Category: Business

MIL-OSI USA: Reconciliation Recommendations of the House Committee on Education and Workforce

Source: US Congressional Budget Office

Legislation Summary

H. Con. Res. 14, the Concurrent Resolution on the Budget for Fiscal Year 2025, instructed the House Committee on Education and Workforce to recommend legislative changes that would decrease deficits by not less than a specified amount over the 2025-2034 period. As part of the reconciliation process, the House Committee on Education and Workforce approved legislation on April 29, 2025, with provisions that would decrease deficits over that period.

The reconciliation recommendations of the House Committee on Education and Workforce would amend the federal student aid programs authorized by the Higher Education Act of 1965. Specifically, the legislation would modify the federal student loan program by changing repayment terms, loan limits, and requirements for institutional eligibility and alter eligibility for the Federal Pell Grant Program. The legislation also would limit the administrative authority of the Department of Education, repeal certain regulations, and create a new institutional grant program funded through payments from postsecondary institutions.

Estimated Federal Cost

The reconciliation recommendations of the House Committee on Education and Workforce would decrease deficits by $349.1 billion over the 2025-2034 period, CBO estimates. The estimated budgetary effect of the legislation is shown in Table 1. The costs of the legislation fall within budget functions 500 (education, training, employment, and social services) and 700 (veterans benefits and services).

Return to Reference

Table 1. Estimated Budgetary Effects of Reconciliation Recommendations Title III, House Committee on Education and Workforce, as Ordered Reported on April 29, 2025
	By Fiscal Year, Billions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2025-2029	2025-2034
	Decreases in Direct Spending
Budget Authority	-199.1	-14.7	-14.5	-16.8	-19.8	-20.5	-20.9	-21.2	-21.6	-21.8	-264.8	-370.8
Estimated Outlays	-197.9	-14.3	-12.7	-12.7	-15.7	-18.5	-19.1	-19.2	-19.4	-19.6	-253.3	-349.1
	Decrease in the Deficit From Changes in Direct Spending
Effect on the Deficit	-197.9	-14.3	-12.7	-12.7	-15.7	-18.5	-19.1	-19.2	-19.4	-19.6	-253.3	-349.1

Basis of Estimate

For this estimate, CBO assumes that the legislation will be enacted in summer 2025. CBO’s estimates are relative to its January 2025 baseline and cover the period from 2025 through 2034.

Budgetary Treatment of Federal Student Loans and Pell Grants

CBO estimates that enacting the legislation would affect spending both for the federal student loan program and for the Federal Pell Grant Program. Those programs are treated differently in the federal budget than most other federal programs.

Federal Direct Student Loan Program. As required by the Federal Credit Reform Act of 1990 (FCRA), the costs of the federal student loan program are estimated on a net-present-value basis. A present value is a single number that expresses a flow of current and future payments or receipts in terms of an equivalent lump sum paid or received at a specific time. The value depends on the rates of interest, known as the discount rates, used to translate future cash flows into current dollars. FCRA specifies those discount rates as the rates on Treasury securities with similar terms to maturity. As required by FCRA, changes to the estimated costs of outstanding student loans are shown in the year of the enactment of legislation that modifies their terms. The administrative costs of the student loan program are estimated on a cash basis.

Federal Pell Grant Program. Pell grants provide need-based aid to undergraduate students; they are funded both through discretionary appropriations and through direct spending. For the 2024‑2025 academic year, which began on July 1, 2024, the maximum award funded by discretionary appropriations that a student can receive is $6,335. The discretionary maximum award amount, and the amount of discretionary funding, are set in the annual appropriation act. CBO’s estimate of the program’s cost is based on an assumption that the maximum award will stay the same through 2034.

The program also has direct spending authority to support a “mandatory add-on,” which increases the award amount by $1,060 above the discretionary maximum. As a result, for the 2024-2025 academic year, the total maximum award is $7,395.

The bulk of the Pell Grant Program is subject to the appropriation of federal funds. Although CBO anticipates that implementing the legislation would reduce spending subject to appropriation for the discretionary portion of the program, we have not reviewed the legislation for effects on spending subject to appropriation. Only changes to the cost of the mandatory add-on are included in the estimate.

Direct Spending

CBO estimates that enacting the legislation would decrease direct spending outlays, on net, by $349.1 billion over the 2025-2034 period (see Table 2).

Subtitle A. Student Eligibility

Subtitle A would amend eligibility for federal student aid based on immigration status and adjust the formula for determining the amount of federal aid for which students and their parents would be eligible.

CBO estimates that enacting subtitle A would decrease direct spending outlays by $518 million over the 2025-2034 period.

Changes to Aid Eligibility for Certain Immigrants. The legislation would prevent certain aliens (non-U.S. nationals) from receiving federal student aid, including asylees, refugees, Haitian entrants, certain Cuban parolees, T nonimmigrants (trafficking victims), and certain aliens who are victims of domestic violence.

Overall, CBO expects that enacting this provision would reduce the number of students receiving federal student aid by less than 1,000 each year. Most of the reduction in eligibility would come from Haitian entrants (roughly 70 percent). On that basis, CBO estimates that enacting this provision would reduce direct spending outlays by $15 million over the 2025‑2034 period: $7 million from reductions in the cost of federal student loans and $8 million from reductions in the mandatory add-on for Pell grants.

Amending Eligibility for Federal Aid. The legislation would cap the total amount of federal aid a student can receive annually at the median cost of college, defined as the median cost of attendance for students enrolled in similar programs. Because loan limits under current law for subsidized and unsubsidized loans are lower, on average, than the median cost of college for most programs, CBO expects that enacting this provision would mostly affect eligibility for parent PLUS and grad PLUS loans. Under current law, students and parents in those programs may borrow up to their institution’s cost of attendance. Using data from the National Postsecondary Student Aid Study (NPSAS) and the National Student Loan Data System (NSLDS), CBO expects enacting this section would reduce annual grad PLUS borrowing by 8 percent and parent PLUS borrowing by 13 percent, primarily for borrowers with the highest cost of attendance.

In CBO’s estimation, borrowers in the parent PLUS program pay more in principal and interest than they borrow (on a net-present-value basis). On that basis, CBO expects that reducing parent PLUS volume would increase costs to the government. Conversely, CBO estimates that borrowers of other student loans (including grad PLUS loans), on average, repay the government less than they borrowed (on a net-present-value basis). Thus, reducing lending in those programs decreases costs to the government. CBO expects that enacting the provision would reduce net outlays for student loans by $520 million over the 2025-2034 period.

The legislation also would exclude farm and small business assets from the Student Aid Index (SAI) calculation for Pell grants, generally increasing award levels for students with those assets. Data from a sample of Pell grant recipients indicates that only a small number of recipients or their families own farms or small businesses. CBO estimates that enacting the provision would increase direct spending outlays for Pell grants by $17 million over the 2025-2034 period.

Subtitle B. Loan Limits

Beginning July 1, 2026, subtitle B would convert subsidized loans into unsubsidized loans and eliminate the grad PLUS loan program, restrict lending under the parent PLUS program, and amend all annual and aggregate loan limits.

CBO estimates that enacting the provisions in subtitle B would reduce direct spending outlays by $51.2 billion over the 2025-2034 period. Those savings are estimated on a net-present-value basis and shown in the years in which the loans are originated.

Eliminate Subsidized Loans and Increase Unsubsidized Loans.The legislation would eliminate subsidized loans and expand borrowing in the unsubsidized loan program for new borrowers starting in academic year 2026-2027, and for all borrowers starting in the 2029‑2030 academic year.

Under current law, subsidized loans do not accrue interest while the borrower is enrolled in school or in the six months before entering repayment, during the first three years of enrollment in certain income-driven repayment (IDR) plans, and during certain deferment periods. CBO projects that under current law students will borrow roughly $20 billion annually in subsidized loans over the 2026-2034 period. Converting those loans to unsubsidized loans would reduce the cost to the federal government by increasing the interest that borrowers pay on their loans. CBO expects that most students who currently borrow in the subsidized loan program would continue to borrow the same amount in the unsubsidized program. Enacting this provision would reduce outlays by $20.2 billion over the 2025-2034 period, CBO estimates.

Eliminate Grad PLUS Loans and Amend Limits for Unsubsidized Graduate Loans. The legislation would eliminate grad PLUS loans for new graduate borrowers starting in academic year 2026-2027, and for all borrowers starting in the 2029-2030 academic year.

The legislation also would amend annual and aggregate loan limits for graduate students in the unsubsidized graduate loan program. Specifically, the legislation would allow graduate students to take out unsubsidized loans up to the median annual cost of their program, with an aggregate maximum of $100,000, or $150,000 if the borrower is enrolled in a graduate professional program. Under current law, graduate students may borrow up to $20,500 each year in unsubsidized loans (with a total aggregate cap for most borrowers of $138,500), and they can borrow up to the cost of attendance in grad PLUS loans, which do not have an aggregate cap.

Under current law, CBO estimates that borrowers will take out roughly $19 billion in grad PLUS loans annually over the 2026-2034 period. Based on an analysis of current borrowing patterns in NPSAS and NSLDS, CBO expects that students who would have borrowed in the grad PLUS program under current law would instead borrow in the graduate unsubsidized program, up to the new limits.

CBO expects that enacting both provisions would increase unsubsidized graduate borrowing by 25 percent. On that basis, CBO estimates that eliminating grad PLUS loans and amending unsubsidized loan limits for graduate borrowers would reduce outlays by $34.7 billion over the 2025‑2034 period.

Restrict Parent PLUS Borrowing and Amend Undergraduate Loan Limits. Beginning on July 1, 2026, the legislation would cap parent PLUS loans at the student’s cost of attendance, by program, minus the maximum in unsubsidized loans the student may borrow in a given year. Students would be required to take out that maximum amount before their parent could borrow under the parent PLUS program. The legislation would set an aggregate cap of $50,000 for parent PLUS loans. There is no aggregate cap on parent PLUS borrowing under current law.

Additionally, beginning on July 1, 2026, the legislation would allow undergraduate students regardless of dependency status, to take out unsubsidized loans up to the median cost of college for their program of study in a given year, minus any amount awarded in a Pell grant for that year. The aggregate borrowing limit for all undergraduate borrowers would be $50,000.

Under current law, dependent and independent undergraduate students are subject to different annual and aggregate loan limits based on their class level in school and dependency type. On average, the median cost of college exceeds the current annual loan limits for dependent and independent students. Those current aggregate limits are $31,000 for dependent students and $57,500 for independent students.

Under current law, CBO estimates that parent PLUS borrowers will take out an average of roughly $13 billion in loans annually over the 2026-2034 period. Under the loan limits specified in the legislation, CBO estimates that parent PLUS borrowing would total roughly $4 billion annually, on average, over the same period.

The legislation also would permit institutions to cap annual loan amounts according to a student’s program of study, as long as that limit is applied consistently to all students enrolled in a given program. Using information from financial aid associations and other sources, along with data from NPSAS, CBO expects that, under the new loan limits, this provision would limit some of the otherwise expected increase in lending.

Finally, the legislation would treat pilot-training programs as professional programs, allowing those undergraduate students to borrow up to $150,000. (Currently those students can borrow up to the amount set for their undergraduate aggregate cap, based on dependency).

CBO estimates that the increases in limits on undergraduate unsubsidized loans, in combination with the restrictions on parent PLUS loans and other provisions, would increase undergraduate borrowing in the unsubsidized program by roughly 15 percent.

In CBO’s estimation, borrowers in the parent PLUS program pay more in principal and interest than they borrow (on a net-present-value basis). Thus, CBO expects that reducing parent PLUS volume would increase costs to the government. Conversely, CBO estimates that borrowers of undergraduate loans, on average, repay the government less than they borrowed (on a net-present-value basis). Thus, increasing lending of undergraduate loans increases costs to the government. CBO estimates that enacting those provisions together would increase outlays for student loans by $19.1 billion over the 2025-2034 period.

Set Annual Loan Limits by Enrollment Intensity.The legislation would reduce annual loan limits for undergraduate and graduate loans for students who are not enrolled full time in proportion to their hours of enrollment. Under current law, students enrolled at least half time (for example, six credit hours per semester) are eligible for the full annual loan amounts. Using data from NPSAS and NSLDS, CBO expects that this provision would reduce the volume of loans made to students by about 5 percent and reduce outlays by $15.4 billion over the 2025‑2034 period, relative to current law.

Subtitle C. Loan Repayment

The legislation would amend repayment terms for current and new student loan borrowers by limiting income-driven repayment options and extending terms for standard plans based on the amount of debt a borrower holds.

CBO estimates that those changes would reduce direct spending outlays for student loans by $294.6 billion over the 2025-2034 period.

For this analysis, CBO used survey data from NPSAS and administrative data from NSLDS. The agency supplemented that information with other data as inputs to project borrowers’ lifetime earnings and repayment of loans. CBO also consulted with a range of experts on postsecondary student aid and reviewed literature on postsecondary enrollment and borrowing.

Loan Repayment for New Loans.Under the legislation, the Department of Education would offer borrowers two repayment plans for loans originated after June 30, 2026: a standard repayment plan and a new IDR plan. The legislation would eliminate all other plans, including the Saving on a Valuable Education (SAVE) Plan, the IDR plan created administratively in 2023.

Loans entering repayment would automatically be enrolled in a standard repayment plan, with the length of the repayment term determined by the amount borrowed:

10 years for borrowers with balances less than $25,000;
15 years for borrowers with balances between $25,000 and $50,000;
20 years for borrowers with balances between $50,000 and $100,000; and
25 years for borrowers with balances greater than $100,000.

Monthly payments would be fixed for the life of the loan. Borrowers with balances greater than $25,000 who fully repay their loans over the longer repayment period would pay more interest, but their monthly payments would be smaller than if they were in a 10-year standard plan.

Borrowers would be able to select a new IDR plan, called the Repayment Assistance Plan, which would:

Set a minimum monthly payment of $10. All existing IDR plans generally allow for payments of zero for borrowers with low income.
Set payments to between 1 percent and 10 percent of a borrower’s total adjusted gross income, depending on the borrower’s income, and reduce payments by $50 per month for every dependent child. Under the current SAVE Plan, borrowers pay between 5 percent and 10 percent of their income above 225 percent of the federal poverty guideline, after accounting for family size.
Waive 100 percent of unpaid, accrued interest when a borrower’s calculated payment does not cover accrued interest; the same is true for the current SAVE Plan.
Match the monthly amount paid by borrowers up to $50 and apply that match to the outstanding principal balance; the current SAVE Plan has no such match.
Forgive any remaining balance after 30 years of repayment. The current SAVE Plan forgives balances after 10 to 25 years of repayment, depending on the loan type and amount borrowed.
Require borrowers to remain on the plan until their balance is paid in full, or 30 years, whichever is sooner. Currently, borrowers can switch into other plans.

Under the legislation, CBO estimates that about 40 percent of the loan volume originated after June 30, 2026, would be repaid through the proposed IDR plan. In contrast, under current law, CBO estimates that roughly 70 percent of loan volume would be repaid under existing IDR plans. Borrowers repaying their loans would pay more, on average, under the IDR plan proposed in the legislation than under current law. For new loans, CBO estimates that implementing the new repayment plans would decrease outlays by $133.6 billion over the 2025-2034 period.

Borrowers in Repayment.Under subtitle C, borrowers who currently are in any IDR plan would be transferred to a newly proposed IDR plan. Under that plan, payments would be set at 15 percent of a borrower’s discretionary income, with no cap on payment amounts, and borrowers would receive forgiveness of any outstanding debt after 20 years in repayment if they have undergraduate loans only and 25 years if they also have graduate loans. Borrowers could also opt into the new Repayment Assistance Plan (described above) or into a standard repayment plan.

As required by FCRA, the savings from changes to the costs of existing loans would be recorded in fiscal year 2025. CBO estimates that changes to repayment terms for borrowers currently in repayment would reduce outlays by $162.0 billion in fiscal year 2025.

Other Changes. Enacting subtitle C also would have other effects:

For loans disbursed on or after July 1, 2025, the subtitle would eliminate unemployment and economic hardship deferments and reduce the total period a borrower may be in forbearance. CBO expects borrowers who otherwise would have taken those types of deferments would, under the legislation, enroll in the new IDR plan, begin repaying sooner than under current law, or default. On average, CBO estimates that borrowers would pay less on their loans under the legislation than under current law. CBO estimates that enacting this provision would increase outlays by $340 million over the 2025-2034 period.
Loan repayments by new graduate doctors and dentists during residency would not be counted toward the total number of payments needed to qualify for the Public Service Loan Forgiveness Program. The provision also would allow four years of interest-free forbearance for borrowers in medical or dental internships or residencies on loans disbursed on or after July 1, 2025. CBO estimates that implementing this provision would, on net, decrease outlays by $430 million over the 2025-2034 period.
Borrowers would be permitted to rehabilitate defaulted loans twice. CBO estimates that implementing this provision would increase outlays by $130 million over the 2025-2034 period.
The legislation would directly appropriate $500 million in fiscal year 2025 and in fiscal year 2026 for servicing student loans. CBO estimates that implementing this provision would increase outlays by $1.0 billion over the 2025-2034 period.

Subtitle D. Pell Grants

Subtitle D would change eligibility rules for the Federal Pell Grant Program. Although the effective date for most of the subtitle’s provisions is July 1, 2025, CBO expects that date would not provide sufficient time to implement the provisions for the 2025-2026 academic year, which begins on July 1, 2025. We assume for this estimate that those provisions will take effect on July 1, 2026, for the 2026-2027 academic year.

Pell grant eligibility is determined by the Student Aid Index, a formula that accounts for students’ income and assets and, for dependent students, family income and assets. An SAI is calculated for each student and used to determine their award amount; a higher SAI represents lower financial need. Awards are prorated relative to the definition of full-time enrollment for their school’s curriculum type. Students who qualify for an amount below the maximum, or who do not qualify on the basis of their SAI, may still qualify if their adjusted gross income meets thresholds that are based on the federal poverty guideline.

Most of the estimates below are based on analyzing a sample of aid applicants and Pell grant recipients that CBO received from the Department of Education. Additional sources of data are discussed with each estimate.

The costs discussed here are for direct spending outlays only; they involve changes to the mandatory add-on. CBO has not reviewed the legislation for changes in spending subject to appropriation, and estimates of the cost for the discretionary portion of the program are not included.

CBO estimates that enacting subtitle D would increase direct spending outlays by $2.8 billion over the 2025-2034 period.

Foreign Income and Federal Pell Grant Eligibility. Subtitle D would amend the eligibility calculation to include foreign income, most of which is excluded from the calculation under current law. That would reduce the award amounts for some recipients with foreign income. CBO estimates that less than 1 percent of Pell grant recipients earn foreign income. On that basis, CBO estimates that enacting this provision would reduce direct spending outlays by $66 million over the 2025-2034 period.

Change the Definition of Full-Time Enrollment. Subtitle D would increase the number of credits needed to qualify for full-time enrollment from 12 per semester to 30 per year. Under current law, students who are enrolled less than full time receive prorated grants. Raising the number of credits would decrease award amounts for students who currently are enrolled in fewer than 30 credits per year. CBO estimates that under this provision, more than half of students currently enrolled would receive smaller grants. Based on past award increases, National Student Clearinghouse data on time to completion, and existing financial incentives for early graduation, CBO estimates that about one-fifth of expected grant recipients would enroll in additional credits to increase their award amounts. On that basis, CBO estimates that enacting this provision would reduce direct spending outlays by $7.1 billion over the 2025‑2034 period.

Eliminate Eligibility for Students With a High SAI. Subtitle D would eliminate eligibility for students whose SAI is double the amount for the Pell grant maximum award. CBO estimates that less than 1 percent of Pell grant recipients meet or exceed that threshold, and those who do generally receive the minimum award. On that basis, CBO estimates that enacting this provision would reduce direct spending outlays by $78 million over the 2025‑2034 period.

Eliminate Eligibility for Students Enrolled Less Than Half Time. Subtitle D would require a student to be enrolled half time, that is, for at least six credits per semester, to receive a grant. Program data indicate that in recent academic years roughly 10 percent of recipients were enrolled for less than half time. Based on past increases under the program and data from the National Student Clearinghouse on time to completion, CBO expects that about one-third of the recipients who would lose their award under this provision would enroll in additional credits to avoid doing so. CBO estimates that enacting this provision would reduce direct spending outlays by $687 million over the 2025-2034 period.

Workforce Pell Grants. Subtitle D would extend eligibility for Pell grants to students enrolled in workforce programs that can be completed in 150 to 600 clock hours, or an equivalent number of credit hours, provided the program meets standards for certification, completion, and after-graduation earnings. Under current law, students enrolled in programs requiring fewer than 600 clock hours are ineligible for Pell grants.

Using data from the Department of Education, statistics from the American Association of Community Colleges, and published reports, CBO estimates that, under the legislation, by 2034 about 100,000 new recipients each year would receive Workforce Pell Grants of about $2,200 each (about 20 percent of that amount would come from mandatory funds). On that basis, CBO estimates that enacting the provision would increase the cost of the mandatory add-on by $298 million over the 2025-2034 period.

To be eligible for Pell grant funds, postsecondary programs would need to demonstrate job placement and completion rates of at least 70 percent. Their tuition and fees must not exceed the difference between the median earnings of students who complete the program and 150 percent of the federal poverty guideline.

CBO expects that fewer than half of the current short-term programs at institutions that already receive financial aid under title IV of the Higher Education Act would become newly eligible under the legislation. However, using information from community colleges and research on postsecondary education, CBO expects that many of the students already receive Pell grants because they are enrolled in short-term programs that are “stacked” within longer-term programs that are eligible for Pell grant funding. As a result, under current law, those students can receive Pell grants even if they do not complete the longer-term program.

In addition, many short-term programs that do not currently receive federal financial aid funding, particularly those in the proprietary sector, would not participate in the Pell Grant Program under the legislation. Those institutions would be excluded either because they could not meet the requirements in the legislation or because they would choose not to meet the additional requirements for participation in federal student aid programs.

Pell Shortfall. Subtitle D would directly appropriate additional mandatory funds to support the portion of Pell grants funded mostly through annual discretionary appropriations: $3.2 billion in 2026, $4.8 billion in 2027, and $2.5 billion in 2028. Enacting the provision would increase direct spending outlays by $10.5 billion over the 2025-2034 period, CBO estimates.

Subtitle E. Accountability

Under the legislation, postsecondary institutions could be required to make annual payments, called risk-sharing payments, in order to participate in the federal student loan program. Those payments would be the main source of funding for the Promoting Real Opportunities to Maximize Investments and Savings in Education (PROMISE) grants, which would be made to eligible postsecondary education institutions to help improve affordability and promote success for students.

CBO estimated the amounts in risk-sharing payments on a cash basis rather than using FCRA procedures because those annual payments are based on cohorts of loans and are not tied directly to, or made on behalf of, any individual loan. The legislation defines loan cohorts as groups of loans to borrowers who exit a program in the same year. CBO estimated the effects of those provisions as if all other provisions in the legislation were enacted simultaneously. For example, the estimate for the amount of risk-sharing payments incorporates the assumptions that borrowers would no longer be eligible for the current SAVE Plan, that grad PLUS loans would no longer be available, and that new loan limits would be in place.

CBO estimates that enacting subtitle E would reduce direct spending outlays by $6.2 billion over the 2025‑2034 period.

Risk-Sharing Payments. The legislation would require some institutions to make annual payments to the Department of Education as a condition for participating in the student loan program. Those payments would be recorded as offsetting receipts—that is, as reductions in direct spending. Payments would be based on a formula that considers the amount of loan payments in a cohort that are waived, matched, or forgiven in the new IDR plan or that borrowers fail to make in a timely manner; the total cost of a program for borrowers who complete that program; and borrowers’ expected future earnings.

CBO calculated risk-sharing payments based on our estimates of repayments under the legislation’s proposed Repayment Assistance Plan, information from the College Scorecard database (which gathers data on institutional costs, graduation and employment rates, and student loan borrowing), and the Integrated Postsecondary Education Data System. CBO also analyzed delinquency and default rates using data from NSLDS.

CBO anticipates that the first risk-sharing payments would be made by institutions late in fiscal year 2028, after the Department of Education issues new rules, and that the department would apply the requirements prospectively on loans made beginning in the 2027-2028 academic year. We expect that initially, risk-sharing payments would be small but would increase as more borrowers entered repayment on loans originated after June 30, 2027. CBO estimates that by 2034, risk-sharing payments would be $1.3 billion and would continue to increase after that year.

CBO estimates that enacting this provision would reduce outlays by $5.3 billion over the 2025-2034 period.

Reduction in Institutional Participation in Federal Student Aid Programs.Given the high cost of risk-sharing payments to institutions and the considerable uncertainty about that cost over the lifetime of any given loan, CBO expects that some institutions would take action to avoid making those payments: Some would choose not to participate in the federal student loan program, others would close certain institutional programs, and still others would close altogether. Based on CBO’s analysis of calculated risk-sharing payments, information from associations of schools and from people with knowledge of postsecondary financial aid programs, we estimate that enacting this provision would reduce projected loan volume, after all other policies in the legislation, by roughly 20 percent.

By 2028, CBO estimates that, after incorporating all of the provisions of the legislation, 1 dollar of student loan volume would cost the federal government, on average, about 3 cents. On that basis, CBO estimates that the reduction in loan volume would reduce outlays by $3.6 billion over the 2025‑2034 period.

CBO expects that decisions by institutions to avoid risk-sharing payments also would affect federal spending for the Pell grant mandatory add-on. In general, institutions that leave the federal student loan program would be expected to continue to participate in the Pell Grant Program. However, based on the literature included as part of the Department of Education’s rulemaking on gainful employment and financial transparency (see “Subtitle F, Regulatory Relief” below for more information), CBO expects that some students enrolled in programs or schools that close as a result of the legislation’s risk-sharing requirements would not reenroll in other programs. Thus, CBO estimates that enacting the risk-sharing provision would reduce direct spending outlays for the Pell grant mandatory add-on by $397 million over the 2025‑2034 period.

PROMISE Grants. The legislation would institute PROMISE grants, funded by institutional risk-sharing payments. Institutions would be required to meet certain requirements to be eligible for the grants, including guaranteeing a maximum total price charged to a student for a given program.

Under the grant formula, an eligible institution could receive up to $5,000 for each student receiving federal financial aid each year, depending on the availability of funds. Along with additional criteria, the formula compares students’ earnings after completion of a program with the cost of tuition.

CBO expects that PROMISE grants, which would be classified as direct spending, would be awarded as funds become available. Using information from the College Scorecard database and the Integrated Postsecondary Education Data System and considering estimated risk-sharing payments, CBO estimates that PROMISE grants would increase outlays by $3.0 billion over the 2025-2034 period.

Return of Title IV Funds for Student Loans and the Pell Grant Mandatory Add-On. The legislation would allow the Department of Education to reallocate federal student aid that is returned to the government under title IV of the Higher Education Act to fund PROMISE grants. CBO estimates that enacting this provision would increase direct spending for student loans because it would change the underlying cost of those loans. Funding PROMISE grants with returned funds from Pell grants also would increase direct spending because the mandatory add-on for Pell grants is not subject to appropriation. CBO estimates that using those returned funds for PROMISE grants would increase direct spending outlays by $111 million over the 2025-2034 period.

Subtitle F. Regulatory Relief

The legislation would repeal several rules and regulations affecting institutional eligibility for federal student aid, and the terms under which a student loan borrower could receive forgiveness.

CBO estimates that enacting subtitle F would reduce direct spending outlays by $9.0 billion over the 2025‑2034 period.

Repeal the 90/10 Rule. The legislation would repeal the requirement that for-profit institutions receive no more than 90 percent of their revenue from federal financial aid, including veterans’ education benefits. CBO anticipates that repealing the rule would allow schools whose revenue comes primarily from federal sources to expand enrollment and that the schools closest to the 90 percent threshold would be the most likely to do so. CBO estimates that enacting this provision would increase direct spending outlays by about $1.6 billion over the 2025-2034 period: $1.3 billion for increased student loan volume, $297 million for the Pell grant mandatory add-on, and $25 million for veterans’ education benefits.

Repeal the Gainful Employment Rule. The legislation strikes all references to “gainful employment” from the Higher Education Act. CBO expects that the Department of Education would implement that change by repealing the regulations related to gainful employment. Those regulations establish a debt-to-earnings ratio and an earnings premium test that for-profit institutions, and certain non-degree-granting programs at two-year institutions, would need to meet for the programs to remain eligible for federal student aid. Based on a literature review, CBO estimates that repealing the rules would increase both student borrowing and the number of Pell grant recipients by about 2 percent. On that basis, CBO estimates that enacting the provision would increase direct spending outlays by about $6 billion over the 2025‑2034 period: $5.1 billion for student loans and $918 million for the Pell grant mandatory add-on.

Repeal the Closed-Schools Discharges Rule. The legislation would repeal a rule that established an automatic process for discharging loans made to borrowers who attended schools that closed, thus increasing the likelihood of loan discharge for those borrowers. Using information from the Department of Education, CBO estimates that repealing the rule would reduce outlays by $5.2 billion over the 2025-2034 period.

Repeal the Borrower Defense to Repayment Rule. The legislation would repeal a rule that made it easier for borrowers’ loans to be discharged as a result of a school’s misconduct, including, for example, misrepresentation of student outcomes. Based on an analysis of loan volume at schools that were or are under investigation for issues that could fall under that rule, and using data from the Department of Education, CBO estimates that enacting the change would reduce outlays by $11.5 billion over the 2025-2034 period.

Subtitle G. Limitation on Authority

Subtitle G would limit the authority of the Department of Education to issue regulations that would increase the cost of federal student loans or that would have economically significant effects (that is, that would have an annual effect on the economy of $100 million or more or that would adversely affect the economy in a material way). CBO’s baseline includes costs that reflect the possibility of future administrative actions that would increase the cost to the government of federal student loans.

CBO estimates that enacting subtitle G would decrease outlays for student loans by $31.8 billion over the 2025‑2034 period.

Interactions Among Provisions

Most provisions discussed in this document were estimated relative to current law. The effects on direct spending of simultaneously enacting all of the provisions in the legislation would differ from the sum of effects from enacting each provision separately relative to CBO’s baseline.

The estimates for provisions to which that does not apply concern the risk-sharing payments and PROMISE grants, which were estimated relative to CBO’s baseline as adjusted to include the effects of all other policies in the legislation. Those estimates contain some interactions not shown in the “Interactions” row in Chief, Finance, Housing, and Education Cost Estimates Unit

Kathleen FitzGerald
Chief, Public and Private Mandates Unit

Christina Hawley Anthony
Deputy Director of Budget Analysis

H. Samuel Papenfuss
Deputy Director of Budget Analysis

Chad Chirico
Director of Budget Analysis

Phillip L. Swagel

Director, Congressional Budget Office

[Table 2 begins on the next page.]

Undergraduate Loan Limits

Budget Authority

1,400

2,060

2,490

2,710

2,700

2,710

2,780

8,660

22,260

Estimated Outlays

830

1,640

2,100

2,360

2,430

2,420

2,460

6,930

19,080

Set Annual Loan Limits by Enrollment Intensity

Budget Authority

-1,140

-1,860

-2,130

-2,120

-2,210

-2,140

-2,190

-2,230

-2,070

-7,250

-18,090

Estimated Outlays

-680

-1,430

-1,800

-1,870

-1,920

-1,910

-1,950

-1,880

-5,780

-15,350

Subtotal, Subtitle B

Budget Authority

-2,730

-5,000

-5,970

-7,290

-7,620

-7,830

-7,970

-8,200

-7,870

-20,990

-60,480

Estimated Outlays

-1,630

-3,720

-4,930

-6,020

-6,650

-6,890

-7,020

-7,210

-7,110

-16,300

-51,180

Subtitle C. Loan Repayment

Sec. 30021, Loan Repayment

Budget Authority

-175,670

-14,380

-15,010

-15,020

-15,240

-15,440

-15,610

-15,740

-15,910

-16,080

-235,320

-314,100

Estimated Outlays

-174,260

-12,480

-13,020

-13,240

-13,350

-13,560

-13,740

-13,900

-13,960

-14,130

-226,350

-295,640

Sec. 30022, Deferment; Forbearance and

Sec. 30024, Public Service Loan Forgiveness

Eliminate Unemployment and Economic Hardship Deferments

Budget Authority

180

400

Estimated Outlays

140

340

Doctor and Dentist Residency Considerations

Budget Authority

-30

-80

-100

-470

Estimated Outlays

-10

-60

-90

-100

-430

Sec. 30023, Loan Rehabilitation

Budget Authority

135

Estimated Outlays

130

Sec. 30025, Student Loan Servicing

Budget Authority

500

1,000

Estimated Outlays

300

450

200

1,000

Subtotal, Subtitle C

Budget Authority

-175,100

-13,755

-14,935

-14,995

-15,265

-15,485

-15,655

-15,785

-15,945

-16,115

-234,050

-313,035

Estimated Outlays

-174,140

-12,090

-12,495

-13,005

-13,365

-13,595

-13,785

-13,945

-14,005

-14,175

-225,095

-294,600

(Continued)

Table 2. Estimated Changes in Direct Spending Under Reconciliation Recommendations Title III, House Committee on Education and Workforce, as Ordered Reported on April 29, 2025 (Continued)
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2025-2029	2025-2034
	Increases or Decreases (-) in Direct Spending
Subtitle D. Pell Grants
Sec. 30031, Eligibility
Foreign Income and Federal Pell Grant Eligibility
Budget Authority	0	-8	-8	-8	-8	-8	-8	-8	-8	-9	-32	-73
Estimated Outlays	0	-2	-8	-8	-8	-8	-8	-8	-8	-8	-26	-66
Change the Definition of Full-Time Enrollment
Budget Authority	0	-830	-840	-848	-856	-874	-882	-891	-898	-902	-3,374	-7,821
Estimated Outlays	0	-216	-824	-842	-850	-861	-876	-884	-893	-899	-2,732	-7,145
Eliminate Eligibility for Students With a High SAI
Budget Authority	0	-9	-9	-9	-9	-10	-10	-10	-10	-10	-36	-86
Estimated Outlays	0	-2	-9	-9	-9	-9	-10	-10	-10	-10	-29	-78
Eliminate Eligibility for Students Enrolled Less Than Half Time
Budget Authority	0	-21	-43	-65	-87	-109	-110	-111	-112	-113	-216	-771
Estimated Outlays	0	-6	-27	-48	-71	-93	-109	-110	-111	-112	-152	-687
Sec. 30032, Workforce Pell Grants
Budget Authority	0	18	21	36	41	42	42	42	43	43	116	328
Estimated Outlays	0	5	19	25	38	41	42	42	43	43	87	298
Sec. 30033, Pell Shortfall
Budget Authority	0	3,181	4,822	2,507	0	0	0	0	0	0	10,510	10,510
Estimated Outlays	0	827	3,576	4,204	1,878	25	0	0	0	0	10,485	10,510
Subtotal, Subtitle D
Budget Authority	0	2,331	3,943	1,613	-919	-959	-968	-978	-985	-991	6,968	2,087
Estimated Outlays	0	606	2,727	3,322	978	-905	-961	-970	-979	-986	7,633	2,832
											(Continued)

Table 2. Estimated Changes in Direct Spending Under Reconciliation Recommendations Title III, House Committee on Education and Workforce, as Ordered Reported on April 29, 2025 (Continued)
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2025-2029	2025-2034
	Increases or Decreases (-) in Direct Spending
Subtitle E. Accountability
Sec. 30041, Agreements With Institutions
Risk-Sharing Payments
Budget Authority	0	0	0	-10	-160	-580	-890	-1,070	-1,220	-1,340	-170	-5,270
Estimated Outlays	0	0	0	-10	-160	-580	-890	-1,070	-1,220	-1,340	-170	-5,270
Institutional Participation
Student Loans
Budget Authority	0	0	-50	-160	-350	-520	-690	-700	-710	-710	-560	-3,890
Estimated Outlays	0	0	-30	-120	-280	-460	-630	-700	-710	-710	-430	-3,640
Pell Grants
Budget Authority	0	0	-8	-21	-41	-61	-82	-82	-82	-82	-70	-459
Estimated Outlays	0	0	-2	-11	-26	-46	-66	-82	-82	-82	-39	-397
Sec. 30042, Campus-Based Aid Programs
PROMISE Grants
Budget Authority	0	0	0	10	160	580	890	1,070	1,220	1,340	170	5,270
Estimated Outlays	0	0	0	0	0	50	270	650	930	1,110	0	3,010
Return of Title IV Funds
Budget Authority	0	0	0	14	20	20	20	20	20	20	34	134
Estimated Outlays	0	0	0	0	0	31	20	20	20	20	0	111
Subtotal, Subtitle E
Budget Authority	0	0	-58	-167	-371	-561	-752	-762	-772	-772	-596	-4,215
Estimated Outlays	0	0	-32	-141	-466	-1,005	-1,296	-1,182	-1,062	-1,002	-639	-6,186
Subtitle F. Regulatory Relief
Sec. 30051, Regulatory Relief
Repeal the 90/10 Rule
Student Loans
Budget Authority	0	40	80	130	170	220	220	220	230	230	420	1,540
Estimated Outlays	0	30	70	100	140	180	200	200	200	200	340	1,320
Pell Grants
Budget Authority	0	17	25	34	42	42	42	42	43	43	118	330
Estimated Outlays	0	4	19	27	36	42	42	42	42	43	86	297
											(Continued)

Table 2. Estimated Changes in Direct Spending Under Reconciliation Recommendations Title III, House Committee on Education and Workforce, as Ordered Reported on April 29, 2025 (Continued)
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2025-2029	2025-2034
	Increases or Decreases (-) in Direct Spending
Veterans’ Education Benefits
Budget Authority	0	2	2	3	3	3	3	3	3	3	10	25
Estimated Outlays	0	2	2	3	3	3	3	3	3	3	10	25
Repeal the Gainful Employment Rule
Student Loans
Budget Authority	0	160	330	490	670	840	850	860	870	870	1,650	5,940
Estimated Outlays	0	100	250	400	560	710	760	770	780	780	1,310	5,110
Pell Grants
Budget Authority	0	111	111	111	111	111	112	112	112	112	444	1,003
Estimated Outlays	0	29	109	111	111	111	111	112	112	112	360	918
Repeal the Closed-School Discharge Rule
Budget Authority	-1,450	-380	-400	-430	-460	-490	-520	-550	-580	-620	-3,120	-5,880
Estimated Outlays	-1,410	-330	-350	-370	-390	-420	-450	-470	-500	-530	-2,850	-5,220
Repeal the Borrower Defense to Repayment Rule
Budget Authority	-2,180	-1,070	-1,100	-1,130	-1,160	-1,190	-1,220	-1,250	-1,280	-1,320	-6,640	-12,900
Estimated Outlays	-2,090	-930	-960	-990	-1,010	-1,040	-1,070	-1,100	-1,120	-1,150	-5,980	-11,460
Subtotal, Subtitle F
Budget Authority	-3,630	-1,120	-952	-792	-624	-464	-513	-563	-602	-682	-7,118	-9,942
Estimated Outlays	-3,500	-1,095	-860	-719	-550	-414	-404	-443	-483	-542	-6,724	-9,010
Subtitle G. Limitation on Authority
Sec. 30061, Limitation on the Authority of the Secretary to Propose or Issue Regulations and Executive Actions
Budget Authority	-20,300	-1,300	-1,400	-1,400	-1,400	-1,500	-1,500	-1,500	-1,600	-1,600	-25,800	-33,500
Estimated Outlays	-20,200	-1,200	-1,200	-1,200	-1,300	-1,300	-1,300	-1,300	-1,400	-1,400	-25,100	-31,800
											(Continued)

Table 2. Estimated Changes in Direct Spending Under Reconciliation Recommendations Title III, House Committee on Education and Workforce, as Ordered Reported on April 29, 2025 (Continued)
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2025-2029	2025-2034
	Increases or Decreases (-) in Direct Spending
Interactions
Student Loans
Budget Authority	-100	2,110	4,230	5,270	6,520	6,600	6,800	6,900	7,020	6,810	18,030	52,160
Estimated Outlays	-100	1,190	3,090	4,320	5,380	5,860	6,020	6,140	6,250	6,160	13,880	44,310
Pell Grants
Budget Authority	0	-182	-245	-310	-375	-437	-440	-443	-447	-448	-1,112	-3,327
Estimated Outlays	0	-47	-196	-261	-326	-391	-437	-441	-444	-447	-830	-2,990
Total Interactions
Budget Authority	-100	1,928	3,985	4,960	6,145	6,163	6,360	6,457	6,573	6,362	16,918	48,833
Estimated Outlays	-100	1,143	2,894	4,059	5,054	5,469	5,583	5,699	5,806	5,713	13,050	41,320
Total Changes
Budget Authority	-199,130	-14,653	-14,452	-16,791	-19,779	-20,491	-20,928	-21,186	-21,630	-21,767	-264,805	-370,807
Estimated Outlays	-197,940	-14,271	-12,711	-12,654	-15,719	-18,460	-19,123	-19,241	-19,427	-19,596	-253,295	-349,142
	Net Decrease in the Deficit From Changes in Direct Spending
Effect on the Deficit	-197,940	-14,271	-12,711	-12,654	-15,719	-18,460	-19,123	-19,241	-19,427	-19,596	-253,295	-349,142

MIL OSI USA News –

May 16, 2025

MIL-OSI: Mount Logan Capital Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Declared quarterly distribution of C$0.02 per common share in the second quarter of 2025, the twenty-third consecutive quarter of a shareholder distribution

Asset management segment generated $8.1 million in Fee Related Earnings (“FRE”) for the trailing twelve months ended March 31, 2025, a 25% increase over the prior year period

Generated $7.8 million of Spread Related Earnings (“SRE”) for the trailing twelve months ended March 31, 2025, which reflects 1.3% of spread earnings on Ability’s assets

During January 2025, the Company announced it entered into a definitive agreement to combine with 180 Degree Capital Corp. (Nasdaq: TURN) in an all-stock transaction. The surviving entity is expected to operate as Mount Logan Capital Inc. (“New Mount Logan”) and to be listed on Nasdaq under the symbol MLCI

In January 2025, Mount Logan completed its previously announced investment in Runway Growth Capital LLC, a $1.3 billion private credit asset manager, alongside BC Partners Credit

All amounts are stated in United States dollars, unless otherwise indicated

TORONTO, May 15, 2025 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (Cboe Canada: MLC) (“Mount Logan” or the “Company”) announced today its financial results for the three months ended March 31, 2025.

First Quarter 2025 Highlights

FRE for the asset management segment was $2.2 million for the quarter, an increase of 37% compared to the first quarter of 2024, due to improved economics on the Company’s service agreement with Sierra Crest Investment Management over an interval fund, and the decrease in general, administrative and other expenses from the expiry of transition services agreements and other one-time expenses incurred in the first quarter of 2024. FRE for the trailing twelve months was $8.1 million, an increase of 25% from the comparative trailing twelve-month period, primarily attributable to increases in management fees.
Total revenue for the asset management segment of the Company was $3.2 million, a decrease of $0.8 million, or 21%, as compared to the first quarter of 2024. The decrease was driven by a reduction in and normalization of incentive fees associated with a single managed fund in winddown, and an increase in net loss from investment activities, both of which we view as transitory elements. First quarter asset management revenues also exclude $1.2 million of management fees associated with Mount Logan’s management of the assets of Ability Insurance Company (“Ability”), a wholly-owned subsidiary of the Company. Normalized Ability management fees for the first quarter of 2025 were $1.6 million, excluding one-time expenses, which are not expected to continue throughout the remainder of the year.
Total net investment income for the insurance segment was $19.0 million for the three months ended March 31, 2025, a decrease of $2.8 million, or 13%, as compared to the first quarter of 2024, owing to interest expense related to the interest rate swap, decrease in bond yields and decrease in the long term investments portfolio. Excluding the funds withheld assets under reinsurance contracts and Modco, the insurance segment’s net investment income was $14.5 million, an increase of $0.4 million, or 3%, as compared to the first quarter of 2024.
Achieved 6.9%¹yield on the insurance investment portfolio for the quarter ended March 31, 2025. This was impacted by higher investment expense on funds withheld assets under the Modco arrangement. Excluding the funds withheld under reinsurance contracts and Modco, the yield was 8.8%.
Ability’s total assets managed by Mount Logan increased to $645.7 million as of March 31, 2025, an increase of $28.9 million from first quarter 2024 of $616.8 million. As of March 31, 2025, the insurance segment included $1.02 billion in total investment assets, down $23.0 million, or 2%, from the first quarter of 2024 investment assets of $1.04 billion. During the quarter, Mount Logan began managing a portion of Ability’s modified coinsurance assets with Vista.
Book value of the insurance segment as of March 31, 2025 was $85.9 million, an increase of $3.3 million as compared to $82.6 million for the first quarter of 2024.
SRE for the insurance segment was $7.8 million for the trailing twelve months ended March 31, 2025, down $1.7 million from the trailing twelve months ended March 31, 2024 of $9.5 million, primarily driven by an increase in cost of funds, partially offset by increased net investment income and lower operating expenses. The increase in cost of funds was primarily driven by unfavorable in-force update to the Long Term Care business (Guardian block) of $1.8 million for the trailing twelve months ended March 31, 2025, while there was a favorable in-force update to the LTC business (Medico block) observed of $4.8 million for the twelve months ended March 31, 2024.

Subsequent Events

Declared a shareholder distribution in the amount of C$0.02 per common share for the quarter ended March 31, 2025, payable on June 2, 2025 to shareholders of record at the close of business on May 27, 2025. This cash dividend marks the twenty-third consecutive quarter of the Company issuing a C$0.02 distribution to its shareholders. This dividend is designated by the Company as an eligible dividend for the purpose of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.
A preliminary joint proxy statement/prospectus was filed with the United States Securities and Exchange Commission (the “SEC”) for the previously announced merger of Mount Logan with 180 Degree Capital Corp. (Nasdaq: TURN) (“180 Degree Capital”), in an all-stock transaction (the “Business Combination”). The surviving entity is expected to be a Delaware corporation operating as New Mount Logan listed on Nasdaq under the symbol “MLCI”. As required under U.S. federal securities laws and related rules and regulations, the joint proxy statement/prospectus included Mount Logan’s audited financial statements for the years ended December 31, 2024 and 2023 prepared in accordance with U.S. Generally Accepted Accounting Principles. In connection with the Business Combination, shareholders of Mount Logan will receive proportionate ownership of New Mount Logan determined by reference to Mount Logan’s transaction equity value at signing, subject to certain pre-closing adjustments, relative to 180 Degree Capital’s Net Asset Value (“NAV”) at closing. Shareholders holding approximately 26% of the outstanding shares of Mount Logan and approximately 20% of the outstanding shares of 180 Degree Capital signed voting agreements supporting the Business Combination, and an additional 8% of Mount Logan and 7% of 180 Degree Capital shareholders, respectively, have provided written non-binding indications of support for the Business Combination.
Portman Ridge Finance Corporation (Nasdaq: PTMN) and Logan Ridge Finance Corporation (Nasdaq: LRFC) merger remains subject to the receipt of certain shareholder approvals and the satisfaction of other closing conditions. Mount Logan currently earns management fees from LRFC and has a minority stake in PTMN’s manager, Sierra Crest Investment Management.

Management Commentary

Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan stated, “We are pleased to report our first quarter 2025 results, reflecting the continued earnings power of our asset management and insurance platforms. While AUM growth slowed in Q1 2025, consistent with broader macro challenges, we demonstrated our ability to generate strong, positive Fee Related Earnings on the asset management segment, and Spread Related Earnings in the insurance platform, providing a solid foundation for momentum in 2025. Our managed funds demonstrated performance resilience and low volatility as compared to the public credit and equity markets, which we view as a testament to our focus on private credit assets. Looking ahead, we see ample opportunities to drive AUM growth across our core managed vehicles, enact operational improvements and efficiencies, while also advancing strategic priorities to scale the business through reinvestment across our segments and accretive acquisition opportunities, which includes our recently announced transactions with 180 Degree Capital and Runway, which we believe will be significant catalysts for long-term growth and investment into our business.”

Selected Financial Highlights

Total Capital of the Company was $144.9 million as at March 31, 2025, a decrease of $5.4 million as compared to December 31, 2024. Total capital consists of debt obligations and total shareholders’ equity.
Consolidated net income (loss) before taxes was $(13.7) million for the first quarter of 2025, a decrease of $26.8 million from $13.1 million in the first quarter of 2024. The decrease was primarily attributable to the increase in net insurance finance expenses, decrease in net investment income and increase in general, administrative and other expenses under the insurance segment, as well as an increase in corporate transaction costs under the asset management segment related to the Business Combination when compared to the first quarter of 2024.
Basic Earnings (loss) per share (“EPS”) was ($0.48) for the first quarter of 2025, a decrease of $0.99 from $0.51 for the first quarter of 2024.
Adjusted basic EPS was ($0.29) for the first quarter of 2025, a decrease of $0.83 from $0.54 for the first quarter of 2024.

Results of Operations by Segment

($ in Thousands)	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Reported Results
*Asset management*
Revenue	$	3,192		$	4,442		$	4,030
Expenses		12,578			13,440			7,615
Net income (loss) – asset management		(9,386	)		(8,998	)		(3,585	)
*Insurance*
Revenue ⁽¹⁾		18,982			(622	)		17,555
Expenses		23,280			(16,142	)		822
Net income (loss) – insurance		(4,298	)		15,520			16,733
Income before income taxes		(13,684	)		6,522			13,148
Provision for income taxes		361			37			(56	)
Net income (loss)	$	(13,323	)	$	6,559		$	13,092
Basic EPS	$	(0.48	)	$	0.25		$	0.51
Diluted EPS	$	(0.48	)	$	0.23		$	0.50
Adjusting Items
*Asset management*
Transaction costs ⁽²⁾		(4,545	)		(1,921	)		(251	)
Acquisition integration costs ⁽³⁾		—			—			(250	)
Non-cash items ⁽⁴⁾		(737	)		(2,940	)		(346	)
Impact of adjusting items on expenses		(5,282	)		(4,861	)		(847	)
Adjusted Results
*Asset management*
Revenue	$	3,192		$	4,442		$	4,030
Expenses		7,296			8,579			6,768
Net income (loss) – asset management		(4,104	)		(4,137	)		(2,738	)
Income before income taxes		(8,402	)		11,383			13,995
Provision for income taxes		361			37			(56	)
Net income (loss)	$	(8,041	)	$	11,420		$	13,939
Basic EPS	$	(0.29	)	$	0.44		$	0.54
Diluted EPS	$	(0.29	)	$	0.40		$	0.54

^{(1)    Insurance Revenue line item is presented net of insurance service expenses and net expenses from reinsurance contracts held.}
^{(2)    Transaction costs are related to business acquisitions and strategic initiatives transacted by the Company.}
^{(3)    Acquisition integration costs are consulting and administration services fees related to integrating a business into the Company. Acquisition integration costs are recorded in general, administrative and other expenses.}
^{(4)    Non-cash items include amortization and impairment of acquisition-related intangible assets and impairment of goodwill, if any.}

Asset Management

Total Revenue – Asset Management

($ in Thousands)

	Three Months Ended
	March 31, 2025			March 31, 2024
Management and incentive fee	$	2,928		$	3,494
Equity investment earning		282			224
Interest income		268			271
Dividend income		38			112
Other Income		299			—
Net gains (losses) from investment activities		(623	)		(71	)
Total revenue — asset management	$	3,192		$	4,030

Fee Related Earnings (“FRE”)

FRE is a non-IFRS financial measure used to assess the asset management segment’s generation of profits from revenues that are measured and received on a recurring basis and are not dependent on future realization events. The Company calculates FRE, and reconciles FRE to net income from its asset management activities, as follows:

($ in Thousands)

	Three Months Ended
	March 31, 2025			March 31, 2024
Net income (loss) and comprehensive income (loss)	$	(13,323	)	$	13,092

Adjustment to net income (loss) and comprehensive income (loss):
Total revenue – insurance ⁽¹⁾		(18,982	)		(17,555	)
Total expenses – insurance		23,280			822
Net income – asset management ⁽²⁾		(9,025	)		(3,641	)
Adjustments to non-fee generating asset management business and other recurring revenue stream:
Management fee from Ability		1,566			1,429
Interest income		—			—
Dividend income		(39	)		(112	)
Net gains (losses) from investment activities⁽³⁾		623			71
Administration and servicing fees		504			366
Transaction costs		4,545			251
Amortization and impairment of intangible assets		737			346
Interest and other credit facility expenses		1,857			1,702
General, administrative and other		1,479			1,233
Fee Related Earnings	$	2,247		$	1,645

^{(1) Includes add-back of management fees paid to ML Management.}

^{(2) Represents net income for asset management, as presented in the interim Consolidated Statement of Comprehensive Income (Loss).}

^{(3) Includes unrealized gains or losses on the debt warrants.}

($ in Thousands)	Trailing Twelve Months Ended
	March 31, 2025			March 31, 2024
Net income (loss) and comprehensive income (loss)	$	(20,826	)	$	26,088

Adjustment to net income (loss) and comprehensive income (loss):
Total revenue – insurance ⁽¹⁾		(65,582	)		(76,512	)
Total expenses – insurance		60,979			35,450
Net income – asset management ⁽²⁾		(25,429	)		(14,974	)
Adjustments to non-fee generating asset management business and other recurring revenue stream:
Management fee from Ability		6,162			4,853
Interest income		(1	)		—
Dividend income		(425	)		(640	)
Net gains (losses) from investment activities⁽³⁾		1,995			157
Administration and servicing fees		1,743			1,228
Transaction costs		6,468			3,814
Amortization and impairment of intangible assets		4,369			1,178
Interest and other credit facility expenses		8,090			6,425
General, administrative and other		5,177			4,481
Fee Related Earnings	$	8,149		$	6,522

^{(1) Includes add-back of management fees paid to ML Management.}

^{(2) Represents net income for asset management, as presented across the interim Consolidated Statements of Comprehensive Income (Loss).}

^{(3) Includes unrealized gains or losses on the debt warrants.}

Insurance

Total Revenue – Insurance

($ in Thousands)

	Three Months Ended
	March 31, 2025			March 31, 2024
Insurance service result	$	(2,197	)	$	(3,092	)
Net investment income		19,004			21,804
Net gains (losses) from investment activities		6,958			2,666
Realized and unrealized gains (losses) on embedded derivative — funds withheld		(4,783	)		(3,829	)
Other income		—			6
Total revenue — net of insurance services expenses and net expenses from reinsurance	$	18,982		$	17,555

Spread Related Earnings (“SRE”)

The Company uses SRE to assess the performance of the insurance segment, excluding the impact of certain market volatility and other one-time, non-core components of insurance segment income (loss). Excluded items under SRE are investment gains (losses), effects of discount rates and other financial variables on the value of insurance obligations (which is a component of “net insurance finance income/(expense)”), other income and certain general, administrative & other expenses. The Company believes this measure is useful to securityholders as it provides additional insight into the underlying economics of the insurance segment, as further discussed below.

For the insurance segment, SRE equals the sum of (i) the net investment income on the insurance segment’s net invested assets (excluding investment income earned on funds held under reinsurance contracts) less (ii) cost of funds (as described below) and (iii) certain operating expenses.

Cost of funds includes the impact of interest accretion on insurance and investment contract liabilities and amortization of losses recognized for new insurance contracts that are deemed onerous at initial recognition. It also includes experience adjustments which represents the difference between actual and expected cashflows and includes the impact of certain changes to non-financial assumptions.

The Company reconciles SRE to net income (loss) before tax from its insurance segment activities, as follows:

	Three Months Ended
	Q1-2025			Q4-2024			Q3-2024			Q2-2024			Q1-2024			Q4-2023			Q3-2023			Q2-2023
Net income (loss) and comprehensive income (loss) before tax	$	(13,639	)	$	6,522		$	(17,378	)	$	3,847		$	13,148		$	(1,946	)	$	16,243		$	(903	)

Adjustment to net income (loss) and comprehensive income (loss):
Total revenue – asset management ⁽¹⁾		(3,192	)		(4,442	)		(3,826	)		(3,394	)		(4,030	)		(3,723	)		(3,186	)		(2,996	)
Total expenses – asset management		12,533			13,440			7,481			6,651			7,615			7,839			6,868			6,133
Net income – insurance ⁽²⁾		(4,298	)		15,520			(13,723	)		7,104			16,733			2,170			19,925			2,234
Adjustments to Insurance segment business:
Management fees to ML Management		(1,167	)		(1,167	)		(1,501	)		(1,529	)		(1,429	)		(1,345	)		(1,110	)		(969	)
Net (gains) losses from investment activities⁽³⁾		(5,718	)		17,681			(13,267	)		887			(2,995	)		(10,116	)		(2,113	)		(1,454	)
Other Income⁽⁴⁾		—			—			—			—			—			(7,353	)		—			—
Net insurance finance (income)/expense⁽⁵⁾		12,506			(28,702	)		30,940			(5,442	)		(11,769	)		14,399			(17,684	)		(5,275	)
Loss on onerous contracts⁽⁶⁾		(1,548	)		(545	)		(822	)		945			6,884			286			2,451			4,214
General, administrative and other⁽⁷⁾		600			338			239			464			447			502			1,289			1,546
Spread Related Earnings	$	375		$	3,125		$	1,866		$	2,429		$	7,871		$	(1,457	)	$	2,758		$	296

^{(1) Includes add-back of management fees paid by Ability to ML Management.}

^{(2) Represents net income before tax for the insurance segment, as presented in the annual Consolidated Statement of Comprehensive Income (Loss).}

^{(3) Excludes net (gains) losses from investment activities on assets retained by the Company under funds withheld arrangement with Front Street Re and Vista.}

^{(4) Represents non-operating income.}

^{(5) Includes the impact of changes in interest rates and other financials assumptions and excludes interest accretion on insurance contract liabilities and reinsurance contract assets.}

^{(6) Represents the unamortized portion of future interest accretion and ceded commissions paid at the time of issue of new MYGA insurance contracts. Future interest accretion and ceded commissions are amortized over the average duration of MYGA contracts reinsured which aligns with the recognition of insurance service revenue. Loss on onerous contracts are part of Insurance service expense.}

^{(7) Represents certain costs incurred by the insurance segment for purposes of IFRS reporting but not the day to day operations of the insurance company.}

The following table presents SRE, the performance measure of the insurance segment:

($ in Thousands)

	Trailing Twelve Months Ended
	March 31, 2025			March 31, 2024
Fixed Income and other investment income, net⁽¹⁾	$	54,342		$	50,502
Cost of funds		(38,352	)		(32,318	)
Net Investment spread		15,990			18,184
Other operating expenses		(8,195	)		(8,716	)
Spread Related Earnings	$	7,795		$	9,468
SRE % of Average Net Investments		1.3	%		1.7	%

^{(1) Excludes net investment income from investment activities on assets retained by the Company under funds withheld arrangement with Front Street Re and Vista Life and Casualty Reinsurance Company (“Vista”).}

Spread related earnings (“SRE”) was $7.8 million for the trailing twelve months ended March 31, 2025 compared with $9.5 million for the trailing twelve months ended March 31, 2024, a decrease of $1.7 million. SRE decreased year over year due to higher cost of funds, partially offset by increased investment income and lower other operating expenses. Cost of funds increased primarily due to unfavorable impact of $1.8 million as a result of in-force update to LTC business (Guardian block) whereas the trailing twelve months ended March 31, 2024 had a favorable in-force impact of $4.8 million to LTC business (Medico block). Investment income increased primarily due to an increase in total insurance investment assets as a result of new multi-year guaranteed annuity (“MYGA”) business and improvement in yield across the investment portfolio. Other operating expenses decreased as a result of efforts to reduce overall operating cost.

SRE as a percentage of average net invested assets was 1.3% for the trailing twelve months ended March 31, 2025 compared with 1.7% for the trailing twelve months ended March 31, 2024.

Liquidity and Capital Resources

As of March 31, 2025, the asset management segment had $77.8 million (par value) of borrowings outstanding, of which $33.8 million had a fixed rate and $44.0 million had a floating rate. As of March 31, 2025, the insurance segment had $17.3 million (par value) of borrowings outstanding, of which $14.3 million had a fixed rate and $3.0 million had a floating rate. Liquid assets, including high-quality assets that are marketable, can be pledged as security for borrowings, and can be converted to cash in a time frame that meets liquidity and funding requirements. As of March 31, 2025 and December 31, 2024, the total liquid assets of the Company were as follows:

($ in Thousands)

As at	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	125,808	$	85,988
Restricted cash posted as collateral		12,526		15,716
Investments		609,514		639,932
Management fee receivable		2,927		3,268
Receivable for investments sold		23		17,045
Accrued interest and dividend receivable		20,959		20,489
Total liquid assets	$	771,757	$	782,438

The Company defines working capital as the sum of cash, restricted cash, investments that mature within one year of the reporting date, management fees receivable, receivables for investments sold, accrued interest and dividend receivables, and premium receivables, less the sum of debt obligations, payables for investments purchased, amounts due to affiliates, reinsurance liabilities, and other liabilities that are payable within one year of the reporting date.

As at March 31, 2025, the Company had working capital of $218.8 million, reflecting current assets of $241.7 million, offset by current liabilities of $22.9 million, as compared with working capital of $231.2 million as at December 31, 2024, reflecting current assets of $245.3 million, offset by current liabilities of $14.1 million. The decrease in working capital was primarily attributable to the decrease in cash within the asset management business combined with the increase in accrued expenses across asset management and insurance.

Interest Rate Risk

The Company has obligations to policyholders and other debt obligations that expose it to interest rate risk. The Company also owns debt assets and interest rate swaps that are exposed to interest rate risk. The fair value of these obligations and assets may change if base rate changes in interest rates occur.

The following table summarizes the potential impact on net assets of hypothetical base rate changes in interest rates assuming a parallel shift in the yield curve, with all other variables remaining constant.

As at	March 31, 2025			December 31, 2024
50 basis point increase ⁽¹⁾	$	(8,836	)	$	7,559
50 basis point decrease ⁽¹⁾		5,913			(18,939	)

^{(1) Losses are presented in brackets and gains are presented as positive numbers.}

Actual results may differ significantly from this sensitivity analysis. As such, the sensitivities should only be viewed as directional estimates of the underlying sensitivities for the respective factors based on the assumptions outlined above.

Conference Call

The Company will hold a conference call on Friday, May 16, 2025 at 11:00 a.m. Eastern Time to discuss the first quarter financial results. Shareholders, prospective shareholders, and analysts are welcome to listen to the call. To join the call, please use the dial-in information below. A recording of the conference call will be available on our Company’s website www.mountlogancapital.ca in the ‘Investor Relations’ section under “Events”.

Canada Dial-in Toll Free: 1-833-950-0062
US Dial-in Toll Free: 1-833-470-1428
International Dial-ins
Access Code: 813165

About Mount Logan Capital Inc.

Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. Mount Logan also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

ML Management was organized in 2020 as a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The primary business of ML Management is to provide investment management services to (i) privately offered investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) advised by ML Management, (ii) a non-diversified closed end management investment company that has elected to be regulated as a business development company, (iii) Ability, and (iv) non-diversified closed-end management investment companies registered under the 1940 Act that operate as interval funds. ML Management also acts as the collateral manager to collateralized loan obligations backed by debt obligations and similar assets.

Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies and annuity products acquired by Mount Logan in the fourth quarter of fiscal year 2021. Ability is also no longer insuring or re-insuring new long-term care risk.

Non-IFRS Financial Measures

This press release makes reference to certain non-IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of the Company’s results of operations from management’s perspective. The Company’s definitions of non-IFRS measures used in this press release may not be the same as the definitions for such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions “seeks”, “expects”, “believes”, “estimates”, “will”, “target” and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of the Company regarding future results or events and are based on information currently available to it. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this release include, but are not limited to, statements about the benefits of the closing of the acquisition of a minority interest in Runway as well as the proposed transaction involving the Company and 180 Degree Capital, including future financial and operating results, the Company’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the proposed transaction, the regulatory environment in which the Company operates, and the results of, or outlook for, the Company’s operations or for the Canadian and U.S. economies, statements relating to the Company’s continued transition to an asset management and insurance platform business and the entering into of further strategic transactions to diversify the Company’s business and further grow recurring management fee and other income and increasing Ability’s assets; the Company’s plans to focus Ability’s business on the reinsurance of annuity products; the potential benefits of combining Mount Logan’s and Ovation’s platform including an increase in fee-related earnings as a result of the acquisition; the decrease in expenses in the asset management segment; the historical growth in the asset management segment and insurance segment being an indicator for future growth; the growth and scalability of the Company’s business the Company’s business strategy, model, approach and future activities; portfolio composition and size, asset management activities and related income, capital raising activities, future credit opportunities of the Company, portfolio realizations, the protection of stakeholder value; the expansion of the Company’s loan portfolio; synergies to be achieved by both the Company and Runway through the Company’s strategic minority investment in Runway; and the expansion of Mount Logan’s capabilities. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Company can give no assurance that the actual results or developments will be realized by certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including that the Company has a limited operating history with respect to an asset management oriented business model; Ability may not generate recurring asset management fees, increase its assets or strategically benefit the Company as expected; the expected synergies by combining the business of Mount Logan with the business of Ability may not be realized as expected; the risk that Ability may require a significant investment of capital and other resources in order to expand and grow the business; the Company does not have a record of operating an insurance solutions business and is subject to all the risks and uncertainties associated with a broadening of the Company’s business; ability to obtain the requisite Company and 180 Degree Capital shareholder approvals, as well as governmental and regulatory approvals required for the proposed transaction with 180 Degree Capital, the risk that an event, change or other circumstance could give rise to the termination of the proposed transaction with 180 Degree Capital, the risk that a condition to closing of the proposed transaction with 180 Degree Capital may not be satisfied, the risk of delays in completing the proposed transaction with 180 Degree Capital, the risk that the businesses of the Company and with 180 Degree Capital will not be integrated successfully, the risk that the expected synergies of the acquisition of Ovation may not be realized as expected and the matters discussed under “Risks Factors” in the most recently filed annual information form and management discussion and analysis for the Company. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.

This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it to be construed as, an offer to sell or an offer to purchase any securities in the Company or in any fund or other investment vehicle. This press release is not intended for U.S. persons. The Company’s shares are not and will not be registered under the U.S. Securities Act of 1933, as amended, and the Company is not and will not be registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). U.S. persons are not permitted to purchase the Company’s shares absent an applicable exemption from registration under each of these Acts. In addition, the number of investors in the United States, or which are U.S. persons or purchasing for the account or benefit of U.S. persons, will be limited to such number as is required to comply with an available exemption from the registration requirements of the 1940 Act.

Contacts:
Mount Logan Capital Inc.

365 Bay Street, Suite 800
Toronto, ON M5H 2V1
info@mountlogancapital.ca

Nikita Klassen
Chief Financial Officer
Nikita.Klassen@mountlogancapital.ca

Scott Chan
Investor Relations
Scott.Chan@mountlogan.com


MOUNT LOGAN CAPITAL INC. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in thousands of United States dollars, except share and per share amounts)

As at	Notes	March 31, 2025			December 31, 2024
ASSETS
*Asset Management:*
Cash		$	2,563		$	8,933
Investments	6		25,605			21,668
Intangible assets	9		24,064			24,801
Other assets			8,622			8,187
Total assets — asset management			60,854			63,589
*Insurance:*
Cash and cash equivalents			123,245			77,055
Restricted cash posted as collateral	18		12,526			15,716
Investments	6		1,019,969			1,045,436
Reinsurance contract assets	13		408,492			392,092
Intangible assets	9		2,444			2,444
Goodwill	9		55,015			55,015
Other assets			21,298			38,183
Total assets — insurance			1,642,989			1,625,941
Total assets		$	1,703,843		$	1,689,530
LIABILITIES
*Asset Management*
Due to affiliates	10	$	8,994		$	10,470
Debt obligations	12		78,401			78,427
Derivatives – debt warrants	12		737			504
Accrued expenses and other liabilities			9,770			5,097
Total liabilities — asset management			97,902			94,498
*Insurance*
Debt obligations	12		17,250			14,250
Insurance contract liabilities	13		1,069,625			1,048,413
Investment contract liabilities	14		222,074			227,041
Derivatives	18		1,864			5,192
Funds held under reinsurance contracts			238,371			239,918
Accrued expenses and other liabilities			7,856			2,995
Total liabilities — insurance			1,557,040			1,537,809
Total liabilities			1,654,942			1,632,307
EQUITY
Common shares	11		121,372			116,118
Warrants	11		1,129			1,129
Contributed surplus			8,063			7,917
Surplus (Deficit)			(59,805	)		(46,083	)
Cumulative translation adjustment			(21,858	)		(21,858	)
Total equity			48,901			57,223
Total liabilities and equity		$	1,703,843		$	1,689,530


MOUNT LOGAN CAPITAL INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands of United States dollars, except share and per share amounts)

		Three months ended
	Notes	March 31, 2025			March 31, 2024

REVENUE
*Asset management*
Management and incentive fee	7	$	2,928		$	3,494
Equity investment earning			282			224
Interest income			268			271
Dividend income			38			112
other Income			299
Net gains (losses) from investment activities	4		(623	)		(71	)
Total revenue — asset management			3,192			4,030
*Insurance*
Insurance revenue	8		23,389			22,741
Insurance service expenses	8		(25,534	)		(25,184	)
Net expenses from reinsurance contracts held	8		(52	)		(649	)
Insurance service result			(2,197	)		(3,092	)
Net investment income	5		19,004			21,804
Net gains (losses) from investment activities	4		6,958			2,666
Realized and unrealized gains (losses) on embedded derivative — funds withheld			(4,783	)		(3,829	)
Other income			—			6
Total revenue, net of insurance service expenses and net expenses from reinsurance contracts held — insurance			18,982			17,555
Total revenue			22,174			21,585
EXPENSES
*Asset management*
Administration and servicing fees	10		1,237			1,423
Transaction costs			4,545			251
Amortization and impairment of intangible assets	9		737			346
Interest and other credit facility expenses	12		1,857			1,702
General, administrative and other			4,202			3,893
Total expenses — asset management			12,578			7,615
*Insurance*
Net insurance finance (income) expenses	5		17,808			(7,252	)
Increase (decrease) in investment contract liabilities	14		1,957			2,279
(Increase) decrease in reinsurance contract assets			966			3,556
General, administrative and other			2,549			2,239
Total expenses — insurance			23,280			822
Total expenses			35,813			8,437
Income (loss) before taxes			(13,684	)		13,148
Income tax (expense) benefit — asset management	15		361			(56	)
Net income (loss) and comprehensive income (loss)		$	(13,323	)	$	13,092
Earnings per share
Basic		$	(0.48	)	$	0.51
Diluted		$	(0.48	)	$	0.50
Dividends per common share — USD		$	0.01		$	0.02
Dividends per common share — CAD		$	0.02		$	0.02

¹The yield is calculated based on the net investment income less management fees paid to Mount Logan divided by the average of investments in financial assets for the current year and prior year.

The MIL Network –

May 16, 2025

MIL-OSI Economics: In Zagora, blue gold is giving a new impetus to tourism

Source: African Development Bank Group

Climate change has made water stress increasingly acute on the African continent in recent decades. The situation is particularly challenging in North Africa, where several strategic sectors, including tourism, depend on a steady supply of water to survive and develop. Water resources will surely be a recurrent theme at the Annual Meetings of the African Development Bank, which are to be held in Abidjan from 26 to 30 May 2025 under the banner, “Making Africa’s Capital Work Better for Africa’s Development”.

Tourism is a vital economic resource for the ancient town of Zagora, dramatically positioned at the gateway to the desert. But tourism depends on a natural resource –water, without which there would be no hotels, no lush gardens nestled in the courtyards of the riads (traditional urban houses), no artisans, and none of the amenities and attractions that bring thousands of visitors to the town each year in search of exotic relaxation.

Water stress has been a growing concern for Zagora’s people and businesses. As Saïd Elberkaoui, who has managed the town’s Riad Lamane hotel for the last five years, explained: “Water is a treasure but two years ago it grew scarce. If the situation had continued and intensified, it could have affected tourism.”

Nestled in the heart of a palm grove, Riad Lamane offers high-quality services and must ensure that all of its amenities, from rooms to garden to restaurant, are perfectly maintained to satisfy its customers. Scarcity of water was a clear threat to the smooth operation and even the existence of the hotel: “I was fearful that tourists would stop coming and my employees would lose their jobs,” Saïd Elberkaoui says.

Investments that are changing the game

Recognising the scale of the problem, the Moroccan government has taken timely action. accelerating investments in infrastructure to secure and reinforce drinking water supplies throughout the Kingdom.

In the province of Zagora, the National Office for Electricity and Drinking Water (ONEE) has completed the construction of a water treatment plant and a 127-kilometre drinking water supply system. The project, with total cost of over €55 million, was financed by a loan from the African Development Bank. Combined with water conservation and optimization measures, this forward-looking policy has benefited nearly 300,000 people. The towns of Zagora, Agdez, and the surrounding villages now have adequate supplies of this most precious resource.

For Firdaous Allouli, a cook at Riad Lamane, a secure water supply means fewer problems in her day-to-day work. “My kitchen runs better, we are more efficient, and we can respond better to customer requests. We can do more,” she says happily.

Water security promises a secure future for the tourism industry and gives it the potential to grow. As Saïd Elberkaoui says: “It is an extra reason to develop the riad and perhaps to recruit staff.”

However, the improvements in the province of Zagora do not resolve the problem for Morocco as a whole, which continues to suffer from declining water resources. The public authorities are addressing the issue through the National Programme for Drinking Water Supply and Irrigation (PNAEPI 2020-2027), which brings together and unites the capacities of all stakeholders who can help to resolve this complex equation.

The African Development Bank has been working in partnership with ONEE since the late 1970s. The Bank has contributed to major infrastructure projects to strengthen and secure access to water, which have improved water systems in nearly 30 Moroccan cities, providing for the water needs of more than 15 million people.

The Kingdom has invested more than €1.2 billion to ensure adequate supplies of water. Achraf Hassan Tarsim, Country Manager for Morocco at the African Development Bank, expects further joint work to address remaining challenges. “The urgent need today is to take action where water is starting to run out. We have been, are and will continue to stand alongside Morocco, meeting the water challenge together with our long-standing partner, the National Office for Electricity and Drinking Water,” Mr Tarsim said.

MIL OSI Economics –

May 16, 2025

MIL-OSI Economics: Niger’s Bridges to Resilience: Building a Stronger Future

Source: African Development Bank Group

Under the glow of solar streetlights, Aichatou Alkassoum marvels at the Djibo Bakary Bridge in Farié, Niger. “At night, it’s like a modern Niamey street,” she says, her voice bright with pride. A leader in Delewa’s School Management Committee, she calls it “the Bridge of Renewal.”

Previously, crossing the Niger River here meant hours waiting for a shaky ferry under a blazing sun. Since January 2021, this 640-meter bridge, part of the African Development Bank’s Trans-Saharan Road Project-TSRP, has cut travel time, linking Kourthèye and Gothèye with three km of paved roads and 180 solar lamps. Funded with $23 million from the Bank’s $125 million TSRP commitment, it’s a lifeline for trade across an enormous 9,022 km of land connecting the three countries of Niger to Algeria and Nigeria.

The African Development Bank’s $1.2 billion project in Niger fuels this change. In Maradi, Hachimou Abou Moussam a farmerm once planned to move to Niamey to flee a constant struggle. Then the Water Mobilization Project for Food Security – PMERSA-MTZ ($13 million since 2011) gave him two wells, pumps, and irrigation pipes. “I grow niébé year-round now,” he says. Across Maradi, Tahoua, and Zinder, PMERSA-MTZ built 47 dams, 74 wells, and 273 km of rural tracks, irrigating 18,000 hectares. Crop yields jumped 94 percent, and Hachimou’s income rose by $680 yearly, rooting him home.

In Diffa, Arzika Assoumane, director of Kalmaharo Vocational School, credits the Vocational and Technical Education Support Project– PADEFPT, ($47 million since 2010). “We went from 300 students to over 1,000,” he beams. With 474 classrooms built nationwide, 21,000 students trained, and girls’ enrolment up from 2.2 percent to 8.4 percent by 2020, PADEFPT bridges skills to jobs. “The African Development Bank changed our lives,” Arzika says.

Imagine the transformative power of light. The Niger Rural, Peri-Urban, and Urban Electrification Project ($68 million since 2017) project, did not only expand the Gorou Banda power plant to 100 MW, a 25% increase in available capacity, but also forging connections to 68,400 families, exceeding the ambitious targets by 150%. Now, with the Desert to Power-Project for the Development of Solar Power Plants and Improvement of Access to Electricity ($131 million, since in 2022), Niger is taking a leap towards sustainable energy, adding 30 MW of renewable capacity and bringing the life-changing power of electricity to 800,000 people.

The Kandadji Ecosystems Program– PA-KRESMIN ($126 million since 2019) irrigates fields and powers 630,000 people. Together, these efforts, backed by $740 million disbursed, turn Niger’s land and people into strength. As Chief Amadou Boubacar notes, TSRP’s 16 classrooms and wells in Farié echo this: “Our market and health centre boost incomes.”

The Trans-Saharan Fiber Optic Project – TSB in Niger (43 million EUR since 2016) is laying over 1,000 km of high-speed fiber optic network linking Niger with Algeria, Nigeria, Tchad, Benin, and Burkina Faso. In Agadez, where high-speed connectivity was once a luxury, young entrepreneurs will be able to run online businesses from their smartphones.

It seems an age ago now when the internet was too slow to send a photo. Soon, farmers, small businesses, and artists from Arlit will take orders from Niamey, or even better, Algiers or Lagos. The project is transforming access to education, government services, and markets for thousands in previously disconnected regions. Beyond a cable, it is a pathway to opportunity, inclusion, and innovation in one of Africa’s growing economies.

Yet, with a $402 billion continental gap, more is needed. Aichatou dreams of wider bridges, literally and figuratively. The African Development Bank’s smart cash builds resilience, one bridge, one harvest, one optic fiber, and one classroom at a time.

MIL OSI Economics –

May 16, 2025

MIL-OSI Economics: Business Opportunities Seminar (BOS)

Source: African Development Bank Group
The African Development Bank Group is pleased to announce its upcoming Business Opportunities Seminar (BOS), taking place on 29 May 2025 from 8:00 am to 4:00 pm in Abidjan, Côte d’Ivoire on the sidelines of its Annual Meetings. The event will be livestreamed on the Bank’s YouTube and LinkedIn channels.

MIL OSI Economics –

May 16, 2025

MIL-OSI New Zealand: Economy – RBNZ Analytical Notes: Estimating Exchange Rate Pass-through in New Zealand

Using a range of estimation methods, we find that a 1% appreciation in the Trade Weighted Index (TWI) for the New Zealand dollar exchange rate can lead to a 0.004 to 0.01% decline in ex-fuel tradables prices within one quarter. In the long run, it can lead to a 0.05 to 0.3% decline in ex-fuel tradables prices. These estimates of incomplete pass-through are in line with estimates obtained for inflation-targeting economies in the related literature.

Asymmetries in exchange rate pass-through can arise in different economic environments and across time. For example, pass-through tends to be stronger when the output gap is materially positive than when it is materially negative.

Deriving Indicators of Economic Activity from Traffic Sensor Data: (ref. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=15ef0a1d3b&e=f3c68946f8 )
Key findings

We develop monthly indicators of economic activity in New Zealand from granular data measuring traffic counts for both heavy and light traffic. Our indicators are highly correlated with New Zealand’s official measure of aggregate economic activity – Gross Domestic Product.
Our indicators can be disaggregated into regional components at a daily frequency, highlighting variation that would remain masked in aggregate measures.
These traffic indices provide an independent check on other high-frequency economic indicators, offer better monitoring of regional disparities in economic activity, and support timely policy advice in response to economic shocks. However, the higher volatility of these traffic indices means that they require careful interpretation, and these traffic indices should be used as part of a broader suite of economic indicators.

More Information
Our research and analysis: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=68e4cc931d&e=f3c68946f8

The Analytical Notes series encompasses a range of background papers prepared by Reserve Bank staff.
Unless otherwise stated, views expressed are those of the authors, and do not necessarily represent the views of the Reserve Bank.

Our research programme: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=eae460457c&e=f3c68946f8

Why we conduct research

In an ever-changing world, our research into different dimensions of the New Zealand economy is the bedrock enabling us to make well-informed policy decisions.
The RBNZ plays a central role in the New Zealand economy, setting monetary policy to support price stability, and acting as kaitiaki (guardians) of the financial system. To achieve our mandate, we draw on a comprehensive body of research into the New Zealand economy, which asks big questions ranging from how individual firms set their prices to what the future of money will look like in Aotearoa. Our researchers use advanced statistical techniques and macroeconomic modelling to unravel the intricate relationships between businesses, financial markets, and people that shape the New Zealand economy.
The insights from our research provide us with the understanding and confidence to make appropriate policy decisions for the benefit of New Zealanders, and also equip us to respond to future shocks.

MIL OSI New Zealand News –

May 16, 2025

MIL-OSI New Zealand: Energy Sector – New Zealand Cleantech companies making an impact on the world stage

With cleantech critical to both climate mitigation and economic growth, a visit to Singapore last week by six New Zealand cleantech companies, a Venture Capital firm and the MacDiarmid Institute, couldn’t have come at a more important time.

OpenStar Technologies, TasmanIon, Nilo, Cetogenix, Mushroom Material, Allegro Energy (now Australia-based) and BridgeWest Ventures travelled as part of the “Cleantech Trek” to attend The Liveability Challenge and Cleantech Forum Asia, where they met with investors and multinational partners.

“It’s huge that these NZ startups-some named in the Asia Forum’s ‘APAC Cleantech 25’-have developed technologies with the potential to help transition the world to a greener economy,” said Natalie Plank, MacDiarmid Institute Deputy Director Commercialisation and Industry Engagement.

The APAC Cleantech 25 recognises forward-thinking companies developing and deploying breakthrough environmental solutions, while driving economic growth and technological progress across the Asia-Pacific region.

Dr Plank said the opportunity for the companies to be part of the wider Cleantech ecosystem in Singapore, to seek investment and to partner with multinational partners, comes at a significant time.

“The world needs climate mitigation technologies like never before. Singapore offers a chance to connect with investors and global players who can help scale New Zealand cleantech into international supply chains and energy infrastructure.”

Dr Ratu Mataira, Founder and CEO of fusion startup OpenStar, said that Aotearoa had built a reputation for building creative technologies that support a greener future.

“We’ve seen that in companies like Lanzatech, and it’s unsurprising a new crop of Kiwi startups feature so strongly on this list. In our field of fusion, Kiwis were here at the start with Rutherford, and they will be here at the end with OpenStar.”

The importance of cleantech to the future New Zealand economy

Cleantech industries are rapidly emerging as a cornerstone of the global economy. The World Economic Forum describes them as “the enablers of our future decarbonised energy system” and recognises them as “a major economic factor.”

Michelle Polglase, GM of Project Delivery at Ara Ake, highlights a recent Boston Consulting Group report that identifies “Green Tech” as a key growth sector for New Zealand. “We already have many of the ingredients for a thriving cleantech ecosystem,” she says, “including research institutes, innovative startups, incubators and private investors.”

The cleantech sector is scaling rapidly around the world. Global investment reached more than US$40 billion in 2023, and the International Energy Agency projects that spending on clean energy will rise from US$1.8 trillion in 2023 to US$4.5 trillion annually by the early 2030s under its ‘net zero pathway’ scenario.

The New Zealand Cleantech Mission is helping local companies tap into this global opportunity. Now in its third Cleantech Trek – a series of visits to leading cleantech companies regionally and overseas – the Mission is backed by foundational sponsors Ara Ake and the MacDiarmid Institute, continuing work originally supported by Callaghan Innovation.

“We’d love to see more clean energy companies from New Zealand on the world stage,” says Michelle Polglase. “To get there, they need commercialisation support, growth capital and strong global connections.”

MIL OSI New Zealand News –

May 16, 2025

MIL-OSI: Wen Acquisition Corp Announces the Pricing of $261,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

New York, NY, May 15, 2025 (GLOBE NEWSWIRE) — Wen Acquisition Corp (the “Company”) announced today the pricing of its initial public offering of 26,100,000 units at a price of $10.00 per unit. The units are expected to be listed on The Nasdaq Global Stock Market LLC (“Nasdaq”) and begin trading on May 16, 2025, under the ticker symbol “WENNU.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. An amount equal to $10.00 per unit will be deposited into a trust account upon the closing of the offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “WENN” and “WENNW,” respectively. The offering is expected to close on May 19, 2025, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,915,000 units at the initial public offering price to cover over-allotments, if any.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution. The Company’s primary focus, however, will be on infrastructure companies in the financial technology (“fintech”) sector that are focused on enablement of digital assets, such as stablecoins, through the incorporation and integration of blockchain networks into the traditional financial systems.

The Company’s management team is led by Julian M. Sevillano, its Chief Executive Officer and Chairman of the Board of Directors (the “Board”), and Jurgen van de Vyver, its Chief Financial Officer. The Board also includes Josh Fried, Co-Vice Chairman of the Board, Sheraz Shere, Co-Vice Chairman of the Board, and Drew Glover.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, New York, New York 10022, or by email at prospectus@cantor.com, or by accessing the SEC’s website, www.sec.gov.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on May 15, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the expected closing of the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all.

Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contacts

Wen Acquisition Corp
Jurgen van de Vyver
jurgen@launchpad.vc
510-200-8878

The MIL Network –

May 16, 2025

MIL-OSI China: China ready to work with France to safeguard open, cooperative int’l economic, trade environment: vice premier

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

China ready to work with France to safeguard open, cooperative int’l economic, trade environment: vice premier

PARIS, May 15 — Chinese Vice Premier He Lifeng said here on Thursday that China is willing to work with France to strengthen coordination on multilateral international affairs, and safeguard an open and cooperative international economic and trade environment.

He, the Chinese lead person of the China-France High Level Economic and Financial Dialogue, made the remarks while co-chairing the 10th China-France High Level Economic and Financial Dialogue, with Eric Lombard, the French lead person of the dialogue and French minister of economy, finance and industrial and digital sovereignty.

Last year marked the 60th anniversary of the establishment of diplomatic relations between China and France, and the two heads of state reached a series of important consensuses on deepening bilateral relations and cooperation, He noted.

He said that China stands ready to work with France to implement these consensuses, strengthen coordination on multilateral international affairs, safeguard an open and cooperative international economic and trade environment, enrich bilateral economic and financial cooperation, tap the potential for mutually beneficial cooperation, and create a favorable trade and investment environment, so as to inject new vitality into the China-France comprehensive strategic partnership while leading China-Europe cooperation to achieve new development.

Lombard said that France attaches great importance to its relations with China, and is willing to work with China to address global challenges such as climate change, and uphold multilateralism and trade freedom.

France will continue to provide high-quality products for Chinese consumers, foster a better business environment to attract more Chinese enterprises to invest and expand business in France, and deliver more fruitful outcomes through practical economic and financial cooperation between the two countries, Lombard said.

During the dialogue, the Chinese and French sides conducted in-depth communication and exchanges on multiple topics, and signed bilateral cooperation documents regarding poultry meat, breeding poultry and breeding eggs. He and Lombard also delivered speeches at a symposium attended by Chinese and French entrepreneurs.

During his stay in France, He also visited French family farms and met with representatives from French companies from various sectors including cosmetics, pharmaceuticals and aviation.

MIL OSI China News –

May 16, 2025

MIL-OSI China: Chinese premier highlights steady economic growth, high-quality development

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

BEIJING, May 15 — Chinese Premier Li Qiang on Thursday stressed the importance of leveraging the stability and long-term growth of the domestic economy to cushion against global uncertainties, and of promoting the country’s steady, long-term growth and high-quality development.

Li made the remarks at a State Council meeting on promoting the domestic economy, which was chaired by Vice Premier Ding Xuexiang.

Li noted that it is imperative that China coordinates boosting domestic demand and deepening supply-side structural reform, and that it strengthens domestic and international market links.

To boost the domestic economy, he stressed the need to focus on areas such as promoting the efficient allocation of all types of resources, achieving the deep integration of sci-tech innovation and industrial innovation, building self-sufficient and complete industrial and supply chains, and maintaining a dynamic equilibrium between supply and demand.

He urged efforts to support the country’s export companies, stabilize employment, stimulate consumption, increase effective investment, and ensure both development and security.

Li emphasized that all departments and regions should strengthen their policy formulation and implementation, enhance coordination and cooperation, and stimulate market vitality and social creativity fully.

MIL OSI China News –

May 16, 2025

MIL-OSI New Zealand: NZ to host Pacific leaders

Source: NZ Music Month takes to the streets

New Zealand will host leaders from across the Pacific next week, Deputy Prime Minister Winston Peters and Pacific Peoples Minister Dr Shane Reti have announced.

“New Zealand is a Pacific country, and regular face-to-face dialogue is a crucial underpinning for our relationships throughout our region,” Mr Peters says.

The Secretary-General of the Pacific Islands Forum Baron Waqa will visit New Zealand, engaging with Mr Peters and Dr Reti, Prime Minister Christopher Luxon, Climate Change Minister Simon Watts and a range of MPs from across Parliament.

“New Zealand’s membership of the Forum underpins much of our engagement in the region,” Mr Peters says.

“Secretary-General Waqa’s visit will be an opportunity to discuss the Forum’s work on regional priorities, including health, education, security, and the environment.”

Ulu o Tokelau Esera Tuisano will make his first official visit to New Zealand, ahead of New Zealand and Tokelau marking a centenary of their constitutional relationship next year.

“New Zealand and Tokelau have enjoyed close ties for nearly a century. We are united by our shared New Zealand citizenship and mutual obligations and responsibilities,” Mr Peters says.

New Zealand will also host the Council of the University of the South Pacific in Auckland on 19-21 May. The meeting brings together 12 Pacific countries to guide the direction of the leading tertiary provider in the Pacific.

“Our role as host reflects our steadfast commitment to advancing tertiary education and research through Pacific regionalism,” Dr Reti says.

Mr Peters will also meet with Tuvalu Deputy Prime Minister and Finance Minister Panapasi Nelesone. He will reaffirm New Zealand’s commitment to supporting Tuvalu’s development priorities, including economic resilience.

MIL OSI New Zealand News –

May 16, 2025

MIL-OSI USA: Wyden, Merkley, Colleagues Slam Trump Administration’s Attacks on Senior Nutrition Programs

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)
May 15, 2025
“The cuts will exacerbate hunger, poor health, and social isolation”
Washington D.C.—U.S. Senators Ron Wyden and Jeff Merkley, both D-Ore, said today they have joined fellow Senate leaders to call on Republicans to reconsider disastrous cuts and attacks on programs and agencies that support seniors with food assistance among other necessities.
“We are writing today to express our serious concerns regarding efforts by the Trump administration and the potential of cuts proposed in your budget resolution to debilitate our nation’s beloved nutrition programs for seniors, taking hot meals, sustenance, and social interaction away from our seniors to fund tax cuts for billionaires,” the lawmakers wrote to Senate Republicans. “These attacks are multifaceted and will deeply hurt all aspects of senior nutrition services, from funding to program delivery. The cuts will exacerbate hunger, poor health, and social isolation, and our nation’s seniors will be gravely harmed by these decisions.”
If implemented, the Republicans’ proposed cuts will take hot meals, nutritious food, and social interaction away from millions of older adults nationwide, jeopardizing their health and quality of life.
Specifically, the senators urged Republicans to reconsider the following actions:
Cuts to the Supplemental Nutrition Assistance Program, which is the largest food assistance program in the country;
The dismantling of the Administration for Community Living, which administers the Older Americans Act’s nutrition programs;
The elimination of the Social Services Block Grant, which provides critical funding for senior nutrition programs;
Cuts to Medicaid, which funds meal-delivery programs through Section 1115 waivers for home-bound older adults and people with disabilities; and
Attacks on the Social Security Administration, which ensures accurate and timely payment of Social Security benefits so older adults and people with disabilities can put food on the table.
The letter was led by U.S. Senator Kirsten Gillibrand, D-N.Y. Along with Wyden and Merkley, the letter was also signed by U.S. Senators Bernie Sanders, I-Vt., Amy Klobuchar, D-Minn., and Senate Minority Leader Chuck Schumer, D-N.Y. The senators wrote in their capacities as ranking members of the Senate Committees on Aging; Finance; Budget; Health, Education, Labor, and Pensions; Agriculture, Nutrition, and Forestry; and as Senate Democratic Leader, respectively.
The full text of the letter is here.

MIL OSI USA News –

May 16, 2025

MIL-OSI New Zealand: $577 million to support film and TV production

Source: NZ Music Month takes to the streets

The Government is providing certainty to New Zealand’s film industry by providing the funding needed to sustain the International Screen Production Rebate, Economic Growth Minister Nicola Willis announced today.

“This funding will help bring investment, jobs and income to New Zealand, boosting our economic growth.

“We are sending a clear message to the world: New Zealand is the best place in the world to make movies. Bring your productions here to take advantage of our talent and locations.

“The Budget increase of $577 million across this year and the next four takes total funding for the rebate scheme to $1.09 billion over the forecast period, better reflecting expected demand for the scheme. Settings remain unchanged,” Nicola Willis says.

“The rebate scheme is working and we want New Zealand’s film industry to know the Government is backing them to grow into the future.

“At last count our screen sector provided work for about 24,000 people and generated about $3.5 billion in annual revenue.

“While industry incentives are not generally our favoured approach, the reality is we simply won’t get the offshore investment in our highly successful screen sector without continuing this scheme,” Ms Willis says.

“New Zealand competes with more than 100 territories world-wide that provide screen incentives, including countries like Australia, Canada and the United Kingdom that provide more generous incentives than ours.

“Eligible productions can access a 20 per cent cash rebate on qualifying New Zealand production expenditure where production costs are more than $15 million for feature films and $4 million for TV productions.

”A further 5 per cent rebate is available to productions spending more than $30 million which meet additional criteria for industry and economic growth.

“Inbound productions invested nearly $7.5 billion in New Zealand in the past 10 years, supported by $1.5 billion in rebate payments.

“Following a review of the rebate settings completed in late-2023, 10 big international productions have been attracted here, including eight from the major Hollywood studios. They include A Minecraft Movie, the second highest-grossing film of 2025 so far, and Taika Waititi’s Klara and the Sun now in production.

“Along with investment and jobs, New Zealand has benefited from acquiring a highly skilled screen industry workforce. Film production companies provide work for thousands of people and create fantastic opportunities for young New Zealanders.

“The Government will continue to work with the New Zealand Film Commission to ensure we continue to attract high-value productions from around the world.”

Notes for editors

Through Budget 2025, the Government is increasing baseline funding for the New Zealand Screen Production Rebate – International so it better reflects current forecast demand for the rebate.
Previously the Government was regularly called on to provide time-limited funding on top of baseline funding for the scheme.
The changes mean that funding for 2024/25 is increasing to $250 million, and to $210 million from 2025/26 onwards, which better reflects the expected costs of the rebate based on registered productions and current forecast demand.

MIL OSI New Zealand News –

May 16, 2025

MIL-OSI USA: Hagerty, Colleagues Reintroduce Legislation to Block Unconstitutional Tracking of Gun Store Purchases

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty

WASHINGTON—This week, United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, led his colleagues in reintroducing the Protecting Privacy in Purchases Act, legislation to protect gun store customers by blocking unconstitutional surveillance via Merchant Category Codes (MCCs) that unlawfully track gun store purchases. Representative Riley Moore (R-WV-03) has introduced companion legislation in the U.S. House of Representatives.

Co-sponsors of the legislation include Senators Jim Justice (R-WV), Lindsey Graham (R-SC), Jim Risch (R-ID), Cynthia Lummis (R-WY), Bill Cassidy (R-LA), John Hoeven (R-ND), Ted Budd (R-NC), Steve Daines (R-MT), Mike Lee (R-UT), Pete Ricketts (R-NE), Kevin Cramer (R-ND), Mike Crapo (R-ID), Rick Scott (R-FL), Markwayne Mullin (R-OK), Deb Fischer (R-NE), and John Barrasso (R-WY).

“Merchant category codes should never be used to track and surveil gun store customers,” said Senator Hagerty. “If this alarming overreach isn’t stopped, radical leftists won’t just target gun owners—they’ll weaponize the financial system against anyone who makes a purchase that doesn’t conform to their agenda. This legislation is critical to preventing the politicization of MCC codes and securing the civil liberties of law-abiding Americans and the Second Amendment.”

“Any attempt to collect data on Americans simply exercising their God-given rights is wrong, and I won’t stand for it. I’m proud to have led this fight at the state level as West Virginia State Treasurer – where we were the first in the nation to codify this policy that protects our Second Amendment rights,” said Congressman Riley Moore. “I’m proud to be leading this fight with Reps. Hudson and Barr in the House and honored to have Senator Hagerty leading it in the Senate.”

“Gun control proponents, including those in Congress, have already admitted the use of a firearm retailer-specific Merchant Category Code is intended to monitor and approve firearm and ammunition purchases,” said Lawrence G. Keane, NSSF Senior Vice President & General Counsel. “Senator Hagerty’s bill would prohibit the government from creating watchlists or determining when law-abiding citizens may exercise their Second Amendment rights, which starts with legally purchasing a firearm or ammunition. No American should be concerned that banks or the federal government are employing this Orwellian antigun scheme to monitor the exercise of their Second Amendment rights when they lawfully purchase firearms or ammunition products. NSSF thanks Senator Hagerty for his principled leadership to stand up for Second Amendment rights and against gun control special interest groups and big government lawmakers who want to monitor and deny lawful transactions by law-abiding Americans. Americans should worry about what’s in their wallet, not who’s in their wallet.”

Background:

The Protecting Privacy in Purchases Act builds upon Hagerty’s commitment to defending Americans’ constitutional rights from politicized and abusive overreach.

In September 2022, Hagerty criticized the President and CEO of Amalgamated Bank for its efforts to use MCC codes to target gun store customers.

In February 2024, Hagerty grilled former Treasury Secretary Janet Yellen on reports that the Department’s Financial Crimes Enforcement Network coordinated with financial institutions to monitor for “extremist indicators,” including lawful transactions at stores that sell firearms.

Last Congress, Hagerty introduced the Protecting Privacy in Purchases Act in response to revelations that MCC Codes were used to implement unconstitutional surveillance on gun store consumers.

Full text of the Protecting Privacy in Purchases Act can be found here.

MIL OSI USA News –

May 16, 2025

MIL-OSI: Sky Quarry Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

WOODS CROSS, Utah, May 15, 2025 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or “the Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced its financial and operational results for the three months ended March 31, 2025.

Key Financial and Operational Highlights

Generated $6.3 million in Q1 revenue, a 50% increase from Q4 2024.
Signed a Letter of Intent with R & R Solutions, the only permitted asphalt shingle recycler in New Mexico, to explore the feasibility of establishing a modular waste-to-energy site in the Southwest.
Executed a Letter of Intent with Southwind RAS, a leading recycler in the Midwest, to collaborate on regional facility deployment and feedstock supply.
Engaged TAR360 to accelerate the company’s growth trajectory, optimize internal processes, and support execution across key operational initiatives.

Commentary by David Sealock, Chairman & Chief Executive Officer, and Darryl Delwo, Chief Financial Officer of Sky Quarry

“We are pleased with the continued growth across our operations and the progress we’ve made in the first quarter of 2025 toward executing our waste-to-energy strategy, which is central to our mission of transforming recycled asphalt shingles into sustainably produced fuels and other valuable materials. At PR Spring, asset upgrades are nearing completion, and once commissioned, the site will activate our fully integrated production model and enable commercial-scale output.

As part of our national expansion strategy, we signed non-binding Letters of Intent with Southwind RAS in the Midwest and R & R Solutions in the Southwest. These LOIs represent an early step in evaluating potential partnerships that could expand Sky Quarry’s geographic footprint and provide access to more than 1.5 million tons of asphalt shingle supply annually. If advanced, these relationships could unlock new revenue opportunities through facility development, expanded processing capacity, and the sale of high-value materials such as recycled liquid asphalt, blended fuels, and other products derived from waste asphalt shingles.

We’re seeing the impact of operational improvements made in 2024 at the Foreland Refinery, with a 50% increase in revenue from Q4 2024 to Q1 2025 as output stabilized and product volumes rebounded.

To build on this momentum, we engaged TAR360 to further optimize operations at Foreland. While we’re encouraged by recent performance gains, our shared goal is to increase throughput by up to 400% over time, scaling from our current 20,000 barrels per month to as much as 100,000. Achieving this level of production would enhance operating leverage, expand margins, and drive stronger profitability.

With these improvements and additional efficiencies underway, we believe Foreland is positioned to play a key role in meeting growing fuel demand across the Western U.S. California’s refining capacity is expected to decline by 21% in a single year due to major facility closures, while global price spreads and supply constraints are creating price dislocations that make local refining more competitive. As market conditions continue to evolve, we are executing with purpose by scaling production, improving performance, and positioning Sky Quarry for a strong 2025.”

Financial Results for the Three Months Ended March 31, 2025

Total revenues for the first quarter ended March 31, 2025, were approximately $6.3 million, down from $11.0 million in the same period of 2024. This decline was primarily driven by ongoing challenges in reestablishing supply streams following the Foreland Refinery outage and refurbishment in mid-2024. In addition, lower commodity prices contributed to the decrease, with WTI crude falling from $87 per barrel in April 2024 to $71 per barrel at the end of Q1 2025.

Gross profit for the quarter was negative $726,000, compared to a gross profit of $569,000 in the prior-year period.

Total operating expenses increased to $1.94 million in Q1 2025, up from $1.61 million in Q1 2024, reflecting higher general and administrative costs, non-cash share-based compensation, and depreciation.

As a result, the Company reported a net loss of $3.3 million for the first quarter of 2025, compared to a net loss of $2.5 million in the same period last year.

Net cash used in operating activities for the three months ended March 31, 2025, was approximately $2.0 million, compared to $1.2 million for the same period in 2024.

About Sky Quarry Inc.

Sky Quarry Inc. (NASDAQ:SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.

Forward-Looking Statements

This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the Company’s Form 10-K as filed with the SEC on March 31, 2025. Forward-looking statements speak only as of the date of the document in which they are contained.

Investor Relations
Jennifer Standley
Director of Investor Relations
Ir@skyquarry.com

Company Website
www.skyquarry.com

Sky Quarry Inc. Consolidated Balance Sheets As of March 31, 2025 and December 31, 2024

	March 31, 2025		December 31, 2024

ASSETS

Current assets:
Cash	$	213,000	$	385,116
Accounts receivables		1,758,159		1,123,897
Prepaid expenses and other assets		641,427		339,124
Inventory		2,103,379		3,149,236
Total current assets		4,715,965		4,997,373

Property, plant, and equipment		5,942,782		6,160,318
Oil and gas properties		8,832,356		8,534,967
Restricted cash		798,851		2,929,797
Right-of-use asset		1,091,656		1,115,785
Goodwill		3,209,003		3,209,003

Total assets	$	24,590,613	$	26,947,243

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Accounts payable and accrued expenses	$	3,233,613		$	4,046,319
Current portion of operating lease liability		81,775			38,422
Current portion of finance lease liability		16,626			16,120
Warrant liability		184,087			459,067
Lines of credit		2,328,127			1,260,727
Current maturities of notes payable		6,164,310			6,578,017
Total current liabilities		12,008,538			12,398,672

Notes payable, less current maturities, net of debt issuance costs		1,999,999			2,000,560
Operating lease liability, net of current portion		15,613			77,824
Finance lease Liability, net of current portion		987,018			971,690
Total Liabilities		15,011,168			15,448,746

Commitments and contingencies

Shareholders’ Equity:
Preferred stock $0.001 par value: 25,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		–			–
Common stock $0.0001 par value: 100,000,000 shares authorized: 21,260,924 and 19,027,208 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		2,126			1,903
Additional paid in capital		37,088,388			35,674,391
Accumulated other comprehensive loss		(209,286	)		(209,708	)
Accumulated deficit		(27,301,783	)		(23,968,089	)
Total shareholders’ equity		9,579,445			11,498,497

Total liabilities and shareholders’ equity	$	24,590,613		$	26,947,243

Sky Quarry Inc. Consolidated Statements of Operations and Comprehensive Loss For the Periods Ended March 31, 2025 and 2024

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Net sales	$	6,332,967		$	10,952,330

Cost of goods sold		7,059,059			10,382,881
Gross Margin		(726,092	)		569,449

Operating expenses:
General and administrative		1,935,457			1,607,884
Depreciation and amortization		2,028			1,472
Total Operating expenses		1,937,485			1,609,356

Loss from operations		(2,663,577	)		(1,039,907	)

Other income (expense):
Interest expense		(872,468	)		(1,308,445	)
Loss on extinguishment of debt		(85,753	)		(108,887	)
Gain on warrant valuation		274,980			–
Other income (expense)		7,477			(5,306	)
Gain on sale of assets		5,647			–
Other expense, net		(670,117	)		(1,422,638	)

Loss before provision for income taxes		(3,333,694	)		(2,462,545	)

Provision for income taxes		–			–

Net loss		(3,333,694	)		(2,462,545	)

Other comprehensive income (loss)
Exchange gain (loss) on translation of foreign operations		422			(8,134	)

Net loss and comprehensive loss	$	(3,333,272	)	$	(2,470,679	)

Loss per common share
Basic and diluted	$	(0.16	)	$	(0.15	)
Weighted average shares outstanding
Basic and diluted		21,264,725			16,334,862

Sky Quarry Inc. Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2025 and 2024

		2025			2024

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(3,333,694	)	$	(2,462,545	)
Adjustments to reconcile net loss to cash used in operating activities:
Share based compensation		78,880			270,176
Depreciation and amortization		242,004			164,534
Amortization of debt issuance costs		765,793			1,166,227
Amortization of right-of-use asset		24,129			21,952
Gain on revaluation of warrant liabilities		(274,980	)		–
Loss on extinguishment of debt		56,660			108,887
Gain on sale of assets		(5,647	)		–

Changes in operating assets and liabilities:
Accounts receivable		(634,263	)		(766,259	)
Prepaid expenses and other assets		(302,302	)		(323,750	)
Inventory		1,045,857			203,235
Accounts payable and accrued expenses		373,889			371,043
Operating lease liability		450			21,952
Net cash used in operating activities		(1,963,224	)		(1,224,548	)

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of assets		14,060			–
Purchase of exploration and evaluation assets		(297,389	)		(144,964	)
Purchase of property, plant, and equipment		(32,881	)		(282,702	)
Net cash used in investing activities		(316,210	)		(427,666	)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds on lines of credit		5,339,736			10,641,448
Payments on lines of credit		(4,272,336	)		(11,638,704	)
Proceeds from note payable		143,237			9,820,288
Payments on note payable		(1,231,214	)		(5,300,608	)
Warrants Issued (net against payment of debt issuance costs)					–
Debt discount on note payable					(1,970,936	)
Payments on finance lease		(3,473	)		(19,851	)
Proceeds on issuance of preferred stock					197,500
Preferred stock offering costs					(40,870	)
Proceeds on issuance of common stock					19,492
Common stock offering costs					–
Net cash provided by (used in) financing activities		(24,050	)		1,707,755

Effect of exchange rate on cash		422			(8,134	)

Increase (decrease) in cash and restricted cash		(2,303,062	)		47,407
Cash and restricted cash, beginning of the period		3,314,913			4,680,836

Cash and restricted cash, end of the period	$	1,011,851		$	4,728,243

The MIL Network –

May 16, 2025

MIL-OSI: Red White & Bloom Brands Provides Update on Status of Management Cease Trade Order

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 15, 2025 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB) (“RWB” or the “Company”) is providing this update on the status of a management cease trade order granted on May 1, 2025 (the “MCTO”) by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order (“NP 12-203”).

On May 1, 2025, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2024 (the “Annual Filings”) beyond the period prescribed under applicable Canadian securities laws (the “Default Announcement”).

The Company reports that the audit continues to progress and the Company will provide a further update on the timing of its Annual Filings on or about May 30, 2025 if it has not filed prior to this date. The Company is also progressing on completion of its interim financial statements and accompanying management’s discussion and analysis for the first quarter ended March 31, 2025, and will provide a further update on or before May 30, 2025. Further updates on timing will be provided by the Company as necessary.

During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares. However, the Company’s chief executive officer, president and chief financial officer will not be able to trade in the Company’s shares.

Other than as disclosed in this news release, there are no material changes to the information contained in the initial press release associated with the MCTO. The Company confirms that it intends to satisfy the provisions of NP 12- 203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement. These updates will include information regarding the progress of the Annual Filings and any material changes to the Company’s business, if any.

About Red White & Bloom Brands Inc.

Red White & Bloom Brands is a multi-jurisdictional cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. The Company is predominantly focusing its investments on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and international markets.

Red White & Bloom Brands Inc.
Investor and Media Relations
Edoardo Mattei, CFO
IR@RedWhiteBloom.com
947-225-0503
Visit us on the web: https://www.redwhitebloom.com/.

X @rwbbrands

Facebook @redwhitebloombrands

Instagram @redwhitebloombrands

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

FORWARD LOOKING INFORMATION

Certain information contained in this news release may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information is often identified by the use of words such as “plans,” “expects,” “may,” “should,” “could,” “will,” “intends,” “anticipates,” “believes,” “estimates,” “forecasts,” or variations of such words and phrases, including the negative forms thereof, as well as terms such as “pro forma” and “scheduled,” and similar expressions that refer to future events or outcomes.

Forward-looking statements in this release include, without limitation, statements relating to the anticipated timing, review, completion, and filing of the Annual Filings; the expected duration of the MCTO; the Company’s ongoing operations; and the Company’s intention to issue bi-weekly default status updates.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks associated with audit completion processes; regulatory reviews and approvals; market conditions; the Company’s financial condition and liquidity; the ability to achieve the anticipated benefits of the debt restructuring; and the risk that the Company may not be able to complete its Annual Filings within the timeframe currently anticipated.

There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company disclaims any obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE COMPANY’S EXPECTATIONS AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

The MIL Network –

May 16, 2025

MIL-OSI USA: Read More (Rep. Steube and Sen. Moody Introduce Tax Relief for Victims of Crimes, Scams, and Disasters Act)

Source: United States House of Representatives – Congressman Greg Steube (FL-17)

May 15, 2025 | Press ReleasesWASHINGTON — U.S. Representative Greg Steube (R-Fla.) and Senator Ashley Moody (R-Fla.) today introduced the Tax Relief for Victims of Crimes, Scams, and Disasters Act to restore the casualty and theft loss tax deduction for Americans who have suffered devastating losses from fraud, cybercrime, structural home failures, or natural disasters.Under current law, taxpayers can only deduct casualty and theft losses if the loss occurred in a federally declared disaster area. This recent restriction, which has been a burden on so many Florida seniors and families, is on a previously allowed deduction dating back to before the start of the federal income tax which allowed many victims to deduct losses on assets they no longer possess. The Tax Relief for Victims of Crimes, Scams, and Disasters Act restores this deduction and retroactively applies it for tax years 2018 through 2024, providing much-needed relief to victims of theft.This bill addresses the recent policy recommendations by National Taxpayer Advocate Erin M. Collins, who was appointed by Treasury Secretary Steven Mnuchin during the Trump Administration.“Hardworking Americans, especially seniors, who fall victim to scams, cybercrime, or disasters should not be forced to pay taxes on income they no longer have,” said Rep. Steube. “Victims of crime, calamity, and fraud deserve peace of mind as they work to regain their footing. This bill protects Americans who have lost everything by restoring fairness and common sense to the tax code.”“As hurricane season is around the corner, I will continue supporting policies that protect Floridians from scammers and fraudsters,” said Senator Moody. “My Tax Relief for Victims of Crimes, Scams and Disasters Act will provide commonsense tax relief for victims, often seniors, who have been financially devastated by scams, crimes, or destruction from disasters. This legislation will help folks get back on their feet when they experience hardship. When I was Attorney General of Florida, I made sure to fight for Floridians who fell victim to scams, and I will continue bringing this fight to D.C. so that folks have the protections they need.”The Tax Relief for Victims of Crimes, Scams, and Disasters Act is supported by the AARP, AICPA-CIMA, AMAC Action, American Land Title Association, CFP Board, The Elder Justice Coalition, Family Business Coalition, Financial Services Institute, Investment Advisers Association, the National Association of Consumer Advocates, National Association of Enrolled Agents, National Association of Realtors, Operation Shamrock, and National Association of Government Defined Contribution Administrators (NAGDCA).
“Family-owned businesses are built over generations, and when they fall victim to scams, disasters, or structural failures, the impact is devastating. Congressman Steube’s Tax Relief for Victims of Crimes, Scams, and Disasters Act restores a vital protection in the tax code that ensures these families aren’t taxed on income they’ve lost through no fault of their own. This is a common-sense targeted fix that reflects the realities family businesses face today.” —Palmer Schoening, Chairman of Family Business Coalition Background:Along with their work on the Tax Relief for Victims of Crimes, Scams, and Disasters Act, Representative Steube and Senator Moody have championed the needs of victims of natural disasters and scams. In the last Congress, Representative Steube’s bipartisan Federal Disaster Tax Relief Act was passed and signed into law. This casualty loss legislation delivered much-needed tax relief for victims of disasters across 48 states between 2021 and 2025. While serving as Florida Attorney General, Moody helped lead the fight to prevent cybercriminals from targeting senior citizens, including shutting down six cyber schemes in less than three months in 2024.
Read the full bill here.

MIL OSI USA News –

May 16, 2025

MIL-OSI USA: Duckworth Presses FAA Officials on What the Agency is Doing Right Now to Prevent Even More Failures Like Recent Newark ATC Blackouts

US Senate News:

Source: United States Senator for Illinois Tammy Duckworth
May 14, 2025
[WASHINGTON, D.C.] – Former Blackhawk helicopter pilot and U.S. Senator Tammy Duckworth (D-IL)—a member of the U.S. Senate Committee on Commerce, Science and Transportation (CST) and Ranking Member of the Aviation Subcommittee—today pressed top FAA officials on what the agency is doing right now to prevent further failures like the ongoing situation at Newark Airport from happening at other airports across the country, in addition to addressing the urgent need to update our air traffic control systems over the long term. The Senator’s opening statement and questioning can be found on her YouTube.
“The deadly DCA crash, spike in near misses and recent air traffic control equipment outages impacting Newark have been terrifying, but they are not surprising,” said Duckworth. “I’ve been sounding the alarm about close calls and aging equipment for years—because the urgent need to overhaul our air traffic control systems, which will take years, has been so clear for so long. But in addition to that long-term overhaul, right now FAA must ramp up their efforts to proactively mitigate foreseeable risks—like what’s happening at Newark Airport or the recent near-misses at DCA.”
Additionally, Duckworth slammed the Trump Administration’s drastic cuts to FAA staff—with 700 employees reportedly having accepted FAA’s first deferred resignation offer and more than 2,000 projected to accept it in a second round—for being detrimental to the agency’s mission of protecting the flying public. Duckworth stressed, “Acting FAA Administrator Rocheleau said he expects a further reduction in force. We’ve been told the administration isn’t terminating air traffic controllers or others who are critical for safety—but FAA’s mission is literally safety. How do they think firing thousands of dedicated employees is going to help FAA meet this safety-critical moment?”
For years—long before the deadly DCA crash—Duckworth has been sounding the alarm that we must make these critical aviation safety investments immediately to prevent all-too-often near-misses from becoming catastrophic tragedies. Last Congress, Duckworth chaired two CST Aviation Subcommittee hearings—one last December and the other a year prior—to address our aviation industry’s chilling surge in near-deadly close calls and underscore the urgent need to improve air traffic control systems to protect the flying public.
As our nation continues to experience an air traffic controller shortage amid multiple near-misses, midair collisions and communication outages, Duckworth has underscored how critical it is that the FAA does not sacrifice effectiveness in favor of efficiency by lowering its longstanding high standards that new controllers must meet. Two weeks after the horrific DCA aircraft collision that killed 67 passengers and crew, the Trump Administration began firing hundreds of FAA employees. Last month, Duckworth sent a letter to FAA Acting Administrator Rocheleau on the reasoning behind these cuts to the workforce.
-30-

MIL OSI USA News –

May 16, 2025

MIL-OSI USA: Governor Stein Shares Recommendations on Proposed FEMA Reforms

Source: US State of North Carolina

Headline: Governor Stein Shares Recommendations on Proposed FEMA Reforms

Governor Stein Shares Recommendations on Proposed FEMA Reforms
lsaito
Thu, 05/15/2025 – 17:32

Raleigh, NC

Governor Josh Stein this week shared his recommendations on key reforms at the Federal Emergency Management Agency (FEMA) to improve federal disaster response. Governor Stein provided his input to the President’s FEMA Review Council in a letter in response to the Department of Homeland Security’s request for public input.

“Nobody wants disaster to strike their state, but we know that simply hoping for the best is not a viable strategy. We must take steps to make disasters less deadly and less costly while also being ready to support survivors when storms hit,” said Governor Stein. “North Carolina remains committed to working in good faith with the federal government and this Council on ways to improve federal disaster support, and we encourage the Council to keep the needs of our people at the forefront. Let’s improve FEMA, not abolish it.”

Governor Stein proposed the following four specific reforms:

Offer fast, flexible funding. “The federal funds that arrive in communities after a disaster are a lifeline for people and governments, but it is no secret that these funds often move too slowly and with too much red tape,” said Governor Stein. Stein proposed that FEMA disburse block grants, with states submitting pre-approved action plans to FEMA before disaster strikes so that they remain accountable.
Make permanent repairs immediately eligible for FEMA Funding. Governor Stein pointed out that currently, FEMA funds can only be used to rebuild structures to temporary or pre-storm condition. Directing those funds toward permanent repairs would save taxpayer dollars and make structures stronger and more resilient.
Move away from reimbursement programs to better support local governments. Current reimbursable programs require cash-strapped local governments to put up funding or seek funding from the state to complete a project that is then subject to FEMA reimbursement. FEMA should shift to monitoring and compliance rather than gradually approving projects one-by-one in order to get money to local governments faster.
Streamline the process for survivors. Disaster survivors currently have to fill out a variety of convoluted forms in order to apply for help. A common application that is sent to all relevant federal agencies would reduce the burden on survivors and help agencies coordinate with each other.

Governor Stein also urged the FEMA Review Council to maintain federal involvement in disaster preparedness and recovery, particularly through supporting resilience efforts in communities that are vulnerable to disasters. FEMA recently cancelled the Building Resilient Infrastructure and Communities (BRIC) program that was funding disaster preparedness construction in North Carolina, and Governor Stein suggested that while the program can be improved, it should not be permanently cancelled.

Resilience efforts save lives and money. A recent U.S. Chamber of Commerce report found that every $1 spent on resilience and disaster preparedness saves $13 in economic impact, damage, and clean-up costs.

Click here to read Governor Stein’s full letter.

May 15, 2025

MIL OSI USA News –

May 16, 2025

MIL-OSI USA: Murphy, Van Hollen, Sanders, Kaine, Schatz File Joint Resolutions Of Disapproval On $1.6B In Arms Sales To United Arab Emirates

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

May 15, 2025

WASHINGTON–As President Trump actively engages in the corruption of U.S. foreign policy, U.S. Senators Chris Murphy (D-Conn.), Chris Van Hollen (D-Md.), Brian Schatz (D-Hawaii), and Tim Kaine (D-Va.), members of the U.S. Senate Foreign Relations Committee, and U.S. Senator Bernie Sanders (I-Vt.) on Thursday filed joint resolutions of disapproval (JRD) that would block three arms sales to the United Arab Emirates (UAE). At the Token 2049 crypto conference in Dubai in April, MGX, an investment firm backed by the Emiratis, announced that it would use a stablecoin issued by World Liberty Financial, a crypto company directly backed by the Trump family, to facilitate a $2 billion investment in the Binance cryptocurrency exchange. Concerns have also been raised about the UAE’s arming of the Rapid Support Forces (RSF), who have killed tens of thousands of people in Sudan and furthered the civil war in that country.
The three sales include:
Six CH-47F Block II Chinook helicopters and associated equipment, valued at $1.32 billion (see text)
F-16 aircraft components, accessories and defense services, valued at $130 million (see text)
Spare and repair parts to support the United Arab Emirates’ fleet of AH-64 Apache, UH-60 Black Hawk, and CH-47 Chinook aircraft, and other logistics and program support, valued at $150 million (see text)
“The Emiratis invested $2 billion in a company run by the sons of the President of the United States and the Special Envoy to the Middle East. Now, the administration wants to sell $1.6 billion in military aircraft to the UAE. Trump’s foreign policy is really that simple – make him and his family richer in exchange for favors like arms sales and access to our most advanced computer chips. If a foreign government is participating in this kind of nuclear grade corruption by directly enriching the President and his family, we are going to force a full Senate debate on that behavior and a vote on their security relationship with the United States,” said Murphy.
“As I’ve repeatedly said, the United States should not provide weapons to the UAE until they cease arming the murderous RSF – a paramilitary group in Sudan that has prolonged the civil war, brought on humanitarian catastrophe, and committed genocide. The U.S. should not be delivering weapons to the UAE as it aids and abets this humanitarian disaster and gross human rights violations. We must stop this corrupt Trump family crypto-for-arms deal and use our leverage to prevent more suffering in Sudan – and bring its civil war to a peaceful resolution,” said Van Hollen.
“Everywhere I go in Virginia, I hear about how worried folks are about price hikes because of President Trump’s tariffs and the massive cuts he’s trying to implement on basic government services, including Medicaid. Meanwhile, he’s hatching secret plans with corrupt foreign governments to enrich himself with crypto deals, golf courses, and a luxury plane?” said Kaine. “I’m glad to be working with my colleagues to force votes on legislation challenging arms sales to Qatar and the United Arab Emirates to make it clear that bribing an American president is one of the fastest ways to poison your relationship with the United States. Countries around the world should take notice.”
“Trump’s personal business ties with the UAE while pushing for U.S. arms sales is a blatant conflict of interest,” said Schatz. “This is no way for the leader of the free world to conduct foreign policy.”
“The UAE is exploiting Trump’s greed by routing $2 billion through a cryptocurrency scheme that will bring his family tens of millions a year, all while lobbying the President for arms sales and access to sensitive technology. This is blatant corruption and we must not let it stand,” said Sanders.

MIL OSI USA News –

May 16, 2025

MIL-OSI: Calfrac Announces Voting Results of Election of Directors

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac”) (TSX–CFW) is pleased to announce the voting results of the election of directors at its annual meeting of shareholders held today. Each of the nominees proposed as a director were elected as directors to hold office until the next annual meeting of shareholders, or until their successors are elected or appointed. Detailed results of the voting for each nominee are set out below, and the full results on all matters voted upon at the meeting will be filed on Calfrac’s profile on SEDAR+ (www.sedarplus.ca).

Nominee	Votes For		Votes Against
Nominee	Number	%	Number	%
Ronald P. Mathison	65,434,357	99.65	228,492	0.35
Douglas R. Ramsay	65,447,107	99.67	215,742	0.33
George S. Armoyan	63,552,876	96.79	2,109,973	3.21
Anuroop Duggal	60,951,751	92.83	4,711,098	7.17
Charles Pellerin	61,770,588	94.07	3,892,261	5.93
Chetan Mehta	65,638,359	99.96	24,490	0.04
Holly A. Benson	65,621,974	99.94	40,875	0.06

Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”.

Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout North America and Argentina. The Company executes on its brand promise of “Do It Safely, Do It Right, Do It Profitably” to generate long-term, sustainable returns for its shareholders.

Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on Calfrac’s website at www.calfrac.com or under the Company’s public filings found at www.sedarplus.ca. For further information on this press release, please contact:

Michael Olinek
Chief Financial Officer
(403) 234-6673
Suite 500, 407 – 8 Avenue S.W.
Calgary, Alberta, Canada T2P 1E5

Website: www.calfrac.com

The MIL Network –

May 16, 2025

MIL-OSI Video: Never Forget Our Fallen

Source: United States Department of Defense (video statements)

—————
Located in @ArlingtonNatl, the Tomb of the Unknown Soldier has served as a symbolic grave for all military warriors whose remains have not been found or identified since 1921. The tomb is guarded around-the-clock regardless of inclement weather by sentinels from the @OldGuardVideo.

#DYK The Tomb of the Unknown Soldier currently holds three unidentified service members, representing soldiers from #WWI, #WWII and the Korean War. A fourth soldier previously buried in the tomb, representing the Vietnam War, was identified in 1998 and returned to his family.

History on the Tomb of the Unknown Soldier
https://www.defense.gov/multimedia/experience/tomb-of-the-unknown-soldier/

For more on the Department of Defense, visit: http://www.defense.gov
—————
Keep up with the Department of Defense on social media!

Like the DoD on Facebook: http://facebook.com/DeptofDefense
Follow the DoD on Twitter: http://twitter.com/DeptofDefense
Follow the DoD on Instagram: http://instagram.com/DeptofDefense
Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense

https://www.youtube.com/watch?v=qU4TVGVoFL8

MIL OSI Video –

May 16, 2025

MIL-OSI USA: McClellan Joins SEEC Energy and Commerce Members to Slam Republicans’ Attack on American Health and Affordability

Source: United States House of Representatives – Congresswoman Jennifer McClellan (Virginia 4th District)

This week, Congresswoman Jennifer McClellan (VA) joined House Sustainable Energy and Environment Coalition (SEEC) members on the House Energy and Commerce Committee, slamming House Republicans’ obscene budget reconciliation plan to gut life-saving pollution reduction programs, raise Americans’ electricity bills, cut off critical support for high-tech American manufacturing, and legalize corruption for oil and gas companies. These members included SEEC Co-Chairs Reps. Doris Matsui (CA) and Paul Tonko (NY) and were joined by their fellow SEEC colleagues Reps. Nanette Barragán (CA), Kathy Castor (FL), Yvette Clarke (NY), Debbie Dingell (MI), Kevin Mullin (CA), Alexandria Ocasio-Cortez (NY), Scott Peters (CA), Kim Schrier (WA), and Darren Soto (FL).

“I know the Trump Administration and some of my colleagues on the other side of the aisle don’t like the word environmental justice, but what environmental justice is designed to do is recognize that there are communities in this country — white, black, low-income, urban and rural — where energy projects were put in place with no input from the community, where the people didn’t have the resources to fight back or even knew what was happening,” said Congresswoman McClellan. “These are the same communities that have some of the poorest health outcomes in the country. We should want to help address centuries of injustice and invest in those communities, but this bill guts those programs altogether – that’s not justice.”

“Republicans’ reconciliation bill is a shameless sell-out to corporations at the expense of hard-working Americans’ health and prosperity,” said Congresswoman Matsui. “This bill eliminates and defunds pollution protections and pollution reduction programs that my constituents rely on, illegally and insidiously clawing back funding that is already supporting projects in communities across this country. In my district, La Familia Counseling Center was poised to do transformative work with their Community Change Grant—but Republicans are gutting that progress to pay for tax breaks for their billionaire friends. As if that weren’t enough, Republicans’ bill contains a shocking and outrageous attempt to legalize corruption for oil and gas companies, allowing polluting corporations to simply buy all the permits they need to build a pipeline through American communities, no questions asked. This kind of bribery is how dictatorships operate. This is not how America works. We cannot allow this egregious corruption to become law.”

“My Republican colleagues claim they are going after the clean energy programs that are, in their words ‘reckless’ and favor ‘wokeness over sensible policy,’” said Congressman Tonko. “Which programs are those? Is it the $12 million in unobligated funds to reduce air pollution in schools? How about DOE money to train contractors to retrofit people’s homes? What about money to upgrade our ports with the latest and greatest technologies? These are just a few examples of commonsense investments that are being targeted today that are creating American jobs and deploying new technologies that will indeed reduce pollution. And when you start to list them out, you can see how ridiculous this proposal is. But why on Earth would Republicans be doing this? Well, we know these funds will be used to partially offset yet another round of tax cuts, the benefits of which will overwhelmingly go to the wealthiest.”

“Republican cuts to environmental justice grants will directly harm the health of our communities,” said Congresswoman Barragán. “Medicaid helps many access and afford health care in vulnerable communities with clean air and water challenges. Yet, Republicans have proposed the largest Medicaid cut in history. It’s all connected and Republicans want to go backward on the environment and health care access.”

“You should hold on to your wallets, because House Republicans are coming after your electric bills to pay for a massive tax giveaway to billionaires like Elon Musk,” said Congresswoman Castor. “Because let’s face it, American families are being financially squeezed right now – especially my neighbors in Florida still struggling to rebuild from Hurricanes Helene and Milton. Utility companies in at least 19 states have hiked rates as much as $40 per month since the Trump administration began. Republicans have not brought forth a single bill to lower energy costs for hardworking American families. Instead, what they’re offering today is a handout to big oil companies and polluters and the impact will be to raise your electric bill.”

“There’s nothing and no one House Republicans won’t betray just to fund obscene tax breaks for their wealthy donors,” said Congresswoman Clarke. “By taking an axe to the critical programs Americans rely on to protect them from the climate crisis, reduce pollution, and keep energy affordable, our colleagues across the aisle have once again proven they are incapable of putting the needs of their communities above the demands of their billionaire puppet masters.”

“What this bill does is create total chaos for the auto industry in repealing EPA’s emission standards for light and medium-duty vehicles and NHTSA’s corporate average fuel economy standards. What the domestic auto industry needs now more than anything is certainty. My priority is to protect American jobs, maintain our competitive edge in automotive manufacturing, ensure the United States leads in technology and innovation, and that we cede our leadership to nobody,” said Congresswoman Dingell. “Our policies must reflect the priorities on the ground, prioritize consumer choice and offer a practical, ambitious path forward. To remain competitive, the US must align with the global shift towards hybrids, electric vehicles, and down the road, who else knows what other technology. Here’s a fact. The global marketplace wants electric vehicles and I will be damned if I let China beat us in that market.”

“Republicans are ramming through a disastrous, ugly budget bill that is going to cause widespread harm to Americans and our environment. Why? So they can give massive tax cuts to billionaires, corporations, and oil companies. Republicans want to strip health care away from over 13.7 million Americans who rely on Medicaid, which will raise prices for the privately insured too,” said Congressman Mullin. “The bill also cuts funding for clean energy innovation while allowing oil and gas companies to buy their way out of having to follow environmental laws. This will stagnate American progress in developing affordable, sustainable solutions to meet our energy needs. This isn’t efficiency, it’s cruelty and Republicans are making it clear that they don’t care about raising costs for working families.”

“In my time here in Congress, I have participated in investigations of large corporations that have poisoned communities across the country. A lot of times, these communities were poisoned due to large corporations that were exploiting corrupt loopholes in the law in order to poison the most vulnerable communities in America,” said Congresswoman Ocasio-Cortez. “And I deeply fear that there is a loophole and similar provision in this bill. This bill allows gas companies to pay $1 million in order for their project to bypass the traditional permitting process. In fact, this bill allows natural gas pipeline projects to pay a fee of $10 million to cut the line and bypass the normal permitting process. Allowing massive corporations to simply cut a check to bypass the very real reasons why permitting exists in the first place, poses a deep and grave danger to people across the country.”

“Last Congress, my Republican colleagues were insistent that we should have an all-of-the-above energy strategy, one that leveraged our natural resources, unleashed American innovation, and cut through bureaucratic red tape,” said Congressman Peters. “Which is why I am confused that we are considering a reconciliation bill that picks winners and losers, and elevates expensive, outdated, and inefficient sources like coal over cheap American-made energy like solar, wind, and storage. Why does this bill provide government-backed insurance to coal plants, as the President of the United States single-handedly kills hundreds, if not thousands, of clean energy jobs across the country by illegally targeting projects and weaponizing the permitting process?”

“This bill completely bypasses communities and landowners, and these ‘pay-to-play’ provisions put not just a thumb but an entire arm, maybe a body on the scale favoring oil and gas,” said Congresswoman Schrier. “It’s giant corporations like Shell, BP, Chevron. They’re the ones that have the wherewithal to pay to bypass all permitting requirements. This bill is more of the ‘drill baby drill’ agenda that we hear every week from our Republican colleagues. I’m all for streamlining permitting to address energy demand and infrastructure that has real impacts on our communities. But there’s ways to streamline permitting and get new energy resources online without sidelining solar, wind, nuclear, hydropower, or hydrogen projects. Streamlining permitting is key if we’re going to meet energy demand. Clean power should have the same opportunity as oil and gas and we shouldn’t be disregarding important environmental protections.”

“This is a bad deal for the South, whether it’s consumers in Florida or whether it’s all these high-paying jobs going to all these Southern states. This is a job killer,” said Congressman Soto. “In addition, adding in defunding of interstate transmission lines. I’ve heard from both sides of the aisle how often this is critical. So why in the world would you defund the interstate transmission lines? That makes no sense. That will raise energy prices. It will prevent efficiencies in the market. And it will prevent different states from specializing in new types of energy, whether it’s modular nuclear or renewable energy that’s being formulated here in Florida.”

Background

House Republicans are gutting critical pollution protections and pollution reduction programs, raising American household energy costs, pulling the rug out from under America’s manufacturing sector, and creating a brazen new “pay-to-play” bribery scheme for polluting corporations. Here’s what the bill does:

Repeals and rescinds funding from Environmental Protection Agency programs that protect Americans from pollution and help American households save money on energy costs and medical bills. Some of these programs include:
- Greenhouse Gas Reduction Fund that is dedicated to lowering energy bills and cutting pollution.
- Environmental and Climate Justice Block Grants that support disadvantaged communities to reduce pollution and pollution-related health impacts in their communities.
- Methane Emissions and Waste Reduction Incentive Program to reduce pollution and waste from the oil and gas sector, improving the health and economic well-being of overburdened communities, while also saving energy.
- Clean Heavy Duty Vehicle Program that helps communities replace old polluting diesel engines and vehicles—some of the dirtiest vehicles on the road—with new, clean vehicles.
- Clean Ports Program that helps improve air quality around U.S. ports and address the public health and environmental impacts to surrounding communities.
Repeals life-saving Clean Air Act standards for vehicle pollution and fuel efficiency that help Americans save money at the pump and improve health outcomes in our communities.
Eliminates funding for the Department of Energy Loan Programs and the Advanced Industrial Facilities Deployment Program that help commercialize next-generation American-made technology, bringing manufacturing back to America and creating good-paying jobs, while also developing cutting-edge technologies that save Americans money and reduce pollution in American communities.
Creates a pay-to-play bribery scheme for polluters that allows oil and gas companies to pay a fee and bypass standard permitting, environmental reviews, and judicial review processes. Whether it’s a natural gas pipeline or a natural gas export terminal, companies can simply buy all the permits they need to build their pipeline through your community. This is blatant and unconscionable corruption.

Republicans had multiple opportunities to improve the bill and ensure that Americans’ pocketbooks, health, and livelihoods are protected, but Republicans repeatedly rejected Democratic amendments, including Democratic-led efforts to:

Ensure that this bill does not raise energy costs for American households. Representative Castor’s amendment would have required the U.S. Energy Information Administration to publish the impacts of the Energy Subtitle of the bill on monthly energy costs for American households.
Protect the health and safety of our families and communities. Representative Dingell’s amendment would have prevented the repeal of the Greenhouse Gas Reduction Fund.
Hold polluters accountable and prevent the legalization of corruption under this bill. Representative Ocasio-Cortez’s amendment would have required the Inspector General of the Department of Energy to certify that this bill will not increase risks of corruption or ‘pay-to-play’ politics.
Protect American energy independence and deliver cheap energy to Americans. Representative Auchincloss’ amendment would have prevented the energy provisions from going into effect until the Secretary of Energy certifies that tariffs on energy imports are no greater than they were on January 19, 2025.

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MIL OSI USA News –

May 16, 2025

MIL-OSI USA: Lawler and Gottheimer Reintroduce Bipartisan Bill to Boost Startup Investment and Protect Demo Days

Source: US Congressman Mike Lawler (R, NY-17)

Washington, D.C. – 5/15/25… Congressman Mike Lawler (NY-17) and Congressman Josh Gottheimer (NJ-05) reintroduced the Helping Angels Lead Our Startups (HALOS) Act, bipartisan legislation to help early-stage companies connect with investors by clarifying federal securities laws and removing unnecessary regulatory hurdles that hinder startup growth.

This bill defines an angel investor for purposes of the federal securities laws. It also clarifies the definition of general solicitation contained in the Securities Act to ensure that startups can discuss their products and business plans at certain events, known as “demo days,” without such discussions being considered an investment offering.

“The HALOS Act is a bipartisan, pro-growth solution to support our startup ecosystem and help bring more great ideas to life. It ensures our innovators can focus on building the next big thing, not navigating outdated SEC rules,” said Congressman Mike Lawler. “By ensuring that demo days are not treated as securities offerings, we’re clearing a path for startups to showcase their ideas, attract investment, and grow.”

“Small businesses are the engine that drives Jersey’s economy — with more than 950,000 small businesses generating nearly half of our state’s jobs. That’s why I’m proud to help lead the bipartisan HALOS Act, which will help more Jersey entrepreneurs access capital and secure the investments they need to grow and thrive,” said Congressman Josh Gottheimer, a member of the House Financial Services Committee. “I’ll never stop fighting to cut red tape, eliminate outdated bureaucracy, help create jobs, and spur economic growth, so that more small businesses can succeed in the Garden State.”

Congressman Lawler is one of the most bipartisan members of Congress and represents New York’s 17th Congressional District, which is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester Counties. He was rated the most effective freshman lawmaker in the 118th Congress, 8th overall, surpassing dozens of committee chairs.

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Full text of the bill can be found HERE.

MIL OSI USA News –

May 16, 2025

MIL-OSI Russia: Marat Khusnullin held meetings with colleagues from foreign countries at the International Economic Forum “Russia – Islamic World: KazanForum”

Translation. Region: Russian Federal

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

Marat Khusnullin held a working meeting with Deputy Prime Minister of Afghanistan for Economic Affairs Abdul Ghani Baradar

May 15, 2025

Marat Khusnullin held a working meeting with Deputy Prime Minister of Afghanistan for Economic Affairs Abdul Ghani Baradar

May 15, 2025

Marat Khusnullin held a working meeting with Deputy Prime Minister of Afghanistan for Economic Affairs Abdul Ghani Baradar

May 15, 2025

Marat Khusnullin held a working meeting with the Minister of Privatization, Investment and Communications of the Islamic Republic of Pakistan Abdul Alim Khan

May 15, 2025

Marat Khusnullin held a working meeting with the Minister of Privatization, Investment and Communications of the Islamic Republic of Pakistan Abdul Alim Khan

May 15, 2025

Marat Khusnullin held a working meeting with the Minister of Privatization, Investment and Communications of the Islamic Republic of Pakistan Abdul Alim Khan

May 15, 2025

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Marat Khusnullin held a working meeting with Deputy Prime Minister of Afghanistan for Economic Affairs Abdul Ghani Baradar

At the XVI International Economic Forum “Russia – Islamic World: KazanForum”, Deputy Prime Minister of Russia Marat Khusnullin held a number of working meetings with colleagues from foreign countries.

In particular, a meeting was held with the Minister of Privatization, Investment and Communications of the Islamic Republic of Pakistan, Abdul Alim Khan.

“Pakistan is an important partner for our country in South Asia. Our relations with Islamabad are developing dynamically in almost all areas. I believe that they need to be further developed. One of the key issues is reliable and uninterrupted mutual settlements. Today, the share of non-Western currencies in the structure of bilateral settlements between Russia and Pakistan is already about 80%. This is a very good result. I hope that we will continue to work using the Russian financial messaging system and the Mir payment system,” the Deputy Prime Minister said.

According to him, another important issue is related to transport corridors. Cargo transportation to Pakistan by road is developing. And here the importance of the international transport corridor “North-South” is growing.

“Also a very important point is our cooperation within the SCO. I hope that we will be able to continue to effectively interact in this area. I am confident that this meeting and the participation of the Pakistani delegation in the forum will give a good impetus to the development of bilateral cooperation,” Marat Khusnullin emphasized.

In addition, he held a working meeting with Deputy Prime Minister of Afghanistan for Economic Affairs Abdul Ghani Baradar. During the event, representatives of the Afghan delegation noted that their foreign policy is aimed at the economic development of the country, they are focused on cooperation, a potential direction of which could be trade and economic cooperation – projects in the field of agriculture, energy, transport infrastructure and mechanical engineering, mining industry.

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

MIL OSI Russia News –

May 16, 2025

MIL-OSI Russia: Marat Khusnullin opened the XVI International Economic Forum “Russia – Islamic World: KazanForum”

Translation. Region: Russian Federal

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

Marat Khusnullin opened the XVI International Economic Forum “Russia – Islamic World: KazanForum”

May 15, 2025

Marat Khusnullin opened the XVI International Economic Forum “Russia – Islamic World: KazanForum”

May 15, 2025

Marat Khusnullin opened the XVI International Economic Forum “Russia – Islamic World: KazanForum”

May 15, 2025

Previous news Next news

Marat Khusnullin opened the XVI International Economic Forum “Russia – Islamic World: KazanForum”

Deputy Prime Minister Marat Khusnullin gave the official start to the International Economic Forum “Russia – Islamic World: KazanForum”. The Deputy Prime Minister got acquainted with the expositions of Russia Halal Expo, as well as the international real estate exhibition and took part in the plenary session, where the prospects for the development of the construction industry were discussed.

“The International Economic Forum “Russia – Islamic World: KazanForum” is aimed at strengthening cooperation with partners in building a fair and sustainable world order. The forum also confirms its status as a significant platform for demonstrating the capabilities of Russian companies and regions on the world stage. At the opened Russia Halal Expo, I visited the stands of the Astrakhan, Kirov, Vologda, Penza regions, the DPR, the Karachay-Cherkess Republic and the Republic of Mordovia, where I also held working meetings with the heads of these regions. We discussed priority areas of socio-economic development of the subjects and current issues of implementing the new national project “Infrastructure for Life”. I also visited the stands of Moscow, Nizhny Novgorod and Arkhangelsk regions. Each region showed its unique investment, industrial and tourism potential. A variety of local products are presented – from textiles and food products to building materials and other goods,” said Marat Khusnullin.

The Deputy Prime Minister also inspected an outdoor exhibition of construction and special equipment, where modern models were presented – from KamAZ trucks and tractors to boats and helicopters.

In addition, Marat Khusnullin got acquainted with the exposition of the International Property Market, an international real estate exhibition, which provided experts with a platform to discuss key industry issues, including breakthrough technologies, investment projects and modern approaches to creating a comfortable urban environment. The participants of the event demonstrated both already implemented projects and innovative solutions presented for the first time.

The forum also included a plenary session dedicated to the development of the construction complex, during which Marat Khusnullin noted that over the past five years, significant results have been achieved in housing construction in Russia – about 570 million square meters of housing have been commissioned.

One of the key topics of discussion was the implementation of the national project “Infrastructure for Life”, aimed at creating a comfortable living environment with developed social, transport and communal infrastructure. The national project provides for a comprehensive approach to the development of territories, including the development of 200 master plans for cities and strategic points, the modernization of support points in order to improve the quality of life of the population by 30% by 2030.

Particular attention was paid to the issues of digitalization of the industry. According to the Deputy Prime Minister, the transition to paperless document flow allows for shorter approval periods and faster housing commissioning.

Marat Khusnullin emphasized that an important driver of housing construction growth is the development of transport infrastructure. The implementation of large-scale projects of the international transport corridors “North-South” and “West-East” will not only improve logistics between regions, but also stimulate the construction sector.

Special attention was paid to investment opportunities in new regions. Special preferential conditions are provided for accelerated development of the Donetsk and Lugansk People’s Republics, Zaporizhia and Kherson regions: mortgage lending at 2% per annum for the purchase of housing, tax preferences for participants in the free economic zone, as well as the provision of land plots without bidding within the framework of the SEZ.

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

MIL OSI Russia News –

May 16, 2025

MIL-OSI Russia: Denis Manturov held a meeting on the implementation of projects of the Institute of Curatorship in the Ural Federal District

Translation. Region: Russian Federal

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

Denis Manturov held a meeting on the implementation of projects of the Institute of Curatorship in the Ural Federal District

First Deputy Prime Minister Denis Manturov held a meeting on the implementation of projects of the Institute of Supervision by the subjects of the Russian Federation that are part of the Urals Federal District.

The event was attended by the Plenipotentiary Representative of the President of Russia in the Urals Federal District Artem Zhoga, the Governors of the Yamalo-Nenets Autonomous Okrug – Dmitry Artyukhov, Tyumen Oblast – Alexander Moor, Chelyabinsk Oblast – Alexey Teksler, Kurgan Oblast – Vadim Shumkov, representatives of federal executive authorities, as well as the holding company “Russian Railways”.

In total, 19 projects under the supervision of Denis Manturov are in the implementation stage in the Urals Federal District, and another 7 projects have been completed.

The heads of Russian regions reported to the First Deputy Prime Minister on the current status of the implementation of the curatorship institute projects. Due to their implementation, 1,594.5 billion rubles have already been attracted to the district economy and more than 42 thousand jobs have been created.

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

MIL OSI Russia News –

May 16, 2025

MIL-OSI Russia: Dmitry Chernyshenko: The creation of fundamental models makes Russia a leader in the field of artificial intelligence

Translation. Region: Russian Federal

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

Dmitry Chernyshenko opened the plenary session of the VII International Scientific Forum

May 15, 2025

Dmitry Chernyshenko opened the plenary session of the VII International Scientific Forum

May 15, 2025

Dmitry Chernyshenko opened the plenary session of the VII International Scientific Forum

May 15, 2025

Dmitry Chernyshenko opened the plenary session of the VII International Scientific Forum

May 15, 2025

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Dmitry Chernyshenko opened the plenary session of the VII International Scientific Forum

The Plekhanov Russian University of Economics is hosting the 7th International Scientific Forum “Step into the Future: Global Foresight, Artificial Intelligence, and Strategic Leadership.” It is dedicated to the development of artificial intelligence (AI) technologies and achieving Russia’s strategic leadership in the context of globalization and geopolitical challenges.

Deputy Prime Minister Dmitry Chernyshenko opened the plenary session on the topic of international foresight – a joint study to update priority areas of fundamental and exploratory research in the field of AI within the framework of strategic objectives defined by the President and the Government.

The Deputy Prime Minister called the words of President Vladimir Putin a strategic guideline: “Our direct responsibility is to participate equally in the global race to create strong AI.” He emphasized that it is necessary to agree at the Plekhanov Russian University of Economics, as well as at regional and international sessions: what goals should be “hit” so that Russia remains a leader among other countries in strong AI. The Ministry of Economic Development and the Ministry of Education and Science are preparing a unified research program in the field of AI, within the framework of which funds will be allocated for research that falls within the foresight areas. Universities must definitely get involved in the work.

According to Dmitry Chernyshenko, AI is already changing our professional landscape, especially in those areas in which flagship AI research centers (RCs) operate: transport and logistics, construction and smart city, medicine, industry, etc.

“We need to look ahead and foresee which niches are most in demand by our economy. There are areas where we can help with developments in the field of artificial intelligence that meet our Russian specifics, including cultural, social, and technological ones. To do this, we need to create domestic datasets. The groundwork is already in place, we need to popularize our “data lakes”. Collaboration between universities and students is an ideal support for creating domestic datasets as part of an educational program and research projects. Not only is the technology itself changing, there is a shift in the paradigm of thinking,” the Deputy Prime Minister noted.

He also added that the world is constantly looking for improvements. The pace requires not just watching, but getting involved: “We are proud that Russia is one of the few countries that has its own fundamental AI models. This is a great achievement.”

The top 15 models of the MERA benchmark, which was created and is being run by the Russian Alliance in the field of AI, include models from several members of the AI Alliance. According to the Deputy Prime Minister, there is healthy competition for leadership within the Russian AI community – this is the path to development, as is world-class collaboration, which does not stop in science.

The state already supports 12 research centers in the field of AI. Now the selection of flagship RCs of the third wave is underway, and an assessment by experts is underway.

Dmitry Chernyshenko emphasized the role of science in advancing frontiers in various fields, such as the study of matter, vaccines, and cancer drugs.

“On the instructions of the President, the International AI Alliance together with SAPFIR are currently working on preparing an international foresight. We are targeting two tracks: foresight in Russia and abroad. We are conducting a foreign foresight to synchronize our watches with the international community and set up cooperation. Third-wave AI centers are focused specifically on foresight areas. After holding individual foresight sessions, a pool of proposals will be formed to update the composition of sub-areas and research tasks,” the Deputy Prime Minister said.

In conclusion, Dmitry Chernyshenko noted the need to include universities in the organization of the international scientific foresight and instructed them to organize such discussions by inviting foreign experts, scientists and researchers from the field of AI. Each of the invited universities will have time to hold its own foresight session from May to September 2025. The results of the discussions will be consolidated by SAPFIR under the leadership of the Ministry of Economic Development of Russia. The results are planned to be presented to Russian President Vladimir Putin.

Rector of the Plekhanov Russian University of Economics Ivan Lobanov thanked the Government and Dmitry Chernyshenko personally for their trust and emphasized that the university pays special attention to the development of AI. According to him, Plekhanov University is always in the vector of fulfilling the tasks set by the President and the Government, so the university plans to actively implement the announced approaches and solutions.

“Today, Plekhanov Russian University of Economics is one of the flagships of the development of the artificial intelligence industry in Russia, we are actively integrating AI into the educational process. The Center for Advanced Research in Artificial Intelligence was created at Plekhanov University, which is engaged in scientific research in the field of explainable and generative AI, implements AI in the field of medicine, develops security solutions based on neural networks, and applied research is also conducted in the Educational and Scientific Laboratory of Artificial Intelligence, Neurotechnology and Business Analytics. Plekhanov Russian University of Economics trains highly qualified specialists in the field of AI, big data and machine learning, and our students test the use of AI in the educational process, learn to work with data and train neural network models,” the rector said.

The forum brought together leading experts from Russia and abroad, including representatives of the Ministry of Economic Development of Russia, specialized scientific institutes, large companies and international organizations. The event was also attended by First Deputy Minister of Economic Development Maxim Kolesnikov, Deputy Head of the Presidential Administration for the Development of Information and Communication Technologies and Communications Infrastructure Oleg Khorokhordin, Director of the Strategic Agency for Support and Formation of AI Developments Tatyana Soyuznova, representatives of Sberbank PJSC, the Alliance in the Sphere of Artificial Intelligence Association, and the Union of Chinese Entrepreneurs in the Russian Federation.

The key organizers of foresight in Russia are the International AI Alliance, which includes 17 industry associations from 14 countries, including the Russian AI Alliance, and the Strategic Agency for Support and Formation of AI Developments (SAPFIR), created on the basis of the Skolkovo Foundation in early 2025.

It is planned that the results of the foresight will be summed up at the annual conference “Journey into the World of Artificial Intelligence” at the end of 2025.

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

MIL OSI Russia News –

May 16, 2025

MIL-OSI Canada: Saskatchewan Leads the Nation in Housing Starts and Wholesale Trade Growth

Source: Government of Canada regional news

Released on May 15, 2025

Continued Positive Statistics, a Sign of Strong Financial Position

According to the latest data, Saskatchewan recorded a third consecutive month of rising wholesale (excluding petroleum, petroleum products, and other hydrocarbons and excluding Oilseed and grain) trade sales with a 20.9 per cent increase year-over-year from March 2024 to March 2025, as well as a month-over-month increase of 10.2 per cent from February 2025 to March 2025. This ranked first in month-over-month and second in year-over-year growth among the provinces in this category. Wholesale trade (excluding petroleum, petroleum products, and other hydrocarbons and excluding Oilseed and grain) reached $4.0 billion in March 2025.

In the first four months of 2025, urban housing starts in Saskatchewan increased by 93.8 per cent, compared to the same period in 2024. Saskatchewan ranked first among the provinces in percentage change. The province also saw a year-over-year increase of 88.3 per cent from April 2024 to April 2025, which ranks third among the provinces. Single family dwellings increased by 112.9 per cent , and multiple units increased by 81.8 per cent , compared to April 2024 as well. Saskatoon led the way in growth with a 221.9 per cent year-over-year increase and a 124.7 per cent year-to-date increase.

“The strong performance we are seeing in housing starts and wholesale trade is further evidence that Saskatchewan is one of the fastest-growing economies in Canada,” Trade and Export Development Minister Warren Kaeding said. “These consistent increases reflect the success of our policies, which are driving job creation, investment and growth across all sectors. Saskatchewan remains a destination for opportunity and is open for business.”

Housing starts refers to the number of housing projects that started that month. While wholesale trade is a measure of the value of goods purchased in large quantities with the intention of being sold to resellers, but not to final consumers.

The provincial economy continues to see substantial growth. In 2007, the value of Saskatchewan exports was $19.8 billion, which has since climbed to nearly $50 billion on average over the past three years. In 2024, the province’s exports reached 161 countries. The Government of Saskatchewan remains focused on strengthening international relationships to diversify markets and boost exports.

Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2024 real GDP reached an all-time high of $80.5 billion, increasing by $2.6 billion, or 3.4 per cent. This ranks Saskatchewan second in the nation for real GDP growth, and above the national average of 1.6 per cent.

Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second highest anticipated percentage increase among the provinces.

Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.

For more information, visit: InvestSK.ca.

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For more information, contact:

MIL OSI Canada News –

May 16, 2025

MIL-OSI Canada: Expanded CIC Indigenous Bursary Program Delivering more Supports for Post-Secondary Students Across Saskatchewan

Source: Government of Canada regional news

Released on May 15, 2025

Crown Investments Corporation (CIC) now delivers financial support to more Indigenous post-secondary students in Saskatchewan than ever before. With the expansion of CIC’s Indigenous Bursary Program to most regional colleges and the Gabriel Dumont Institute (GDI), students in rural areas across the province can now gain better access to this educational funding close to their home communities.

“The Indigenous Bursary Program is one of CIC’s direct efforts to advance economic reconciliation, through delivering more affordable access to training and education opportunities for Indigenous peoples in Saskatchewan,” Crown Investments Corporation Minister Jeremy Harrison said. “Increasing the participation of Indigenous talent in our Crown sector and all aspects of Saskatchewan’s economy is vital to our province’s continued growth.”

The Indigenous Bursary Program had provided close to $2.2 million between 2018-19 and 2023-24 to financially support students at the University of Saskatchewan, University of Regina, Saskatchewan Polytechnic, Saskatchewan Indian Institute of Technologies (SIIT) and Lakeland College. Since its inception in 2004, more than 1,300 bursaries have been awarded to students.

The expansion now includes Northlands College, Suncrest College, Southeast College, Great Plains College, North West College and GDI, which offer education opportunities across Saskatchewan’s rural communities and Tribal Council districts. In total, the program provides funding for 115 bursaries per year, valued at $5,000 each – a total annual investment of $575,000.

“Long-standing partnerships with our donors have been essential in advancing equitable access to education,” Director of Advancement at SIIT Kendra Rowswell said. “Over the years, the bursaries provided by Crown Investments Corporation have significantly reduced financial barriers for Indigenous students, enabling them to pursue their educational goals. CIC’s continued generosity ensures that this impact will be felt for generations to come.”

“The Crown Investments Corporation’s Indigenous Bursary provided to the Gabriel Dumont Scholarship Foundation will help create opportunities for Métis students who are unable to access other sources of financial support, one of the major barriers to attending and achieving a higher education,” Gabriel Dumont Institute CEO Brett Vandale said. “In our community, education is the great equalizer!”

Key program eligibility criterion include:

Be of self-declared Indigenous ancestry (includes Status First Nation, Non-Status First Nation, Métis or Inuit);
Be a Saskatchewan resident for at least the past 12 months;
Achieve satisfactory academic standing in post-secondary studies; and
Be registered full-time.

Visit: www.cicorp.sk.ca/bursaries-and-internships/indigenous-bursary-program for detailed program information.

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MIL OSI Canada News –

May 16, 2025