Source: The Conversation – UK – By Dan Baumgardt, Senior Lecturer, School of Physiology, Pharmacology and Neuroscience, University of Bristol
He’s leapt from cliffs, clung to planes mid-takeoff and held his breath underwater for as long as professional freedivers. Now, at 62, Tom Cruise returns as Ethan Hunt for one final mission – and he’s still doing his own stunts.
With Mission: Impossible – The Final Reckoning, the saga reaches its high-stakes finale. But behind the scenes of death-defying spectacles lies a fascinating question: just how far can the human body be pushed – and trained – to pull off the seemingly impossible?
Your mission, should you choose to accept it, is to consider the capabilities – and limits – of the human body in being able to achieve these awesome heights. How much is it possible to train to achieve the apparently impossible?
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Breathing underwater
In Mission: Impossible – Rogue Nation, Hunt navigates an underwater vault to recover a stolen ledger. Cruise wanted to film this all in one take and sought help from freediving instructors in order to hold his breath for the required time – over six minutes!
The average human can hold their breath for about 30 to 90 seconds. That’s without training. Although there’s an innate diving reflex built into the human body that allows it to temporarily adapt to immersion underwater.
The response is to lower the heart rate and redirect blood to the body’s core, essentially enabling it to lower its metabolic demand and preserve the function of the vital organs, like the brain and heart.
All well and good, but consider now the need to swim, as well as resist the pressure of the water pressing on the lungs. And also while fighting that desperate urge as a result of rising CO₂ to take a deep breath – which, underwater, would be catastrophic.
And if the diver’s oxygen levels fall too low, they might black out and lose consciousness. That’s why shallow water drowning is a real risk here.
That’s where freediving training comes into play. With practice, there are several ways you can increase the time you’re able to remain underwater. These include mastering breathing techniques to retain the maximum amount of air in the lungs. Sustained practice might also lead to increased oxygen storage capacity in the bloodstream.
This process takes months to years to attain and might lengthen the immersion time, on average, to around five minutes. What Cruise managed to achieve was nothing short of exceptional.
The official trailer for Mission: Impossible – Final Reckoning.
Free climbing – and that scene
Mission Impossible films often open with Ethan Hunt working his way up some impossibly sheer building or cliff face with the agility of a mountain goat. He appears to be free climbing without a harness, and at the start of Mission: Impossible 2, clinging on with just one hand. While Cruise used safety wires to secure himself, the climbing was 100% real.
Then, of course, how could we forget that scene? The one in the original Mission: Impossible – where he has to suspend all limbs, centimetres from the ground, to prevent himself from setting off the alarms.
Although Cruise hasn’t revealed his specific training regime for these stunts that I can see – performing any of these actions would require an exceptionally strong back and core.
The muscles of our backs keep the spine straight and upright. Some span the space between back and limb, such as latissimus dorsi, or “lats”. These sheets of muscle, prized by bodybuilders, are also particularly valuable to climbers – allowing you to perform a chin-up, or pull yourself up that rock face.
Besides this, many other muscles are needed for extreme climbing – those that enable a strong grip, allow for reaching and “push offs”, and maintain tension and hold. It’s no wonder climbing is considered one of the best whole-body workouts.
It’s no surprise that Cruise is known to have trained extensively for this. To understand even an element of the difficulty he may have faced, you could try adopting that vault heist pose, with your belly in contact with the floor, and see how long you can hold it. I won’t tell you how pitiful my own attempt was.
What a blast
Hunt has also escaped a fair few explosions in his time, from a helicopter in the Channel tunnel to a detonating fish tank in Prague. In Mission: Impossible 3, on the Chesapeake Bay Bridge, another helicopter launching a missile triggers an explosion that sends Hunt smashing into a car. Again, Cruise did it all himself, for the price of two cracked ribs.
Pyrotechnics were used for the explosion, but of course, they couldn’t be used to lift Cruise up and deposit him against the car. The solution? A series of wires were used to drag him sideways. Never has the direction “brace, brace” been so apt.
And just so you know, broken or bruised ribs are far from fun. Some describe them as one of the most painful injuries you can experience, since the simple acts of coughing, sneezing and merely breathing exacerbate the pain.
But Tom Cruise picks himself up yet again, dusts himself off and gets on with it. His motivation? He has reportedly claimed that he wants the audience to experience what it really feels to be in that moment. And what a good sport he is.
This article won’t self-destruct in five seconds.
Dan Baumgardt 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.
Any parent will tell you how useful it can be to have family living nearby, giving a helping hand when raising your children. In humans, relatives and even non-relatives act as childminders. Such behaviour is widespread in other animals too, particularly birds.
In our recent study we explored why long-tailed tits, one of the UK’s tiniest bird species, often act as foster parents instead of raising their own brood.
Since Darwin’s musings on apparent altruism in honeybees, scientists have discovered that individuals of many species help each other, including bacteria, insects, shrimps, mammals and especially birds. We now know that almost 10% of bird species cooperate, helping to raise nestlings that are not their own. This is called cooperative breeding.
The question that has puzzled scientists since Darwin is why do other animals (and why do we) cooperate? The answer usually lies in a shift in focus from the individual to the genes that make them. The revolutionary work of evolutionary biologist Bill Hamilton in the 1960s (popularised in Richard Dawkins’ The Selfish Gene in 1976), showed that helping family members can improve the transmission of shared genes to the next generation.
But when is it more advantageous to help family members than to raise your own kids? That is the question we asked of long-tailed tits, the most cooperative of the UK’s birds. In our recent study published last month, we summarised 30 years of research on the cooperative breeding system of long-tailed tits.
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These tiny and highly social birds with their characteristic chrrr-rr-rr calls are common in UK woods and gardens. In winter, they hang out in groups of 10-20 birds. These flocks often contain close family members, such as parents with offspring and siblings. They forage together during the day and, at night, they sleep in tight huddles on branches, to keep themselves warm.
In February or March, when they sense that spring is just around the corner, the groups disband, and each bird finds a partner. Then follows what must seem like a marathon effort. Their domed nests, usually built in spiky bushes or high in tree forks, are elaborate constructions that may take weeks to complete. Females lay 9-11 eggs that they incubate until hatching two weeks later. Nestlings are fed by both parents for 16-18 days, when they fledge.
However, small carnivores and other bird species are waiting for this bonanza of eggs or chicks, and about 70% of long-tailed tit nests are destroyed by such predators every year. Pairs must then start all over again, building a new nest and laying eggs. No wonder that they can only raise one brood per year.
Long-tailed tits make elaborate nests to raise their chicks in. Chosg/Shutterstock
By early May, the season is too advanced to re-nest, and if a pair has lost their brood they give up for the year. Some lucky ones manage to reproduce, of course. Is it luck? Maybe, in part – but the secret for half of the successful nests is that they got help from family members.
Birds that fail to breed often become helpers, moving to another nest and assisting that pair in raising their offspring. Around half of all broods have helpers, typically just one or two, but up to eight at a single nest. The extra food that helpers provide increases the survival of offspring. Helpers normally choose the nest of relatives, increasing the number of birds carrying their genes in the next generation. For birds that may live for just a couple of years, this is the next best option after failing to breed successfully themselves.
Small birds with persistent family bonds
In our study, we aimed to understand how these family bonds persist and are important for the long-tailed tits. First, they tend to stay and reproduce near where they were born, especially males. As a consequence, we observed that long-tailed tits live in “kin neighbourhoods”. Second, even when they move and decide to settle further afield, long-tailed tits do so with sisters and brothers, maintaining their family ties as they move.
These family ties can persist over thousands of kilometres. Long-tailed tits in the UK stay in the same area all year. However, populations in the Baltics migrate and spend the winter in central Europe. By catching groups on their southward and northward journeys, we discovered that long-tailed tits travel over large distances in family groups and end up nesting next to each other. These strong family bonds enable them to keep their support network in place.
Males help more than females, and only birds in good condition help. But, most importantly, it is the strength of the family bond – how closely related and familiar they are – that affects this decision. We also identified external factors that promote cooperation. When predation is intense there are more failed breeders seeking helping opportunities. And when the weather limits time for breeding, long-tailed tits are more likely to help others. Out of adversity comes opportunity.
We have unpicked the web of causes and effects that explain why long-tailed tits have complex social lives and a cooperative breeding system. Now, our aim is to understand how they recognise family members, whether it is with their calls, their smells, or simply because they built strong friendships over time with them.
Ben Hatchwell receives funding from a Horizon Europe Guarantee grant from UKRI, via EPSRC, for a project selected by the ERC.
Jennifer Morinay 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.
When Keir Starmer said: “If you want to live in the UK, you should speak English”, it laid bare an assumption – that English is the only language that counts in the UK.
This view not only overlooks the UK’s rich linguistic diversity, but also runs counter to the language policies being developed across the devolved nations.
While the UK government’s latest proposals on immigration treat English proficiency as the main pathway to integration, governments in Scotland, Wales and Northern Ireland are taking different approaches.
Immigration is a matter controlled by Westminster. But integration, including language education, is devolved. That means each UK nation sets its own direction.
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England
Despite frequent political emphasis on English language learning and testing as key to integration, England does not have a national strategy for migrant or refugee integration. It also does not have an England-wide policy for teaching English for speakers of other languages (Esol).
Instead, decisions about language classes are made locally but provision is uneven. In some areas, support is well-organised and accessible. In others, it’s barely there.
Despite the lack of national leadership, the Esol sector in England has long benefited from grassroots activism. Organisations like the National Association for Teaching English and Community Languages to Adults and English for Action have been vocal in campaigning for better funding. Researchers and teachers also continue to call for a joined-up strategy for migrant and refugee integration.
Wales
By contrast, the Welsh government has made language education a core part of its progressive integration policies. Its ambition to become the world’s first “nation of sanctuary” is backed up by practical measures. This includes a dedicated language education policy for migrants, focused primarily on Esol – the only one of its kind in the UK.
The first national Esol strategy was published in 2014, revised in 2018, and will be updated this year following a review.
The introduction of Welsh as an element of migrant language education is helping to build a more inclusive, multicultural society too. It shows learners that all languages, including their mother tongue, have a role to play in a modern, multilingual nation.
Scotland
Since 2014, Scotland has implemented three refugee integration strategies. The new Scots refugee integration strategy has been internationally recognised as a model of good practice. It adopts a multilingual, intercultural approach, emphasising that language learning should include home languages and the language or languages of the new community, which may include Gaelic, Scots and English.
Scotland had two successive adult Esol strategies from 2007 to 2020. These were developed in consultation with Esol learners and detailed clear progression routes into further training, education and employment. But they were discontinued in favour of a broader adult learning strategy in 2022 which covers all adult learners rather than just the needs of migrants.
It was a decision criticised by some due to concerns about losing focus on the specific needs of Esol learners, and reducing the voice of Esol learners and teachers in Scotland.
Northern Ireland
In Northern Ireland, there is no dedicated migrant language policy yet. But its draft refugee integration strategy does at least acknowledge the importance of language in helping migrants feel “valued and respected”.
In 2022, the Identity and Language (Northern Ireland) Act granted official status to the Irish language, and to Ulster-Scots as a minority language. Nevertheless, the Northern Ireland refugee integration strategy focuses solely on English language classes as the primary language education provision.
Welsh for speakers of other languages.
What all UK nations share, however, is chronic underfunding. Adult education, where Esol funding sits across all four nations, now faces yet more cuts meaning many language learners will continue to face long waiting lists for classes.
But how language education for migrants, especially migrants seeking sanctuary in the UK is perceived, organised and provided is critical to fostering inclusion, promoting integration and bestowing a sense of belonging. Developing competency in the dominant language or languages of the host nation can enable migrants to navigate health, housing or social security systems. It can help them cope with the needs of daily life and to use their skills and knowledge to enter work or education.
Many people seeking sanctuary have experienced trauma from undergoing forced migration. This makes it vital that language provision is trauma-informed and recognises a learner’s existing multilingual skills. It’s also important that it is shaped around their needs, not just on externally imposed assessments of English proficiency.
The value of multilingualism
Multilingual education is more than just a nice thing to have.
There is growing evidence that valuing the languages refugees already speak, and recognising their linguistic skills as assets, improves wellbeing, builds confidence and enhances social inclusion.
Too often in the UK, language learning is treated as a condition for acceptance, rather than a right that can enable belonging. That risks undermining the very integration that policymakers claim to support.
If the UK is serious about being a modern, inclusive and multicultural state, it must embrace the reality that it is also multilingual, and that different nations may choose different routes to welcome those seeking sanctuary.
The authors wish to thank their respective universities for the support they have received in researching this issue. They would also like to thank their co-researchers Sylvia Warnecke and Mel Engman and their co-authors on their recently published policy briefing.
Gwennan Higham and Sarah Cox 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.
Source: The Conversation – UK – By Kokho Jason Sit, Senior Lecturer in Marketing; Associate Head (Global), University of Portsmouth
Several big British retailers have been in the news recently – but not for buoyant sales or new product launches. Firms like Marks & Spencer and Co-op have been hacked, affecting online sales and the range of products available in-store, and forcing them to apologise to customers and other stakeholders. Luxury retailer Harrods also suffered a near-miss.
M&S, a legacy retailer that has more than 1,000 stores across the UK, appears to have suffered the most significant damage from its cyberattack. Bank of America analysts estimated that the company has lost more than £40 million in weekly sales since the incident began over the Easter bank holiday weekend.
As a precaution, the retailer was reported to have shut down many IT operations, effectively locking itself out of its core systems as it tried to address the incident.
And then the situation worsened. M&S acknowledged that the personal data of customers, including names, dates of birth, telephone numbers, home and email addresses, and online order histories, had been stolen. However, the retailer insisted that the data theft did not include usable card, payment or login information.
There are logical reasons why M&S may have opted for the cautious approach. It did not wish to create more panic and anxiety among customers. It preferred to tackle the issue covertly while the outcome was pending. It did not want to be seen as digitally incompetent. Of course, this reasoning is only speculative.
That said, M&S’s approach to managing the incident has raised questions from a branding perspective.
First, how long has the retailer been aware of the attack? And, more importantly, how long did it wait to share news of the data theft with its customers and the public?
Research suggests that brands that are prompt and transparent in disclosing a hack, notifying the affected customers and communicating the potential implications for their privacy, are more likely to win consumer trust. It is better for brand image than those that opt for a “wait-and-see” or “drip-drip” approach.
In 2016, US IT firm Yahoo was slapped with lawsuits after it announced a hack. The company’s stock price plunged amid fears that a data breach could derail its pending merger with Verizon Communications, set to be worth US$4.8 billion (£3.6 billion).
But the lawsuits and the market’s adverse reaction were less about the data breach and more about Yahoo’s delayed actions. It involuntarily announced the data breach when the hacker attempted to sell the stolen user data online. Yahoo reportedly learned of the breach two years previously but did not warn its users and stakeholders. An internal review later found that the company had “failed to act sufficiently” on the knowledge it had.
Bring in the marketers
Second, does M&S need to do more than simply assure its customers that no usable payment or login information was stolen? Other personal data like date of birth, home and email addresses did get hacked, and are useful for criminals to commit identity theft.
A prudent retailer will do more than follow the laws and regulations, it can take a more customer-centric, moralistic approach in protecting its customers’ welfare after a cyberattack. A study has highlighted the strategic value of involving marketers – either in-house or an external PR firm – in protecting consumer data and responding to breaches.
The authors of the study stated that a marketer’s remit typically involves working with people from different backgrounds across all departments of a firm. This enables them to facilitate talks and negotiations between the relevant people, from company lawyers, tech experts, and security officers, to those overseeing investor relationships and the CEO managing the board relationship.
Being focused on customer experience, even in times of deepening crisis, marketers instinctively think about the benefits and barriers experienced by consumers.
Talking points between the company’s departments should focus on moral, as well as legal, options for protecting consumer data. Communications should consider the negative effect of the crisis on consumers, beyond the firm stressing its victimhood and seeking sympathy.
Marketers can put the consumer’s point of view front and centre. They can highlight issues that others in the business may not consider, such as who drafts consumer communications, how messages are communicated and monitored, and how consumers can reach out to the brand to seek or offer help.
At the end of the day, M&S has been the victim of a crime. Known as a “victim crisis”, a data breach is instigated exclusively by criminal actors. The way and pace at which M&S has communicated the data theft to its customers could potentially leave it open to criticism, however.
The issue of when the retailer learned about the theft versus when it decided to share the information with its customers remains unclear. Also uncertain is how much personal data was taken, whether this includes any profiling data the retailer conducted on customers (things like their purchase frequency, coupon redemption and product choices). It should also share any plans it is devising to tackle potential identity thefts.
M&S has come a long way since first opening up a stall at Kirkgate Market in Leeds in 1884. annaj77/Shutterstock
M&S’s current crisis management activities could seem to be about preserving its bottom line while arguably the focus should be on caring for customers. As a legacy retailer which is nearly 141 years old, M&S can do better than following the typical “let me tell you” approach. This is where communication flows in one direction only and is pushed out on to the public, and is what M&S appears to have done in response to the attack.
Instead, it should consider the more transparent “let’s work together” approach. This may promote better customer trust and brand image, allowing M&S to seek customer cooperation (things like reporting unusual emails or misinformation where a critical mass may identify a meaningful pattern). This could help to spot data breaches and criminal activities like identity theft and fraud.
Kokho Jason Sit is affiliated with the Chartered Institute of Marketing (UK).
CARLSBAD, Calif., May 20, 2025 (GLOBE NEWSWIRE) — AppTech Payments Corp. (“AppTech or the “Company”) (OTCQB: APCX), a fintech company, today announced the Company was notified by The Nasdaq Stock Market LLC (“Nasdaq”) that as a result of the Company’s previously disclosed noncompliance with Nasdaq Listing Rule 5550(a)(2), Nasdaq has determined to delist the Company’s common stock and warrants from the Nasdaq Capital Market and, accordingly, has suspended trading in the Company’s common stock and warrants effective at the open of business, May 20, 2025.
The Company’s common stock and warrants are quoted on the OTC Markets’ OTCQB® market tier, an electronic quotation service operated by OTC Markets Group Inc. for eligible securities traded over the counter. The Company’s common stock and warrants began trading on the OTCQB® market tier at the open of business on May 20, 2025, under its current trading symbols, APCX and APCXW.
The transition to the quotation of the Company’s common stock and warrants on the OTC Markets will have no effect on the Company’s operations. It will continue to file all required reports with the SEC under applicable federal securities laws, which will be available on the SEC’s website, www.SEC.gov.
Tom DeRosa, CEO of AppTech Payments Corp., commented: “While we are naturally disappointed by the delisting, our focus remains firmly on our growth strategy. We are increasingly confident in our revenue outlook.”
On May 19, 2025, Luke D’Angelo resigned as Chairman of the Company’s Board of Directors and as an employee of AppTech Payments Corp. (the “Company”). Mr. D’Angelo’s resignation was not due to a disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. A replacement has not been determined at this time.
On May 19, 2025, Virgilio Llapitan resigned as President, Chief Operating Officer & Director of AppTech Payments Corp. (the “Company”). Mr. Llapitan’s resignation was not due to a disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. A replacement has not been determined at this time.
About AppTech Payments Corp.
AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure. For more information, please visit apptechcorp.com.
Forward-Looking Statements
This press release may contain forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Source: United States House of Representatives – Representative Paul Tonko (Capital Region New York)
WASHINGTON, DC — Congressman Paul D. Tonko, Ranking Member of the Energy and Commerce Subcommittee on Environment, today questioned Environmental Protection Agency (EPA) Administrator Lee Zeldin during an Environment Subcommittee hearing on the EPA’s Fiscal Year 2026 budget.
Listen to Rep. Tonko’s opening remarks HERE and see below as prepared for delivery.
President Trump’s Fiscal Year 2026 budget request for EPA has been called “problematic,” “an unserious proposal,” and “maybe a bridge too far to be achievable.”
These were the reactions of Republican Appropriators last week, and I expect you will hear even less charitable reviews from Democrats on this Subcommittee today.
This proposal includes a 55% reduction from FY25 levels, resulting in agency funding levels not seen since the mid-1980s.
If enacted, this would fundamentally dismantle the EPA as we know it and cripple the agency’s ability to carry out its core mission of protecting the air we breathe and the water we drink.
The request includes devastating cuts that will undermine states’ efforts to protect public health and carry out their obligations, including a $2.46 billion reduction to the State Revolving Funds for water infrastructure and a $1 billion reduction for categorical grants, which are critical to supporting staffing of state environmental agencies.
I believe this is part of a disturbing trend we are seeing to force more costs onto state governments, as is being done with the proposed cuts to Medicaid in the majority’s reconciliation bill.
Similar to these funding cuts, earlier this year the Administration expressed a desire to reduce EPA staffing levels by 65%, which would return the agency to 1971 personnel levels — the agency’s second year in existence.
It is not credible to suggest that the agency can fulfill its statutory requirements — including all the major environmental laws and amendments to those laws that have been enacted since the 1970s — with these proposed staffing levels.
Cuts of this magnitude would not only hollow out the agency’s expertise and capacity, but they are insensitive to the public servants who have dedicated their lives to supporting the agency’s mission.
And it is worth reminding everyone of what that mission is: To protect human health and the environment.
In just a few short months, I believe the agency, under Administrator Zeldin’s leadership, has lost sight of this mission.
Mr. Zeldin launched the “Powering the Great American Comeback” initiative focused on American energy, auto manufacturing, and artificial intelligence dominance.
And broadly speaking, I am not necessarily opposed to aspects of that agenda, but I also do not believe it is the appropriate role for our nation’s environmental regulator to be leading this effort.
Because EPA’s contributions to those goals more or less translate to how can we reduce environmental protections and enforcements of those protections for the benefit of energy producers, the auto industry, and Big Tech, even if ordinary Americans will pay the price by breathing harmful air pollution, drinking contaminated water, and being exposed to dangerous chemicals.
We have already seen a slew of agency actions that will result in greater pollution and reduce our scientific capacity to understand how that pollution will impact Americans’ health and well-being.
This includes reconsidering rules that protect Americans from pollution from power plants, vehicles, and industrial facilities, and weakening standards to keep PFAS out of our drinking water.
Each of these public health protections up for reconsideration went through robust rulemaking processes and economic analyses, which found that every one of these rules delivers greater benefits to the American people, in public health and economic benefits, than they cost.
I am also concerned by EPA’s efforts to terminate previously awarded grants without producing any evidence of fraud, waste, or abuse.
For each of those awards, the previous administration carried out competitive selection processes based upon requirements enacted by Congress.
Whether or not Administrator Zeldin personally believes Congress was wasting taxpayer dollars when it directed EPA to carry out those funding opportunities is irrelevant.
No Administrator should be the sole arbitrator of what is a good use of Congressionally-directed taxpayer dollars, and yet we have seen billions of dollars impounded without justification.
Finally, I am very concerned by reports that EPA is planning to eliminate the Energy Star program, which is a voluntary, non-regulatory labeling program with strong support from industry and consumers.
Energy Star has been incredibly effective at supporting American manufacturing, enabling people to lower energy bills, and reducing strain on our electricity system.
This seems obviously in line with the President’s energy and economic agenda, and yet, there may be an effort underway to terminate the program.
If we cannot even find common ground on a broadly popular, voluntary, low-cost program to benefit consumers, I have serious doubts that we will be able to find anything to agree upon this year.
Mr. Administrator, I appreciate you being here, and I hope we can work together to ensure that your agency and this committee have a productive, transparent relationship that honors the critical public health and scientific mission of the EPA.
A statement of the Monetary Policy Committee will be published on the Central Bank of Iceland website tomorrow, Wednesday 21 May 2025 at 08:30 hrs. The Bank’s Monetary Bulletin will be published at 08:35 hrs. At 9:30 hrs., a webcast with a press conference on the statement and the contents of the Monetary Bulletin will be held.
Source: United States Senator for Nebraska Deb Fischer
The Senate unanimously approved U.S. Senators Deb Fischer (R-Neb.) and Michael Bennet’s (D-Colo.), bipartisan resolution designating May 29th as ‘Mental Health Awareness in Agriculture Day.’“Daily uncertainties and extreme stress lead to higher levels of anxiety and depression among Nebraska’s agricultural producers and workforce. Our resolution recognizes these unique challenges and supports the farmers, ranchers, and workers who perform the essential work of producing high-quality food, fuel, and fiber,” said Fischer.“From severe drought to increased costs, unprecedented challenges are taking a toll on the mental health of Colorado’s farmers, ranchers, and farmworkers. I’m grateful to stand with Senator Fischer and my Senate colleagues to raise awareness about our country’s mental health crisis and work together to expand access to care for communities across the country,” said Bennet.In addition to Fischer and Bennet, the resolution is cosponsored by Senate Agriculture Committee Chairman John Boozman (R-Ark.) and Ranking Member Amy Klobuchar (D-Minn.), and U.S. Senators Pete Ricketts (R-Neb.), Dick Durbin (D-Ill.), John Hoeven (R-N.D.), Gary Peters (D-Mich.), Mike Rounds (R-S.D.), Adam Schiff (D-Calif.), Joni Ernst (R-Iowa), Chris Coons (D-Del.), Thom Tillis (R-N.C.), Tina Smith (D-Minn.), Jerry Moran (R-Kan.), and Roger Marshall (R-Kan.). The full text of the resolution can be found here.
Click
here to learn about national resources available for those in need of assistance.Click here to learn about Nebraska resources available for those in need of assistance.
National Stakeholder Support:
Agricultural Retailers Association, American Farm Bureau Federation, American Soybean Association, Farm Credit Services of America, National Association of Wheat Growers, National Cattlemen’s Beef Association, National Corn Growers Association, National Council of Farmer Cooperatives, National Farmers Union, National Pork Producers Council, and National Rural Health Association.Click here to view statements of support from national stakeholders.
Nebraska Stakeholder Support:
Nebraska Agri-Business Association, Nebraska Cattlemen, Nebraska Cooperative Council, Nebraska Corn Growers Association, Nebraska Farm Bureau, Nebraska Farmers Union, Nebraska Pork Producers Association, Nebraska Rural Health Association, Nebraska Soybean Association, and Nebraska Wheat Board.
Click here to view statements of support from Nebraska stakeholders.
Source: United States Senator for Michigan Gary Peters
Published: 05.20.2025
WASHINGTON, DC – U.S. Senator Gary Peters (MI) helped introduce the Safeguarding Transit Operations to Prohibit (STOP) China Act, which would protect domestic transit operations and help level the playing field for American manufacturers, suppliers, and workers by preventing any federal funds from the U.S. Department of Transportation (DOT) from being awarded to grantees for the purchase of transit buses or rail cars made by Chinese-controlled companies. The bill would help ensure that American taxpayer dollars are invested in American manufacturers, like those in Michigan, not China.
“China is actively working to undermine American workers and our economic success, particularly in the transportation industry, by flooding global markets with artificially cheap vehicles, from electric vehicles to buses,” said Senator Peters. “These vehicles could also pose a serious national security threat. This bipartisan bill would address these concerns and help level the playing field for Michigan manufacturers, suppliers, and workers as we continue to lead the world in mobility innovation by preventing taxpayer dollars from being used to support companies owned and operated by the Chinese Communist Party.”
The Stop China Act would prohibit any federal funds from being awarded to grantees for the purchase of Chinese government transit buses or rail cars. It seeks to close loopholes in the previously enacted Transportation Infrastructure Vehicle Security Act that have allowed Chinese entities to continue competing for U.S. Government funds. It also requires the United States Trade Representative (USTR), in consultation with the U.S. Attorney General, to produce a list of prohibited entities headquartered or affiliated with China.
The legislation is endorsed by the Alliance for American Manufacturing, Steel Manufacturers Association, International Brotherhood of Teamsters, United Steelworkers, International Association of Machinists and Aerospace Workers, and Transport Workers Union of America.
Peters has made strengthening domestic manufacturing and supply chains a top priority. Peters helped author and pass into law the CHIPS and Science Act to boost U.S. manufacturing of semiconductor chips, strengthen critical domestic supply chains, and create good-paying American jobs. The CHIPS and Science Act additionally authorized increased funding for the Manufacturing Extension Partnership (MEP) program, which has been a priority for Peters. Peters additionally supported and helped pass the Inflation Reduction Act, which will strengthen domestic manufacturing, onshore our supply chains, combat the climate crisis, and create millions of American jobs.
Source: United States Senator for Massachusetts – Elizabeth Warren
May 20, 2025
Yesterday, President of CBS News, Subsidiary of Paramount, Departed Amid Tensions with Trump and Paramount Global Chair Shari Redstone
“If Paramount officials make these concessions in a quid pro quo arrangement to influence President Trump or other Administration officials, they may be breaking the law.”
Text of Letter (PDF)
Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.), and Ron Wyden (D-Ore.) wrote to Shari Redstone, Chair of Paramount Global (Paramount), with concerns regarding whether Paramount may be engaging in potentially illegal conduct involving the Trump Administration in exchange for approval of its megamerger with Skydance Media (Skydance).
In October 2024, President Trump, in his capacity as a private citizen, sued Paramount subsidiary CBS over alleged “partisan and unlawful acts of election and voter interference.” In March 2025, CBS filed a motion to dismiss the lawsuit, calling the suit “an affront to the First Amendment and … without basis in law or fact.” Now, Paramount appears to be walking back its commitments to defend CBS’s First Amendment rights. Paramount is reportedly in talks to settle the lawsuit, with President Trump potentially profiting from the settlement.
The senators are pushing Paramount to answer why the company has suddenly changed its tune with respect to the lawsuit, concerned that it may be because Paramount and Skydance’s agreement to merge for $8 billion hinges on the Trump Administration’s Federal Communications Commission (FCC), which has an opportunity to block it.
“Paramount appears to be attempting to appease the Administration in order to secure merger approval,” wrote the senators.
In addition to reportedly attempting to settle the suit, Paramount also appears to have begun meddling with CBS’s content, “presumably in order to screen it for content that could anger the Trump Administration.”
A 60 Minutes correspondent told viewers, “Our parent company Paramount is trying to complete a merger. The Trump Administration must approve it. Paramount began to supervise our content in new ways.” This has prompted CBS resignations, including by the CBS News President, Wendy McMahon, who resigned just yesterday.
“If Paramount officials make these concessions in a quid pro quo arrangement to influence President Trump or other Administration officials, they may be breaking the law,” wrote the senators.
Under the federal bribery statute, it is illegal to corruptly give anything of value to public officials to influence an official act. To determine whether Paramount is acting in accordance with anti-bribery laws, the senators are requesting answers from the company.
Source: United States Senator Pete Ricketts (Nebraska)
WASHINGTON, D.C. – Yesterday, U.S. Senator Pete Ricketts (R-NE) led a introduced the Business Opportunity Protection (BOP) Act. This legislation would repealunnecessary and unused Securities and Exchange Commission (SEC) discretionary authorities granted by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Congressman Andy Barr (KY-06), is the lead of BOP’s companion legislation in the House.
“15 years is more than enough time for the SEC to evaluate the necessity of unused authorities,” said Ricketts. “But just because they haven’t been used does not mean they should remain on the books.”
Senator Ricketts emphasized the danger of activist regulators weaponizing unused Dodd-Frankdiscretionary authorities to advance aggressive and sweeping ideological mandates on investors and businesses. Ricketts also highlighted the cost savings for businesses that would no longer need to plan for uncertain compliance requirements.
“Unused discretionary authorities at the SEC create a regulatory overhang—businesses are forced to plan for rules and compliance burdens that could appear overnight,” continued Ricketts. “It’s time to restore balance, accountability, and certainty to the SEC and take unused discretionary authorities off the books for good.”
“Dodd-Frank slowed our recovery from the 2008 recession and will go down as one of the biggest power grabs by federal regulators in history,” said Congressman Andy Barr, Chairman of the House Financial Services Subcommittee on Financial Institutions. “More than 15 years later, I’m teaming up with Senator Ricketts to prevent the SEC from imposing any more regulations under Dodd-Frank that haven’t already been implemented.”
Bill text can be found here.
Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON — Today, U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Committee on Banking, Housing, and Urban Affairs, led a group of colleagues in introducing the Defending Our Government’s Electronic data: Bolstering Responsible Oversight & Safeguards (DOGE BROS) Act, legislation to hold Elon Musk and the Department of Government Efficiency (DOGE) accountable for their continued efforts to improperly access, and retain, individuals’ personally identifiable information (PII) including names, addresses, phone numbers, email addresses, Social Security numbers, and other financial information.
“As unvetted and unqualified DOGE employees continue to recklessly access the sensitive personal information of millions of Americans, it’s important that we take steps to better protect this data,” Sen. Warner said. “For too long, our privacy laws have sat outdated, barely serving as a deterrent for improper handling or potential release of information. This legislation would enforce that privacy must be a priority when handling the data of the American public.”
Joining Sen. Warner in introducing the DOGE BROS Act are U.S. Sens. Tim Kaine (D-VA), Chris Van Hollen (D-MD), Angela Alsobrooks (D-MD), Adam Schiff (D-CA), Ben Ray Luján (D-NM), and Peter Welch (D-VT).
“Elon Musk and his ‘Department of Government Efficiency’ are wreaking havoc across the government and gaining access to Americans’ sensitive information without proper authorization, which poses significant privacy and national security concerns,” Sen. Kaine said. “That’s why I’m introducing this bill to increase the penalties for violating privacy laws and help safeguard Americans’ personal information.”
“Elon Musk and his DOGE cronies have been illegally ransacking federal agencies to gain access to troves of Americans’ sensitive personal data – from Social Security numbers to medical records to bank account information. Strengthening penalties for the theft of this data will help further deter these illegal abuses and keep Americans’ private information safe,” Sen. Van Hollen said.
“The American people do not want Elon Musk knowing their Social Security numbers and sifting through their financial information. Musk and his team of wildly unqualified DOGE employees have gone too far – and we are sick of it. The Senate needs to prove we care more about those we serve than Elon Musk. Let’s immediately pass this legislation to protect the data and privacy of the American people,” Sen. Alsobrooks said.
“From day one, Elon Musk’s DOGE has taken a wrecking ball to the federal government and critical services for the American people, all while carelessly pursuing their sensitive personal data,” Sen. Luján said. “Congress must do more to protect that information and keep it out of the wrong hands. That’s why I’m proud to join my colleagues in introducing legislation to strengthen our privacy laws and put Americans’ privacy first.”
“Elon Musk’s so-called ‘Department of Government Efficiency’ and his DOGE agents are wreaking havoc on the federal government and the programs millions of Americans rely on. There’s no reason DOGE should gain access to Vermonters’ personal information, and I’m working with my colleagues to hold DOGE accountable and protect peoples’ privacy and data,” Sen. Welch said.
The United States has existing laws that are designed to protect personal information held by the government. However, the penalties established in these various laws have not been properly adjusted or increased to account for inflation, making them far less impactful today. The DOGE BROS Act would increase five penalties for violation of federal privacy laws to better protect the sensitive information that DOGE is accessing in their reckless purge of the federal government. Specifically, the DOGE BROS Act would increase the following existing penalties for the unauthorized release of the following information:
Individually Identifiable Information Contained Within Any Agency Record
Code Section: 5 U.S.C. §552a(i)(i, ii, iii)
Current Penalty: up to $5,000
Proposed Penalty: up to $30,000
Information from Any Department or Agency of the United States Obtained Using a Computer Without Authorization
Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) joined 11 of his Senate colleagues in demanding that the Trump administration release funding for states under the Broadband Equity, Access, and Deployment (BEAD) program. This program, which was created by the Infrastructure Investment and Jobs Act – landmark legislation authored and negotiated by Sen. Warner – connects families in the hardest-to-serve communities to high-speed internet and works to close the digital divide.
Virginia is expected to receive $1.4 billion in federal funding from the program. However, Virginia has been unable to finalize its broadband deployment plans after President Trump halted funding for Infrastructure Investment and Jobs Act projects in January and announced that the National Telecommunications and Information Administration (NTIA) would be revising the guidelines for the BEAD program.
“We write with concern regarding the National Telecommunications and Information Administration’s (NTIA) recent announcement that it is delaying the Broadband Equity, Access, and Deployment (BEAD)program,” wrote the senators in a letter to President Trump.“This unprecedented move by the NTIA will further delay our communities from having the connectivity they need to grow and thrive. To unlock the full strength of the U.S. economy, every community must have access to the vast opportunities enabled by broadband, and this can be achieved by your Administration following the law as outlined in the bipartisan Infrastructure Investment and Jobs Act (P.L. 117-58).”
In addition to Sen. Warner, the letter was signed by U.S. Sens. Jackie Rosen (D-NV), Ben Ray Luján (D-NM), Raphael Warnock (D-GA), Catherine Cortez Masto (D-NV), Jeanne Shaheen (D-NH), Amy Klobuchar (D-MN), Elissa Slotkin (D-MI), Gary Peters (D-MI), John Hickenlooper (D-CO), Tammy Baldwin (D-WI), and Angus King (I-ME).
They continued,“Currently, there are multiple states ready for broadband providers to put shovels in the ground tomorrow. NTIA must act swiftly to release BEAD funding to states that have already been approved and expeditiously work to approve the remaining eligible applications. Time is of the essence, and our rural and tribal communities cannot afford more delays.”
Sen. Warner has long fought to expand access to broadband in Virginia. As an author and negotiator of the bipartisan infrastructure law, Sen. Warner secured$65 billion in funding to help deploy broadband and decrease costs associated with connecting to the internet nationwide.
A copy of letter is available here and text is below.
Dear President Trump:
We write with concern regarding the National Telecommunications and Information Administration’s (NTIA) recent announcement that it is delaying the Broadband Equity, Access, and Deployment (BEAD) program. This unprecedented move by the NTIA will further delay our communities from having the connectivity they need to grow and thrive. To unlock the full strength of the U.S. economy, every community must have access to the vast opportunities enabled by broadband, and this can be achieved by your Administration following the law as outlined in the bipartisan Infrastructure Investment and Jobs Act (P.L. 117-58).
The intent of Congress when it created and appropriated over $42 billion for the bipartisan BEAD program was to connect the hardest-to-serve Americans to high-speed internet and finally close the digital divide. Congress explicitly shaped this program to give deference to states, so they could address the unique challenges their states face reaching the goals of the program Congress mandated.
Currently, there are multiple states ready for broadband providers to put shovels in the ground tomorrow. Forty-two states have begun or completed their BEAD application process. Three states have even had their applications fully approved and yet are waiting on funds to be released by your Administration. Many states have applications that are tech-neutral and dramatically more cost-effective than previous projects funded by federal broadband programs, all while fulfilling the program’s mission to bring high-speed, reliable broadband to all unserved communities in their state. The attempts by NTIA to revise the state application process at this late stage will cause further delays to the program and leave rural and tribal communities behind in an increasingly connected economy. NTIA must act swiftly to release BEAD funding to states that have already been approved and expeditiously work to approve the remaining eligible applications. Time is of the essence, and our rural and tribal communities cannot afford more delays.
It is imperative to follow the law, deliver on the promise of access to affordable high-speed internet, and ensure that every American, regardless of where they live, has the tools to succeed in the modern economy.
Thank you for your attention to this important matter.
COLORADO SPRINGS – Today, Governor Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT) announced that Okika Devices, a producer of chips and software that enable custom and cutting-edge analog solutions and computing, has selected Colorado Springs for its new headquarters and research and development (R&D) center.
“We are thrilled to welcome Okika Devices to Colorado, the best place to live and do business. Okika will bring 20 new, good-paying jobs to Colorado Springs while advancing our state’s growing contributions to the semiconductor industry,” said Governor Polis.
In Colorado, Okika joins a semiconductor industry poised for growth. The Semiconductor Industry Association places Colorado in the top 10 states with the resources and business ecosystem to support a strong semiconductor industry. In addition to major fabrication facilities, Colorado businesses support the entire value chain from chip design and materials to fabrication and packaging.
Okika develops Field Programmable Analog Array (FPAA) integrated circuit products to deliver state-of-the-art analog integrated circuit solutions that address complex challenges from sensor processing to machine learning. In Colorado Springs, the company recognized an opportunity to connect to a strong workforce, build on local relationships established through previous industry experience, and establish new partnerships within the local ecosystem.
The company expects to create 20 net new jobs at an average annual wage of $104,250, which is 160% of the average annual wage in El Paso County. Hiring is underway for applications and quality engineers, sales, and procurement.
“Relocating Okika’s headquarters to Colorado Springs marks an exciting new chapter for our company. The business-friendly environment, along with the unwavering support from the city, county, and state—who truly bent over backwards to make this transition seamless—made our decision an easy one. Colorado Springs offers a rich pool of talented and committed professionals, and we’re proud to join a community known for innovation and excellence. Many of our senior executives, formerly of Ramtron, are thrilled to return and help launch Okika in a place that feels like home. We are looking forward to being back,” said William Staunton, Chairman and CEO of Okika.
“Okika Device’s dedication to cutting-edge analog solutions and commitment to innovation will undoubtedly strengthen and advance our state’s growing semiconductor ecosystem, further solidifying Colorado’s position as a leader in the advanced industries, technology and strategic economic development,” said OEDIT Executive Director Eve Lieberman.
The Colorado Economic Development Commission approved up to $398,756 in a performance-based Job Growth Incentive Tax Credit for the company over an eight-year period. These incentives are contingent upon Okika Devices, referred to as Project Kokua throughout the OEDIT review process, meeting net new job creation and salary requirements.
Colorado Springs City Council approved $66,500 over a four-year period in performance-based incentives. The sales and use tax rebates apply to the purchases of construction materials, equipment, machinery, furniture, and fixtures. The City’s Economic Development Department also offered to support the company through its Rapid Response Program, as well as talent and workforce development support.
“Okika’s decision to establish its headquarters in Colorado Springs shows the confidence investors have in our region and speaks to Colorado Springs’ position as a dynamic hub for advanced manufacturing and semiconductor technology,” said Johnna Reeder Kleymeyer, President & CEO of Colorado Springs Chamber & EDC. This expansion will enhance our region’s capabilities in the analog integrated circuit market and strengthen our semiconductor supply chain, making Colorado Springs an ideal location for manufacturing businesses.”
“We are honored to welcome Okika Devices to Colorado Springs,” said Colorado Springs Mayor Yemi Mobolade. “Their investment brings high-quality jobs, cutting-edge innovation, and strengthens our role in advancing technologies critical to national security. Choosing to expand in Olympic City USA speaks volumes about our city’s growing reputation as a hub for skilled workforce, business-friendly environment, and as a premier destination for tech companies looking to grow and thrive.”
“We are excited to welcome this innovative semiconductor company to the Pikes Peak region,” said Commissioner Carrie Geitner, Chair of the Board of County Commissioners. “Their expansion not only positions our region at the forefront of advanced technology but also brings high-quality jobs and new opportunities for our local workforce. El Paso County offers a supportive, business-friendly environment that enables companies like this to grow and thrive. We look forward to the positive impact they will have on our community and economy for years to come.”
El Paso County is the administrator for the Pikes Peak Enterprise Zone (EZ), which offers state income tax credits to encourage business investment and job creation in economically distressed areas. Through this state program, Okika Devices may be eligible for up to $402,532.50 in EZ incentives, contingent upon final site selection within a designated Enterprise Zone and compliance with all program requirements.
In addition to Colorado, Okika Devices considered California and Arizona for expansion. Previously headquartered in California, the company has six employees, one of whom is in Colorado.
About Okika
Okika Devices Corporation (Okika) is an analog integrated circuit products manufacturing company committed to advancing and delivering transformative, analog processing solutions. By tackling the most complex analog challenges, Okika aims to unlock new frontiers for sensor processing, machine learning, control system and power management applications. For more information visit okikadevices.com.
About the Colorado Office of Economic Development and International Trade
The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.
WISeKey International Holding Ltd Announces Agenda Items to be Approved by Shareholders at its 2025 Annual General Meeting Scheduled for June 19, 2025
Zug, Switzerland, May 20, 2025 – Ad-Hoc announcement pursuant to Art. 53 of SIX Listing Rules – WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity and IoT company, announced today that the Board of Directors has submitted its proposals for shareholder approval at the 2025 Annual General Meeting of Shareholders (“AGM“). The 2025 AGM will be held at 2:00 p.m. CEST on Thursday, June 19, 2025 at the offices of Homburger AG, Prime Tower, Hardstrasse 201, 8005 Zurich, Switzerland.
Key items that the Board of Directors recommends shareholders to approve include, among other things:
Approval of the Annual Report 2024, including the audited consolidated and statutory financial statements;
Discharge of the Board and Executive Management for their activities during the financial year ended December 31, 2024;
Increase of the capital band
Amendment of Article 4a of the Articles of Association to increase the upper limit of the capital band from CHF 585,875.16 to CHF 636,095.10, thereby authorizing the Board of Directors to increase the share capital within a revised band of CHF 391,700.96 to CHF 636,095.10;
Increase of the conditional share capital:
Amendment of Article 4b letter a of the Articles of Association to increase the Company’s conditional share capital for convertible and similar financial instruments from CHF 31,917.40 (319,174 Class B Shares) to CHF 168,031.70 (1,680,317 Class B Shares);
Amendment of Article 4b letter b of the Articles of Association to increase the conditional share capital for share-based compensation plans from 176,430 Class B Shares to 400,000 Class B Shares;
Re-election of all eight current members of the Board of Directors for a term extending until the conclusion of the next AGM;
Re-election of the Nomination & Compensation Committee; and,
Re-election of the statutory auditor and the Independent Proxy.
Shareholders may attend the AGM in person at the venue. Shareholders may also exercise their voting rights by giving electronic or written voting instructions to the independent voting rights representative, as further described in the Company’s invitation to the 2025 AGM published on the date of this press release, or by giving proxy to a representative.
About WISeKey
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.
Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.
Disclaimer This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
Press and investor contacts:
WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com
WISeKey Investor Relations (US) Contact: Lena Cati The Equity Group Inc. Tel: +1 212 836-9611 lcati@theequitygroup.com
TAIPEI, Taiwan, May 20, 2025 (GLOBE NEWSWIRE) — At COMPUTEX TAIPEI 2025, TRYX, a leading innovator in high-performance PC hardware, is set to redefine the future of computing with its latest product lineup (Booth: Nangang Exhibition Centre Hall 1, 4F, N1205). Showcasing cutting-edge products spanning cooling solutions, chassis designs, lighting systems, and customization tools, TRYX continues to push boundaries with its user-driven engineering philosophy.
Next-Gen Cooling & Visual Excellence
PANORAMA Series: Where Liquid Cooling Meets Immersive Displays
PANORAMA: The world’s first AIO liquid cooler with an L-shaped 3D AMOLED screen (6.5” 2K @60Hz), powered by 8th-gen Asetek pump and customizable ARGB fans for unmatched performance and aesthetics.
PANORAMA SE: Features a detachable AMOLED display with “Waterfall” animation effects and 280W TDP cooling for extreme workloads.
PANORAMA WB: A modular water block for custom loop enthusiasts, retaining the signature 6.5” AMOLED screen and full KANALI software control.
Visuals That Command Attention: STAGE & ARCVISION
TRYX STAGE 360mm AIO:features L-shape dual screen water block with mini “stage” aesthetics, supporting dynamic visuals via KANALI.
ARCVISION: The first glasses-free 3D chassis with curved glass, blending organic patterns and panoramic views for a futuristic build.
Thermal Mastery: TURRIS & ROTA SL
TURRIS: A dual-tower air cooler with 6 heat pipes, 5” LCD stats display, and tool-free installation for effortless high-end cooling.
ROTA SL: Simplifies cable management with magnetic connectors and vibration-damping pads, ensuring clean, silent operation.
Modular Freedom: LUCA Series & FLOVA
LUCA/LUCA AIR: Built with 6000-series aluminum, featuring X-shaped floating bases and dual 200mm fans (AIR version) for max airflow.
FLOVA: A home-friendly chassis with cross-flow cooling, removable fabric panels, and minimalist design for seamless living space integration.
Ecosystem Synergy: KANALI & LUCIS
KANALI: The ultimate control hub for 3D content, lighting sync, and screen recording across TRYX devices.
2025 marks TRYX’s boldest leap yet—merging hardware with artistry, from 3D displays to silent magnetic fans, every product is designed to inspire creators and gamers alike.”
Visit TRYX’s booth for live demos of KANALI’s real-time content tools and exclusive giveaways. Explore more at or follow **@TRYXGlobal**.
About TRYX Founded in 2023, TRYX is headquartered in Shanghai, specializing in performance-driven PC hardware. With a presence in global market, the brand lives by its motto: “Empowering Possibilities”
Media Contact: Lucius Liu TRYX Global Marketing Email: lucius_liu@tryxzone.com
Photos accompanying this announcement are available at
Good morning. Thank you to PLI for once again hosting this event and to the studio audience, both live and virtual, who has joined us today. In preparing these remarks and knowing I was lucky enough to take the stage between all of you and your lunch break, I thought, how do I pack in all the ways our Office seeks to support small businesses in a few short minutes before that mental lunch bell rings? And just like that, I found myself in my head somewhere between the Final Jeopardy[1] countdown music and those shopping shows where contestants race around with a grocery cart. Embracing that theme, welcome to my trip down “game show” memory lane to revisit some famous, and possibly not so famous, game shows. Our journey will highlight some of what our Office does, and what is happening with capital formation in the small business ecosystem. However, before I test your game show acumen, I need to remind all of you that I am speaking in my official capacity as the Director of the Office of the Advocate for Small Business Capital Formation, and my remarks do not necessarily reflect the views of the Commission, the Commissioners, or other members of the Commission Staff.
For those of you who were here last year, you might remember I had only been the Host, oh I mean the Director, of the Small Business Advocacy Office for 79 days. Today, while my duration as Director has lengthened in tenure to 16 months, one thing from those initial days still holds absolutely true — this Office is made up of an incredible bunch of dedicated individuals who are passionate about improving small business capital formation and serving as a voice for small businesses and their investors. While we may have barely enough folks to field a couple of “Family Feud”[2] teams, this small team continues to amaze me on a daily basis with their accomplishments and commitment to the Office’s mission. Just looking at the current fiscal year, since October 2024 the Office has engaged in 34 outreach events and dozens of policy meetings, produced the 2024 Annual Report, created new educational resources and content, reviewed dozens of proposed bills and amendments related to small business capital formation, and organized and hosted the 44th Annual SEC Small Business Forum. And that’s on top of our daily collaboration with our SEC colleagues on matters of importance to small businesses and their investors. I am proud to be a part of this hard-working team and for the opportunity to serve alongside them as we seek ways to continue to support and advocate for the small business community. And now, I’m pleased to present the Small Business Advocacy Office.
Jeopardy
First up: Let’s play a little Jeopardy. Actually, let’s jump straight to some Double Jeopardy questions, so I don’t spill all the way into the break.
I’ll start with “Little Known Gems at the SEC” for $1,200. Congress created this Office with the longest name in the agency to advance the interests of small businesses and their investors at the Commission and in the capital markets. You got it! What is the Office of the Advocate for Small Business Capital Formation? Many of the folks that our Office advocates for may not have gotten that one, and we are on a mission to change that by getting the word out about who we are and what we do for small businesses and their investors. Small businesses cut a wide swath for this Office — from a start-up to a small public company. We are tasked with assisting in resolving problems, identifying areas where small businesses and their investors would benefit from changes in regulations, identifying problems that small businesses encounter with securing capital, analyzing the impact of proposed rules and legislation, and engaging in outreach on capital formation issues.[3]
How do we go about fulfilling these vital functions? We engage with the community — we meet, talk, and listen to small business founders, investors, and those parties that support them. And what do we do with all of that feedback that we learn and gather? It informs our advocacy on behalf of small businesses and their investors so we can amplify their voices. The questions that we get from the small business community often serve as indicators of areas where that community could benefit from additional clarity, and where we can assist by working with our colleagues to help bring about solutions and by creating educational resources on those topics. In addition, we rely on what we hear from our stakeholders when we make the policy recommendations that we include in our Annual Report. The Annual Report is a culminating event for our Office — we spend the year reviewing data and studies to report on what’s happening with small business capital formation and to ensure that the policy recommendations are data-driven.
Let’s continue with Little Known Gems for $1,600. This is where you can find a wealth of educational resources for small businesses and their investors. Tough one, huh? Let’s go with What is sec.gov? That would be correct! You can locate our educational tools, resources, videos, and more from any page on the SEC’s website by clicking on the “small businesses” link in the upper right-hand corner. We hope you will take the time, or suggest that your clients take the time to explore the Capital-Raising Building Blocks — one pagers that cover many of the fundamentals of raising capital, to take a gander at the Glossary, which cuts through the legal and market-driven jargon used when small businesses raise capital, or to tune in to the Let’s Talk Small Business video series to hear insights from experts and thought leaders in the field. Plus, don’t forget to pop over to our Office’s homepage at sec.gov/oasb to dig into our colorful Annual Report, which showcases the state of small business capital formation, watch the recent SEC Small Business Forum recordings, or sign up for our email alerts to learn about upcoming events and new resources.
The resources, videos, and Annual Report contain a wealth of useful information for anyone involved in small business capital formation. Plus, what better way to prepare for your upcoming appearance on “It’s Academic,”[4] — I can see some of you remember that one — where your knowledge of small business capital-raising will be put to the test. Hey, does anyone know which states had the second greatest number of Regulation Crowdfunding or Regulation D offerings over the twelve-month period ended June 30, 2024? The answer to that question might just score your team the top prize! Even though I am inclined to send you to our Capital Trends Maps to find the answer, I’ll be kind and tell you that the correct responses are Pennsylvania and New York, respectively. [5]
The $100,000 Pyramid
Next up, let’s revisit another old game show favorite: the “$100,000 Pyramid.”[6] Small businesses need capital to open their doors, start operations, and grow. While some businesses hope to grow and scale their funding beyond $100,000, many are often seeking much smaller amounts to get started. Recently, 58% of new businesses began operations with less than $25,000, and 41% sought less than $50,000 in external financing or credit sources.[7] What are the primary ways that small businesses use that capital? To meet operating expenses, expand the business, or maintain available credit.[8]
Even though 40% of small businesses seek external financing, only 2% actually receive an equity investment, with those equity investments predominantly coming from the business owners or friends and family[9] — once again echoing the importance of networks and support, including from other entrepreneurs, professional networking groups, and college networks. Through our Office’s own outreach and engagement efforts, we have discovered time and again that even in many big cities, the local small business community gives “small town” vibes with networks of entrepreneurs, investors, and support organizations connecting by a few degrees of separation.
The Match Game
Every year, our Office has the privilege of speaking with a wide range of small business founders and investors from across the United States, as well as the those who provide assistance, advice, and guidance to them. This gets me thinking about the game show “Match Game”[10] — does anyone remember that fill-in-the-blank show from the 60s and 70s? Here’s an example: what would be a fill-in-the-blank response to this statement: “small and emerging businesses seek [BLANK] through an accelerator or incubator?” The game-winning response would be “support.” But other matching answers might include network development, access to potential investors, mentorship from business experts, and business skills development.[11]
To cite a few more nuggets from the research reflected in our Annual Report: Did you know that small businesses that participate in an accelerator program generate more revenue and hire more full-time employees?[12] How about that angel investors play a key role in mentoring founders?[13] Or that venture capital firms do the same by interacting with their portfolio companies typically at least once a week?[14] These matches between small businesses and those who support them are an essential part of the ecosystem that helps to develop and foster founders on their capital-raising journeys. Many areas of the country have a vibrant ecosystem of start-ups and support organizations — I saw it first-hand last year in Kansas City, where a number of those support organizations can be accessed using the city’s free streetcar system! Yet small businesses in many areas outside of the traditional capital raising hubs still struggle to secure the necessary support and capital that they need.
Let’s Make a Deal
Talking to founders about how they seek investment capital brings to mind yet another game show, “Let’s Make a Deal,”[15] where an audience member might be selected based on their outrageous costume to make a deal with the host of the show. Now, founders may not resort to quite so much drama to get the attention of potential investors — at least I hope they don’t — but they do often find themselves searching out the best deal.
So, how do those potential deals pan out? Pre-seed and seed funding accounted for $6 billion of investments during the first half of 2024 with a median seed round of $3.1 million.[16] Venture capital firms invested $86 billion during that same time frame with a median round of $5 billion for Series A and B and $7 billion for Series C and D.[17] Initial public offerings raised $19 billion during the first half of 2024, with the technology industry leading the pack.[18] While some companies are making deals, exit values — generated across acquisitions, buyouts, and public listings — have been on the decline.[19] And the struggle to make a deal is further exacerbated for those small businesses located outside of the traditional capital raising hubs.
Press Your Luck
My time as your game show host is quickly coming to an end, and I certainly don’t want to “Press [My] Luck”[20] and have one of those whammies from that show pop up on the screen behind me. So, instead, I will bring my remarks to a close and leave each of you with some parting words.
Do not forget to spread the word about the Small Business Advocacy Office with your colleagues, clients, and those who support the small business capital formation ecosystem. This Office exists to advocate and be a voice for small businesses and their investors. We continue to be committed to helping them find the support, guidance, and resources that they need to succeed on their journeys. One of the ways in which we can fulfill our vital role is to hear from founders and investors, as well as those who advise and champion them. You can always reach us at smallbusiness@sec.gov with questions or ideas. And do not forget to visit our resources by clicking on the “small businesses” link on sec.gov or relish the in-depth analysis provided in our Annual Report.
I appreciate you being an engaged studio audience today and do not blame me when you find yourself tuning into the Game Show Network tonight and yelling “no whammies, no whammies!”[21] Enjoy the remainder of this wonderful conference. And, the survey says, “thank you.”[22]
[1] “Jeopardy!” is a game show in which contestants receive clues in the form of answers and then give answers phrased like questions. See JEOPARDY, https://www.jeopardy.com/.
[2] “Family Feud” is a game show in which five members of one family are pitted against five members of another family. Each team’s goal is to guess the results of audience survey questions. See FAMILY FEUD, https://www.familyfeud.com/.
[3] Small Business Advocate Act of 2016, 15 U.S.C. §§ 78d and 78qq.
[4] “It’s Academic” is a game show that showcases high school students from around the National Capital Region in a head-to-head intellectual competition. IT’S ACADEMIC, https://itsacademicquizshow.com/.
[5] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at pp. 18-19. Data covers the 12-month period ended June 30, 2025.
[7] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 5
[8] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 6.
[9] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at pp. 6-7.
[11] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 8.
[12] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 9.
[13] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 10.
[14] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 22.
[15] “Let’s Make a Deal” is a game show in which audience members dress up in costumes to get the host’s attention to make deals for prizes or cash. See Let’s Make a Deal, CBS, https://www.gameshownetwork.com/match-game.
[16] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 12.
[17] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 24.
[18] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 31.
[19] SEC Office of the Advocate for Small Business Capital Formation, “Annual Report for Fiscal for Fiscal year 2024” (2024) at p. 30.
Vitry-le-François, France (May20, 2025,6:00pmCEST)–
The 5thWorld Hydrogen AwardsthrewHaffner Energy’suniquebiomass-based solutionHYNOCA®in the limelight todayas one ofthetwohydrogen-production technologies selectedforthefirst RenewableEnergy Valley projectdevelopedunder the umbrella of theHorizonEurope-funded international initiativeREFORMERS.
Granted to REFORMERS’ Flagship Energy Valley in Alkmaar, Netherlands,in the Clean Project category,after a comprehensive review of the project by a jury of experts and a vote by the global hydrogen community, the award also recognized the innovative Zinc Intermediate Step Electrolysis technology by German startup STOFF2.TheAwardsCeremony tookplace,today,on the eve of the 6thedition of theannualWorld Hydrogen Summit&Exhibitionwhich is being held in Rotterdam, Netherlands, this week.
“Iam grateful for the ongoing support and dedication of Philippe and Marc Haffner and their team, whoseexpertiseand commitment have played a crucial role in our journey towardstoday’sprizewinning success. Together, we are shaping the future of sustainable energy solutions and paving the way for a cleaner, greener world”, said Bob Busser, Managing DirectorofHyDevCoBV, Haffner Energy’s Dutch partner andleadingproject developerforHYNOCA-Alkmaar.BV, the Dutchproject-dedicatedentity (orSPV)that ispart ofthe local consortium developing the Renewable Energy Valleyin Alkmaar.
HYNOCA®isthehydrogen production solution developed byHaffner Energyusingits patentedbiomass thermolysis technology.HYNOCA®isdesignedto rely on localresidual biomass andorganicwaste with no conflicts of use.Because it is feedstock agnostic, it canoperateregardless of the typical seasonal and geographical variationsinbiomass availability.It is made commercially available inthe Netherlands, Luxemburg,BelgiumandNorth Rhine-WestphaliathroughBusser Project & Technology Development.
Hynoca-Alkmaar’s project,labelled“bio-hydrogen plant” in theRenewable Energy Valleymapping, will use 6500 tonnes of locally sourced residual biomass with no conflict of usetoproduce 240 metric tonnesperyear of mobility-grade green hydrogen, serving local mobility and industrial needs. In the process, itwill avoid the emission of 2880tonnesof CO2per year.
“In our quest to realize Europe’s first Renewable Energy Valley in Alkmaar, clean hydrogen is an indispensable piece of the puzzle. At the core of this ecosystem, HYNOCA-Alkmaar is one of two innovative hydrogen production technologies that were selected to enable a flexible and continuous production of clean hydrogen. We are thrilled that our international collaboration to realize a decentralized hydrogen ecosystem was recognized today”,saidJoepSanderlink,Project Manager at New Energy Coalition,coordinator of the Alkmaar Renewable Energy Valley project.
Europe’s first Renewable Energy Valleyis being developed with a view totestingnew technologiesin renewable energy generation, storage, and distribution. Itis a model for energy resilience and sustainable development, bridging traditional energy sectors with innovative systems.Theenergy hub will host over 300 business facilities and 3,000 households on a 4km2territory.
“We are delightedto be part of this amazinginitiative to shape the future of sustainable energy.Energy independenceis vitaltothefutureofEuropeandwe’reexcitedaboutthis collaborative effortacross borders,“saidMarcellaFranchi,in charge of business development atHaffner Energy.
REFORMERS’ Flagship Energy Valleyinitiative is to be emulated by six Replication Valleys inAustria, Belgium, Greece,the Netherlands,Poland, andSpain.
About Haffner Energy
HHaffner Energy is a French company providing solutionsfor the production ofcompetitive clean fuels. With 32 years of experience converting biomass into renewable energies, it has developedinnovative proprietary biomass thermolysis and gasification technologies to producerenewable gas,hydrogenand methanol, as well as Sustainable Aviation Fuel (SAF). The companyalso contributes to regenerating the planet, through the co-production of biogenic CO2 andbiocarbon (or char/biochar). Haffner Energy is listed on Euronext Growth. (ISIN code:FR0014007ND6 – Ticker: ALHAF) Further information is availableatwww.haffner-energy.com.
Trump has economically and politically threatened American allies, shattering the unity of the western world. But Trump’s chaos may have inadvertently produced an opportunity to create a better world.
In a recent Foreign Affairs article, American political scientist Stacie Goddard argues the emerging multipolar, post-American world will be one in which great powers — primarily the U.S., Russia and China — will divide the globe into “spheres of influence.”
This has bolstered China’s goal to have a sphere of influence. However, Chinese foreign policy is largely non-interventionist and, compared to the U.S., remarkably restrained.
As China spreads its renewable energy technologies globally, some of the poorest countries may leapfrog carbon-based fuels and go directly to renewable energy to make development affordable and attainable, and to mitigate climate change.
The United Nations remains the favoured instrument of global diplomacy, even if western states have been accused of undermining its authority and efficacy.
The European Union will continue as a major global power in the emerging international order, but on a more even footing with the rest of the world.
Western states will undoubtedly continue to try to exercise disproportionate global influence. Canada has suggested that “like-minded states” form an alliance to promote international trade and institutions that remain dominated by western interests. This idea seems designed to continue marginalizing the Global South in the international decision-making process.
Most Global South states are not high-functioning liberal democracies. Many struggle with the legacies of colonialism while managing an international system dominated by the West that keeps them subservient. Others have created governments that fit their particular circumstances, cultures and levels of development.
But many weaker countries generally share a commitment to international law that is seemingly stronger than the West. They need a stable, predictable, fairly applied set of global rules more than stronger nations. Ironically, the decline of the U.S. may facilitate a much more genuine and legitimate rules-based international order.
America’s loosening grip
Readjusting the world economy away from the U.S. to a more diverse, evenly distributed economic model will be difficult and disruptive.
Nonetheless, loosening the American grip on global power is an essential first step towards achieving a more just and balanced international order.
For putting this process in motion, the world may owe Trump a measure of thanks.
Shaun Narine is affiliated with Canadians for Justice and Peace in the Middle East and Jewish Voice for Peace.
In recent years, Canadians have increasingly seen financial firms — such as private equity firms and real estate investment trusts (REITs) — buying up apartment buildings. The largest 25 financial landlords in Canada hold nearly 20 per cent of the country’s private, purpose-built rental stock.
At the same time, Canada’s housing affordability crisis has exploded. A 2022 report found that in 93 per cent of Canadian neighbourhoods, a full-time minimum wage worker cannot afford a one-bedroom apartment.
Many observers have connected this financialization of housing to rising unaffordability. But until recently, a lack of data has made it challenging to prove it.
Our recent study, based on building-level rent and ownership data in the Greater Toronto Area, is the first to decisively show that financial firms charge higher rents and raise them more quickly than other landlords. We also found that financial firms raise rents most aggressively in lower-income areas with more racialized residents.
Why does financialization raise rents?
Financialization refers to the growing role of the finance sector in various parts of the economy. In the rental housing market, it involves the purchase of rental buildings by financial firms like asset managers, REITs and pension funds.
These “financial landlords” treat housing as an investment product, not as a basic human need.
Financial landlords act differently from other landlords. Unlike smaller landlords, they are guided by the “shareholder value maximization” principle, which means their primary goal is to maximize returns for their shareholders.
While smaller landlords are most likely also motivated by profit, they do not have a duty to external investors like financial firms do and they do not have access to the same strategies to manage their properties. Financial landlords have the scale and sophistication to pursue these profits in ways that smaller-scale landlords cannot.
Even before conducting our analysis, we had reason to believe financial firms would charge higher rents, in part because many of them have publicly said so.
In a 2018 investor presentation, Minto REIT wrote that they charged “the highest in-place rent” among their public peers.
In a 2019 white paper, Canada’s largest private landlord, Starlight Investments, wrote about how their “value add strategy” for upgrading apartments sets them apart from other types of landlords. In the same publication, they reported increasing the monthly rent in one property by $411 — a 31 per cent increase.
Financial firms charge the highest rent premiums
Our analysis reveals that financial firms do indeed charge more.
Our study compared building-level quarterly rent data to average rents from the Canada Mortgage and Housing Corporation for 1,602 buildings between 2022 and 2024.
We found that when landlords advertise a unit to rent, they typically charge more than the average neighbourhood rent. We call this upcharge a rent “premium” — the dollar or percentage difference between the rent posted for an available unit and the average neighbourhood rent for a unit of the same size.
We found that financial firms charged the highest premiums across the GTA, posting 44 per cent higher rents — or $670 more — than local averages. By comparison, non-financial chain landlords — those with multiple buildings but not classified as financial firms — charged a 30 per cent, or $477, premium.
Meanwhile, smaller-scale owners owners of just a few buildings charged a smaller rent premium of 15-22 per cent. We found financial firms charged the highest premiums regardless of whether the building was brand new or in need of repairs.
This software is at the centre of a lawsuit alleging more than a dozen landlords and property managers conspired to artificially inflate rents across Canada.
Our study also found that, over time, financial firms raised rents more aggressively than other landlords. On average, they increased asking rents by five per cent — or $96 — every quarter. By comparison, smaller-scale landlords owning just one property raised asking rents by 3.6 per cent, or $59.
Using a regression model, we demonstrated that out of all ownership types, financial ownership was the strongest predictor for higher rents and higher rent premiums. Using our model, we estimated that a tenant would pay 13 per cent more for their unit if it was owned by a financial firm instead of a single property owner.
Low-income, marginalized tenants are exposed
Our study also found that the highest rent premiums were being charged in Toronto’s “neighbourhood improvement areas.” These are areas the city has identified as having inequitable social and economic outcomes.
While we found that all landlords charge higher premiums in these neighbourhoods, financial landlords were the most aggressive, charging a 49 per cent premium compared to 41 per cent elsewhere.
We also identified a spatial connection between high rent premiums and the number of racialized residents in a neighbourhood: areas with higher rent premiums often had a greater percentage of racialized residents.
These findings suggest that financial firms are complicit in driving gentrification in marginalized neighbourhoods, targeting areas with lower-income and racialized renters for the most aggressive rent increases.
Financialization is detrimental to the right to adequate housing. We show that financialization is worsening affordability in Toronto: a trend that will continue, especially since financial landlords are the largest acquirers of suites in the city and the country’s largest landlords.
If left unchecked, financialization will continue to deepen the affordability crisis, with the greatest harms falling on those who can least afford it.
Cloé St-Hilaire receives funding from the Social Sciences and Humanities Research Council of Canada (Vanier Canada Graduate Scholarship). She previously received funding from the Fonds de Recherche du Québec.
Martine August receives funding from the Social Sciences and Humanities Research Council of Canada and the Government of Ontario Early Researcher Award.
1 / 3Show Caption +Hide Caption –U.S. Air Force Maj. Kyle Sansom and Staff Sgt. Joel Farmer, both assigned to the 151st Medical Group, Utah Air National Guard, perform a dental exam on a Moroccan patient at the humanitarian civic assistance event during African Lion 2025 (AL25) in Anzi, Morocco, May 11, 2025. AL25, the largest annual military exercise in Africa, takes place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. (U.S. Air National Guard photo by: Maj. Marie Denson) (Photo Credit: Maj. Marie Denson) VIEW ORIGINAL2 / 3Show Caption +Hide Caption –U.S. Air Force Staff Sgt. Joanne Magloire, 147th Medical Group, Texas Air National Guard, draws blood from a patient in the laboratory at the humanitarian civic assistance event in Anzi, Morocco, during African Lion 2025 (AL25) May 15, 2025. AL25, the largest annual military exercise in Africa, takes place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. (U.S. Air National Guard photo by Master Sgt. Nicholas Perez) (Photo Credit: Master Sgt. Nicholas Perez) VIEW ORIGINAL3 / 3Show Caption +Hide Caption –U.S. Air Force Lt. Col. Rebecca Doolittle, 136th Medical Group, a Texas Air National Guard unit, prepares a Moroccan patient for tooth extraction at the Humanitarian Civic Assistance event in Anzi, Morocco during African Lion 2025 (AL25), May 11, 2025. AL25, the largest annual military exercise in Africa, will take place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. (U.S. Air National Guard photo by Maj. Marie Denson) (Photo Credit: Maj. Marie Denson) VIEW ORIGINAL
Back to
U.S. Army Southern European Task Force, Africa (SETAF-AF)
ANZI, Morocco – Inside a green canvas military tent, U.S. Air Force Maj. Kyle Sansom, assigned to the 151st Medical Group, 151st Wing, Utah Air National Guard, prepares to perform a tooth extraction. The medical tent is part of a fully operational field hospital established by U.S. and Moroccan forces during African Lion 2025 (AL25), a large-scale multinational training event designed to enhance military readiness and strengthen partnerships across North and West Africa.
Sansom, a general dentist, is one of several U.S. military providers offering essential dental care to local Moroccans near the rural town of Anzi during the annual humanitarian civic assistance (HCA) event.
The importance of HCA in AL25’s real-world application of readiness and partnership objectives is to provide critical health care to the Moroccan people while strengthening interoperability, building trust with local communities and preparing forces for complex contingencies.
“This is my first African Lion trip,” said Sansom. “Everything has exceeded my expectations—from the food, to the environment, to the people, to the other military members. It’s been a really good experience.”
U.S. Air Force Master Sgt. Andrew Wilson, 151st Force Support Squadron, Utah Air National Guard, restocks the pharmacy at the humanitarian civic assistance event in Anzi, Morocco, during African Lion 2025 (AL25) May 15, 2025. AL25, the largest annual military exercise in Africa, takes place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. (U.S. Air National Guard photo by Master Sgt. Nicholas Perez) (Photo Credit: Master Sgt. Nicholas Perez) VIEW ORIGINAL
The field hospital has 18 areas, including dermatology, orthopedics and pediatrics.
Sansom and the dental team use portable dental chairs, suction units, high- and low-speed handpieces, lighting and sterilization tools. These setups allow dental providers to deliver high-quality treatment in remote and under-resourced areas.
“The care we’re providing is mostly fillings and extractions,” Sansom said. “If a tooth is restorable, we’ll do a filling. But if it’s infected or broken down, we must extract it. It may seem simple, but to someone in pain, it can be life-changing.”
For many patients treated during the mission, these services are otherwise out of reach. In the rural regions of Morocco, residents often live hours from the nearest medical facility.
“As dentists, we feel fortunate to have skills that are needed in places like this,” said U.S. Air Force Lt. Col. Paul Anderson, the HCA dental lead, also assigned to the 151st Medical Group. “We’ve been lucky to bring some incredible providers with us, including a pediatric dentist and an oral surgeon. We have been able to treat thousands of patients efficiently.”
U.S. Air Force Maj, Kyle Sansom, 151st Medical Group (MDG), Utah Air National Guard, and Staff Sgt. Joel Farmer, 124th Medical Group, provide dental care to a Moroccan patient during the Humanitarian Civic Assistance event at African Lion 2025 (AL25), in Anzi, Morocco, May 11, 2025. AL25, the largest annual military exercise in Africa, will take place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. This photo was altered for patient privacy. (U.S. Air National Guard photo by: Master Sgt. Nicholas Perez) (Photo Credit: Master Sgt. Nicholas Perez) VIEW ORIGINAL
Among the many patients treated at the field dental clinic, a mother and her young daughter stood out during the day’s operations.
The mother had a cavity in one of her front teeth and initially believed it would need to be extracted. After an examination, the dental team determined the tooth could be restored with a filling. The procedure was completed successfully, closing the visible hole in the tooth.
While the mother received care, her daughter waited nearby. Sansom engaged with the child using simple magic tricks, which helped ease her anxiety and brought a smile to her face. The interaction demonstrated how the dental team provided clinical care and personal attention to help patients feel comfortable throughout their treatment.
U.S. Air Force Lt. Col. Eric Mack, 129th Medical Group, California Air National Guard, performs a tooth extraction on a patient during the humanitarian civic assistance event in Anzi, Morocco, during African Lion 2025 (AL25) May 15, 2025. AL25, the largest annual military exercise in Africa, takes place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. (U.S. Air National Guard photo by Master Sgt. Nicholas Perez) (Photo Credit: Master Sgt. Nicholas Perez) VIEW ORIGINAL
“Working with our Moroccan counterparts has been a real highlight,” said Sansom. “They’ve brought great energy and expertise, and we’ve collaborated on several complex cases. It’s been an enriching experience.”
Language differences posed challenges, but well-trained interpreters were embedded with the medical team to bridge the gap. While patients spoke Arabic, French, or Berber dialects, U.S. personnel worked closely with local translators and the Royal Moroccan Armed Forces (FAR) to ensure patients understood their procedures and were comfortable throughout treatment.
The chaplains’ group, associated with African Lion 2025 (AL25), poses for a photo at the humanitarian civic assistance event in Anzi, Morocco, May 13, 2025. AL25, the largest annual military exercise in Africa, takes place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. (U.S. Air National Guard photo by Maj. Marie Denson) (Photo Credit: Maj. Marie Denson) VIEW ORIGINAL
Each day, U.S. military and FAR dental providers collaborate inside the field hospital, working side-by-side on patient care and sharing clinical techniques. For many service members, this cooperation is a powerful reminder of what multinational exercises are meant to achieve.
U.S. Air Force Maj. James Holt, a pharmacist assigned to the 75th Medical Group, based in Hill Air Force Base, Utah, explains the prescribed medication to a patient at the humanitarian civic assistance event during African Lion 2025 (AL25) in Anzi, Morocco, May 14, 2025. AL25, the largest annual military exercise in Africa, takes place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. (U.S. Air National Guard photo by Master Sgt. Nicholas Perez) (Photo Credit: Master Sgt. Nicholas Perez) VIEW ORIGINAL
“In the six times I’ve been here, dental and optometry always seem to be the most sought-after services,” said Anderson. “It’s an amazing feeling to provide something that truly benefits the local people.”
For U.S. military medical personnel, the field hospital experience doubles as valuable training. Providers like Sansom gain experience in expeditionary operations, learning to adapt quickly to unfamiliar teams and settings, while refining their ability to deliver care with limited resources.
“Getting familiar with this field of dental equipment is essential,” said Sansom. “We could be called up at any moment to support our country in an emergency, and this experience prepares us for that.”
1 / 2Show Caption +Hide Caption –Members of the U.S Embassy in Morocco visited the humanitarian civic assistance (HCA) event to plan integration of the U.S. Navy at future HCAs in Anzi, Morocco, May 15, 2025. African Lion 2025, the largest annual military exercise in Africa, takes place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. (U.S. Air National Guard photo by Master Sgt. Nicholas Perez) (Photo Credit: Master Sgt. Nicholas Perez) VIEW ORIGINAL2 / 2Show Caption +Hide Caption –Members of the U.S Embassy in Morocco visited the humanitarian civic assistance (HCA) event to plan integration of the U.S. Navy at future HCAs in Anzi, Morocco, May 15, 2025. African Lion 2025, the largest annual military exercise in Africa, takes place from April 14 to May 23, 2025. Led by U.S. Africa Command with over 10,000 troops from more than 50 nations, including seven NATO allies, across Ghana, Morocco, Senegal, and Tunisia. The exercise aims to bolster military readiness, enhance lethality, and foster stronger partnerships, ultimately improving joint capabilities in complex multi-domain environments to enable participating forces to deploy, fight, and win. (U.S. Air National Guard photo by Master Sgt. Nicholas Perez) (Photo Credit: Master Sgt. Nicholas Perez) VIEW ORIGINAL
As operations continue at the field hospital during AL25, the Airmen of the 151st Medical Group remain focused on their core mission: providing quality care, strengthening partnerships and maintaining readiness in a joint, multinational environment.
About African Lion
AL25 is set to be the largest annual military exercise in Africa, bringing together over 50 nations, including seven NATO allies, and about 10,000 troops. Led by U.S. Army Southern European Task Force, Africa (SETAF-AF), on behalf of U.S. Africa Command (USAFRICOM), the exercise will take place from April 14 to May 23, 2025, across Ghana, Morocco, Senegal, and Tunisia. AL25 is designed to restore the warrior ethos, sharpen lethality, and strengthen military readiness alongside our African partners and allies This large-scale exercise will enhance our ability to work together in complex, multi-domain operations—preparing forces to deploy, fight, and win.
Source: United States House of Representatives – Congressman August Pfluger (TX-11)
WASHINGTON, DC — Today, President Donald Trump signed the TAKE IT DOWN Act into law. Congressman August Pfluger (TX-11), a co-lead of the legislation, joined the president and several colleagues at the White House to celebrate this historic moment to protect young Americans.
In response to the legislation being signed into law, Rep. Pfluger said, “It was an honor to witness President Trump sign the TAKE IT DOWN Act into law today. As a father of three young girls, I’m deeply concerned about the rise of deepfakes and nonconsensual intimate images in our country. It is sickening, it is harmful, and it must be stopped—and this law is a major step forward in protecting victims and restoring online accountability. I was proud to co-lead this legislation in the House and commend Rep. Salazar, Senator Cruz, and First Lady Melania Trump for their leadership in driving it across the finish line. I also thank President Trump for taking decisive action to cement this legislation into law.
Background:
In January 2025, Rep. Pfluger joined several colleagues in reintroducing the TAKE IT DOWN Act. This legislation protects victims of real and deepfake ‘revenge pornography’ by criminalizing the publication of these harmful images, in addition to requiring websites to remove them quickly. The rising popularity of AI requires decisive federal legal protections that will empower victims of these heinous crimes, most of whom are women and girls.
Rep. Pfluger also spoke in support of the TAKE IT DOWN Act during a House Energy and Commerce Committee full committee legislative markup earlier this year.
First Lady Melania Trump has strongly backed this bill, speaking in support of this legislation during a roundtable she hosted at the U.S. Capitol. President Trump also voiced his support for this legislation in his State of the Union address. Additionally, over 100 organizations and advocacy groups support the act; a full list can be found here.
To read the full text of the legislation, click here.
Source: Africa Press Organisation – English (2) – Report:
GE Vernova modernizes Sasol’s Secunda power plant in South Africa This project serves as a model for modernizing power plants across Africa CAPE TOWN, South Africa, May 20, 2025/APO Group/ —
The new upgrade increases operational efficiency at Sasol’s plant, while reducing NOx emissions significantly
Project is expected also lead to water consumption savings equivalent to about 64 Olympic pools per turbine annually
GE Vernova (www.GEVernova.com) announced this project at Enlit Africa 2025 in Cape Town, South Africa
GE Vernova Inc. (NYSE: GEV) today announced the successful completion of the modernization of global energy and chemical company Sasol’s Secunda power plant in Mpumalanga. The modernization included the replacement of the existing pre-combustor system with a new DLN1+ combustor supplemented by the Fuel Gas Module (FGM) skid to increase the operational efficiency of the two installed 9E gas turbines and reduce carbon emissions. This project serves as a model for modernizing power plants across Africa. As the continent faces increasing energy demands, initiatives like this highlight how innovative solutions can enable more efficient energy production with reduced emissions, without requiring entirely new infrastructure. The upgrade led to significant improvements, including:
Reduction of NOx emissions significantly below the guaranteed values of 25 ppm, representing a reduction of three quarters from previous level.
Avoidance of using water as a diluent with the DLN technology, with an expected water consumption saving equivalent to about 64 Olympic pools per turbine annually.
There was an efficiency improvement compared to the previous combustor, translating to approximately 10,000 metric tons less CO2 emitted per gas turbine, supporting Sasol’s environmental objectives.
Extension of the maintenance intervals, reducing downtime and operational costs.
Enhanced reliability of the power supply delivered to the national grid.
Source: African Development Bank Group “Before, farming was an unattainable dream. Today, I feed my children from the land.” These words from Assia Obakar Hassan, a mother from the village of Kalaf, epitomize the profound transformation benefiting part of rural northern Djibouti thanks to a regional project implemented by the Intergovernmental Authority on…
Leader of Norwich City Council, Councillor Mike Stonard announced a fresh re-shuffle of the authority’s cabinet at this afternoon’s full council meeting.
Cabinet functions as the executive body of the council and is where the majority of the authority’s key decisions are made. Its members are appointed by the leader and then given areas of responsibility called portfolios where they collectively oversee the delivery of public services to local residents.
Cabinet has seven positions in total, with Councillor Gurpreet Padda joining the cabinet for the first time, taking on the Equalities and Social Justice portfolio.
“Whilst it’s critical that the council’s leadership remains stable, the time is now right for us to bring in people with fresh ideas. That’s why I’m pleased to welcome Councillor Padda to the cabinet and I look forward to working with her on our ambitious plans for the future of Norwich.
“I’m particularly proud that this new cabinet reflects the diversity of our city – with strong representation of women and the appointment of our first cabinet member from an ethnic minority background, who will lead on equalities and social justice. The average age of the cabinet has also fallen to around 44, bringing a new and energetic perspective to our leadership team.
“Additionally, our new cabinet will ensure we are better equipped to deal with both the challenges and the opportunities of local government reorganisation and our vision of a three-unitary model for Norfolk.”
Norwich City Council’s cabinet:
Leader – Mike Stonard
Deputy Leader and Climate and Environment – Emma Hampton
IAM District 776 in Fort Worth, Texas, held a two-day barbecue cook-off to support Guide Dogs of America | Tender Loving Canines (GDA | TLC). More than 30 teams barbecued, held an auction of homemade baked goods, and raffles, raising nearly $6,000 for the IAM’s charity of choice.
The fundraiser’s goal is to raise money for GDA | TLC, which transforms lives through partnerships with service dogs for countless veterans, people who are blind or visually impaired, families affected by autism, and facilities in need that depend on GDA’s services every day.
“District 776’s commitment to Guide Dogs of America | Tender Loving Canines is a shining example of how solidarity extends beyond the shop floor,” said IAM Southern Territory General Vice President Craig Martin. “Their passion, teamwork, and generosity are what make our union family truly special.”
“Events like these showcase the heart of our union where skill meets service,” said IAM Resident General Vice President Jody Bennett. “IAM members don’t just work hard on the job; they show up for their communities, and the success of this fundraiser proves it.”
“You can taste the pride and purpose in every bite,” said IAM District 776 Business Representative Mark H. Miller. “Our members don’t just build airplanes, they build stronger communities. Supporting GDA | TLC is something we believe in wholeheartedly.”
Under threatening skies, BBQ teams from across Texas traveled to the District 776 complex in RVs, trucks, and trailers to set up for the event. Several teams were made up of IAM members employed at nearby aerospace giant Lockheed Martin. Among them was 14-year-old Jayden Lopez, the son of IAM members Freddy and Machelle Lopez and was participating in his second BBQ event.
“It feels good to be out here helping a cause that really matters,” said Jayden. “I’m learning a lot about cooking and giving back, and it’s fun doing it with my family and friends.”
His mother, Machelle, added, “We’re proud to see Jayden getting involved at such a young age. Events like this teach more than just barbecue, they teach compassion, community, and the value of service.”
To continue to be successful, GDA | TLC depends on the talents, goals, and generosity of dedicated volunteers and donors like IAM members across North America.
Source: United States Small Business Administration
SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses, nonprofits, and residents in Texas of the June 20 deadline to apply for low interest federal disaster loans to offset physical damage caused by thunderstorms, straight‑line winds and tornadoes occurring on April 4.
The declaration covers the Texas counties of Bowie, Camp, Cass, Marion, Morris, Red River, Titus and Upshur.
Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans.”
SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP) organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
Interest rates can be as low as 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.
To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to return physical damage applications is June 20.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
On Tuesday, 20th May 2025, the Republic of Iceland, rated A1 /A+ /A (stab/stab/stab) successfully returned to the Euro debt capital markets with a new EUR750 million benchmark due 27th May 2030.
The transaction was priced with minimal new issue concession at m/s+42bps, equivalent to a spread of 52.3bps vs the OBL 2.400% Apr-30, whilst amassing over EUR4.3 billion of high-quality orders. This represents the largest conventional orderbook on record for the Republic.
Joint lead managers for the new issue were Barclays, BNP, Citi and JP Morgan.
Pricing and Execution:
On 19th May 2025 at 09:23 UKT, the mandate was announced for a new 5-year Euro-denominated benchmark with 1-on-1 investor calls held with representatives of the Republic throughout the day. The Republic of Iceland concurrently announced an any-and-all tender offer for its EUR500 million 0.625% Notes due 3 June 2026, expiring 5.00pm CEST on Friday, 23rd May 2025.
Following positive investor engagement overnight, initial guidance was released to the market the following day at 08:14 UKT at m/s+50bps area. With orders accelerating in excess of EUR2.8 billion (excl. JLM interest), the Republic revised guidance 5bps tighter to m/s+45bps area (+/- 3bps WPIR) at 10:35 UKT. The high-quality demand supported setting the final size at this stage which was communicated at EUR750 million.
At 11:17 UKT, the high-quality orderbook surpassed EUR3.6 billion (excl. JLM interest) which enabled the spread to be set at m/s+42bps. This represented minimal new issue premium vis-à-vis the issuers EUR curve.
Books officially closed at 11:45 UKT with orders above EUR4.3 billion (excl. JLM interest). This represents the largest conventional ICELND orderbook on record, with only the inaugural Green 10-year ICELND benchmark due Mar-34 attracting higher total demand.
At 14:05 UKT, the new EUR750 million 2.625% May 2030 ICELND benchmark was priced at m/s+42bps with a re-offer yield of 2.672% p.a.
Distribution:
This transaction confirms the strong investor demand for the Republic of Iceland’s credit in the international investor community, with a wide range of investors participating across the United Kingdom and Europe. Accounts from Germany / Austria / Switzerland received 25% of the allocations, Nordics 21%, UK 16%, Sothern EU 13%, Benelux 11%, France 8% and 6% to Others.
By investor type, Fund Managers led the book with 53% of allocations, followed by Central Banks / Official Institutions with 17%, while Banks received 17% and Insurance / Pensions took 12%. Hedge Funds rounded out the remainder of the book with 1% allocation
The Republic of Iceland has successfully issued a €750 million Eurobond (ISK 109 billion equivalent) with a fixed coupon of 2.625% and a five-year maturity, priced at a re-offer yield of 2.672%. The proceeds will be used to strengthen the foreign exchange reserves of the Central Bank of Iceland and to refinance existing Eurobonds.
Concurrently with the new issue, the Treasury launched a tender offer to repurchase its outstanding €500 million Eurobond maturing in 2026. The offer remains open until 17:00 BST on Friday, 23 May 2025.
The transaction attracted robust demand, with orders totalling €4.4 billion—nearly six times the issue size. The investor base comprised over 100 institutions, including asset managers, banks, central banks, pension funds, insurance companies, and other institutional investors, primarily from across Europe. Citibank, Barclays, J.P. Morgan, and BNP Paribas acted as joint lead managers for the transaction.
Daði Már Kristófersson, Minister of Finance and Economic Affairs, commented: “It is highly gratifying to see such strong investor interest in this bond issue and the improved spreads compared to our previous offerings. The breadth and diversity of the investor base align with our goal of broadening access to Icelandic government bonds. This outcome reflects market confidence in the Icelandic economy, sound public finances, and the Government’s policy direction.”
This issuance forms part of the Government’s Medium-Term Debt Management Strategy, which aims to ensure that the Treasury is a regular and credible issuer in international capital markets.
The pricing of the bond, 42 bps over mid-swaps, represents a significant improvement over the Treasury’s 10-year green bond issued in 2024, which carried a mid-swap spread of 95 basis points. Despite ongoing global uncertainty, spreads on Icelandic sovereign debt have narrowed and outperformed those of many peers with comparable credit ratings.
“Our message is resonating well with investors,” said Minister Kristófersson. “Iceland stands out for its solid and growing economy with good prospects, declining inflation, diversified exports, improved sustainability, and stronger credit profile.”
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
