
Frank Richards
Frank@xendex.net

Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.
Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4bbf962f-fa01-438e-828a-51e87891082a

The MIL Network –
May 27, 2025

MIL-OSI: Imperial Petroleum Inc. Reports First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

ATHENS, Greece, May 23, 2025 (GLOBE NEWSWIRE) — IMPERIAL PETROLEUM INC. (NASDAQ: IMPP; the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2025.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Fleet operational utilization of 83.8% in Q1 25’ versus 86% in Q4 24’ and 80.6% in Q1 24’.
About 47% of fleet calendar days were dedicated to time charter activity while 53% to spot activity.
Delivery of the dry bulk carrier, Supra Pasha (2012 built) on April 26th 2025; the remaining six contracted dry bulk carriers will be delivered by June 2025.
Revenues of $32.1 million in Q1 25’ compared to $41.2 million in Q1 24’- a 22.1% decline as market rates were stronger during Q1 24’.
Net income of $11.3 million in Q1 25’ versus $16.7 million in Q1 24’, corresponding to an EPS, basic of $0.32.
EBITDA¹ of $14.7 million for Q1 25’.
Revenues and net income increased by $5.9 million (or 22.5%) and $7.4 million (or 189.7%), respectively, in Q1 25’ compared to Q4 24’.
Cash and cash equivalents including time deposits of $227.4 million as of March 31, 2025 which is 167.5% higher than our current market capitalization of about $85 million.
Recurring profitability and debt free capital structure facilitate robust cash flow generation.

First Quarter 2025 Results:

Revenues for the three months ended March 31, 2025 amounted to $32.1 million, a decrease of $9.1 million, or 22.1%, compared to revenues of $41.2 million for the three months ended March 31, 2024, primarily due to a decrease in the spot market tanker rates. During the three months ended March 31, 2024 average spot rates for product and suezmax tankers were 26.9% and 24.2% higher than average spot rates during the three months ended March 31, 2025.
Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2025 were $10.5 million and $7.1 million, respectively, compared to $13.5 million and $6.0 million, respectively, for the three months ended March 31, 2024. The $3.0 million decrease in voyage expenses is mainly attributed to increased time charter activity leading to a decline in spot days by 16.1%. The decline in spot days along with the decrease in the Suez Canal transits compared to the same period of last year, led to decreased bunker consumption by 21.2% and lower port expenses by 30.8%. The $1.1 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 2.1 vessels between the two periods.
Drydocking costs for the three months ended March 31, 2025 and 2024 were nil and $0.6 million, respectively. This decrease is due to the fact that during the three months ended March 31, 2025, no vessel underwent drydocking whereas during the three months ended March 31, 2024 our aframax tanker commenced its drydocking which was concluded within April 2024.
General and administrative costs for both the three months ended March 31, 2025 and 2024 were $1.2 million.
Depreciation for the three months ended March 31, 2025 and 2024 was $5.0 million and $4.0 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
Management fees for the three months ended March 31, 2025 and 2024 were $0.5 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
Interest and finance costs for the three months ended March 31, 2025 and 2024 were $0.6 million and $0.002 million, respectively. The $0.6 million of costs for the three months ended March 31, 2025 relate mainly to accrued interest expense – related party in connection with the $14.0 million and $24.0 million part of the acquisition prices of our bulk carriers, Neptulus and Clean Imperial, respectively. These balances were completely settled in April 2025. For accounting purposes, the outstanding balances payable on the two vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amounts ultimately paid remained consistent with the originally agreed purchase prices.
Interest income for the three months ended March 31, 2025 was $2.2 million as compared to $1.0 million for the three months ended March 31, 2024. The $1.2 million increase is mainly attributed to a higher amount of funds placed under time deposits.
Interest income – related party for the three months ended March 31, 2025 was nil as compared to $0.8 million for the three months ended March 31, 2024. The decrease is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended March 31, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024, thus the balance for the three months ended March 31, 2025 was nil.
Foreign exchange (loss)/gain for the three months ended March 31, 2025 was a gain of $1.7 million as compared to a loss of $0.8 million for the three months ended March 31, 2024. The $1.7 million foreign exchange gain for the three months ended March 31, 2025, is mainly attributed the strengthening of the euro currency against the dollar at the end of the three months ended March 31, 2025 when compared to the respective currency values at the end of year 2024.
As a result of the above, for the three months ended March 31, 2025, the Company reported net income of $11.3 million, compared to net income of $16.7 million for the three months ended March 31, 2024. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended March 31, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2025 was 32.9 million. Earnings per share, basic and diluted, for the three months ended March 31, 2025 amounted to $0.32 and $0.30, respectively, compared to earnings per share, basic and diluted, of $0.56 and $0.50, respectively, for the three months ended March 31, 2024.
Adjusted net income¹ was $12.2 million corresponding to an Adjusted EPS¹, basic of $0.34 for the three months ended March 31, 2025 compared to an Adjusted net income of $17.5 million corresponding to an Adjusted EPS, basic, of $0.59 for the same period of last year.
EBITDA¹ for the three months ended March 31, 2025 amounted to $14.7 million, while Adjusted EBITDA¹ for the three months ended March 31, 2025 amounted to $15.6 million.
An average of 11.90 vessels were owned by the Company during the three months ended March 31, 2025 compared to 9.84 vessels for the same period of 2024.

¹ EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Fleet Employment Table

As of May 23, 2025, the profile and deployment of our fleet is the following:


Name	Year Built	Country Built	Vessel Size (dwt)	Vessel Type	Employment Status	Expiration of Charter(1)
*Tankers*
Magic Wand	2008	Korea	47,000	MR product tanker	Time Charter	October 2025
Clean Thrasher	2008	Korea	47,000	MR product tanker	Time Charter	May 2025
Clean Sanctuary (ex. Falcon Maryam)	2009	Korea	46,000	MR product tanker	Spot
Clean Nirvana	2008	Korea	50,000	MR product tanker	Spot
Clean Justice	2011	Japan	46,000	MR product tanker	Time Charter	September 2027
Aquadisiac	2008	Korea	51,000	MR product tanker	Spot
Clean Imperial	2009	Korea	40,000	MR product tanker	Time Charter	January 2026
Suez Enchanted	2007	Korea	160,000	Suezmax tanker	Spot
Suez Protopia	2008	Korea	160,000	Suezmax tanker	Spot
*Drybulk Carriers(2)*
Eco Wildfire	2013	Japan	33,000	Handysize drybulk	Time Charter	May 2025
Glorieuse	2012	Japan	38,000	Handysize drybulk	Time Charter	June 2025
Neptulus	2012	Japan	33,000	Handysize drybulk	Time Charter	June 2025
Supra Pasha	2012	Japan	56,000	Supramax drybulk	Spot
Fleet Total			807,000 dwt

(1) (2)	Earliest date charters could expire. We have contracted to acquire six Japanese built drybulk carriers, aggregating approximately 387,000 dwt, which are expected to be delivered to us by June 2025.

CEO Harry Vafias Commented

Another year commenced with a positive momentum for Imperial Petroleum. We are happy as we consider the $11.3 million of net income generated in Q1 25’ a very good result given the eventful but softish market. This is a busy period for our Company but at the same time exciting as we are taking on delivery of another six drybulk vessels. Within the short life of Imperial Petroleum, we are expanding our fleet from four vessels to nineteen by the second quarter of 2025; our goal of growing fast and transforming a small company to medium sized was achieved. We feel confident that the diversified quality non- Chinese fleet we have created will pay off. Imperial Petroleum enjoys fast growth, recurring profits, zero bank debt and liquidity as of March 31, 2025 in excess of $220 million and as per our view ticks all the boxes that define a successful operation.

Conference Call details:

On May 23, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Online Registration:

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register-conf.media-server.com/register/BIaef045aa9f5b46a7b5e8eb48c2e56115

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About IMPERIAL PETROLEUM INC.

IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of thirteen vessels on the water – seven M.R. product tankers, two suezmax tankers and four handysize drybulk carriers – with a total capacity of 807,000 deadweight tons (dwt), and has contracted to acquire an additional six drybulk carriers of 387,000 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 19 vessels with an aggregate capacity of 1.2 million dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment
For information on our fleet and further information:
Visit our website at www.ImperialPetro.com

Company Contact:
Fenia Sakellaris
IMPERIAL PETROLEUM INC.
E-mail: info@ImperialPetro.com

Fleet Data:
The following key indicators highlight the Company’s operating performance during the three month periods ended March 31, 2024 and 2025.

FLEET DATA	Q1 2024	Q1 2025
Average number of vessels (1)	9.84	11.90
Period end number of owned vessels in fleet	11	12
Total calendar days for fleet (2)	895	1,071
Total voyage days for fleet (3)	878	1,067
Fleet utilization (4)	98.1%	99.6%
Total charter days for fleet (5)	207	504
Total spot market days for fleet (6)	671	563
Fleet operational utilization (7)	80.6%	83.8%

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income before share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and share based compensation.
Adjusted EPS represents Adjusted net income attributable to common shareholders divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

(Expressed in United States Dollars, except number of shares)	Third Quarter Ended March 31st,
	2024	2025
Net Income – Adjusted Net Income
Net income	16,654,604	11,290,986
Plus share based compensation	858,810	889,076
Adjusted Net Income	17,513,414	12,180,062

Net income – EBITDA
Net income	16,654,604	11,290,986
Plus interest and finance costs	2,430	606,383
Less interest income	(1,785,878)	(2,184,394)
Plus depreciation	4,027,061	5,002,837
EBITDA	18,898,217	14,715,812

Net income – Adjusted EBITDA
Net income	16,654,604	11,290,986
Plus share based compensation	858,810	889,076
Plus interest and finance costs	2,430	606,383
Less interest income	(1,785,878)	(2,184,394)
Plus depreciation	4,027,061	5,002,837
Adjusted EBITDA	19,757,027	15,604,888

EPS
Numerator
Net income	16,654,604	11,290,986
Less: Cumulative dividends on preferred shares	(435,246)	(435,246)
Less: Undistributed earnings allocated to non-vested shares	(856,950)	(453,265)
Net income attributable to common shareholders, basic	15,362,408	10,402,475
Denominator
Weighted average number of shares	27,613,661	32,944,925
EPS – Basic	0.56	0.32

Adjusted EPS
Numerator
Adjusted net income	17,513,414	12,180,062
Less: Cumulative dividends on preferred shares	(435,246)	(435,246)
Less: Undistributed earnings allocated to non-vested shares	(902,326)	(490,387)
Adjusted net income attributable to common shareholders, basic	16,175,842	11,254,429

Denominator
Weighted average number of shares	27,613,661	32,944,925
Adjusted EPS, Basic	0.59	0.34

Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)

		Quarters Ended March 31,
		2024	2025

Revenues
	Revenues	41,203,281	32,091,626

Expenses
	Voyage expenses	12,963,607	10,054,114
	Voyage expenses – related party	514,414	401,753
	Vessels’ operating expenses	5,951,561	7,021,928
	Vessels’ operating expenses – related party	82,000	98,500
	Drydocking costs	625,457	—
	Management fees – related party	393,800	471,240
	General and administrative expenses	1,207,168	1,217,977
	Depreciation	4,027,061	5,002,837
Total expenses		25,765,068	24,268,349

Income from operations		15,438,213	7,823,277

Other (expenses)/income
	Interest and finance costs	(2,430)	(3,607)
	Interest expense – related party	—	(602,776)
	Interest income	1,035,261	2,184,394
	Interest income – related party	750,617	—
	Dividend income from related party	189,583	187,500
	Foreign exchange (loss)/gain	(756,640)	1,702,198
Other income, net		1,216,391	3,467,709

Net Income		16,654,604	11,290,986

Earnings per share
– Basic		0.56	0.32
– Diluted		0.50	0.30

Weighted average number of shares
-Basic		27,613,661	32,944,925
-Diluted		30,951,012	34,258,803

Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)

		December 31,	March 31,
		2024	2025

Assets
Current assets
	Cash and cash equivalents	67,783,531	126,520,450
	Time deposits	138,948,481	100,900,500
	Trade and other receivables	13,456,083	8,772,549
	Other current assets	652,769	67,374
	Inventories	7,306,356	6,705,115
	Advances and prepayments	250,562	209,858
Total current assets		228,397,782	243,175,846

Non current assets
	Operating lease right-of-use asset	78,761	60,239
	Vessels, net	208,230,018	227,015,031
	Investment in related party	12,798,500	12,794,333
Total non current assets		221,107,279	239,869,603
Total assets		449,505,061	483,045,449

Liabilities and Stockholders’ Equity
Current liabilities
	Trade accounts payable	5,243,872	5,923,098
	Payable to related parties	18,725,514	39,232,604
	Accrued liabilities	3,370,020	3,604,467
	Operating lease liability, current portion	1,419,226	60,239
	Deferred income	78,761	1,812,557
Total current liabilities		28,837,393	50,632,965

Total liabilities		28,837,393	50,632,965

Commitments and contingencies

Stockholders’ equity
	Common stock	382,755	386,671
	Preferred Stock, Series A	7,959	7,959
	Preferred Stock, Series B	160	160
	Treasury stock	(8,390,225)	(8,390,225)
	Additional paid-in capital	282,642,357	283,527,517
	Retained earnings	146,024,662	156,880,402
Total stockholders’ equity		420,667,668	432,412,484
Total liabilities and stockholders’ equity		449,505,061	483,045,449

Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars

		Three Month Periods Ended March 31,
		2024	2025

Cash flows from operating activities
	Net income for the period	16,654,604	11,290,986

Adjustments to reconcile net income to net cash
provided by operating activities:
	Depreciation	4,027,061	5,002,837
	Non – cash lease expense	17,550	18,522
	Share based compensation	858,810	889,076
	Unrealized foreign exchange loss/(gain) on time deposits	799,150	(358,420)
	Dividend income from related party	(189,583)	—

Changes in operating assets and liabilities:
	(Increase)/decrease in
	Trade and other receivables	(3,249,129)	4,683,534
	Other current assets	(532,029)	585,395
	Inventories	(574,256)	601,241
	Changes in operating lease liabilities	(17,550)	(18,522)
	Advances and prepayments	(45,536)	40,704
	Due from related parties	(879,732)	4,167
	Increase/(decrease) in
	Trade accounts payable	(1,100,028)	679,226
	Due to related parties	2,839,227	(3,369,040)
	Accrued liabilities	903,784	234,447
	Deferred income	(869,166)	393,331
Net cash provided by operating activities		18,643,177	20,677,484

Cash flows from investing activities
	Dividends income received	191,667	—
	Acquisition and improvement of vessels	(72,257,190)	(4,350)
	Increase in bank time deposits	(31,695,420)	(57,958,390)
	Maturity of bank time deposits	31,368,080	96,364,791
Net cash (used in)/provided by investing activities		(72,392,863)	38,402,051

Cash flows from financing activities
	Stock issuance costs	(2,504,498)	—
	Dividends paid on preferred shares	(341,947)	(342,616)
Net cash used in financing activities		(2,846,445)	(342,616)

Net (decrease)/increase in cash and cash equivalents		(56,596,131)	58,736,919
Cash and cash equivalents at beginning of period		91,927,512	67,783,531
Cash and cash equivalents at end of period		35,331,381	126,520,450
Cash breakdown
	Cash and cash equivalents	35,331,381	126,520,450
Total cash and cash equivalents shown in the statements of cash flows		35,331,381	126,520,450

The MIL Network –

May 27, 2025

MIL-OSI: Peyto Exploration & Development Corp. Announces Voting Results From Annual and Special Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 23, 2025 (GLOBE NEWSWIRE) — Peyto Exploration & Development Corp. (TSX – PEY) (“Peyto“) is pleased to announce that the nominees listed in the information circular – proxy statement dated April 2, 2025 were elected as directors of Peyto at Peyto’s annual and special meeting of shareholders (the “Meeting“) held on May 22, 2025. The detailed results of the votes for the election of directors, the appointment of auditors, the advisory vote on executive compensation and approval of the total shareholder return rights plan held at the Meeting are set out below.

Election of Directors

On a vote by ballot, each of the following nine nominees proposed by management was elected as a director of Peyto:

Nominee	Outcome of Vote	Votes For	Votes Withheld
Donald Gray	Elected	86,197,115	9,670,104
Michael MacBean	Elected	91,436,025	4,431,195
Brian Davis	Elected	93,801,543	2,065,676
Darren Gee	Elected	93,274,345	2,592,875
Jean-Paul Lachance	Elected	94,383,235	1,483,984
Jocelyn McMinn	Elected	89,376,549	6,490,671
John W. Rossall	Elected	95,416,660	450,559
Debra Gerlach	Elected	94,478,939	1,388,281
Nicki Stevens	Elected	92,357,435	3,509,784

Appointment of Auditors

By ordinary resolution passed via ballot, Deloitte LLP, Chartered Professional Accountants, were appointed as auditors of Peyto until the next annual meeting or until their successors are duly appointed, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:

Votes For	Percent (%)	Votes Withheld	Percent (%)
95,603,268	95.11%	4,910,425	4.89%

Advisory Vote on Executive Compensation

By ordinary resolution passed via ballot, the non-binding advisory resolution concerning Peyto’s approach to executive compensation was approved. The results of the ballot were as follows:

Votes For	Percent (%)	Votes Against	Percent (%)
89,147,761	92.99%	6,719,458	7.01%

Approval of the Total Shareholder Return Rights Plan

By ordinary resolution passed via ballot, Peyto’s total shareholder return rights plan was ratified and approved. The results of the ballot were as follows:

Votes For	Percent (%)	Votes Against	Percent (%)
90,874,189	94.79%	4,993,029	5.21%

For further information please contact:

Jean-Paul Lachance
President and Chief Executive Officer
Phone: (403) 451-4111
Fax: (403) 451-4100

The MIL Network –

May 27, 2025

MIL-OSI: Bulletin from the Annual General Meeting of Terranet AB on May 23, 2025

Source: GlobeNewswire (MIL-OSI)

The annual general meeting of Terranet AB (the “Company”) was held today, May 23, 2025, in Lund. The meeting resolved, with the required majority and in accordance with the board’s proposal, on the following main resolutions.

Adoption of the profit and loss account and balance sheet
The annual general meeting resolved to adopt the income statement and balance sheet of the Company and the consolidated income statement and consolidated balance sheet.

Allocation of profits
The annual general meeting decided to allocate the result in accordance with the board’s proposal in the annual report, i.e. that the result be carried forward.

Discharge from liability
The members of the board of directors and the CEO were discharged from liability for the financial year 2024.

Election of Board of Directors, auditor and remuneration
The annual general meeting resolved that the board of directors shall consist of five (5) members without deputies. It was further resolved that the Company shall have a registered accounting firm as auditor.

Torgny Hellström, Anders Blom, Magnus Edman and Mats Fägerhag were re-elected as board members. Uwe Brandenburg was also elected as a new board member. Torgny Hellström was re-elected chairman of the board.

The registered accounting firm Ernst & Young AB (“EY“) was elected as the Company’s auditor. EY has announced that the authorized public accountant Martin Henriksson will be the auditor in charge.

It was resolved that a fee of SEK 185,000 shall be paid to each of the members elected by the annual general meeting who are not employed by the Company or the Group, and SEK 495,000 to the chairman of the board. A fee of SEK 27,500 shall be paid to each of the members of the
remuneration committee (maximum three members) and a fee of SEK 65,000 shall be paid to each of the members of the audit committee (maximum two members), and SEK 110,000 to its chairman. It was resolved that fees to the auditor shall be paid according to approved invoices.

Decision to amend the articles of association
The annual general meeting decided to amend the articles of association as follows.

Previous wording

New wording

§ 4 Share capital

The share capital shall be not less than SEK 3,300,000 and not more than SEK 13,200,000.

§ 4 Share capital

The share capital shall be not less than SEK 14,500,000 and not more than SEK 58,000,000.

§ 5 Number of shares

The number of shares shall be not less than 330 000 000 and not more than 1 320 000 000.

§ 5 Number of shares

The number of shares shall be not less than 1 450 000 000 and not more than 5 800 000 000.

Approval of the Board’s decision on a directed share issue
The meeting resolved to approve the board of directors’ resolution of April 16, 2025 on a new share issue of up to 5,461,210 units (the “Directed Issue“). The new series B shares and warrants shall be issued in units. Each unit contains 33 series B shares and five (5) warrants of series TO9 B. The Company’s share capital may, through the Directed Issue, be increased by a maximum of SEK 1,802,199.30 through the issuance of a maximum of 180,219,930 series B shares. The subscription price per unit amounts to SEK 2.97, corresponding to a subscription price per share of SEK 0.09.

The right to subscribe for shares in the Directed Issue is, with deviation from the shareholders’ preferential rights, granted to a number of pre-announced investors, existing shareholders and members of the Company’s management and board of directors.

Through the Directed Issue, a maximum of 27,306,050 warrants of series TO9 B are issued, entailing an increase of the share capital upon full exercise by a maximum of SEK 273,060.50. Each warrant of series TO9 B entitles the holder to subscribe for one (1) series B share at a subscription price corresponding to SEK 0.18. The subscription price may not be less than the share’s quota value applicable at any given time. Subscription for new shares by exercising the warrants of series TO9 B can take place during the period from December 1, 2025 up to and including December 15, 2025.

Approval of the Board’s decision on a rights issue of units
The annual general meeting also resolved to approve the board of directors’ resolution of April 16, 2025 on a new issue of a maximum of 13,880,714 units with preferential rights for existing shareholders (the “Rights Issue”). The new shares and warrants shall be issued in units (so-called units). Each unit shall contain twelve (12) series B shares and three (3) warrants of series TO9 B. The Company’s share capital may, through the Rights Issue, be increased by a maximum of SEK 1,665,685.68 through the issue of a maximum of 166,568,568 series B shares. The subscription price amounts to SEK 1.08 per unit, corresponding to a subscription price of SEK 0.09 per share. The warrants are issued without consideration.

The right to subscribe for units in the Rights Issue shall, with preferential rights, be granted to those who are registered as shareholders in the Company on the record date for the Rights Issue, whereby the holding of one (1) series B share entitles to one (1) unit right. Eighty-six (86) unit rights entitle to subscription of one (1) unit. Subscription of units shall take place during the period from May 27, 2025 up to and including June 11, 2025.

Through the Rights Issue, a maximum of 41,642,142 warrants of series TO9 B are issued, entailing an increase in the share capital upon full exercise by a maximum of SEK 416,421.42. Each warrant of series TO9 B entitles the holder to subscribe for one (1) series B share at a subscription price corresponding to SEK 0.18. The subscription price may not be less than the share’s quota value applicable at any given time. Subscription for new shares by exercising the warrants of series TO9 B can take place during the period from December 1, 2025 up to and including December 15, 2025.

Resolution to authorize the Board of Directors to resolve new issues of shares, warrants and convertibles
The annual general meeting resolved to authorize the board of directors to decide, on one or more occasions up until the next annual general meeting, on the issue of series B shares, warrants and/or convertibles with the right to subscribe for or convert series B shares, with or without deviation from the shareholders’ preferential rights, within the limits of the articles of association applicable at any given time, to be paid in cash, in kind and/or by set-off.

The main reason for the board of directors to be able to decide on a new share issue without preferential rights for shareholders as described above is to be able to raise new capital to increase the Company’s flexibility for financing.

Resolution authorizing the Board of Directors to make minor adjustments to the resolutions adopted by the General Meeting
The meeting resolved to authorize the board of directors, the CEO or the person otherwise appointed by the board of directors to make such minor adjustments and clarifications to the resolutions adopted at the annual general meeting as are necessary for the registration of the resolutions.

_______________

Lund in May 2025
Terranet AB
The Board of Directors

For more information, please contact:
Lars Lindell, CEO
E-mail: lars.lindell@terranet.se

About Terranet AB (publ)
Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.

The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B). Follow our journey at: www.terranet.se

Attachment

250523_Terranet_AGM 2025

The MIL Network –

May 27, 2025

MIL-OSI Economics: Mammography equipment market in South Korea to grow at 4% CAGR through 2036, forecasts GlobalData

Source: GlobalData

Mammography equipment market in South Korea to grow at 4% CAGR through 2036, forecasts GlobalData

Posted in Medical Devices

The market for mammography equipment in South Korea is undergoing significant growth. This upsurge is attributable to the broadening scope of breast cancer screening initiatives, increased public awareness, and the incorporation of sophisticated imaging technologies. Owing to these factors, the mammography equipment market in South Korea is set to grow at a compound annual growth rate (CAGR) of approximately 4% through 2036, forecasts GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Mammography Equipment Market Size by Segments, Share, Regulatory, Reimbursement, Installed Base and Forecast to 2036,” reveals that South Korea represented nearly 20% of the mammography equipment market in the Asia-Pacific region in 2024. This significant share highlights the country’s strong healthcare infrastructure, early embrace of new technologies, and a clear national focus on preventive healthcare and innovation.

In March 2025, a comprehensive Korean study revealed that the utilization of Lunit INSIGHT MMG, an AI-powered mammography software developed by the South Korean medical AI firm Lunit Inc., enhanced breast cancer detection rates by 13.8% without elevating recall rates. The findings affirm South Korea’s advancing role in shaping high-impact, AI-driven medical imaging practices that prioritize accuracy without added patient burden.

Shagufta Hasan, Medical Devices Analyst at GlobalData, comments: “Despite the growth of mammography market in South Korea, breast cancer detection still faces challenges related to inconsistent access, diagnostic delays, and disparities in the adoption of technology, factors that may hinder early intervention and patient outcomes. However, solutions such as the Lunit INSIGHT MMG and DBT represent a transformative shift in breast imaging. These advanced diagnostic solutions are paving the way for more detailed, efficient, and accessible screening pathways, aligning with the country’s broader commitment to preventive healthcare and innovation.”

AI solutions such as Lunit INSIGHT MMG and DBT streamline case prioritization, support early diagnosis, and enhance precision across diverse clinical environments. By reducing diagnostic delays and standardizing interpretation regardless of reader experience, these solutions help bridge gaps in access and technological disparities, ultimately supporting more equitable breast cancer screening outcomes.

Hasan concludes: “South Korea appears to be strategically poised to influence the future of breast imaging through continued investment, fostering strategic partnerships, and expanding its global outreach. By reinforcing its position in the advancement of diagnostic technologies, it is likely to enhance access to high-quality care to patients with breast cancer, and bolster its global impact.”

MIL OSI Economics –

May 27, 2025
MIL-OSI Economics: Taiwan commits to multi-layered defense modernization amid heightened regional tensions, observes GlobalData

Source: GlobalData

Taiwan commits to multi-layered defense modernization amid heightened regional tensions, observes GlobalData

Posted in Aerospace, Defense & Security

Taiwan is undertaking a comprehensive, multi-layered defense modernization effort, driven by rising security threats and the imperative to deter potential aggression from China. With defense spending projected to reach $23.5 billion in 2030, Taiwan is prioritizing advanced air, naval, and unmanned systems, while also strengthening logistics and support infrastructure to enhance resilience and sustain prolonged military operations, says GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Taiwan Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2025-30,”Australia Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2022-27’ reveals that the country’s cumulative defense spending is anticipated to reach $112.2 billion during 2026-30, out of which the acquisition budget share is estimated to be approximately average 14.7%, amounting to $16.5 billion.

Abhijit Apsingikar, Aerospace & Defense Analyst at GlobalData, comments: “Persistent Chinese incursions into territorial waters and airspace, along with the constant threat of a potential naval amphibious invasion, have compelled Taiwan to make substantial investments in strengthening its overall defense posture.”

Against this backdrop, Taiwan placed a contract to procure 66 new F-16 Block 70/72 aircraft in 2020 and first of the new aircraft were delivered in March 2025. The country has also completed modernizing its existing fleet of 139 F-16 A/B multirole aircraft to F-16 Block 70/72 standard as a part of the first phase of Peace Phoenix Rising program, last of which was delivered in December 2023. Taiwan is also in the process of reinforcing its sea denial capabilities by investing in Hai Kun-class submarines, while also investing in acquisition of Harpoon Coastal Defense System.

Over the period 2020-25, Taiwan sanctioned a large defense investment fund disbursed over multiple years. The key focus of these investments was directed towards strengthening the defense infrastructure and to revitalize defense R&D capabilities within the country, with its Navy being a key beneficiary. Taiwan is also in the process of building a new 2,500-ton light frigate to bolster its naval defense capabilities.

Apsingikar continues: “The ongoing Russo-Ukraine war offers a template for Taiwan to adopt proven methods for defending against a stronger adversary by deploying unmanned platforms such as unmanned aerial vehicles, unmanned ground vehicles, unmanned surface vessels and unmanned underwater vehicles. These platforms can assist Taiwan to compensate for its relatively smaller military strength and combat potential”

Although Taiwan’s defense RDT&E spending is modest with a budgetary allocation of $530 million for 2025, its anticipated to be directed mainly towards R&D in automated unmanned systems. For instance, Taiwan is developing Huilong uncrewed underwater vehicle (UUV), the Endeavor Manta Unmanned Surface Vessel, and Tu-40 Fixed Wing Unmanned Aerial Vehicle.

Apsingikar concludes: “Taiwan is strategically focused on building a resilient and multi-layered defense posture. The emphasis is not only on acquiring advanced platforms but also on investing in robust logistics, maintenance, and support infrastructure. This integrated approach is critical to sustaining prolonged defense operations and delaying potential aggression long enough to enable allied intervention. By learning from modern conflict scenarios, Taiwan is prioritizing asymmetric warfare capabilities, particularly unmanned systems and sea denial strategies, to offset its numerical disadvantage and enhance its deterrence credibility in the region.”

MIL OSI Economics –

May 27, 2025
MIL-OSI Economics: APAC automotive infrared reflective glazing market to record 1.0% CAGR over 2024-29, forecasts GlobalData

Source: GlobalData

APAC automotive infrared reflective glazing market to record 1.0% CAGR over 2024-29, forecasts GlobalData

Posted in Automotive

The automotive sector in the Asia-Pacific (APAC) region is witnessing a transformative shift driven by advancements in glazing technology, particularly infrared-reflecting (IRR) glazing. This innovative technology is revolutionizing passenger comfort and energy efficiency in vehicles. As automakers embrace larger glazing areas and panoramic roofs, the APAC IRR glazing market is expected to record a compound annual growth rate (CAGR) of 1.0% over 2024-29, according to GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Global Sector Overview & Forecast: Automotive Glazing Q1 2025,” reveals that the APAC automotive Infrared reflective glazing market is poised to grow from an estimated 65.1 million units in 2024 to 68.6 million units in 2029.

Madhuchhanda Palit, Automotive Analyst at GlobalData, comments: “The introduction of IRR glazing has revolutionized the way vehicles manage heat load, particularly in regions with high solar exposure. In the APAC market, where temperatures can soar, the ability of IRR glazing to reject up to 60% of solar energy translates into a marked reduction in cabin temperatures. As automakers in the APAC region increasingly prioritize sustainability and efficiency, the integration of IRR glazing is poised to become a standard feature in new vehicle models.”

The evolution of IRR glazing technology has been propelled by advancements in coating processes, particularly the magnetron sputtering technique, which allows for the production of multilayer coatings on a large scale. This innovation has enabled manufacturers to create high-performance glazing solutions that meet the stringent visible light transmittance requirements essential for automotive applications. Companies like Guardian and Saint-Gobain are at the forefront of this trend, offering products such as Guardian SilverGuard IRR and Sun Ban, which not only enhance thermal performance but also provide superior UV protection.

Moreover, as automakers like BMW, Citroen, and Ford lead the charge in offering advanced glazing solutions, the opportunity for IRR glazing to enhance vehicle differentiation and aesthetics becomes increasingly pronounced. The integration of IRR technology into vehicle design not only meets consumer demands but also allows manufacturers to stand out in a crowded marketplace.

Palit adds: “Looking ahead, the future of the IRR glazing market in the APAC region appears promising. As vehicle designs continue to evolve, there is an increasing trend towards larger sunroofs and glass surfaces, necessitating innovative glazing solutions that address heat absorption and privacy concerns. The advancements in coating technologies, such as the magnetron sputtering process, are expected to enhance the production capabilities of IRR glazing, further driving market growth.”

In addition, with the rising number of electric vehicles (EVs) in the APAC region, the demand for energy-efficient solutions like IRR glazing is anticipated to surge. EV manufacturers are particularly interested in technologies that extend battery range and reduce energy consumption, making IRR glazing a viable choice.

Palit concludes: “In summary, the IRR glazing market is set to experience significant growth in the APAC region, driven by consumer demand for comfort, energy efficiency, and aesthetic appeal. The advancements in glazing technology and the competitive landscape will further fuel this expansion, positioning IRR glazing as a critical component in the evolving automotive sector.

“While the future holds considerable potential, it is essential for stakeholders to remain agile and responsive to market dynamics, ensuring that innovations continue to meet the diverse needs of consumers across the region.”

MIL OSI Economics –

May 27, 2025
MIL-OSI Economics: Ionis’ Olezarsen to achieve global sales of approximately $849 million by 2032, forecasts GlobalData

Source: GlobalData

Ionis’ Olezarsen to achieve global sales of approximately $849 million by 2032, forecasts GlobalData

Posted in Pharma

Ionis Pharmaceuticals has announced positive topline results from the ESSENCE study evaluating Olezarsen in individuals with moderate hypertriglyceridemia who are at risk of atherosclerotic cardiovascular disease (ASCVD). Upon approval, the drug is projected to achieve global sales of approximately $849 million by 2032, according to GlobalData, a leading data and analytics company.

The study met its primary endpoint, demonstrating a statistically significant, placebo-adjusted reduction in triglyceride levels of 61% and 58% at six months with the 80mg and 50mg monthly doses, respectively (p

Dr Shireen Mohammad, Senior Cardiovascular and Metabolic Disorders Analyst at GlobalData, concludes: “This data is highly anticipated and will be crucial in determining the drug’s efficacy and safety profile. Positive results could pave the way for regulatory approval and establish olezarsen as a first-in-class treatment option for patients with limited alternatives.”

Olezarsen is an antisense oligonucleotide (ASO) designed to selectively inhibit the expression of the APOC3 gene. By decreasing the production of apolipoprotein C-III (ApoC-III)—a protein that hinders triglyceride metabolism—olezarsen promotes the efficient breakdown and clearance of triglyceride-rich lipoproteins. This leads to a marked reduction in plasma triglyceride levels, positioning olezarsen as a promising treatment for severe hypertriglyceridemia, familial chylomicronemia syndrome (FCS), and other dyslipidemias.

Key opinion leaders (KOLs) interviewed by GlobalData emphasized a significant unmet need for effective treatments targeting rare genetic lipid disorders, particularly FCS and familial hypercholesterolemia (FH).

Dr Mohammad adds: “Notably, there are currently no FDA-approved therapies for FCS, underscoring the urgency for new options that can lower triglyceride levels and mitigate associated complications. With its targeted mechanism and encouraging data, olezarsen has the potential to address this therapeutic gap.”

Pivotal Phase III results from the ongoing CORE and CORE2 trials, which are evaluating olezarsen for the treatment of severe hypertriglyceridemia (sHTG), are expected in Q3 2025.

MIL OSI Economics –

May 27, 2025
MIL-OSI Security: Taunton Man Sentenced to More Than Two Years in Prison for $1 Million Health Care Fraud Scheme

Source: US FBI

BOSTON – A Taunton man, formerly of Brockton, was sentenced today in federal court in Boston for orchestrating a scheme to defraud various health insurance companies of over $1 million in false reimbursement claims for bogus medical expenses purportedly incurred during international travel.

Henry Ezeonyido, 37, was sentenced by U.S. District Court Judge Leo T. Sorokin to 27 months in prison, to be followed by three of supervised release. Ezeonyido was also ordered to pay $655,313 in restitution and to forfeit $396,998 in criminal proceeds. In February 2025, Ezeonyido pleaded guilty to one count of conspiracy to commit health care fraud and six counts of health care fraud.

Ezeonyido was arrested and charged in July 2024 along with co-conspirators Brendon Ashe, Aqiyla Atherton, Darline Cobbler and Ariel Lambert. Ezeonyido was later indicted by a federal grand jury in September 2024. All four of Ezeonyido’s co-defendants pleaded guilty to their roles in the scheme and were subsequently sentenced to probation.

From approximately October 2019 to February 2022, Ezeonyido submitted fraudulent health insurance claims – on his own behalf and on behalf of at least seven other individuals, including Ashe, Atherton, Cobbler and Lambert – to five different health insurance companies for expensive medical treatment that they purportedly received and paid for out-of-pocket while traveling overseas. Many of the claims included fake traumatic injuries such as stabbings, gunshot wounds and hit and run car accidents that the defendants and others purportedly suffered requiring their hospitalization abroad. In nearly all instances, the individuals were actually in the United States at the time of the purported international medical events. Some of the individuals on whose behalf Ezeonyido submitted claims were knowing and willful participants in the scheme, while others either had no knowledge of the claims submitted on their behalf or were manipulated into providing their health insurance information, which Ezeonyido then used to submit fraudulent claims, later demanding a cut of the proceeds.

Ezeonyido submitted fabricated documents to the victim health insurance companies in support of the fraudulent claims, including fabricated medical records purporting to show the medical care received, fabricated bank records purporting to show payment to the international treatment facilities and, where the claim related to a fake traumatic injury, fabricated police reports describing the circumstances of the alleged event. In many instances, the details of the claims – including the purported dates of service, country where the alleged medical event occurred, and nature and circumstances of the alleged injuries – and the fabricated records submitted in support of the claims were nearly identical to one another.

As a result of these fraudulent claims, the victim health insurance companies were billed over $1 million for services that were never provided, resulting in payments totaling approximately $655,313. Upon receiving these payments from their health insurance companies, Ashe, Cobbler, Lambert and others, paid a portion of the proceeds to Ezeonyido and other co-conspirators, including Atherton, who acted as an intermediary, bringing others into the scheme in exchange for a cut of their paid claims. In total, Ezeonyido retained approximately $396,998 in fraud proceeds.

United States Attorney Leah B. Foley; Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service’s Boston Division; and Anthony DiPaolo, Insurance Fraud Bureau Executive Director made the announcement today. Assistant U.S. Attorney Leslie A. Wright of the Health Care Fraud Unit prosecuted the case.

MIL Security OSI –

May 27, 2025
MIL-OSI Security: Director of Mobile Medical Diagnostics Company Agrees to Plead Guilty to Kickback Scheme

Source: US FBI

Scheme allegedly resulted in approximately $70.6 million in fraudulent bills to Medicare

BOSTON – A New York-based director of operations and sales for the Northeast region of a mobile medical diagnostics company has been charged and has agreed to plead guilty to conspiring to provide kickbacks to doctors in exchange for ordering medically unnecessary brain scans.

James Rausch, 57, of Port Jefferson Station, N.Y., has been charged with one count of conspiracy to violate the anti-kickback statute. A plea hearing has not yet been scheduled by the Court.

According to the charging documents, from approximately March 2015 through September 2020, Rausch conspired with others, including two managers for a mobile medical diagnostics company that performed transcranial doppler (TCD) scans, to enter into kickback agreements with various doctors. TCD scans are brain scans that measure blood flow in parts of the brain. It is alleged that Rausch and his co-conspirators agreed to offer and pay doctors kickbacks, some in cash and others by check, based on the number of TCD ultrasounds the doctors ordered. Rausch and his co-conspirators allegedly created purported rental and administrative service agreements that, on paper, made it appear as if the doctors’ practices were compensated for the TCD company’s use of space as well as for administrative costs associated with processing each order – based on fair market value, not based on the volume or value of referrals. It is alleged that these agreements were shams that hid the true nature of the payment arrangement for each test.

It is alleged that the scheme as a whole resulted in fraudulent bills of approximately $70.6 million to Medicare. Medicare paid approximately $27.2 million to the TCD company for the fraudulent claims.

The charge of conspiracy to violate the Anti-Kickback Statute provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley; Roberto Coviello, Special Agent in Charge of the U.S. Department of Health and Human Services, Office of Inspector General; Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation, Boston Field Office; Kelly M. Lawson, Acting Regional Director of the U.S. Department of Labor, Employee Benefits Security Administration, Boston Regional Office; Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service, Boston Division; and Christopher Algieri, Special Agent in Charge of the U.S. Department of Veterans Affairs Office of Inspector General, Northeast Field Office made the announcement. Assistant U.S. Attorneys Howard Locker and Mackenzie Queenin of the Health Care Fraud Unit are prosecuting the case.

The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

May 27, 2025
MIL-OSI Canada: Premier Going to France for More Trade Talks
Source: Government of Canada regional news

Premier Tim Houston will be in France May 24-29 to discuss market and energy opportunities with Michelin Group.

“Michelin is one of Nova Scotia’s largest employers. They know that Nova Scotia can provide the talent they need to reach their goals, and they already provide jobs to thousands of hard-working Nova Scotians,” said Premier Houston. “As a government, we are pro-business, and we know that Nova Scotia has so much to offer companies that want to innovate and grow. Working together, we can create economic opportunities that make Nova Scotia stronger and more prosperous.”

Michelin has produced more than 230 million tires in the province since 1971 and is part of Nova Scotia’s advanced manufacturing sector that exports products around the world, to more than 150 countries.

Advanced manufacturing represents $4.67 billion of exported goods and 7.6 per cent of total provincial gross domestic product. Nova Scotia’s manufacturing infrastructure connectivity and logistics facilities make it the ideal choice for servicing Europe and North America.

The Province is currently developing a comprehensive trade action plan to facilitate internal trade, enhance productivity and drive critical sectors with input from businesses and industry. Nova Scotia is focused on making the province more self-reliant by investing in the seafood sector, wind resources and critical minerals.

Quick Facts:
- Michelin is one of Nova Scotia’s largest employers with nearly 4,000 direct employees
- the company’s exports account for nearly one per cent of Nova Scotia’s gross domestic product
- mission delegates are: Premier Houston; Nicole LaFosse Parker, Chief of Staff and General Counsel; Executive Deputy Minister Tracey Taweel; and Mike McMurray, Executive Director, International Relations and Military Relations
Additional Resources:

News release – Premier Heads to Spain, United Kingdom for Trade Mission: https://news.novascotia.ca/en/2025/05/02/premier-heads-spain-united-kingdom-trade-mission

News release – Michelin Expands in Nova Scotia with Provincial Support: https://news.novascotia.ca/en/2023/03/14/michelin-expands-nova-scotia-provincial-support

Michelin’s strategic plan for 2030, Michelin in Motion: https://www.michelin.com/en/group/michelin-in-motion-strategy

Other than cropping, Province of Nova Scotia photos are not to be altered in any way.

MIL OSI Canada News –
May 27, 2025
MIL-OSI: No KYC. 100x Leverage. Double Deposit Bonus. Crypto Futures Trading for Everyone on BexBack.
Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 23, 2025 (GLOBE NEWSWIRE) — With Bitcoin surging past $110,000 for the first time in history, the cryptocurrency market is officially back in a bull run. But while the headlines celebrate new all-time highs, seasoned traders know that the real opportunity lies not in holding — but in leveraged futures trading.

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Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
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The MIL Network –
May 27, 2025
MIL-OSI Global: Split Supreme Court blocks Oklahoma’s Catholic charter school − but future cases could hinge on whether charters are, at their core, public or private

Source: The Conversation – USA – By Preston Green III, John and Maria Neag Professor of Urban Education, University of Connecticut

The Supreme Court building is seen on April 30, 2025, in Washington, D.C. AP Photo/Mark Schiefelbein

In April 2025, the Supreme Court heard arguments about whether the nation’s first religious charter school could open in Oklahoma. The St. Isidore of Seville Catholic Virtual School would have been funded by taxpayer money but run by a local archdiocese and diocese. Several justices appeared open to the idea during questioning, leading some analysts to predict a win for the school.

They were proved wrong on May 22, 2025, when the court blocked St. Isidore. The one-sentence, unsigned order did not indicate how individual justices had voted, nor why, simply declaring it was a split 4-4 decision that leaves in place the Oklahoma Supreme Court’s ruling against the school. Justice Amy Coney Barrett recused herself from the case. Her former employer, the University of Notre Dame, runs a law clinic representing the school’s supporters.

Ever since the proposed school started making headlines, attention has focused on religion. Critics warned a decision in the school’s favor could allow government dollars to directly fund faith-based charter schools nationwide. In part, the justices had to decide whether the First Amendment’s prohibition on government establishing religion applies to charter schools.

But the answer to that question is part of an even bigger issue: Are charters really public in the first place?

The Supreme Court’s order applies only to Oklahoma, so similar cases attempting to open religious charter schools may emerge down the road. As two professors who study education law, we believe future court decisions could impact more than issues of religion and state, determining what basic rights students and teachers do or don’t have at charter schools.

Dueling arguments

In June 2023, the Oklahoma Statewide Virtual Charter School Board approved St. Isidore’s application to open as an online K-12 school. The following year, however, the Oklahoma high court ruled that the proposal was unconstitutional. The justices concluded that charter schools are public under state law, and that the First Amendment’s establishment clause forbids public schools from being religious. The court also found that a religious charter school would violate Oklahoma’s constitution, which specifically forbids public money from benefiting religious organizations.

The Oklahoma Supreme Court in the Oklahoma State Capitol in Oklahoma City, May 19, 2014.
AP Photo/Sue Ogrocki, File

On appeal, the charter school claimed that charter schools are private, and so the U.S. Constitution’s establishment clause does not apply.

Moreover, St. Isidore argued that if charter schools are private, the state’s prohibition on religious charters violates the First Amendment’s free exercise clause, which bars the government from limiting “the free exercise” of religion. Previous Supreme Court cases have found that states cannot prevent private religious entities from participating in generally available government programs solely because they are religious.

In other words, while St. Isidore’s critics argued that opening a religious charter school would violate the First Amendment, its supporters claimed the exact opposite: that forbidding religious charter schools would violate the First Amendment.

Are charters public?

The question of whether an institution is public or private turns on a legal concept known as the “state action doctrine.” This principle provides that the government must follow the Constitution, while private entities do not have to. For example, unlike students in public schools, students in private schools do not have the constitutional right to due process for suspensions and expulsions – procedures to ensure fairness before taking disciplinary action.

Charter schools have some characteristics of both public and private institutions. Like traditional public schools, they are government-funded, free and open to all students. However, like private schools, they are free from many laws that apply to public schools, and they are independently run.

Because of charters’ hybrid nature, courts have had a hard time determining whether they should be considered public for legal purposes. Many charter schools are overseen by private corporations with privately appointed boards, and it is unclear whether these private entities are state actors. Two federal circuit courts have reached different conclusions.

In Caviness v. Horizon Learning Center, a case from 2010, the U.S. Court of Appeals for the 9th Circuit held that an Arizona charter school corporation was not a state actor for employment purposes. Therefore, the board did not have to provide a teacher due process before firing him. The court reasoned that the corporation was a private actor that contracted with the state to provide educational services.

In contrast, the 4th Circuit ruled in 2022 that a North Carolina charter school board was a state actor under the equal protection clause of the Fourteenth Amendment. In this case, Peltier v. Charter Day School, students challenged the dress code requirement that female students wear skirts because they were considered “fragile vessels.”

The court first reasoned that the board was a state actor because North Carolina had delegated its constitutional duty to provide education. The court observed that the charter school’s dress code was an inappropriate sex-based classification, and that school officials engaged in harmful gender stereotyping, violating the equal protection clause.

If the Supreme Court had sided with St. Isidore – as many analysts thought was likely – then all private charter corporations might have been considered nonstate actors for the purposes of religion.

But the stakes are even greater than that. State action involves more than just religion. Indeed, teachers and students in private schools do not have the constitutional rights related to free speech, search and seizure, due process and equal protection. In other words, if charter schools are not considered “state actors,” charter students and teachers may eventually shed constitutional rights “at the schoolhouse gate.”

Amtrak: An alternate route?

People ride an Amtrak Acela train through Pennsylvania, en route from New York City to Washington, in 2022.
AP Photo/Ted Shaffrey

When courts have held that charter schools are not public in state law, some legislatures have made changes to categorize them as public. For example, California passed a law to clarify that charter school students have the same due process rights as traditional public school students after a court ruled otherwise.

Likewise, we believe states looking to clear up charter schools’ ambiguous state actor status under the Constitution can amend their laws. As we explain in a recent legal article, a 1995 Supreme Court case involving Amtrak illustrates how this can be done.

Lebron v. National Railroad Passenger Corporation arose when Amtrak rejected a billboard ad for being political. The advertiser sued, arguing that the corporation had violated his First Amendment right to free speech. Since private organizations are not required to protect free speech rights, the case hinged on whether Amtrak qualified as a government agency.

The court ruled in the plaintiff’s favor, reasoning that Amtrak was a government actor because it was created by special law, served important governmental objectives and its board members were appointed by the government.

Courts have applied this ruling in other instances. For example, the 10th Circuit ruled in 2016 that the National Center for Missing and Exploited Children was a governmental agency and therefore was required to abide by the Fourth Amendment’s protection from unreasonable search and seizure.

Since the Supreme Court did not release any reasoning for its order, we do not know how the justices viewed the “government actor” question in the case from Oklahoma. That said, we believe charter schools fail the test set out in the Amtrak decision. Charter schools do serve the governmental purpose of providing educational choice for students. However, charter school corporations are not created by special law. They also fall short because most have independent boards instead of members who are appointed and removed by government officials.

However, we would argue that states can amend their laws to comply with Lebron’s standard, ensuring that charter schools are public or state actors for constitutional purposes.

This is an updated version of an article originally published on Feb. 27, 2025.

Preston Green III is affiliated with the National Education Policy Center.

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

– ref. Split Supreme Court blocks Oklahoma’s Catholic charter school − but future cases could hinge on whether charters are, at their core, public or private – https://theconversation.com/split-supreme-court-blocks-oklahomas-catholic-charter-school-but-future-cases-could-hinge-on-whether-charters-are-at-their-core-public-or-private-257438

MIL OSI – Global Reports –

May 27, 2025
MIL-OSI USA: City of Miami Police Officer Pleads Guilty to COVID-19 Relief Fraud

Source: United States Small Business Administration

Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

Yesterday, Tramaine Liptrot, 43, a police officer with the City of Miami Police Department (MPD) who has been relieved of duty, pleaded guilty to wire fraud in connection with fraudulent applications for two Paycheck Protection Program (PPP) loans totaling over $200,000. Liptrot entered his guilty plea in Miami before U.S. District Judge Beth Bloom.

According to the facts admitted at the change of plea hearing, Liptrot, along with being an MPD Police Officer, was the owner and President of Liptrots Tax Services L.L.C (Liptrots Tax). With the assistance of an associate, Liptrot fraudulently obtained two PPP loans in the name of Liptrots Tax.

On June 22, 2020, working with the associate, Liptrot caused the submission of a false and fraudulent PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $36,700 for four employees, and a fraudulent IRS Form 944 in support thereof, falsely claiming that Liptrots Tax paid its employees $440,397 during 2019. As a result of this fraudulent PPP application, Liptrots Tax obtained approximately $91,750 in PPP loan proceeds from an SBA approved PPP lender.

On March 3, 2021, again working with the associate, Liptrot caused the submission of a false and fraudulent second-draw PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $43,369, and including as part of the application process, a fraudulent IRS Form 944, falsely claiming that Liptrots Tax paid $496,428 in wages and other compensation in 2020. As a result of this fraudulent second-draw PPP application, Liptrots Tax obtained approximately $108,422 in PPP loan proceeds from a different SBA approved PPP lender.

Liptrot is scheduled for sentencing on August 6, 2025, at 10:30 a.m., where he faces a possible maximum sentence of up to 20 years in prison.

U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, acting Special Agent in Charge Brett D. Skiles of FBI Miami and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA-OIG), Eastern Region, announced the guilty plea.

FBI Miami’s Area Corruption Task Force, which includes task force officers from the City of Miami Police Department’s Internal Affairs Section, and SBA-OIG investigated the case. Assistant U.S. Attorney Edward N. Stamm is prosecuting the case and Assistant U.S. Attorney Gabrielle Raemy Charest-Turken is handling asset forfeiture.

In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide Economic Injury Disaster Loans (EIDLs) to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred. EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 23-cr-20155.

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Former Solon-based Manufacturer to Pay $6M to Resolve False Claims Act Allegations Relating to Paycheck Protection Program

Source: United States Small Business Administration

Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

The Justice Department has announced that Cosmax USA, a corporation having previously done business as two separate entities, Cosmax USA and Nu-World Corporation, has agreed to pay $6 million, of which $3 million is restitution, to resolve allegations under the False Claims Act (FCA) that they knowingly provided false information to obtain Paycheck Protection Program (PPP) loans and loan forgiveness. The companies are part of a global conglomerate that supplies cosmetics and nutritional supplements. Nu-World was merged into Cosmax USA in 2023.

Cosmax USA operated a manufacturing facility in Solon, Ohio up until 2023. This settlement resolves a lawsuit filed by a former employee who worked at that location. Under the whistleblower provisions of the FCA, an individual, known in legal terms as the “relator,” may file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The relator in this case, Alexander Novik, served as Cosmax USA’s controller and also in its human resources department.

The PPP was launched through the Small Business Administration (SBA), with the enactment of the Coronavirus Aid, Relief and Economic Security (CARES) Act in 2020. The program provided eligible companies with financial support as businesses faced unprecedented challenges brought on by the COVID-19 pandemic. This resolution addresses two alleged violations in which the United States contended that Cosmax USA and Nu-World submitted false information to be eligible to receive PPP funds.

First, the resolution addresses allegations that Nu-World submitted an application in April 2020 for a First-Draw PPP loan, and an application for forgiveness of that loan in 2021, based on a calculated loan amount that was partially based on payments to temporary employees who were not employees of Nu-World.

Second, the resolution addresses allegations that Cosmax USA falsely certified that it was a small business with fewer than 300 employees (including employees at affiliated companies) when it submitted its Second-Draw PPP loan application. In reality, the number of Cosmax USA’s employees, when combined with the number of employees working at its affiliate Nu-World, exceeded the PPP program’s 300-employee limit.

The resolution obtained in this matter was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Ohio, with assistance from the SBA’s Office of General Counsel (SBA-OGC) and Office of Inspector General (SBA-OIG).

Trial Attorney Graham D. Welch of the Justice Department’s Civil Division and Assistant U.S. Attorney J. Jackson Froliklong for the Northern District of Ohio handled the matter, with assistance from Thomas W. Rigby and Arlene P. Messinger Lerner of the SBA.

Anyone with information about allegations of CARES Act fraud may submit a report with the Justice Department’s National Center for Disaster Fraud Hotline at 866-720-5721 or online at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

The claims resolved by the settlement are allegations only. There has been no determination of liability.

executed_settlement_agreement-cosmax_0.pdf

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Mooresville Man Sentenced To Prison For Defrauding Investors And Stealing Millions in COVID Relief Funds

Source: United States Small Business Administration

Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

Steven Andiloro, 53, of Mooresville, N.C., was sentenced today to 45 months in prison followed by three years of supervised release for orchestrating a $6.1 million investment fraud scheme and fraudulently obtaining over $2.6 million in COVID relief funds, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina. U.S. District Judge Kenneth D. Bell also ordered Andiloro to pay $5,341.155 in restitution the victims of his fraud.

Jason Byrnes, Special Agent in Charge of the United States Secret Service, Charlotte Field Office, and James C. Barnacle, Jr., Acting Agent in Charge of the Federal Bureau of Investigation (FBI) in North Carolina, and Amelaka McCall-Brathwaite, Special Agent in Charge of the Small Business Administration, Office of Inspector General, join U.S. Attorney Ferguson in making today’s announcement.

According to documents filed in the case and the sentencing hearing, from 2018 to 2021, Andiloro operated an investment fraud scheme where he induced victims to invest in businesses, both real and fictitious, by making false representations about where and how the investors’ money would be invested. For example, some of Andiloro’s victims were told their money would be invested into his car service business, while others believed they were investing into a non-existent marijuana dispensary business. Contrary to representations made to victims, Andiloro did not invest the money as promised. Instead, he used the funds to pay for personal expenses and to operate a Ponzi scheme, where he used money from new investors to pay earlier investors purporting that the returns were the result of profitable investments.

In addition to the investment scheme, Andiloro also engaged in COVID fraud. Court records show that, from April 2020 to March 2021, Andiloro obtained funds from the Paycheck Protection Program (PPP) by submitting fraudulent applications for disaster relief loans intended for businesses that suffered economic hardship due to the pandemic. To obtain the PPP funds, Andiloro submitted applications that contained false financial information about his businesses, including fake employment data and inflated revenues, costs, and payroll expenses. Andiloro received more than $2.6 million in disaster relief funds, which he used to fund his personal lifestyle and to make payments in furtherance of the investment scheme.

Andiloro remains released on bond. He will be ordered to report to the Federal Bureau of Prisons upon designation of a federal facility.

In making today’s announcement, U.S. Attorney Ferguson thanked the U.S. Secret Service, the FBI, and the SBA-OIG for their investigation of the case.

Assistant U.S. Attorneys Graham Billings and Katherine Armstrong with the U.S. Attorney’s Office in Charlotte prosecuted the case.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

MIL OSI USA News –

May 27, 2025
MIL-OSI Russia: Capital for the development of universities: the Russian Ministry of Education and Science held a strategic session at the Polytechnic University dedicated to endowments

Translation. Region: Russian Federal

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

The Ministry of Science and Higher Education of the Russian Federation held a strategic session at Peter the Great St. Petersburg Polytechnic University dedicated to endowment funds in science and higher education.

The event was attended by over three hundred participants: heads of universities and research organizations supervising the creation and development of endowment funds, representatives of government bodies and alumni associations. The plenary session was opened by the first vice-rector of SPbPU Vitaly Sergeev.

“Working with endowment capital today is a new mentality, the formation of which requires both time and constant interaction with business and government bodies,” Vitaly Vladimirovich said in his welcoming speech. “Therefore, today’s strategic session is important and useful, and the exchange of experience, I am sure, will lead to the fact that we will be able to build a systematic work with endowment funds, especially since much has already been done in this direction. I hope that the Polytechnic University is a good platform with strong energy, and we are also very interested in this topic.”

Deputy Minister of Science and Higher Education of Russia Andrey Omelchuk recorded a video message for the participants of the strategy session, in which, in particular, he noted: Russian President Vladimir Putin and the Government of the Russian Federation pay special attention to the development of endowment funds for universities and scientific organizations. Important changes have already been made to the legislation, concepts and methodological recommendations for the development of endowment funds for universities have been developed. The session plans to discuss the formation of endowment funds, the structure of fundraising and its relationship with the strategy of the university. We hope that the participants will gain an understanding of the need to create funds and new ideas for their development.

Director of the Department of Economic Policy of the Ministry of Science and Higher Education of the Russian Federation Aslan Kanukoev thanked the Polytechnic University for organizing the event and spoke about the results and prospects of the activities of the interdepartmental working group of the Ministry of Education and Science of Russia on the development of endowment funds in the field of higher education and science.

Aslan Sultanovich noted that the topic of endowment capital has become significantly more relevant and popular in recent years. A specially created interdepartmental working group of the Ministry of Education and Science of Russia, the Ministry of Economic Development and the Ministry of Finance developed and approved concepts for the development of endowment funds in universities and research organizations until 2035 in 2023–2024, the main areas of which are defined as: interaction with graduates, with the business community, formation of a pool of partners, information support, increasing the efficiency of capital management and the formation of transparency standards. An educational course has also been created and is planned to be launched in the near future, which will provide a complete understanding of the creation, formation, development and management of endowment capital, including the legal aspects of working with this topic, and will also introduce fundraising technologies and building relationships with endowment donors.

According to monitoring data from the Ministry of Education and Science of Russia, as of January 1, 2024, 94 endowment funds were created in subordinate universities.

The Russian Ministry of Education and Science believes that endowment funds are a long-term strategic instrument for the sustainable development of educational, scientific, healthcare and cultural organizations, emphasized Aslan Kanukoev.

Chairperson of the Board of the National Endowment Association Svetlana Lavrova presented a report entitled “Understanding and Culture of Endowment Themes: History, Modernity, and Focus on Eternity.”

Svetlana Nikolaevna explained what an endowment is, what are the origins of this phenomenon, why it has been so important in the world for many centuries, and what place Russia occupies in it. By the way, the Russian Empire had its own history of endowments, only before 1918 they were called “eternal contribution”, “eternal capital” or “untouchable capital”, and the entire social sphere was based on them.

According to Svetlana Lavrova, the educational organization has several sources of funding: state (in the future, not direct, but aimed at supporting individual programs), tuition fees, research orders, contracts, short-term projects, and an endowment fund.

The purpose of the existence of science and the university goes into eternity, and the sources of funding on which this activity relies are usually short-lived. The endowment fund is a super-stable source that gives the university independence. It is long-term, and it is the university’s money that ensures sustainability, – Svetlana Lavrova believes.

An endowment consists of three components: fundraising, or seeking donations, investing funds through a management company, and finally receiving and using income from investments.

The university is interested in the income from the endowment, and the Ministry of Finance is interested in it, because endowments are the largest institutional investors worldwide. This is a unique system that works simultaneously to develop different aspects of the state, so the state is extremely interested in them, Svetlana Lavrova emphasized.

First Vice-Rector for Economics and Strategic Development of the Ural Federal University named after the first President of Russia B. N. Yeltsin Daniil Sandler shared an interesting experience of the university in the formation of endowments. As of May 1, 277 million had been collected for the UrFU endowment — these are funds from 18 endowments created by more than 12 thousand donors. Each of the funds, according to Daniil Sandler, “has its own face.” The endowment for the 100th anniversary of the Ural Federal University in the amount of 75 million rubles was created on the initiative of the Students’ Union. If you ask artificial intelligence what to do with the fact that in Russia there is no tradition of forming and donating endowments, it will write: “Start with the students,” and in practice it is clear that it was the Students’ Union that took the initiative, and now this is our largest endowment. Although they say that a student has no money, he has time, energy and desire, says Daniil Sandler.

The second endowment — “Sports Programming at UrFU” — was created by a group of enthusiasts who wanted sports programming to develop in the Urals. They got a serious business interested in their idea and collected 51 million rubles. There is a personal endowment of Maslakov — a graduate of the history department, who donated 16 million rubles so that the interest from this endowment would be used to pay financial assistance to elderly teachers of the history department every year. The endowment of the Institute of New Materials and Technologies in the amount of 11.6 million rubles was created to establish a scholarship named after a respected university professor who passed away to perpetuate his memory.

The speech by the executive director of the MGIMO Development Fund (over 2 billion rubles) Marina Petrova was devoted to the Russian and international experience of financing science through the endowment mechanism.

Oksana Oracheva, CEO of the Vladimir Potanin Charitable Foundation, spoke about the role of transparency and accountability in working with stakeholders.

Irina Tolmacheva, Deputy Director of the Foundation for the Formation of Endowment Capital of the Foundation for the Development of Social and Economic Sciences and Education, highlighted the legal aspects of the activities of endowment funds.

Thus, the speakers at the plenary session outlined the main problems of endowment development: insufficient awareness of the funds’ activities among businesses and university graduates, the need to increase motivation among philanthropists, a decrease in the funds’ profitability during periods of high economic volatility, the need to provide additional tax preferences and other benefits. How to interest donors, how to popularize endowment funds and make them socially significant, how to fulfill and exceed the “Priority-2030” program indicator in terms of endowment – these and many other issues were to be discussed in more detail by the participants of the strategy session in sections, mechanisms for their solution were to be developed and discussed at the final joint session.

As a result, representatives of all five sections identified problems and proposed approaches to solving them, which demonstrated deep immersion in the topic, mutual understanding and interaction in the community. Participants of the strategy session came to the conclusion that it is necessary to concentrate efforts on developing fundraising as a specific work on finding donations, to conduct educational work so that the endowment becomes a socially approved mechanism and an indicator of the effectiveness of universities, to expand opportunities for investment and to legislatively enshrine incentive measures – tax preferences and motivating co-financing.

The results of the strategic session were summed up by the Director of the Department of Economic Policy of the Ministry of Science and Higher Education of Russia Aslan Kanukoev: Today there are more like-minded people among us. Visiting all the sections, I was convinced that, despite the differences in issues and challenges, the mechanisms for solving them were close. Today we had the first introductory strategic session. It is important that you feel each other, feel the shoulder of the Ministry of Education and Science of Russia. We will develop endowment funds, we believe in this tool and promise that we will not abandon anyone on this path and will help everyone.

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 –

May 27, 2025
MIL-OSI Russia: A Changed Global Landscape: Policy Priorities in CESEE
Source: IMF – News in Russian

Speech by Alfred Kammer, Director, European Department of the IMF — Slovenia

May 23, 2025

It is a great pleasure to be with you in Ljubljana.

Let me begin by setting the stage for what I hope will be an insightful discussion on policy options in the presence of geoeconomic shocks and uncertainty.

I will focus on Central, Eastern and Southeastern European (CESEE) countries.

After a respectable recovery last year, we downgraded growth for 2025 and 2026 across Europe

Heightened uncertainty and trade policy volatility have been the main factors. And the latest data releases from Q1 2025 are so far in line with our forecast.

The downgrade for the CESEE region^{^[1]} has been more sizeable than for advanced Europe: from over 3 percent in 2025 and 2026 to 2.4 and 2.7 percent respectively.

The larger impact is primarily due to a comparatively larger manufacturing sector. The growth revision would have been even larger if not for the German infrastructure package and an acceleration of Europe wide-defense spending

Inflation in CESEE countries meanwhile is coming down somewhat faster. But, as the chart shows, inflation rates will remain above targets for some time. Persistent services inflation and lagged effects of still high wage growth are key drivers – a point I will return to later as a risk to competitiveness.

In my remarks today, I will address two points: (i) how the changing global landscape is affecting CESEE countries and (ii) what the key policy priorities are.

Let me give a summary of my key points
- What do we know so far about the effects of trade disputes including via trade diversion?
In a nutshell, the impact across the CESEE regions varies widely. Some of the most US-tariff-exposed countries, namely Hungary and Slovak Republic and to a lesser extent the Czech Republic, are in the constituency.

The tariffs between the US and China have just been lowered from very extreme levels, but they remain high and could increase again. Economic spillovers could be large for some specific sectors, even though our preliminary assessment is that the trade diversion effects should be manageable overall.
- What can policymakers do to navigate a more uncertain and volatile period?
Primarily, changes are permanent. Businesses and households will need to adapt to these. A principle-based approach can help lessen the impact.
- First, maintain trade openness as much as possible. Protectionism will hurt inward investment, lower investment further and bring down productivity and income growth.
- Second, stay the course on sound macroeconomic policies. In times of uncertainty, markets will scrutinize fundamentals. Durable policies can limit increases in risk premia. This means that central banks should remain cautious on monetary normalization and governments need to keep an eye on fiscal sustainability.
- Third, generate growth through traditional means: domestic structural reforms. The size of untapped gains from domestic structural reforms is surprisingly large.
- The question here is how the CESEE region can overcome political constraints. In my final observation I will discuss how the EU budget can play a catalyzing role.
I will highlight two channels:
- Direct exposure to US tariffs
- Potential effects of trade diversion from US-China trade dispute
The CESEE region’s integration into global value-chains and trade linkages creates exposure to shifting trade dynamics.

The EU has sizable direct trade linkages with China and the US (LHS), and linkages by individual CESEE countries to the US are substantial.

Exposures are especially large in the Slovak Republic and Hungary. Exports to the US (primarily cars, car parts, batteries, and in the case of Hungary electronics) account for about 3 per cent of GDP in 2024.

Czechia and Hungary have also large export positions to the US via smartphones and computers exports. For the time being, tariffs on these items have been exempted per the announcement made on April 11.

Any increase in tariffs would have substantial dampening effects on growth.

Indirect effects via supply chains will also become important tailwinds. In a 2024 IMF study, we show that an increase in EV imports from China could have significant GDP effects in the range of 1-1½ percent over 5 years via the supply chains in CESEE countries heavily reliant on the automotive sector. A slowdown in Germany’s automotive sector has about a 5-10 times larger impact in percent of GDP in Slovakia and Hungary given their larger share of the sector relative to Germany.

If US-China trade tensions persist, multiple channels of trade diversion could come into play.

EU imports from China could increase, U.S. companies could try to find new export destinations including in Europe, and European firms could seek to find new export opportunities in the U.S. and China as a result of high China-U.S. tariffs.

Finally, competition on third-country markets could increase as countries look for new export markets. CESEE countries could be innocent bystanders. For instance, Turkish businesses could experience increased competition in third markets reducing margin or market shares.

We have estimated the potential size of trade diversion from China using a partial equilibrium approach.

Our preliminary estimates from April 8 tariff announcements[2] for the EU are for higher imports from China of around 0.25 percent of EU GDP in the near term.[3] The estimates are similar to ECB estimates discussed in their latest economic Bulletin. The 90-day rollback of most bilateral tariffs imposed since April 2 announced by the US and China on May 12 implies lower numbers, but better to be prepared for the worst.

Trade diversion would also affect inflation. Increased import competition would likely lower final prices. Headline inflation could be reduced by 20 basis points in 2026.

The economic effects for consumers and producers are likely mixed. Lower final goods prices would benefit consumers. Similarly, lower imported intermediates could also benefit European firms by reducing input costs. But trade diversion means also a rise in competition and in specific sectors such as consumer electronics or transportation equipment, adjustment effects could be large.

With all that said, the aggregate size of trade diversion effects appears manageable, although the impact could be large in individual countries and sectors.

Let me turn to policy priorities.

Let me now say a few words on what the CESEE region can do in the face of tariffs.
- First, Europe—and everyone—needs more trade, not less. The EU as well as CESEE should continue its open trade policy and expand its network of trade agreements.
- Second, we must accept that the global trade regime has changed. This means that any support to mitigate tariff or trade diversion effects should remain temporary, and targeted.
Support measures cannot substitute for differences in the underlying fundamentals. In particular, the recent appreciation of CESEE currencies in unit-labor-cost adjusted terms is a concern.

What can policymakers do in the short term?

In the current global environment, navigating uncertainty is crucial.

In the short run, governments should aim to retain macroeconomic stability through credible and sustainable macroeconomic policies and build resilience.

Starting with monetary policy, central banks need to remain focused on durably reaching price stability targets.
- In several large CESEE countries—including Hungary—inflation is slowing, but is still above targets.
- Central banks should ease cautiously. We advise caution because core inflation in the CESEE region remains higher than hoped for, and inflation expectations are more responsive to current inflation levels.
Still high wage growth requires close attention. Increases have outpaced productivity and are contributing to higher inflation persistency. High labor costs also pose a risk to CESEE’s competitiveness.

Our fiscal advice remains broadly unchanged. For many countries, rebuilding fiscal buffers is still a priority.
- The challenge is how to manage rising long-term spending pressures from aging, healthcare, climate, and now higher defense spending.
- Some countries can accommodate temporary increases in priority spending while keeping debt sustainability in mind.
- But for many CESEE countries the space is limited. This means they will have to undertake smart adjustments: (i) make public services more efficient and programs better targeted; (ii) reallocate spending priorities away from low priority areas, (iii) and boost fiscal revenues. In many cases, this can be done without raising tax rates by closing loopholes and more efficient administration.
We continue to have concerns about Europe’s medium-term outlook: growth is low and there are rising spending needs:
- Labor supply is dwindling because of aging.
- Investment has been slowing.
- And Europe’s productivity growth has been very low over the last two decades.
This makes meeting fiscal pressures increasingly difficult.
- Spending needs are expected to rise significantly over the next decades, for advanced economies by 5¾ percentage points and emerging economies by 8 percentage points of GDP.
- In the CESEE region, energy-related investments needs are urgent and very large.
- And across the region, defense spending is on the rise.
This brings us to my final point which is how CESEE countries could generate medium-term growth.

Domestic structural reforms, while often overlooked, provide a large untapped source of European growth potential.
- In a forthcoming study, we find that comprehensive national reforms could raise real GDP levels by about 5 percent in advanced economies and between 6.6 and 9.3 percent in the CESEE region.
- These are sizeable gains and could be an important growth antidote to the poisonous effects of uncertainty and volatile policy disputes.
These reforms would remove inefficiencies at home and complement the earlier discussed EU-wide reforms. Specifically:
- Domestic labor market and skill-upgrading reforms top the priority list in terms of their macroeconomic
- Fiscal-structural reforms and lower cost of business regulations would provide another substantial impetus.
- Reducing corruption and inefficiencies through governance reforms is particularly important in several CESEE countries.
Successful implementation of these reforms will require political will, and in some cases, also capacity building.

Overcoming the reform inertia is “the challenge” of Europe.

Let me conclude with a few observations on how to overcome this obstacle.

We think the EU budget could play a catalyzing role. Recent initiatives—such as the Recovery and Resilience Facility (RRF)—have made important strides in strengthening policy performance. The next Multiannual Financial Framework (MFF) for 2028-2034 should build on this momentum, further embedding a performance-based approach, especially in areas where current incentives are weak, but outcomes depend heavily on effective effort.

This is particularly relevant for pre-allocated funds tied to national plans, where member states design and implement policies. In such cases, stronger performance incentives can help ensure that investments yield meaningful results.

To maximize the impact of EU financing, the budget could reward projects that complement EU-level objectives—for example, national reforms like streamlining permitting processes for local distribution networks that connect with cross-border energy infrastructure.

At the same time, policy coherence across all levels of government is essential. While the EU budget can offer strategic direction and alignment incentives, successful implementation ultimately depends on ownership at national, regional, and local levels. The EU budget can set incentives, but decisions need to be made at home.

Let me conclude here …

…and leave with a slide on our key messages.

I now look forward to hearing from you. Thank you!

[1] Excluding Belarus, Russia, Türkiye and Ukraine.

[2] “April 8 tariffs” refers to the tariff increases between the US and China announced just before the 90-day pause on April 9.

[3] This figure decreases to 0.09 percent with the May-12 tariffs

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER:

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/22/sp052325-ak-a-changed-global-landscape-policy-priorities-in-cesee

MIL OSI
MIL OSI Russia News –
May 27, 2025
MIL-OSI: Announcement of the final result of Nykredit’s recommended voluntary public tender offer for Spar Nord Bank A/S – Nykredit Realkredit A/S
Source: GlobeNewswire (MIL-OSI)

THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Announcement of the final result of Nykredit’s recommended voluntary public tender offer for Spar Nord Bank A/S

23 May 2025

Nykredit announces the final result of the recommended voluntary public tender offer for Spar Nord Bank A/S

In accordance with section 4(1) of the Danish Takeover Order¹, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public takeover offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion. As stated in a supplement dated 2 April 2025, the offer price has subsequently been increased to DKK 210.50 per share.

On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order. The Offer Document was most recently supplemented in a supplement of 23 April 2025.

The offer period expired on 20 May 2025 at 23:59 (CEST), and on 21 May 2025 Nykredit announced the preliminary result of the Offer in accordance with section 21(3) of the Danish Takeover Order. The preliminary result of the Offer showed that Nykredit had obtained acceptances which, combined Spar Nord Bank shares held by Nykredit, represent 96.54 per cent of the total share capital and voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of treasury shares.

Final result

In accordance with section 21(3) of the Danish Takeover Order, Nykredit hereby announces the final result of the Offer.

The final summation of acceptances shows that Nykredit has obtained acceptances for 72,169,763 shares, equal to 62.87 per cent of the share capital and the associated voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of 2,918,044 treasury shares. The acceptances correspond to 61.32 per cent of the total share capital and voting rights in Spar Nord Bank.

The acceptances received combined with the total of 38,646,475 Spar Nord Bank shares owned by Nykredit represent 96.54 per cent of the total share capital and voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of treasury shares. The acceptances received and Nykredit’s holding of Spar Nord Bank shares correspond in total to 94.15 per cent of the total share capital and the total number of voting rights in Spar Nord Bank.

The relevant regulatory approvals have been obtained, and the final summation of acceptances confirms that the minimum condition for acceptance is also fulfilled. Nykredit therefore considers that all conditions for completion of the Offer have been fulfilled, and Nykredit intends to complete the Offer on the terms and conditions set out in the Offer Document.

Settlement

The Offer is expected to be completed on 28 May 2025, on which date the cash consideration will be paid to the designated account of each Spar Nord Bank shareholder who has validly accepted the Offer and who has not validly withdrawn the acceptance of the Offer.

Compulsory acquisition, delisting and changes to the management and articles of association

As Nykredit stands to obtain an ownership interest corresponding to more than 90 per cent of the share capital and the associated voting rights in Spar Nord Bank (excluding treasury shares) upon completion of the Offer, it is Nykredit’s intention, as described in section 7.8 of the Offer Document, to initiate and complete a compulsory acquisition of the shares held by the remaining Spar Nord Bank shareholders in pursuance of sections 70-72 of the Danish Companies Act.

Nykredit furthermore intends to seek to have the Spar Nord Bank shares removed from trading and official listing on Nasdaq Copenhagen A/S as described in section 7.9 of the Offer Document.

In this connection, Nykredit will request Spar Nord Bank to convene an extraordinary general meeting at which Nykredit, as described in sections 7.4 and 7.5 of the Offer Document, will propose changes to the board of directors of Spar Nord Bank and changes to Spar Nord Bank’s articles of association.

Detailed information on compulsory acquisition and delisting will be published in separate announcements.

Additional information

Contact persons:

Investor contact:

Morten Bækmand, Head of Investor Relations, Nykredit (+45 4455 1521)

Media contact:

Orhan Gökcen, Head of Press, Nykredit (+45 3121 0639)

For further information about the Offer, please see: https://www.nykredit.com/en-gb/offer-spar-nord/

This announcement and the Offer Document (with supplements) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with supplements) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

Restricted jurisdictions

The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Offer Document, supplements or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction, including securities laws. It is the responsibility of all Persons obtaining this announcement, the Offer Document, supplements, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Offer Document or supplements to shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable law in any jurisdiction other than Denmark, the United States and the United Kingdom.

Important Information for Shareholders in the United States

The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

1 Executive Order no. 636 of 15 May 2020

Attachment
- Announcement of the final result
The MIL Network –
May 27, 2025
MIL-OSI: Nykredit announces final result of the takeover offer
Source: GlobeNewswire (MIL-OSI)

Nykredit has announced the final result of the takeover offer

NOT FOR DIRECT OR INDIRECT RELEASE, PUBLICATION OR DISTRIBUTION IN OR TO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE CONTRARY TO APPLICABLE LEGISLATION OR RULES OF SUCH JURISDICTION

With reference to Spar Nord Bank A/S’ (Spar Nord) company announcement no. 13/2025 concerning the preliminary result of the all-cash voluntary takeover offer from Nykredit Realkredit A/S (Nykredit) for all shares (other than treasury shares held by Spar Nord) in Spar Nord (the Offer), Nykredit has today announced the final result of the Offer. Nykredit’s announcement is attached.

Final result
The offer period expired on 20 May 2025 at 23:59 (CEST), and the preliminary result was announced on 21 May 2025.

Nykredit has announced the final result of the Offer and informed Spar Nord that it has received acceptances representing 72,169,763 Spar Nord shares. Together with Nykredit’s holding of Spar Nord shares, this corresponds to 94.15% of the entire share capital and total number of voting rights in Spar Nord. On that basis, Nykredit will upon completion of the Offer hold 96.54% of the share capital and voting rights in Spar Nord, excluding treasury shares held by Spar Nord.

Relevant public authority approvals have been obtained (cf. company announcement no. 12/2025), and the final summation of acceptances confirms that the minimum condition for acceptance is also fulfilled. Nykredit therefore considers all conditions to completion pursuant to the Offer as satisfied, and Nykredit intends to complete the Offer on the terms as set forth in the offer document.

Completion and settlement
The Offer will be completed and settled in accordance with the terms and conditions of the offer document.

Settlement is expected on 28 May 2025 where the cash consideration will be paid to each shareholder who has validly accepted and not validly withdrawn the acceptance of the Offer.

Compulsory acquisition and delisting
Based on the final result, Nykredit will hold more than 90% of the share capital and voting rights in Spar Nord, excluding treasury shares held by Spar Nord, as a result of the Offer. On that basis, Nykredit will, after completion of the Offer, seek to initiate and complete a compulsory acquisition of the Spar Nord shares held by the remaining minority shareholders in Spar Nord.

In addition, Nykredit will request that Spar Nord seeks to have the Spar Nord shares removed from trading and official listing on Nasdaq Copenhagen A/S.

Information about the compulsory acquisition and removal from trading and official listing of the Spar Nord shares will be announced separately.

Questions may be directed to Neel Rosenberg (media) on +45 25 27 04 33 or to CFO Rune Brandt Børglum (investors)on +45 96 34 42 36.

Yours faithfully

Spar Nord Bank A/S
The board of directors

Attachments
- No. 14 – Nykredit announces final result of the takeover offer
- Announcement of the final result
The MIL Network –
May 27, 2025
MIL-OSI China: 242 firms complete filings since China’s new overseas listings rules

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

Since China’s new overseas listing rules took effect in March 2023, 242 domestic companies, including 83 sci-tech firms, have completed filings, an official of the China Securities Regulatory Commission (CSRC) said Thursday. The CSRC pledged to further support sci-tech firms in tapping capital markets and ensure a more transparent and efficient regulatory environment.

MIL OSI China News –

May 27, 2025

Category: Business

AI experiments see “Humphrey” help townhalls cut costs and improve services

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