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  • MIL-OSI Submissions: Weight loss drug demand continues to grow in the UK – here’s what’s being done to keep supplies readily available

    Source: The Conversation – UK – By Liz Breen, Professor of Health Service Operations, School of Pharmacy & Medical Sciences, University of Bradford

    Demand for weight loss jabs has surged in the UK. Mohammed_Al_Ali/ Shutterstock

    Over a fifth of people in the UK have tried to access a weight loss drug in the last year, according to a recent poll.

    Weight loss jabs such as Mounjaro (tirzepatide) and Wegovy (semaglutide) are very effective in managing obesity. Clinical trials have shown that some people lose up to 26% of their body weight while using these drugs.

    With this impact, it’s no wonder a growing number of people are seeking out these products – often buying them in private clinics or online. But with plans to expand access to these drugs through NHS prescriptions, there are concerns that supply may not meet demand – especially for those people in most need.

    In the UK, NHS prescriptions for weight loss jabs are only approved for people who meet strict eligibility requirements. For example, to qualify early for Mounjaro from your GP, you must have health problems due to your weight and a body mass index greater than 40 (adjusted for ethnicity). People assessed by the NHS and given prescriptions will also have access to additional support – such as advice about diet and physical activity.

    Weight loss drugs can be prescribed by specialist clinics and, increasingly, local GPs. But a lack of time and resources means even those who are eligible are left waiting. Consequently, people who can afford to do so are approaching private providers for access to these medicines – despite the potential risks to their health.

    There’s also evidence that people who aren’t clinically eligible for weight loss jabs prescribed by the NHS are purchasing them from online pharmacies.

    Supply issues

    Demand for weight loss jabs is about to grow, as the provision of Mounjaro via GPs is imminent, pending the creation of an infrastructure to support safe local prescribing.

    The number of monthly GP prescriptions in England for Mounjaro has already risen from under 3,000 in March 2024 (on introduction) to over 200,000 in May 2025. Mounjaro (also marketed in the US as Zepbound) is widely considered to be the best weight loss jab currently available and a great commercial success.

    GP prescriptions of all forms of semaglutide (the active ingredient in Wegovy) are more stable, at around 130,000 items per month (including generics and products to treat diabetes).

    While a number of GLP-1 drugs faced shortages last year (including Wegovy and Mounjaro), these shortages have now been resolved. Shortages were spurred by a spike in global demand for these drugs alongside stockpiling by private clinics to feed requests.

    Still, there were reports early this year that certain strengths of Mounjaro were difficult to access. The reasons for this are not clear, but may be due to the novelty of access to this new medication or a lack of access to alternatives.

    Around 220,000 people in England are due to be offered Mounjaro via the NHS over the next three years. However, it’s estimated that 3.4 million people in England could actually be eligible for Mounjaro.

    Mounjaro will initially be offered to 220,000 people on the NHS over the next three years.
    Cynthia A Jackson/ Shutterstock

    Wider NHS access to this drug is being phased to manage staff workload and ensure good support for patients. Phased rollout may also help to ensure there is enough supply for those who need to be prescribed one of these medications.

    Future access

    It’s likely that demand for these weight loss drugs will only continue to grow in the UK, so it’s important that supply is readily available.

    Regulatory agencies have taken some steps to tighten controls of online prescribing of weight loss drugs and prevent misuse. Registered online pharmacies must seek independent verification of key clinical information (such as from a GP or through a person’s medical records) instead of relying on questionnaires or phone calls.

    However, weight loss products remain easy to access for people with money and savvy search skills, but who may be clinically ineligible. The scale of demand from this group is difficult to quantify, but it’s clear more needs to be done to keep patients safe and manage demand.

    Several new weight loss drugs are undergoing trials in the UK. These drugs will work similarly to those already available but may be administered differently (such as an oral tablet). The trials for these and subsequent approvals will not only increase market competition, but also improve patient access and choice.

    Key patents for the manufacture of semaglutide are also due to expire in 2026 and 2031. Once a pharmaceutical product is outside of its patented time frame, other companies can be approved to manufacture it as a generic product.

    A generic product is approved on the basis that it works in the same manner and has equal benefits to the original product. The generics market allows new entrants and new versions of these very popular products onto the market.

    Generic products are usually less expensive and so are bought (where still clinically safe and effective) by the NHS. This change could provide greater access to weight loss medications and save the NHS and patients money in the long term.

    Generic semaglutide products will probably be available in the UK from 2032 but will be initially authorised to treat diabetes rather than weight loss. Still, this should have a positive impact on the availability of prescription drugs used for both diabetes and weight management.

    Generic liraglutide is already available on the NHS for the treatment of diabetes. The liraglutide brand Saxenda is also marketed for weight management. However, liraglutide is less effective than Wegovy or Mounjaro and requires daily injections.

    The number of monthly NHS prescriptions for liraglutide has fallen from over 40,000 in July 2020 to 1,000 in May 2025. This fall was most likely influenced by the discontinuation of the Victoza brand for type 2 diabetes in late 2024. Shortages of all types of GLP-1 drugs, which lasted until the end of 2024, may also have impacted demand for liraglutide.

    For now, NHS staff can report on known demand for these products to inform manufacturing quantities and procurement. What isn’t known is the future demand for online or private purchases of weight management drugs. It’s this “unknown” demand that may mean supply security is challenged and unsustainable.

    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.

    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. Weight loss drug demand continues to grow in the UK – here’s what’s being done to keep supplies readily available – https://theconversation.com/weight-loss-drug-demand-continues-to-grow-in-the-uk-heres-whats-being-done-to-keep-supplies-readily-available-262065

    MIL OSI –

  • MIL-OSI USA: ICYMI: Mullin to Faulkner: Zeldin “Took a Sledgehammer to the Regulatory Environment”

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    ICYMI: Mullin to Faulkner: Zeldin “Took a Sledgehammer to the Regulatory Environment”

    “I ran because the regulations literally put one of our companies out of business.”

    Washington, D.C. – On Wednesday, U.S. Senator Markwayne Mullin (R-OK) joined Fox News’s Harris Faulkner on The Faulkner Focus to react to Environmental Protection Agency (EPA) Administrator Lee Zeldin’s decision to rescind the Obama-era endangerment finding which costs the United States $1 trillion in regulations and $54 billion each year. The senator recounted his experience with the Obama EPA as a private business owner, and shared how his frustration with excessive government overreach motivated him to run for office. Additionally, the senator commented on his colleagues’ recent chaotic behavior on the Senate floor. Highlights below.

    Sen. Mullin’s full interview can be found here.

    On how red tape drove Mullin to public service:

    “This is the reason why I ran because the regulations literally put one of our companies out of business. What Lee Zeldin just did is took a sledgehammer to the regulatory environment. This single regulation right here was the single biggest factor in cost in history when it comes to regulations, especially when you look at what Obama did. This has cost the industry $1 trillion and since the last five years, has cost an annual $54 billion…

    “What he has done here was exactly what President Trump promised was he was going to roll back regulations that wasn’t actually beneficial.”

    On consumer choice being what President Trump is all about:

    “Let consumers choose. What an idea that is, right? That’s what America is about. Let consumers choose what they want. That’s what President Trump is about. That’s not what the Democrats are [about].”

    On the irony of Democrats discussing the Constitution:

    “They can’t point to one single thing that President Trump has done that’s non constitutional…

    “They want to talk about a constitutional overreach? You think, well, who was the person signing the [President Biden’s] executive orders? But no, Cory Booker is silent on that, and all the other Democrats are silent on that because of their derangement syndrome over their hatred towards President Trump, and it’s absolutely absurd, and this is why they lost, because the American people see right through this theatric behavior that Cory Booker displayed on the floor.”

    MIL OSI USA News –

  • MIL-OSI USA: Gov. Kemp Announces 114 Appointments to Boards, Authorities, and Commissions

    Source: US State of Georgia

    Atlanta, GA – Governor Brian P. Kemp today announced 114 appointments and reappointments to various state boards, authorities, and commissions.

    Georgia Composite Medical Board

    Srenni Gangasani and David Retterbush were reappointed.

    Kamesha Harbison is a board-certified obstetrician-gynecologist serving the South Columbus community. She has provided women’s health care in the Chattahoochee Valley for over a decade, delivering comprehensive OB/GYN services and assisting with more than 1,000 births. She has also led community health initiatives, including organizing prenatal education and resource events for expectant mothers. Harbison began her career as a high school biology and chemistry teacher after earning a B.S. and M.Ed. from Xavier University of Louisiana. She later earned her medical degree from the University of Iowa Roy J. and Lucille A. Carver College of Medicine and completed her OB/GYN residency at Mercer University in Macon, Georgia. As an educator, she developed a mentoring program to address adolescent health, hygiene, and goal setting—laying the foundation for her transition into women’s healthcare. She is recognized for her commitment to patient education, community outreach, and improving health outcomes for women across the region.

    State Workforce Development Board

    Bárbara Rivera Holmes was sworn in as the 11th Commissioner of the Georgia Department of Labor and the state’s first Latina constitutional officer on April 4, 2025, by Georgia Gov. Brian Kemp. Holmes’ extensive experience includes appointments by former Gov. Nathan Deal to the Board of Regents of the University System of Georgia, which oversees Georgia’s 26 public colleges and universities, and by former Lt. Gov. Geoff Duncan as co-chair of the Georgia Innovates Task Force, which helped design the state’s technology blueprint. A former journalist, Holmes has earned awards for excellence in journalism from the Georgia Associated Press. She holds degrees in journalism and Spanish from Florida Southern College and studied at Estudio Sampere Internacional in Spain. A native of San Juan, Puerto Rico, Holmes resides in Albany with her husband, David, and their daughter.

    Steve Bradshaw served eight years on the DeKalb County Board of Commissioners. First elected in 2016, he was re-elected in 2020 without opposition. During his tenure, he was twice unanimously elected by his colleagues to serve as Presiding Officer of the Board. He also chaired several key committees, including Finance, Audit and Budget; Public Works and Infrastructure; and County Operations. Prior to public service, Bradshaw spent more than 15 years in the private sector in operations management and business development roles, most recently as business development manager for Delta Global Staffing, a subsidiary of Delta Air Lines. Bradshaw began his professional career as a U.S. Army officer as a tank commander. He served in both domestic and international assignments, including deployment to the Middle East during the First Persian Gulf War. His final military post was as a leadership instructor at the Army Officer Candidate School. He holds a master’s degree in public administration from Georgia State University and later served as an adjunct professor in the university’s Andrew Young School of Policy Studies, teaching both undergraduate and graduate students.

    Hearing Panel of the Judicial Qualifications Commission

    Richard Hyde was reappointed.

    Georgia Board of Examiners of Licensed Dietitians

    Cicely Thomas was reappointed.

    Alison Sturgill is a licensed and registered dietitian with over a decade of clinical experience specializing in oncology nutrition. She currently serves as a clinical dietitian IV at the Emory Proton Therapy Center, where she provides medical nutrition therapy to patients undergoing radiation treatment for various cancers. Previously, she held a similar role at Emory University Hospital, where she led inpatient oncology nutrition care and served as a preceptor and educator for dietetic interns. Sturgill holds both a Master of Science and a Bachelor of Science in Nutrition from Murray State University and is a Certified Specialist in Oncology Nutrition (CSO). Her work has been published in the Journal of Nursing Care Quality, and she remains active in multiple professional organizations, including the Academy of Nutrition and Dietetics.

    Franklin D. Roosevelt Warm Springs Memorial Advisory Committee

    Eric Bentley is retired from the Georgia Department of Natural Resources with over three decades of service to Georgia State Parks and Historic Sites, including a deep and enduring connection to the Little White House State Historic Site. A graduate of the University of Georgia with a degree in forest resources, Bentley began his career at Unicoi State Park before serving in various leadership roles, including park manager at Kolomoki Mounds and Fort Yargo. He was named Manager of the Year in 2009 and later served as Region 3 Manager, where he oversaw operations at the Little White House and F.D. Roosevelt State Park, secured funding, and strengthened partnerships with the Advisory Committee. From 2019 until his retirement in 2022, Bentley served as Assistant Director of State Parks, continuing to advocate for the Little White House and playing a key role in advancing major preservation projects.

    Board of Juvenile Justice

    Lisa Colbert was reappointed.

    State Board of Veterinary Medicine

    Jessica Sewell was reappointed.

    Employee Benefit Plan Council

    Courtney Ware and Christopher Wells were reappointed.

    Angelique McClendon was appointed Commissioner of the Georgia Department of Driver Services (DDS) on May 1, 2025. She joined DDS as General Counsel in 2015 and was later promoted to Assistant Deputy Commissioner of Legal and Regulatory Affairs. Her legal career began in 2005 as an assistant solicitor in DeKalb County, followed by her service as an assistant attorney general for the State of Georgia from 2008 to 2015, where she represented public safety agencies, including DDS.  McClendon has provided legal guidance on major state initiatives, including Georgia’s Digital Driver’s License, and is a recognized expert on identity management, digital credentials, and data privacy. She has held leadership roles with the American Association of Motor Vehicle Administrators (AAMVA), helping shape national policy and best practices in driver’s license administration. She holds a Bachelor of Science in chemistry from Xavier University of Louisiana and a Juris Doctor from Georgia State University College of Law.

    Board of Community Affairs

    Kwanza Hall, Donna Armstrong Lackey, and Charlie Maddox were reappointed.

    State Board of Technical College System of Georgia

    Mike Long, Fran Millar, and Lisa Winton were reappointed.

    North Georgia Mountains Authority

    Jeff Andrews, Randy Dellinger, Patrick Denney, Dan Garcia, and Paul Shailendra were reappointed.

    State Board of Podiatry Examiners

    Rupal Gupta is a board-certified podiatrist with over 20 years of clinical, academic, and administrative experience. She currently practices at Ankle and Foot Centers of America and has held leadership roles in both hospital and professional association settings, including serving as president of the Georgia Podiatric Medical Association and department chief at Emory Johns Creek Hospital. Gupta completed her residency at Jackson North Medical Center, where she received advanced training in surgical and non-surgical foot and ankle care, trauma, and wound management. She holds a Doctorate in podiatric medicine from Kent State University and a bachelor’s degree from Emory University. Dedicated to advancing podiatric medicine and public health, she has been an active advocate for clinical standards and evidence-based policy and continues to serve on various hospital committees and community initiatives.

    Lake Lanier Islands Development Authority

    Daniel Dooley and Lauren Talley were reappointed.

    Georgia Rural Development Council

    Robert “Bob” Ray, Jr. is managing member of Ray Family Farms, LLC, where he and his siblings continue six generations and over 200 years of family farming, now focused on pecan production and pine timber. Before returning full-time to agriculture, Ray served for 15 years as President and CEO of Flint Energies. Ray’s public service includes his tenure as Assistant Secretary of State and Chief Operating Officer under Secretary of State Cathy Cox, where he directed agency operations and intergovernmental affairs. Earlier in his career, he was legislative director for the Georgia Farm Bureau Federation and also worked as a corporate lending officer with NCNB National Bank. He holds a bachelor’s in finance from the University of Georgia’s Terry College of Business. Ray has served in leadership roles with Georgia EMC, Green Power EMC, GRESCO, and Leadership Georgia, and remains active in agricultural and community organizations statewide.

    Georgia Commission on the Holocaust

    Jon Barry is President and Founder of Spectrum Maintenance Services and leads the company’s marketing and growth strategies. His career in commercial real estate spans four decades, including extensive experience in all aspects of brokerage and property management. Initially formed to support Barry’s shopping center management platform, SMS has grown to become Atlanta’s leading full-service property maintenance company. Barry previously served on the Board of Advisors of the Kennesaw State University Entrepreneurship Center, is a member of CEO NetWeavers, and has served as mentor to numerous rising professionals.

    Georgia Ports Authority

    James Allgood, Jr., Leda Chong, and Doug Hertz were reappointed.

    Georgia Student Finance Commission Board of Commissioners

    John Loud, Sarah Hawthorne, Ed Pease, and David Perez were reappointed.

    State Board of Accountancy

    Emily Farrell and Todd Tolbert were reappointed.

    Carlton Hodges is a certified public accountant with more than four decades of experience in public accounting, specializing in tax compliance and audit services. He began his career in 1980 with SRLS, where he advanced to Tax Manager following a merger with Price Waterhouse. His practice focuses on business, individual, fiduciary, and nonprofit tax returns, as well as audit and accounting engagements in sectors such as construction, services, and government-assisted entities. Carlton holds Bachelor of Business Administration degrees in finance and accounting from Armstrong State College. He is a member of both the Georgia Society of CPAs and the American Institute of CPAs, and serves on the board and leadership council of the Georgia Society, where he also chairs the GSCPA Insurance Trust. His civic involvement includes prior service as a Pooler City Councilman, treasurer of the Savannah-Chatham MPC, and leadership roles with the Armstrong Foundation and Rotary Club of Savannah West.

    State Board of Registration for Professional Engineers and Land Surveyors

    Trent Turk was reappointed.

    Board of Commissioners of the Sheriffs’ Retirement Fund of Georgia

    Billy Hancock and Dan Kilgore were reappointed.

    Georgia Sports Hall of Fame Authority

    Bill Shanks and Earl Wright were reappointed.

    Phil Schaefer is an award-winning sportscaster whose career spans more than five decades across basketball, football, baseball, and golf. He was the voice of UGA basketball for 17 years, called Atlanta Hawks games for five seasons, and served as a CBS Radio broadcaster for the NCAA Tournament for 20 years. In football, he spent 16 years as UGA’s color commentator, 10 years as the voice of the Peach Bowl, and 20 years as public address announcer for the Atlanta Falcons. Schaefer also covered the Braves for 39 years and the Masters Tournament for 55 consecutive years, earning the Masters Major Achievement Award in 2010. A three-time Georgia Sportscaster of the Year, Schaefer held leadership roles at WSB Radio and later served as Athletic Coordinator for the DeKalb County School System. He is a member of the Georgia Radio Hall of Fame and the Georgia Sports Hall of Fame, and has received over 40 national and regional journalism awards, including a Peabody. He holds degrees from Ohio State University and Georgia State University and is the author of Sins of a Southern Sportscaster.

    Board of Behavioral Health and Developmental Disabilities

    Deb Bailey, Amanda Owens, Bill Slaughter, Jean Sumner, and Jimmy Thomas were reappointed.

    Georgia Behavior Analyst Licensing Board

    Margaret Molony and Robin Osborne were reappointed.

    Georgia Public Telecommunications Commission

    Greg Garrett and Mary Ellen Imlay were reappointed.

    Stephen Lawson is a principal in Dentons’ Regulatory, Public Policy, and Government Affairs practice in Atlanta, with nearly 15 years of experience in public affairs, communications, and political strategy. He has advised Fortune 500 companies, nonprofits, trade associations, and elected officials on complex issues including policy strategy, crisis management, media relations, and advocacy. Prior to joining Dentons, Lawson was president of Full Focus Communications, a public affairs firm based in Atlanta. He has served in senior advisory roles for high-profile public officials, including Florida Governors Rick Scott and Ron DeSantis, and in Georgia for Lieutenant Governor Burt Jones, Agriculture Commissioner Tyler Harper, Congressman Mike Collins, and Speaker of the House Jon Burns.

    George Levert is a retired venture capitalist with more than two decades of experience in technology investment. He was a Founding Partner of Kinetic Ventures, where he led investments in telecommunications, network automation, and internet technologies. He served on the boards of more than a dozen venture-backed companies, including Metricom, Pathfire, and Proficient Networks. Prior to his career in venture capital, he held roles with Oglethorpe Power Corporation, Accenture, Boeing, and the U.S. Navy Civil Engineer Corps during the Vietnam War. Levert holds a B.S. in electrical engineering from Louisiana Tech University and an M.S. in management from Georgia Tech. He has served on numerous civic and nonprofit boards, including the Georgia Tech Foundation, Catholic Charities of Atlanta, the Atlanta Opera, and the American Red Cross. He is also a former board member of the Smithsonian National Museum of African Art and the Museum of the American Indian. Levert has endowed multiple scholarships and leadership awards and remains active in philanthropic, educational, and faith-based organizations. He and his wife, Dale, live in Atlanta and have two sons and two granddaughters.

    Savannah-Georgia Convention Center Authority

    Bert Brantley, Martin Miller, and Pritpal Singh were reappointed.

    Board of Human Services

    Lisa Hamilton, Scott Johnson, and Jack Williams were reappointed.

    Criminal Justice Coordinating Council

    Nancy Bills, Denise Downer-McKinney, Ron Freeman, Scotty Hancock, and Joe Hood were reappointed.

    Board of Public Health

    James Curran, Lucky Jain, Mitch Rodriguez, Ryan Shin, and T.E. Valliere-White were reappointed.

    Professional Standards Commission

    Angela Byrne has over 11 years of teaching experience in public and private schools. She currently teaches ESOL to K–6 students at Anna K. Davie Elementary in Rome City Schools, where she has served for the past six years. Her previous roles include teaching kindergarten, fourth, and fifth grade. She holds certifications in Elementary Education and Middle Grades Math and Science, with endorsements in ESOL and Online Teaching. She has received the Rome City Schools Central Office Support Employee of the Year and the Anna K. Davie Star Teacher Award. Byrne lives in Rome, Georgia, with her husband, Lewis, and their three children.

    Christy Edwards is an elementary educator with 14 years of experience in the Hall County School System. She currently serves as the Language Lab Teacher at Tadmore Elementary, focusing on data-driven instruction and student performance. She previously taught second, fourth, and fifth grades, as well as Early Intervention Program (EIP) support. She holds a B.S. in early childhood education from the University of North Georgia and an ESOL endorsement from Pioneer RESA. Edwards has served as a Leadership Team member, RTI representative, and professional learning facilitator.

    Zach Miller is a certified elementary educator currently teaching reading, science, and social studies at Roan School in Dalton. He holds a Bachelor of Science in early childhood education from Dalton State College and is certified in Early Childhood Education (P-5), with endorsements in ESOL and K–5 Mathematics. Named Teacher of the Year at Roan School in 2025, Miller focuses on a student-centered approach that integrates project-based learning and relationship-building to drive academic success. He founded the District Elementary Soccer Tournament and mentors students through Soccer for Success. He also leads Roan’s Soccer and Disc Golf Clubs, coordinates the Social Studies Bee, and partners with local nonprofits to support families in need. Miller is active in his church, serving as vice chairman of the deacons at Fellowship Bible Church and leading the soccer portion of Grace Presbyterian Church’s summer sports camp.

    State Rehabilitation Council

    Jo Ellen Hancock is a long-serving advocate and leader in the fields of special education, behavioral health, and community engagement. Since 2005, she has served as the parent mentor for special education with the Cherokee County School District, supporting families and fostering collaboration between schools and parents of students with disabilities. She holds multiple leadership roles across state and local behavioral health organizations, including chair of the Statewide Leadership Council and immediate past chair of the Region 1 Advisory Council for the Georgia Department of Behavioral Health and Developmental Disabilities (DBHDD). She also serves on the Georgia Behavioral Health Planning and Advisory Council and the Behavioral Health Services Coalition. Hancock is a certified peer specialist – parent and currently chairs the Cherokee County Local Interagency Planning Team (LIPT), where she has led efforts to coordinate services for children with complex needs since 2018. She serves on the advisory board for NAMI Georgia and is communications chair for the Holly Springs Optimist Club.

    Charity Roberts assumed the position of State Director (IDEA) for the Office of Federal Programs Division for Exceptional Children on January 1, 2025. She is a quadruple Eagle from Georgia Southern University, obtaining her bachelor’s and master’s degrees in special education. She completed a specialist and doctorate degree in educational leadership. She is certified in multiple fields within general and special education, such as elementary education, reading (P-8), special education preschool, physical and health disabilities, and P-12 special education adaptive and general curriculum. Roberts has over 30 years of experience in special education instruction and leadership in a variety of roles. After serving as a special education teacher, she became a district director of special education. From there, Roberts provided leadership support as a GLRS Director for twelve years before joining the Georgia Department of Education Office of Rural Education and Innovation.

    Board of Community Supervision

    Jimmy Kitchens and Steve Queen were reappointed.

    Judicial Legal Defense Fund Commission

    Christine Hayes serves as Deputy Executive Counsel in the Office of Governor Brian P. Kemp. Prior to joining the Governor’s staff, she was director of governmental affairs for the State Bar of Georgia, where she worked on a variety of legislative issues that affect the judiciary and the legal profession. She also held roles at the Judicial Council/Administrative Office of the Courts, Georgia General Assembly, and as an associate at Fields Howell where she focused on insurance coverage issues and related litigation. Hayes holds a bachelor’s degree in political science from the University of Florida and a law degree from Emory University. She and her husband, Jonathan, live in Atlanta with their two daughters.

    State Board of Long-term Care Facility Administrators

    Timothy Bush and Laura Cayce were reappointed.

    Suzanne Gerhardt serves as Senior Vice President of Health Services at PruittHealth, Inc., where she oversees skilled nursing center operations across four states. With a career in long-term care that began in 1983, she brings decades of hands-on experience in healthcare management, including roles in business operations, social services, admissions, and auditing. Gerhardt became a licensed Nursing Home Administrator in 1997 and has since managed multiple facilities and regional operations. She is known for her focus on regulatory compliance, operational efficiency, and improving patient outcomes. In addition to her leadership at PruittHealth, she has served in various roles with the Georgia Health Care Association, including Chair of the Board and, currently, as immediate past chair.

    Donna Sant is a public policy professional with extensive experience in political organizing, campaign operations, and grassroots leadership. She served as Chairman of the Houston County Republican Party from 2018 to 2024 and has held multiple roles within the Georgia Republican Party, including State Committee Member and County Vice Chair. She has led volunteer efforts, managed election headquarters, coordinated large-scale events, and served as a liaison between voters and candidates. Sant holds a master’s in public policy from Liberty University and a B.F.A. in TV/Film production from Valdosta State College. A graduate of Republican Leadership for Georgia, she is also a recipient of the Ted & Barbara Waddle Award of Excellence. She lives in Elko, Georgia, with her husband. They have three adult children. Sant will serve as the consumer member on the State Board of Long-term Care Facility Administrators.

    Board of Trustees of the Teachers Retirement System of Georgia

    Mary Elizabeth Davis is the Superintendent of Cherokee County Schools, serving 42,000 students. She has spent nearly 20 years in Georgia public education, holding leadership roles in four school districts. Prior to her current role, she served as Superintendent of Henry County Schools for nearly seven years, where she led improvements in operational systems, financial management, and student outcomes. Her previous roles include Chief Academic Officer in Cobb County and Assistant Superintendent for Curriculum and Instruction in Gwinnett County. She began her career as a chemistry teacher and coach in Fairfax County, Virginia. Davis was named one of District Administration’s 100 most influential education leaders in 2024 and is a former finalist for Georgia Superintendent of the Year. She holds a chemistry degree from Messiah College and a Ph.D. in Education Policy from Georgia State University. She lives in Canton, Georgia with her husband and two children.

    Board of Juvenile Justice

    Lisa Colbert was reappointed.

    State Board of Veterinary Medicine

    Jessica Sewell was reappointed.

    Georgia Opioid Settlement Advisory Commission

    Trey Bennett is the general counsel and grants division director for the Georgia Governor’s Office of Planning and Budget. A seasoned attorney and public policy advisor, Bennett has over a decade of legal and governmental experience, including past service as deputy executive counsel to Governor Brian Kemp. He oversees the ethical execution of billions of dollars in federal grant funding, advises on statewide emergency responses, and helps shape key legislation across multiple sectors. Bennett also has substantial courtroom experience, having served as both a criminal prosecutor and a defense attorney in Northeast Georgia. He holds a J.D. from the University of Georgia School of Law and lives in Hoschton, Georgia, with his wife, Katherine, and their four children.

    Council for the Arts- Chair

    Colt Chambers was reappointed.

    Board of Commissioners of the Superior Court Clerks’ Retirement Fund of Georgia

    Timothy Harper, Linda Hays, Daniel Jordan, Michael King, and Rhett Walker were reappointed.

    Georgia Public Service Commission Advisory Committee

    Jeff Jacques is a civil engineering professional with over 35 years of experience in transportation and utility coordination. He began his career with the Georgia Department of Transportation in 1983 as a civil engineer co-op and held various roles over a 20 year tenure, including district utilities engineer and area maintenance engineer. Since 2007, he has served as worksite utility coordination supervisor and utility coordination manager with CWM. Jacques is actively involved in the Georgia Utility Coordination Council, Georgia 811 Excavator Advisory Council, GHCA Utilities Task Force, and the GUCC Legislative Committee. He also served Franklin County as a Republican member of the Board of Commissioners from 2002 to 2018 and as Chairman from 2023 to 2024. A graduate of Emmanuel College and Southern Tech, Jacques resides in Franklin County with his wife, Christy. They have three adult children, and he is a member of Liberty Baptist Church in Carnesville.

    Disability Services Ombudsman Medical Review Group

    George Leach is an Assistant Professor of Emergency Medicine at Emory University School of Medicine and an attending physician at Grady Memorial Hospital. He has over 15 years of clinical and academic experience, with a focus on quality improvement, systems-based practice, and medical education. Leach completed his undergraduate studies at the University of North Carolina and earned his medical degree from Emory University, where he also completed his emergency medicine residency and served as chief resident. His academic contributions include developing a national curriculum for advanced emergency medicine learners and leading peer review process improvements at Grady. He is a member of multiple professional organizations, including the American College of Emergency Physicians and the Society for Academic Emergency Medicine. Dr. Leach has received numerous teaching awards and is actively involved in resident education, mentorship, and committee leadership at Emory and Grady.

    Georgia Environmental Finance Authority

    Jimmy Andrews and Travis Turner were reappointed.

    Georgia Child Support Commission

    Ben Land was reappointed.

    Behavioral Health Reform and Innovation Commission

    Kevin Tanner was reappointed as Chairman.

    Karen Bailey, Melanie Dallas, Jason Downey, Nora Haynes, Miriam Shook, Sarah Vinson, DeJuan White, and Michael Yochelson were reappointed.

    DeAnna Julian serves as Chief Executive Officer of the Frazer Center, a nonprofit providing inclusive early childhood, adult, and behavioral health services for individuals with intellectual and developmental disabilities (IDD). She also serves as President of the Service Providers Association for Developmental Disabilities (SPADD), where she works to strengthen Georgia’s IDD service network through policy engagement and provider collaboration. A former special education teacher, Julian holds certifications in special education, early childhood, and physical education, along with a master’s degree in education and transition services from the University of Kansas. She previously served as Executive Director of The Arc of Southwest Georgia, leading efforts to expand access and advance systemic reform. With more than 20 years of leadership in education and disability services, Julian has been recognized with honors including the Annette Bowling Advocacy Award and Albany’s Top 40 Under 40. She lives in Atlanta with her husband, Steve, and their two adult children.

    Carey Parrott, Sr. is the founder and CEO of Parrott Counseling Services, LLC, with over two decades of experience in addiction and mental health counseling. A licensed clinical social worker, master addictions counselor, certified clinical supervisor, and certified peer specialist for addictive diseases, he provides direct care and specialized services to individuals, families, and justice-involved populations, including re-entry and mandated clients. Parrott is a two-time graduate of the University of Georgia, earning a B.S. in psychology and an M.S.W. He later earned a doctorate in clinical social work leadership from Tulane University. His professional background includes service as caregiver support coordinator at the U.S. Department of Veterans Affairs, where he supported veterans and families navigating the challenges of mental illness and substance use. He has also served as a consultant to the Georgia Department of Behavioral Health and Developmental Disabilities, providing clinical supervision and workforce development for addiction counselors statewide. Parrott began his career working in residential treatment settings and community behavioral health programs. He is recognized for his collaborative, personalized approach and his ongoing commitment to supporting recovery and resilience in the Athens community and beyond.

    Child Advocate Advisory Committee

    Andre Blanchard and Jay Watkins were reappointed.

    Georgia Hotel Motel Tax Performance Review Board

    David Dukes was reappointed. 

    MIL OSI USA News –

  • MIL-OSI USA: Supporting Zero-Emission Transportation Solutions

    Source: US State of New York

    overnor Kathy Hochul today announced over $21 million is now available to support zero-emission mobility transportation solutions in communities across New York State. The Clean Mobility Program provides funding for scalable, community-led demonstration projects that improve connections through micro mobility, ridesharing, and on-demand shared transportation options. Together, these solutions lower pollution and offer residents affordable connections to services, jobs, and transit, including in underserved communities.

    “Even as the federal government walks away from clean air and energy standards, New York continues to invest in modern, flexible and efficient electric transportation options that improve air quality and expand affordable consumer choices,” Governor Hochul said. “Our priority is linking communities, including areas that have been historically marginalized, with resources that provide residents with a variety of flexible transportation options that allow them to conduct their daily business uninterrupted.”

    The Clean Mobility Program, administered by the New York State Energy Research and Development Authority (NYSERDA), will competitively award funding to local governments, transit operators, community-based organizations, or employers with more than 1,000 employees for demonstration projects that advance innovative clean mobility options to address transportation challenges. Proposed solutions must expand access to shared zero-emission transportation options, create long-term affordable options, and can be continued into the future. Eligible technologies include bikes, electric bikes (e-bikes) and electric scooters (e-scooters), on-demand electric vehicle ride-hailing, and small-scale, on-demand electric public transit services, or shared electric vehicle options.

    Proposals for demonstration projects must include a completed planning document that includes community engagement, site identification and operations, project partner identification, technical feasibility assessment, and a policy and regulatory feasibility assessment. Only one proposal per applicant will be awarded and a cost share of at least 20 percent of the total project cost in non-NYSERDA funding is required. E-bikes or e-scooters must meet industry safety standards such as being UL-certified.

    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Supporting electric vehicle ride sharing, e-bikes, e-scooters and other sustainable, affordable mobility options helps keep people engaged and active in their communities. We look forward to receiving innovative demonstration proposals that offer the opportunity to help New Yorkers maintain transportation independence and can be replicated and adopted throughout the state for the benefit of all.”

    The Clean Mobility program offers up to $21.6 million for projects across New York State and will award up to $3 million per project, with priority given to projects in disadvantaged communities, as defined by the Climate Justice Working Group.

    Additionally, up to $8 million is set aside to fund demonstration projects located in specific areas of the state, including those served by the upstate investor-owned utilities. This includes a total of up to $5 million for micro mobility projects in the Central Hudson, National Grid, New York State Electric & Gas, and Rochester Electric & Gas region and up to $3 million for any type of eligible demonstration projects located in the Bronx.

    New York State Department of Public Service CEO Rory M. Christian said, “It is critically important for New York to invest in and create affordable transportation opportunities for our citizens, especially those who find themselves without flexible transportation options. This program will do just that.”

    New York State Department of Environmental Conservation Commissioner Amanda Lefton said, “With this latest $21 million in funding, Governor Hochul is bolstering actions to help communities most vulnerable to pollution-driven asthma and other harmful health impacts. Clean Mobility Program funding promotes the pursuit of accessible and affordable green transportation options and supports our efforts to improve air quality statewide by transitioning to cleaner, zero-emission transportation.”

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “Clean transportation solutions do more than just reduce emissions—they improve public health, advance equity and accessibility and build a more sustainable, connected future. No one understands a community’s transportation challenges better than the people who live there. Empowering people to help develop mobility solutions is a game changer as we strive for a more resilient, community-centered future for transportation in New York.”

    State Senator Jeremy Cooney said, “The Clean Mobility Program represents a major step forward in delivering economic opportunity and cleaner transportation to underserved communities across Upstate New York. By investing in ridesharing, micro mobility, and on-demand transportation options, we’re expanding access to jobs, public transit, while also reducing emissions. As chair of the NYS Senate Transportation Committee, I’m proud to support this initiative and am grateful to Governor Hochul for her leadership and commitment to clean, equitable transportation solutions.”

    Assemblymember William Magnarelli said, “People in some regions of our state without access to mass transit or a car are unable to get around. It’s laudable that the Governor saw fit to invest $21 million in a program that looks to improve the connections for micro mobility, ridesharing, and on-demand shared transportation options, to begin solving this problem.”

    Proposals are due on September 25, 2025 by 3:00 p.m. ET. For more information on this funding opportunity please visit NYSERDA’s website.

    NYSERDA will host an informational webinar on August 7, 2025 from 3:00 p.m. to 4:00 p.m. ET to provide more explanations on the solicitation, project requirements, and the application process.

    To support demonstration project applicants, NYSERDA offers a Mobility Solutions Provider Directory that highlights companies that manufacture, supply, develop, install, operate, or maintain mobility solutions eligible under the Clean Mobility Program.

    NYSERDA will host a virtual showcase for prospective applicants on August 14, 2025. The morning session will take place from 10:30 a.m. to 12:00 p.m. ET to highlight companies that support two-wheeled mobility solutions. The afternoon session will take place from 1:00 p.m. to 3:00 p.m. ET for companies that support four-wheeled mobility solutions.

    In June 2024, Governor Hochul announced the $32 million Clean Mobility Program which supports community-led planning and demonstration projects that solve local transportation needs and help reduce emissions. In March 2025, NYSERDA announced that $2.9 million was awarded to 29 community-led planning projects to enhance planning for shared electric transportation solutions. These projects are eligible to apply for the demonstration project planning announced today, although previous participation in the Clean Mobility Program is not a requirement for demonstration project funding.

    Last summer, Governor Hochul signed legislation to encourage the safe use of e-bikes and lithium-ion batteries. The guidelines and manufacturing standards adopted for e-mobility devices help consumers understand safety requirements and protocols, and provide information on purchasing, storage, and avoiding risks. The New York State Department of State and Division of Homeland Security and Emergency Services have also developed a consumer safety guide for lithium-ion batteries which is available here. Together, these efforts help to raise awareness and educate consumers about how to safely and properly purchase, use, charge and maintain devices with lithium-ion batteries, including micro-mobility options.

    For more than fifty years, NYSERDA has been a trusted and objective resource for New Yorkers, taking on the critical role of energy planning and policy analysis, along with making investments that drive New York toward a more sustainable future. This program is part of New York’s nearly $3 billion investment in zero emissions vehicles and growing access to clean transit to benefit all New Yorkers, including those in low-income or disadvantaged communities, by reducing emissions to create cleaner air and healthier communities. It complements New York State’s other zero-emission transportation initiatives including the New York Clean Transportation Prizes Initiative, administered by NYSERDA, the New York State Department of Public Service and the Department of Environmental Conservation (DEC), as part of an $85 million allocation through New York’s EV Make Ready program to accelerate the transition to a clean transportation future.

    The program is funded through a combination of Clean Energy Fund (CEF), Regional Greenhouse Gas Initiative (RGGI), and New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    MIL OSI USA News –

  • MIL-OSI: Spryker Wins 2025 Silver Stevie® Award for Technology Excellence in E-Commerce

    Source: GlobeNewswire (MIL-OSI)

    BERLIN and NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Spryker, the leading composable commerce platform for global enterprises, today announced it has been named the winner of the Silver Stevie® Award in the 2025 Stevie Awards for Technology Excellence. This recognition highlights Spryker’s continued achievements in the commerce industry transforming the enterprise landscape from rigid legacy platforms to agile ecosystems. With its composable architecture, Spryker empowers businesses to adapt faster, build smarter and stay ahead of evolving buyer expectations.

    Spryker has become the trusted commerce engine of choice for global innovators, supporting advanced digital transformation across sectors like healthcare, manufacturing, automotive and distribution. Its composable approach allows enterprises to build custom commerce ecosystems tailored to their unique business needs.

    “From the beginning, Spryker set out to redefine how enterprises approach digital commerce by introducing a truly composable platform,” said Boris Lokschin, Co-founder and CEO at Spryker. “As businesses face growing pressure to innovate faster and meet ever-changing customer demands, this recognition affirms our commitment to building flexible, future-proof solutions. We’re proud to earn this validation of our technology and our team’s hard work.”

    The Stevie Awards are the world’s premier business awards and honor global excellence in business. The Stevie Awards for Technology Excellence recognize the remarkable achievements of individuals, teams, and organizations that are shaping the future of technology across all industry sectors.

    This is the latest in a series of recognitions that Spryker and its customers have received from industry analysts and awards including the Paradigm B2B Enterprise Combine, B2B E-Commerce Association Awards, and RetailTech Breakthrough.

    About Spryker
    Spryker is the leading global composable commerce platform for enterprises with complex use cases to enable growth, innovation, and differentiation. Designed specifically for sophisticated transactional businesses, Spryker’s easy-to-use, headless, API-first model enables businesses to adapt, scale, and quickly go to market while facilitating faster time-to-value throughout their digital transformation journey. As a global platform leader for B2B and B2C Enterprise Marketplaces, IoT Commerce, and Unified Commerce, Spryker has empowered 150+ global enterprise customers worldwide and is trusted by brands such as ALDI, Siemens, ZF Friedrichshafen, and Ricoh. Spryker is a privately held technology company headquartered in Berlin and New York backed by world class investors such as TCV, One Peak, Project A, Cherry Ventures, and Maverick Capital. Learn more at spryker.com and follow Spryker on LinkedIn and X.

    The MIL Network –

  • MIL-OSI Canada: Freedom to water

    To ensure that plants receive the water they need, Alberta is removing the requirement to have a temporary diversion licence to water plants as part of a riparian restoration project. This change will cut unnecessary red tape, keep plants alive and ensure the time and money that communities and businesses put into watershed restoration projects are not wasted.

    Traditionally, a licence has been required in Alberta to water newly planted trees, shrubs, grasses and other vegetation along rivers, creeks and lakes. This requirement means that otherwise healthy plants could die from lack of water if a licence could not be obtained in time due to bureaucratic delays, water shortages or drought conditions in the area.

    A solar-powered irrigation system at a riparian restoration site along the Elbow River in Calgary (Credit: Leaf Ninjas)

    “Freedom to water is about cutting through the clutter of bureaucracy so real work can happen. This change stops the waste, ends the delays and lets communities focus on restoring Alberta’s rivers, creeks and lake banks – not filling out forms.”

    Rebecca Schulz, Minister of Environment and Protected Areas

    “This amendment is a huge step forward for practical, common-sense riparian restoration in Alberta. This simple change will reduce flood and drought risk, protect our watersheds and ensure Alberta’s restoration efforts are resilient and effective. We applaud the Alberta government for listening to restoration practitioners, cutting red tape and delivering a solution that benefits both the environment and Albertans.”

    Andrew Renaux, chief executive officer and founder, Leaf Ninjas

    Riparian restoration projects are crucial for expanding, repairing and rejuvenating ecosystems near water bodies. The requirement to have a temporary diversion licence made this important work more difficult by adding additional costs onto small companies and organizations and delaying projects while waiting for licences. It also meant that if a licence could not be obtained or water shortages were seen in an area, water had to be trucked in, or the plants were left to die.

    “Our government is pleased to support the important work of restoring riparian areas and improving the health of our rivers. Allowing a small quantity of water to be used without a licence will help establish healthy, lush vegetation along previously degraded riverbanks and help make these projects successful over the long term.” 

    Grant Hunter, Associate Minister of Water

    “By cutting unnecessary red tape, we’re empowering communities and ecological restoration groups to focus on what really matters: restoring Alberta’s watersheds. This change will ensure that their hard work and investment won’t be lost to bureaucratic delays, allowing more time to focus on helping plants thrive and our environment flourish.”

    Dale Nally, Minister of Service Alberta and Red Tape Reduction

    With the removal of the requirement to have a temporary diversion licence, more restoration projects will be able to adapt to changing conditions. In addition to the removal of the temporary diversion licence requirement, there are new industry-led technologies like solar-powered drip systems that make watering more efficient than ever and reduce the amount of water needed.  

    Quick facts:

    • The exemption only applies to small projects consuming no more than 100 cubic metres per day, for water that will be used to support the growth and establishment of plants along a watercourse or water body.
    • Strong, healthy vegetation around waterways helps restore native habitats, prevents erosion to riverbanks, stabilizes nearby land and improves water quality.
    • Alberta’s Watershed Resiliency and Restoration Program provides grants to restore riverbanks and riparian areas across the province.

    Related Information:

    • Watershed Resiliency and Restoration Program

    MIL OSI Canada News –

  • MIL-OSI Canada: Vicky Eatrides and Rachelle Frenette to CIPPIC Summer Speaker Series

    Source: Government of Canada News

    “Regulatory Riverbanks: Helping Build Canada’s Telecommunications Future”

    Ottawa, Ontario 
    July 30, 2025

    Vicky Eatrides, Chairperson and Chief Executive Officer 
    Canadian Radio-television and Telecommunications Commission (CRTC)

    Rachelle Frenette, General Counsel and Executive Director, Legal Services (CRTC)

    Check against delivery

    Introduction

    Good afternoon, everyone, and thank you, Matt, for the warm welcome.

    Before we begin, I would like to acknowledge that we are gathered on the traditional unceded territory of the Algonquin Anishinaabeg people. Let us take a moment to thank the Anishinaabeg people and to pay respect to their Elders.

    Thank you for inviting us to speak with you today. It is great to be here and to see a number of familiar faces in the room. And a warm hello to everyone joining us online.

    On behalf of the CRTC, I want to thank CIPPIC for your ongoing work to engage students and the academic community in meaningful conversations about Canadian telecommunications policy. By leading various advocacy and research-driven initiatives, CIPPIC continues to make a vital contribution to shaping a more equitable, transparent, and accountable digital landscape.

    And your work is more important than ever.

    Telecommunications shape how we live — how we learn, how we work, how we access healthcare, and how we stay close to loved ones. That is why listening to Canadians grounds telecommunications policy in the lived realities of communities across the country.

    When I think about our role in telecommunications policy, I am reminded of something the Canadian business leader Bonnie Brooks once said: “we build the riverbanks and let the water flow freely.” I think that this is a fitting metaphor for the work of many regulators.  

    At the CRTC, we are building riverbanks in the form of regulatory frameworks that support a healthy and competitive telecommunications industry. And our frameworks are not just built to hold the current — they are meant to guide it.

    We know that effective regulatory policy starts with a clear sense of purpose. So that is where we will start today: our mandate and our place within the broader framework of telecommunications policy.

    Then, let us talk about the CRTC’s ongoing efforts to help connect all Canadians to high-quality Internet and cellphone services. 

    And finally, we will delve into the CRTC’s work on affordability, investment, and consumer protections.

    CRTC mandate

    So let us begin with a quick overview of the CRTC and our mandate, and then briefly touch on the landscape of telecommunications regulation beyond the CRTC.

    Starting with the CRTC.

    The Canadian Radio-television and Telecommunications Commission Act establishes the CRTC as a commission consisting of members appointed by the Governor in Council.

    There are currently nine members — a Chairperson, a Vice-Chairperson for Telecommunications, a Vice-Chairperson for Broadcasting, and six regional Commissioners who are located across the country.

    Commissioners have a team of expert staff supporting them — many of whom have spent their entire careers studying and analyzing the telecommunications and broadcasting industries in both the public and private sectors.

    We have colleagues with consumer, social policy, legal, and other diverse expertise, who help Commissioners make informed decisions that benefit Canadians.

    Now let us turn to our mandate. As you may know, the CRTC is an independent quasi-judicial tribunal that regulates the Canadian communications sector in the public interest. We hold public consultations on telecommunications and broadcasting matters and make decisions based on the record.

    This means taking into account a number of different — and often competing — interests as the Commission makes its decisions. These decisions create regulatory frameworks that guide how telecommunications service providers interact with Canadians and with each other.

    The CRTC regulates the telecommunications industry through the Telecommunications Act. Our decisions are guided by the nine telecommunications policy objectives outlined in the Act. These objectives, established by Parliament, range from foundational goals — such as ensuring reliable, affordable, and high-quality telecommunications services — to more targeted aims, like promoting telecommunications research and development in Canada.

    In the broader landscape, telecommunications regulation in Canada is a shared responsibility. In addition to the CRTC, the Minister of Industry holds key regulatory responsibilities under both the Telecommunications Act and the Radiocommunication Act.

    Most notably, the Minister oversees the management of Canada’s wireless spectrum, which is essential for delivering cellphone services and over-the-air broadcasting.

    I mentioned the policy objectives in the Act earlier. These can be supplemented by Government policy directions to the CRTC. Together, the legislation and policy directions serve as guiding principles the CRTC must take into account when making its decisions.

    The current policy direction was issued in 2023. It contains a number of key themes that drive the CRTC’s policy work, such as using regulation to promote competition, affordability, consumer interests, and innovation. Other parts of the policy direction guide the CRTC on how it should do that work, like asking us to ensure that any measures we impose are efficient and proportionate to their purpose.

    Our frameworks are informed by the broader landscape of telecommunications regulation — by Parliament through the objectives in the Act, by the government through the policy direction, and, importantly, by the evidentiary records we build during our public consultations.

    We value diverse perspectives because each voice contributes to the record and directly influences the decisions the Commission makes. That is why organizations like CIPPIC are essential — you help ensure that the interests of Canadians are heard and reflected in our policies.

    I think that is a good segue to the CRTC’s regulatory work.

    Connecting Canadians

    Let us start with the CRTC’s ongoing efforts to connect Canadians to high-quality Internet and cellphone services.

    Most of us here today have had access to high-speed Internet and the latest cellphone technology for many years. We have come a long way, but there is still more work to do to make Internet access available to everyone across Canada.

    Our latest public information shows that about 750,000 Canadian households still lack access to unlimited Internet plans at speeds of at least 50 megabits per second download and 10 megabits per second upload. While the number of households that lack access continues to drop, we know that rural, remote, and Indigenous communities are disproportionately affected.

    An Internet user in the North told the Competition Bureau during their market study on broadband that this “results in feelings of isolation and as though we aren’t a part of Canada.”

    This is a powerful reminder of the impact a lack of connectivity can have, including on our sense of belonging.

    Let me share another example.

    We know that there are communities in Canada that do not have a high school, and where local education can end at grade 9 or 10. This was the case for Angelina in the Northwest Territories, whose story was reported in the media. Angelina had to move 200 kilometres to Yellowknife to attend in-person high school classes. Most of us cannot imagine having had to leave our families and friends at age 15 to go to school.

    So, what does this have to do with connectivity?

    Well, for students like Angelina who do not have a local school, online schooling can be an alternative. But online schooling is only an option for students who have access to high-quality Internet.

    In 2019, the CRTC launched its Broadband Fund as part of a government-wide effort to help connect rural, remote, and Indigenous communities across Canada.

    To date, the CRTC has allocated over $750 million to projects that provide Internet or cellphone services to nearly 50,000 homes in more than 290 communities. The Broadband Fund has also helped improve cellphone service on more than 630 km of major road and build over 5,500 km of fibre across the country.

    Affordability and investment

    While ensuring that Canadians are connected is an important part of the CRTC’s role, we also work to keep Internet and cellphone services affordable and to preserve incentives for providers to invest in reliable, high-quality networks.

    Our Vice-Chair of Telecommunications, Adam Scott, recently described this work as the “Goldilocks problem” in telecommunications policy: if prices are too high, affordability suffers; if prices are too low, investment is discouraged, risking lower service quality and reduced connectivity.

    Solving this issue starts with listening.

    We have heard firsthand the struggles Canadians face affording their telecommunications services. During our public hearing on high-speed Internet, we learned about an individual named Sandy who lived in British Columbia and whose relatives spent more on telecommunications than on food. And similarly, we heard about Brigitte in Ontario, for whom the Internet was a vital lifeline. It was so essential that she had to cut back on other things to afford it.

    These stories show that making sure Canadians have affordable telecommunications is as important as making sure they are connected through programs like the CRTC’s Broadband Fund.

    While Statistics Canada data shows that Internet and cellphone prices are trending down, our latest public opinion research shows that people feel these services have become less affordable over the past year.

    On the other side of the “Goldilocks problem,” we know that building networks is expensive and that fair returns take time. We also know that in remote areas, connecting a single home can cost telecommunications companies several thousands of dollars.

    So how are we tackling the “Goldilocks problem”?

    We are taking action to encourage competition, while maintaining incentives for companies to invest.

    Let us start with cellphone services.

    The CRTC’s rules let smaller regional cellphone providers offer service across Canada by using the networks of larger companies. These rules are helping to provide Canadians with more options than we had before. They are also helping to increase competition between small and large companies, leading to more affordable services.

    Smaller providers are able to reach new areas they could not serve before. But to make sure they keep investing in their own networks, access to the networks of larger companies is only temporary — they must finish building their own infrastructure by 2030.

    We are also taking action to improve competition for Internet services. Over the past few years, Canadians have had fewer options when it comes to choosing an Internet provider. That is why, last August, the CRTC began allowing companies to offer Internet plans using the fibre networks of Canada’s largest telephone companies in areas where those companies do not have their own networks.

    We also put measures in place to make sure companies keep investing in high-quality networks. That includes setting fair rates so large companies are paid for the cost of building fibre networks, limiting where they can use the new rules so that they keep building their own networks, and delaying competitive access to brand-new fibre until 2029.

    Now that these frameworks are in place, our next steps are to keep a close eye on how they are working and to make changes if needed.

    Consumer protections

    That brings us to the last policy area we will cover today — consumer protections.

    We have heard stories of Canadians facing unexpected increases in their monthly bills. We have also heard of Canadians who want to take advantage of a better deal in the market only to be faced with high fees for cancelling their existing service. And we know that Canadians need simple and convenient self-service mechanisms to modify, right-size, or cancel their plans.

    As part of our mandate to protect and empower consumers in their dealings with service providers, the CRTC put in place codes of conduct that help ensure that Canadians have clear contracts, are not surprised by higher bills, and have the information they need to make the best choices about their Internet, cellphone, and TV services.

    Last year, the CRTC launched a comprehensive Consumer Protections Action Plan to modernize our approach to better serve Canadians. And to bring this Action Plan to life, we initiated four public proceedings.

    The first proceeding focuses on preventing bill shock by ensuring Canadians receive advance notice when their discounts or service plans are about to expire.

    The second aims to limit any fees Canadians might face when cancelling or changing plans.

    The third explores how we can expand self-serve options, so that it is easier to find and choose the best Internet and cellphone plans.

    And the fourth proceeding, which was the subject of a public hearing just last month, aims to make Internet plan details clearer and more consistent.

    This is a crucial area of our work that will continue to be a focus for the CRTC.

    In the coming weeks, we will launch a consultation to consider additional consumer protections, including clearer communications or refunds, when Canadians experience a service outage. And looking out further, we plan to combine our consumer protection codes into a single code that is more clear, simple, and consistent across all services. So, stay tuned.

    Conclusion

    Thank you again for welcoming us today.

    If there is one message we hope you take away, it is this: telecommunications policy is not just about towers or cables — it is about people, and it is about building a healthy industry that serves them well.

    At the CRTC, we know that we do not have all the answers. But we do know this: better policy happens when we listen — to individuals, to businesses, and to organizations like CIPPIC that help bring diverse voices into the conversation.

    So here is where you come in.

    Join our public consultations. Share your stories. Challenge our thinking.

    Because at the end of the day, we know that the most effective regulatory riverbanks are the ones we build together.

    Thank you.

    MIL OSI Canada News –

  • MIL-OSI: Standard Premium Expands Stock Repurchase Program Following Strong Q2 Results

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 31, 2025 (GLOBE NEWSWIRE) — Standard Premium Finance Holdings, Inc. (OTCQX: SPFX), a leading specialty finance company, today announced that its board of directors has authorized an expansion of the Company’s previously announced $250,000 stock repurchase program which follows the Company’s strong second quarter performance, including $3.1 million in revenue, income before taxes of $345,000 and a return-on-equity of 15%. The board approved the ability for repurchases to be effectuated in the open market in accordance with applicable SEC regulations and safe harbor provisions, in addition to privately negotiated transactions directly with stockholders.

    “The expanded repurchase program reinforces our continued confidence in the Company’s strategic direction and long-term vision, and our ability to execute on a compelling growth trajectory,” says William Koppelmann, CEO, Standard Premium. “It provides us with another flexible mechanism to return value to shareholders while maintaining a disciplined, balanced and methodical capital allocation approach.”

    The Company noted that repurchases under the program remain subject to a number of factors, including market conditions, stock price, regulatory requirements and limitations and corporate liquidity needs and priorities. The program does not obligate the Company to repurchase any specific number of shares and repurchases may be suspended or discontinued at any time. The program remains in effect through November 2, 2025.

    “As we continue to scale our business and deliver consistent, solid financial performance, we remain focused on sustainably enhancing shareholder value through prudent capital deployment and strategic execution,” adds Koppelmann.

    About Standard Premium Finance Holdings, Inc. 
    Standard Premium Finance Holdings, Inc. (OTCQX: SPFX), is a specialty finance company which has financed premiums on over $2 Billion of property and casualty insurance policies since 1991. We currently operate in 38 states and are seeking M&A opportunities of synergistic businesses to leverage economies of scale. https://www.standardpremium.com/ 

    Cautionary Statement Regarding Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended with regard to our anticipated future growth and outlook, including the Company’s current plans concerning the stock repurchase plan. Our actual results may differ from expectations presented or implied herein and, consequently, you should not rely on these forward-looking statements as predictions of future events. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or results.

    Additional information concerning risk factors relating to our business is contained in Item 1A Risk Factors of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2025 which is available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website, standardpremium.com.

    Media:
    Nicholas Turchiano
    CPR Marketing
    nturchiano@cpronline.com  
    201-641-1911×35

    The MIL Network –

  • MIL-OSI: FirstBank’s Strategy Delivers in Q2 2025 with Financial and Customer Wins

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, Colo., July 31, 2025 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2025 second-quarter summary of the company’s holdings and activities. The bank reported the following quarter-end results:

    • Net income was $151.7 million
    • Total deposits were $23.4 billion
    • Net loans were $15.8 billion
    • Total assets were $26.8 billion

    During the second quarter, FirstBank earned the No. 1 ranking in customer satisfaction in the Southwest region for the fifth consecutive year, according to a national retail banking study. The study evaluated customer satisfaction across several key categories, account offerings, digital channels, and overall experience.

    “We’re honored to once again be recognized as a leader in customer satisfaction, which is a direct reflection of the trust our customers place in us,” said Kevin Classen, CEO of FirstBank.  “We also experienced a sizable year-over-year increase in net income from $96.5 million in Q2 2024 to $151.7 million in Q2 2025, demonstrating our commitment to long-term sustainable growth. As we look ahead, we’re focused on deepening our community impact, expanding support for local businesses, and driving innovation that helps customers and local economies thrive.”

    To promote its small business customers and give back to communities, FirstBank launched its “Our Cube Means Business” campaign. From July 11 to September 5, the bank’s signature orange cube will pop up at select businesses and storefronts throughout Colorado every Friday, providing exclusive giveaways. 

    In addition, FirstBank announced its continued partnership with the Colorado Chamber of Commerce on the Coolest Thing Made in Colorado contest, which works to celebrate and strengthen local manufacturers. 

    About FirstBank

    FirstBank began providing banking services in 1963. Today, it’s known as an industry leader in digital banking. It has grown to be one of the top-performing and largest privately held banks in the United States. FirstBank offers a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans, and a full range of commercial banking services, including business financing, commercial real estate loans, treasury management, and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing more than $90 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com. Member FDIC.

    Media Contact
    Cody Wheeler
    (303) 228-6986 
    1stbank@wearecsg.com

    The MIL Network –

  • MIL-OSI: EarthOptics™ Surpasses 5 Million Acres Mapped, Solidifies Position as Global Leader In Soil Measurement

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, July 31, 2025 (GLOBE NEWSWIRE) — EarthOptics, the leading soil data and measurement platform, has now mapped over five million acres of farmland and rangeland across its agronomic and sustainability business lines. This milestone further cements EarthOptics position as the world’s most comprehensive soil intelligence company—and the unrivaled leader in below-ground data.

    EarthOptics rapid scaling is driving a seismic shift in agriculture, from input efficiency to sustainability measurement, spanning the continental U.S. states and multiple continents. The company’s robust footprint now fuels the largest soil metagenomic dataset ever assembled, unlocking unprecedented insights into the biological, chemical, and physical properties of soil.

    “Our vision is to transform how the world understands and manages soil,” said Lars Dyrud, CEO of EarthOptics. “Surpassing 5 million acres isn’t just a milestone in growth—it’s a signal that the future of agriculture depends on deeper, smarter, and scalable soil insights. No one is doing this at the scale, speed, or accuracy that we are.”

    EarthOptics integrated platform combines ground-truth physical samples with its GroundOwl™ multimodal sensor and artificial intelligence (AI) models. This next-generation approach generates the highest-resolution, actionable insights for growers, agronomists, carbon market operators, and input providers alike. With thousands of soil samples collected weekly, EarthOptics enables data-driven decisions for fertility planning, tillage, crop planning, carbon credits, and biological interventions. The company’s technologies are reducing customer costs by minimizing required sampling and unlocking new value from the soil, be it improved yields or verified carbon sequestration.

    Their unmatched scale has created the world’s most expansive biological soil database, positioning the company at the forefront of predictive agronomy, input optimization, and sustainable land management. This biological dataset is already being utilized to facilitate the early detection of pests, pathogens, and nutrient deficiencies through AI-based modeling.

    Partnering with carbon registries, food brands, ranchers, farmers, agronomists, and input companies, EarthOptics is emerging as the leader in scalable soil analytics. With an expanding customer base and increasing demand for trusted data to back sustainability claims, the company’s reach is accelerating. For more information, go to www.earthoptics.com.

    About EarthOptics

    Headquartered in Minneapolis, Minnesota, EarthOptics harnesses advances in soil-sensing technologies, genomics, and data science to provide farmers and ranchers with deep, actionable insights into their soil’s chemical, physical, and biological properties. By blending cutting-edge laboratory analysis with industry-leading field-based sensors, we deliver powerful predictive insights that enable producers to optimize input use, improve soil health, increase yields, and unlock new opportunities in sustainable agriculture. EarthOptics is also the leading carbon measurement company in the U.S., supporting the growth of carbon markets with accurate, verifiable soil data. The company has offices in Raleigh, North Carolina; Emeryville, California; Blacksburg, Virginia; and Fayetteville, Arkansas, with laboratories in Emeryville, California, and Memphis, Tennessee. Learn more at www.EarthOptics.com.

    For media interviews or to request investor materials, please contact:
    Natalie McCracken
    Director of Marketing
    708-220-4342
    natalie.mccracken@earthoptics.com

    For media interviews, contact:
    Jill Means
    Mod Op Vice President, Account Director
    515-710-2667
    jill.means@modop.com

    The MIL Network –

  • MIL-OSI United Kingdom: Business leaders back the UK Government’s Small Business Plan

    Source: United Kingdom – Executive Government & Departments

    Press release

    Business leaders back the UK Government’s Small Business Plan

    Business leaders from across business representative organisations, small and large businesses have endorsed the launch of the UK Government’s new Small Business Plan.

    Business leaders from across business representative organisations, small and large businesses have endorsed the launch of the UK Government’s new Small Business Plan.

    Small businesses across the UK will benefit from the most comprehensive support package in a generation. From faster payments and easier access to finance, to cutting red tape and launching a new Business Growth Service, we’re backing businesses to thrive.

    Business Groups 

    Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said: 

    Making sure businesses are paid on time, that our high streets thrive, and creating conditions in which everyone can start and succeed in business are crucial priorities for small businesses, communities and the economy. It’s very welcome that the Prime Minister has today made them his Government’s priorities. 

    I’m pleased that FSB and the Government have been able to work in lockstep on the bold and ambitious measures needed to tackle the scourge of late payment through legislation, and other pro-growth, pro-small business measures.  

    Today’s plan is an encouraging commitment from the Government to take the side of small businesses in the great growth challenge ahead. 

    Michelle Ovens CBE, Founder, Small Business Britain, said:  

    I am thrilled to see the Small Business Plan launched today, putting the nation’s smallest businesses at the heart of Government strategy where it should be. These job creators and economy builders will benefit from a huge boost to funding through the British Business Bank, a boost to skills, support for high streets and a long hoped for legislative backing for getting paid on time. We will not see economic growth without small business growth, so I am eager to get on and help the Government deliver on this agenda – and help small businesses regardless of their background start, grow and thrive. 

    Daniel Woolf, Enterprise Nation’s Head of Policy & Government Relations, said: 

    We welcome the Government’s new Small Business Plan as a serious attempt to reset the relationship between small firms and Government. Many of the commitments like digital adoption and access to affordable finance reflect the everyday challenges our members experience, and several directly align with recommendations Enterprise Nation has set out in recent policy work.   

    We’re particularly pleased to see a comprehensive approach to late payment reform, including shorter payment terms and stronger enforcement through the Small Business Commissioner. 90-day payment terms stop small businesses from investing and growing. 

    This is a strong foundation. Enterprise Nation looks forward to working with government to help ensure these policy ambitions turn into measurable outcomes for small businesses across the UK.  

    Philip Salter, Founder of The Entrepreneurs Network, said: 

    Small businesses are where opportunity begins – new jobs, new skills and new ideas. Practical help, such as being paid on time, easy access to advice and finance, and less administrative burden, makes a real difference. 

    In a world where online banking, accounting software and e-invoicing exist, it’s completely unacceptable that so many burgeoning startups see their growth stall due to late payments. At its worst, they can send perfectly good businesses to the wall – leaving Britain’s economy less dynamic and competitive. Founders in our network will hope the measures outlined today mean it is the beginning of the end for late payments.  

    Fiona Graham, Chief Operating Officer for Family Business UK said:  

    Family Business UK welcomes today’s publication of the Small Business Plan as a positive step towards creating a fairer and more resilient environment for small family-run firms.  We are pleased to see many of the areas highlighted by our members addressed in this plan. 

    Family businesses make up over 85% of all private sector firms in the UK and are deeply rooted in their communities. But like many small businesses, they are held back by red tape and limited access to finance and support – challenges that this plan rightly seeks to address. 

    The announcement of a Business Growth Service will give small family-run businesses the tools they need to grow, scale up and expand into international markets, as well as streamlining essential advice and support into one national platform. This will give small businesses peace of mind that support is readily available and easily accessible when they are looking to invest and grow. 

    We look forward to continuing to support small businesses as the initiatives in this plan are developed and rolled out.  We are also committed to working with DBT in the development of a future strategy to ensure that mid-sized businesses are also getting the bespoke support they need. 

    Liz Barclay, IoD Special Advisor for Small Business and Entrepreneurship, and former Small Business Commissioner, said: 

    We welcome this commitment to ensuring that small businesses are paid on time and that larger suppliers are prevented from imposing unfair contractual payment terms beyond 60 days. This will give small and micro firms the certainty they need to invest, increase productivity, and grow.   

    We look forward to working with the government as the legislation takes shape, ensuring that there are no unintended consequences for businesses.  

    Stephen Phipson, Chief Executive Officer, Make UK, said: 

    Manufacturers across the country will welcome the Government’s decisive action to tackle late payments. For too long, delayed invoices have drained cashflow, delayed innovation, and damaged businesses, particularly the thousands of small and medium-sized firms for whom late payments are one of the most consistent challenges to their survival and success. 

    Today’s announcement rightly recognises that supporting manufacturing SMEs is essential to unlocking wider economic growth. The introduction of the toughest late payment laws in the G7 sends a clear signal that poor payment practices will no longer be tolerated. 

    These reforms, combined with new powers for the Small Business Commissioner, will help create a culture of fairness and accountability across supply chains. Coupled with real enforcement, this Small Business Plan will give manufacturers the confidence and certainty they need to innovate, grow, and create even more high-skill, high-paying jobs in the UK. 

    Alan Vallance, ICAEW Chief Executive, said:  

    The UK’s economy is made up of small businesses, with 99 per cent of the total business population, two-fifths of all private sector employment and over half of the nation’s business turnover. Small businesses are key to growth, and it’s important that they can operate in the best environment to propel them into the business stars of the future, creating more growth, employment and prosperity for all parts of the UK. 

    Chartered accountants are central to this story. As trusted business advisers, they provide expertise and acumen to allow small businesses to thrive and scale up, and often set up small businesses of their own. About 80 per cent of chartered accountancy firms are small businesses themselves, employing four employees or fewer. 

    The publication of the Small Business Strategy is an important development to help small businesses realise their potential. With its ambition on entrepreneurship, business advice, late payments and export potential, as well as its close links to the UK Modern Industrial Strategy and Professional and Business Services Sector Plan, it is clear that chartered accountants will make a strong contribution to its success. 

    Kate Nicholls, Chair of UKHospitality, said:  

    We welcome the Government’s Small Business Plan and the steps that it has put forward to support SMEs across the UK. The wider measures announced today on late payments and access to additional finance sit alongside a raft of new licensing measures that will slash red tape and support the hospitality sector, making it easier to open and operate hospitality venues, create jobs and grow the economy. 

    I’m personally very happy to have worked with Government to move us toward a new and improved licensing system that includes modernised planning and licensing rules, hospitality zones, and protections for existing venues. These can provide a real boost to the nation’s pubs, bars, restaurants and hotels. 

    We’ve worked on some of these issues for more than two decades so we now need swift implementation, while we keep up the momentum on outstanding issues, to deliver a bold, long term plan for the high streets and hospitality. 

    Vicks Rodwell, Managing Director at IPSE, The Self-Employed Association, said: 

    Late payments can force freelancers out of business, but obscenely long payment terms for work can put just as much of a strain on the self-employed. It’s hugely encouraging that the Prime Minister is determined to tackle both these issues with the measures in today’s plan” 

    It’s not right that freelancers can fall behind on their own bills, and even into debt, whilst the money they’ve earned sits in a bank account for months on end. 

    By clamping down on late invoices and long payment terms, government can tear down one of the biggest barriers to growth for freelancers and sole traders. 

    Millie Kendall MBE, CEO of British Beauty Council, said:  

    The beauty industry – encompassing hair, beauty, nails, barbering, spa and wellness – is made up of 95% small businesses and 78% micro-businesses, contributing more than £30bn to the UK GDP. The British Beauty Council welcomes the Government’s Small Business Plan which sees policy-makers put our businesses first. For years, the beauty sector has faced unique challenges when it comes to growth, this plan is a much needed step towards ensuring our industry – which bolsters social mobility and opportunities for underrepresented communities – can sustain growth. 

    Small Businesses  

    Elizabeth Vega OBE DUniv, Group CEO, Informed Solutions: 

    This Small Business Plan is the strongest and clearest we’ve seen in over a decade. It is a compelling way forward for the UK’s economy. 

    The Strategy reflects a truly collegiate and collaborative effort between government, policy experts, and the over 1,000 SMEs that contributed. 

    Having advocated for SME policy that supports economic growth and resilience for over 15 years, it’s been a pleasure to work alongside Minister Gareth Thomas, DBT policy teams, and the Small Business Growth Forum to shape a strategy with clear aims, ambitious objectives, and a holistic integrated approach to policy development. 

    I’m excited to now turn the shared ambitions in this Strategy into action, helping realise the UK’s full economic potential through SME growth and international trade. 

    Simon Groom, CEO of MagnifyB, said:  

    MagnifyB welcomes the UK Government’s action to tackle late payments, which will give small businesses the cash flow stability they need to thrive. Alongside this, there is a clear need to provide micro and small businesses with far more than just a repository of information, including a practical digital toolset to strengthen their operations and improve their chances of long-term success. We hope that the new Small Business Commissioner can be instrumental in bringing together ideas and championing the initiatives needed to make this support a reality. 

    Julianne Ponan MBE, Founder of Creative Nature, a small business that exports top 14 Allergen Free Baking Mixes and Snacks to 16 countries, said:  

    I’m delighted to see the government’s new SME Strategy recognising the critical role small businesses play both at home and globally. 

    From tackling late payments to simplifying access to growth advice and support, these measures are a lifeline for SMEs like mine who often face disproportionate challenges with limited resources. 

    I’m especially encouraged by the commitment to reduce administrative burdens by 25% and improve access to finance both are major barriers to growth for underrepresented founders, including women and ethnic minority entrepreneurs. The focus on revitalising the high street, digital skills, and exporting support shows that the government is listening to the needs of small businesses. 

    Charlie Shaw, owner of Flock and Herd butchers, said: 

    We’re proud to pay every supplier on time and once we receive an invoice, so it’s fantastic to see the government put the Small Business Plan into place tackling the big issue of late payments. We believe this is a fair and honest way to conduct business. It gives us a clear and current understanding of how our business is performing. Our relationships with our suppliers have been amazing and truly beneficial to all parties. 

    Richard Marshall, Founder and CEO of Pall Mall Barbers, said: 

    Small businesses are the backbone of the UK economy — and they need access to affordable finance and a fairer tax system to plan and grow. That’s why I look forward to working with the Government to drive down costs on the high street, extend business rates relief, and improve access to finance so SMEs can invest, hire, and build with confidence.  

    Today’s announcement is about backing entrepreneurs with the tools they need to thrive — not just for today, but for the long term. 

    Large Businesses  

    Nick Mackenzie, CEO of Greene King and co-chair of the Licensing Taskforce commented on the licensing response published today. He said:  

    As an industry we welcome the licensing proposals and see this as a positive and necessary step towards updating a planning and licensing system that, for too long, has limited hospitality’s ability to drive economic growth across the UK. I thank the industry and the Taskforce for the serious and meaningful recommendations that we have put forward to bring these proposals to fruition.

    It’s encouraging to see how the Government has worked at pace to take forward the proposals, particularly in areas that matter the most, including the introduction of a new National Licensing Policy Framework.

    Whilst licencing reform won’t offset the significant layered cost of doing business that the industry bears, they form part of wider changes to back the sector, which will support in unlocking opportunities for pubs to further invest in growth across the country.

    Steve Hare, Chief Executive Officer at Sage, said:  

    Small businesses are the backbone of the UK economy – they drive growth, create jobs, and fuel innovation. But running a small business isn’t easy. From rising costs and late payments to time-consuming admin, the challenges are real and persistent. Today’s Strategy is a welcome step in the right direction. Giving small businesses better access to finance, helping them break into new markets, and supporting them to adopt the latest technology will go a long way in helping them grow and succeed. 

    Leigh Thomas, Vice President EMEA, Intuit, said:  

    Today’s Small Business Plan is a welcome and much needed initiative for entrepreneurs. Our data shows that with an average of £21,000 owed in unpaid invoices, more than half of our country’s small businesses are now facing cash flow pressures. These pressures can quickly escalate, forcing many small business owners to make difficult financial decisions to keep operations running. Improving payment practices will play a key role in strengthening small business stability, creating the conditions for growth. We look forward to collaborating on this to power prosperity for all. 

    James Holian, Head of Business Banking, NatWest, said:  

    We welcome the Government’s renewed focus on tackling late payments for small businesses. This is a long-standing challenge that we know can hold back growth and innovation, and NatWest is proud to have been recognised for several consecutive years by Good Business Pays for being a leading business in making fast payments to our suppliers.  

    As a leading lender to UK SMEs, we’re committed to playing our part—whether that’s through prompt payment practices, tailored financial support, or initiatives like our accelerator hubs – where this year we’re aiming to support 10,000 businesses for the first time. Small businesses are the backbone of the UK economy, and we’re proud to support them in building resilience and unlocking their full potential. 

    Tom Wood, Head of Business Banking, HSBC UK, said:  

    We welcome the additional support the Small Business Plan provides, SMEs are key to a strong and resilient economy and we must equip them with the tools to succeed at every stage of their growth journey. It is vital we all work together to deliver long-term, practical solutions, including more transparent and accessible financing to ensure long-term growth and economic stability. Recognising the challenges SMEs face, HSBC UK recently launched the Small Business Growth Programme, providing business owners with resources to help early-stage businesses grow with confidence. 

    Wider Civil Society Organisations 

    Terry Corby, Founder and CEO, Good Business Pays, said:  

    This is what we have been waiting for. The legislative changes the government are planning to tackle our late payment culture are a game-changer. It is no longer seen as good business practice to be making your suppliers wait for a long time to get paid. At Good Business Pays we have been asking for legislative action for five years and it’s great to see these changes to unfair practices being set out in laws. 

    Anthony Impey MBE, CEO of Be the Business, said:  

    A strategic approach is essential to unlock the huge potential of small and medium-sized businesses, and it’s key to driving the country’s productivity and growth. The Small Business Plan is an important step in achieving this.  

    Business Support Services 

    Nicki Clark, Chief Executive of UMi, said:  

    At UMi, we see first-hand the incredible impact small businesses have, but also the challenges they face on a day-to-day basis.  This Small Business Plan, including the launch of the Business Growth Service, is a positive step towards making it easier for small businesses to find and access the support and finance they need to survive and thrive.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: “We support the efforts currently being led by the United States in the region to get an immediate ceasefire”

    Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

    Published on July 31, 2025

    Excerpts from the interview given by M. Jean-Noël Barrot, Minister for Europe and Foreign Affairs, to France 24 (New York, July 29, 2025)

    You consider the two-state solution to be the only way of achieving peace. So you’re confirming Emmanuel Macron’s desire to recognize a Palestinian State. Why do so only now? What’s changed?

    THE MINISTER – Because the two-state solution, which is the only one likely to bring peace and stability to the region, is in mortal danger, and the conditions had to be created for it to become credible again. That’s why around nine months ago we decided, with Saudi Arabia, to undertake an initiative to create momentum leading those involved – the Palestinian Authority and the region’s Arab countries, but also the whole international community – to make commitments. These commitments are crystallizing in New York today with a statement by the participating countries, which is historic and unprecedented in that the Arab countries – the countries of the region, of the Middle East – are, for the first time, condemning Hamas, condemning 7 October [attacks], calling for the disarmament of Hamas, calling for it to be excluded from participating in any way in Palestine’s governance and clearly voicing their intention to have normalized relations with Israel in the future and be part of a regional organization on the lines of ASEAN in Asia or the OSCE in Europe, alongside Israel and the future State of Palestine. This is a decisive step being taken, made possible by President Macron’s decision, among other things.

    And a moment ago, the United Kingdom announced that it’s going to recognize Palestine as well, if Israel doesn’t make certain commitments. Do you welcome this decision by Prime Minister Keir Starmer? Has momentum been created?

    THE MINISTER – I welcome it. Indeed, the United Kingdom has become part of the movement created by France to recognize the State of Palestine. With these crucial decisions announced by France and the UK, with the combined efforts of the whole international community gathered here in New York, we want to counter the cycle of violence and war and reopen the prospect of peace in the Middle East.

    The United States isn’t participating in the conference taking place in New York at the moment. Regarding your initiative to advocate for a two-state solution, it’s denouncing an unproductive, ill-timed initiative resembling a publicity stunt. Donald Trump also reckoned that the statement by President Macron a little earlier, last Thursday, doesn’t carry any weight. What’s your reply to him?

    THE MINISTER – Firstly, we support the efforts currently being led by the United States in the region to get an immediate ceasefire, the release of all Hamas’ hostages and unhindered access to humanitarian assistance. But to secure a ceasefire, we still have to sketch out what happens after the war and the political horizon that goes with it. That’s the goal of this UN conference that France is chairing with Saudi Arabia. And in the document we’ve just adopted, with the countries that were part of it, we’re mapping out a credible prospect that’s going to make a positive contribution to a ceasefire being reached in Gaza. Moreover, these efforts we’ve led, these concessions the various parties have made will, at some point, enable the United States to resume the Abraham Accords process that it began during President Trump’s first term. We hope this time will come. But in the meantime, it was obviously unthinkable to stand by and do nothing. (…)

    You said in New York that the two-state solution is the only possibility, that there’s no alternative. Given the situation on the ground for the moment, the two-state solution, as you’ve said yourself, is virtually dead. Isn’t there an alternative, though: for this Israeli Government gradually to bring the idea of any Palestinian State to a definitive end, annex the West Bank – in short, make “Greater Israel” a reality?

    THE MINISTER – You’re right, the alternative to the two-state solution is a state of permanent war. And what we’re seeing today is the two-state solution being threatened, on the one hand, by supporters of “Greater Israel”, who want to deny Palestinians the right to self-determination, and attacked, on the other, by supporters of Hamas or others, who believe Palestine extends from the River Jordan to the sea. Through the historic decision President Macron took, which the British Prime Minister has just taken and others will take, through the commitments being made in New York by the Arab countries today, we’re agreeing with everyone else, the side of peace against the side of war. We’re reopening the possibility of a peace that will involve the two States living side by side in peace and security, with security for Israel and the right of the Palestinians to have their own State.

    Yesterday, for the first time, two Israeli NGOs used the term genocide to refer to what’s happening in Gaza. Several countries have described what’s happening in the Palestinian enclave in that way. That’s the case with Spain and South Africa in particular. What’s France’s position today?

    THE MINISTER – The French Government has no position to take on the legal description of the facts. That’s up to the international courts. What I can say is that the situation in Gaza is disastrous. Gaza is now a death trap where, as I said yesterday from the United Nations General Assembly rostrum, bodies bear the scars of famine and minds are ravaged by terror. It’s unacceptable that in humanitarian distribution queues, women and children are targeted and shot down in cold blood. It’s outrageous and it must stop. That’s why the meeting which was held in Brussels today – or will be held in a few minutes’ time – is so important. It will lead the European Union to speak out so that the Israeli Government finally hears our expectations: access for humanitarian aid and an end to the militarized aid-distribution system, payment by the Israeli Government of the €2 billion due to the Palestinian Authority, an end to, and the abandonment of, the pernicious settlement plans in the West Bank, and in particular the E1 plan for 3,400 housing units, which would cut the West Bank in two and strike a fatal blow to the prospect of two States and to the emergence of a State of Palestine./.

    MIL OSI Europe News –

  • MIL-OSI: TAB Bank Q2 Loans Fund Growth for 218 Companies Totaling $66 Million

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, July 31, 2025 (GLOBE NEWSWIRE) — TAB Bank funded growth for 218 companies in Q2 2025 with loans totaling $66 million. Companies signed with TAB Bank for working capital, cash flow management through factoring, equipment purchases and small business lines of credit. Businesses in the manufacturing, transportation, healthcare, food, fintech and toy/game industries selected TAB Bank as their financial partner.

    Highlights of some of the largest Q2 2025 deals include:

    • $8 million—A leader in global sourcing, supply chain management, manufacturing and nearshoring solutions in Ohio.
    • $5 million—Package Steel Systems, of Massachusetts, the premier builder of metal buildings in the Northeast.
    • $5 million—An exotic and collector car financing dealer in Utah.
    • $5 million—A toy, puzzle and gaming company based in California.
    • $2.5 million— Ryan Transportation, Inc., a Michigan-based truckload transportation provider.

    Additionally, in Q2, TAB Bank provided equipment financing to 140 companies, with a combined value of $15.2 million. Nine companies in the transportation sector—the core industry of the bank’s beginnings—received term loans and accounts receivable lines of credit ranging from $40,000 to $300,000. TAB also funded 55 small- to medium-sized businesses.

    “TAB Bank is a key financial partner, whether a company is looking for creative ways to manage cash flow or to leverage cash or assets to maximize growth,” said Justin Hatch, Chief Lending Officer at TAB Bank. “Our expertise in financing, along with our experience in many industries, allows us to take a comprehensive, creative and strategic view of the business goals and then structure the deal that best meets those needs. We are with our companies every step of the journey, even in some of their most difficult times.”

    The bank’s services include working capital, equipment financing, term loans, lines of credit and commercial real estate loans. TAB Bank’s specialists ensure each client is matched with the right financial product for their industry and growth stage. The bank supports businesses with stellar credit and those without, requiring alternative assessments. To determine creditworthiness, the bank considers various factors, such as income and operational history.

    For more information on TAB Bank’s capital financing and credit solutions, visit TABBank.com.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to building value in all we do through our innovative banking products.   Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-710-6318
    trevor.morris@tabbank.com

    The MIL Network –

  • MIL-Evening Report: As protesters condemn Western media ‘complicity’, Gaza journalists struggle for survival

    Asia Pacific Report

    Protesters demonstrated outside several major US media outlets in Washington this week condemning their coverage of the genocide in Gaza, claiming they were to blame over misinformation and the worsening catastrophe.

    Banging pots and pans to spotlight the starvation crisis, they accused the media of “complicity in genocide”.

    Banners and placards proclaimed “Stop media complicity in genocide” and “US media manufactures consent for Israel’s crimes”, as the protesters demonstrated outside media offices that included NBC News and Fox News.

    But the irony was that while the protests appeared to have been ignored or overlooked by national media in the US – and certainly in New Zealand, they were strongly reported by at least one global news agency, Turkey’s Anadolu Agensi.

    The protests echoed a series of statements by various news media organisations, such as Agence France-Presse concerned about the safety of their journalists from both under fire and the risk of starvation, and media freedom advocacy groups.

    The Doha-based global television news network Al Jazeera, that has been producing arguably the best and most honest news coverage of Gaza and the occupied West Bank – which earned it being banned last year by both Israel and the Palestinian Authority from reporting inside their territory — called for global action to protect Gaza’s journalists.

    It said in a statement that Isael’s forced starvation of the besieged enclave that threatened Gaza’s entire population, including those “risking their lives to shed light on Israel’s atrocities”.

    Death toll passes 60,000
    On Tuesday this week, the world noted a grim milestone in Gaza, with the Health Ministry announcing that the death toll had surpassed 60,000 (this does not include the tens of thousands of people buried under the rubble and missing, presumed dead).

    Put in perspective, that is one in every 36 people in Gaza killed, and more than 90 people on average slaughtered every day.

    Also, 1157 people have been killed near the notorious Israel and US-backed Gaza “Humanitarian” Foundation food depots condemned as “death traps”, while 154 people have died from starvation, 89 of them children with the numbers rising.


    Israel’s genocide – ‘Everyone in Gaza is starving’       Video: Al Jazeera

    An episode of the weekly media watch programme, The Listening Post, took up the theme as well, criticising the failure of many high profile Western news services from adequately reporting the horror of Israel’s devastating and cruel policies.

    “When trying to stave off starvation becomes part of the job. What it means to be a Palestinian journalist in Gaza. The stories they are determined to tell, the incredible risks they are prepared to take,” said host Richard Gizbert when introducing the programme. He wasted no time firing a few caustic shots.

    Metropolitan police on watch for the pro-Palestinian protesters outside Fox News offices in Washington DC this week. Image: AA screenshot APR

    “What is unfolding in Gaza now has the appearance of a final solution, orchestrated by Israel and the United States, Israel’s other ally: The transformation of parts of the Gaza strip into starvation and concentration camps, a place where famine has been turned into a weapon of war,” he said.

    “Reporting on the reality of this genocide can amount to a death sentence. Palestinian journalists can easily identify with the suffering they are documenting since they too are going hungry.

    “They have been targeted because for [Israeli Prime Minister] Benjamin Netanyahu, like other genocidal leaders before him, starving a population is much easier to do when no one is watching.

    An Al Jazeera reporter ducks for cover as bombs hit a building behind her in a live broadcast from Gaza . . . featured in The Listening Post’s starvation report. Image: AA screenshot APR

    Perpetrator ‘left out’
    “Across Western mainstream media, news outlets have been unable to ignore this story of mass starvation in Gaza. But in report after report, they have made a habit of leaving out a key detail – naming the perpetrators of the famine, Israel.

    “The missing actors, the sanitised language, the use of the passive grammatical voice, it is all part of the playbook for far too many international news outlets and that is exactly what the few Palestinian journalists still standing are out to tell the world.”

    Gizbert explained that “journalists in Gaza already have the world’s toughest assignment”:
    “Job one for almost 22 months now has been survival; job two, telling heartbreaking stories; documenting a genocide while under fire.”

    Hossam Shabat reports on his colleague Anas al-Sharif’s experience at Al Shifa hospital and the starvation of babies in Gaza. Image: Instagram/@hossam_shbat

    Like, for example, Al Jazeera Arabic’s Anas al-Sharif who was reporting live from outside Al Shifa medical complex when a woman behind him collapsed at the hospital’s gate.

    Al-Sharif, who had reported on the genocide of his own people for more than 650 days without rest or complaint, through Israeli occupation airstrikes, drone attacks, and countless “scenes resembling hell”, suddenly could not take it anymore.

    He broke down: “People are falling to the ground from the severity of hunger,” al-Sharif said through his tears. “They need one sip of water. They need one loaf of bread.”

    Al-Sharif has also been threatened by the Israeli military, accusing him of being a “Hamas militant”, an accusation strongly denied by Al Jazeera, denouncing what it called Tel Aviv’s “campaign of incitement” against its reporters in the Gaza Strip.

    Discredited for bias
    Many Western mainstream media – including BBC, CNN, Sky, ITN, and Australia’s public broadcaster ABC — have been repeatedly discredited for their “pro-Israel bias” by scores of journalists who have acted as whistleblowers about the actions of their own news organisations.

    According to a Declassified UK report, for example, the journalists working for a range of outlets from across the political spectrum have “painted a consistent picture of the obstacles faced by reporters who want to humanise Palestinians or scrutinise Israeli government narratives”. The US media is also under attack and has been putting up a lame defence.

    Last week, more than 100 aid groups warned of “mass starvation” throughout Gaza — predictably denied by Israeli government in the face of overwhelming evidence — with their staff severely impacted by shortages and serious implications for journalists already being threatened with targeting by the Israeli military.

    Israel faces growing global pressure over the enclave’s dire humanitarian crisis, where more than two million people have endured 22 months of war. UN Security Council member France has led a group of countries announcing that they plan to recognise the Palestinian state at the UN in September, with United Kingdom, Canada, Malta and Finland among those following with the total number now almost 150 of the 193 UN member states.

    A statement with 111 signatories, including Doctors Without Borders (MSF), Save the Children and Oxfam, warned that “our colleagues and those we serve are wasting away”. The groups called for an immediate negotiated ceasefire, the opening of all land crossings and the free flow of aid through UN-led mechanisms.

    Al Jazeera’s Nour Odeh reported from Amman that the Israeli government had accused the UK of supporting the establishment of a “jihadi” state and of derailing efforts to reach a ceasefire.

    “But really,” she said, “the Israeli media, for example, is describing this as a political tsunami, a realisation of how significant the tide is, and how improbable it is to turn it back to countries withholding recognition because Israel said it doesn’t want it.”

    Calling for sanctions
    She also noted how 31 high-profile Israelis, including the former speaker of the Knesset, a former attorney general, and several recipients of Israel’s highest cultural award, were calling on world governments to impose crippling sanctions on Israel to stop the starvation of Palestinians in Gaza and their expulsion

    “This was taboo just a few days ago and has never really been done before, certainly not at this level of prominence of the signatories,” Odeh added.

    “Israel is starving Gazan journalists into silence,” says the CPJ. Image: CPJ screenshot APR

    The New York-based Committee to Protect Journalists (CPJ) added its voice to the appeal by aid agencies to call for an end to Israel’s starvation of journalists and other civilians in Gaza, backing the plea for states to “save lives before there are none left to save.”

    In a statement on its website, the CPJ accused Israel of “starving journalists into silence”.

    “Israel is starving Gazan journalists into silence. They are not just reporters, they are frontline witnesses, abandoned as international media were pulled out and denied entry,” said CPJ regional director Sara Qudah.

    “The world must act now: protect them, feed them, and allow them to recover while other journalists step in to help report. Our response to their courageous 650 plus-days of war reporting cannot simply be to let them starve to death.”

    ‘Bearing witness’ videos
    Also, last week the CPJ launched a “bearing witness” series of videos from Gaza giving voice to the challenges the journalists have been facing. In the first video, Moath al Kahlout described how his cousin had been shot dead while awaiting humanitarian aid.

    As Israel partially eased its 11-week total blockade of Gaza that began in May, CPJ published the testimony of six journalists who described how “starvation, dizziness, brain fog, and sickness” had threatened their ability to report.

    Among highlights cited by the CPJ:
    • On June 20, Al Jazeera correspondent Anas Al Sharif — the journalist cited earlier in this article — posted online: “I am drowning in hunger, trembling in exhaustion, and resisting the fainting that follows me every moment . . .  Gaza is dying. And we die with it.”
    • Sally Thabet, correspondent for Al-Kofiya satellite channel, told CPJ that she fainted consciousness after doing a live broadcast on July 20 because she had not eaten all day. She regained consciousness in Al-Shifa hospital, where doctors gave her an intravenous drip for rehydration and nutrition. In an online video, she described how she and her three daughters were starving.
    • Another Palestinian journalist, Shuruq As’ad said Thabet had been the third journalist to collapse on air from starvation that week, and posted a photograph of Thabet with the drip in her hand.
    • During a live broadcast on July 20, Al-Araby TV correspondent Saleh Al-Natour said: “We have no choice but to write and speak; otherwise, we will all die.”

    Little of this horrendous state of affairs has made it onto the pages of newspapers, websites of the television screens in the New Zealand mainstream media which seems to have a pro-Israel slant and rarely interviews Palestinian journalists or analysts for balance.

    “Stop media complicity in genocide” says the protest banner in Washington DC. Image: AA screenshot APR

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: The Payden Securitized Income Fund Offers Timely Strategy for Today’s Income Investors

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 31, 2025 (GLOBE NEWSWIRE) — With investors increasingly seeking income and diversification amid shifting monetary policy and market volatility, the Payden Securitized Income Fund (PYSFX) offers a compelling approach. The Fund provides access to a wide range of securitized assets—including agency and non-agency residential mortgage-backed securities (RMBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and collateralized loan obligations (CLOs).

    Designed to offer attractive yield potential while seeking limited interest rate sensitivity, the Payden Securitized Income Fund navigates changing market conditions through active management. The Fund seeks to capitalize on market inefficiencies and spread opportunities while maintaining a high degree of liquidity and risk awareness.

    “The Payden Securitized Income Fund is designed with an aim to help investors earn more income, enhance diversification beyond traditional bonds, and maintain flexibility in a changing interest rate environment,” said Gary Greenberg, CFA, Director and Co-Manager.

    Recent market dynamics have favored securitized credit, with CMBS and residential credit offering strong relative value. A resilient U.S. economy and a Federal Reserve nearing the end of its tightening cycle create favorable conditions for active managers seeking differentiated sources of income.

    The Fund’s diversified structure and risk-conscious portfolio management strategy make it a timely solution for investors looking to complement traditional fixed income holdings.

    PAYDEN & RYGEL

    With $160 billion under management, Payden & Rygel is one of the largest privately-owned global investment advisers focused on the active management of fixed income and equity portfolios. Payden & Rygel provides a full range of investment strategies and solutions to investors around the globe, including Central Banks, Pension Funds, London, and Milan. Visit www.payden.com for more information about Payden’s investment offerings, including US mutual funds and Irish-domiciled funds (subject to investor eligibility).

    Past performance does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, visit our website at payden.com or call 800 572-9336.

    For more information and to obtain a prospectus or summary prospectus, visit payden.com or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the Fund, which is contained in these documents. Interest Rate Risk: As with most funds that invest in debt securities, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase. Extension Risk: Rising interest rates can cause the average maturity of the Fund’s holdings of mortgage-backed securities to lengthen unexpectedly due to a drop in prepayments. This would increase the sensitivity of the Fund to rising rates, and could cause certain of the Fund’s investments to decline in value more than they would have declined due to the rise in interest rates alone. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.

    This material reflects the firm’s current opinion and is subject to change without notice. Sources for the material contained herein are deemed reliable but cannot be guaranteed. This material is for illustrative purposes only and does not constitute investment advice or an offer to sell or buy any security. Past performance is no guarantee of future results.

    CONTACT

    Kate Ennis
    ennis@daipartnerspr.com
    (301) 580-6726

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • Iranian president says country is on brink of dire water crisis

    Source: Government of India

    Source: Government of India (4)

    Iran’s President Masoud Pezeshkian warned against excessive water consumption which he said was untenable for the country and could leave Tehran facing severe shortages by September, semi-official Tasnim news agency reported on Thursday.

    Faced with resource mismanagement and over-consumption, Iran has faced recurrent electricity, gas and water shortages during peak demand months.

    “In Tehran, if we cannot manage and people do not cooperate in controlling consumption, there won’t be any water in dams by September or October,” Pezeshkian said on Thursday.

    The country has faced drought conditions for the last five years according to the director of the Environmental Protection Organisation Sheena Ansari and the Meteorological Organisation recorded a 40% drop in rainfall over the last four months compared to a long-term average.

    “Neglecting sustainable development has led to the fact that we are now facing numerous environmental problems like water stress,” Ansari told state media on Thursday.

    Excessive water consumption represents a major challenge for water management in Iran, with the head of Tehran province’s water and wastewater company Mohsen Ardakani telling Mehr news agency that 70% of Tehran residents consume more than the standard 130 litres a day.

    Natural resource management has been a chronic challenge for authorities, whether it is natural gas consumption or water use, as solutions require major reforms, notably in the agricultural sector which represents as much as 80% of water consumption.

    On Wednesday, Pezeshkian rejected a government proposal to impose a day-off on Wednesdays or having a one-week holiday during the summer, saying that “closing down is a cover-up and not a solution to the water shortage problem”.

    In the summer of 2021, protests took place against water shortages in southwestern Iran.

    (Reuters)

  • MIL-OSI Analysis: Cricket’s great global divide: elite schools still shape the sport

    Source: The Conversation – Africa – By Habib Noorbhai, Professor (Health & Sports Science), University of Johannesburg

    If you were to walk through the corridors of some of the world’s leading cricket schools, you might hear the crack of leather on willow long before the bell for the end of the day rings.

    Across the cricketing world, elite schools have served as key feeder systems to national teams for decades. They provide young players with superior training facilities, high-level coaching and competitive playing opportunities.

    This tradition has served as cricket’s most dependable talent pipeline. But is it a strength or a symptom of exclusion?

    My recent study examined the school backgrounds of 1,080 elite men’s cricketers across eight countries over a 30-year period. It uncovered telling patterns.



    Read more:
    Cricket: children are the key to the future of the game, not broadcast rights

    Top elite cricket countries such as South Africa, England and Australia continue to draw heavily from private education systems. In these nations, cricket success seems almost tied to one’s school uniform.

    I argue that if cricket boards want to promote equity and competitiveness, they will need to broaden the talent search by investing in grassroots cricket infrastructure in under-resourced areas.

    For cricket to be a sport that anyone with talent can succeed in, there will need to be more school leagues and entry-level tournaments as well as targeted investment in community-based hubs and non-elite school zones.

    Findings

    South Africa is a case in point. My previous study in 2020 outlined that more than half of its national players at One-Day International (ODI) World Cups came from boys-only schools (mostly private).

    These schools are often well-resourced, with turf wickets, expert coaches and an embedded culture of competition. Unsurprisingly, the same schools tend to produce a high number of national team batters, as they offer longer game formats and better playing surfaces. Cricket’s colonial origins have influenced the structure and culture of school cricket being tied to a form of privilege.



    Read more:
    Elite boys’ schools still shape South Africa’s national cricket team

    In Australia and England, the story is not very different. Despite their efforts to diversify player sourcing, private schools still dominate. Even in cricketing nations that celebrate working-class grit, such as Australia, private school players continue to shape elite squads.

    The statistics say as much; for example: about 44% of Australian Ashes test series players since 2010 attended private schools, and for England, the figure is 45%. That’s not grassroots, it could be regarded as gated turf…

    Yet not all countries follow this route. The West Indies, Pakistan and Sri Lanka reflect very different models. Club cricket, informal play and community academies provide their players with opportunities to rise. These countries have lower reliance on private schools. Some of their finest players emerged from modest public schooling or neighbourhood cricketing networks.

    India provides an interesting hybrid. Although elite schools such as St. Xavier’s and Modern School contribute players, most national stars emerge from public institutions or small-town academies. The explosion of the Indian Premier League since 2008 has also democratised access, pulling in talent from previously overlooked and underdeveloped cities.

    In these regions, scouting is based on potential, not privilege.

    So why does this matter?

    At first glance, elite schools producing elite cricketers might appear logical. These institutions have the resources to nurture talent. But scratch beneath the surface and troubling questions appear.

    Are national teams truly reflecting their countries? Or are they simply echo chambers of social advantage?



    Read more:
    Cricket inequalities in England and Wales are untenable – our report shows how to rejuvenate the game

    In South Africa, almost every Black African cricketer to represent the country has come through a private school (often on scholarship). That suggests that talent without access remains potentially invisible. It also places unfair pressure on the few who make it through, as if they carry the hopes of entire communities.

    I found that in England, some county systems have started integrating players from state schools, but progress is slow. In New Zealand, where cricket is less centralised around private institutions, regional hubs and public schools have had more success in spreading opportunities. However, even there, Māori and Pasifika players remain underrepresented in elite squads.

    Four steps that can be taken

    1. One solution lies in recognising that schools don’t have a monopoly on talent. Cricket boards must increase investment in grassroots infrastructure, particularly in under-resourced areas. Setting up community hubs, supporting school-club partnerships and more regional competitions could discover hidden talent.

    2. Another step is to improve the visibility and reach of scouting networks. Too often, selection favours players from known institutions. By diversifying trial formats and leveraging technology (such as video submissions or performance-tracking apps), selectors can widen their net. It’s already happening in India, where IPL scouts visit the most unlikely of places.

    3. Coaching is another stumbling block. In many countries, high-level coaches are clustered in elite schools. National boards should consider optimising salaries as well as rotating certified coaches into public schools and regional academies. They should also ensure coaches are developed to be equipped to work with diverse learners and conditions.

    4. Technology offers other exciting possibilities too. Virtual simulations, motion tracking and AI-assisted video reviews are now common in high-performance centres. Making simplified versions available to lower-income schools could level the playing field. Imagine a township bowler in South Africa learning to analyse their technique using only a smartphone and a free app?

    Fairness in sport

    The conversation about schools and cricket is not just about numbers or stats. It is about fairness. Sport should be the great leveller, not another mechanism of exclusion. If cricket is to thrive, it needs to look beyond scoreboards and trophies. It must ask who gets to play and who never gets seen?



    Read more:
    Why is cricket so popular on the Indian sub-continent?

    A batter from a village school in India, a wicket-keeper from a government school in Sri Lanka or a fast bowler in a South African township; each deserves the chance to be part of the national story. Cricket boards, policymakers and educators must work together to make that possible.

    The game will only grow when it welcomes players from all walks of life. That requires more than scholarships. It requires a reset of how we think about talent. Because the next cricket superstar may not wear a crest on their blazer. They may wear resilience on their sleeve.

    Habib Noorbhai 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. Cricket’s great global divide: elite schools still shape the sport – https://theconversation.com/crickets-great-global-divide-elite-schools-still-shape-the-sport-261709

    MIL OSI Analysis –

  • MIL-OSI United Kingdom: Talks are to be held to bring back the successful Tall Ships Races

    Source: Scotland – City of Aberdeen

    Negotiations are to start with the organisers of the Tall Ships Races to bring the event back to Aberdeen after its success last weekend.

    The event, which returned to Aberdeen after 28 years, brought more than 400,000 visits and was hailed by local businesses for increasing turnover.

    A special meeting of Aberdeen City Council’s Finance and Resources Committee today agreed a joint motion to engage with Sail Training International on the options to bring back the event, working with the Port of Aberdeen and Aberdeen Inspired.

    Committee convener Councillor Alex McLellan said: “The Tall Ships Races was a huge success for Aberdeen bringing in people from far and wide to enjoy everything our city had to offer.”

    “Aberdeen City Council is committed to working with partners to see the Tall Ships return in the not-too-distant future.”

    Councillor Martin Greig, Chair of Aberdeen’s Tall Ships Committee, said: “The Tall Ships visit was a massive, historic celebration for everyone in the city. People of all ages joined in the amazing opportunities to meet visitors from around the world, find out about the ships and enjoy the music and entertainment. It is important to express sincere thanks to the staff, volunteers, businesses and especially the young people who made this event such a success. Their enthusiasm and commitment turned this into a genuine community festival for all to enjoy. Their contribution is truly appreciated.”

    The committee also noted an evaluation report is being prepared to allow partners to fully understand the positive impact the Tall Ships has had on Aberdeen. This report will be prepared for November’s Finance and Resources Committee. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Penalty issued for breach of Russia Sanctions

    Source: United Kingdom – Government Statements

    Press release

    Penalty issued for breach of Russia Sanctions

    The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML)

    The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML) for a breach of UK financial sanctions imposed against Russia following the 2014 annexation of Crimea.

    The breach relates to MML’s involvement in the making of a payment of £416,590.92 to a designated person, who remains subject to an asset freeze under current Russia sanctions. This payment was in breach of the UK sanctions in force at the time in response to Russia’s annexation of Crimea.

    MML gave instructions to make the payment from another company’s bank account with the knowledge that the recipient was a designated person, showing a disregard for proper sanctions and failure to have in place adequate compliance and controls procedures.

    As a result of this breach, OFSI imposed a penalty of £300,000 on MML.

    The imposition of this penalty highlights some key lessons for industry. All firms, regardless of their size, should take appropriate steps to understand and address their exposure to sanctions risks; have adequate sanctions processes to ensure compliance including to promptly identify as well as report suspected breaches of financial sanctions to OFSI; and be alert to the risks of making payments in haste. 

    The UK considers financial sanctions to be a vital foreign policy tool. They remain central to the UK’s efforts to hold Russia to account, place Ukraine on the strongest footing possible, and deter malign activity around the world.

    To date western sanctions have resulted in Russia’s oil and gas revenues falling every year since 2022 – losing over a third of its value in three years. Sanctions and the cost of Putin’s barbaric war are causing the Russian economy to stall – with the wealth fund hollowed out, inflation rising and government spend on defence and security spiralling.  

    This case is the latest in a series of monetary penalties announced over the past year. The UK will continue to prioritise sanctions enforcement, through public actions, such as monetary penalties, as well as actions which are not made public, such as warning letters and referrals to partner agencies and regulators.

    On the 22 July, OFSI launched a consultation on proposed changes aiming to improve the effectiveness of its enforcement processes. These proposals, if implemented, will double the value of penalties for the worst sanctions breaches, and potentially speed up the resolution of certain penalty cases.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: CISA Announces Release of Thorium for Malware Analysis

    Source: US Department of Homeland Security

    WASHINGTON –Today, the Cybersecurity and Infrastructure Security Agency (CISA), in partnership with Sandia National Laboratories, released Thorium, an automated, scalable malware and forensic analysis platform that can integrate commercial, custom and open-source analysis tools and enable cyber defenders to quickly assess malware threats and index forensic analysis results into a unified platform.  

    Advanced persistent threats using malware continue to increase in volume and complexity. The analysis of malware and forensics must be done accurately and quickly to enable organizations to defend their networks. However, malware analysts across government, public and private sectors are challenged with vast amounts of malware and managing a long list of malware analysis tools with specific capabilities and not enough time & resources to effectively analyze the threat.  

    Thorium allows cyber defenders to integrate their preferred tools into a single platform that orchestrates customized & automated analysis workflows at scale, analyze large amounts of malware quickly, and to add & remove tools quickly as malware threats evolve. Thorium is configured to ingest over 10 million files per hour per permission group and schedule over 1,700 jobs per second, while maintaining a fast results query.  

    “The Thorium framework underscores CISA’s focus and commitment to provide valuable services and resources at scale that help government and critical infrastructure protect against cyber threats and strengthen their cybersecurity. By publicly sharing this platform, we empower the broader cybersecurity community to orchestrate the use of advanced tools for malware and forensic analysis,” said CISA Associate Director for Threat Hunting Jermaine Roebuck. “With our partners at Sandia National Laboratories, we are enabling analysts nationwide to contribute insights and benefit from shared knowledge. Scalable analysis of binaries as well as other digital artifacts further enables cybersecurity analysts to understand and address vulnerabilities in benign software.” 

    Cybersecurity teams with frequent file analysis workflows can use Thorium to:  

    • Integrate command-line tools as docker images (free and open-source software, commercial off-the-shelf, custom, etc.). With additional configuration, integrate virtual machine and bare-metal tools.
    • Filter tool results using tags and full-text search.
    • Control how submissions, tools, and results are accessible by using strict group-based permissions.
    • Scale with hardware using the power of Kubernetes and ScyllaDB to meet workload requirements.
    • Import and export tools for ease of sharing across cyber defense teams.    

    For more information and installation instructions, visit Thorium on CISA.gov. For more cybersecurity services offered by CISA, visit Free Cybersecurity Services & Tools.

    ###

    About CISA 

    As the nation’s cyber defense agency and national coordinator for critical infrastructure security, the Cybersecurity and Infrastructure Security Agency leads the national effort to understand, manage, and reduce risk to the digital and physical infrastructure Americans rely on every hour of every day.

    Visit CISA.gov for more information and follow us on X, Facebook, LinkedIn, Instagram.

    MIL Security OSI –

  • MIL-OSI: Coface SA: Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Source: GlobeNewswire (MIL-OSI)

    Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Paris, 31 July 2025 – 5.35 p.m.

    • Turnover: €937m, up +2.3% at constant FX and perimeter
      • Trade Credit Insurance revenue up +1.7%; client activity up +1.8%
      • Client retention back up at near-record (94.0% vs. 92.8% in H1-24); pricing remained negative
        (-1.6%), in line with historical trends
      • Business Information growing again double-digit (+14.7% at constant FX); Debt Collection up +35.0%; Factoring down slightly by -1.5% due to lower interest rates
    • Net loss ratio at 40.1%, up 5.1 ppts; net combined ratio at 71.3%, up 7.9 ppts
      • Gross loss ratio at 37.8%, up 5.3 ppts year-on-year but improving slightly in Q2-25 relative to the previous quarter, showing good risk control
      • Net cost ratio up 2.8 ppts at 31.2%, reflecting past inflation as well as continued investments
    • Coface continues to strengthen its credit insurance business and is rolling out its data strategy:
      • Strengthening governance with the appointment of Joerg Diewald as Director of Information Services and Partnerships and Thibault Surer as head of a new technology division focused on data, connectivity and product innovation
      • Creation of a new Lloyd’s syndicate allowing Coface to offer AA solutions to its clients
      • Acquisition of Cedar Rose and Novertur International
    • Net income (Group share) at €124.2m, down 12.7% compared with the record set in H1-24. Annualised RoATE1at 12.6%
    • Estimated solvency ratio of 195%2, above the target range (155% – 175%)

    Unless otherwise indicated, changes are expressed by comparison with the results as at 30 June 2024.

    Commenting, Xavier Durand, CEO of Coface, said:
    “Coface generated net income of €62m in Q2-25, down from a record Q2-24. The number of bankruptcies worldwide has continued to rise steadily and is now well above pre-COVID levels. Through constant vigilance and flawless execution, we have contained the increase in the loss experience, with the uncertainties created by the increase in tariffs in the United States having probably yet to fully materialise.
    However, our revenues are growing, both in credit insurance and services. This growth is being driven by our investments, which have brought new business to a record level in insurance and services.
    These deliberate investments strengthen our distribution capabilities, the range of products and services available to our clients, and our risk analysis tools. Since the beginning of the year, we have made two acquisitions in information services, Cedar Rose and Novertur. We have also announced the launch of a Lloyd’s syndicate to offer AA solutions to some of our clients.
    Lastly, our solvency ratio remains high, at 195%.”  

    Key figures at 30 June 2025

    The Board of Directors of COFACE SA examined the consolidated financial statements at 30 June 2025 at its meeting of 31 July 2025. These statements were also previously reviewed by the Audit Committee at its meeting of 30 July 2025. These interim consolidated financial statements have been subject to limited review by the Statutory Auditors. The limited review report is being issued.

    Income statement items in €m H1-24 H1-25 Variation % ex FX*
    Insurance revenue 754.3 760.0 +0.8% +1.7%
    Other revenues 168.5 176.6 +4.9% +4.8%
    REVENUE 922.7 936.6 +1.5% +2.3%
    UNDERWRITING INCOME (LOSS) NET OF REINSURANCE 195.0 153.6 (21.2)% (20.3)%
    Investment income, net of management expenses,excluding finance costs 40.8 26.3 (35.4)% (36.0)%
    Insurance finance expenses (18.1) 6.7 (137.1)% (130.8)%
    CURRENT OPERATING INCOME 217.7 186.6 (14.3)% (14.1)%
    Other operating income and expenses (0.5) (0.6) +21.8% +12.2%
    OPERATING INCOME 217.2 186.0 (14.4)% (14.2)%
    NET INCOME (GROUP SHARE) 142.3 124.2 (12.7)% (12.7)%
             
    Key ratios H1-24 H1-25 Variation
    Loss ratio after reinsurance 35.0% 40.1% 5.1 ppts
    Cost ratio after reinsurance 28.4% 31.2% 2.8 ppts
    COMBINED RATIO AFTER REINSURANCE 63.4% 71.3% 7.9 ppts
             
    Balance sheet items in €m 2024 H1-25 Variation
    Total equity (Group share) 2,193.6 2,098,0 (4.4)%
      H1-24 H1-25    
    Solvency ratio 195%1 195%1 0 ppt

    * Excluding scope effect.
    1This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    1.   Revenue

    Coface posted consolidated turnover of €937m in the first half of 2025, up +2.3% at constant FX and perimeter compared with H1-24. On a reported basis (at current FX and perimeter), turnover was up +1.5%.

    Revenues from insurance activities (including Bonding and Single Risk) increased +1.7% at constant FX and perimeter, benefiting from a slight increase in client activity and the return to a record retention level at 94.0%. New business reached €76m, the highest since H1-20, driven by an increase in demand and benefiting from growth investments made by Coface.

    Growth in client activity had a positive impact of +1.8% in H1-25 against a backdrop of extreme political uncertainty, particularly in terms of tariffs, and modest economic growth. The price effect remained negative at -1.6% in H1-25, in line with long-term trends. This decrease is largely explained by a very low past loss experience, offset by today’s return to normal.

    Turnover from non-insurance activities was up +8.2% compared with H1-24. Factoring turnover fell -1.5% in H1-25 and -2.2% in Q2 25 on lower interest rates and weak client activity in Germany and Poland. Information services turnover continued to post double-digit growth, at +14.7%. Debt Collection commissions increased, from a still modest base, by +35% due to the increase in claims to be collected. Fee and commission were up +2.3%.

    Total revenue in €m
    (by invoicing region)    		 H1-24 H1-25 Variation % ex FX3
    Northern Europe 185.0 185.2 +0.1% +0.1%
    Western Europe 187.6 191.6 +2.1% +1.0%
    Central and Eastern Europe 87.0 83.9 (3.5)% (3.8)%
    Mediterranean & Africa 276.0 280.2 +1.5% +3.0%
    North America 88.7 87.7 (1.2)% +2.0%
    Latin America 38.2 41.5 +8.6% +17.5%
    Asia-Pacific 60.2 66.5 +10.5% +9.5%
    Total Group 922.7 936.6 +1.5% +2.3%

    In the Northern Europe region, turnover was up +0.1% at constant and current FX. The credit insurance business benefited from robust new business and a high retention rate. Factoring turnover was down -1.6%.

    In Western Europe, turnover rose +1.0% at constant FX (2.1% at current FX) on solid sales performances in services (+27%) and credit insurance, offsetting the loss of a contract with a financial institution.

    In Central and Eastern Europe, turnover was down -3.8% at constant FX (-3.5% at current FX) but improved significantly compared with the previous quarter (-6.9%). Credit insurance was negatively impacted by a non-recurring effect recorded in 2024, as well as the transfer of a major contract to the Asia-Pacific region.

    In the Mediterranean & Africa region, which is driven by Italy and Spain, turnover increased +3.0% at constant FX and +1.5% at current FX, the result of a high retention rate and a more dynamic economy overall.

    In North America, turnover rose +2.0% at constant FX (-1.2% on a reported basis). The region is benefiting from an improvement in new business. Reported figures have been adversely affected by the sharp fall in the US dollar since the beginning of the year.

    In Latin America, turnover was up +17.5% at constant FX and +8.6% at current FX. The region is benefiting from the persistently high level of local inflation, which is benefiting client activity.

    Turnover in the Asia-Pacific region was up +9.5% at constant FX and +10.5% at current FX, driven by a high retention rate, a rebound in client activity, and the transfer of a client from another region.

    2.   Result

    • Combined ratio

    The combined ratio after reinsurance stood at 71.3% in H1-25 (up 7.9 ppts year on year) and 74.0% in Q2-25, reaching a level close to the cycle average.

    (i)  Loss ratio

    The gross loss ratio stood at 37.8%, up 5.3 ppts year-on-year. This increase reflects the return to normal of the loss experience, offset by the reserve releases, which remain at a high level. The number of mid-sized claims increased but remains below long-term trends.

    The Group’s reserving policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, remained in line with the historical average. The rigorous management of past claims enabled the Group to record 41.0 ppts of recoveries.

    The net loss ratio increased to 40.1%, up 5.1 ppts compared with H1-24, but close to the level reached in H1-23 (40.3%), in today’s more difficult economic environment.

    (ii)  Cost ratio

    Coface is pursuing its strict cost management policy while maintaining its investments, in accordance with the Power the Core strategic plan. Costs were up +7.0% in H1-25 at constant FX and perimeter and +6.3% at current FX.

    The cost ratio before reinsurance stood at 34.6% in H1-25, up 2.0 ppts year on year. This increase mainly resulted from cost inflation (0.6 ppt) as well as continued investments (2.3 ppts). Conversely, the improved product mix (information services, debt collection and fee and commission income) had a positive effect of -0.9 ppt. The trend in reinsurance commissions explains the remainder of the variation.

    • Financial income

    Income from financial investments was +€26.3m in the first half of the year. The total includes an FX effect of -€17.0m on financial assets, owing to the sharp fall in the dollar against the euro, as well as a negative impact of the application of IAS 29 (hyperinflation) in Turkey of -€6.7m.

    The portfolio’s current income (i.e. excluding capital gains, depreciation and FX) was €52.1m. The accounting yield4, excluding capital gains and fair value effect, was 1.6% in H1-25. The yield on new investments was 3.7%.

    Insurance finance expenses (IFE) were positive at €6.7m in H1-25. They include a significant FX gain (+€23.1m) on technical liabilities, which reflects the expense recorded on assets and partially on net loss.

    • Operating income and net income

    Operating income totalled €186.0m in H1-25, down 14.4%, approaching the level reached in H1-23.

    The effective tax rate in H1-25 was 25% (vs. 27% in H1-24).

    Overall, net income (Group share) was €124.2m, down 12.7% compared with H1-24, slightly below the result in H1-23 (€128.8m) in a more difficult economic environment.

    3.   Shareholders’ equity

    At 30 June 2025, Group shareholders’ equity was €2,098.0m, down €95.6m or -4.4% (€2,193.6m at 31 December 2024).

    The change is mainly due to positive net income of €124.2m, the dividend payment of -€209m, and the increase in unrealised capital gains (€21.9m).

    The annualised return on average tangible equity (RoATE) was 12.6% at 30 June 2025, down compared with the previous year, in line with the decline in net income.

    The solvency ratio stood at 195%5, stable compared with H1-24. It remains well above the Group’s target range (155%-175%).

    4.   Outlook

    The second quarter of 2025 was marked by the continued increase in tariffs announced by the United States. The US administration’s announcements of sharp increases alternated with deferments of varying duration and the signing of a few bilateral agreements. As things stand today, tariffs on imports from Europe should reach 15%.

    Some tariffs (automotive, metals) have already come into force and have had direct negative consequences on the trade flows of the goods concerned. Conversely, announcements of deferred tariffs triggered advance purchases, bolstering economic activity. Lastly, extreme uncertainty as to the final outcome of the tariff issue have led to a postponement of investments as well as the redirection of Chinese exports, particularly towards markets deemed more stable.

    This highly uncertain environment is impacting global trade and the health of companies in markedly different ways. During the second quarter, Coface downgraded the ratings of 23 sectors and 4 countries. Persistent inflationary pressures are preventing central banks from cutting rates for now. Demand is being supported solely by the maintenance of high public deficits and the continuation of an extremely strong investment cycle to foster the development of AI technology.

    Business failures have increased in 80% of advanced economies and are now at a decade high, 20% to 25% higher than in 2019.

    Coface’s expertise in risk management and services (information services, debt collection) is more relevant than ever in this context of rapid change. The company is resolutely pursuing its investments while they weigh on the cost ratio in the short term. Since the beginning of the year, Coface has announced two acquisitions (Cedar Rose and Novertur) as well as the creation of a Lloyd’s syndicate and a technology division.

    Conference call for financial analysts

    Coface’s H1-2025 results will be discussed with financial analysts during the conference call that will take place on Thursday 31 July at 6.00 p.m. (Paris time). It will be accessible:

    The presentation will be available (in English only) at the following address:
    http://www.coface.com/fr/Investisseurs/Résultats-et-rapports-financiers

    Appendices

    Quarterly results

    Income statement items in €m
    Quarterly figures    		 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25   % % ex. FX*
    Insurance revenue 378.6 375.6 375.9 382.7 382.9 377.1   +0.4% +2.3%
    Other revenues 85.0 83.4 78.0 85.5 90.3 86.3   +3.5% +4.2%
    REVENUE 463.7 459.1 453.8 468.3 473.2 463.4   +0.9% +2.6%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 94.7 88.8 84.9 85.4 68.2   (27.9)% (25.5)%
    Investment income, net of management expenses, excluding finance costs 17.9 22.8 19.0 31.9 10.4 15.9   (30.3)% (29.5)%
    Insurance finance expenses (11.4) (6.7) (7.3) (17.1) (4.1) 10.8   (262.8)% (249.1)%
    CURRENT OPERATING INCOME 106.8 110.9 100.5 99.7 91.6 95.0   (14.3)% (12.9)%
    Other operating income and expenses (0.1) (0.5) (2.6) (5.5) (0.4) (0.3)   (43.9)% (48.0)%
    OPERATING INCOME 106.8 110.4 97.9 94.2 91.2 94.7   (14.2)% (12.7)%
    NET INCOME (GROUP SHARE) 68.4 73.8 65.4 53.4 62.1 62.1   (15.9)% (14.7)%
    Income tax rate 27.2% 26.8% 25.5% 36.2% 23.0% 26.3%   (0,5) ppt

    Cumulated results

    Income statement items in €m
    Cumulated figures    		 Q1-24 H1-24 9M-24 FY-24 Q1-25 H1-25   % % ex. FX*  
    Insurance revenue 378.6 754.3 1,130.2 1,512.9 382.9 760.0   +0.8% +1.7%  
    Other revenues 85.0 168.5 246.4 331.9 90.3 176.6   +4.9% +4.8%  
    TURNOVER 463.7 922.7 1,376.6 1,844.8 473.2 936.6   +1.5% +2.3%  
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 195.0 283.8 368.7 85.4 153.6   (21.2)% (20.3)%  
    Investment income, net of management expenses, excluding finance costs 17.9 40.8 59.8 91.7 10.4 26.3   (35.4)% (36.0)%  
    Insurance finance expenses (11.4) (18.1) (25.4) (42.5) (4.1) 6.7   (137.1)% (130.8)%  
    CURRENT OPERATING INCOME 106.8 217.7 318.2 417.9 91.6 186.6   (14.3)% (14.1)%  
    Other operating income and expenses (0.1) (0.5) (3.1) (8.6) (0.4) (0.6)   +21.8% +12.2%  
    OPERATING INCOME 106.8 217.2 315.1 409.2 91.2 186.0   (14.4)% (14.2)%  
    NET INCOME (GROUP SHARE) 68.4 142.3 207.7 261.1 62.1 124.2   (12.7)% (12.7)%  
    Income tax rate 27.2% 27.0% 26.5% 28.7% 23.0% 24.7%   (2,3) ppt

    * Excluding scope effect.

    CONTACTS

    INVESTOR/ANALYST RELATIONS
    Thomas Jacquet: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina Andriamiadantsoa: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

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

    FINANCIAL CALENDAR 2025
    (subject to change)
    9M-2025 results: 3 November 2025, after market close

    FINANCIAL INFORMATION
    This press release, as well as all of COFACE SA’s regulated information, can be found on the Group’s website: https://www.coface.com/investors

    For regulated information on Alternative Performance Indicators (APMs), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see 3.7 “Key financial performance indicators”).

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

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

    www.coface.com

    COFACE SA is listed on Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain statements in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and they may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these statements. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 3 April 2025 under the number D.25-0227 to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts or to provide new information on future events or any other circumstance.

    1 RoATE = Return on average tangible equity.
    2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
    3 Excluding scope effect.
    4 Book yield calculated on the average of the investment portfolio excluding non-consolidated investments.
    5 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    Attachment

    The MIL Network –

  • MIL-OSI: Coface SA: 2025 half-year financial report available

    Source: GlobeNewswire (MIL-OSI)

    2025 half-year financial report available

    Paris, 31 July 2025 – 17.35

    Coface announces today that its half-year financial report for 2025 is now available and was filed with the French financial market authority (Autorité des marchés financiers – AMF).

    This report is also on Coface website in “Investor Relations” section (Investor Resources – Coface Group Financial Reports | Coface).

    Copies are available, free of charge and on request by writing to the Company at 1 place Costes et Bellonte, 92270 Bois-Colombes, France.

    The present press release and the full regulated information concerning COFACE SA are available on the Group’s website Financial press releases & Publication announcements | Coface.

    CONTACTS

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

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

    FINANCIAL CALENDAR 2025
    (subject to change)
    9M-2025 results: 3 November 2025 (after market close)

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

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

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

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

    www.coface.com

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

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2025 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI: 2025 second-quarter results Solid performance amid a volatile environment Annual Net Cash Flow objective reaffirmed

    Source: GlobeNewswire (MIL-OSI)

    Paris (France), July 31, 2025

    2025 second-quarter results
    Solid performance amid a volatile environment
    Annual Net Cash Flow objective reaffirmed

    • Segment revenue of $274m in Q2 2025, up +6% year-on-year, fueled by Geoscience (GEO) and Sensing & Monitoring (SMO)
    • Segment adjusted EBITDAs of $107m in Q2 2025 (+14% year-on-year) or 39% margin (c.+270 bps). Profitability increase mostly driven by: 1/ the end of vessel penalties at EDA in January 2025 and 2/ good progress on the restructuring plan at SMO
    • Net Cash Flow generation of $30m in Q2 2025
    • Bond maturity extended to October 2030 after end-March 2025 successful refinancing, $125m available RCF1
    • 2025 financial objectives reaffirmed

    Sophie Zurquiyah, Chair and CEO of Viridien: “Viridien delivered a solid performance in the second quarter of 2025. Despite a volatile environment, the Group demonstrated resilience, driven by its primary focus on offshore markets and on leading oil companies. Combined with ongoing internal performance improvements, this resulted in robust year-on-year growth in both segment revenue and margins. From a cash perspective, Viridien generated a solid $30 m in Net Cash Flow during the quarter, reinforcing our confidence in reaching our full-year target of $100 m. The combination of a healthy Geoscience backlog and expected licensing activity toward year-end supports our confidence in maintaining momentum on our deleveraging path.”

    (in millions of $)2 Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    Segment figures            
    Revenue 274 258 +6% 575 532 +8%
    Adjusted EBITDAs 107 94 +14% 250 200 +25%
    IFRS figures            
    Revenue 234 317 -26% 492 566 -13%
    EBITDAs 68 150 -55% 167 230 -27%
    Operating Income 15 52 -72% 71 72 -1%
    Net Income 6 35 -83% -22 32 n.a.
    Net Cash Flow 30 -6 n.a. 10 24 -61%
    Net Debt 997 941 +6% 997 941 +6%

    KEY HIGHLIGHTS PER BUSINESS LINE3

    Data, Digital and Energy Transition (DDE)

    Segment revenue at $181 m in Q2 2025, up +3% year-on-year driven by Geoscience. New business opportunities are emerging in HPC, while low-carbon initiatives are slowing down due to delays in CCUS projects.

    Geoscience (GEO)

    • Revenue at $115 m (+10%)
    • Solid performance mostly driven by work performed in Latin America and Middle East
    • For the past few years, Viridien has seen growing demand for advanced, high-quality, high-end subsurface imaging, especially in the US Gulf, Middle East, North Africa, and South America

    Earth Data (EDA)

    • Revenue at $66 m (-8%), following a strong performance in the first quarter of 2025
    • New OBN projects started in Norway and the US Gulf

    Segment adjusted EBITDAs reached $101 m, up +6% year-on-year, with a margin increase of c.+160 basis points. This performance reflects improving margins in Earth Data, which now fully benefits from the end of the vessel capacity agreement. EDA Cash EBITDA breakeven over the period.

    Sensing and Monitoring (SMO)

    Segment revenue at $93 m in Q2 2025, a solid +14% increase year-on-year. Activity is mostly driven by the Land segment, with strong deliveries of nodal system in South America and cabled systems in the MENA region, in particular. The Marine segment remains subdued. In New Businesses, Infrastructure monitoring is showing double-digit growth, while our Marlin Offshore Logistics solution achieved encouraging initial commercial success, with a contract signed with ONGC.

    Segment adjusted EBITDAs stood at $13 m, more than double last year’s figure, reflecting both revenue growth and the gradual positive impact of ongoing restructuring actions. In margin terms, second-quarter EBITDA reached nearly 13.7%, representing a c.+620 bp improvement year-on-year.

    Segment adjusted Operating income at $7 m vs -$2m in Q2 2024.

    CONSOLIDATED IFRS FIGURES4

    Profit & Loss

    Consolidated IFRS revenue for the second quarter of 2025 came in at $234m, down -26% year-on-year. EBITDAs stood at $68m, down -55%.

    IFRS Net Income reaches $6m, vs $35m in the second quarter of 2024, after accounting for -$53 m of leases and D&A, -$27m net cost of financial debt, +$12m other financial income linked to the partial capitalization of refinancing operation costs and partly offset by forex impacts, and +$6m of deferred tax assets.

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    €/$ exchange rate  1.12 1.08     1.08 1.08   
    Revenue 234 317 -26% 492 566 -13%
    EBITDAs 68 150 -55% 167 230 -27%
    Operating income 15 52 -72% 71 72 -1%
    Equity from investment -1 0 n.a. -1 0 n.a.
    Net cost of financial debt -27 -25 +6% -52 -49 +6%
    Other financial income (loss) 12 -1 n.a. -34 -1 n.s.
    Income taxes 6 -8 n.a. -7 -6 +32%
    Net Income (loss) from continuing operations 5 19 -74% -24 16 n.a.
    Net Income (loss) from discontinued operations 1 16 -92% 2 16 -88%
    Consolidated Net Income (loss) 6 35 -83% -22 32 n.a.

    Cash Flow and Net debt

    Net Cash Flow of $10 m generated in the first half of 2025, including $30 m in the second quarter alone. A solid performance in light of the significant pressure on the Group’s working capital, caused by overdue receivables from Mexican National Oil Company PEMEX (c.$50 m as of June 30, 2025) and largely contributing to the negative -$46m change in working capital over the period.

    Also worth noting that Net Cash Flow in the first half of 2024 included a one-off positive inflow of $38 m, related to the settlement of a litigation with ONGC.

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    Segment EBITDAs 108 91 +19% 250 196 +28%
    Income Tax Paid -4 -9 -52% -8 -12 -31%
    Change in Working Capital & Provisions 1 -3 n.a. -46 -3 n.s.
    Other Cash Items -1 0 n.a. -1 0 n.a.
    Cash from Operating Activity 103 78 +32% 195 180 +8%
    Total Capex -58 -57 +1% -119 -115 +3%
    Acquisitions and Proceeds of Assets 1 0 n.a. 1 0 n.s.
    Cash from Investing Activity -56 -56 0% -118 -114 +3%
    Paid Cost of Debt -1 -45 -97% -40 -43 -8%
    Lease Repayment -16 -16 +5% -26 -27 -5%
    Cash from Financing Activity -18 -61 -71% -67 -71 -6%
    Discontinued Operations Acquisitions 0 33 -100% 0 30 -100%
    Net Cash Flow 30 -6 n.a. 10 24 -60%

    Bond maturity significantly extended to October 2030 following the successful refinancing at end-March 2025.
    Ample liquidity in place, including a $125m RCF5.

    (in millions of $) June 30, 2025 Dec. 31, 2024 Change (%) June 30, 2024 Change (%)
    Liquidity 262 392 -33% 430 -39%
    Cash 162 302 -46% 340 -52%
    Undrawn RCF 100 90 +11% 90 +11%
    Gross Debt 1,158 1,223 -5% 1,281 -10%
    Bonds 9876 1,049 -6% 1,126 -12%
    Other borrowings 31 31 -1% 32 -3%
    Accrued interests 25 18 +33% 20 +24%
    Lease liabilities 116 125 -7% 103 +12%
    Net Debt 997 921 +8% 941 +6%

    OUTLOOK

    The oil price environment has remained volatile in recent months but consistently above the $60/bbl threshold, generally considered an industry equilibrium level. In this context, Oil & Gas companies have maintained most of their exploration and development commitments, particularly in Viridien’s core segments.

    Assuming no major disruption to the current environment, Viridien reaffirms its confidence in generating around $100m in Net Cash Flow for 2025, supported by:

    • Geoscience growth, driven by industry-leading technology and a strong backlog;
    • Earth Data late sales, expected to benefit from upcoming lease rounds, combined with disciplined new multi-client engagements;
    • Sensing & Monitoring, fueled by broad land activity.

    ***

    Q2 2025 conference call details

    The press release and presentation will be made available on www.viridiengroup.com at 5:45 p.m. (CET).

    An English-language conference call is scheduled today at 6:00 p.m. (CET).

    Participants must register for the conference call by clicking here to receive a dial-in number and PIN code. Participants may also join the live webcast by clicking here.

    A replay of the conference call will be available starting the following day, for a period of 12 months, in audio format on the Company’s website www.viridiengroup.com.

    Status of the statutory auditors’ procedures

    The Board of Directors met on July 31, 2025, and closed the consolidated financial statements as of June 30, 2025. Limited review procedures were completed, and an unqualified opinion has been issued by the statutory auditors.

    Next financial information

    2025 third-quarter results: October 30, 2025 (after market close)

    About Viridien

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

    Disclaimer

    Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Viridien operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 2 “Risk Management and Internal Control” of the Universal Registration Document dated March 6, 2025, filed with the French Financial Markets Authority (AMF) under number D. 25-0075 and available on the Group’s website (www.viridiengroup.com) and on the AMF website (www.amffrance.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release. This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States, or any other area.

    Investors contact

    VP Investor Relations and Corporate Finance
    Alexandre Leroy
    alexandre.leroy@viridiengroup.com
    +33 6 85 18 44 31

    APPENDICES

    Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors.

    Key Segment P&L figures

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    €/$ exchange rate  1.12 1.08     1.08 1.08   
    Segment Revenue 274 258 +6% 575 532 +8%
    DDE 181 177 +3% 396 362 +9%
    Geoscience 115 105 +10% 226 193 +17%
    Earth Data 66 72 -8% 170 169 +1%
    SMO 93 82 +14% 180 170 +6%
    Land 57 29 +99% 108 74 +47%
    Marine 21 42 -50% 46 75 -39%
    Other 15 11 +36% 26 21 +20%
    Segment EBITDAs 108 91 +19% 250 196 +28%
    Adjusted Segment EBITDAs 107 94 +14% 250 200 +25%
    DDE 101 96 +6% 238 199 +19%
    SMO 13 6 +108% 27 16 +63%
    Corporate and other -7 -8 -15% -15 -16 -8%
    Segment Operating Income 22 26 -16% 87 53 +63%
    Adjusted Segment Operating Income 21 29 -28% 86 57 +50%
    DDE 21 39 -47% 87 74 +17%
    SMO 7 -2 n.a. 15 0 n.s.
    Corporate and other -7 -8 -16% -16 -17 -6%
    EDA Cash EBITDA 0 10 -100% 39 44 -11%

    Other KPIs

    (in millions of $) H1 2025 H1 2024 Change (%)
    Geoscience Backlog 317 246 +29%
    Total Capex 119 115 +3%
    Earth Data Library Net Book Value7 508  440 +15%

    Definition of Alternative Performance Indicators (API)

    In its communications, Viridien includes Alternative Performance Indicators, the main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment EBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2024 Universal Registration Document filed with the French Financial Markets Authority (AMF) and are reiterated below:

    • Segment revenue: Segment revenue is prepared in accordance with internal management reporting with Earth Data prefunding revenues recorded based upon percentage of completion.
    • Segment EBITDAs: Segment EBITDAs is defined as earnings before interest, tax, income from equity affiliates, depreciation, amortization net of amortization costs capitalized to Earth Data surveys, and cost of share-based compensation for employees and senior executives. The cost of share-based compensation includes the cost of stock options and allotments of performance shares. Segment EBITDAs is calculated based on internal management reporting, in which prefunding revenue from Earth Data surveys is recognized using the percentage of completion method.
    • Adjusted segment EBITDAs: Adjusted segment EBITDAs is Segment EBITDAs adjusted for non-recurring charges and gains.
    • EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) adjusted segment EBITDAs less investment in EDA surveys for the period, excluding inactivity compensation fees related to the vessel capacity agreement signed between Viridien and Shearwater. This indicator is used exclusively for the EDA activity.

    Reconciliation of API with the condensed interim consolidated financial statements

    The table below outlines the accounting adjustments made in accordance with IFRS 158 requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway.

      Q2 2025 H1 2025
    (in millions of $) Segment IFRS 15 adjustments IFRS Segment IFRS 15 adjustments IFRS
    Revenue 274 -40 234 575 -83 492
    EBITDAs 108 -40 68 250 -83 167
    Adjustments -1     0    
    Adjusted EBITDAs 107 -40 67 250 -83 167

    Interim Consolidated Statement of Operations

    (In millions of US$, except per share data) H1 2025 H1 2024
    Operating revenues 491.8 565.8
    Other income from ordinary activities 0.1 0.1
    Total income from ordinary activities 492.0 565.9
    Cost of operations (361.0) (424.1)
    Gross profit 131.0 141.8
    Research and development expenses – net (6.8) (9.6)
    Marketing and selling expenses (16.4) (19.0)
    General and administrative expenses (37.7) (38.0)
    Other revenues (expenses) – net 1.0 (3.6)
    Operating Income (loss) 71.2 71.6
    Cost of financial debt – gross (55.2) (55.1)
    Income from cash and cash equivalents 2.9 5.8
    Cost of financial debt – net (52.3) (49.3)
    Other financial income (loss) (34.4) (0.8)
    Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method (15.4) 21.5
    Income taxes (7.4) (5.6)
    Income (loss) before share of income (loss) from companies accounted for under the equity method (22.8) 15.9
    Net income (loss) from companies accounted for under the equity method (1.0) 0.0
    Net income (loss) from continuing operations (23.8) 15.9
    Net income (loss) from discontinued operations 1.9 16.1
    Consolidated net income (loss) (21.9) 32.0
    Attributable to:    
    Owners of Viridien SA (22.3) 31.6
    Non-controlling interests 0.4 0.4
    Net income (loss) per share9    
    Basic (3.12) 4.43
    Diluted (3.12) 4.41
    Net income (loss) from continuing operations per share8    
    Basic (3.38) 2.17
    Diluted (3.38) 2.16
    Net income (loss) from discontinued operations per share8    
    Basic 0.26 2.25
    Diluted 0.26 2.25

    Interim Consolidated Statement of Financial Position

    (In millions of US$) June 30, 2025 Dec. 31, 2024
    ASSETS    
    Cash and cash equivalents 161.6 301.7
    Trade accounts and notes receivable, net 330.7 339.9
    Inventories and work-in-progress, net 162.1 163.3
    Income tax assets 10.2 22.9
    Other current assets, net 78.8 74.0
    Assets held for sale, net 28.3 24.5
    Total current assets 771.7 926.2
    Deferred tax assets 47.2 43.6
    Other non-current assets, net 9.1 8.9
    Investments and other financial assets, net 24.7 25.7
    Investments in companies under the equity method 5.1 1.1
    Property, plant and equipment, net 205.3 220.6
    Intangible assets, net 589.3 535.4
    Goodwill, net 1,092.8 1,082.8
    Total non-current assets 1,973.5 1,918.1
    TOTAL ASSETS 2,745.2 2,844.3
    LIABILITIES AND EQUITY    
    Financial debt – current portion 63.1 56.9
    Trade accounts and notes payables 113.6 120.9
    Accrued payroll costs 82.5 84.5
    Income taxes payable 12.1 20.4
    Advance billings to customers 20.8 19.2
    Provisions — current portion 17.1 19.7
    Other current financial liabilities 0.0 0.5
    Other current liabilities 218.5 182.5
    Liabilities associated with non-current assets held for sale 2.3 2.4
    Total current liabilities 530.0 507.0
    Deferred tax liabilities 13.2 18.4
    Provisions – non-current portion 33.1 28.8
    Financial debt – non-current portion 1,095.3 1,165.6
    Other non-current financial liabilities 0.0 0.0
    Other non-current liabilities 1.9 1.7
    Total non-current liabilities 1,143.5 1,214.5
    Common stock: 11,201,879 shares authorized and 7,180,449 shares with a nominal value of €1.00 outstanding at June 30, 2025. 8.7 8.7
    Additional paid-in capital 118.7 118.7
    Retained earnings 1,014.7 1,036.5
    Other Reserves (0.9) 55.2
    Treasury shares (20.1) (20.1)
    Cumulative income and expense recognized directly in equity (1.7) (1.1)
    Cumulative translation adjustment (85.0) (113.3)
    Equity attributable to owners of Viridien S.A. 1,034.5 1,084.7
    Non-controlling interests 37.2 38.1
    Total equity 1,071.8 1,122.8
    TOTAL LIABILITIES AND EQUITY 2,745.2 2,844.3

    Interim Consolidated Statement of Cash Flows

    (In millions of US$)   H1 2025 H1 2024
    OPERATING ACTIVITIES      
    Consolidated net income (loss)   (21.9) 32.0
    Less: Net income (loss) from discontinued operations   (1.9) (16.1)
    Net income (loss) from continuing operations   (23.8) 15.9
    Depreciation, amortization and impairment   42.6 47.8
    Earth Data surveys impairment and amortization   59.0 116.3
    Depreciation and amortization capitalized in Earth Data surveys   (7.5) (7.0)
    Variance on provisions   (3.6) (0.3)
    Share-based compensation expenses   1.7 1.8
    Net (gain) loss on disposal of fixed and financial assets   (0.8) 0.1
    Share of (income) loss in companies recognized under equity method   1.0 –
    Other non-cash items   30.0 0.8
    Net cash-flow including net cost of financial debt and income tax   98.5 175.4
    Less: Cost of financial debt   52.3 49.3
    Less: Income tax expense (gain)   7.4 5.6
    Net cash-flow excluding net cost of financial debt and income tax   158.1 230.4
    Income tax paid   (8.3) (12.0)
    Net cash-flow before changes in working capital   149.8 218.4
    Changes in working capital   45.0 (38.2)
    – change in trade accounts and notes receivable   51.0 (17.2)
    – change in inventories and work-in-progress   16.8 11.0
    – change in other current assets   (6.7) 0.9
    – change in trade accounts and notes payable   (3.8) (12.5)
    – change in other current liabilities   (12.3) (20.3)
    Net cash-flow from operating activities   194.8 180.2
           
    INVESTING ACTIVITIES      
    Total capital expenditures (including variation of fixed assets suppliers, excluding Earth Data surveys)   (17.2) (17.8)
    Investment in Earth Data surveys, net cash   (101.6) (97.0)
    Proceeds from disposals of tangible and intangible assets   1.0 0.5
    Dividends received from investments in companies under the equity method   – 0.5
    Variation in other non-current financial assets   2.0 (3.3)
    Net cash-flow from investing activities   (115.7) (117.0)
    FINANCING ACTIVITIES      
    Repayment of long-term debt   (1,074.5) (0.4)
    Total issuance of long-term debt   945.7 –
    Call premium   (21.9) –
    Refinancing transaction costs paid   (3.7)  –
    Lease repayments   (26.1) (27.1)
    Interests paid   (40.4) (43.2)
    Dividends paid and share capital reimbursements:      
    – to owners of Viridien   0 –
    – to non-controlling interests of integrated companies   (1.4) (3.8)
    Net cash-flow from financing activities   (222.4) (74.5)
           
    Effects of exchange rates on cash   3.7 (5.3)
    Net cash flows incurred by discontinued operations   (0.4) 29.6
    Net increase (decrease) in cash and cash equivalents   (140.1) 12.9
    Cash and cash equivalents at beginning of year   301.7 327.0
    Cash and cash equivalents at end of period   161.6 339.9

    1 $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
    2 Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors
    3 Please refer to the “Definitions of Alternative Performance Indicators” in the appendices for explanations of the terms used in this section
    4 The reconciliation of alternative performance indicators to the condensed interim consolidated financial statements is provided in the appendices, along with their definitions
    5 $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
    6 Including a $66m negative foreign exchange impact compared to December 31, 2024
    7 Post IFRS15 and 16

    8 IFRS 15 requires that Earth Data prefunding revenues be recognized only upon delivery of the final processed data, that is, when the performance obligation is fulfilled. As a result, revenue and margin recognition for ongoing surveys is deferred. Viridien’s segment reporting, however, continues to apply the percentage-of-completion method previously used before the adoption of IFRS 15, for recognizing Earth Data prefunding revenues and associated margins
    9 As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for June 2024 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares

    Attachment

    The MIL Network –

  • MIL-OSI: Euronext publishes Q2 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q2 2025 results

    Euronext’s diversified business drives all-time record results, supported by organic growth, favourable market conditions and disciplined capital allocation.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 31 July 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the second quarter of 2025.

    • Q2 2025 revenue and income was up +12.8% to €465.8 million:

    Non-volume-related revenue and income represented 58% of total revenue and income and covered 161% of underlying operating expenses, excluding D&A1:

    • Securities Services revenues grew to €86.2 million (+6.5%), driven by increasing assets under custody, higher settlement activity and double-digit growth in value-added services;
    • Capital Markets and Data Solutions revenue grew to €165.4 million (+12.0%), driven by the continued commercial expansion of Advanced Data Solutions and the strong performance of Euronext Corporate and Investor Solutions and Technology Services, supported by the acquisition of Admincontrol. Like-for-like at constant currencies, revenue grew by +6.5%;
    • Net treasury income grew to €20.0 million (+45.1%), demonstrating the benefits of the Euronext Clearing expansion, high volatility and the internalisation of net treasury income from LCH SA following the derivatives clearing migration in Q3 2024.

    Volume-related revenue was driven by high market volatility in the second quarter:

    • FICC2Markets revenue grew to €87.7 million (+20.1%), driven by another record performance in fixed income trading and clearing and in FX trading;
    • Equity Markets revenue grew to €106.2 million (+9.5%), reflecting a strong quarter in cash equity trading and clearing further boosted by high volatility in the first part of the quarter.
    • Underlying operating expenses excluding D&A were at €168.4 million (+7.9%), in line with Euronext’s 2025 underlying costs guidance. This reflects a step-up in growth investments and the impact of acquisitions, partially offset by a strong cost discipline. Euronext’s underlying operating expense guidance excluding D&A of €670 million excludes Admincontrol, acquired on 13 May 2025.
    • Adjusted EBITDA was €297.3 million (+15.8%) and adjusted EBITDA margin was 63.8% (+1.6pt).
    • Adjusted net income was €204.4 million (+23.8%) and adjusted EPS was €2.02 (+27.0%), supported by received dividends .
    • Reported net income was €183.8 million (+29.7%) and reported EPS was €1.81 (+32.1%).
    • Net debt to adjusted EBITDA3was at 1.8x at the end of June 2025, in line with Euronext’s target range. This ratio reflects the impact of the acquisition of Admincontrol on 13 May 2025 and the dividend payment in May 2025.

    Key figures for the second quarter of 2025:

    in €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Underlying operational expenses exc. D&A                         (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Underlying EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Net income4                          183.8 141.7 +29.7%  
    Adjusted net income4                         204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    • Progress with the delivery of ‘Innovate for Growth 2027’:
      • Euronext has strengthened its development in the Nordics and in the UK with the acquisition of Admincontrol on 13 May 2025. This transaction improves the share of subscription-based revenue and is in line with its ambition to scale up the SaaS offering.
      • Euronext is expanding its footprint in the Nordics and in the power business with the acquisition of Nasdaq Nordic’s power futures business. The final regulatory approval for the acquisition has been granted. Euronext and Nasdaq are now focusing on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 2026.
      • Euronext partnerships with Euroclear5 and Clearstream6 on tri-party collateral management support the broader expansion of its repo clearing services across Europe. In July 2025, Euronext launched the first phase of a multi-year strategy7 to deliver a fully integrated, pan-European clearing model.
      • On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share8,9. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
    “In the second quarter of 2025, Euronext achieved all-time record revenue and income of €465.8 million, driven by organic growth and acquisitions. This is the fifth consecutive quarter of double-digit topline growth. The strong performance reflects the strength of Euronext’s diversified business model, capable of capturing favourable market conditions and of generating non-volume-related revenue growth.

    We have continued to invest in growth, while we maintained a strong cost discipline. Euronext reached an adjusted EBITDA close to €300 million in Q2 2025, marking a significant +15.8% increase compared to Q2 2024. In Q2 2025, we reached record adjusted EPS of €2.02 per share. Our reported EPS grew by +32.1% compared to Q2 2024, to €1.81 per share.

    We continue to foster the integration and competitiveness of European capital markets via strategic initiatives. With a strong footprint in Italian repo, a growing list of government bond coverage, and the majority of key clearing members already connected, Euronext is well positioned to become the clearing house of choice for European repo.

    Europe shows an unprecedented commitment to establish a Savings and Investments Union, and Euronext is a key player in Europe to accelerate the delivery of this ambition. Since the beginning of the year, Euronext has continued to deploy capital to expand across Europe. We have expanded our presence in the Nordics with the acquisition of Admincontrol and will further strengthen our position with the migration of Nasdaq Nordic’s power futures to Euronext Clearing in Q1 2026.

    The contemplated acquisition of ATHEX would expand our integrated model across Europe to deliver the Savings and Investments Union. We are strongly committed to boosting the development and attractivity of Greek markets internationally and generating efficiencies and competitiveness across the Group.”

    Q2 2025 business highlights

    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Securities Services 86.2 80.9 +6.5% +3.9%
    Capital Markets and Data Solutions                           165.4 147.7 +12.0% +6.5%
    FICC Markets 87.7 73.0 +20.1% +20.9%
    Equity Markets 106.2 97.0 +9.5% +9.5%
    Net treasury income 20.0 13.8 +45.1% +45.1%
    Other income 0.3 0.4 -30.4% -31.1%
    • Non-volume-related revenue
      • Securities Services
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 86.2 80.9 +6.5% +3.9%
    Custody & Settlement 77.5 70.0 +10.8% +7.8%
    Other Post Trade 8.6 10.9 -21.1% -21.1%

    Revenue from Custody and Settlement in Q2 2025 was at €77.5 million, +10.8% compared to Q2 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.34 trillion, up +4.5% compared to end of Q2 2024. Over 36.9 million instructions were settled via Euronext Securities during the second quarter of 2025, up +15.0% compared to the second quarter of 2024.

    Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €8.6 million in Q2 2025. The -21.1% decrease compared to Q2 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line.

    • Capital Markets and Data Solutions
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 165.4 147.7 +12.0% +6.5%
    Primary Markets 46.5 45.5 +2.3% +2.5%
    Advanced Data Solutions 65.2 60.6 +7.5% +4.6%
    Corporate and Investor Solutions and Technology Services                             53.7 41.5 +29.2% +13.5%

    Primary Markets revenue was €46.5 million in Q2 2025, an increase of +2.3% compared to Q2 2024. The second quarter recorded slower equity listing activity explained by a volatile environment. Euronext sustained its leading position for equity listing with 6 new listings.

    Advanced Data Solutions revenue was €65.2 million in Q2 2025, up +7.5% compared to Q2 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets.

    Corporate and Investor Solutions and Technology Services revenue grew by +29.2% in Q2 2025 to €53.7 million. This strong performance reflects the contribution of Admincontrol for half a quarter and double-digit growth of investor solutions and colocation services.

    • Net treasury income

    Net treasury income was at €20.0 million, +45.1% compared to Q2 2024. This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility.

    • Volume-related revenue
      • FICC Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 87.7 73.0 +20.1% +20.9%
    Fixed income trading & clearing 51.7 39.2 +31.9% +31.9%
    Commodities trading & clearing 26.7 26.0 +2.7% +3.1%
    FX trading 9.3 7.8 +18.9% +25.2%

    Fixed income trading and clearing revenue reached €51.7 million in Q2 2025, up +31.9% compared to Q2 2024, driven by record fixed income trading activity supported by favourable market conditions.

    Commodities10 trading and clearing revenue reached €26.7 million in Q2 2025, up +2.7% compared to Q2 2024, reflecting record intraday power trading volumes and softer agricultural commodity trading and clearing.

    FX trading revenue was up +18.9%, at €9.3 million in Q2 2025, reflecting record trading volumes in April 2025, which outbalanced the negative currency impact of the USD.

    • Equity Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 106.2 97.0 +9.5% +9.5%
    Cash equity trading & clearing 93.4 80.4 +16.2% +16.2%
    Financial derivatives trading & clearing 12.8 16.6 -22.9% -22.9%

    Cash equity trading and clearing revenue11 was €93.4 million in Q2 2025, up +16.2% compared to Q2 2024 driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.4 billion, up +21.2% compared to Q2 2024. Euronext reached solid average revenue capture on cash trading at 0.52 bps for the second quarter of 2025, despite higher volumes and larger average order size compared to Q2 2024. Euronext market share on cash equity trading averaged 63.5% in Q2 2025.

    Financial derivatives trading and clearing revenue was €12.8 million in Q2 2025, -22.9% compared to Q2 2024. This mostly reflects lower volatility and the decrease of the average clearing fees. Following the clearing migration, certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q2 2024.

    Q2 2025 financial performance

    In €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenues and income 465.8 412.9 +12.8% +10.5%
    Underlying operating expenses excl. D&A                        (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Adjusted EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Operating expenses excl. D&A (171.8) (162.9) +5.5% +1.6%
    EBITDA 293.9 249.9 +17.6% +16.2%
    Depreciation & amortisation (48.2) (47.9) +0.5% +1.0%
    Total expenses (220.0) (210.9) +4.3% +1.2%
    Adjusted operating profit 274.7 234.8 +17.0% +15.7%
    Operating profit 245.8 202.0 +21.7%  
    Net financing income / (expense) (5.7) 3.5 N/A  
    Results from equity investments 24.5 1.2 N/A  
    Profit before income tax 264.5 206.7 +28.0%  
    Income tax expense (68.1) (55.7) +22.3%  
    Minority interests (12.6) (9.2) +36.3%  
    Net income 183.8 141.7 +29.7%  
    Adjusted net income 204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    Adjusted EPS (diluted, in€) 2.01 1.59 +26.4%  
    Reported EPS (diluted, in€) 1.81 1.36 +33.1%  
    • Q2 2025 adjusted EBITDA

    Underlying operating expenses excluding D&A1 were at €168.4 million (+7.9%). The increase compared to Q2 2024 reflects investments in growth and the impact of acquisitions performed in 2025, partially offset by cost discipline.
    As a result of a double digit growth in revenue, adjusted EBITDA for the quarter reached €297.3 million, up +15.8% compared to Q2 2024. This represents an adjusted EBITDA margin of 63.8%, up +1.6pts vs. Q2 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +14.4% compared to Q2 2024.
    Q2 2025 non-underlying operating expenses excluding D&A amounted to €3.4 million, mostly related to the integration of recent acquisitions. As a consequence, reported EBITDA was at €293.9 million, up +17.6% compared to Q2 2024.

    • Q2 2025 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €48.2 million in Q2 2025, +0.5% more than Q2 2024. PPA related to acquired businesses accounted for €19.1 million. Adjusted operating profit was €274.7 million, up +17.0% compared to Q2 2024. Euronext reported a net financing expense of €5.7 million in Q2 2025, compared to €3.5 million net financing income in Q2 2024. The variation reflects decreasing interest rates, lower cash position after the redemption of the €500 million bond and the recognition of non-cash interest expense related to the convertible bonds.

    Income tax for Q2 2025 was €68.1 million. This translated into an effective tax rate of 25.7% for the quarter, compared to 27.0% in Q2 2024. The tax rate was positively impacted by the tax-exempt €24.5 million dividend received by Euroclear. Share of non-controlling interests amounted to €12.6 million, correlated with the strong performance of MTS and Nord Pool.

    As a result, the reported net income, share of the parent company shareholders, increased by +29.7%for Q2 2025 compared to Q2 2024, to €183.8 million. This represents a reported EPS of €1.81 basic and €1.81 diluted. Adjusted net income, share of the parent company shareholders, was up +23.8% to €204.4 million. Adjusted EPS (basic) was €2.02 and adjusted EPS (diluted) was €2.01. The increase in EPS reflects higher profit and a lower number of outstanding shares over the second quarter of 2025 compared to Q2 2024. The weighted number of shares used over the second quarter of 2025 was 101,374,346 for the basic calculation and 102,130,793 for the diluted calculation, compared to 103,653,544 and 103,986,292 respectively over the second quarter of 2024. The difference in share count is due to the share repurchase programme executed by Euronext and the consideration of the convertible bonds under IAS 33.

    In Q2 2025, Euronext reported a net cash flow from operating activities of €135.0 million, compared to €111.5 million in Q2 2024, reflecting higher profit before tax and higher income tax paid in Q2 2025. Excluding the impact of working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 52.3% of EBITDA in Q2 2025.

    Q2 2025 corporate highlights since publication of the first quarter 2025 results on 14 May 2025

    • Euronext received regulatory approval for the acquisition of Nasdaq Nordic power futures

    On 4 June 2025, Euronext received regulatory approval for the extension of Euronext Clearing to power derivatives under Article 15 of EMIR. With this final approval, all regulatory approvals for the acquisition of Nasdaq Nordic’s power futures business have been granted. Euronext and Nasdaq continue to focus on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 202612.

    • Partnership with Clearstream on collateral management

    On 16 June 2025, Euronext and Clearstream announced the start of a new partnership13 to advance the continued development of Euronext Clearing’s collateral management services across repo and other asset classes.
    As part of this initiative, Clearstream will serve as a triparty agent (TPA) for Euronext Clearing, facilitating advanced collateral management capabilities. Clients will benefit from automated, flexible and operationally streamlined solutions that enhance margin and balance sheet optimisation. Clearstream will act as an independent third party, handling the collateral selection, valuation and substitution to ensure compliance with eligibility criteria while minimising operational complexities. In addition, Clearstream will manage settlement and custody services, provide robust regulatory reporting, and support liquidity and risk management objectives. The go-live of this enhanced service offering is scheduled for November 2025.

    • Euronext successfully launched its inaugural convertible bonds issuance

    On 22 May 2025, Euronext announced the success of its offering of senior unsecured bonds due 2032 convertible into new shares and/or exchangeable for existing shares of the Company (“OCEANEs”) (the “Bonds”), by way of a placement to qualified investors only, for a nominal amount of €425 million (the “Offering”)14. The Bonds were issued with a denomination of €100,000 each (the “Principal Amount”), and will be convertible and/or exchangeable into new and/or existing shares of Euronext (the “Shares”) and will pay a fixed coupon at a rate of 1.50% per annum, payable semi-annually in arrear on 30 May and 30 November of each year (or on the following business day if this date is not a business day), and for the first time on 30 November 2025. The initial conversion price of the Bonds is set at €191.1654. Unless previously converted, exchanged, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 30 May 2032 (or on the following business day if such date is not a business day) (the “Maturity Date”).

    • Euronext successfully migrated Italian markets to a harmonised clearing framework

    On 30 June 2025, Euronext completed the migration of the Italian derivatives and cash equity markets to its Core Clearing System. Euronext is now clearing all its financial derivatives, commodities and cash equities markets through a single, streamlined, harmonised clearing gateway. This important milestones delivers to Euronext Clearing clients further material operational and risk management efficiencies, which optimise their total cost of trading on Euronext markets.

    Corporate highlights since 1 July 2025

    • Euronext launched the first phase of its strategic multi-year Repo expansion initiative15

    On 8 July 2025, Euronext announced the launch of its initiative to expand access, improve collateral usage and position Euronext as a leading Central Counterparty (CCP) for European repo markets. As a cornerstone of Euronext’s strategic plan announced in November 2024, the Repo initiative sets in motion Euronext’s vision to build a fully integrated, pan-European post-trade infrastructure. Euronext now offers repo clearing for Spanish, Portuguese and Irish government bonds, alongside its established Italian offering. For the first time, international firms can join the platform with seamless onboarding and scalable settlement operations.

    • Euronext to launch voluntary share exchange offer for all ATHEX shares

    On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share16,17. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    The combination between Euronext and ATHEX is in line with Euronext’s ambition to integrate European capital markets. The combined Group will foster harmonisation of European capital markets on a unified technology. Greek markets would benefit from increased visibility towards global investors as part of the leading single liquidity pool in Europe.

    Euronext expects the combination to deliver €12 million annual run-rate cash synergies by the end of 2028, with implementation costs related to these synergies expected at €25 million. The Offer is in line with Euronext’s investment criteria of ROCE > WACC in year 3 to 5 after the acquisition and is expected to be accretive for Euronext shareholders after delivery of synergies in year 1.

    The Offer is expected to be open for acceptance, subject to regulatory approvals, from Q4 2025. The transaction is expected to be completed by the end of 2025.

    Results Webcast

    A webcast will be held on Friday, 1 August 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):

    For the live webcast go to: Webcast

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

    Contacts

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45 

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Catalina Augspach        +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    About Euronext 
    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.
    As of June 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Appendix

    The figures in this Appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Consolidated income statement

      Q2 2025 Q2 2024
    In € million, unless stated otherwise Underlying Non-
    underlying    		 Reported Underlying Non-
    underlying    		 Reported
    Revenues 465.8 – 465.8 412.9 – 412.9
    Securities Services 86.2 – 86.2 80.9 – 80.9
    Custody and Settlement 77.5 – 77.5 70.0 – 70.0
    Other Post Trade 8.6 – 8.6 10.9 – 10.9
    Capital Markets and Data Solutions 165.4 – 165.4 147.7 – 147.7
    Primary Markets 46.5 – 46.5 45.5 – 45.5
    Advanced Data Solutions 65.2 – 65.2 60.6 – 60.6
    Corporate and Investor Solutions
    and Technology Services    		 53.7 – 53.7 41.5 – 41.5
    FICC markets 87.7 – 87.7 73.0 – 73.0
    Fixed income trading and clearing 51.7 – 51.7 39.2 – 39.2
    Commodities trading and clearing 26.7 – 26.7 26.0 – 26.0
    FX trading 9.3 – 9.3 7.8 – 7.8
    Equity markets 106.2 – 106.2 97.0 – 97.0
    Cash equity trading and clearing 93.4 – 93.4 80.4 – 80.4
    Financial derivatives trading and clearing 12.8 – 12.8 16.6 – 16.6
    Net treasury income 20.0 – 20.0 13.8 – 13.8
    Other income 0.3 – 0.3 0.4 – 0.4
    Operating expenses excl. D&A (168.4) (3.4) (171.8) (156.1) (6.8) (162.9)
    Salaries and employee benefits (92.2) (1.1) (93.3) (79.9) (0.4) (80.2)
    Other operational expenses, of which (76.3) (2.2) (78.5) (76.2) (6.5) (82.7)
    System & Communication (26.5) (0.2) (26.7) (24.7) (1.1) (25.9)
    Professional services (17.7) (2.2) (19.9) (13.6) (4.4) (17.9)
    Clearing expense (0.2) – (0.2) (9.9) – (9.9)
    Accommodation (4.5) 0.1 (4.4) (4.1) (0.3) (4.4)
    Other operational expenses (27.3) – (27.4) (23.9) (0.7) (24.6)
    EBITDA 297.3 (3.4) 293.9 256.8 (6.8) 249.9
    EBITDA margin 63.8%   63.1% 62.2%   60.5%
    Depreciation & amortisation (22.6) (25.6) (48.2) (21.9) (26.0) (47.9)
    Total expenses (191.0) (29.0) (220.0) (178.0) (32.8) (210.9)
    Operating profit 274.7 (29.0) 245.8 234.8 (32.8) 202.0
    Net financing income/(expense) (5.7) – (5.7) 3.5 – 3.5
    Results from equity investment 24.5 – 24.5 0.1 1.2 1.2
    Profit before income tax 293.5 (29.0) 264.5 238.4 (31.7) 206.7
    Income tax expense (75.6) 7.5 (68.1) (64.0) 8.3 (55.7)
    Non-controlling interests (13.4) 0.8 (12.6) (9.2) (0.1) (9.2)
    Net income
    share of the parent company shareholders    		 204.4 (20.6) 183.8 165.2 (23.4) 141.7
    EPS (basic, in €) 2.02   1.81 1.59   1.37
    EPS (diluted, in €) 2.01   1.81 1.59   1.36

    Adjusted EPS definition

     In € million, unless stated otherwise Q2 2025 Q2 2024
    Net income reported                183.8                 141.7
    EPS reported (in €) 1.81 1.37
    Adjustments for non-underlying items included in:    
    Operating expenses exc. D&A (3.4) (6.8)
    Depreciation and amortisation (25.6) (26.0)
    Results from equity investments                   –                  1.2
    Non-controlling interest 0.8 (0.1)
    Tax related to adjustments                       7.5                       8.3
    Adjusted net income                 204.4                  165.2
    Adjusted EPS (in €)                     2.02                     1.59

    Consolidated comprehensive income statement

    In € million Q2 2025 Q2 2024
    Profit for the period 196.4 151.0
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations    (53.6) 15.2
    – Income tax impact on exchange differences on translation of foreign operations    7.4 (1.9)
    – Gains and losses on cash flow hedges    (2.2) –
    – Change in value of debt investments at fair value through other comprehensive income –    0.3
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		    –    (0.1)
         
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income    46.1 6.5
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (0.4) (1.0)
    – Remeasurements of post-employment benefit obligations    1.9 1.9
    – Income tax impact on remeasurements of post-employment benefit obligations – (0.2)
    Other comprehensive income for the period, net of tax (0.8) 20.8
    Total comprehensive income for the period 195.6 171.8
         
    Comprehensive income attributable to:    
    – Owners of the parent 184.0 162.5
    – Non-controlling interests 11.6 9.3

    Consolidated statement of financial position

    In € million 30 June 2025 31 March 2025
    Non-current assets    
    Property, plant and equipment 103.0 107.4
    Right-of-use assets 85.1 88.2
    Goodwill and other intangible assets18 6,586.7 6,096.5
    Deferred income tax assets 24.0 29.1
    Investments in associates and joint ventures 0.8 0.8
    Financial assets at fair value through OCI 403.1 357.0
    Other non-current assets 3.4 3.4
    Total non-current assets 7,206.2 6,682.4
         
    Current assets    
    Trade and other receivables 463.8 574.2
    Income tax receivable 32.2 17.5
    Derivative financial instruments 0.1 2.2
    CCP clearing business assets 348,903.3 341,647.6
    Other current financial assets 59.3 59.5
    Cash & cash equivalents 919.3 1,642.3
    Total current assets 350,378.1 343,943.3
    Total assets 357,584.2 350,625.7
         
    Equity    
    Shareholders’ equity 4,153.5 4,224.6
    Non-controlling interests 144.3 161.7
    Total equity 4,297.9 4,386.3
         
    Non-current liabilities    
    Borrowings 2,311.7 2,537.5
    Lease liabilities 69.8 71.7
    Other non-current financial liabilities 3.5 3.5
    Deferred income tax liabilities 488.4 495.1
    Post-employment benefits 21.2 23.0
    Contract liabilities 53.3 54.2
    Other provisions 7.1 7.0
    Total non-current liabilities 2,955.0 3,192.1
    Current liabilities    
    Borrowings 602.7 524.0
    Lease liabilities 22.2 21.9
    Other current financial liabilities1 103.5 –
    CCP clearing business liabilities 348,949.3 341,695.3
    Income tax payable 68.8 99.3
    Trade and other payables 422.5 526.5
    Contract liabilities 158.5 176.2
    Other provisions 3.7 4.1
    Total current liabilities      350,331.3 343,047.3
    Total equity and liabilities     357,584.2 350,625.7

    Consolidated statement of cash flows

    In € million Q2 2025 Q2 2024
    Profit before tax 264.5 206.7
    Adjustments for:    
    – Depreciation and amortisation 48.2 47.9
               – Share-based payments 5.6 2.9
    -Results from equity investments (24.5) –
    -Gain on sale of associate – (1.2)
    -Share of profit from associates and joint ventures – (0.1)
               – Changes in working capital (43.8) (67.9)
    Cash flow from operating activities 250.0 188.4
    Income tax paid (115.1) (76.9)
    Net cash flows from operating activities 135.0 111.5
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired                                     (400.4) (38.5)
    Proceeds from sale of associate –                              0.9
    Purchase of current financial assets (0.4) (0.6)
    Redemption of current financial assets (0.2) 17.7
    Purchase of property, plant and equipment                                    (3.2)                               (5.0)
    Purchase of intangible assets (28.1) (15.8)
    Interest received                                     7.3 11.3
    Asset acquisitions (27.7) –
    Proceeds from sale of property, plant, equipment and intangible assets – (0.1)
    Dividends received from equity investments 24.5 –
    Dividends received from associates and joint ventures                                         – 0.1
    Net cash flow from investing activities (428.2) (30.0)
         
    Cash flow from financing activities    
    Proceeds from borrowings, net of transaction fees 846.2 –
    Repayment of borrowings, net of transaction fees (925.0) –
    Interest paid (29.2) (28.2)
    Payment of lease liabilities (3.4) (4.2)
    Transactions in own shares 0.0 (10.0)
    Withholding tax paid at vesting of shares (1.9) (1.2)
    Dividends paid to the company’s shareholders (293.4) (257.3)
    Dividends paid to non-controlling interests (18.2) (18.9)
    Net cash flow from financing activities (424.9) (319.6)
         
    Total cash flow over the period (718.1) (238.1)
    Cash and cash equivalents – Beginning of period 1,642.3 1,609.6
    Non-cash exchange gains/(losses) on cash and cash equivalents (4.9) 4.6
    Cash and cash equivalents – End of period 919.3 1,376.0

    Business indicators for the second quarter of 2025

    • Securities Services
    Custody and Settlement Q2 2025 Q2 2024 % var
    Number of settlement instructions over the period 36,946,162 32,114,794 +15.0%
    Assets under Custody (in €bn), end of period 7,344 7,030 +4.5%
    • Capital Markets
    Primary Markets Q2 2025 Q2 2024 % var
    Number of issuers on Equities – Euronext 1,766 1,862 -5.0%
    Number of issuers on Equities – SMEs 1,371 1,469 -7.0%
    Number of listed Funds 2,179 2,347 -7.0%
    Number of listed ETFs 4,322 3,885 +11.0%
    Number of listed Bonds 57,367 58,147 -1.0%
    Capital raised on primary and secondary market (in €m)      
    Number of new equity listings 13 17  
    Money raised – New equity listings (including over-allotment) 155 3,403 -95.0%
    Money raised – Follow-ons on equities 4,457 2,362 +89.0%
    Money raised – Bonds 316,817 304,686 +4.0%
    • FICC Markets
    Fixed income trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Transaction value (in €m, single counted)      
    MTS      
    ADV MTS Cash 59,182 36,287 +63.0%
    TAADV MTS Repo 612,821 448,618 +37.0%
    Other fixed income      
    ADV fixed income 1,588 1,689 -6.0%
    Number of transactions and lots cleared (double counted)      
    Bonds – Wholesale (nominal value in €bn) 8,571 6,918 +23.9%
    Bonds – Retail (number of contracts) 3,313,182 3,658,240 -9.4%
    Commodities trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 91 91 –
    Power volume (in TWh) – ADV Day-ahead Power Market 2.53 2.53 0.0%
    Power volume (in TWh) – ADV Intraday Power Market          0.56 0.36 +58.0%
    Derivatives volume (in lots)      
    Number of trading days 62 63 –
    Commodity 6,746,377 7,898,126 -14.6%
    Futures 6,473,697 7,197,681 -10.1%
    Options 272,680 700,445 -61.1%
    FX trading Q2 2025 Q2 2024 % var
    Number of trading days 65 65 –
    FX volume (in $m, single counted)      
    Total Euronext FX 2,025,494 1,783,772 +13.6%
    ADV Euronext FX 31,161 27,443 +13.6%
    • Equity Markets
    Cash equity trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Number of transactions (buy and sell) (reported trades included)      
    Total Cash Market 186,375,884 152,354,170 +21.5%
    ADV Cash Market 3,006,063 2,434,193 +23.5%
    Transaction value (€ million, single counted)      
    Total Cash Market 831,391 696,882 +19.3%
    ADV Cash Market 13,410 11,062 +21.2%
    Shares (number of transactions and lots cleared – single counted) 75,751,603 55,211,959 +37.2%
    Financial derivatives trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Derivatives Volume (in lots) – Equity 30,293,449 35,317,815 -14.2%
    Index 10,684,578 13,753,365 -22.3%
    Futures 6,465,795 7,760,863 -16.7%
    Options 4,218,783 5,992,502 -29.6%
    Individual Equity 19,608,871 21,564,450 -9.1%
    Futures 526,418 2,782,606 -81.1%
    Options 19,082,453 18,781,844 +1.6%

    1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    2   Fixed income, commodities and currencies
    3 Last twelve months adjusted EBITDA. Net debt to last twelve months reported EBITDA ratio was at 1.9x.
    4 Share of the parent company shareholders
    5https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-collaboration-euroclear-enhance-euronext
    6https://www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    7https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    8https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    9 Offer is subject to customary and regulatory approvals.
    10 Including revenue from power trading and clearing
    11 Including equities, ETFs, warrants and certificates
    12www.euronext.com/en/news/euronext-nasdaq-clearing-agreement-power-derivatives-transfer-set-for-march-2026.
    13 www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    14www.euronext.com/en/investor-relations/financial-information/news/euronext-announces-success-its-offering-bonds-due
    15 www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    16 https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    17 Offer is subject to customary and regulatory approvals.

    18 The Nasdaq Nordic transaction qualifies as an ‘asset acquisition’. The full purchase price, consisting of a fixed amount of US$35.0 million and a contingent consideration amount estimated at US$115.0 million, is allocated to customer relationships as an intangible asset. The Group has chosen to apply the liability approach that follows IFRIC 1 principles for recognition of the contingent consideration liability, whereby subsequent changes in the liability are adjusted against the carrying amount of the related asset.

    Attachment

    The MIL Network –

  • MIL-OSI: Coface SA: Description of the 2025-2026 Share Buyback Program

    Source: GlobeNewswire (MIL-OSI)

    Description of the 2025-2026 Share Buyback Program

    1. INTRODUCTION

    It is reminded that the Shareholders’ Combined General Meeting of COFACE SA (the Company) held on of May 16, 2024, had previously authorised the Board of Directors, in its fourth (4th) resolution, to carry out transactions on COFACE SA’s shares under the framework of the 2024-2025 Share Buyback Program. The main features and description of the said program are published on the Company’s website and on the 2024 Universal Registration Document.

    The Company, listed on Euronext Paris – Compartment A -, wishes to continue to have a Share Buyback Program (the Program), pursuant to applicable regulation (See “Legal Framework” below).

    To this end, the Shareholders’ Combined General Meeting of May 14, 2025 issued a new authorisation to the Board of Directors, with the power to sub delegate in accordance with legislative and regulatory provisions, thirteen (13th) resolution, to implement a new Share Buyback Program on the Company’s shares (Code ISIN FR0010667147). This Program shall replace the existing one established by the Shareholders’ Combined General Meeting of May 16, 2024.

    1. MAIN CHARACTERISTICS OF THE 2025-2026 SHARE BUYBACK PROGRAM

    2.1 Date of Shareholders’ General Meeting authorising the Program

    The 2025-2026 Program was authorised by the Shareholders’ Combined General Meeting of May 14, 2025, in its thirteen (13th) resolution.

    The Board of Directors of July 31, 2025, authorised COFACE SA, with the power to sub delegate to the CEO, pursuant to the delegation given by the Shareholder’s Combined General Meeting of May 14, 2025 in its thirteen (13th) resolution, to trade on the Company’s share through the “2025-2026 Share Buyback Program”, whose main features are described below.

    2.2 Allotment by objective of shares held as of June 30, 2025

    COFACE SA held, as of June 30, 2025, 0.57% of its share capital or 852,060 common shares. At that date, the breakdown by objective of the number of shares held was as follows:

    Objectives Number of own shares held
    a) ensure liquidity and boost the market for the Company’s stock through an investment service provider acting independently within the context of a liquidity contract in compliance with the Charter of Ethics recognised by the French Financial Markets Authority 92,102
    b) allot shares to employees of the Company and in particular within the context:
    (1) of profit sharing;
    (2) any stock option plan of the Company, pursuant to the provisions of Articles L.225-177 et seq. of the French Commercial Code;
    (3) any savings plan in compliance with Articles L.3331-1 et seq. of the French Labour Code;
    (4) any allocation of bonus shares pursuant to the provisions of Articles L.225-197-1 et seq. of the French Commercial Code;
    as well as performing all hedging operations relating thereto, under the conditions provided for by the market authorities and at the times to be determined by the Board of Directors or the person acting upon its delegation    		  

    0
    0

    0

    755,958
    e) cancel all or part of the stock thus purchased 0
    TOTAL 852,060

    2.3 Objectives of the 2025-2026 Share Buyback Program

    Purchases and sales of the Company’s shares may be made, by decision of the Board, to:

    Authorised objectives
    a) ensure liquidity and boost the market for the Company’s stock through an investment service provider acting independently within the context of a liquidity agreement, in compliance with the market practice accepted by the Autorité des marchés financiers on 2 July 2018;
    b) allocate shares to the corporate officers and employees of the Company and of other Group entities, in particular within the context of:
    (i) employee profit sharing;
    (ii) any stock option plan of the Company, pursuant to Article L.225-177 et seq. of the French Commercial Code;
    (iii) any savings plan in compliance with Article L.3331-1 et seq. of the French Labour Code;
    (iv) any allocation of bonus shares pursuant to the provisions of Article L.225‑197-1 et seq. of the French Commercial Code;
    as well as performing all hedging operations relating to these operations, under the conditions provided for by the market authorities, and at the times to be determined by the Board of Directors or the person acting by delegation thereof
    c) transfer the Company’s shares upon exercise of the rights attached to securities entitling their bearers, directly or indirectly, through reimbursement, conversion, exchange, presentation of a warrant or in any other manner, to the allocation of the Company’s shares pursuant to current regulations; additionally, perform all hedge operations relating to these transactions, under the conditions provided for by the market authorities and at the times to be determined by the Board of Directors or the person acting by delegation of the Board of Directors
    d) keep the Company’s shares and subsequently remit them as payment or trade within the context of any external growth operations
    e) cancel all or part of the stock purchased
    f) implement any market practice that may be authorised by the French Financial Markets Authority and, more generally, perform all operations in compliance with applicable regulations in particular with Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation)

    2.4 Maximum percentage of the share capital, maximum number of shares, maximum purchase price and characteristics of the shares that COFACE SA intends to buyback

    2.4.1 Characteristics of the shares that COFACE SA intends to buyback

    Common shares of the Company traded on Euronext Paris:

    STOCK MARKET PROFILE
    Trading Euronext Paris (compartment A), eligible for
    deferred settlement service (SRD)
    ISIN code FR0010667147
    Reuters code COFA.PA
    Bloomberg code COFA FP
    Stock market indexes SBF 120, CAC All Shares, CAC All-Tradable,
    CAC Financials, CAC Mid & Small, CAC Mid 60, Next 150

    2.4.2 Maximum percentage of the share capital

    The Board of Directors can authorise, with the power to sub-delegate under the legal and regulatory conditions, in compliance with the provisions of Articles L.22-10-62 et seq and  L.225-210 et seq. of the French Commercial Code, the purchase of –in one or more instances and at the times to be determined by it – a number of shares of the Company not to exceed:
    (i)    10% the total number of shares composing the share capital, at any time whatsoever; or,
    (ii)    5% of the total number of shares subsequently composing the share capital if it concerns shares acquired by the Company in view of keeping them and transferring them as payment or exchange under a merger, spin-off or contribution operation.

    These percentages apply to a number of shares adjusted, where appropriate, according to the operations that could affect the share capital subsequent to the Shareholders’ Meeting of 16 May 2024.

    2.4.3 Maximum number of shares

    COFACE SA is committed, by law, not to exceed the holding limit of 10% of its capital, such 10% limit being, for information purposes, 15,017,979 shares as at June 30, 2025.

    2.4.4 Maximum purchase price

    According to the thirteen (13th) resolution proposed and accepted by the Shareholder’s Combined General Meeting of May 14, 2025, the maximum purchase price per unit may not exceed €30, excluding costs.

    The Board of Directors may nevertheless, for operations involving the Company’s capital, in particular a modification of the par value of the share, a capital increase by incorporation of reserves following the creation and allocation of bonus shares, a stock split or reverse stock split, adjust the aforementioned maximum purchase price in order to take into account the impact of these operations on the value of the Company’s stock.

    2.4.5 Other information

    The acquisition, disposal or transfer of these shares may be completed and paid for by all methods authorised by the current regulations, on a regulated market, multilateral trading system, a systematic internaliser, or over the counter, in particular through the acquisition or disposal of blocks of shares, using options or other derivative financial instruments, or warrants or, more generally, securities entitling their bearers to shares of the Company, at the times that the Board of Directors will determine.

    The Board of Directors shall have all powers, with the power to sub delegate in compliance with legislative and regulatory conditions, in order to, in accordance with applicable legislative and regulatory provisions, proceed with the permitted reallocation of repurchased shares in view of one of the objectives of the programme, to one or more of its other objectives, or even their disposal, on or off the market.

    2.5 Term of the 2025-2026 Share Buyback Program

    According to thirteen (13th) resolution proposed and accepted by the Shareholders’ Combined General Meeting of May 14, 2025, this Program will have a maximum period of eighteen (18) months from the date of said Combined General Meeting and will therefore continue no later than November 13, 2026 (including) or until the date of its renewal by a Shareholders’ General Meeting, the one occurring first.

    This authorisation concludes the one granted by the fourth (4th) resolution that was adopted by the Shareholders’ Combined Meeting of May 16, 2024.

    1. LEGAL FRAMEWORK

    Legal Framework

    The legal framework used for this document shall be that in force on June 30, 2025.
    It shall be noted that regulation may evolve during time and its updates shall be taken into consideration.

    1. Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC;
    2. Commission Delegated Regulation (EU) 2016/1052 of March 8, 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programs and stabilisation measures;
    3. Article L.225-206 and following of the French Commercial Code (and updates);
    4. General Regulation of the French Market Authority: Article L.221-1 and seq. and Article L.241-1 and seq.;
    5. AMF Policy Documents.

    Historical figures

    The main features of the Share Buyback Programs have been published on the website of the Company (http://www.coface.com/Investors) and are also described in the Universal Registration Documents.

    Share Buyback Program General Assembly authorising the Program Decision to implement the Program by the Board of Directors Transactions framework
    Liquidity Agreement LTIP Cancellation of shares
    2020 – 2021 May 14, 2020 (Res. 5) July 29, 2020 Yes No Yes1
    2021 – 2022 May 12, 2021 (Res. 17) July 28, 2021 Yes No No
    2022 – 2023 May 17, 2022 (Res. 8) July 28, 2022 Yes Yes2 No
    2023 – 2024 May 16, 2023 (Res. 4) August 10, 2023 Yes Yes3 No
    2024 – 2025 May 16, 2024 (Res. 4) August 5, 2024 Yes No No
    2025 -2026 May 14, 2025 (Res. 13) July 31, 2025 Yes Yes No

    (1)   Own shares transactions Agreement, signed with Kepler Cheuvreux, from October 27, 2020 to January 29, 2021, to buy Coface’s shares for their cancellation. For more information, the reader should refer to the Universal Registration Document published in 2021 on the 2020 financial statements.
    (2)   Own shares transactions Agreement, signed with BNP Paribas Exane, from September 13, 2022 to November 15, 2022, to buy Coface’s shares for their allocation under the LTIP. For more information, the reader should refer to the Universal Registration Document published in 2023 on the 2022 financial statements.
    (3)   Own shares transactions Agreement, signed with Kepler Cheuvreux, from September 11, 2023 to September 29, 2023, to buy Coface’s shares for their allocation under the LTIP. For more information, the reader should refer to the Universal Registration Document published in 2024 on the 2023 financial statements.

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

    Attachment

    The MIL Network –

  • MIL-OSI: Families Are Hitting the Road for Summer Travel: How to Maximize Every Travel Dollar

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del. and DETROIT, July 31, 2025 (GLOBE NEWSWIRE) — With summer in full swing, families are hitting the road for vacations, choosing cars over planes for everything from camping weekends to family reunions. Car travel remains the top choice, but rising prices have prompted more travelers to stretch every dollar, especially when traveling with kids, grandparents or even a pet or two.

    “Planning ahead is key,” said Joe Saul-Sehy, personal finance expert and host of “The Stacking Benjamins Podcast.” “Set a budget that includes everything, not just gas and hotels, but food, entertainment and the unexpected. That’s where families often get caught off guard.”

    A Media Snippet accompanying this announcement is available by clicking on this link.

    One way travelers are maximizing their money is by using rewards programs that allow them to earn on everyday spending. A new option is the GM Rewards program and GM Rewards Mastercard from Barclays which enables cardmembers to earn and redeem points across GM brands. Points can be applied toward new vehicles, exclusive experiences, accessories, services, and digital features like most OnStar plans and Super Cruise.

    “You’re already spending on things like groceries, gas and travel,” Saul-Sehy said. “A card like this helps turn that spending into something that can actually reduce future costs and can make a real difference.”

    Cardmembers can earn up to 10x points on GM purchases – that’s 7x points for every $1 spent on eligible purchases plus up to 3x points for being a GM Rewards Member.

    GM enhances loyalty program and unveils new GM Rewards™ Mastercard® from Barclays.

    There is no cap on earnings, and new cardmembers can earn 30,000 bonus points after meeting initial spending requirements. For more information, visit experience.gm.com.

    The MIL Network –

  • MIL-OSI USA: On Senate Floor, Shaheen Leads Colleagues in Attempts to Lessen Harmful Impacts of Trump Tariff Taxes on American Families and Businesses; Republicans Block Shaheen Bill to Shield Granite Staters from Higher Costs

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    **Shaheen’s bill would have clarified that the President does not have the authority to level sweeping tariffs through the International Emergency Economic Powers Act (IEEPA), but it was blocked from passage by Senate Republicans**

    (Washington, DC) – Ahead of many of President Trump’s sweeping tariffs taking effect on Friday, U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Committee on Small Business and Entrepreneurship, took to the Senate floor this evening to call for unanimous consent to pass her Protecting Americans from Tax Hikes on Imported Goods Act and lead her colleagues in highlighting the devastating impacts the President’s trade war has on families, small businesses, American manufacturing and key trade partnerships across the world. If Senate Republicans had not blocked the move, Shaheen’s legislation would have clarified that the President does not have the authority to invoke the International Emergency Economic Powers Act (IEEPA) to level sweeping tariffs. Click HERE to watch Shaheen’s remarks in full.

    U.S. Senators Peter Welch (D-VT), Maria Cantwell (D-WA), Ed Markey (D-MA), Ron Wyden (D-OR), Amy Klobuchar (D-MN) and Richard Blumenthal (D-CT) joined Shaheen to underscore the damaging effects of the Trump tariff taxes.

    Key quotes from Senator Shaheen:

    • “Those tariffs are expected to add about $2,400 in costs for the average household per year. That’s why I introduced the Protecting Americans from Tax Hike on Imported Goods Act. This bill states clearly that the International Emergency Economic Powers Act cannot be used to place taxes on imports. If the President needs to block a dangerous product, he still can under my legislation. But if there is a real threat, I think we’d want to stop it, not just tax it. That’s what my bill does. It makes clear what a Federal Court has already found: that IEEPA, the International Emergency Economic Powers Act, does not authorize tariffs. Passing my bill would give businesses and families more certainty to plan for the future, and to keep more of their hard-earned dollars in their pockets.”
    • “Now we just saw a deal announced with the EU by the President and Ursula von der Leyen, the head of the European Commission, forcing 15% taxes on imports. Now compare that to what we were paying in 2024 for at the same time. That was about 1.5%. So under this “great deal” that the President negotiated with the EU, Americans are going to be paying ten times what we paid last year. And with Japan, President Trump agreed to a 15% tax. That’s also ten times what we were paying last year. So, let’s not pretend that these are some big wins. The President can announce that, but they’re only a slight improvement on a crisis that the President created himself.”
    • “At a time when people are rightly worried about the rising cost of living, Trump’s tariffs amount to a tax to make everything from clothes to housing to food even more expensive. For example, last month, home prices hit a record high. And these tariffs could add more than $10,000 to the cost of a home. Coffee prices hit a record high earlier this year, and now President Trump wants to put a 50% tariff on Brazil, our largest source of coffee. As families do their back to school shopping, they’re going to see higher prices for clothing and shoes. Those prices could go up by 35% by the end of the year. And for new parents, just for example, the price of one stroller at Walmart went up 50% in two months.”

    Full Remarks as Delivered

    On Friday, we may be facing the next escalation in the President’s trade war. The tariffs that the President announced in April on virtually every country in the world are set to go into full effect tomorrow night at 12:01 AM.

    Those tariffs are expected to add about $2,400 in costs for the average household per year.

    That’s why I introduced the Protecting Americans from Tax Hike on Imported Goods Act. This bill states clearly that the International Emergency Economic Powers Act cannot be used to place taxes on imports. If the President needs to block a dangerous product, he still can under my legislation.

    But if there is a real threat, I think we’d want to stop it, not just tax it. That’s what my bill does. It makes clear what a Federal Court has already found: That IEEPA, the International Emergency Economic Powers Act, does not authorize tariffs.

    Passing my bill would give businesses and families more certainty to plan for the future, and to keep more of their hard-earned dollars in their pockets.

    Virtually every business in New Hampshire that I’ve visited since the President announced his proposed tariffs has said that, in addition to the tariffs, the uncertainty is as difficult for them as the tariffs.

    So, I’m disappointed that Senator Crapo decided to block this commonsense legislation. Sadly, I’m not surprised.

    But this bill would do so much to help families and businesses in all of our states. It would shield them from higher costs.

    And we’ve been hearing about some of these deals that Senator Crapo referred to that have been reached with the EU and Japan. But let’s be clear about what those deals mean, because even after those deals, those “agreements”, trade agreements, Americans are going to be left paying dramatically higher tariffs.

    A new analysis this week found that we will be paying the highest tariffs since the Great Depression. And we saw what those tariffs before the Great Depression contributed to.

    Now we just saw a deal announced with the EU by the President and Ursula von der Leyen, the head of the European Commission, forcing 15% taxes on imports.

    Now compare that to what we were paying in 2024 for at the same time. That was about 1.5%. So under this “great deal” that the President negotiated with the EU, Americans are going to be paying ten times what we paid last year.

    And with Japan, President Trump agreed to a 15% tax. That’s also ten times what we were paying last year.

    So, let’s not pretend that these are some big wins. The President can announce that, but they’re only a slight improvement on a crisis that the President created himself.

    At a time when people are rightly worried about the rising cost of living, Trump’s tariffs amount to a tax to make everything from clothes to housing to food even more expensive.

    For example, last month, home prices hit a record high. And these tariffs could add more than $10,000 to the cost of a home.

    Coffee prices hit a record high earlier this year, and now President Trump wants to put a 50% tariff on Brazil, our largest source of coffee.

    As families do their back to school shopping, they’re going to see higher prices for clothing and shoes.

    Those prices could go up by 35% by the end of the year.

    And for new parents, just for example, the price of one stroller at Walmart went up 50% in two months.

    And there are countless more products that are facing higher prices.

    So let’s be clear: These tariffs do nothing to bring down costs. And in fact, I could add, as I said earlier in this statement, about $2,400 to the average household’s yearly expenses.

    That’s money that most families don’t have just lying around. We have all of those costs from these tariffs. And yet at this moment, 30 hours from when the tariffs are going to go into effect, we still have seen no official notice implementing any of these deals.

    And that includes, by the way, no clarity on whether prescription drugs coming from Europe will face a 15% tariff starting in two days.

    I had a chance to meet with a pharmaceutical company this week, and they were lamenting what the impact was going to be on prescription drug prices because of the tariffs from the EU.

    Last Friday, I visited the Brueckner Group in New Hampshire. They supply equipment to domestic manufacturers and import some of their specialized machines, which they make in Europe.

    The machines they bring in are sold to manufacturers here in the U.S. to make everything from IV bags to toothpaste containers. They have 80 employees in the U.S., and far more work on their machines at other companies across the country.

    They saw orders put on hold in April, and further investments in the U.S. are delayed because they can’t be certain what the tariffs are going to be that they might face.

    So they told me that even worse than the tariffs in some way, is the uncertainty that’s been created, the chaos that’s been created by President Trump’s announcements because people don’t know how to plan. Businesses don’t know what to invest in.

    I believe in supporting domestic manufacturing. It’s New Hampshire’s third largest industry, but half of all imports are raw materials and intermediate goods. The very things that domestic manufacturers rely on.

    Instead of supporting domestic manufacturing, these trade policies are making future American manufacturing more expensive. And furthermore, they’re threatening jobs.

    You know, my husband and I started out our married life owning and operating a small business. I know the hardest part of small businesses is growing and sustaining those businesses when you’re uncertain about what’s going to happen. And that’s what these tariffs create. As I heard, Brueckner Group USA, as I’ve heard of every business I’ve visited.

    When I visited Brueckner four days ago, we had a 10% tax on everything imported from the EU, and at the time, that was set to jump to 30% this Friday. Then Sunday we saw an agreement to set the tax at 15%, but with unclear exceptions to that tax. Like as I heard from the pharmaceutical company, with prescription drugs.

    I also heard from Flight Coffee Roasters in Bedford, New Hampshire. They’re worried about the President’s threat to place new tariffs on Brazil because they’ve already been paying a 10% markup on coffee because of these tariffs. Now they’re facing a 50% tax on Brazilian coffee starting on Friday, and they have no choice but to charge consumers more.

    Their most popular product comes from Brazil. So this is a big hit to their business. And they can’t be sure how this is going to impact their sales.

    And we should be clear, the U.S. has a trade surplus with Brazil.

    This threat is just because the President wants Brazil’s independent judiciary to stop the prosecution of Brazil’s former President.

    How is any business supposed to plan for that kind of rationale and for those kinds of swings?

    They need to secure financing. They need to place orders. They need to invest in order to grow in the months and years ahead.

    But building a new plant and moving production takes time. In some cases, it takes years.

    So how can companies plan when they don’t even know whether the Trump tax, his tariff, is going to be 10% or 30% or something in between or something higher?

    New Hampshire’s in a housing crisis. How can builders plan their costs when no one can tell them if there’s going to be a new 30 or even 50% tax on their materials come Friday?

    And how can a family already struggling with high costs continue to pay the rent and put food on the table if their household expenses are going up $2,400 this year?

    And now, on Friday, the administration is planning to make the good businesses and families need 10 or 30 or 40 or 50% more expensive overnight.

    This President promised to lower the price of everything: Groceries, rent, energy. What these tariffs do is just the opposite.

    And we’re hearing a lot of positive spin from the administration about the deals that they’re striking. But let me end by making two points.

    First, we heard a lot of talk about 90 deals in 90 days. Well, we’re way past that deadline. And we’ve seen six, count them, six announcements. And it’s not even clear that Vietnam has actually agreed to what the President announced.

    Second, I want to remind all of us that these deals all force Americans and American businesses to pay a tax rate that is far higher than what we saw before the President engaged in this trade war.

    I talked earlier about how for both Europe and Japan, Americans will face a tax that’s ten times higher than we paid last year. That same trend holds across every deal he’s announced.

    With Indonesia, he agreed to a 19% tax, four times what we paid last year. With the Philippines, a 20% tax, up from 1.3%. So 15 times what we paid last year. And for the UK, where we have a trade surplus, again, a trade surplus, he agreed to a 10% tariff, again ten times what we paid in 2024.

    So we should be very clear: All of these rates are an increase from what Americans have been paying since April.

    This President has raised average tariffs from 2.5% to more than 17%, the highest level since the Great Depression.

    Again and again, he is adding cost to American families and businesses. And what are these costs for? They’re to finance tax cuts for the wealthiest Americans, for the biggest corporations.

    The end result of the President’s art of the deal on trade is higher costs for families, uncertainty for businesses and alienated allies who no longer view America as a reliable partner to do business with.

    Thank you, Mr. President. I yield the floor.

    Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. Last week, Shaheen helped introduce bipartisan legislation, Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, that would exempt United States-owned small businesses from the sweeping tariffs imposed on Canadian products. Last month, Shaheen led 30 Senators in filing an amicus brief in a key case, Oregon v. Department of Homeland Security, challenging the Trump Administration’s abuse of emergency powers to impose tariffs. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act.

    In recent months, Shaheen has traveled across the Granite State to discuss the impact of tariffs on New Hampshire’s tourism industry and to visit businesses impacted by President Trump’s trade war including Brueckner Group USA, Colby Footwear, Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple, American Calan Inc. and NH Ball Bearings.

    MIL OSI USA News –

  • MIL-OSI Africa: Government welcomes reduction in repo rate 

    Source: Government of South Africa

    Government welcomes reduction in repo rate 

    Government has welcomed the South African Reserve Bank’s (SARB) decision to cut the repo rate by 25 basis points  to 7%.

    “Government welcomes the decision by the South African Reserve Bank to reduce the repo rate by 25 basis points to 7%. The move provides much-needed relief for South African households, many of whom continue to face financial pressure due to the rising cost of living,” Acting Government Spokesperson, Nomonde Mnukwa, said on Thursday.

    Addressing a media briefing on the MPC’s decision on the repo rate, SARB Governor Lesetja Kganyago said the decision to reduce the policy rate was unanimous.

    READ | Reserve Bank cuts repo rate by 25 basis points

    Mnukwa said the rate cut is expected to ease the burden on consumers by lowering the cost of borrowing, while also creating conditions more conducive to stimulating investment, supporting businesses, and driving economic activity.

    “The decision reaffirms the soundness of South Africa’s monetary policy framework and the importance of coordinated efforts to support inclusive growth. Government continues to implement structural reforms and improving the ease of doing business to unlock the full potential of the economy and create jobs,” Mnukwa explained. – SAnews.gov.za

    Neo

    MIL OSI Africa –

  • MIL-OSI Banking: Dear CEO letter to Designated Businesses

    Source: Isle of Man

    Dear CEO letter to Designated Businesses in relation to the Designated Businesses Portal (“the Portal”) and administration by Designated Businesses

    The Isle of Man Financial Services Authority (the “Authority”) has issued a “Dear CEO” letter to all Designated Businesses registered under the Designated Businesses (Registration and Oversight) Act 2015 (as amended June 2019). 

    The letter provides clarification of the Authority’s expectations in relation to the information supplied to the Authority and the maintenance of the Portal.  The letter links back to the Designated Business Registration Website User Guide December 2019.

    A copy of the letter is here.

    If you have any questions regarding the letter, please contact dnfbp@iomfsa.im

    MIL OSI Global Banks –

  • MIL-OSI Canada: Breaking the cycle of gender-based violence | Briser le cycle de la violence fondée sur le sexe

    Alberta’s government is investing in prevention-focused initiatives to stop violence before it starts. One-time grants totalling $720,000 will support three community-led programs that promote healthy relationships, emotional well-being and positive role modelling among men and boys. These programs help create the necessary conditions for healing and long-term safety.

    Gender-based violence affects people of all ages, genders and backgrounds across Alberta. With two in three women and one in three men experiencing sexual violence in their lifetime, there is a clear need to support prevention efforts that include and engage men and boys.

    “Men and boys are key partners in our work to end gender-based violence and this funding strengthens programs that build safer communities for everyone. I am grateful to the front-line workers leading that change and helping to break the cycle of violence today.”

    Tanya Fir, Minister of Arts, Culture and Status of Women

    This investment delivers on Priority 2: Prevent gender-based violence before it begins, as outlined in Building on Our Strengths: Alberta’s 10-Year Strategy to End Gender-Based Violence. The strategy commits to supporting targeted prevention programs that engage and mobilize more men and boys as partners in stopping violence at its roots.

    “Ending gender-based violence means engaging everyone – especially men and boys. Through our federal government’s National Action Plan to End Gender-Based Violence, we’re proud to support Alberta’s efforts to create safe, supportive spaces where healing is nurtured and violence is stopped before it starts.”

    Rechie Valdez, federal Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism)

    These programs go beyond prevention, offering safe, supportive spaces where men and boys can heal, grow and reconnect with their communities after experiencing violence. Trusted community organizations will deliver these services to those at risk of experiencing or committing harm.

    “Preventing gender-based violence requires a collaborative approach including men. We are pleased to see the government support Men& now and in the future as part of its 10-Year Strategy. We look forward to using this investment to advance data-driven strategies to create a future free from domestic violence and abuse.”

    Kim Ruse, CEO, Fear is Not Love Society

    “Culturally rooted support for Indigenous men and boys is crucial to preventing gender-based violence. The Government of Alberta’s financial support of the I Am A Kind Man program helps Friendship Centres build capacity to be an essential catalyst for the development of respectful relationships founded on traditional values.”

    Joanne Mason, CEO, Alberta Native Friendship Centres Association

    “If we are going to be successful in preventing gender-based violence, we need to go upstream and stop the violence before it starts. This funding is supporting three rural Alberta communities to look closely at the social conditions that allow violence to take root – and identify how local leaders can help change those conditions to create safer, healthier communities.”

    Reave MacLeod, co-acting CEO, YWCA Banff

    In addition to this targeted grant, Alberta’s government continues investing more than $188 million in provincewide supports. This includes emergency shelters, safe transportation, legal assistance and other critical supports.

    Quick facts

    • Men and boys are  by gender-based violence both as victims and perpetrators, with one-third of Canadian men experiencing some form of intimate partner violence in their lifetime.
    • The $720,000 investment expands three ongoing community-led initiatives that engage men and boys in violence prevention. The grant recipients are:
      • Fear is Not Love Society – $280,000 ($210,000 in 2024–25, $70,000 in 2025–26)
      • Alberta Native Friendship Centres Association (ANFCA) – $200,000
      • Young Women’s Christian Association (YWCA) Banff – $240,000
    • The grant includes $650,000 in federal funding for 2024–25 as part of the bilateral agreement under the National Action Plan to End Gender-Based Violence.

    Related information

    • Alberta’s 10-Year Strategy to End Gender-Based Violence

    Related news

    • Alberta takes action: Ending gender-based violence (May 13, 2025)

    L’Alberta fait progresser sa stratégie décennale, Bâtir sur nos forces, en investissant dans des programmes qui aident les hommes et les garçons à prévenir la violence fondée sur le sexe.

    Le gouvernement de l’Alberta investit dans des initiatives axées sur la prévention afin de stopper la violence avant qu’elle ne survienne. Des subventions ponctuelles totalisant 720 000 $ soutiendront trois programmes communautaires qui favorisent les relations saines, le bien-être émotionnel et les modèles positifs chez les hommes et les garçons. Ces programmes contribuent à créer les conditions nécessaires à la guérison et à la sécurité à long terme.

    La violence fondée sur le sexe touche des gens partout en Alberta, quels que soient leur âge, leur sexe et leurs origines. Puisque deux femmes sur trois et un homme sur trois subissent des violences sexuelles au cours de leur vie, il est essentiel de soutenir les efforts de prévention qui incluent et mobilisent les hommes et les garçons.

    « Les hommes et les garçons sont des partenaires clés dans le travail que nous menons pour mettre fin à la violence fondée sur le sexe, et ce financement renforce les programmes qui contribuent à bâtir des communautés plus sûres pour toutes et pour tous. Je suis reconnaissante envers le personnel de première ligne qui mène ce changement et qui contribue déjà à briser le cycle de la violence. »

    Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine

    Cet investissement répond à la priorité numéro 2, « Prévenir la violence fondée sur le sexe avant qu’elle ne survienne », telle que définie dans le document Bâtir sur nos forces : Stratégie décennale de l’Alberta pour mettre fin à la violence fondée sur le sexe. La stratégie s’engage à soutenir des programmes de prévention ciblés qui mobilisent davantage les hommes et les garçons et qui en font des partenaires pour enrayer la violence à sa source.

    « Mettre fin à la violence fondée sur le sexe signifie mobiliser tout le monde – en particulier les hommes et les garçons. Nous sommes fiers de notre Plan d’action national pour mettre fin à la violence fondée sur le sexe, qui soutient les efforts de l’Alberta pour créer des environnements sûrs et bienveillants, où la guérison est appuyée et où la violence est stoppée avant même qu’elle n’éclate. »

    Rechie Valdez, ministre fédérale des Femmes et de l’Égalité des genres et secrétaire d’État (Petites entreprises et Tourisme)

    Ces programmes vont au-delà de la prévention : ils offrent des environnements sûrs et bienveillants où les hommes et les garçons peuvent guérir, évoluer et se reconnecter à leur communauté après avoir vécu de la violence. Des organismes communautaires de confiance offriront ces services aux personnes à risque de subir ou de commettre des actes de violence.

    « Prévenir la violence fondée sur le sexe nécessite une approche collaborative dont les hommes font partie. Nous sommes heureux de voir le gouvernement soutenir Men& dès maintenant et dans l’avenir dans le cadre de sa stratégie décennale. Nous avons hâte d’utiliser ce financement pour faire progresser des stratégies éclairées par des données afin de créer un avenir sans violence ni abus. »

    Kim Ruse, directrice générale, Fear is Not Love Society

    « Pour prévenir la violence fondée sur le sexe, les hommes et les garçons autochtones ont absolument besoin d’un soutien enraciné dans leur culture. Le soutien financier du gouvernement de l’Alberta au programme I Am A Kind Man aide les centres d’amitié à renforcer leur capacité pour devenir ainsi un catalyseur essentiel au développement de relations respectueuses fondées sur les valeurs traditionnelles des Autochtones. »

    Joanne Mason, directrice générale, Alberta Native Friendship Centres Association

    « Si nous voulons réussir à prévenir la violence fondée sur le sexe, nous devons intervenir en amont et stopper la violence avant qu’elle ne survienne. Ce financement soutient trois communautés rurales de l’Alberta dans l’analyse des conditions sociales qui permettent à la violence de s’enraciner et dans l’identification des moyens par lesquels les chefs de file locaux peuvent changer ces conditions et créer ainsi des communautés plus sûres et plus saines. »

    Reave MacLeod, codirectrice générale intérimaire, YWCA Banff

    En plus de cette subvention ciblée, le gouvernement de l’Alberta continue d’investir plus de 188 millions de dollars dans des mesures de soutien mises de l’avant à l’échelle provinciale, notamment des refuges d’urgence, des services de transport sécurisés, de l’aide juridique et d’autres mesures essentielles.

    En bref

    • Les hommes et les garçons sont touchés par la violence fondée sur le sexe à la fois comme victimes et comme auteurs : un homme canadien sur trois subira en effet une forme de violence conjugale au cours de sa vie.
    • L’investissement de 720 000 $ permet d’élargir trois initiatives communautaires en cours qui mobilisent les hommes et les garçons dans la prévention de la violence. Les bénéficiaires sont les suivants :
      • Fear is Not Love Society – 280 000 $ (210 000 $ en 2024-2025, 70 000 $ en 2025-2026)
      • Alberta Native Friendship Centres Association (ANFCA) – 200 000 $
      • Young Women’s Christian Association (YWCA) Banff – 240 000 $
    • La subvention comprend 650 000 $ de financement fédéral en 2024-2025 dans le cadre de l’accord bilatéral du Plan d’action national pour mettre fin à la violence fondée sur le sexe.

    Renseignements connexes

    • Stratégie décennale de l’Alberta pour mettre fin à la violence fondée sur le sexe

    Actualités connexes

    • L’Alberta prend des mesures pour mettre fin à la violence fondée sur le sexe (13 mai 2025)

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