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Category: Business

  • MIL-OSI New Zealand: Northland News – Matangirau’s new flood defences pass first major test in recent 10-year rainfall event

    Source: Northland Regional Council

    A small, flood-prone Northland community has withstood a 10-year rainfall event, thanks to new flood protection works led by Northland Regional Council.
    Around 300ml of rain fell on the Far North’s Matangirau catchment during Ex-Tropical Cyclone Tam, the most rain recorded in the area in a decade and almost twice the rainfall recorded across Northland.
    Flood protection measures were installed last year at Matangirau as part of the $5.735 million Flood-Resilient Māori Communities and Marae project.
    The project (funded by the Local Government Flood Resilience Co-Investment Fund and NRC) aims to reduce flood risks for six flood-affected Māori communities (Kawakawa, Otiria-Moerewa, Kaeo, Matangirau, Whirinaki and Punuruku) and 35 marae across Te Tai Tokerau.
    Local Robert Rush said prior to the flood works, his whare was always the first to flood when there was heavy rainfall.
    Their local marae would also always go under water.
    Yet after the flood mitigation works undertaken by NRC, Rush said, the results had been fantastic.
    “It’s been a work in progress, especially showing our whānau that the council were only there to help and not to steal our land,” Rush said.
    “We’ve had stop banks and river works done around our homestead and it hasn’t flooded since.
    “We also had some work done just a couple of weeks before ex-Cyclone Tam, which was perfect timing because we didn’t flood during that time either, nor did my grandfather’s house which is near the new marae.”
    NRC Te Ruarangi (Māori and council working party) Whangaroa hapū representative and Matangirau haukainga Nyze Manuel agreed the benefits of the flood works were obvious.
    She said the mahi of Te Ruarangi had also played a critical role in the activation and front line of Māori communities during these times.
    “Well we’re not under water, so that’s awesome!” Manuel said.
    “Through our Te Ruarangi network we were able to get out communications to people about the weather in a fast and efficient way.
    “And as more flood works are done by NRC, we’ll see less flood water in these vulnerable areas.”
    Matangirau’s flood mitigation is based on an engineering method called ‘floodway benching’ designed to reduce flood risk for homes and the marae upstream of the Wainui Road Bridge.
    A 1960s rebuild of the bridge (which raised the bridge and approaches by about two metres above the existing flood plain) unintentionally worsened flooding by creating a ‘detention dam’ effect during heavy rainfall, capturing and holding excess water during heavy rainfall events.
    As a child, Rush said he didn’t recall any flooding until the local road and bridge works were completed.
    “We’ve had a whole lot of issues and have moaned about that for years, that’s why we built our whare where it is now because it never used to flood there,” he said.
    “That’s why it was essential to get the flood works done as we’ve been flooded 3-4 times now and are no longer able to insure our house.”
    The new benching works aim to reverse this damage by giving floodwaters more space to spread out, allowing more water to flow under the bridge.
    This proven approach, used successfully in Awanui, maintains the river channel while adding a higher, wider ‘bench’ for safer floodwater flow.
    Northland Regional Council Rivers Manager Joe Camuso said the recent weather event had proven the value of investing early in communities like Matangirau.
    While it wasn’t a ‘miracle’ cure for flooding, Camuso said it had made a significant improvement on the impact of heavy rainfall to the area.
    “What we’re seeing now is the flow regime is much more efficient, so we’re seeing more water flowing under the bridge, which means less flooding during large rainfall events,” Camuso said.
    “While this is great, it is only built to withstand up to a 50-year flood event, of which there is only a two per cent likelihood each year.”
    Flooding remains one of Northland’s most damaging and frequent natural hazards, impacting social, economic, and cultural wellbeing.
    For Māori communities, the risk is particularly acute, with marae often located in low-lying, flood-prone areas.
    During past storm events like Cyclone Gabrielle, widespread damage was seen across Māori communities, particularly to papakāinga (communal housing) and low-income areas.
    Ensuring marae were more resilient, Camuso said, would mean more communities would be better off moving forward.
    “In a flood event, marae become like a defacto civil defence hub, which often need to house and protect local whānau impacted by floodwaters,” he said.
    “In the past week we’ve received so many emails from marae we’ve worked with, thanking us and telling us of the benefit they’re already seeing from the flood protection works.
    “I’d like to thank the local whānau and hapū who have worked with us to ensure these flood works are a success.”
    Rush said he too was grateful for the support from NRC to help flood-proof their whenua.
    “Joe and his team have been a big part of this from early on and have been awesome over the years, which has really benefitted our whānau in the area.”
    The flood resilience initiative not only focuses on physical protection like benching and stop banks but includes emergency planning, community-led adaptation, and exploring options for relocating the most vulnerable marae.
    Site works across the region began in December 2023, with practical completion expected by mid 2025.
    A video taken outside the Rush whānau homestead during the peak of the rainfall during ex-Cyclone Tam

    MIL OSI New Zealand News –

  • MIL-OSI USA: Senate Majority Leader Expedites Vote On Historic Digital Asset Legislation

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—Today, Senate Majority Leader John Thune initiated a process that expedites a vote on a historic piece of legislation that establishes the first ever regulatory framework for payment stablecoins. The legislation is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act authored by United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, and cosponsored by Tim Scott (R-SC), Chairman of the Senate Banking Committee, and Cynthia Lummis (R-WY).
    “The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance. I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules,” Sen. Bill Hagerty (R-TN) said.
    “Our landmark stablecoin legislation is a huge victory for the digital asset industry and a critical step in securing our nation’s financial future,” said Sen. Cynthia Lummis. “The GENIUS Act strikes the balance of establishing proper guardrails that protect consumers while preserving financial innovation and America’s dollar dominance in the global financial system. President Trump and Leader Thune’s decision to bring this important legislation to the floor demonstrates his commitment to maintaining U.S. leadership in financial services while keeping digital asset companies and jobs onshore. I want to thank Senator Hagerty and Chairman Scott for their leadership on this and look forward to getting this legislation across the finish line.”
    “The GENIUS Act is a critical first step towards delivering on President Trump and the American people’s mandate to advance a regulatory framework for digital assets – and will protect consumers and expand financial inclusion across the country,” said Chairman Tim Scott. “I look forward to voting for the bill on the floor and the Senate taking historic action to provide the industry with the clarity it deserves.”
    Background:
    Dollar-denominated payment stablecoins are digital assets pegged to the U.S. dollar. They can improve transaction efficiency, expand financial inclusion, and strengthen the dollar’s supremacy as the world reserve currency by driving demand for U.S. Treasuries. The previous Administration’s hostility toward crypto and refusal to provide clear regulatory guidelines has severely stifled stablecoin innovation. This legislation turns a new page.
    The GENIUS Act:
    Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value;
    Establishes clear procedures for institutions seeking licenses to issue stablecoins;
    Implements reserve requirements and light-touch, tailored regulatory standards for stablecoin issuers;
    For issuers of more than $10 billion of stablecoins, applies the Federal Reserve’s regulatory framework to depository institutions and the Office of the Comptroller of the Currency’s framework for nonbank issuers;
    Allows for state regulation of issuers under $10 billion in issuance and provides a waiver process for issuers exceeding the threshold to remain state-regulated; and
    Establishes supervisory, examination, and enforcement regimes with clear limitations.

    MIL OSI USA News –

  • MIL-OSI Security: Gun Trafficker Sentenced to 135 Months in Prison for Robbing ATF Agent with Machine Gun

    Source: Office of United States Attorneys

    SAN DIEGO – Jonathan Manuel Flores was sentenced in federal court today to 135 months in prison for his role in an illegal firearms business and for robbing an undercover Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Special Agent at gun point during a machine gun deal gone wrong.

    ATF special agents were conducting a months-long investigation into the trafficking of privately manufactured firearms, commonly referred to as “ghost guns,” and guns modified with illegal auto conversion devices that transform everyday firearms into dangerous machine guns, when the defendant decided to rob an undercover ATF special agent, instead of selling the agent the firearm.

    During that deal on February 17, 2023, ATF special agents conducted an undercover operation in San Diego to purchase a Glock pistol with a full auto conversion device, commonly known as a “Glock Switch,” for $2,400.

    In a meeting in the parking lot of Walmart on Murphy Canyon Road, the defendant insisted that the gun deal take place in the backseat of his car. The undercover agent got into the back seat of the defendant’s parked car as requested. When the undercover agent entered the car there were two other individuals seated in the driver’s seat and front passenger seat of the car. Once inside the car, Flores showed the agent a Glock pistol with an extended magazine inserted and a machinegun conversion device installed.

    Although the agent asked to hold the firearm, Flores insisted the agent show and count the money first. As the undercover agent finished counting $2,000 in cash, the defendant pulled back the slide on the pistol to make it ready to shoot and pushed the muzzle into the undercover agent’s ribcage. He then said, “Get the f—- out of the car dog before I smoke you” while grabbing the cash from the agent’s hand. The agent successfully exited the vehicle. Flores and his two companions fled. Flores was later apprehended with the assistance of the San Diego Police Department.

    “This robbery is a stark reminder of the extreme danger our agents face every day in their efforts to keep illegal firearms off our streets,” said U.S. Attorney Adam Gordon. “We are grateful for our law enforcement partners working to keep these dangerous firearms out of the hands of felons.”

    “ATF’s core mission is to protect the public by investigating and apprehending the most violent offenders in our communities,” said ATF Los Angeles Special Agent in Charge Kenny Cooper. “It is an honor to work with our state, local, and federal partners to successfully carry out our public safety mission.” Cooper thanked the U.S. Attorney’s Office, the El Cajon Police Department, and San Diego Police Department for working with ATF in the investigation, apprehension, and successful prosecution of Jonathan Manuel Flores.

    This case is being prosecuted by Assistant U.S. Attorneys Evangeline Dech and Alicia Williams.

    DEFENDANT                                               Case Number 23cr00512CAB                                 

    Jonathan Manuel Flores                                  Age: 20                                   Chula Vista, CA

    SUMMARY OF CHARGES

    Assault on a Federal Officer with a Deadly or Dangerous Weapon – 18 U.S.C. § 111(b)

    Maximum Penalties: Twenty Years in prison; $250,000 fine

    Brandishing a Firearm in Furtherance of a Crime of Violence – 18 U.S.C. § 924(c) 

    Maximum Penalty: Mandatory minimum seven years to life in prison, consecutive to any other term of imprisonment imposed as to Count 5; $250,000 fine

    Engaging in the Business of Dealing Firearms Without a License – 18 U.S.C. § 922(a)(1)(A), 923(a), and 924(a)(1)(D); Aiding and Abetting – 18 U.S.C. § 2

    Maximum penalties: Five years in prison; $250,000 fine 

    INVESTIGATING AGENCY

    Bureau of Alcohol, Tobacco, Firearms and Explosives

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce gun violence and other violent crime, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    MIL Security OSI –

  • MIL-OSI USA: Ernst: “Make ‘Made in America’ the Norm, Instead of the Exception”

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – To continue the domestic manufacturing explosion happening under the Trump administration, Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) unveiled a significant new initiative to unlock a key part of the White House’s “Made in America” agenda.
    Ernst, alongside Small Business Administration (SBA) Administrator Kelly Loeffler and House Small Business Committee Chairman Roger Williams (R-Texas), touted their Made in America Manufacturing Finance Act that will unleash small businesses and lead to job growth in Iowa and across America.

    Click here to watch Ernst’s full remarks.

    MIL OSI USA News –

  • MIL-OSI: First National Bank Alaska Declares Dividend for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, May 01, 2025 (GLOBE NEWSWIRE) — At the Board of Directors Meeting held April 30, 2025, a cash dividend of $4.00 per share was declared, payable on June 15, 2025, and distributed on June 16, 2025, to shareholders of record as of June 1, 2025.

    CONTACT: Cheri Gillian
    Secretary to the Board of Directors
    907-777-3409

    The MIL Network –

  • MIL-OSI Security: Afghan citizen charged with visa fraud

    Source: Office of United States Attorneys

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Dilbar Gul Dilbar a/k/a Dilbar Gul Taj Ali Khan, a citizen of Afghanistan, was arrested and charged by criminal complaint with visa fraud, which carries a maximum penalty of 10 years in prison.

    Assistant U.S. Attorney Meghan K. McGuire, who is handling the case, stated that according to the complaint, in 2016 and 2021, Dilbar submitted applications to the U.S. Department of State (DOS) for a Special Immigrant Visa. A limited supply of these visas is set aside each year for Afghan nationals who have assisted the United States military. Dilbar’s applications included a counterfeit U.S. Embassy Kabul Chief of Mission approval, a fraudulent letter of employment, and a fraudulent Letter of Recommendation. On March 20, 2024, Dilbar’s fraudulent application was approved, and, on April 4, 2024, he was granted admission to the United States and currently resides in the Western District of New York. On the same day Dilbar was granted admission to the United States, he applied for Legal Permanent Resident card, commonly referred to as a “green card,” which was issued on July 22, 2024.

    Specifically, in July 2016, Dilbar applied to the Department of State for U.S. Embassy Kabul Chief of Mission approval but was denied. However, Dilbar continued his application for a Special Immigrant Visa, submitting a counterfeit approval letter in November 2017. In 2021, Dilbar re-applied for the Special Immigrant Visa. For the second application, Dilbar submitted a letter of employment from a U.S.-based company. Subsequent investigation determined that the U.S.-based company that issued the purported employment verification letter was engaged in a large-scale scheme to provide fraudulent documents, such as employment verification letters, in exchange for a fee. All employment verification letters authored by this entity are fraudulent. Dilbar also submitted a second Letter of Recommendation, which also came from an individual involved in an “advance-fee” scam, which sells fraudulent immigration documents. As a result, Dilbar was granted a Special Immigrant Visa, admitted to the United States and issued a green card.

    Dilbar made an initial appearance before U.S. Magistrate Judge Colleen D. Holland and was held pending a detention hearing on May 9, 2025.

    The complaint is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.     

    # # # #

    MIL Security OSI –

  • MIL-OSI: Equinor sells the Peregrino field for USD 3.5 billion

    Source: GlobeNewswire (MIL-OSI)

    Equinor Brasil Energia Ltda., a subsidiary of Equinor (OSE: EQNR, NYSE: EQNR), has entered into agreements(1) with Brazilian company Prio Tigris Ltda., a subsidiary of PRIO SA (PRIO3.SA) for a sale of its 60% operated interest in the Peregrino field in Brazil.

    PRIO, Brazil’s largest independent oil and gas company, will pay a consideration of USD 3.35 billion and a maximum of USD 150 million in interest to Equinor for the transaction. The final cash payment will reflect the closing date and any deductions generated by the asset since the effective date, which is 1 January 2024.

    Equinor will be responsible for operations of the field until closing of the transaction, after which PRIO will take over operatorship.

    “With this transaction we realise value from a long-standing asset in our Brazil portfolio. Brazil will continue to be a core country for Equinor, as we focus on starting up the Bacalhau field and continue progressing the Raia gas project. With these two operated projects and our partnership in Roncador our equity production in Brazil will be close to 200,000 barrels per day by 2030,” says Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor.

    “This deal is part of Equinor’s ongoing effort to high-grade its international portfolio through asset divestments and acquisitions. We continue to see growth potential and opportunities to extend the longevity of our international oil and gas portfolio, also in Brazil,” says Philippe Mathieu.

    Equinor has been operating the Peregrino field since 2009 and around 300 million barrels of oil have been produced by the asset since. Peregrino is a heavy oil field and consists of a floating production storage and offloading (FPSO) platform, supported by three fixed platforms. The field is in the Campos Basin, east of Rio de Janeiro. In Q1 2025, Equinor´s share of production from Peregrino was around 55,000 barrels per day.

    Last year, PRIO acquired Sinochem’s 40% interest in the Peregrino field.

    “PRIO has been a valued partner since joining the Peregrino license last year and we look forward to a smooth hand-over with them,” says Veronica Coelho, Senior Vice President and Country Manager for Equinor Brazil.

    “We are very proud of the work that has been done by our team over the past 20 years on the Peregrino field. This asset has been the cornerstone of Equinor’s history in Brazil. Our journey in Brazil continues with full momentum, building on the legacy of those that have worked on Peregrino. We are preparing for operations on Bacalhau, as well as the startup of the Serra da Babilonia renewable hybrid project by our subsidiary Rio Energy and we are progressing the Raia gas project” says Veronica Coelho.

    The transaction is subject to regulatory and legal approvals. The payment will occur in two tranches, one at signing and a further one closer to closing. The payment will be subject to customary adjustments.

    —

    1: The deal is divided in two parts, one for the acquisition of 40% and operatorship of Peregrino, the second for the acquisition of the remaining 20%. The 40% operation will receive a payment of USD 2,233 million, with an additional payment of USD 166 million which is contingent on the completion of the second part of 20%. The 20% operation will have a value of USD 951 million. The final component is USD 150 million of maximum interest, reaching the total of USD 3.5 billion.

    —

    Contact details:

    Investor relations
    Bård Glad Pedersen, Senior Vice President Investor Relations
    +47 918 01 791

    Media
    Ola Morten Aanestad, Media Relations
    +47 480 80 212

    This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

    The MIL Network –

  • MIL-OSI USA: Senate Advances Padilla, Murkowski Bipartisan Legislation to Reauthorize National Earthquake Hazards Reduction Program

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Senate Advances Padilla, Murkowski Bipartisan Legislation to Reauthorize National Earthquake Hazards Reduction Program

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.) and Lisa Murkowski (R-Alaska) announced that the Senate Commerce Committee unanimously advanced their bipartisan legislation to reauthorize the National Earthquake Hazards Reduction Program (NEHRP) through Fiscal Year 2028. The bill would provide lifesaving funding to support research, development, and implementation activities related to earthquake safety and risk reduction.

    The NEHRP Reauthorization Act of 2025 would reauthorize annual funding from FY 2024-2028 across the four federal agencies responsible for long-term earthquake risk reduction under NEHRP: the Federal Emergency Management Agency (FEMA), the National Institute of Standards and Technology (NIST), the National Science Foundation (NSF), and the United States Geological Survey (USGS). The Senate unanimously passed a version of this bill late last year, but it was not taken up in the House of Representatives.

    “It is not a matter of if, but when the next major earthquake strikes, and Californians know the importance of staying prepared,” said Senator Padilla. “The National Earthquake Hazards Reduction Program supports crucial tools like the ShakeAlert Earthquake Early Warning System, works to advance scientific understanding of earthquakes, and strengthens earthquake resilience in communities nationwide. I am glad to see this bipartisan effort move forward, and with the safety of our communities at stake, we must reauthorize this critical program as soon as possible.”

    “Alaska is no stranger to massive earthquakes that can cause serious damage to our communities. From the 1964 Good Friday earthquake, the 7.1 earthquake in 2018, to the thousands of smaller quakes that rattle our state each year—it’s critical we invest in programs that keep us prepared and ready to respond to disaster,” said Senator Murkowski. “I am pleased to see that the Commerce Committee has advanced the National Earthquake Hazards Reduction Program Reauthorization Act, which will modernize earthquake safety programs in western states, reinforcing our readiness for future seismic activity. I look forward to supporting legislation on the Senate Floor.”

    “The Earthquake Engineering Research Institute applauds the Senate Commerce Committee’s bipartisan advancement of the National Earthquake Hazards Reduction Program Reauthorization Act of 2025. This is a critical step in strengthening our nation’s long-term resilience to earthquakes. With an estimated $15 billion in losses from earthquakes in the U.S. every year, sustained support for mitigation is not only cost-effective—it is essential. We are encouraged to see momentum behind this program and look forward to continuing the vital work of reducing seismic risk in communities across the country,” said Ellen Rathje, President of the Earthquake Engineering Research Institute.

    “The International Code Council welcomes Senator Padilla and Murkowski’s bipartisan leadership to reauthorize the National Earthquake Hazards Reduction Program (NEHRP),” said Code Council Chief Executive Officer John Belcik. “We call on Congress to immediately reauthorize NEHRP to continue the advancement of model building codes that improve building safety and earthquake resilience.”

    “The American Society of Civil Engineer (ASCE) applauds Senators Alex Padilla and Lisa Murkowski for prioritizing the resilience of our nation’s infrastructure against seismic events and is pleased to support their efforts to reauthorize the National Earthquake Hazards Reduction Program (NEHRP). Since 1977, NEHRP has provided the resources and leadership that have led to significant advances in understanding the risk earthquakes pose and the best ways to mitigate them. This reauthorization will ensure that NEHRP resources continue to improve our understanding of earthquakes and guide the ASCE standards that form the backbone of building codes that protect public health, safety, and economic vitality,” said ASCE Past President Marsia Geldert-Murphey.

    “The National Council of Structural Engineers Associations is proud to support the NERHP reauthorization bill and is grateful for the bi-partisan leadership of Senators Padilla and Murkowski.  NCSEA urges Congress to prioritize reauthorization to enable the NEHRP agencies to contribute critical science, knowledge, and other best practices toward the development of codes, standards, and other resources used by structural engineers around the country to improve the earthquake resilience of our communities,” said Alfred Spada, Executive Director of the National Council of Structural Engineers Associations (NCSEA).

    “SEAOC commends Senators Padilla and Murkowski for championing NEHRP reauthorization, aligning with Structural Engineers Association of California’s (SEAOC) commitment to enhanced seismic safety and community resilience. SEAOC implores Congress to act promptly in fortifying California and the entire nation against the seismic challenges ahead,” said Don Schinske, Executive Director of the Structural Engineers Association of California (SEAOC).

    This NEHRP reauthorization includes:

    • Directing state and local entities to inventory high risk buildings and structures;
    • Expanding seismic events to include earthquake-caused tsunamis;
    • Providing more technical assistance to tribal governments; and
    • Improving mitigation for earthquake-connected hazards.

    California faces substantial earthquake risks. According to the California Department of Conservation, over 70 percent of Californians live within 30 miles of a fault that could cause high ground shaking within the next 50 years. The state averages two to three earthquakes per year at magnitude 5.5 or higher, risking moderate structural damage. Because of these major earthquake risks, California has become a leader in earthquake research, including through the California Institute of Technology Seismological Laboratory.

    The NEHRP Reauthorization Act of 2025 is endorsed by the American Society of Civil Engineers (ASCE), Earthquake Engineering Research Institute (EERI), International Code Council, National Council of Structural Engineers Associations (NCSEA), and Structural Engineers Association of California (SEAOC).

    Senator Padilla has long been a leader in mitigating earthquake risks. As a California State Senator, Padilla authored Senate Bill 135, signed by Governor Jerry Brown in 2013, which required the state to establish the nation’s first statewide early warning system. In 2021, he led five of his U.S. Senate colleagues in requesting details from the U.S. Geological Survey (USGS) on future plans and funding needs for the West Coast Early Earthquake Warning system.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Energy Sector – Equinor sells the Peregrino field for USD 3.5 billion

    Source: Equinor

    02 MAY 2025 – Equinor Brasil Energia Ltda., a subsidiary of Equinor ASA, has entered into agreements(1) with Brazilian company Prio Tigris Ltda., a subsidiary of PRIO SA (PRIO3.SA) for a sale of its 60% operated interest in the Peregrino field in Brazil.

    PRIO, Brazil’s largest independent oil and gas company, will pay a consideration of USD 3.35 billion and a maximum of USD 150 million in interest to Equinor for the transaction. The final cash payment will reflect the closing date and any deductions generated by the asset since the effective date, which is 1 January 2024.

    Equinor will be responsible for operations of the field until closing of the transaction, after which PRIO will take over operatorship.

    “With this transaction we realise value from a long-standing asset in our Brazil portfolio. Brazil will continue to be a core country for Equinor, as we focus on starting up the Bacalhau field and continue progressing the Raia gas project. With these two operated projects and our partnership in Roncador our equity production in Brazil will be close to 200,000 barrels per day by 2030,” says Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor.

    “This deal is part of Equinor’s ongoing effort to high-grade its international portfolio through asset divestments and acquisitions. We continue to see growth potential and opportunities to extend the longevity of our international oil and gas portfolio, also in Brazil,” says Philippe Mathieu.

    Equinor has been operating the Peregrino field since 2009 and around 300 million barrels of oil have been produced by the asset since. Peregrino is a heavy oil field and consists of a floating production storage and offloading (FPSO) platform, supported by three fixed platforms. The field is in the Campos Basin, east of Rio de Janeiro. In Q1 2025, Equinor´s share of production from Peregrino was around 55,000 barrels per day.

    Last year, PRIO acquired Sinochem’s 40% interest in the Peregrino field.

    “PRIO has been a valued partner since joining the Peregrino license last year and we look forward to a smooth hand-over with them,” says Veronica Coelho, Senior Vice President and Country Manager for Equinor Brazil.

    “We are very proud of the work that has been done by our team over the past 20 years on the Peregrino field. This asset has been the cornerstone of Equinor’s history in Brazil. Our journey in Brazil continues with full momentum, building on the legacy of those that have worked on Peregrino. We are preparing for operations on Bacalhau, as well as the startup of the Serra da Babilonia renewable hybrid project by our subsidiary Rio Energy and we are progressing the Raia gas project” says Veronica Coelho.

    The transaction is subject to regulatory and legal approvals. The payment will occur in two tranches, one at signing and a further one closer to closing. The payment will be subject to customary adjustments.

    1: The deal is divided in two parts, one for the acquisition of 40% and operatorship of Peregrino, the second for the acquisition of the remaining 20%. The 40% operation will receive a payment of USD 2,233 million, with an additional payment of USD 166 million which is contingent on the completion of the second part of 20%. The 20% operation will have a value of USD 951 million. The final component is USD 150 million of maximum interest, reaching the total of USD 3.5 billion.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Weather News – Friday and weekend weather outlook – MetService

    Source: MetService

    Covering period of Friday 2nd – Monday 5th May
     
    Key Stats
    • Canterbury saw 100 to 200 mm of rain between Wednesday and Friday morning, while parts of Banks Peninsula saw up to 300 mm
    • On 30 April, Christchurch (80.2 mm) and Ashburton (105.4 mm) saw their wettest April day on record. For Ashburton, it was their wettest day in at least 19 years, while Christchurch records go back to 1943
    • The wettest parts of Wellington recorded between 120 and 150 mm of rain in that time, with the largest accumulation in Wainuiomata
    • On Thursday, at 118 km/h, Wellington Airport got their strongest southerly wind since 2013
    • Waves of 12 metres were measured off Baring Head in Wellington on Thursday

    After days of heavy rain, fierce winds, and widespread warnings, Aotearoa New Zealand is in for a change. MetService is forecasting an easing trend later today (Friday), with the wettest and windiest weather on the way out in time for the weekend.

    While rain and strong winds remain in the mix – including heavier showers and thunderstorms with hail in the upper North Island, conditions are expected to gradually settle later in the day and into the weekend – offering a much-needed window for clean-up efforts and a return to something closer to normal.

    South Island
    After a very wet couple of days in Canterbury, breaks in the rain can be expected today, with the bulk of the showers expected to have cleared by the end of the day.  However, temperatures remain on the chilly side, with daytime highs hovering in the low to mid-teens.

    The weekend brings a mostly dry forecast for many parts of the South Island. Some showers may return to parts of Canterbury, especially around the foothills and Banks Peninsula on Saturday night into Sunday morning. But with patches of sunshine also expected, the coming days should help support any recovery work. A brief front clips the far south (Southland and Otago) with showers from Saturday into Sunday morning.

    North Island
    Friday brings showers for Northland, Auckland, and the top of the Coromandel Peninsula — some heavy at times with thunderstorms and hail — before a clearing trend sets in during the evening.

    After a wild and windy night, the worst of the winds have moved off the North Island. That said, it will still be gusty today for Wellington and Wairarapa, as strong southwesterlies continue — though more in line with what’s considered ‘typical’ for the region.

    An Orange Heavy Rain Warning remains in place for Wairarapa until 3pm Friday, and rain and showers ease towards evening. Large waves along the Wellington and Wairarapa coasts are expected to gradually ease through Friday, though coastal conditions in Hawke’s Bay and Tairāwhiti Gisborne remain rough through Saturday evening.

    Looking ahead to the weekend, most of the North Island can expect a settled spell. Eastern areas may still see a few showers, and Wellington and Northland could get some early showers on Saturday. But for many, Sunday looks sunny — a chance to finally tackle that laundry backlog or spend time outdoors.

    MIL OSI New Zealand News –

  • MIL-OSI: Faircourt Gold Income Corp. Announces Net Asset Value for Annual Redemption of Class A Shares

    Source: GlobeNewswire (MIL-OSI)

    Toronto, May 01, 2025 (GLOBE NEWSWIRE) — Faircourt Asset Management Inc., the Manager of Faircourt Gold Income Corp. (the “Company”) announces today that Securityholders who tendered their Class A Shares for redemption on March 31, 2025 will be entitled to receive $3.9552 per Class A Share, which is equal to the Net Asset Value per Share calculated using a five day volume weighted average price for exchange-traded equity securities held by the Company, determined as of April 29 2025 less the pro rata share of the aggregate of all brokerage fees, commissions and other costs relating to disposition of portfolio securities necessary to fund such redemption. Payment will be made in full on May 21, 2025.

    This press release is not for distribution in the United States or over United States wire services.

    For further information on the Faircourt Funds, please visit www.faircourtassetmgt.com at (416) 364-8989 or
    1-800-831-0304.

    You will usually pay brokerage fees to your dealer if you purchase or sell Units of the Trust on CBOE Canada or other alternative Canadian trading system (an “exchange”). If the Units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying Units of the Trust and may receive less than the current net asset value when selling them.

    There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in the public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-Evening Report: Dark money: Labor and Liberal join forces in attacks on Teals and Greens for Australian election

    Teals and Greens are under political attack from a new pro-fossil fuel, pro-Israel astroturfing group, adding to the onslaught by far-right lobbyists Advance Australia for Australian federal election tomorrow — World Press Freedom Day. Wendy Bacon and Yaakov Aharon investigate.

    SPECIAL REPORT: By Wendy Bacon and Yaakov Aharon

    On February 12 this year, former prime minister Scott Morrison’s principal private secretary Yaron Finkelstein, and former Labor NSW Treasurer Eric Roozendaal, met in the plush 50 Bridge St offices in the heart of Sydney’s CBD.

    The powerbrokers were there to discuss election strategies for the astroturfing campaign group Better Australia 2025 Inc.

    Finkelstein now runs his own discreet advisory firm Society Advisory, while also a director of the Liberal Party’s primary think-tank Menzies Research Centre. Previously, he worked as head of global campaigns for the conservative lobby firm Crosby Textor (CT), before working for Morrison and as Special Counsel to former NSW Premier Dominic Perrottet.

    Roozendaal earned a reputation as a top fundraiser during his term as general secretary of NSW Labor and a later stint for the Yuhu property developer. He is now a co-convenor of Labor Friends of Israel.

    The two strategists have previously served together on the executive of the NSW Jewish Board of Deputies, where Finkelstein was vice-president (2010-2019) and Roozendaal was later the chair of public affairs (2019-2020).

    Better for whom?
     Better Australia chairperson Sophie Calland, a software engineer and active member of the Alexandria Branch of the Labor party attended the meeting. She is a director of Better Australia and carries formal responsibility for electoral campaigns (and partner of Israel agitator Ofir Birenbaum).

    Also present at the meeting was Better Australia 2025 member Alex Polson, a former staffer to retiring Senator Simon Birmingham and CEO of firm DBK Advisory. Other members present included another director, Charline Samuell, and her husband, psychiatrist Dr Doron Samuell.

    Last week, Dr Samuell attracted negative publicity when Liberal campaigners in the electorate of Reid leaked Whatsapp messages where he insisted on referring to Greens as Nazis. “Nazis at Chiswick wharf,” Samuell wrote, alongside a photograph of two Greens volunteers.

    The Better Australia group already have experience as astroturfers. Their “Put The Greens Last” campaign was previously directed by Calland and Polson under the entity Better Council Inc. in the NSW Local government elections in September 2024.

    The Greens lost three councillors in Sydney’s East but maintained five seats on the Inner West Council.

    But the group had developed bigger electoral plans. They also registered the name Better NSW in mid-2024. By the time the group met for the first time this year on January 8, their plans to play a role in the Federal election were already well advanced.

    They voted to change the name Better NSW Inc. to Better Australia 2025 Inc.

    Calland and Birenbaum
     Group member Ofir Birenbaum joined the January meeting to discuss “potential campaign fundraising materials” and a “pool of national volunteers”. Birenbaum is Calland’s husband and member of the Rosebery Branch of the Labor Party.

    But by the time the group met with Finkelstein and Roozendaal in February, Birenbaum was missing. The day before the meeting, Birenbaum’s role in the #UndercoverJew stunt at Cairo Takeaway cafe was sprung.

    This incident focused attention on Birenbaum’s track record as an agitator at Pro-Palestine events and as a “close friend” of the extreme-right Australian Jewish Association. The former Instagram influencer has since closed his social media accounts and disappeared from public view.

    The minutes of the February meeting lodged with NSW Fair Trading mention a “discussion of potential campaign management candidates; an in-depth presentation and discussion of strategy; a review and amendments of draft campaign fundraising materials”. All of this suggests that consultants had been hired and work was well underway.

    The group also voted to change Better Council’s business address and register a national association with ASIC so they could legally campaign at a national level.

    On March 4, Calland registered Better Australia as a “significant third party” with the Australian Electoral Commission. This is required for organisations that expect their campaign to cost more than $250,000.

    Three weeks later, Prime Minister Albanese called the election, and Better Australia’s federal campaign was off to the races.

    Labor or Liberal, it doesn’t matter…
     According to its website, Better Australia’s stated goals are non-partisan: they want a majority government, “regardless of which major party is in office”.

    “In Australia, past minority governments have seen stalled reforms, frequent leadership changes, and uncertainty that paralysed effective governance.”

    No evidence has been provided by either Better Australia’s website or campaigning materials for these statements. In fact, in its short lifetime, the Gillard Labor minority government passed legislation at a record pace.

    Instead, it is all about creating fear.  A stream of campaigning videos, posts, flyers and placards carrying simple messages tapping into fear, insecurity, distrust and disappointment have appeared on social media and the streets of Sydney in recent weeks.

    Wentworth independent Allegra Spender wasted no time posting her own video telling voters she was unfazed, and for her electorate to make their own voting choices rather than fall for a crude scare campaign.

    Spender is accused of supporting anti-Israel terrorism by voting to reinstate funding for the United Nations aid agency UNRWA. Better Australia warns that billionaires and dark money fund the Teal campaign, alleging average voters will lose their money if Teals are reelected.

    It doesn’t matter that most Teal MPs have policies in favour of increasing accountability in government or that no information is provided about who is backing Better Australia.

    Anti-Green, too
     The anti-Greens angle of Better Australia’s campaign sends a broad message to all electorates to “Put the Greens Last”. It aims to starve the Greens of preferences. The campaign message is simple: the Greens are “antisemitic, support terrorism, and have abandoned their environmental roots”.

    It does not matter that calls unite the peaceful Palestine protests for a ceasefire, or that the Greens have never stopped campaigning for the environment and against new fossil fuel projects.

    Better Australia promotes itself as a grassroots organisation. In February, Sophie Calland told The Guardian that “Better Australia is led by a broad coalition of Australians who believe that political representation should be based on integrity and action, not extremist or elite activism”.

    It has very few members and its operations are marked by secrecy, and voters will have to wait a full year before the AEC registry of political donations reveals Better Australia’s backers.

    It fits into a patchwork of organisations aiming to influence voters towards a framework of right-wing values, including

    “support for the Israel Defence Force, fossil fuel industries, nationalism and anti-immigration and anti-transgender issues.”

    Advance Australia (not so fair)
    Advance is the lead organisation in this space. It campaigns in its own right and also supports other organisations, including Minority Impact Coalition, Queensland Jewish Collective and J-United.

    Advance claims to have raised $5 million to smash the Greens and a supporter base of more than 245,000. It has received donations up to $500,000 from the Victorian Liberal Party’s holding company, Cormack Foundation.

    In Melbourne, ex-Labor member for Macnamara, Michael Danby, directs and authorises “Macnamara Voters Against Extremism”, which pushes voters to preference either Liberals or Labor first, and the Greens last. Danby has spoken alongside Birenbaum at Together With Israel rallies.

    Together With Israel: Michael Danby (from left), activist Ofir Birenbaum, unionist Michael Easson OAM, and Rabbi Ben Elton. Image: Together With Israel Facebook group/MWM

    The message of Better Australia — and Better Council before it — mostly aligns with Advance. These campaigns target women aged 35 to 49, who Advance claims are twice as likely to vote for the Greens as men of the same age.

    The scare campaign targets female voters with its fear-mongering and Greens MPS, including Australia’s first Muslim Senator Mehreen Faruqi, and independent female MPS with its loathing.

    Meanwhile, Advance is funded by mining billionaires and advocates against renewable energy.

    Labor standing by in silence
     Better Australia is different from Advance, which is targeting Labor because it is an alliance of Zionist Labor and LIberal interests. Calland’s campaign may be effectively contributing to the election of a Dutton government. In the face of what would appear to be betrayal, the NSW Labor Party simply stands by.

    The NSW Labor Rules Book (Section A.7c) states that a member may be suspended for “disloyal or unworthy conduct [or] action or conduct contrary to the principles and solidarity of the Party.”

    Following MWM’s February exposé of Birenbaum, we sent questions to NSW Labor Head Office, and MPs Tanya Plibersek and Ron Hoenig, without reply. Hoenig is a member of the Parliamentary Friends of Israel and has attended Alexandria Branch meetings with Calland.

    MWM asked Plibersek to comment on Birenbaum’s membership of her own Rosebery Branch, and on Birenbaum’s covert filming of Luc Velez, the Greens candidate in Plibersek’s seat of Sydney. Birenbaum shared the video and generated homophobic commentary, but we received no answers to any of our questions.

    According to MWM sources, Calland’s involvement in Better Australia and Better Council before that is well known in Inner Sydney Labor circles. Last Tuesday night, she attended an Alexandria Branch meeting that discussed the Federal election. She also attended a meeting of Plibersek’s campaign.

    No one raised or asked questions about Calland’s activities. MWM is not aware if NSW Labor has received complaints from any of its members alleging that Calland or Birenbaum has breached the party’s rules.

    After all, when top Liberal and Labor strategists walk into a corporate boardroom, there is much to agree on.

    It begins with a national campaign to keep the major parties in and independents and Greens out.

    • MWM has sent questions to Calland, Finkelstein, and Roozendaal, regarding funding and the alliance between Liberal and Labor powerbrokers but we have yet to receive any replies.

    Wendy Bacon is an investigative journalist who was professor of journalism at UTS. She has worked for Fairfax, Channel Nine and SBS and has published in The Guardian, New Matilda, City Hub and Overland. She has a long history in promoting independent and alternative journalism. She is not a member of any political party but is a Greens supporter and long-term supporter of peaceful BDS strategies.

    Yaakov Aharon is a Jewish-Australian living in Wollongong. He enjoys long walks on Wollongong Beach, unimpeded by Port Kembla smoke fumes and AUKUS submarines. This article was first published by Michael West Media and is republished with permission of the authors.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Hawley Op-Ed: Break Up Big Tech Behemoths to Reclaim American Freedom

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    U.S. Senator Josh Hawley (R-Mo.) | April 30, 2025 | The New York Post

    I distinctly remember the time Mark Zuckerberg came to see me in my office.

    It was five years ago now, back when the Facebook founder was at the height of his “move fast and break things” stardom.

    I was a new senator and a skeptic.

    I thought his company — now Meta — was breaking too many things: like the right to free speech, or the right to control your personal data, or the right of your kids to have a sane childhood.

    Zuckerberg came to convince me otherwise, as he had convinced many a regulator and politician, by making vague promises about Big Tech’s good intentions.

    I’ll never forget the look of shock on his face when I suggested the best thing Big Tech could do was start surrendering power.

    Break themselves up.

    Give control back to their customers.

    It was abundantly clear he had no such intentions.

    Now the Federal Trade Commission is suing Meta for antitrust violations in federal court — and on April 17, another federal judge found tech giant Google liable for a host of antitrust breaches.

    Finally.

    […]

    The Constitution opens with the seminal words “We the People.”

    But given the power Big Tech has amassed in recent years, one could be forgiven for thinking it starts with “We the Corporations.”

    We have come to a moment of decision: Either the government will break up these behemoths and return to the people the power they have seized, or the corporations will effectively be the government for the nation.

    […]

    The Big Tech companies have more power than any corporation on earth. Indeed, they have more power than any corporation in history.

    And if we don’t act now, they will control our lives, and our country, altogether.

    […]

    The solution here is simple: We must take power from the corporations and return it to We the People.

    How?

    Enforce antitrust law to the hilt.

    Take the April 17 Google verdict on advertising.

    Ad revenue fuels everything these companies do, from designing ever-more-addictive products to censoring Americans’ speech.

    The recent verdict may turn that spigot off.

    […]

    The FTC’s case against Zuckerberg and Meta is significant, too.

    If the FTC wins, it could force Meta to divest Instagram and WhatsApp, restoring competition to digital markets.

    Antitrust law can be a powerful tool.

    But we must do more.

    We ought to empower citizens directly.

    Antitrust cases can take years, even decades.

    And we can’t always wait for the government to act.

    That’s why I’ve proposed legislation to open the courtroom doors to every American harmed by these companies.

    Let Americans who have been censored sue.

    Let parents whose kids have been victimized by predators online sue.

    […]

    Giving ordinary citizens their day in court means the tech companies have to stop taking your personal information without payment or consent.

    And breaking up the Big Tech-Big Government alliance means bad actors like the Biden administration can’t use the ginormous power of the corporations to do their censorious bidding.

    […]

    Read Senator Hawley’s full op-ed here. 

    MIL OSI USA News –

  • MIL-OSI USA: Sullivan Presses Commerce Nominee on NOAA Surveys Needed for Alaska Fishermen

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan
    05.01.25
    WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska), a member of the Senate Commerce, Science and Transportation Committee, today pressed the nominee to serve as deputy secretary of the Department of Commerce, Mr. Paul Dabbar, on concerns about the National Oceanic and Atmospheric Administration’s (NOAA) ability to complete fisheries stock surveys in Alaska if staffing and approved funding from the department are not prioritized. Sen. Sullivan noted in the committee hearing that conducting surveys is one of the Commerce Department’s core responsibilities with regard to fisheries, and surveys are needed in order for Alaskans to harvest in various fisheries across the state. Sen. Sullivan also demanded that Dabbar and Commerce officials work promptly with Commerce Secretary Howard Lutnick to sign the pending maintenance contract for the Kodiak, Alaska-based NOAA research vessel, Oscar Dyson, which conducts these critically important surveys.
    “When you don’t do stock assessment surveys, you know what happens? My fishermen can’t fish,” said Sen. Sullivan. “All they need is a survey and it’s not happening. I have a whole list and I’m going to mention them here. I hope to hell someone from Commerce is watching. Okay? Because if you’re not doing surveys, that’s the basic stuff you’re supposed to do at NOAA, then my guys can’t fish. They don’t want subsidies. They just want to fish.”
    Fishing and seafood processing employ more Alaskans than any other industry and are vital to the economic well-being of dozens of coastal communities throughout the state. Roughly two-thirds of all seafood harvested in America comes from Alaska’s waters.
    [embedded content]
    Below is a transcript of Sen. Sullivan’s exchange with Mr. Dabbar.
    SEN. SULLIVAN: I think we’re off to a good start, certainly on fisheries. We have this “Unleashing Alaska’s Extraordinary Resource Potential” executive order from President Trump on day one. This includes fisheries, LNG, all kinds of great things in Alaska. Then, just a couple days ago, the “Restoring America’s Seafood Competitiveness” EO. So we’re off to a good start. I want to commend the President, Secretary Lutnick, and their team. But I am concerned, to Senator Cantwell’s point—and this is a big issue—that we’re not having the staffing to do the two things that Commerce has to do for fisheries. American fisheries, unlike CHIPS and Science—a quarter of $1 trillion in subsidies—my guys don’t get subsidized at all. The federal government has to do two things: They need to do robust surveys to inform accurate stock assessments, and they need to do timely promulgation of regulations to open fisheries. That’s it. When the federal government doesn’t do that, you screw the hard-working fishermen of Alaska and America. Just think of “Deadliest Catch.” They do have to compete with Russia and China. To be honest, right now, it’s starting not to look good. I’m starting to get really upset, because when you got—Biden was horrible on the surveys. Horrible. We threw a ton of money at NOAA and the guy did climate change and all this BS. He didn’t do the blocking and tackling of NOAA, which is stock assessment surveys. You guys came in: “Hey, we’re not going to be like Biden.” But you’re not…I’m getting really worried that you guys aren’t doing this either. When you don’t do stock assessment surveys, you know what happens? My fishermen can’t fish. They don’t get $240 billion in subsidies. All they need is a survey and it’s not happening. I got a whole list and I’m going to mention them here. And I hope to hell someone from Commerce is watching. Okay? Because if you’re not doing surveys, that’s the basic stuff you’re supposed to do at NOAA. Then my guys can’t fish. They don’t want subsidies and they just want to fish. Can I get your commitment—and I hope to hell someone from NOAA’s watching this. I got a whole list of surveys right now that looks like you’re not going to complete. So what happens? My fishermen don’t fish. That is wrong. Can I get your commitment—and I hope to hell someone from NOAA and Commerce is watching this right now—get on with the surveys. Can I get your commitment? You can tell I’m a little rattled about this.
    DABBAR: Yes, Senator, and I know that I’ve read your proposed bill, the latest one, and also how understanding research of, for example, salmon in Alaska, where some things are going well strong, and some things are weaker, and why. So I’m certainly committed on that also.
    SULLIVAN: I just need your commitment to get the staffing and money to do the surveys. That’s it. If we’re failing on this, this is not good. Let me ask one final question. This relates. There’s a contract we’re trying to get the Secretary to sign, like right now. It’s for the Oscar Dyson. It’s a NOAA survey vessel homeported in Kodiak, Alaska. It’s coming up for its contract. It needs to be signed this week. Again, I hope Commerce people are watching. Okay? Just sign the contract so we can do the surveys from the Oscar Dyson. That’s a NOAA survey vessel ship. If that’s not signed in the next couple of days, that vessel won’t be able to do surveys. Again, this is blocking and tackling to take care of our fishermen, which is in the President’s EOs. But we’ve got to be able to support them with science. Can I get your commitment on that and maybe have someone get to the Secretary and sign this contract on the Oscar Dyson like today?
    DABBAR: I’ll follow up, and there are people behind me watching, listening to you. I’m certain.
    SULLIVAN: It’s really, really important. Thank you.

    MIL OSI USA News –

  • MIL-OSI USA: Senate Adopts Boozman Backed Resolution Designating April as Financial Literacy Month

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman
    WASHINGTON—The U.S. Senate unanimously adopted a resolution backed by U.S. Senator John Boozman (R-AR) designating April as Financial Literacy Month. Boozman joined Senate Banking Committee Chairman Tim Scott (R-SC) and Senator Jack Reed (D-RI) in leading the measure to raise awareness for access to resources that can help Americans of all ages develop and maintain healthy financial habits while underscoring the importance of financial education and empowerment.  
    “When Americans have the tools and knowledge to better manage their finances, they are empowered to chart a path to financial stability,” said Boozman. “I am pleased to support this commonsense, bipartisan effort to help hardworking people of all ages make positive money management choices.”
    “Financial literacy is critical to achieving financial independence and the American Dream,” said Scott. “Unfortunately, many Americans growing up like I did lack basic financial education, which is why I’ve made it my mission to make programs and resources on this important topic more accessible. Designating April 2025 as Financial Literacy Month builds on our efforts to ensure all Americans can access the tools necessary to secure their financial future.”
    “From managing a household budget to making major purchases to laying the foundation for a secure retirement, financial literacy is a lifelong endeavor. Unfortunately, too many Americans lack the basic financial literacy skills needed to make informed decisions,” said Reed. “This has impacts on families, communities, and future generations. Raising awareness about the resources available to improve financial literacy is the first step on the path to a financially secure future. I’m pleased our Senate colleagues are coming together on a bipartisan basis to recognize financial Literacy Month.” 
    In addition to Boozman, Scott and Reed, the resolution was also cosponsored by Senators Ron Wyden (D-OR), Dick Durbin (D-IL), Susan Collins (R-ME), Mike Crapo (R-ID), Maria Cantwell (D-WA), Sheldon Whitehouse (D-RI), John Barrasso (R-WY), Jim Risch (R-ID), Angus King (I-ME), Shelley Moore Capito (R-WV), Gary Peters (D-MI), Bill Cassidy, M.D. (R-LA), Mike Rounds (R-SD), Maggie Hassan (D-NH), Cindy Hyde-Smith (R-MS), Kevin Cramer (R-ND), Mark Kelly (D-AZ), Cynthia Lummis (R-WY), Tommy Tuberville (R-AL), Raphael Warnock (D-GA), Katie Britt (R-AL), Jim Banks (R-IN), Lisa Blunt Rochester (D-DE) and Bernie Moreno (R-OH).
     Click here for text of the resolution.  

    MIL OSI USA News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – ALBT, NDOI, DNB, RSLS

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Avalon GloboCare Corp. (NASDAQ: ALBT), relating to the proposed merger with YOOV Group Holding Limited. Under the terms of the agreement, Avalon equity holders are expected to own between approximately 2.5% to 2.2% of the common stock of the combined company.

    Click here for more https://monteverdelaw.com/case/avalon-globocare-corp-albt/. It is free and there is no cost or obligation to you.

    • Endo, Inc. (OTC: NDOI), relating to the proposed merger with Mallinckrodt plc. Under the terms of the agreement, Endo shareholders will own 49.9% of the combined company on a pro forma basis.

    Click here for more https://monteverdelaw.com/case/endo-inc-ndoi/. It is free and there is no cost or obligation to you.

    • Dun & Bradstreet Holdings, Inc. (NYSE: DNB), relating to the proposed merger with Clearlake Capital Group, L.P. Under the terms of the agreement, Dun & Bradstreet shareholders will receive $9.15 in cash for each share of common stock they own.

    Click here for more https://monteverdelaw.com/case/dun-bradstreet-holdings-inc-dnb/. It is free and there is no cost or obligation to you.

    • ReShape Lifesciences Inc. (NASDAQ: RSLS), relating to the proposed merger with Vyome Therapeutics, Inc. Under the terms of the agreement, ReShape and Vyome will combine in an all-stock transaction, with ReShape stockholders owning approximately 11.1% of the combined company.

    Click here for more https://monteverdelaw.com/case/reshape-lifesciences-inc-rsls/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI USA: Reed Renews Push to End Special Tax Deductions for Huge Executive Bonuses

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    WASHINGTON, DC – According to the Economic Policy Institute, the gulf in pay between CEOs and average workers is 290 to 1. In an effort to ensure that hardworking U.S. taxpayers are not forced to subsidize lavish executive compensation packages while making a fraction of CEO pay, U.S. Senator Jack Reed (D-RI) today reintroduced legislation that would finally fully close a major loophole in corporate tax law.
    The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act (S. 1576) would put an end to a special tax break for huge executive bonuses by preventing publicly traded corporations from deducting the cost of any multimillion-dollar pay package paid to executives from their corporate tax bills.
    Under section 162(m) of the tax code, publicly traded corporations cannot deduct more than $1 million in compensation paid to their top executives.  But section 162(m) does not cover compensation paid to all public company employees, and corporations have long exploited this loophole to claim tax deductions for executive compensation packages that far exceed $1 million.  As publicly traded corporations offer lucrative compensation deals to increasing numbers of executives and not just those at the very top of the organization, U.S. taxpayers are shouldering the cost.
    Both Republican and Democratic administrations have signed laws based on earlier versions of this legislation in order to curtail the abuse of this deduction.  This includes ensuring that performance-based compensation is actually counted as compensation under section 162(m) and increasing the number of highly paid executives who are subject to section 162(m).  Partially tightening the law in these ways has saved taxpayers billions of dollars.  However, the full loophole has still not been closed, and taxpayers continue to subsidize extravagant compensation.
    The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act would address the remaining gaps by applying section 162(m) restrictions to all employees of publicly traded corporations so that all compensation is subject to a deductibility cap of $1 million per employee.  The nonpartisan Joint Committee on Taxation has estimated that closing this loophole would save taxpayers nearly $80 billion over ten years.  In other words, taxpayers are currently paying around $8 billion each year to subsidize exorbitant executive pay packages.
    “Corporations shouldn’t be able to get out of paying their fair share of taxes by lavishing executives with jumbo bonuses at the expense of taxpayers, workers, and shareholders.  Taxpayers shouldn’t be subsidizing millionaire compensation and it’s way past time for this loophole to be fully closed,” said Senator Reed.  “Companies are free to pay their executives as much as they want.  But it is unfair to force hardworking American taxpayers to foot the bill for multimillion-dollar bonuses.  The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act puts an end to this give-away and will restore fairness to the tax code and ensure corporations, not taxpayers, are the ones who pay for multimillion dollar bonuses.  Success and capitalism are not at issue here.  What’s at issue is a broken system that has taxpayers subsidizing multimillion dollar executive bonuses while those same taxpayers are struggling with rising costs.”
    The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act is also cosponsored by U.S. Senators Richard Blumenthal (D-CT), Tammy Baldwin (D-WI), Jeff Merkley (D-OR), Sheldon Whitehouse (D-RI), Chris Van Hollen (D-MD), Bernard Sanders (I-VT), and Elizabeth Warren (D-MA).
    The bill is supported by Public Citizen, Americans for Financial Reform, the AFL-CIO, the International Brotherhood of Teamsters, MIT Professor and Nobel Prize Winner Simon Johnson, Take On Wall Street, Americans for Tax Fairness, and the Institute for Policy Studies, Global Economy Project.
    “This is a timely and important proposal, addressing a basic issue of fairness in the American economy,” said MIT Professor and Nobel Prize Winner Simon Johnson.
    “It’s high time our tax code stopped rewarding large corporations for giving their executives extravagant pay packages. We applaud Senator Reed and Representative Doggett for introducing legislation to finally close a senseless loophole that subsidizes outrageous executive pay,” said Natalia Renta, Associate Director of Corporate Governance and Power at Americans for Financial Reform.

    MIL OSI USA News –

  • MIL-OSI USA: Reed Announces Additional $2.6 Million to Help RI Families Save on Home Energy Bills

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    WASHINGTON, DC – In an effort to help more Rhode Islanders reduce their home energy costs, U.S. Senator Jack Reed today announced that Rhode Island is getting an additional $2.6 million through the Low Income Home Energy Assistance Program (LIHEAP), after the Trump Administration finally released the remaining $400 million in LIHEAP aid this week to states nationwide.
    Reed, a member of the Appropriations Committee, helped provide a nationwide total of $4.1 billion for LIHEAP in FY 2025.
    LIHEAP is a federally funded program that helps low-income households with their home energy bills by providing payment and energy crisis assistance to pay for gas, electric, and other methods customers use to heat their homes. 
    This latest allocation brings Rhode Island’s FY 2025 appropriation for LIHEAP up to $26.6 million so far this year.
    Last October, the Biden Administration released ninety percent of LIHEAP funds to states to give states time to properly plan and deploy these funds through the end of the fiscal year, which runs through September of 2025.  This included an allocation of $534,784 in LIHEAP funds that Senator Reed helped include through the Infrastructure Investment and Jobs Act (IIJA).
    “This latest infusion of federal LIHEAP funding will provide overdue support to families in need and help them cope with high energy costs.  In addition to easing the strain on household budgets, the release of LIHEAP funds also helps local small businesses that supply home heating fuel to customers with fixed or limited incomes,” said Senator Reed.
    LIHEAP is administered by states and accessed through local Community Action Agencies.  Eligibility for LIHEAP is based on income, family size, and the availability of resources.
    Nationwide, an estimated 6 million households received assistance with heating and cooling costs through LIHEAP over the last year, including over 28,200 Rhode Island households.
    The average LIHEAP benefit covering about $500 in winter home heating costs for Rhode Islanders.
    Rhode Islanders wishing to apply for LIHEAP may click here to reach the Rhode Island Department of Human Services website to get more information and links to an online application. 
    Senator Reed noted that while the release of these federal funds to states is good news, he remains deeply concerned about the Trump Administration decimating the LIHEAP staff at the U.S. Department of Health and Human Services (HHS) and the impact that could have on the federal government’s ability to effectively manage the program and assist states with LIHEAP going forward.  Reed says he has no doubt that President Trump will once again try to eliminate LIHEAP altogether but vowed to work on a bipartisan basis to include LIHEAP funding in future Appropriations laws, just as he successfully did during the first Trump Administration.

    MIL OSI USA News –

  • MIL-OSI USA: May 1st, 2025 Heinrich, Luján, Colleagues Demand to Know Who Killed Minority Business Development Agency, Why & Where’s the Money Going?

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    “Who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?” Senators ask
    WASHINGTON – U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), a member of the Senate Commerce Committee, joined U.S. Senator Maria Cantwell, Ranking Member of the Senate Commerce Committee, and five Senate Democrats in demanding that Keith Sonderling, the purported Acting Under Secretary of Commerce for the Minority Business Development Agency (MBDA), promptly turn over key documents and information related to the dismantling of the agency and recent funding termination notices sent to all grantees by a member of Elon Musk’s DOGE. The senators’ demands come as Paul Dabbar, President Trump’s nominee for Deputy Secretary of Commerce, appeared on Thursday before the Commerce Committee for his nomination hearing.
    “In one MBDA termination notice reviewed by our offices, the Department claims the grant is being terminated because it ‘is unfortunately no longer consistent with the agency’s priorities and no longer serves the interests of the United States and the MBDA Program,’” the senators wrote in a letter to Sonderling, who was confirmed by the Senate as Deputy Secretary of Labor in March. “The termination notice further states that, ‘MBDA is repurposing its funding allocations in a new direction in furtherance of the President’s agenda.’ …[T]he notice is silent about why the grants are inconsistent with the MBDA’s priorities and programs—which Congress, not the Department, set by statute. And it suggests the DOC or others in the Administration may be using funding appropriated for the MBDA for other, unrelated purposes.”
    The senators questioned Sonderling about the notice terminating all MBDA grants, which was signed by Nate Cavanaugh, a member of Elon Musk’s so-called Department of Government Efficiency (DOGE) and “Under the Authority of Keith Sonderling, Acting Undersecretary of MBDA.”  
    “This raises significant questions regarding Mr. Cavanaugh’s precise role at DOC and the mechanism by which you or other members of DOC leadership delegated him authority to terminate MDBA grants on behalf of the Department,” their letter continued. “Our offices have also obtained information indicating you may not have been aware these termination notices were being sent out by Mr. Cavanaugh under your authority, which would raise further questions about who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?”
    The letter is also signed by U.S. Senators Tammy Baldwin (D-Wis.), Lisa Blunt Rochester (D-Del.), Brian Schatz (D-Hawaii), Ed Markey (D-Mass.), and Andy Kim (D-N.J.).
    In October 2024, Heinrich  led the unveiling of a new, larger office space for the New Mexico Minority Business Development Center in Albuquerque to expand support for local businesses across the state as they create the types of careers New Mexicans can build their families around. Heinrich wrote the legislative provision that established and funded the New Mexico Business Center in 2020, securing more than $2.5 million in federal resources through the U.S. Department of Commerce’s Minority Business Development Agency for its staffing and programming.
    Today, during the Senate Commerce hearing on the nomination of Paul Dabbar to be U.S. Deputy Secretary of Commerce, Luján pressed Mr. Dabbar on the dismantlement of the MBDA by the Trump administration and highlighted the successes of the MBDA. Senator Luján championed an amendment in the Bipartisan Infrastructure Law to make the MBDA permanent. He also secured passage of a provision to double the funding level for the MBDA’s Rural Business Development Center Program and to expand this program’s eligibility to include all Minority-Serving Institutions, which will expand opportunities for New Mexico’s colleges and universities. Additionally, in 2021, Luján championed legislation to make permanent and expand the reach of the Minority Business Development Agency.
    The full text of the letter can be found HERE and below:
    The Honorable Keith Sonderling
    Acting Under Secretary for Minority Business Development Agency
    U.S. Department of Commerce
    1401 Constitution Avenue, NWWashington, DC 20230                                              
    Acting Under Secretary Sonderling:
    On March 25, 2025, and April 17, 2025, we sent letters to Secretary Howard Lutnick raising serious concerns about the apparent dismantling of the Minority Business Development Agency (MBDA), despite his testimony before the Senate Committee on Commerce, Science, and Transportation stating he would not support doing so. In our April 17 letter, we requested specific documents and information that would help address our outstanding questions and concerns regarding the MBDA. On April 24, 2025, we received a letter from the Department of Commerce (DOC) Acting Assistant Secretary for Legislative and Intergovernmental Affairs purporting to respond to our April 17 letter. This response, however, contained a mere three sentences related to the MBDA and failed to answer or meaningfully address any of our requests. Given Secretary Lutnick’s apparent disregard for our concerns about the Department’s actions against the MBDA, we are now requesting you provide documents and information related to this inquiry.
    Since our most recent letter, our offices have obtained information demonstrating that DOC has canceled all MBDA grants—further dismantling an agency Congress statutorily authorized, despite Secretary Lutnick’s testimony to the contrary. In one MBDA termination notice reviewed by our offices, the Department claims the grant is being terminated because it “is unfortunately no longer consistent with the agency’s priorities and no longer serves the interests of the United States and the MBDA Program.” The termination notice further states that, “MBDA is repurposing its funding allocations in a new direction in furtherance of the President’s agenda.” Beyond these conclusory assertions, however, the notice is silent about why the grants are inconsistent with the MBDA’s priorities and programs—which Congress, not the Department, set by statute. And it suggests the DOC or others in the Administration may be using funding appropriated for the MBDA for other, unrelated purposes.
    Raising further concerns, the termination notice was signed by Nate Cavanaugh—who we understand to be part of the so-called Department of Government Efficiency (DOGE)—and is signed “Under the Authority of Keith Sonderling, Acting Undersecretary of MBDA.” Mr. Cavanaugh has reportedly been interviewing employees at the General Services Administration and overseeing efforts to dismantle another agency, the U.S. Institute of Peace. The termination notice indicates that Mr. Cavanaugh now has a DOC e-mail address. This raises significant questions regarding Mr. Cavanaugh’s precise role at DOC and the mechanism by which you or other members of DOC leadership delegated him authority to terminate MDBA grants on behalf of the Department. Our offices have also obtained information indicating you may not have been aware these termination notices were being sent out by Mr. Cavanaugh under your authority, which would raise further questions about who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?
    Given the lack of responsiveness from the Department to date, we reiterate the requests raised in our April 17, 2025 letter, and request the following additional documents and information no later than May 14, 2025:
    A complete description of Mr. Cavanaugh’s position at DOC, including his title, job description, date(s) of employment, any salary, any benefits, supervisor, and direct reports. Please also identify all other federal e-mail addresses assigned to or used by Mr. Cavanaugh of which you are aware.
    Documents sufficient to show Mr. Cavanaugh’s delegated authority to execute termination notices to MBDA grantees. 
    Documentation sufficient to show your appointment as Acting Under Secretary for Minority Business Development Agency and the date of such appointment.
    A complete description of your decision to delegate your authority to Mr. Cavanaugh for the purpose of terminating MBDA grants, including the extent to which Secretary Lutnick or any other senior DOC official was involved in making this decision.
    A complete description of the types of funded activities that are considered “consistent with the agency’s priorities” and “serve[] the interests of…the MBDA program.”
    A detailed explanation of how the MBDA intends to “repurpos[e] its funding allocations in a new direction in furtherance of the President’s agenda,” including any specific program or activity that has received or is expected to receive repurposed funding.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Senators Murray, Wyden, and Padilla and West Coast Ports Sound Alarm on Trump’s Tariffs Leaving Shelves Bare, Forcing Painful Layoffs

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ***WATCH THE FULL PRESS CONFERENCE HERE; DOWNLOAD HERE***
    Washington, D.C. — Today, U.S. Senators Patty Murray (D-WA), Ron Wyden (D-OR), and Alex Padilla (D-CA) held a virtual press call alongside West Coast ports to sound the alarm on the dramatic decline of container ships making the trip to West Coast ports and the harmful consequences of Trump’s tariffs across the American economy—price hikes, layoffs, empty store shelves, and more.
    The Senators were joined by Mario Cordero, Chief Executive Officer of the Port of Long Beach; Ryan Calkins, Port of Seattle Commissioner; and Dick Marzano, Port of Tacoma Commissioner. The press call comes just one day after the overwhelming majority of Senate Republicans rejected a bipartisan resolution led by Senator Wyden and unanimously supported by Democrats to repeal President Donald Trump’s global tariffs.
    A new forecast by Apollo Global Management contends that the U.S. economy is on the verge of a self-inflicted recession as a result of Trump’s tariff policies, drawing a plain timeline from Trump’s so-called “Liberation Day” on April 2nd to a dramatic slowdown of container ships making their way to U.S. ports. Apollo predicts this slowdown of container ships will lead to a sharp decrease in trucking demand by mid-to-late May, which will subsequently result in supply shortages and lower sales for retailers. By late May to early June, Apollo predicts layoffs will occur across trucking and retail industries and that the U.S. economy will fall into a recession by this summer.
    During the call, the West Coast Senators sounded the alarm on the major warning signs for the economy and continued to urge their Republican colleagues to join them in asserting Congressional authority over tariffs to put an end to Trump’s trade war and minimize the economic damage already inflicted by the President.
    “We are already seeing the consequences of Trump’s tariffs at our ports: fewer ships from across the Pacific, means less cargo at our ports, less cargo at our ports means less goods for our truckers to transport—and that ultimately means bare shelves for our retailers and the American consumer,” said Senator Murray. “Our ports know better than anyone that supply chains do not reset in an instant. The time to reverse these Republican tariffs was the same day they were announced. Every day This Republican Congress refuses to reject these tariffs is a day they are actively enabling Trump’s pro-recession agenda and higher taxes on every American. Congress needs to take the matches away from the President who is setting fire to the economy. Democrats are going to make sure Republicans continue to feel the pressure until this Congress takes action and overrides this President.”
    “Oregon knows firsthand that Trump’s tariff chaos is already hurting small businesses and drying up markets for red-white-and-blue products,” said Senator Wyden. “Speaking with small businesses and workers all over Oregon last week, every single one warned of damage from tariffs in the near future. West Coast senators will be on the front lines pushing back against these senseless Republican tariffs.”
    “California’s Ports of Los Angeles and Long Beach are keystones for the success of not just our state’s economy, but our national economy. So when the San Pedro Bay ports and other West Coast ports send warning signs about the damage of Trump’s tariffs, we know they’re really warning signs for our country,” said Senator Padilla. “The drop in cargo volume caused by Trump’s tariffs will mean empty shelves when products don’t reach our stores, rising prices on everything from groceries to clothes to cars, and undoubtedly, more Americans out of work. While today, it’s Western ports — we know it will only be a matter of weeks before the ripple effect causes pain across the nation.”
    “We take our mission as ports seriously because a lot is at stake. The current tariffs will have far-reaching consequences for Washington businesses and consumers, and the thousands of jobs that rely on international trade. We are fortunate to have such a great advocate in Senator Murray and are grateful for her continued attention to these critical issues,” said Northwest Seaport Alliance Managing Member and Port of Tacoma Commissioner, Dick Marzano.
    “At the Northwest Seaport Alliance, we have already started to see serious impacts of the tariff war on our docks. As our policy makers address economic and security concerns with international trading partners, we encourage them to tread carefully in order to preserve space for a commercial relationship. We thank Senator Murray for her advocacy for policies that support Washington businesses, jobs, and communities,” said Northwest Seaport Alliance Managing Member and Port of Seattle Commissioner, Ryan Calkins.  
    “As one of America’s largest ports, Long Beach moves more than $300 billion in cargo every year to and from every congressional district, supporting 2.7 million jobs. Due to the new trade policies, we are about to see a shift from cargo surge to cargo slowdown in the supply chain, and this will have a real impact on the American economy. For workers across the country whose jobs depend on cargo moving through the Port of Long Beach – dockworkers, truckers, logistics workers, retailers, farmers, factory workers – any sort of long-term, sustained downturn in shipments caused by the tariff will be detrimental to the job market. I remain hopeful that leaders in our nation’s capital recognize the significance of the goods movement industry and will take necessary action to ensure America’s economy can thrive,” said Mario Cordero, CEO of the Port of Long Beach.
    “Cargo volume at the nation’s busiest port will drop by about one-third next week,” said Port of Los Angeles Executive Director, Gene Seroka. “That means fewer jobs along with rising prices for consumers and businesses. Additionally, counter tariffs are having a severe impact on American agricultural exporters. We need agreements quickly with our trading partners that benefit and support the U.S. economy and supply chain.”
    Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Canada is Washington’s largest trading partner, accounting for nearly $20 billion in imports and $10 billion in exports. China is the world’s second-largest economy and Washington state exported over $12 billion in goods to China last year—making China Washington state’s top export partner—and imported $11.2 billion in goods, the most in imports from any country aside from Canada. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.
    Senator Murray has been a vocal opponent of Trump’s chaotic trade war from the very start and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade and calling on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier last month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.
    Murray has also been sounding the alarm on Trump’s tariffs across Washington state. Recently, Senator Murray held a roundtable discussion in Tacoma with local businesses and ports, met with farmers in Yakima to discuss the consequences of Trump’s tariffs, and held a roundtable discussion in Vancouver at a local metal fabrication company to highlight how Trump’s trade war is hurting businesses and our economy Washington state. Just last week, Senator Murray met with small business owners in Seattle’s University District to hear how Trump’s tariffs and the broader economic uncertainty are affecting them, and later she met with farmers in Skagit County to discuss tariffs, and visited Blaine near the Canadian border to highlight the impacts of Trump’s trade war.
    Senator Murray’s full remarks as delivered during today’s press call are below:
    “Thank you everyone for joining us, and I am so glad to be on this call today with some of my colleagues from the West Coast—the best coast. You’re going to hear from Senators Wyden and Padilla, and our West Coast ports. 
    “We are here to sound the alarm on Trump’s disaster of a trade policy with some of the ports that we represent, because the window of opportunity we have to minimize the worst consequences of this inane tariff agenda is rapidly shrinking. I want to be clear what’s happening here, one economically illiterate President is forcing a totally unpredictable and thoughtless trade war onto the entire world—and although Trump inherited a remarkably strong and resilient American economy, he is singlehandedly pushing this nation toward a painful Republican Recession while forcing a tax increase on everyone.
    “All of the major economic indicators are there, we’re talking big red, flashing sirens. We went from months of strong economic growth and predictions of more growth to come, to a shrinking economy all thanks to Trump and his tariffs. Consumer confidence is at its lowest level since COVID because it’s pretty obvious Trump is driving the economy into the ground on purpose. Small businesses in my state who rely on imports are telling me the situation is as dire for them as it was during COVID—during COVID! They’re actually calling Trump’s trade war a kind of COVID 2.0 for them.
    “They are facing tariffs on items we either don’t grow or make in the United States, and realistically never will, for things like coffee or Green Tea. They are shouting from the rooftop that Trump is singlehandedly detonating a mass extinction event for small businesses in America.
    “And listen, few people understand better than our Ports that you don’t need these tariffs to last very long for them to have a verybig impact. Fewer ships from across the Pacific, means less cargo at our ports, less cargo at our ports means less goods for our truckers to transport, and that ultimately means bare shelves for our retailers and the American consumer.
    “Now even if you assume the most optimistic outlook that Trump is going to cut amazing new trade deals with everyone he’s burned—which he won’t—there will still be a painful cost from the shock to the economy that has already been set in motion. Supply chains do not reset in an instant. The time to reverse these Republican tariffs was the same day they were announced.
    “Just three Republicans chose to support Senator Wyden’s resolution yesterday, with the majority blocking that bill. That is a dangerous and deliberate decision by Republicans to enable Trump’s pro-recession agenda and higher taxes on every American—and for every day that Republicans choose to allow Trump to sabotage the economy, more small businesses will continue to suffer.
    “Businesses in Washington state are already having to take cost cutting measures, they’re laying off employees, some may even close for good. For what? There’s no strategy here. It’s short-term pain for long-term pain. This entire debacle is already a prime example of self-inflicted economic arson. No one wins here.
    “Republicans need to cut their losses, and work with Democrats immediately to end this tax on consumers and stop these nonsense trade wars. Congress needs to take the matches away from the President who is setting fire to the economy. So, Democrats are going to make sure Republicans continue to feel the pressure until this Congress takes action and overrides this President.
    “So, with that, I want to turn it over to Senator Wyden. He has been a leader in our efforts to rein in Trump’s tariffs.”

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Whitehouse Welcome GAO Report on Use of Beneficial Ownership Information to Bolster Fraud Detection

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sens. Chuck Grassley (R-Iowa) and Sheldon Whitehouse (D-R.I.) welcomed the release of a Government Accountability Office (GAO) report examining the use of beneficial ownership information in law enforcement or Inspectors General investigations to detect fraud and misconduct in government programs.
    Grassley and Whitehouse requested the report last Congress as part of their ongoing bipartisan work to improve government accountability and transparency, combat illicit finance and bolster the U.S.’s anti-corruption efforts.  
    “For decades, criminals, cartels and foreign terrorists have used shell companies to steal taxpayer dollars, launder their ill-gotten gains and endanger American lives with lethal drugs and violent crime. Last Congress, Senator Whitehouse and I uncovered just one aspect of these systemic weaknesses in lax Federal Aviation Administration (FAA) registration,” Grassley said. “In order to fight this pervasive form of fraud, and support President Trump’s agenda of cutting waste, fraud and abuse, Inspectors General must know who the true owners of U.S. corporations are. FinCEN ought to swiftly implement GAO’s recommendations and provide Inspectors General access to the company registry of beneficial owners.”
    “America is engaged in a clash of civilizations, between rule of law and international corruption and kleptocracy. Senator Grassley and I worked for years to pass the Corporate Transparency Act to support law enforcement’s ability to go after fraudsters, cartels, and criminals, who routinely use shell companies to stash dirty money in plain sight,” Whitehouse said. “This timely GAO report details how company ownership reporting betters our government’s approach to cracking down on fraudsters stealing government money and benefits at the expense of honest small businesses and taxpayers.”
    Findings:
    The GAO report found that some private companies competing for government contracts or applying for federal benefits perpetrated fraud against the government through obscuring their ownership information. The report recommends that the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) work with Inspectors General to facilitate the use of beneficial ownership information to bolster fraud detection, anti-corruption and illicit finance risk.   
    The report describes how shell company schemes result in significant financial losses and threaten our national security and public safety, including the theft of $93 million from Medicare to the transfer of sensitive military technology to foreign countries. About 85 percent of Inspectors General reported that beneficial ownership information could help prevent and investigate fraud in the government.  
    Background:
    Grassley and Whitehouse were the original sponsors of the TITLE Act, the precursor to the Corporate Transparency Act (CTA). The CTA was designed to play an important role in protecting national security and public safety by providing law enforcement and national security officials with the names of the true owners (“beneficial ownership information”) of U.S. corporations and other legal entities. This information aids the government’s efforts to combat terrorist financing, money laundering, sanctions evasion, proliferation financing, tax evasion and other forms of illicit finance carried out through shell and front companies.  
    The CTA was the culmination of more than a decade of painstaking bipartisan congressional deliberation. The measure passed as part of the FY2021 National Defense Authorization Act and was supported by a wide range of stakeholders, including national security experts, law enforcement, anti-corruption groups, human rights organizations, faith communities, financial institutions, real estate organizations, the U.S. Chamber of Commerce, labor unions and the first Trump Administration.   
    Read the full report HERE.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Weber Washington Times Op-Ed: The world runs on Southeast Texas energy

    Source: United States House of Representatives – Congressman Randy Weber (14th District of Texas)

    Washington, D.C. – In a new op-ed in the Washington Times, U.S. Rep. Randy Weber (TX-14), the Chairman of the Energy Subcommittee on the Science, Space, and Technology Committee and Vice-Chair of the Energy Subcommittee on the Energy and Commerce Committee, details the urgent need to restore American energy leadership by investing in the Gulf Coast — particularly Southeast Texas.

    Below, please find an excerpt from the op-ed.

    The world runs on Southeast Texas energy

    Washington Times

    By: Representative Randy Weber

    April 28, 2025

    “When America needs energy, it turns to Texas and more specifically, to Southeast Texas. We don’t just refine oil or export gas. We fuel economies, empower allies, and protect national security. In short: we are the energy capital of the world…

    “Our energy sector supports millions of well-paying jobs across America and tens of thousands of those are in Southeast Texas. These are jobs that don’t require four-year degrees, but do demand skill, grit, and the kind of work ethic that built this county. Welders, pipefitters, engineers, rig hands, terminal operators, truck drivers, safety techs this is the American workforce at its best…

    “We have four years to do a lot of important work that has been neglected for years. If we want to continue our energy dominance, we must double down on Southeast Texas…

    “That means investing in critical infrastructure pipelines, ports, and power grids to move our products faster and safer. It means cutting the red tape that delays permits and discourages innovation. It means unleashing the full potential of LNG, hydrogen, and carbon capture, and empowering the hardworking men and women who keep our energy economy running.”

    MIL OSI USA News –

  • MIL-OSI: Gran Tierra Energy Inc. Reports First Quarter 2025 Results, Record Production and Continued Exploration Success

    Source: GlobeNewswire (MIL-OSI)

    • Achieved Record Total Company Average Quarterly Production of 46,647 boepd
    • Ecuador Exploration Success Continues with Additional Oil Discoveries in Iguana Block
    • Solid Balance Sheet, Exited the Quarter with $77 Million in Cash Following Active Capital Campaign, Paid Down $27 Million of Debt
    • Additional Liquidity Secured with Signing of New $75 Million Credit Facility

    CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announced the Company’s financial and operating results for the quarter ended March 31, 2025 (“the Quarter”) and provided an operational update. All dollar amounts are in United States (“U.S.”) dollars and all reserves and production volumes are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Production is expressed in barrels (“bbl”) of oil equivalent (“boe”) per day (“boepd” or “boe/d”) and are based on WI sales before royalties. For per boe amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed May 1, 2025.

    Message to Shareholders

    Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “Our first quarter performance reflects strong operational execution and disciplined financial management. Our front-loaded 2025 capital program, which had up to five rigs active during the quarter, delivered record drilling times and cost efficiencies across our key assets. We continue to generate returns through our share buyback program and ongoing debt reduction. Lowering leverage remains a key priority as we focus on projects which deliver quick cycle returns and maintain flexibility to invest in high-return opportunities across our portfolio. Our focused exploration efforts also continue to deliver successful results, reinforcing the quality of our assets and long-term strategy to create value. With current production of approximately 48,400(2) boe/d and a strong hedge position for the remainder of the year we are well positioned to generate value while remaining resilient amid commodity price volatility.”

    Operational Update:

    • Ecuador
      • Gran Tierra has successfully drilled two additional oil discoveries in Ecuador, the Iguana B1 and Iguana B2 wells on the Iguana Block. The combined wells have an average oil production rate over 30 days of ~1,684 bopd from the U-Sand formation (with a less than 1% watercut), an average API of 28° and 520 standard cubic foot per stock tank barrel of gas-to-oil ratio. The Iguana B1 well was drilled and completed in record time and under budget, establishing a new pace-setting well in Gran Tierra’s Ecuador exploration campaign.
      • The drilling rig has been stacked on the Iguana pad, pending mobilization to the new Conejo pad on the Charapa Block, to resume exploration drilling during the third quarter of 2025.
    • Colombia
      • Gran Tierra successfully drilled the first three of five wells from the Cohembi North Pad during the Quarter. All wells were under budget and drilled 60% faster than the previous operator. These wells represent the Company’s first drilling operations as operator, with the remaining two wells expected to be drilled during the second quarter of 2025. Upon completion of the program, the rig will move to the Costayaco Pad to commence a three well development program during the second quarter of 2025.
      • By the end of the Quarter, the civil, electrical and mechanical field works at Cohembi reached 100% mechanical completion. This project was initiated to facilitate the processing of new production from the Cohembi North Pad at the Cohembi Central Processing Facility.
      • Optimization of the Acordionero field is ongoing through waterflood expansion, which includes facility enhancements, electrical submersible pump upsizing, injector conversions and upgrades to gas-to-power generation. These initiatives are focused on reducing unit costs, offsetting natural declines and improving overall recovery factors. The field continues to perform strongly, with average production of 13,824 boepd in the Quarter. This represents a two percent increase from the fourth quarter of 2024, despite no wells being drilled since the first quarter of 2024. Current production (April 1 – 30, 2025) is approximately 14,500 boepd, a 5% increase from the first quarter of 2025 average, reflecting the strong reservoir response to the execution of our first quarter waterflood management optimization program. The Company continues to see significant development potential at Acordionero and is planning another drilling program of eight to ten wells in 2026 targeting high oil saturation, unswept infill locations.
    • Canada
      • Gran Tierra and its joint venture partner, Logan Energy Corp., successfully drilled and completed two Lower Montney wells at Simonette. These two wells were brought on stream from the 16-13-61-1W6 (“16-13”) pad and completed with a similar optimized Lower Montney completion design as the 13-13-61-1W6 offset well drilled in 2022. After 21 days since being placed on production, the average gross production per well was 674 bbl/d oil, 13 bbl/d NGLs and 767 Mcf/d of gas (814 boe/d at 84% liquids), Gran Tierra has a 50% Working Interest and the wells continue to clean-up. This early production performance surpasses the prior offset well by 80% for the same time period and are exceeding their budgeted type curves. After 21 days since being placed on production, the average gross production per well was 674 bbl/d oil, 13 bbl/d NGLs and 767 Mcf/d of gas (814 boe/d at 84% liquids). Gran Tierra has a 50% Working Interest and the wells continue to clean-up. This early production performance surpasses the prior offset well by 80% for the same time period and are exceeding their budgeted type curves.
      • Gran Tierra successfully acquired 21 sections of prospective land in Central Alberta along the Nisku fairway in March 2025, which adds over 50 potential drilling opportunities to its drilling inventory.
      • At Clearwater, Gran Tierra participated in the successful drilling of two gross (0.5 net) wells during the Quarter, and both wells are estimated to be on stream imminently. The first well drilled was a 4-legged injector to support a water flood pilot in the Marten Hills block, potentially increasing reserves based off nearby analogue waterflood results. The second well (non-op), with 14 legs, was drilled in the Seal block to test the productivity of heavy oil in the Bluesky formation.

    Key Highlights of the Quarter:

    • Production: Gran Tierra’s total average WI production was 46,647 boepd, which was 14% higher than fourth quarter 2024 (“the Prior Quarter”) and 45% higher than the first quarter of 2024. Higher production during the Quarter was due to the Company recognizing three full months of production from Canada and positive exploration well results in Ecuador.
    • Net Income: Gran Tierra incurred a net loss of $19 million, compared to a net loss of $34 million in the Prior Quarter and a net loss of nil in the first quarter of 2024.
    • Adjusted EBITDA(1): Adjusted EBITDA(1) was $85 million compared to $76 million in the Prior Quarter and $95 million in the first quarter of 2024. Twelve-month trailing Net Debt(1) to Adjusted EBITDA(1) was 1.9 times (only accounts for five months of Canadian operations Adjusted EBITDA) and the Company continues to have a long-term target ratio of 1.0 times.
    • Net Cash Provided by Operating Activities: Net Cash Provided by Operating Activities was $73 million ($2.05 per share), up 175% from the Prior Quarter and up 20% from the first quarter of 2024.
    • Funds Flow from Operations(1): Funds flow from operations(1) was $55 million ($1.55 per share), up 25% from the Prior Quarter and down 26% from the first quarter of 2024 as a result of lower oil prices.
    • Cash and Debt: As of March 31, 2025, the Company had a cash balance of $77 million, total debt of $760 million and net debt(1) of $683 million. During the Quarter, the Company repaid at maturity the remaining principal of its 6.25% Senior Notes due in 2025 in an amount of $25 million and repurchased $2 million of its 9.5% Senior Notes due in 2029.
    • Liquidity: In addition to the $77 million cash on hand as of March 31, 2025, the Company currently has approximately $110 million in undrawn credit and lending facilities. The Company has a revolving credit facility agreement in Canada with a borrowing base of C$100.0 million with available commitment of C$50.0 million and is available until October 31, 2025 with a repayment date of October 31, 2026, which may be extended by further periods of up to 364 days, subject to lender approval. On April 16, 2025, the Company announced an additional $75 million reserve-based lending facility in Colombia with a final maturity date in 36 months from the closing date.
    • Share Buybacks: Gran Tierra repurchased 453,050 shares of common stock during the Quarter. From January 1, 2023, to April 29, 2025, the Company repurchased approximately 5.2 million shares, or 15% of shares issued and outstanding on January 1, 2023.

    Additional Key Financial Metrics:

    • Capital Expenditures: Capital expenditures of $95 million were higher than the $79 million in the Prior Quarter and higher than $55 million in the first quarter of 2024 as a result of the addition of the Canadian development program, an active Ecuador exploration program and development activities in the Cohembi field in Colombia during the Quarter. During the Quarter, the Company had three rigs active in Canada, one in Ecuador and one in Colombia. Currently, the Company has one rig active in Colombia.
    • Oil Sales: Gran Tierra generated oil sales of $171 million, up 8% from the first quarter of 2024 as a result of 45% higher sales volumes due to higher production and the tightening of the Castilla, Vasconia and Oriente oil differentials which offset lower Brent pricing. Oil sales increased 16% from the Prior Quarter primarily due to 17% higher sales volumes, a 1% increase in Brent price and lower Castilla, Oriente, and Vasconia oil differentials.
    • South American Quality and Transportation Discounts: The Company’s quality and transportation discounts in South America per bbl were lower during the Quarter at $11.58, compared to $13.94 in the Prior Quarter and $15.36 in the first quarter of 2024. The Castilla oil differential per bbl tightened to $5.34, down from $8.33 in the Prior Quarter and $8.82 in the first quarter of 2024 (Castilla is the benchmark for the Company’s Middle Magdalena Valley Basin oil production). The Vasconia differential per bbl tightened to $2.27, down from $5.02 in the Prior Quarter, and $5.05 in the first quarter of 2024. The Ecuadorian benchmark, Oriente, per bbl was $7.65, down from $9.40 in the Prior Quarter and $8.02 one year ago. The current(2) differentials are approximately $4.94 per bbl for Castilla, $1.87 per bbl for Vasconia, and $7.26 per bbl for Oriente.
    • Operating Expenses: On a per boe basis, operating expenses decreased by 3% when compared to the first quarter of 2024 and the Prior Quarter. Operating expenses increased by 11% to $67 million, compared to the Prior Quarter and increased by 39% from $48 million compared to the first quarter of 2024, primarily due to new Canadian operations and increases in production volumes in Ecuador. The increase in total operating costs is commensurate with the 45% increase in production.
    • Transportation Expenses: The Company’s transportation expenses increased by 62% to $7 million, compared to the Prior Quarter’s transportation expenses of $4 million, and increased by 51% compared to the first quarter of 2024. Transportation expenses were higher due to new Canadian operations and higher sales volumes transported in Ecuador during the Quarter.
    • Operating Netback(1)(3): The Company’s operating netback(1)(3) was $22.70 per boe, up 2% from the Prior Quarter and down 36% from the first quarter of 2024 because of of the addition of the Canadian assets and approximately 50 of Canadian production tied to AECO gas pricing.
    • General and Administrative (“G&A”) Expenses: G&A expenses before stock-based compensation were $2.86 per boe, up from $2.75 per boe in the Prior Quarter due to increased audit fees relating to the acquisition of the Canadian assets, a full quarter of Canadian salaries and increased IT expenses. G&A expenses before stock-based compensation were down from $3.65 per boe, compared to the first quarter of 2024 as a result of higher sales volumes in the Quarter.
    • Cash Netback(1): Cash netback(1) per boe increased to $13.04, compared to $11.90 in the Prior Quarter primarily as a result of transaction costs of $1.20 per boe incurred in the Prior Quarter as a result of the acquisition of the Canadian operations. Compared to one year ago, cash netback(1) per boe decreased by $12.09 from $25.13 per boe as a result of lower operating netback primarily due to lower realized price.

    Gran Tierra Reconfirms Previously Disclosed 2025 Consolidated Guidance and Provides Country Breakdown:

    2025 Budget Low Case Base Case High Case
    Brent Oil Price ($/bbl) 65.00 75.00 85.00
    WTI Oil Price ($/bbl) 61.00 71.00 81.00
    AECO Natural Gas Price ($CAD/thousand cubic feet) 2.00 2.50 3.50
    Production (boepd) 47,000-53,000 47,000-53,000 47,000-53,000
    Operating Netback1,3($ million) 330-370 430-470 510-550
    EBITDA1($ million) 300-340 380-420 460-500
    Cash Flow1($ million) 200-240 260-300 300-340
    Capital Expenditures ($ million) 200-240 240-280 240-280
    Free Cash Flow1($ million) – 20 60
    Number of Development Wells (gross) 8-12 10-14 10-14
    Number of Exploration Wells (gross) 6 6-8 6-8
    Budgeted Costs Costs per boe ($/boe)
    Lifting 12.00-14.00
    Workovers 1.50-2.50
    Transportation 1.00-2.00
    General and Administration 2.00-3.00
    Interest 4.00-4.50
    Current Tax 2.00-3.00
    2025 Budget by Country – Base Case Canada Colombia Ecuador
    Production (kboepd) 18 – 19* 25 – 27 4 – 7
           
    Per Barrel ($/boe)      
    Realized Price 22 – 24 51 – 53 43 – 45
    Operating and Transportation Expense 10 – 12 19 – 21 12 – 14
    Operating Netback 10 – 14 30 – 34 29 – 33

    *Canada’s production is comprised of approximately 50% natural gas, 21% oil and 29% natural gas liquids (“NGL”)

    Financial and Operational Highlights (all amounts in $000s, except per share and boe amounts)

    Consolidated Financial Data Three Months Ended March 31,   Three Months
    Ended
    December 31,
      2025 2024   2024
             
    Net Income (Loss) $(19,280) $(78)   $(34,210)
    Per Share – Basic and Diluted $(0.54) $—   $(1.00)
             
    Oil, Natural Gas and NGL Sales $170,533 $157,577   $147,290
    Operating Expenses (67,354) (48,466)   (60,770)
    Transportation Expenses (6,911) (4,584)   (4,279)
    Operating Netback(1)(3) $96,268 $104,527   $82,241
             
    G&A Expenses Before Stock-Based Compensation $12,143 $10,782   $10,191
    G&A Stock-Based Compensation (Recovery) Expense (517) 3,361   3,331
    G&A Expenses, Including Stock Based Compensation $11,626 $14,143   $13,522
             
    Adjusted EBITDA(1) $85,162 $94,792   $76,168
             
    EBITDA(1) $79,710 $91,891   $65,247
             
    Net Cash Provided by Operating Activities $73,230 $60,827   $26,607
             
    Funds Flow from Operations(1) $55,344 $74,307   $44,129
             
    Capital Expenditures $94,727 $55,331   $78,579
             
    Free Cash Flow(1) $(39,383) $18,976   $(34,450)
             
    Average Daily Production (boe/d)        
    WI Production Before Royalties 46,647 32,242   41,009
    Royalties (8,084) (6,397)   (7,327)
    Production NAR 38,563 25,845   33,682
    Decrease (Increase) in Inventory 461 235   (712)
    Sales 39,024 26,080   32,970
    Royalties, % of WI Production Before Royalties 17% 20%   18%
             
    Cash Netback ($/boe)(1)        
    Average Realized Price before Royalties 48.55 66.40   48.56
    Royalties (8.33) (13.08)   (8.83)
    Average Realized Price 40.22 53.32   39.73
    Transportation Expenses (1.63) (1.55)   (1.15)
    Average Realized Price Net of Transportation Expenses 38.59 51.77   38.58
    Operating Expenses (15.89) (16.40)   (16.39)
    Operating Netback(1)(3) 22.70 35.37   22.19
    G&A Expenses Before Stock-Based Compensation (2.86) (3.65)   (2.75)
    Transaction Costs — —   (1.20)
    Realized Foreign Exchange Gain (Loss) (0.51) (0.49)   0.07
    Cash settlement on derivative instruments 0.10 —   0.30
    Interest Expense, Excluding Amortization of Debt Issuance Costs (4.58) (5.12)   (5.40)
    Interest Income 0.10 0.23   0.34
    Other Gain — —   0.40
    Net Lease Payments 0.04 0.12   0.07
    Current Income Tax Expense (1.95) (1.33)   (2.12)
    Cash Netback(1) $13.04 $25.13   $11.90
             
    Share Information (000s)        
    Common Stock Outstanding, End of Period 35,524 31,401   35,972
    Weighted Average Number of Shares of Common Stock Outstanding – Basic and Diluted 35,777 31,813   34,333
    South American Operational Information Three Months Ended March 31,   Three Months
    Ended
    December 31,
      2025 2024   2024
    Operating Netback(1)(3)        
    Oil Sales $138,671 $157,577   $128,335
    Operating Expenses (50,827) (48,466)   (51,121)
    Transportation Expenses (4,304) (4,584)   (3,607)
    Operating Netback(1)(3) $83,540 $104,527   $73,607
             
    Average Daily Production (boe/d)        
    WI Production Before Royalties 29,686 32,242   29,695
    Royalties (5,844) (6,397)   (5,761)
    Production NAR 23,842 25,845   23,934
    Decrease (Increase) in Inventory 461 235   (712)
    Sales 24,303 26,080   23,222
    Royalties, % of WI Production Before Royalties 20% 20%   19%
             
    Operating Netback ($/boe)(1)(3)        
    Brent $74.98 $81.76   $74.01
    Quality and Transportation Discount (11.58) (15.36)   (13.94)
    Royalties (12.29) (13.08)   (11.94)
    Average Realized Price 51.11 53.32   48.13
    Transportation Expenses (1.59) (1.55)   (1.35)
    Average Realized Price Net of Transportation Expenses 49.52 51.77   46.78
    Operating Expenses (18.73) (16.40)   (19.17)
    Operating Netback(1)(3) $30.79 $35.37   $27.61
    Canadian Operational Information(4) Three Months Ended March 31,   Three Months
    Ended
    December 31,
      2025 2024   2024
    Operating Netback(1)(3)        
    Oil Sales $21,269 $—   $14,832
    Natural Gas Sales 7,561 —   3,546
    NGL Sales 7,997 —   4,193
    Royalties (4,966) —   (3,616)
    Oil, Natural Gas and NGL Sales After Royalties $31,862 $—   $18,955
    Operating Expenses (16,527) —   (9,649)
    Transportation Expenses (2,607) —   (672)
    Operating Netback(1)(3) $12,728 $—   $8,634
             
    Average Daily Production        
    Crude Oil (bbl/d) 3,623 —   2,461
    Natural Gas (mcf/d) 49,860 —   32,814
    NGLs (bbl/d) 5,029 —   3,383
    WI Production Before Royalties (boe/d) 16,961 —   11,314
    Royalties (boe/d) (2,240) —   (1,566)
    Production NAR (boe/d) 14,721 —   9,748
    Sales (boe/d) 14,721 —   9,748
    Royalties, % of WI Production Before Royalties 13% —%   14%
             
    Benchmark Prices        
    West Texas Intermediate ($/bbl) 71.47 77.01   70.42
    AECO Natural Gas Price (C$/GJ) 2.05 1.70   1.56
             
    Average Realized Price        
    Crude Oil ($/bbl) 65.23 —   65.50
    Natural Gas ($/mcf) 1.69 —   1.17
    NGLs ($/bbl) 17.67 —   13.47
             
    Operating Netback ($/boe)(1)(3)        
    Average Realized Price $24.12 $—   $21.69
    Royalties (3.25) —   (3.47)
    Transportation Expenses (1.71) —   (0.65)
    Operating Expenses (10.83) —   (9.27)
    Operating Netback(1)(3) $8.33 $—   $8.30

    (1)Funds flow from operations, operating netback, net debt, cash netback, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (“EBITDA”) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and, where applicable, reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.
    (2) Gran Tierra’s second quarter-to-date 2025 total average differentials and average production are for the period from April 1 to April 30, 2025.
    (3) Operating netback as presented is defined as oil sales less operating and transportation expenses. See the table titled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.
    (4) Gran Tierra entered Canada with the acquisition of i3 Energy which closed October 31, 2024, therefore no comparative data is provided for the corresponding period of 2024.

    Conference Call Information:

    Gran Tierra will host its first quarter 2025 results conference call on Friday, May 2, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may access the conference call by registering at the following link: https://register-conf.media-server.com/register/BI0f6a1e0b01bd474992543eb3e6d51c71. The call will also be available via webcast at www.grantierra.com.

    2024 Sustainability Report:

    Gran Tierra has published its 2024 Sustainability Report and is available on the Company website at www.grantierra.com/esg.

    Corporate Presentation:

    Gran Tierra’s Corporate Presentation has been updated and is available on the Company website at www.grantierra.com.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

    About Gran Tierra Energy Inc.
    Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Forward Looking Statements and Legal Advisories:
    This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release regarding our business strategy, plans and objectives of our management for future operations, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition, and those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” “guidance,” “forecast,” “budget,” “estimate,” “signal,” “progress” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: the Company’s leverage ratio target, the Company’s plans regarding strategic investments, acquisitions, including the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, and growth, the Company’s drilling program and capital expenditures and the Company’s expectations of commodity prices, including future gas pricing in Canada, exploration and production trends and its positioning for 2024. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), the ability of Gran Tierra to successfully integrate the assets and operations of i3 Energy or realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, the general continuance of assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.

    Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to: certain of our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from actual or anticipated tariffs and trade policies, global health crises, geopolitical events, including the conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than we currently predict, which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to access debt or equity capital markets from time to time to raise additional capital, increase liquidity, fund acquisitions or refinance debt; our ability to comply with financial covenants in our indentures and make borrowings under our credit agreements; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2024 filed February 20, 2024 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.

    The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. The risk that the assumptions on which the 2024 outlook are based prove incorrect may increase the later the period to which the outlook relates. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

    The estimates of future production (aggregate and per country), EBITDA, net cash provided by operating activities (described in this press release as “cash flow”), free cash flow, certain prices and expenses (aggregate and per country) and operating netback (aggregate and per country) may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for 2025. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

    Non-GAAP Measures

    This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net income or loss, cash flow from operating activities or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as to not imply that more emphasis should be placed on the non-GAAP measure.

    Operating netback, as presented, is defined as oil sales less operating and transportation expenses. See the table entitled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.

    Cash netback as presented is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss, other gain or loss and unrealized derivative instruments loss. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. A reconciliation from net income or loss to cash netback is as follows:

      Three Months Ended March 31,   Three Months
    Ended
    December 31,
    Cash Netback – (Non-GAAP) Measure ($000s)   2025     2024       2024  
    Net Loss $ (19,280 ) $ (78 )   $ (34,210 )
    Adjustments to reconcile net loss to cash netback        
    DD&A expenses   72,202     56,150       63,406  
    Deferred tax (recovery) expense   (4,712 )   13,479       4,444  
    Stock-based compensation (recovery) expense   (517 )   3,361       3,331  
    Amortization of debt issuance costs   3,833     3,306       3,743  
    Non-cash lease expense   1,736     1,413       1,759  
    Lease payments   (1,567 )   (1,058 )     (1,495 )
    Unrealized foreign exchange loss (gain)   1,687     (2,266 )     (223 )
    Other loss   52     —       —  
    Unrealized derivative instrument loss   1,910     —       3,374  
    Cash netback $ 55,344   $ 74,307     $ 44,129  

    EBITDA, as presented, is defined as net income or loss adjusted for DD&A expenses, interest expense and income tax expense or recovery. Adjusted EBITDA, as presented, is defined as EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gain or loss, stock-based compensation expense, transaction costs, other gain or loss and unrealized derivative instruments loss. Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income or loss to EBITDA and adjusted EBITDA is as follows:

      Three Months Ended March 31,   Three Months
    Ended
    December 31,
    EBITDA – (Non-GAAP) Measure ($000s)   2025     2024       2024  
    Net Loss $ (19,280 ) $ (78 )   $ (34,210 )
    Adjustments to reconcile net loss to EBITDA and Adjusted EBITDA        
    DD&A expenses   72,202     56,150       63,406  
    Interest expense   23,235     18,424       23,752  
    Income tax expense   3,553     17,395       12,299  
    EBITDA $ 79,710   $ 91,891     $ 65,247  
    Non-cash lease expense   1,736     1,413       1,759  
    Lease payments   (1,567 )   (1,058 )     (1,495 )
    Foreign exchange loss (gain)   3,838     (815 )     (496 )
    Stock-based compensation expense   (517 )   3,361       3,331  
    Transaction costs   —     —       4,448  
    Other loss   52     —       —  
    Unrealized derivative instrument loss   1,910     —       3,374  
    Adjusted EBITDA $ 85,162   $ 94,792     $ 76,168  

    Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain, other gain or loss and unrealized gain or loss on derivative instruments. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income or loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Free cash flow, as presented, is defined as funds flow from operations adjusted for capital expenditures. Management uses this financial measure to analyze cash flow generated by our principal business activities after capital requirements and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. A reconciliation from net income or loss to both funds flow from operations and free cash flow is as follows:

      Three Months Ended March 31,   Three Months
    Ended
    December 31,
    Funds Flow From Operations –
    (Non-GAAP) Measure ($000s)    		   2025     2024       2024  
    Net Loss $ (19,280 ) $ (78 )   $ (34,210 )
    Adjustments to reconcile net loss to funds flow from operations        
    DD&A expenses   72,202     56,150       63,406  
    Deferred tax (recovery) expense   (4,712 )   13,479       4,444  
    Stock-based compensation (recovery) expense   (517 )   3,361       3,331  
    Amortization of debt issuance costs   3,833     3,306       3,743  
    Non-cash lease expense   1,736     1,413       1,759  
    Lease payments   (1,567 )   (1,058 )     (1,495 )
    Unrealized foreign exchange loss (gain)   1,687     (2,266 )     (223 )
    Other loss   52     —       —  
    Unrealized derivative instrument loss   1,910     —       3,374  
    Funds flow from operations $ 55,344   $ 74,307     $ 44,129  
    Capital expenditures $ 94,727   $ 55,331     $ 78,579  
    Free cash flow $ (39,383 ) $ 18,976     $ (34,450 )

    Net debt as of March 31, 2025, was $683 million, calculated using the sum of the aggregate principal amount of 7.75% Senior Notes, and 9.50% Senior Notes outstanding, excluding deferred financing fees, totaling $760 million, less cash and cash equivalents of $77 million.

    Presentation of Oil and Gas Information

    Boes have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 boe of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 boe would be misleading as an indication of value.

    References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

    This press release contains certain oil and gas metrics, including operating netback and cash netback, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. These metrics are calculated as described in this press release and management believes that they are useful supplemental measures for the reasons described in this press release.

    Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    References in this press release to “potential drilling opportunities” are references to unbooked locations for which there are no reserves or resources attributed by any of the Company’s qualified reserves auditors or evaluators but which the Company internally estimates can be drilled based on current land holdings, industry practice regarding well density, and internal review of geologic, geophysical, seismic, engineering, production and resources information. There is no certainty that the Company will drill any particular locations, or that drilling activity on any locations will result in additional reserves, resources or production. Locations on which the Company in fact drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, commodity prices, costs, actual drilling results, additional reservoir information and other factors. There is a higher level of risk associated with locations that are potential drilling opportunities and not “booked” locations to which any qualified reserves evaluator or auditor may have attributed reserves or resources. The Company generally has less information about reservoir characteristics associated with locations that are potential drilling opportunities and, accordingly, there is greater uncertainty whether wells will ultimately be drilled in such locations and, if drilled, whether they will result in additional reserves, resources or production.

    The MIL Network –

  • MIL-OSI: Kayne Anderson Energy Infrastructure Fund Provides Unaudited Balance Sheet Information and Announces Its Net Asset Value and Asset Coverage Ratios as of April 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of April 30, 2025.

    As of April 30, 2025, the Company’s net assets were $2.3 billion, and its net asset value per share was $13.50. As of April 30, 2025, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 713% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 515%.

     STATEMENT OF ASSETS AND LIABILITIES
    APRIL 30, 2025   // (UNAUDITED)
     
        (in millions)
    Investments   $ 3,131.2  
    Cash and cash equivalents     3.1  
    Accrued income     9.7  
    Other assets     1.0  
    Total assets     3,145.0  
         
    Credit facility     9.0  
    Notes     388.2  
    Unamortized notes issuance costs     (2.5 )
    Preferred stock     153.6  
    Unamortized preferred stock issuance costs     (1.2 )
    Total leverage     547.1  
         
    Payable for securities purchased     7.5  
    Other liabilities     13.7  
    Current tax liability, net     6.2  
    Deferred tax liability, net     287.2  
    Total liabilities     314.6  
         
    Net assets   $ 2,283.3  
         

    The Company had 169,126,038 common shares outstanding as of April 30, 2025.

    Long-term investments were comprised of Midstream Energy Companies (95%), Utility Companies (2%) and Other (3%).  

    The Company’s ten largest holdings by issuer at April 30, 2025 were:

          Amount
    (in millions)    		 % Long Term
    Investments
    1. The Williams Companies, Inc. (Midstream Energy Company)   $348.1   11.1 %
    2. MPLX LP (Midstream Energy Company)     308.2   9.8 %
    3. Enterprise Products Partners L.P. (Midstream Energy Company)     304.3   9.7 %
    4. Energy Transfer LP (Midstream Energy Company)     302.2   9.7 %
    5. Cheniere Energy, Inc. (Midstream Energy Company)     260.2   8.3 %
    6. Kinder Morgan, Inc. (Midstream Energy Company)     202.0   6.5 %
    7. ONEOK, Inc. (Midstream Energy Company)     177.9   5.7 %
    8. TC Energy Corporation (Midstream Energy Company)     166.9   5.3 %
    9. Targa Resources Corp. (Midstream Energy Company)     165.0   5.3 %
    10. Western Midstream Partners, LP (Midstream Energy Company)     130.8   4.2 %

    Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by viewing the Company’s most recent quarterly or annual report.

    Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

    Contact investor relations at 877-657-3863 or cef@kayneanderson.com.

    The MIL Network –

  • MIL-OSI USA: Lummis, Hagerty, Tim Scott Celebrate Expedited Vote on Historic Digital Asset Legislation

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis

    May 1, 2025

    Washington, D.C.— U.S. Senator Cynthia Lummis (R-WY) joined Senator Bill Hagerty (R-TN) and Banking Committee Chairman Senator Tim Scott (R-SC) in praising Senate Majority Leader Thune on expediting a vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act which establishes a clear regulatory framework for payment stablecoins. 

    “Our landmark stablecoin legislation is a huge victory for the digital asset industry and a critical step in securing our nation’s financial future,” said Lummis. “The GENIUS Act strikes the balance of establishing proper guardrails that protect consumers while preserving financial innovation and America’s dollar dominance in the global financial system. President Trump and Leader Thune’s decision to bring this important legislation to the floor demonstrates their commitment to maintaining U.S. leadership in financial services while keeping digital asset companies and jobs onshore. I want to thank Senator Hagerty and Chairman Scott for their leadership on this and look forward to getting this legislation across the finish line.”

    “The GENIUS Act is a critical first step towards delivering on President Trump and the American people’s mandate to advance a regulatory framework for digital assets —and will protect consumers and expand financial inclusion across the country,” said Scott. “I look forward to voting for the bill on the floor and the Senate taking historic action to provide the industry with the clarity it deserves.” 

    “The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance,” said Hagerty. “I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules.” 

    MIL OSI USA News –

  • MIL-OSI New Zealand: BNZ offers support for Canterbury and Wellington customers affected by severe weather

    Source: BNZ statements

    BNZ is offering targeted support for customers affected by severe weather events in Canterbury and Wellington.

    Available immediately, the support includes package includes:

    • Ability to review home lending facilities on a case-by-case basis.
    • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies.
    • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies.
    • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies.

    “We understand that some of our customers may be facing unexpected challenges to their homes, businesses and communities and we are offering practical support to help relieve some of the pressure during this time, so people can focus on the clean-up and recovery,” says BNZ Executive Customer Products and Services Karna Luke.

    “We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help.”

    To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ.

    BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz

    The post BNZ offers support for Canterbury and Wellington customers affected by severe weather appeared first on BNZ Debrief.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Gillibrand Slams Trump Administration For Making Seniors More Vulnerable To Financial Frauds And Scams

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    In 2023, More Than 4,300 Older New Yorkers Were Victims of Fraud; Victims Lost Over $200 Million;
    Trump Is Firing The Federal Regulators Who Help Older Adults Fight Frauds and Scams
    Today, U.S. Senator Kirsten Gillibrand, the top-ranking Democrat on the Senate Aging Committee, held a virtual press conference highlighting Trump administration policies that are leaving senior citizens vulnerable to financial fraud. 
    President Trump is working to dismantle the Consumer Financial Protection Bureau (CFPB), a federal agency that prevents Americans from getting scammed by big banks and corporations and responds to millions of consumer complaints each year. He has attempted to fire nearly 90% of the agency’s staff, including all but one employee of the CFPB’s Office of Financial Protection of Older Americans. Older Americans are disproportionately the targets of scams and fraud; in 2023 alone, Americans over age 60 lost $3.4 billion to scams. Without the CFPB’s financial education and counseling, coordination with other agencies, and enforcement support activity, they will be left even more vulnerable to exploitation. 
    “Since its creation after the 2008 financial crisis, the CFPB has provided over $21 billion in compensation and relief to Americans impacted by financial scams, frauds, and wrongdoing,” said Senator Gillibrand.“Now, President Trump is trying to shutter the agency and eliminate the support and resources it offers to seniors, putting them at risk of losing their savings or even plunging them into debt. I will be doing everything in my power to stop this ill-considered and illegal shutdown from moving forward.” 
    The CFPB’s Office of Financial Protection of Older Americans helps educate older Americans about common scams that target seniors and provides a variety of resources to help them navigate medical billing and debt, reverse mortgages, the death of a spouse, and more. 
    The effort to shut down the CFPB is just the latest of President Trump’s attacks on seniors’ financial wellbeing. He has attempted to shut down Social Security field offices, cut thousands of staff, and eliminate phone support – making it harder for seniors to access the benefits they have spent a lifetime earning. The administration has also paused regulations on inaccurate credit reporting that would protect victims of elder abuse. 
    The full text of Senator Gillibrand’s letter to the Acting Director of the CFPB is available here or below: 
    Acting Director
    Consumer Financial Protection Bureau
    1700 G St. NW
    Washington, DC 20552
    Dear Acting Director Vought,
    We write with grave concerns about illegal actions you are taking in your acting role at the Consumer Financial Protection Bureau (CFPB). Last week, you tried to fire nearly all of the agency’s remaining 1,700 employees—the staff responsible for fulfilling the CFPB’s mission and statutory requirements to prevent Americans from getting scammed by big banks and giant corporations. Your hasty and unjustified mass firings are an illegal shutdown of the CFPB that will leave it unable to conduct agency actions that are required by law.
    You directed the gutting of entire divisions—including departments created by Congress to protect service members and older Americans—attempting to leave a shell of only 200 employees to supervise and examine large financial institutions across the country, respond to millions of consumer complaints, answer the phone for hundreds of thousands of people seeking help, monitor emergency financial risks, and run all of the agency’s other operations. This rush to dismantle the CFPB without any careful analysis of the impact on its work is not only illegal, it also defies a court order prohibiting you from shutting down the agency and interfering with its statutorily required responsibilities.
    A bipartisan majority in Congress created the CFPB as part of the Dodd-Frank Act in the wake of the 2008 financial crisis. Since its creation, the CFPB has returned over $21 billion to Americans cheated by giant companies and has been the primary federal regulator supervising and examining the largest financial institutions across the country for compliance with consumer financial protection laws. Congress authorized the CFPB to play this role and required it to perform more than 80 specific functions to protect consumers and our economy from the types of rampant consumer abuse that set off the Great Recession. It is not possible for your proposed skeleton crew of CFPB employees to conduct anything close to all of those congressionally mandated activities to protect consumers. To take just a few examples, your planned cuts include:
    •      Slashing staff so just 16 employees would be responsible for addressing millions of complaints from scammed consumers. Under 12 U.S.C. 5493(b)(3) and 5511(c), the CFPB must maintain an office for collecting, investigating, and addressing complaints from consumers about financial products and services. Specifically, the law states that the Director shall establish a unit whose functions shall include establishing a single, tollfree telephone number, a website, and a database or utilizing an existing database to facilitate the centralized collection of, monitoring of, and response to consumer complaints regarding consumer financial products or services.” 
    In 2024 alone, CFPB received more than 2.7 million complaints, routed more than 100,000 complaints to other regulators, directed more than 100,000 complaints to companies, and oversaw the vendor responsible for handling more than 40,000 calls per month.6 But according to court filings, you have slashed the staff in that responsible section of the CFPB from approximately 135 to 16 people (and did not consult the head of the Office of Consumer Response to determine how to continue fulfilling the agency’s statutory responsibilities). In fact, the head of that office said that after the staff cuts, “the Office will be incapable of performing its statutory duties.”
    •      Wiping out the office required to help members of our military, leaving just one employee responsible for assisting thousands of service members and their families. Under 12 U.S.C. 5493(e), the Director “shall establish an Office of Service Member Affairs, which shall be responsible for developing and implementing initiatives for service members and their families.” These initiatives must include efforts to “educate and empower service members and their families to make better informed decisions regarding consumer financial products and services,” “monitor complaints by service members and their families and responses to those complaints by the Bureau or other appropriate Federal or State agency” and “coordinate efforts among Federal and State agencies . . . regarding consumer protection measures relating to consumer financial products and services offered to, or used by, service members and their families.”
    There are more than two million service members in the United States. In 2023, service members and their families submitted nearly 84,600 complaints to the CFPB, a 27% increase from 2022 and a 98% increase from 2021. But according to court filings, you have gutted the entire office so it will be staffed by a single person.
    •      Eliminating support for older Americans, leaving just one employee focused on the tens of millions of seniors who are disproportionately targeted by scams and fraud. Under 12 U.S.C. 5493(g), the CFPB must maintain an “Office of Financial Protection for Older Americans” that is “headed by an assistant director” and must “facilitate the financial literacy of [seniors] on protection from unfair, deceptive, and abusive practices and on current and future financial choices.” The office must specifically monitor certifications of financial advisors, conduct research to identify best practices for counseling seniors about personal financial management, develop goals for financial literacy programs, coordinate consumer protection efforts with other federal and state regulators, and work with outside organizations involved with assisting seniors.
    There are roughly 62 million adults aged 65 and older in the United States. According to the FBI, older Americans are disproportionately the targets of scams and fraud; these crimes against Americans over age 60 caused $3.4 billion in losses in 2023. The average older fraud victim lost $33,915 in 2023.But according to court filings, you have eliminated all but one position in the Office of Financial Protection for Older Americans.
    •      Gutting the capacity to supervise hundreds of giant financial institutions and to enforce the law. Under 12 U.S.C. 5514(b) and 5515, the CFPB has exclusive authority to supervise banks with more than $10 billion in assets—along with all nonbank lenders—to ensure they are complying with federal consumer financial laws and to assess risks they may pose to consumers and the broader market for consumer financial products. The Chair of the Federal Reserve confirmed earlier this year that the CFPB is the only federal regulator examining giant banks to ensure they are following federal consumer financial laws. The CFPB is responsible for supervising more than 180 banks and bank affiliates as well as many nonbank lenders that service more than 55% of the U.S. mortgage market. But according to court filings, you have slashed the staff responsible for this nationwide supervision of hundreds of institutions from 487 to just 50 employees, with only 50 additional people remaining from the 248 who were previously assigned to pursue legal action when the CFPB discovers illegal activity or violations of consumer protection laws.
    •      Dismantling the office responsible for monitoring developments in our markets that could crash our economy again. Under 12 U.S.C. 5493(b)(1), the CFPB must maintain a research unit to analyze and report on trends in consumer financial products and services, including on consumer understanding of costs, risks and benefits of those products; the use of disclosures; and access to fair and affordable credit for traditionally underserved communities. Under 12 U.S.C. 5499, the CFPB must maintain public access to all published data sets. Under 12 U.S.C. 5512(c), it must actively monitor and issue reports on emerging risks to consumers. Under 12 U.S.C. 5106(a)(1), 2809(a), and 2809(c), it must also help maintain a registration system for mortgage loan originators; compile statistics, on an ongoing basis, on mortgage issuance; and make mortgage issuance data available to the public. But according to court filings, your cuts would slash the research unit from 208 to 22 staff and eliminate all 10 current employees of the data office.
    •      Eliminating almost 90% of the agency that has returned $21 billion to scammed consumers and families. The examples above only illustrate the broader ways in which you are dismantling the CFPB, where you plan to leave a single person responsible for the Office of Fair Lending and Equal Opportunity, a single person in the Office of Civil Rights, a Private Education Loan Ombudsman with no staff, no Chief Data Officer, and almost no one responsible for basic tasks like running CFPB operations—much less fulfilling all of the more than 80 statutory obligations of the agency. You appear to have no plan for ensuring the CFPB meaningfully meets its responsibilities, including many not highlighted here—such as maintaining an Office of Financial Education, working with a Consumer Advisory Board, engaging in community affairs, and regulating mortgage loan servicing.
    In short, it is not possible for the CFPB to perform all of its statutorily required functions with a staff of 200 people left after slashing almost 90% of the agency. Directors from both Republican and Democratic Administrations have all made clear that they needed far more personnel to fulfill their responsibilities under the law. Even during the cuts early in the first Trump Administration, the number of employees never dropped below 1,400—nearly seven times the broken shell that would be left after you have hollowed out the staff. In fact, staffing increased after Director Kathy Kraninger—appointed by President Trump—undertook a “comprehensive planning initiative in 2019 to determine the staffing levels needed to support and execute the Bureau’s priorities in Fiscal Year 2020.”
    Maintaining the staff to perform the agency’s required functions is a critical responsibility. There is no other federal agency that is chiefly responsible for enforcing our federal consumer financial protection laws, and consumers across America will be left to fend for themselves against a broad swath of unchecked financial frauds and scams. Though the Trump Administration filed a document last week with a superficial list of the number of people assigned to some sections of the CFPB, it includes a number of zeroed-out offices and does not explain how the remaining 200 staff will perform each of the agency’s required functions.
    In light of these significant concerns, we request that you provide—by April 30, 2025—a detailed accounting of each of the more than 80 statutory obligations of the CFPB, the number of employees assigned to each of those functions as of December 2024, the number of employees who would be assigned to each function if your rushed reduction in force were to go into effect, the immediate impact of such a reduction on the agency’s ability to perform each function consistent with federal law and federal court orders, and copies of any individualized or particularized analysis of those planned reductions on the agency’s work.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Tillis, Coons, Kiley, and Peters Reintroduce Landmark Legislation to Restore American Innovation

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis
    WASHINGTON, D.C. – Today, U.S. Senators Thom Tillis (R-NC), Chairman of the Senate Judiciary Subcommittee on Intellectual Property, and Chris Coons (D-DE) and Representatives Kevin Kiley (R-CA) and Scott Peters (D-CA) reintroduced the Patent Eligibility Restoration Act. This bipartisan, bicameral legislation will restore patent eligibility to important inventions across many fields while also resolving legitimate concerns over the patenting of mere ideas, the mere discovery of what already exists in nature, and social and cultural content that everyone agrees is beyond the scope of the patent system. It also affirms the basic principle that the patent system is central to promoting technology-based innovation.
    “Clear, reliable, and predictable patent rights are imperative to enable investments in the broad array of innovative technologies that are critical to the economic and global competitiveness of the United States, and to ensuring the national security of our great country,” said Senator Tillis. “Unfortunately, a series of Supreme Court decisions have rendered patent eligibility law unclear, unreliable, and unpredictable, resulting in U.S. inventors being unable to obtain patents in areas where our economic peers offer patent protection. This is particularly concerning in the economically critical areas of biotechnology and artificial intelligence. This bipartisan, bicameral legislation maintains the existing statutory categories of eligible subject matter, which have worked well for over two centuries, while addressing inappropriate judicially created eligibility limitations by creating clear rules for what is eligible. We cannot allow foreign adversaries like China to overtake us in key areas of technology innovation due to the current state of patent eligibility law. I look forward to continuing to work with all stakeholders on this important matter. Passing patent eligibility reform is one of my top legislative priorities.”
    “When American innovators know their ideas are eligible for patent protection, they take the risks that push us into the future – whether that’s the next medical test or the latest AI technology,” said Senator Coons. “PERA restores clarity to the law on what can be patented and what cannot – guidance that federal courts have been requesting for years and that the Supreme Court has refused to provide. Congress must step up to provide America’s inventors with the stable legal foundation they need to produce the cutting-edge technologies that power our economy.”
    “American innovators have been at a disadvantage in recent years because of the U.S. patent system,” said Representative Kevin Kiley. “Convoluted Supreme Court rulings and tests on subject matter eligibility have made it increasingly difficult for inventors to receive patents, leading to foreign companies overtaking our own. That’s why I’m proud to introduce the bi-partisan Patent Eligibility Restoration Act, which will dramatically reverse this trend, and unleash a tide of economic growth and job creation here at home.”
    “For more than two centuries, a U.S. patent has guaranteed inventions will be protected from theft, helping the U.S. become the innovation capital of the world. San Diego, in particular, is the proud home of a thriving life sciences and technology ecosystem that has benefited from these protections,” said Representative Peters. “Over the last 15 years, however, several Supreme Court decisions have created confusion about what exactly is eligible for a patent. Innovators, consumers, and even the judges who adjudicate patent law have called on Congress to provide clarity on what can be patented. I look forward to working with Congressman Kiley, Senator Coons, and Senator Tillis to advance our Patent Eligibility Restoration Act and protect American innovation.” 
    “Congress has not made substantive changes to what subject matter is patentable in the United States since the Patent Act of 1793, making it difficult for courts, inventors, and the public to understand how 21st-century technologies fit within an 18th Century patent statute,” said Andrei Iancu, board co-chair of C4IP and former Under Secretary of Commerce for Intellectual Property and USPTO Director from 2018 to 2021. “I commend Congress for advancing PERA in order to finally modernize our patent laws and promote U.S. global leadership in biotechnology, artificial intelligence, and other modern technologies.” 
    “PERA provides the clarity needed to unlock the full potential of cutting-edge technologies and solidify U.S. leadership in scientific and technological breakthroughs,” said David Kappos, board co-chair of C4IP and former Under Secretary of Commerce for Intellectual Property and USPTO Director from 2009 to 2013. “We cannot allow legal uncertainty to stall the next wave of American innovation.”
    “Patent Eligibility is an important issue for cancer patients – both for life-saving, early diagnosis and for promising new treatments.  PERA will provide the certainty needed to enable innovative breakthroughs to reach patients. Dana-Farber Cancer Institute applauds Congress for introducing and advancing this important bill – the patients are waiting.” – Dana-Farber Cancer Institute
    “Passing PERA is essential if the US is to catch up to Europe and Asia, especially China,” said Judge Paul Michel (retired). “They make eligible for patenting many classes of inventions held ineligible here. The very uncertainty of the zone of eligibility is itself an obstacle to companies getting the investments they need to compete both domestically and globally. Only Congress can fix this chaotic mess because the courts are trapped in their own harmful precedents.” 
    “In my former court, which hears patent cases on appeal, concurring and dissenting opinions in patent eligibly cases have proliferated,” said Judge Kathleen O’Malley (retired). “Veteran jurists have described the state of affairs as ‘incoherent,’ ‘unclear,’ ‘fraught,’ and ‘inconsistent.’ The Patent Eligibility Restoration Act would return clarity to patent eligibly law and encourage continued innovation in key emerging technologies – technologies that are central to the United States remaining the world’s innovation leader.”
    “NCLifeSci thanks Senator Tillis for reintroducing the Patent Eligibility Restoration Act of 2025, which restores the confidence in our nation’s patent laws by bringing much needed clarity to Section 101 of the Patent Act. Confidence that the life sciences industry needs to robustly invest in the future of medicine. For too long, fields like diagnostics, precision medicine, cell and gene therapy, RNA medicine, and digital health have been threatened by unclear and uncertain patent-eligibility standards that put America’s innovators at a disadvantage, and that discourage local investment. Through this legislation, our members – which include leading innovators who operate cutting-edge gene therapy manufacturing facilities here in North Carolina and research potential treatments and cures for Alzheimer’s and cancer —will be able to continue to take the bold risks and make the high levels of investment necessary to take fields like these to their next level, with the confidence that our patent laws will continue to hold up through future waves of technological progress.” – NC Life Sciences Organization 
    “The Innovation Alliance applauds Senators Tillis and Coons and Representatives Kiley and Peters for sponsoring the Patent Eligibility Restoration Act, which will provide much needed predictability and clarity to the hopelessly confused law of patent eligibility.  The Supreme Court has provided no workable framework to guide patent owners or the courts, and it has repeatedly refused to clarify the law, rejecting requests by the Federal Circuit and others to do so time and again. Investment dollars are flowing out of the United States as a result, jeopardizing the future of America’s innovation economy. It is past time for Congress to act.” – The Innovation Alliance  
    “This bipartisan and much-needed bill would strike a decade of judicial tinkering that has needlessly turned the question of patent eligibility into a confusing mess and harmed the U.S. versus our economic competitors. While the U.S. has spent a decade holding back innovations in areas such as fintech, diagnostic solutions and medical devices trying to figure out whether they are ‘abstract’ or not, our competitors are moving forward and protecting these inventions. PERA would be particularly beneficial to American startups and innovators by providing the clarity needed to attract investment for new ventures in essential areas such as medical devices, diagnostics, manufacturing and a whole new range of advancements powered by software.”- Alliance of U.S. Startups & Inventors for Jobs
    “AUTM – the association representing technology transfer professionals – thanks Senators Tillis and Coons and others for their leadership in introducing PERA. This legislation is crucially needed to address the ambiguities that the courts have created about what is, and what is not, patent eligible. At a time when the U.S. is competing for innovation leadership, its patent system needs to clearly delineate this process so that it can move forward on numerous discoveries that otherwise would wither on the vine.” – AUTM
    “The reintroduction of the Patent Eligibility Restoration Act (PERA) marks a pivotal move toward restoring clarity and consistency in U.S. patent law. By providing clear statutory guidelines, PERA offers inventors, entrepreneurs, and research institutions the certainty needed to innovate confidently. We commend Senator Tillis and Senator Coons for their leadership on this critical issue and remain committed to collaborating with Congress to support a patent system that fosters transparency and predictability.” – American Intellectual Property Law Association (AIPLA)
    “The Coalition for 21st Century Patent Reform applauds Congress for reintroducing PERA. This legislation represents a significant step forward in clarifying patent eligibility while maintaining necessary standards on what is ultimately patentable.  21C applauds these efforts as they will make sure that the United States remains the most attractive place in the world to invest, invent, and grow.” – The Coalition for 21st Century Patent Reform (21C)
    The following organizations support the Patent Eligibility Restoration Act: Innovation Alliance, C4IP, AUTM, AIPLA, IEEE-USA, USIJ, MDMA, BIO, NCLifeSci, Adeia, Nokia, Sisvel, Conservatives for Property Rights, Eagle Forum Education & Legal Defense Fund, U.S. Business & Industry Council, Center for a Free Economy, Center for Individual Freedom, American Policy Center, Less Government, 60 Plus Association, American Association of Senior Citizens, Frontiers of Freedom, Consumer Action for a Strong Economy, Center for American Principles, Prosperity for Us Foundation, Market Institute, Inventors Defense Alliance, Lauder Partners, Dana-Farber Cancer Institute, Heritage Action, 21C, Netlist, and FICPI.
    Background:
    Unfortunately, due to a series of Supreme Court decisions, patent eligibility law in the United States has become confused, constricted, and unclear in recent years. This has resulted in a wide range of well-documented negative impacts – inconsistent case decisions, uncertainty in innovation and investment communities, and unpredictable business outcomes.
    As of 2021, all 12 then-sitting judges of the United States Court of Appeals for the Federal Circuit lamented the state of the law. Witnesses and stakeholders from a wide array of industries, fields, interest groups, and academia have testified and submitted comments confirming the uncertainty and detailing the detrimental effects of patent eligibility confusion in the United States. There is now widespread bipartisan agreement in Congress and across all recent Administrations that reforms are necessary to restore the United States to a position of global strength and leadership in key areas of technology and innovation, such as medical diagnostics, biotechnology, personalized medicine, artificial intelligence, 5G, and blockchain.
    The Patent Eligibility Restoration Act achieves this critical goal by restoring patent eligibility to important inventions across many fields, while also resolving legitimate concerns over patenting of mere ideas, the mere discovery of what already exists in nature, and social and cultural content that everyone agrees is beyond the scope of the patent system, which is a system aimed at promoting technology-based innovation. As a general approach, the Patent Eligibility Restoration Act maintains the existing statutory categories of eligible subject matter, which have worked well for over two centuries, but eliminates the overly malleable set of current judicial exceptions – replacing them with five specific, defined statutory exclusions. By eliminating and replacing the current judicial exceptions, the Patent Eligibility Restoration Act provides predictable patent eligibility for important computer-implemented technological developments and medical advances, creating a solid bedrock for America’s innovation future.
    Full text of the bill is available HERE. 

    MIL OSI USA News –

  • MIL-OSI USA: Hoeven: Senate Passes CRA to Knock Down Biden Administration’s ‘Once-In-Always-In’ Rule

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    05.01.25
    WASHINGTON – Senator John Hoeven, a member of the Senate Energy and Natural Resources Committee, today issued the following statement after the Senate approved a Congressional Review Act (CRA) resolution of disapproval he is cosponsoring to overturn the Biden administration’s burdensome “Once-in-Always-in” rule, which permanently classifies certain industrial facilities as major sources of hazardous air pollutants. The Biden-era rule reversed a Trump administration policy that allowed facilities that reduced their emissions below federal thresholds to reclassify and reduce their compliance costs. Congresswoman Julie Fedorchak sponsored the companion resolution in the U.S. House of Representatives.
    “We knocked down the Biden administration’s “Once-in-Always-in” rule because it makes absolutely no sense to continue punishing companies with higher compliance costs when they reduce their emissions to meet federal standards,” said Hoeven. “Repealing this rule will help encourage more businesses to invest in the latest, greatest technologies. That’s the right approach to improve environmental stewardship.” 

    MIL OSI USA News –

  • MIL-OSI USA: Luján, Heinrich, Colleagues Demand to Know Who Killed Minority Business Development Agency, Why & Where’s the Money Going?

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    “Who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?” Senators ask
    Washington, D.C. – U.S. Senators Ben Ray Luján (D-N.M.), a member of the Senate Commerce Committee, and Martin Heinrich (D-N.M.), joined U.S. Senator Maria Cantwell, Ranking Member of the Senate Commerce Committee, and five Senate Democrats in demanding that Keith Sonderling, the purported Acting Under Secretary of Commerce for the Minority Business Development Agency (MBDA), promptly turn over key documents and information related to the dismantling of the agency and recent funding termination notices sent to all grantees by a member of Elon Musk’s DOGE. The Senators’ demands come as Paul Dabbar, President Trump’s nominee for Deputy Secretary of Commerce, appeared on Thursday before the Commerce Committee for his nomination hearing.
    “In one MBDA termination notice reviewed by our offices, the Department claims the grant is being terminated because it ‘is unfortunately no longer consistent with the agency’s priorities and no longer serves the interests of the United States and the MBDA Program,’” the senators wrote in a letter to Sonderling, who was confirmed by the Senate as Deputy Secretary of Labor in March. “The termination notice further states that, ‘MBDA is repurposing its funding allocations in a new direction in furtherance of the President’s agenda.’ …[T]he notice is silent about why the grants are inconsistent with the MBDA’s priorities and programs—which Congress, not the Department, set by statute. And it suggests the DOC or others in the Administration may be using funding appropriated for the MBDA for other, unrelated purposes.”
    The Senators questioned Sonderling about the notice terminating all MBDA grants, which was signed by Nate Cavanaugh, a member of Elon Musk’s so-called Department of Government Efficiency (DOGE) and “Under the Authority of Keith Sonderling, Acting Undersecretary of MBDA.”  
    “This raises significant questions regarding Mr. Cavanaugh’s precise role at DOC and the mechanism by which you or other members of DOC leadership delegated him authority to terminate MDBA grants on behalf of the Department,” their letter continued. “Our offices have also obtained information indicating you may not have been aware these termination notices were being sent out by Mr. Cavanaugh under your authority, which would raise further questions about who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?”
    The letter was also signed by U.S. Senators Tammy Baldwin (D-Wis.), Lisa Blunt Rochester (D-Del.), Brian Schatz (D-Hawaii), Ed Markey (D-Mass.), and Andy Kim (D-N.J.).
    Today, during the Senate Commerce Committee hearing on the nomination of Paul Dabbar to be U.S. Deputy Secretary of Commerce, Senator Luján pressed Mr. Dabbar on the dismantlement of the MBDA by the Trump administration and highlighted the successes of the MBDA. Senator Luján championed an amendment in the Bipartisan Infrastructure Law to make the MBDA permanent. Senator Luján also secured passage of a provision to double the funding level for the MBDA’s Rural Business Development Center Program and to expand this program’s eligibility to include all Minority-Serving Institutions, which will expand opportunities for New Mexico’s colleges and universities. Additionally, in 2021 Senator Luján championed legislation to make permanent and expand the reach of the Minority Business Development Agency.
    In October 2024, Heinrich  led the unveiling of a new, larger office space for the New Mexico Minority Business Development Center in Albuquerque to expand support for local businesses across the state as they create the types of careers New Mexicans can build their families around. Heinrich wrote the legislative provision that established and funded the New Mexico Business Center in 2020, securing more than $2.5 million in federal resources through the U.S. Department of Commerce’s Minority Business Development Agency for its staffing and programming.
    The full text of the letter can be found HERE and below:
    Acting Under Secretary Sonderling:
    On March 25, 2025, and April 17, 2025, we sent letters to Secretary Howard Lutnick raising serious concerns about the apparent dismantling of the Minority Business Development Agency (MBDA), despite his testimony before the Senate Committee on Commerce, Science, and Transportation stating he would not support doing so. In our April 17 letter, we requested specific documents and information that would help address our outstanding questions and concerns regarding the MBDA. On April 24, 2025, we received a letter from the Department of Commerce (DOC) Acting Assistant Secretary for Legislative and Intergovernmental Affairs purporting to respond to our April 17 letter. This response, however, contained a mere three sentences related to the MBDA and failed to answer or meaningfully address any of our requests. Given Secretary Lutnick’s apparent disregard for our concerns about the Department’s actions against the MBDA, we are now requesting you provide documents and information related to this inquiry.
    Since our most recent letter, our offices have obtained information demonstrating that DOC has canceled all MBDA grants—further dismantling an agency Congress statutorily authorized, despite Secretary Lutnick’s testimony to the contrary. In one MBDA termination notice reviewed by our offices, the Department claims the grant is being terminated because it “is unfortunately no longer consistent with the agency’s priorities and no longer serves the interests of the United States and the MBDA Program.” The termination notice further states that, “MBDA is repurposing its funding allocations in a new direction in furtherance of the President’s agenda.” Beyond these conclusory assertions, however, the notice is silent about why the grants are inconsistent with the MBDA’s priorities and programs—which Congress, not the Department, set by statute. And it suggests the DOC or others in the Administration may be using funding appropriated for the MBDA for other, unrelated purposes.
    Raising further concerns, the termination notice was signed by Nate Cavanaugh—who we understand to be part of the so-called Department of Government Efficiency (DOGE)—and is signed “Under the Authority of Keith Sonderling, Acting Undersecretary of MBDA.” Mr. Cavanaugh has reportedly been interviewing employees at the General Services Administration and overseeing efforts to dismantle another agency, the U.S. Institute of Peace. The termination notice indicates that Mr. Cavanaugh now has a DOC e-mail address. This raises significant questions regarding Mr. Cavanaugh’s precise role at DOC and the mechanism by which you or other members of DOC leadership delegated him authority to terminate MDBA grants on behalf of the Department. Our offices have also obtained information indicating you may not have been aware these termination notices were being sent out by Mr. Cavanaugh under your authority, which would raise further questions about who is actually running the Department: Secretary Lutnick or Elon Musk and DOGE?
    Given the lack of responsiveness from the Department to date, we reiterate the requests raised in our April 17, 2025 letter, and request the following additional documents and information no later than May 14, 2025:
    A complete description of Mr. Cavanaugh’s position at DOC, including his title, job description, date(s) of employment, any salary, any benefits, supervisor, and direct reports. Please also identify all other federal e-mail addresses assigned to or used by Mr. Cavanaugh of which you are aware.
    Documents sufficient to show Mr. Cavanaugh’s delegated authority to execute termination notices to MBDA grantees. 
    Documentation sufficient to show your appointment as Acting Under Secretary for Minority Business Development Agency and the date of such appointment.
    A complete description of your decision to delegate your authority to Mr. Cavanaugh for the purpose of terminating MBDA grants, including the extent to which Secretary Lutnick or any other senior DOC official was involved in making this decision.
    A complete description of the types of funded activities that are considered “consistent with the agency’s priorities” and “serve[] the interests of…the MBDA program.”
    A detailed explanation of how the MBDA intends to “repurpos[e] its funding allocations in a new direction in furtherance of the President’s agenda,” including any specific program or activity that has received or is expected to receive repurposed funding.
    Sincerely,

    MIL OSI USA News –