Category: Business

  • MIL-OSI USA: Governor Newsom expands affordable housing and supportive services for rural Californians with $118.9 million in new federal funding

    Source: US State of California 2

    Apr 30, 2025

    What you need to know: Governor Gavin Newsom and the Department of Housing and Community Development today announced the awards of $118.9 million in federal funding for 29 California rural and tribal communities to create more affordable housing and supportive services.

    SACRAMENTO—The California Department of Housing and Community Development (HCD) today announced nearly $118.9 million in awards from three federally funded programs to address homelessness by funding development of 487 affordable rental homes, supporting emergency shelters and homeless outreach, and providing rapid rehousing and supportive services needed to help low-income Californians attain and maintain housing stability.

    “Our nation’s housing crisis doesn’t end at city limits, and we must ensure housing and services are available to all members of our communities. We are grateful for this additional federal funding to ensure that our rural and tribal communities receive the housing support they need and deserve.”

    Governor Gavin Newsom

    In 2021, the U.S. Congress appropriated $5 billion from the American Rescue Plan Act to reduce homelessness nationwide. Of that amount, $512 million was awarded directly to California communities by the U.S. Department of Housing and Urban Development (HUD). Another $155 million went to HCD to implement HOME Investments Partnerships American Rescue Plan (HOME-ARP) programs in California for those non-entitlement jurisdictions—specifically rural communities and unincorporated areas—that did not receive funding directly from HUD.

    HCD’s HOME-ARP Rental Housing (RH) program announced ten awards totaling $89 million, including two awards to Tribal Entities. The Yurok Indian Housing Authority and Big Valley Band of Pomo Indians received a combined $18.7 million to fund 31 HOME-ARP assisted units.

    “Housing affordability and homelessness affect all areas, not just our large, metro areas,” said Tomiquia Moss, Business, Consumer Services and Housing Secretary. “The State works diligently to provide and channel funding to all counties, to provide local providers the support needed to ensure programs in their communities deliver real results. This funding does just that and I pledge our continued support for local governments in their work to lessen and eliminate homelessness and create more affordable housing.”

    “By providing much-needed resources to rural and tribal communities, these awards help address our homelessness crisis and meet the critical needs of these residents,” said HCD Director Gustavo Velasquez. “Federal support ensures the state continues its stride toward providing housing stability and affordability for all.”

    The HOME-ARP RH awards announced today will fund much-needed affordable rental housing in the counties of Del Norte, El Dorado, Kings, Lake, Madera, Mendocino, Merced, Monterey, and Placer. The ten projects awarded will include a total of 487 affordable rental homes, including 184 HOME-ARP funded units for low-income households and other qualifying populations. This includes people experiencing or at risk of homelessness, those fleeing violence or human trafficking, and others at greatest risk of housing instability.

    HCD also announced six awards totaling $26.4 million from its HOME-ARP Housing Plus Support Program (HPSP) to support households who are currently experiencing homelessness, as well as those who will benefit from services designed to prevent homelessness.

    For more information about the awards, visit California Housing and Community Development’s website here.

    Recent news

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Kristina “Kris” Thayer, of Raleigh, North Carolina, has been appointed Director of The Office of Environmental Health Hazard Assessment. Thayer has been Director of the Director of the…

    News What you need to know: California continues to improve efficiency and engagement in state government by advancing its first-in-the-nation project to integrate cutting-edge artificial intelligence technology into state operations. Los Angeles, California –…

    News What you need to know: California is filing a lawsuit today against the Trump administration for dismantling AmeriCorps, which puts service and volunteer programs across the country and in California at risk. SACRAMENTO — Today, Governor Gavin Newsom and Attorney…

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces appointments 4.29.25

    Source: US State of California 2

    Apr 29, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Kristina “Kris” Thayer, of Raleigh, North Carolina, has been appointed Director of The Office of Environmental Health Hazard Assessment. Thayer has been Director of the Director of the Integrated Risk Information System Division at the United States Environmental Protection Agency since 2019, where she has held multiple positions since 2017, including Director of the Integrated Risk Information System and Director of the Chemical and Pollution Assessment Division. She held multiple positions at the National Toxicology Program at the National Institute of Environmental Health Sciences from 2003 to 2017, including Deputy Director of the Division of Analysis, Director of the Office of Health Assessment and Translation, Director of the Center for the Evaluation of Risks to Human Reproduction, Staff Scientist at the Center for the Evaluation of Risk to Human Reproduction, Deputy Director of the Office of Risk Assessment Research, and Staff Scientist in the Office of Liaison and Scientific Review. Thayer is a member of the Society of Toxicology. She earned a Doctor of Philosophy degree in Biological Sciences from the University of Missouri, Columbia and a Bachelor of Science degree in Psychology from Pennsylvania State University, University Park. This position requires Senate confirmation, and compensation is $217,000. Thayer is a Democrat.

    Jason D. Johnson, of Redlands, has been appointed Undersecretary of Operations at the California Department of Corrections and Rehabilitation. Johnson has been Acting Undersecretary of Operations since 2024 at the California Department of Corrections and Rehabilitation, where he has held several positions since 2006, including Director of the Division of Adult Parole Operations, Chief Deputy Regional Administrator, Parole Administrator I, Parole Agent III Supervisor, Parole Agent II Supervisor, and Parole Agent I. Johnson was a Probation Officer II at San Bernardino County Probation Department from 2001 to 2006. He is a member of the Los Angeles County Police Chiefs’ Association, the Orange County Chiefs’ and Sherriffs’ Association, and the National Association of Blacks in Criminal Justice. Johnson earned a Master of Business Administration from the University of Redlands and a Bachelor of Arts in Criminal Justice from California State University, Fullerton. This position requires Senate confirmation, and the compensation is $239,796. Johnson is a Democrat.

    Joshua Prudhel, of Ceres, has been appointed Warden of Sierra Conservation Center, where he has been serving as Acting Warden since 2024. Prudhel was Chief Deputy Administrator at California State Prison, Sacramento from 2022 to 2024. He was a Correctional Administrator at California State Prison, Corcoran in 2022. Prudhel was Acting Chief Deputy Administrator at Correctional Training Facility from 2021 to 2022. He was a Correctional Administration at California State Prison, Corcoran from 2020 to 2021. Prudhel was Captain at California Health Care Facility from 2016 to 2020, where he was previously a Correctional Lieutenant from 2014 to 2016. He was a Correctional Lieutenant at California State Prison, Corcoran from 2011 to 2014, where he was previously a Correctional Sergeant from 2008 to 2011. Prudhel was a Correctional Sergeant at Deuel Vocational Institution from 2007 to 2008, and at Correctional Training Facility from 2005 to 2007. He was a Correctional Officer at San Quentin Rehabilitation Center from 2003 to 2005, and at Richard A. Mcgee Correctional Training Center from 2002 to 2003. Prudhel is a member of the California Correctional Supervisors Organization. This position does not require Senate confirmation, and the compensation is $193,524. Prudhel is a Republican.

    Megan Mekelburg, of Sacramento, has been appointed Deputy Secretary for Legislation at the California Natural Resources Agency. Mekelburg has been Deputy Appointments Secretary in the Office of Governor Gavin Newsom since 2024. She was Senior Associate at Environmental & Energy Consulting from 2023 to 2024. Mekelburg was Legislative Director in the Office of Senator Aisha Wahab in the California State Senate in 2023. She held multiple roles in the Office of Senator Josh Newman in the California State Senate from 2021 to 2023, including Legislative Director and Acting Chief of Staff. Mekelburg held multiple roles in the Office of Senator Henry Stern in the California State Senate from 2019 to 2021, including Legislative Aide and Executive Assistant. She earned a Master of Arts degree in Public Policy and Administration from California State University, Sacramento and a Bachelor of Arts degree in Sociology from University of California, Davis. This position does not require Senate confirmation, and the compensation is $160,008. Mekelburg is a Democrat.

    Matthew Sage, of Fair Oaks, has been appointed Commander of the State Threat Assessment Center at the Governor’s Office of Emergency Services. Sage has been the Deputy Commander of Intel/Analysis at the Governor’s Office of Emergency Services since 2023. He was an Account Executive at Echo Analytics Group from 2021 to 2022. He was a Supervisory Intelligence Specialist at the Department of the Army from 2015 to 2021. Sage was an Operations and Integrations Officer at Dyncorp International from 2012 to 2015. He was a Staff Officer at Sytera LLC. from 2011 to 2012. Sage was an Atmospherics Manager at AECOM/McNeill Technologies in 2011. He served as rank E-5 in the United States Army from 2006 to 2010. This position does not require Senate confirmation, and the compensation is $161,062. Sage is registered without party preference.

    Davina Hurt, of Belmont, has been appointed to the California Water Commission. Hurt has been the California Climate Policy Director at Pacific Environment since 2025. She was an Attorney/Civic Advocate at Davina Hurt Esq. from 2005 to 2024. Hurt held multiple positions with the City of Belmont from 2015 to 2024, including Mayor, Vice Mayor, and City Councilmember. She was a Campaign Manager at the Democratic Volunteer Center from 2014 to 2015. Hurt was a Securities Case Assistant at Heller Ehrman White and McAuliffe LLP from 2004 to 2005. She was a Senior Counsel and Civic Advocate at Tyson and Mendes LLP in 2004. Hurt was a Law Clerk at Bay Area Legal Aid from 2002 to 2004. She was a Law Clerk at the United States District Court for Northern District of California from 2002 to 2003. Hurt was a Summer Associate at Milberg, Weiss, Bershad, Hynes & Lerach LLP in 2002. She earned a Juris Doctor Degree from Santa Clara University School of Law and a Bachelor of the Arts degree in History and Political Science from Baylor University. This position requires Senate confirmation, and compensation is $100 per diem. Hurt is a Democrat.

    Peter Stern, of San Francisco, has been appointed to the California Horse Racing Board. Stern has been Chief Revenue Officer at Skedulo and an Advisor at Berkeley SkyDeck since 2025. He held several roles at Authorium from 2024 to 2025, including Advisor and Executive Vice President. He was the Co-Founder of VoiceBrain from 2021 to 2023. He was a Commissioner at California State Lottery Commission from 2019 to 2022. He held several positions at Inxeption from 2017 to 2021, including Executive Vice President of Business Operations and Senior Vice President of Corporate Development. Stern was the Airport Commissioner at the San Francisco International Airport from 2010 to 2019. He was Chief Revenue Officer at Skedulo from 2015 to 2017. Stern was the Chief Revenue Officer at Autopilot from 2013 to 2015. Stern was the Vice President of Sales at Kenandy, Inc. from 2011 to 2013. He held numerous positions at Salesforce from 2007 to 2011, including Vice President of Enterprise Corporate Sales and Corporate Sales Manager. Stern was Regional Manager at Oracle from 2005 to 2007. He was an Account Executive at Macromedia from 2002 to 2004. Stern was an Account Executive at Oracle from 2000 to 2000. This position requires Senate confirmation, and the compensation is $100 per diem. Stern is registered without party preference.

    Dyan Whyte, of Berkeley, has been appointed to the California State Mining and Geology Board. Whyte has been the Chief Financial Officer at Dataway US since 2019. She held multiple positions at the California Regional Water Quality Control Board, San Francisco Bay Region from 1988 to 1999, including Assistant Executive Officer and Senior Engineering Geologist. Whyte earned a Master of Science degree in Environmental Geology from University of California, Berkeley and a Bachelor of Science degree in Environmental Studies and Geology from California State University, Sonoma. This position requires Senate confirmation, and the compensation is $100 per diem. Whyte is a Democrat.

    Press Releases, Recent News

    Recent news

    News What you need to know: California continues to improve efficiency and engagement in state government by advancing its first-in-the-nation project to integrate cutting-edge artificial intelligence technology into state operations. Los Angeles, California –…

    News What you need to know: California is filing a lawsuit today against the Trump administration for dismantling AmeriCorps, which puts service and volunteer programs across the country and in California at risk. SACRAMENTO — Today, Governor Gavin Newsom and Attorney…

    News SACRAMENTO — Governor Gavin Newsom today issued the following statement congratulating newly elected Canadian Prime Minister Mark Carney:“Jennifer and I warmly congratulate Prime Minister Mark Carney on his party’s election victory in Canada. California looks…

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom deploys first-in-the-nation GenAI technologies to improve efficiency in state government

    Source: US State of California 2

    Apr 29, 2025

    What you need to know: California continues to improve efficiency and engagement in state government by advancing its first-in-the-nation project to integrate cutting-edge artificial intelligence technology into state operations.

    Los Angeles, California – California continues to implement Governor Gavin Newsom’s Executive Order on Generative Artificial Intelligence (GenAI), today with Governor Newsom announcing the state has entered into three new agreements to utilize GenAI to reduce highway congestion, improve roadway safety, and enhance customer service in a state call center. 

    The announcement today, made at Accenture headquarters in Los Angeles, is part of Governor Newsom’s ongoing strategy to implement technologies and practices that make state operations more efficient and responsive to the people it serves. In 2023, Governor Newsom issued an executive order directing state agencies to utilize GenAI technologies to improve state services and help solve important issues. Since that time, the state has integrated AI and other efficiency solutions to make state government work faster and even more effective.

    GenAI is here, and it’s growing in importance every day. We know that state government can be more efficient, and as the birthplace of tech it is only natural that California leads in this space. In the Golden State, we know that efficiency means more than cutting services to save a buck, but instead building and refining our state government to better serve all Californians.

    Governor Gavin Newsom

    Leading in efficiency 

    California is leading in the effort to implement AI and other technologies into state government operations, quickly adopting projects through its new innovative procurement method, Request for Innovative Ideas (RFI2). RFI2 allows the state to quickly test technology through safe and secure environments, providing the state and the innovator community valuable insights while protecting state data. RFI2 was adopted by the state in 2019, after Governor Newsom sought to improve the onerous state purchasing process and help the state to more efficiently adopt these new technologies.

    Leading in engagement

    Governor Newsom has also implemented new technologies through the Office of Data and Innovation, including the groundbreaking new Engaged California project. This first-in-the-nation digital democracy platform is currently being used to help the community in the Los Angeles wildfire recovery. Today, Governor Newsom will also host a roundtable event in the LA area to meet with stakeholders integral in the Engaged California project — and to discuss projects for expansion statewide. 

    “We are committed to harnessing the latest technologies to better serve Californians. With GenAI, we’re improving government service while also showing the benefits this California-based industry can bring to governments all over the world.” California Government Operations Agency Secretary Nick Maduros

    Projects moving forward today include:

    GenAI to reduce highway congestion 

    The California Department of Transportation (Caltrans) released a problem statement to process and interpret complex data to improve its traffic pattern analysis, address bottlenecks, and enhance overall traffic management. To solve this issue, Azure Open AI, GenAI technology developed by Microsoft and utilized by Accenture, LLP, used a vast amount of data from authentic, well-recognized sources to analyze potential transportation scenarios and develop solutions, including reducing traffic congestion, enhancing incident response, and improving transit reliability. 

    The next phase of this project will analyze real-time and historical data from roadways to predict traffic bottlenecks, detect incidents faster, and identify locations for safety enhancements. This cutting-edge solution will empower Caltrans to improve mobility and reduce traffic delays across the state.

    “California is a global leader in GenAI innovation, and the signing of these contracts provides the state an essential tool to help solve some of our most pressing transportation challenges. Under Governor Newsom’s leadership, California is enthusiastically advancing this cutting-edge technology and will now harness its power to help save lives and streamline mobility for all people.” California Transportation Secretary Toks Omishakin 

    GenAI for traffic safety 

    Caltrans will also be using GenAI to investigate near misses of injuries/fatalities to identify risky areas and monitor interventions designed to increase safety of vulnerable road users, including bike riders and pedestrians. Under the contract, Deloitte Consulting, LLP used Gemini GenAI technology to help identify high-collision locations and recommended targeted safety improvements across the highway system to proactively address road safety risks — especially for vulnerable road users. 

    By analyzing various datasets—including crash records, roadway conditions, and equity indicators—GenAI uncovered patterns, prioritized safety interventions, and delivered data-driven insights to help the department better protect all Californians on the road. In the next phase, the tool will expand upon the datasets to better identify and address locations in need of safety upgrades which will be evaluated by the department prior to taking any actions. 

    “These historic contracts exemplify Caltrans’ commitment to innovation and being a national leader in adopting new technologies to improve lives and communities. Using GenAI through smart, responsible implementation will be a game changer in developing solutions to ease traffic gridlock and reduce deaths and serious injuries on our roadways.” Caltrans Director Tony Tavares

    GenAI to enhance customer service

    The California Department of Tax and Fee Administration (CDTFA) will use GenAI to swiftly search more than 16,000 pages of reference materials and assist staff in providing responses to taxpayers via telephone and live chat. 

    During a pilot project carried out over the last 10 months, Claude, a next-generation AI assistant developed by Anthropic, was utilized by Symsoft Solutions LLC to reduce the time it takes to handle an average CDTFA customer inquiry. Typically, during peak tax filing periods, an additional 280 staff from throughout the department are temporarily reassigned to provide backup to the call center. With this new technology, CDTFA will be able to continue providing excellent customer service while limiting the need for disruptions from staff reassignments. 

    “California is demonstrating that GenAI can help us improve the way we do business for Californians.  This project will serve as a proof point moving forward to see if we can scale this technology across state government call centers.” CDTFA Director Trista Gonzalez.

    GenAI, the California way

    California will continue to implement GenAI for the benefit of all Californians, presenting additional challenges and calling for new GenAI projects by AI innovators. The second round brings the state closer to possibly using GenAI for operational efficiencies in housing, workforce planning, and bill analysis. The work is ongoing, and the state anticipates wrapping up this second round by summer 2025.  

    For more information about why California is the home of GenAI, visit GenAI.ca.gov.

    GenAI for productivity

    Also in response to the Governor’s executive order to help implement AI solutions to make state government more efficient, effective, and productive, the state is now implementing additional AI solutions for state departments. The state recently launched a first-in-the-nation State Digital Assistance AI tool through the California Department of Technology, which will be provided to eight state departments through a pilot program. The departments will utilize the tool through a pilot program to test how GenAI can help increase productivity by assisting staff to quickly develop images, and summarize and analyze state data.

    California has also rolled out Microsoft 365 Copilot chat for state departments, which is being offered at no cost to the state for the pilot period. Copilot Chat is a GenAI assistant to enhance staff productivity by streamlining information analysis, assisting with content creation, answering questions, and more. 

    Harnessing the power of AI

    AI is already changing the world, and California will play a pivotal role in defining that future. Home to Silicon Valley and the birthplace of the tech industry, California continues to dominate as the leader in AI. The state is home to 32 of 50 top AI companies worldwide.

    In addition to California’s efforts to deploy GenAI in state government, Governor Newsom co-hosted a GenAI summit in May 2024 with leaders across academia, industry, civil society, and government to discuss how the state can best use this transformative technology on behalf of Californians. 

    First of-its-kind effort with NVIDIA

    In August 2024, the state partnered with NVIDIA to launch a first-of-its-kind AI collaboration. The initiative, signed by Governor Gavin Newsom and NVIDIA founder & CEO Jensen Huang, aims to train students, educators and workers; support job creation and promote innovation; and use AI to solve challenges that can improve the lives of Californians.

    Staying ahead of threats 

    Last year, Governor Newsom also signed a series of bills to crack down on sexually explicit deepfakes and require AI watermarking, protect performers’ digital likenesses, and combat deepfake election content.

    Recent news

    News What you need to know: California is filing a lawsuit today against the Trump administration for dismantling AmeriCorps, which puts service and volunteer programs across the country and in California at risk. SACRAMENTO — Today, Governor Gavin Newsom and Attorney…

    News SACRAMENTO — Governor Gavin Newsom today issued the following statement congratulating newly elected Canadian Prime Minister Mark Carney:“Jennifer and I warmly congratulate Prime Minister Mark Carney on his party’s election victory in Canada. California looks…

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring April 28, 2025 as “Workers’ Memorial Day.”The text of the proclamation and a copy can be found below: PROCLAMATIONOn Workers’ Memorial Day, we acknowledge, remember, and honor…

    MIL OSI USA News

  • MIL-OSI Europe: Oral question – Corruption in Spain regarding the allocation of EU funds on the basis of a guarantee of stable employment – O-000013/2025

    Source: European Parliament

    Question for oral answer  O-000013/2025
    to the Commission
    Rule 142
    Juan Carlos Girauta Vidal
    on behalf of the PfE Group

    On 23 December 2024, the Prime Minister of Spain, Pedro Sánchez, convened an extraordinary meeting of the Council of Ministers to modify the conditions for the second allocation of NextGenerationEU funds (Reform 6, component 23). The meeting approved the modification of paragraph 10 of the 44th additional provision of the recast General Social Security Law on urgent measures for labour reform, the guarantee of stability in employment and the transformation of the labour market. The aforementioned allocation of funds had been conditional on companies being granted an exemption from paying social security contributions if they provided employees who had previously been affected by temporary collective dismissals with a minimum guarantee of six months’ employment. The new version of paragraph 10 eliminates this guarantee, which had been agreed upon with the Commission, and instead makes exemptions from social security contributions conditional upon companies’ compliance with a longer period, that is, a period of between six months and two years after a temporary collective dismissal.

    In the light of the above:

    • 1.Can the Commission confirm whether it was aware of the new version of paragraph 10 of the 44th additional provision of the recast General Social Security Law?
    • 2.Can the Commission evaluate this modification in the light of the principle of legal security?
    • 3.Can the Commission assess whether this modification might entail a deviation of EU funds?
    • 4.Can the Commission assess whether this modification might entail a deterioration of Spanish companies, of the situation of Spanish workers and, ultimately, of Spain’s productive sectors?
    • 5.Finally, if the Commission is not in a position to answers questions two to four, what measures has it taken (if it answered ‘yes’ to question one) or does it intend to take (if it answered ‘no’ to question one) to investigate and address any possible irregularity, in order to ensure maximum transparency and soundness in the allocation of EU funds?

    Submitted: 28.4.2025

    Lapses: 29.7.2025

    Last updated: 30 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Iceland: Sidekick Health Secures €35 Million Venture Debt from EIB to Accelerate R&D and Global Expansion

    Source: European Investment Bank

    • The European Investment Bank (EIB) has signed a €35 million venture debt facility with Sidekick Health, a leading digital health and therapeutics company operating across Europe and the US.
    • The funding will accelerate Sidekick’s therapy development and AI-driven platform innovation across multiple chronic and specialty care areas.
    • The R&D-focused facility is backed by the European Commission’s InvestEU initiative and complemented by a €7M capital injection from existing and new investors to accelerate Sidekick’s commercial growth.

    The European Investment Bank (EIB) and Sidekick Health — a global leader in integrated digital health and therapeutics — today announced the signing of a €35 million venture debt facility, backed by a dedicated life science venture debt window of the European Commission’s InvestEU programme. It provides Sidekick with dedicated capital to accelerate R&D activities, expand its digital therapeutics portfolio, enhance AI capabilities, and strengthen its data and platform infrastructure — delivering scalable, secure, and impactful solutions for patients, payers, and pharmaceutical partners worldwide. The agreement represents the EIB Group’s first venture debt transaction in Iceland, where Sidekick is headquartered.

    In parallel, Sidekick closed an additional €7M growth-focused financing, reflecting strong investor confidence and providing additional capital to scale its commercial footprint and strategic partnerships.

    At the signing ceremony today in Luxembourg, Tryggvi Thorgeirsson, MD, MPH, CEO and Co-Founder of Sidekick Health, commented:

    “This strategic financing from the EIB enables us to double down on our mission to improve and save lives by digitizing care. It strengthens our ability to invest in R&D, therapy development, and AI, while focusing future equity on scaling our commercial impact. Together with the strong backing of our investors, our diversified funding strategy — now including non-dilutive venture debt — positions Sidekick to accelerate innovation, deepen our partnerships, and continue transforming healthcare at scale.”

    Thomas Östros, Vice-President of the EIB, said:

    “The EIB has a solid track record in financing European med-tech companies through its venture debt instrument. The competitiveness of these companies is very important for our EU strategic autonomy. This is already the fifth InvestEU project in Iceland, building on a long tradition of EU-guaranteed funding for Icelandic projects.”

    Sidekick partners with leading pharmaceutical companies, health insurers, and healthcare providers to deliver AI-enhanced digital health and therapeutics solutions across chronic and specialty care, including oncology, cardiovascular, metabolic, women’s health, and inflammatory conditions. The company’s platform has demonstrated improved patient outcomes and supported cost reduction in collaboration with partners, helping drive the shift toward personalized, proactive care.

    EU Ambassador to Iceland Clara Ganslandt added:

    “It was only in January last year, 2024, that Iceland’s participation in InvestEU was formally launched but we now already have five InvestEU projects in Iceland. That is certainly worth celebrating. The EU is committed to fuelling research and innovation and making use of impactful investments – in a world of increased global competition, it is in our common interest for Iceland and the European Union to work together. For three decades, since 1994, Icelandic organisations have been remarkably active, valued and successful participants in EU programmes, and Sidekick Health will certainly make this financing agreement a success.”

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    InvestEU

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.

    Sidekick Health

    Sidekick Health is a digital health innovation company offering a uniquely broad portfolio of digital health and therapeutic programs across oncology, cardiovascular, metabolic, women’s health, and inflammatory conditions. Our solutions engage and empower people to improve health outcomes and quality of life. Sidekick works with health insurers, including leading national US health plans, pharmaceutical companies, including half of the world’s top 10 life sciences companies, and develops fully regulated prescription digital therapeutics — prescribed by over 17,000 physicians — designed to improve patient outcomes, enhance clinical efficiency, and reduce the cost of care.

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Our Manchester 2025-35: Our future, shaped by you

    Source: City of Manchester

    Over the past 10 years Manchester City Council has had big ambitions for our city. 

    From tackling inequalities in our society, and creating a vibrant city that people want to live and work in, to growing our reputation on the global stage as a leading city. 

    In the decade since the original Our Manchester plan was brought to life Manchester has been a city on the rise. More than 100,000 new people call the city home, more than 100,000 new jobs have been created, and Manchester is now one of the most important engines of growth in the UK and Europe.  

    More children did better in school and our residents became more qualified: nearly three quarters of our residents now have a college-level qualification, and far fewer have no qualification at all. 

    Through that decade, huge strides have been made to improve the lives of ordinary people, working in collaboration with a range of partners, from education and health, to business, emergency services and community and faith groups we began to shift the dial on hard long-term challenges. 

    Just a fraction of the things we have achieved together include: 

    • More schools, colleges and early years groups judged better than ever  
    • More pounds in workers’ pockets in our Real Living Wage City  
    • Investment to make people proud and safer on their streets in neighbourhoods like Ancoats, Beswick, Collyhurst, Miles Platting, New Islington and Wythenshawe   
    • We are now building more affordable homes than at any point in the last decade 
    • Skills and better education for people to get on and do well in our City of Lifelong Learning and Child Friendly City 
    • The opening of Aviva Studios and Co-op Live (the largest indoor venue in the UK) and global cultural events such as the Chanel Métiers D’Art show, all of which showcase the fantastic place Manchester is for our partners to promote and develop art, sport and culture 

    But, there is more work to be done. 10 years is no time at all when it comes to addressing the long-term issues which still hold people back and prevent everyone from sharing in the prosperity that Manchester has to offer.  

    This is why today, we are launching the next 10-year plan for Our Manchester, bigger and bolder than before, presenting the ambitious vision for 2025-2035. 

    During this coming decade the Council will lead the charge for Manchester to become an even better city, to continue to address issues such as inequality, fostering growth that benefits everyone, tackling the housing crisis so that everyone in Manchester can enjoy affordable, low-carbon housing, continuing to push towards becoming a zero-carbon city by 2038, and creating green and clean neighbourhoods that everyone can enjoy. 

    A list of 12 priorities have been set that will guide the Council’s policies over the next 10 years. Broadly they fit into three categories on what we can do to improve the lives of the people who live here, the neighbourhoods in which we live, and the ambitions we have for our city. 

    Priorities 1 to 5. Our People will be:  

    1. Happy, healthy and active from childhood
    2. Well educated, learning new skills throughout life to get the best jobs  
    3. Proud of our diversity, feeling valued and included  
    4. Participants influencing decisions
    5. Safe – in person and online  

    Priories 6 and 7 are for all Our Neighbourhoods to have: 

    6. Enough good quality, genuinely affordable homes

    7. Attractive, well-kept areas with good facilities, public services and green spaces  

     Priorities 8 to 12 are for Our City to have:   

    8. A growing economy with jobs and fair opportunities for all 

    9. Ways to adapt to climate change and cut our carbon emissions 

    10. World-renowned things for everyone to see and do, showcasing our passion for sport and culture 

    11. Reliable transport that’s quick, cheap, safe and clean 

    12. Technology to achieve our aims, safely and ethically 

    Councillor Bev Craig, Leader of Manchester City Council said: “Over the last 10 years we have seen tremendous things happen in Manchester, things which have well and truly put us on the global stage as a city and put us in an incredibly strong position to keep growing over the coming decade. 

    “We are incredibly confident that the next 10 years will be our best yet. 

    “Building on strong foundations we want Manchester to the best place in the country to grow up, live well and live happy, successful lives. We will tackle inequality and health inequity, deliver our ambitious housing plan to build tens of thousands of homes, create over 100,000 new jobs, invest and improve our neighbourhoods, invest in better transport and digital connections and build a more sustainable city. 

    “Manchester has seen significant change over the last decade, and today we are setting out our deliberately ambitious strategy for our collective future, and an action plan to power us through the next 10 years. It is a plan that will improve our city as well as the everyday lives of our residents. Getting to this stage has been a long process, and we have heard to more than 10,000 Mancunian voices about their hopes and dreams for our city. 

    “Together we will create a city that is a joy to live and work in and where Mancunians, both home-grown and adopted, that is demonstrably better in 2035 and everyone feels proud of.” 

    MIL OSI United Kingdom

  • MIL-OSI Europe: Finland: Helsinki to get new tramline and a depot with €400 million EIB package

    Source: European Investment Bank

    • EIB lends total of €400 million to Helsinki and its transport company to build tram connection to eastern suburbs.
    • The project also features new pathways for cyclists and pedestrians, includes the construction of a new tram and bus depot for Helsinki, and involves acquiring new trams for the city’s entire network.
    • Three major bridges to be built for new tramline.

    The European Investment Bank (EIB) is providing a €400 million financing package to help the Finnish capital Helsinki build a tramline to three suburbs, construct a new tram and bus depot, purchase new trams, and add pathways for cyclists and pedestrians. The EIB support involves loans of €150 million to the City of Helsinki and €250 million to metropolitan transport company Metropolitan Area Transport Ltd (Pääkaupunkiseudun Kaupunkiliikenne Oy) for the “Crown Bridges Light Rail” project.

    The goals are to extend Helsinki’s tram system to the eastern suburbs of Laajasalo, Korkeasaari and Kalasatama with a new line that will halve travel times to 20 minutes and to increase the city’s bike and pedestrian paths. The project is due to be completed by 2027.

    “Investing in sustainable transport is a priority for the EIB and provides a key step toward advancing climate action and enhancing connectivity in the city,” said EIB Vice-President Thomas Östros. “This project will play an important role in improving the quality of life for Helsinki’s residents.”

    Crown Bridges Light Rail reflects a commitment by Helsinki, which has a population of 685,000, to expand clean public transport. That step should in turn stimulate urban development and regeneration.
    Because Laajasalo and Korkeasaari are islands – Helsinki has around 300 of them – the project features three major bridges over which the new tramline will travel. The longest, Kruunuvuorensilta Bridge, will be 1,200 metres and have a pylon rising to 135 metres. The two other bridges – Merihaansilta and Finkensilta – will have lengths of 400 metres and 300 metres, respectively.

    All three bridges will have bike lanes that are three metres wide and pedestrian pavements with widths of between two and six metres.

    The project includes constructing Helsinki’s Ruskeasuo depot, Finland’s first combined tram and bus depot. It offers storage for about 80 trams, daily maintenance and repair facilities, and a wheel lathe track. The depot also serves regional bus traffic, with roof parking and maintenance spaces for buses.

    The EIB financing covers 40% of the project costs and will go towards building the tramline and the depot as well as buying new tram sets.

    The support aligns with EIB pledges to advance efforts in Europe to reduce greenhouse gas emissions and improve air quality.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

    In 2024, EIB Group investments in Finland rose to €2.3 billion from €992 million the year before, focusing on green projects and business innovation.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Israeli demolitions of Palestinian homes in the Palestinian occupied West Bank – E-001332/2025

    Source: European Parliament

    Question for written answer  E-001332/2025/rev.1
    to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
    Rule 144
    Luke Ming Flanagan (The Left)

    Concerning the escalating rate of Israeli demolitions of Palestinian homes in the Palestinian occupied West Bank, the UN Office for the Coordination of Humanitarian Affairs (OCHA) documented that Israeli occupation authorities demolished 1 787 Palestinian facilities between 7 October 2023 and 15 October 2024, including 800 inhabited homes.

    On 21 January 2025, the Israeli military launched ‘Operation Iron Wall’, which, according to the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), forcibly displaced 40 000 Palestinians in the northern West Bank[1]. Ireland and the EU have funded infrastructure in the occupied West Bank, such as schools, playgrounds and other community facilities, which Israel has demolished. The report details the expansion of Israeli illegal settlements, the unlawful demolition of Palestinian homes and a surge in settler violence, all taking place in ‘a climate of impunity’. International humanitarian law prohibits an occupying power from demolishing homes and other property belonging to the protected population. Israel’s practice amounts to a grave violation of international humanitarian law and is a war crime under the Rome Statute of the International Criminal Court.

    Has the EU sought compensation from Israel for infrastructure subsidised by the EU and subsequently demolished by Israel?

    Submitted: 1.4.2025

    • [1] UNRWA, ‘Large-scale forced displacement in the West Bank impacts 40,000 people’ – official statement, 10 February 2025, https://www.unrwa.org/newsroom/official-statements/large-scale-forced-displacement-west-bank-impacts-40000-people.
    Last updated: 29 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Diverting ships to third-country ports – E-001500/2025

    Source: European Parliament

    Question for written answer  E-001500/2025/rev.1
    to the Commission
    Rule 144
    Rosa Serrano Sierra (S&D)

    In March 2025, the Commission adopted its first report on the implementation of the EU emissions trading system (ETS) extension to maritime transport. The report concludes that there is no clear evidence of ships being diverted to non-European ports or that shipping companies are relocating their ports of call to avoid ETS and FuelEU obligations. However, the report fails to calculate the CO2 emissions emitted, overlooks the fact that the Red Sea crisis is temporarily modifying traffic flows and omits the increase in announced investments in transhipment terminals in third-country ports. Nor does it take into account the fact that in 2024, European ports lost 2 % of their operational capacity, while non-European ports gained 3 %.

    In the light of the above:

    • 1.Has the Commission analysed whether emissions have been reduced and whether there has been any impact on the connectivity of European ports?
    • 2.Will it address any of the issues raised in the forthcoming European port strategy and, in particular, does it intend to include a framework for the protection of port workers in the strategy?
    • 3.Is it considering extending the list of third-country transhipment ports with carbon leakage risks this year ?

    Submitted: 11.4.2025

    Last updated: 29 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Briefing – Monetary Dialogue in March 2025: Summary of parliamentary scrutiny activities – 29-04-2025

    Source: European Parliament

    This paper provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in occasion of the March 2025 Monetary Dialogue with the European Central Bank (ECB). It covers the topics chosen by the competent Committee and related expertise papers provided in advance of the Dialogue, the actual topics addressed during the Dialogue, a brief overview of results from the Monetary Policy Expert Panel Survey, the latest written questions made by Members to the ECB President and European Parliament resolution on the ECB Annual Report 2024. The document is published regularly ahead and after each Monetary Dialogue with the ECB.

    MIL OSI Europe News

  • MIL-OSI Europe: REPORT on the proposal for a regulation of the European Parliament and of the Council on a temporary derogation from certain provisions of Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 as regards a progressive start of operations of the Entry/Exit System – A10-0082/2025

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a regulation of the European Parliament and of the Council on a temporary derogation from certain provisions of Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 as regards a progressive start of operations of the Entry/Exit System

    (COM(2024)0567 – C10‑0207/2024 – 2024/0315(COD))

    (Ordinary legislative procedure: first reading)

    The European Parliament,

     having regard to the Commission proposal to Parliament and the Council (COM(2024)0567),

     having regard to Article 294(2) and Article 77(2) points (b) and (d) and Article 87(2) point (a) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10-0207/2024),

     having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

     having regard to Rule 60 of its Rules of Procedure,

     having regard to the report of the Committee on Civil Liberties, Justice and Home Affairs (A10-0082/2025),

    1. Adopts its position at first reading hereinafter set out;

    2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

    3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

    Amendment  1

    AMENDMENTS BY THE EUROPEAN PARLIAMENT[*]

    to the Commission proposal

    ———————————————————

    REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

    on a temporary derogation from certain provisions of Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 as regards a progressive start of operations of the Entry/Exit System
     

    THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

    Having regard to the Treaty on the Functioning of the European Union, and in particular Article 77(2) points (b) and (d) and Article 87(2) point (a), thereof,

     

    Having regard to the proposal from the European Commission,

     

    After transmission of the draft legislative act to the national parliaments,

     

    Acting in accordance with the ordinary legislative procedure[1],

     

    Whereas:

    (1) Article 66(1) of Regulation (EU) 2017/2226 of the European Parliament and of the Council[2], establishing the Entry/Exit System (‘EES’), provides that the Commission is to decide the date from which the EES is to start operations, provided that certain conditions are met.

    (2) However, the Commission has not received all notifications pursuant to Article 66(1), point (c), of Regulation (EU) 2017/2226, which is one of the conditions for deciding on the start of operations of the EES.

    (3) Regulation (EU) 2017/2226 only allows for a full start of operations, requiring all Member States to start using the EES fully for all third-country nationals subject to registration in the EES and to use the EES simultaneously at all their border crossing points. However, a full start of operations of all EES functionalities at all border crossing points simultaneously constitutes a risk for the resilience of the EES as a whole and for passenger flows at the external borders.

    (4) In order to ensure a smooth launch of the EES and facilitate its timely roll-out in all Member States, to provide Member States with the necessary flexibility to start using the EES within a clearly defined period of time and to facilitate technical and operational adjustments when starting to operate the EES, it is necessary to lay down rules for a progressive start of operations of the EES during which Member States should be able to opt for a phased roll-out of the EES. To ensure these adjustments take account of potential travel flows and seasonal peaks, such a progressive start should have a duration of 180 calendar days.

    (5) To enable a progressive start of operations of the EES it is ▌necessary to derogate from certain provisions of Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 of the European Parliament and of the Council[3] (‘Schengen Borders Code’). Other rules set out in Regulation (EU) 2017/2226 that are not affected by this Regulation apply as provided for in that Regulation. In particular, the data recorded in the EES throughout the progressive start of operations follow the rules set out in Regulation (EU) 2017/2226 and are considered reliable and accurate. This Regulation does not affect the validity of the notifications already provided to the Commission by Member States under Article 66(1) of Regulation (EU) 2017/2226.

    (6) Member States that do not intend to use the EES simultaneously at all their border crossing points from the start of operations, should progressively start operating the EES to record, on entry and exit, the data of third-country nationals subject to registration in the EES at one or more border crossing points, or at one or more lanes of such border crossing points. If possible and applicable, Member States should include a combination of air, land and sea border crossing points. To ensure a controlled launch of the EES and to better manage and avoid potential long waiting times at the borders, where relevant, and if necessary, Member States should deploy all the functionalities of the EES progressively and register the data of all third-country nationals subject to registration in the EES gradually. To ensure the full use of the EES at all border crossing points in the Union, where Member States choose a progressive start of operations it should be implemented in phases, which should set the minimum requirements to be reached by Member States. Member States will retain the possibility to accelerate implementation at national level or start operating the EES fully from the start of operations. The gradual processing of data in the EES should be carried out in full respect of the rights of data subjects as set out in Regulation (EU) 2016/679 of the European Parliament and of the Council1a and should not lead, directly or indirectly, to any form of discrimination or profiling. The Commission, in consultation with the European Data Protection Supervisor, should issue guidelines on the processing of personal data in the EES during the progressive start of operations.

    (7) To facilitate a smooth deployment of the EES, the European Union Agency for the Operational Management of Large-Scale IT Systems in the Area of Freedom, Security and Justice (eu-LISA) should develop a high-level roll-out plan to support the effective and continuous operation of the EES Central System, include fall-back procedures for the functioning of the EES Central System and provide guidance to the end-users, including the Member States and Union agencies on planning and executing the EES deployment during its progressive start of operations and should submit it to the European Parliament, the Commission, Member States and Union agencies. ▌

    (8) To facilitate a smooth deployment of the EES, Member States should develop national roll-out plans in consultation with the Commission and eu-LISA and present those plans to the Commission. For each of the phases of the progressive start of the EES operations, the national roll-out plans should include the information on the set thresholds and requirements, in particular: (i) the date from which the EES will operate at each border crossing point; (ii) the percentage of the estimated number of border crossings to be registered in the EES out of the total number of third-country nationals subject to registration in the EES; and (iii) where applicable, the biometric functionalities to be operated at each selected border crossing point. When preparing their respective national roll-out plans, Member States should appropriately coordinate with the operators of infrastructure where border crossing points are located. and inform relevant stakeholders of the border crossing points where they plan to start operating the EES and of their planned use of the biometric functionalities of the EES. To monitor compliance with the progressive start of operations, Member States should provide the Commission and eu-LISA monthly reports on the implementation of their roll-out plans unless and until the EES is used fully for all third-country nationals subject to registration in the EES and is used simultaneously at all border crossing points in the Member State. Such monthly reports should include corrective measures, where necessary, to ensure compliance with the progressive start of operations. The Commission should issue guidelines to facilitate the adoption of national roll-out plans and monthly reports by the Member States that are concise and proportionate.

    (8a)  To facilitate a smooth deployment of the EES, it is important that neither the start nor the end of the progressive start of operations of the EES coincide with the peak travel seasons in summer, June to August, or winter, December to February.

    (9) Due to the progressive start of operations of the EES and resulting incompleteness of the data recorded in the EES, travel documents of third-country nationals should be systematically stamped on entry and exit during the progressive start of operations of the EES. National authorities should take into account the possible incompleteness of entry/exit records or of refusal of entry records and should consider stamps as prevailing over the information registered in the EES. In addition, when providing information to third-country nationals about the maximum remaining duration of their authorised stay, national authorities should base their assessment on the stamps affixed in the travel documents. The data recorded in the EES should be used in the calculation of maximum remaining duration only in case a stamp is missing.

    (10) Considering that the data registered in the EES during the progressive start of operations of the EES might be incomplete, national authorities should not take into account the results provided by the automated calculator on the maximum remaining duration of the authorised stay of third-country nationals registered in the EES. Similarly, when carrying out their tasks, national authorities should not take into account the automated mechanism to identify or flag the lack of exit records following the date of expiry of an authorised stay or the records for which the maximum duration of authorised stay was exceeded, as well as the generated lists of persons identified as overstayers.

    (11) To provide Member States with the necessary time to adjust to the start of the EES, for the first 60 calendar days of the progressive start of operations, the use of biometric functionalities at border crossing points should not be mandatory. However, Member States are encouraged to make use of those functionalities during that period in order to support a smooth operational transition and to enable the timely detection and resolution of any potential implementation issues. No later than the 90th calendar day of the progressive start of operations, Member States should operate the EES with biometric functionalities at least at half of their border crossing points. Providing biometric data should not be an entry condition for third-country nationals subject to registration in the EES at the border crossing points where the EES is operated without biometric functionalities.

    (12) To accommodate the need to progressively deploy the EES with biometric functionalities at some border crossing points, the biometric verification of third-country nationals subject to registration in the EES should only be carried out at the border crossing points at which the EES is operated with biometric functionalities.

    (13) To ensure coherence of the operations of the interoperability between the Visa Information System (VIS) established by Regulation (EC) No 767/2008 of the European Parliament and of the Council[4] and the EES, the VIS should only be accessed directly at those border crossing points at which the EES is not operated. At the border crossing points at which the EES is operated, border authorities should make use of the interoperability between the EES and the VIS.

    (14) Third-country nationals whose data are to be recorded in the EES should be informed about their rights and obligations regarding the processing of their data in the form of a template as provided in Article 50(5) of Regulation (EU) 2017/2226. The information to be provided to third-country nationals subject to the EES registration should refer to the progressive start of operations of the EES. Third-country nationals should be informed in the template of their obligation to provide biometric data at border crossing points where it constitutes an entry condition. They should be made aware in the template of the consequences of not providing biometric data. They should be informed in the template that it will not be possible for them to verify the remaining duration of the authorised stay by automated means. National authorities should make all reasonable efforts to provide those third-country nationals with details of the duration of their authorised stay based on the stamps in their travel documents.

    (15) To reflect the progressive start of operations of the EES, the Commission should, at least every month, introduce relevant updates on the EES website.

    (16) The aim of raising awareness among third-country nationals on their specific rights and obligations would be best achieved if Member States customise the implementation of the campaign based on how the EES will operate at their borders at which the EES is operated in accordance with Article 4 of Regulation (EU) 2017/2226. The information materials developed by the Commission, in cooperation with the supervisory authorities and the European Data Protection Supervisor, and with the support of Member States in the context of Article 51 of Regulation (EU) 2017/2226 should therefore be adapted to carry out the information campaign accompanying the progressive start of operations.

    (17) During the progressive start of operations of the EES, the web service will not enable third-country nationals to electronically verify the exact duration of their authorised stay.

    (18) This Regulation does not affect the obligations of air carriers, sea carriers and international carriers transporting groups overland by coach as set out in Article 26(1) of the Convention implementing the Schengen Agreement[5] and Council Directive 2001/51/EC.[6] In this respect, carriers should verify the stamps affixed in travel documents. To ensure effective communication with carriers about the distinct application of the EES at the border crossing points, ultimately benefiting travellers, it is crucial that Member States are transparent about the deployment of the EES at their border crossing points.

    (19) Article 22 of Regulation (EU) 2017/2226 and Article 12a of Regulation (EU) 2016/399 provide for a transitional period and transitional measures referring to the start of operations of the EES. It is necessary to derogate from those Articles to ensure that the transitional period and the transitional measures apply only as of the end of the progressive start of operations. That derogation should cease to apply 5 years and 180 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226.

    (20) To ensure that national authorities and EU agencies, in the performance of their tasks, avoid taking decisions exclusively based on data registered in the EES, they should take into account that individual files registered in the EES may contain incomplete data sets and should in any case not take decisions adversely affecting individuals exclusively on the basis that a registration of an alleged entry or exit is absent in the EES. That derogation should cease to apply 5 years after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226 to reflect the 5-year retention period for data sets for which the exit record is missing as set out in Article 34(3) of that Regulation.

    (21) When ensuring compliance with the provisions in Regulation (EU) 2017/2226 on the amendment of data and advance data erasure, Member States should complete the incomplete data to the extent permitted by the limited availability of the sets of data registered in the EES during the progressive start of operations.

    (22) The European Border and Coast Guard Agency should refrain from using data registered in the EES during the progressive start of operations for carrying out risk analyses and vulnerability assessments due to the incompleteness of the data that could lead to misleading risk and vulnerability assessments.

    (23) To ensure effective management of the external borders during the progressive start of operations of the EES, at the border crossing points at which the EES is not operated, border checks should be carried out in accordance with Regulation (EU) 2016/399 as applicable [the day before the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226]. At the border crossing points at which the EES is operated, border checks should be carried out in accordance with Regulation (EU) 2017/2226 and the Schengen Borders Code. However, specific derogations from these Regulations should apply with regards to the verification at the border crossing points at which the EES is operated without biometric functionalities to enable the progressive start of operations. This should happen without prejudice to verifications of visa holders by using fingerprints, in accordance with Regulation (EC) 767/2008.

    (24) To enable an effective adjustment of technical and organisational arrangements ▌and to address potential exceptional circumstances of failure of the EES Central System, national systems or communication infrastructure, or excessive waiting times at their borders, during the period of the progressive start of operations of the EES, Member States should have the possibility to suspend the operations of the EES at certain border crossing points, fully or partially. In case of partial suspension, the registration of biometric data in the EES should be suspended. In case of full suspension, no data should be registered in the EES. In both cases, Member States should promptly inform the operators of infrastructure hosting border crossing points and carriers. No later than 6 hours after the start of the suspension, Member States should notify to the Commission and eu-LISA the reason for the full or partial suspension and its expected duration.

    (24a)  To mitigate additional risks related to the deployment of the EES with biometric functionalities, Member States should have the possibility, in exceptional circumstances leading to traffic of such intensity that the waiting times at borders become excessive, to suspend the registration of biometric data in the EES after the end of the progressive start of operations. Such a suspension should be possible for a limited period of 60 days after the end of the progressive start of operations of the EES.

    (25) eu-LISA should publish reports on the statistics on the use of the system, which should serve to evaluate the system’s performance, assess Member States compliance with the eu-LISA high-level roll-out plan and the national roll-out plans, identify areas for improvement, monitor compliance with the progressive start of operations of the EES, and support decision-making relating to the system’s further development and optimisation. Furthermore, eu-LISA should continue its regular reporting to its Management Board, which will in turn oversee the gradual roll-out of EES operations.

    (26) The preparatory work related to the roll-out plans should be triggered by the date of the entry into force of this Regulation. Member States which have not yet submitted their declaration of readiness are urged to do so within 30 days after the entry into force of this Regulation. The progressive start of operations should apply from the date decided by the Commission in accordance with Article 66(1) of EES Regulation. As this Regulation provides for temporary derogations, it should cease to apply 180 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226.  However, the derogatory rules on the application of transitional period and transitional measures, access to EES data, verification by the carriers of stamps affixed in the travel documents and the suspension of the EES should apply for a limited period after the end of the progressive start of operations.

    (27) The objective of this Regulation, authorising derogations from Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 to provide for a progressive start of operations of the EES, cannot be sufficiently achieved by Member States but can rather, by reason of the scale and impact of the action, be better achieved at Union level. Therefore, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary to achieve those objectives.

    (28) In accordance with Articles 1 and 2 of Protocol No 22 on the position of Denmark, annexed to the TEU and to the Treaty on the Functioning of the European Union, Denmark is not taking part in the adoption of this Regulation and is not bound by it or subject to its application. Given that this Regulation builds upon the Schengen acquis, Denmark should, in accordance with Article 4 of that Protocol, decide within a period of six months after the Council has decided on this Regulation whether it will implement it in its national law.

    (29) This Regulation does not constitute a development of the provisions of the Schengen acquis in which Ireland takes part in accordance with Council Decision 2002/192/EC. Ireland is therefore not taking part in the adoption of this Regulation and is not bound by it or subject to its application.

    (30) As regards Iceland and Norway, this Regulation constitutes a development of the provisions of the Schengen acquis within the meaning of the Agreement concluded by the Council of the European Union and the Republic of Iceland and the Kingdom of Norway concerning those states association with the implementation, application and development of the Schengen acquis, which fall within the area referred to in Article 1, point A of Council Decision 1999/437/EC.

    (31) As regards Switzerland, this Regulation constitutes a development of the provisions of the Schengen acquis within the meaning of the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengen acquis, which fall within the area referred to in Article 1, point A of Decision 1999/437/EC, read in conjunction with Article 3 of Council Decision 2008/146/EC.

    (32) As regards Liechtenstein, this Regulation constitutes a development of the provisions of the Schengen acquis within the meaning of the Protocol between the European Union, the European Community, the Swiss Confederation and the Principality of Liechtenstein on the accession of the Principality of Liechtenstein to the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengen acquis which fall within the area referred to in Article 1, point A of Decision 1999/437/EC read in conjunction with Article 3 of Council Decision 2011/350/EU.

    (33) As regards Cyprus, the provisions of this Regulation relating to the VIS constitute provisions building upon, or otherwise relating to, the Schengen acquis within the meaning of Article 3(2) of the 2003 Act of Accession. The operation of the EES requires the granting of passive access to the VIS. As the EES is only to be operated by those Member States that fulfil the conditions related to VIS at the start of the operation of the EES, Cyprus will not operate the EES from the start of operations. Cyprus is to be connected to the EES as soon as the conditions of the procedure referred to in Regulation (EU) 2017/2226 are met.

    (34) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered its opinion on [xx].

    (35) This Regulation establishes strict rules concerning access to the EES, as well as the necessary safeguards for such access. It also sets out the individuals’ rights of access, rectification, completion, erasure and redress, in particular the right to a judicial remedy and the supervision of processing operations by public independent authorities. This Regulation therefore respects the fundamental rights and observes the principles recognised by the Charter of Fundamental Rights of the European Union, in particular the right to human dignity, the prohibition of slavery and forced labour, the right to liberty and security, respect for private and family life, the protection of personal data, the right to non-discrimination, the rights of the child, the rights of the elderly, the integration of persons with disabilities and the right to an effective remedy and to a fair trial. 

    (36) This Regulation is without prejudice to the obligations deriving from the Geneva Convention Relating to the Status of Refugees of 28 July 1951, as supplemented by the New York Protocol of 31 January 1967.

     

    HAVE ADOPTED THIS REGULATION:

    Article 1
    Subject matter

    This Regulation lays down rules on a progressive start of operations of the Entry/Exit System (EES) at the borders of the Member States at which the EES is operated in accordance with Article 4 of Regulation (EU) 2017/2226 and temporary derogations from Regulation (EU) 2017/2226 and Regulation (EU) 2016/399.

    Article 2
    Definitions

    For the purposes of this Regulation, the definitions in Article 3(1) of Regulation (EU) 2017/2226 apply. In addition, the following definitions apply:

    (a) ‘progressive start of operations of the EES’ means the period of 180 calendar days starting from the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

    (b) ‘national authorities’ means the authorities referred to in Article 9 of Regulation (EU) 2017/2226;

    (c) ‘estimated number of border crossings’ means a Member State’s estimate of the number of border crossings of third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226 in each Member State based on the yearly average of the total number of border crossings of third-country nationals travelling for a short stay in that Member State calculated for the preceding two calendar years from the date of application  referred to in Article 8(1), second subparagraph, of this Regulation.

    Article 3
    Roll-out plans and monthly reports

    1. By [the 30th calendar day after the entry into force of this Regulation], the European Union Agency for the Operational Management of Large-Scale IT Systems in the Area of Freedom, Security and Justice (eu-LISA) shall provide the European Parliament, the Commission, Member States, as well as Europol, with a high-level roll-out plan on the progressive start of operations of the EES, taking into account the phases set out in Article 4. That roll-out plan shall support the effective and continuous operation of the EES Central System, include fall-back procedures for the functioning of the EES Central System and provide guidance on the use of the EES to the end-users, including Member States and Europol ▌. 

    2. By [the 60th calendar day after the entry into force of this Regulation], in consultation with the Commission and eu-LISA, Member States shall develop  national roll-out plans on the progressive start of operations of the EES, taking into account the high-level roll-out plan referred to in paragraph 1 of this Article and present those plans to the Commission. Where a Member State does not start operating the EES fully from the beginning of the progressive start of operations of the EES, the national roll-out plan shall specify how the thresholds and requirements set out in Article 4 shall be met. EU-Lisa shall assess whether the national roll-out plans are consistent with the high-level roll-out plan and shall confirm that they do not contain any deficiencies which could further delay the entry into operation of the EES. Member States shall inform relevant stakeholders of the border crossing points where they plan to start operating the EES and of their planned use of the biometric functionalities of the EES.

    3. 

    4. From the 30th calendar day after the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226, Member States shall provide monthly reports to the European Parliament, the Commission and eu-LISA on the implementation of their national roll-out plans, including corrective measures where necessary to comply with the obligations set out in Article 4.

    5. At the request of the Commission, eu-LISA shall provide the Commission with the statistics necessary for the Commission to monitor the implementation of the high-level roll-out plan and the national roll-out plans, in accordance with Article 63(6) of Regulation (EU) 2017/2226.

    5a. The eu-Lisa Management Board shall adopt the high-level roll-out plan referred to in paragraph 1. The Management Board shall also monitor the stability of the EES Central System during the progressive start of operations and suggest additional actions where appropriate.

    5b. The Commission shall issue guidelines to facilitate the provision of concise national roll-out plans and monthly reports by the Member States.

    5c. The Commission, in consultation with the European Data Protection Supervisor, shall issue guidelines on the processing of personal data in the EES during the progressive start of operations.

    Article  4
    Progressive start of operations

    1. By way of derogation from Article 66(6) of Regulation (EU) 2017/2226 during the progressive start of operations of the EES, the Member States shall use the EES as set out in this Article.

    2. From the first day of the progressive start of operations of the EES, each Member State shall start using the EES on entry and exit at one or more border crossing points with, if possible and applicable, a combination of air, land and sea border crossing points, to record and store data of third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226. No later than the 30th calendar day of the progressive start of operations of the EES, Member States shall register in the EES at least 10% of the estimated number of border crossings in that Member State.

    For the first 60 calendar days of the progressive start of operations of the EES, Member States may operate the EES without biometric functionalities, and national authorities may create or update individual files without biometric data.

    3. No later than the 90th calendar day of the progressive start of operations of the EES, Member States shall operate the EES with biometric functionalities at least at half of their border crossing points. Member States shall register at least 35% of the estimated number of border crossings in that Member State. The individual files of third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226 that are registered in the EES shall contain biometric data.

    4. No later than the 150th calendar day of the progressive start of operations of the EES, Member States shall operate the EES with biometric functionalities at all their border crossing points and shall continue registering in the EES at least 50% of the estimated number of border crossings in that Member State.

    5. No later than the 170th calendar day of the progressive start of operations of the EES, Member States shall operate the EES with biometric functionalities at all their border crossing points and shall register in the EES all third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226.

    6. Refusals of entry, decided at a border crossing point at which the EES is operated, shall be recorded in the EES, as set out in Article 18 of Regulation (EU) 2017/2226. Where the EES is operated with biometric functionalities, refusals of entry shall be recorded with biometric data. Where the EES is operated without biometric functionalities, refusals of entry shall be recorded without biometric data.

    7. From the first day of the progressive start of operations of the EES, Europol shall use the EES as provided for in Regulation (EU) 2017/2226.

    Article 5
    Other derogations from Regulation (EU) 2017/2226 and Regulation (EU) 2016/399

    1. In addition to the rules of Article 4, the rules set out in this Article shall apply to all Member States during the progressive start of operations of the EES.

    2. Border authorities shall systematically stamp the travel documents of third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226 on entry and exit.

    The stamping obligations referred to in Article 42a(1), second subparagraph, and Article 42a(2), (5) and (6) of Regulation (EU) 2016/399 shall apply mutatis mutandis in the Member States operating the EES.

    3. For entering, amending, erasing and consulting the data in the EES, national authorities that are competent for the purposes laid down in Articles 23 to 35 of Regulation (EU) 2017/2226 shall consider stamps as prevailing over the EES data, including in cases of discrepancy or in cases referred to in Article 16(4) of that Regulation. The data recorded in the EES shall prevail in case a stamp is missing.

    4. In the absence of a stamp affixed in the travel document and of an individual file created in the EES for a third-country national present in the territory of the Member States, national authorities may presume that the third-country national does not fulfil or no longer fulfils the conditions relating to entry or stay in the Member States.

    This presumption shall not apply to third-country nationals who can provide, by any means, credible evidence that they enjoy the right of free movement under Union law, ▌ or that they hold a residence permit or a long-stay visa.

    This presumption may be rebutted where the third-country nationals provide, by any means, credible evidence that they have respected the conditions relating to the duration of a short stay.

    Where the presumption is rebutted, national authorities shall perform one or more of the following tasks at the border crossing points at which the EES is operated, to the extent allowed by this Regulation:

    (a) create an individual file for that third-country national in the EES, if necessary;

    (b) update the latest entry/exit record by entering the missing data;

    (c) erase an existing file where Article 35 of Regulation (EU) 2017/2226 provides for such erasure.

    5. Border authorities shall make use of the interoperability between the EES and the VIS referred to in Article 8(2) of Regulation (EU) 2017/2226 only at the border crossing points at which the EES is operated. Border authorities shall continue accessing the VIS directly:

    (a) at the border crossing points at which the EES is not operated;

    (b) where the EES is suspended in accordance with Article 7 of this Regulation.

    6. National authorities and Europol shall disregard the following:

    (a) the results of the automated calculator that provides information on the maximum duration of the authorised stay referred to in Article 11 of Regulation (EU) 2017/2226;

    (b) the automatically generated list of overstayers and its consequences in particular as referred to in Article 6(1), points (c) and (h), Article 12(3), Article 16(4), Article 34(3), Article 50(1), points (i) and (k), Article 63(1), point (e) of that Regulation.

    7. Processing operations by Member States that comply with this Regulation shall not be considered as unlawful or not compliant with Regulation (EU) 2017/2226 for the purposes of Articles 45 and 48 of that Regulation.

    8. Verification of the identity and previous registration of third-country nationals pursuant to Article 23 of Regulation (EU) 2017/2226 shall be carried out on the third-country nationals referred to in Article 2(1) and (2) of that Regulation at the border crossing points at which the EES is operated with biometric functionalities, including through self-service systems, where available.

    9. In addition to the specific information referred to in Article 50(5) of Regulation (EU) 2017/2226 that is to be added by the Member States in the template to provide information to third-country nationals about the processing of their personal data in the EES, Member States shall accompany the template to be handed over to third-country nationals at the time the individual file of the person concerned is being created  with the following information:

    ‘The Entry/Exit System is being progressively rolled out. During this roll-out period [from …], your personal data, including your biometric data, might not be collected for the purposes of the Entry/Exit System at all Member States’ external borders. If we need to mandatorily collect this information and you choose not to provide it, you will be refused entry. During this period of the progressive roll-out your data will not be automatically added to a list of overstayers. In addition, you will not be able to check how much longer you are authorised to stay using the website or equipment available at border crossing points. You may address any queries regarding the duration of your authorised stay to the relevant national authorities at the external borders.

    Please note that when the progressive roll-out of the EES is completed, your personal data will be processed according to the information provided in the document accompanying this form.’

    10. The information on the EES website referred to in Article 50(3) of Regulation (EU) 2017/2226 shall be adapted by the Commission to reflect the progressive start of operations.

    11. The information campaign referred to in Article 51 of Regulation (EU) 2017/2226 accompanying the start of operations of the EES, shall reflect the specific conditions at the border crossing points, ensuring that the relevant information is communicated to those affected, and taking into account the phases set out in Article 4 of this Regulation. The Commission, in cooperation with the European Data Protection Supervisor and national supervisory authorities, shall support Member States in preparing the adapted materials of the information campaign.

    12. The application of Article 12(1) and (2), Article 13(1) and (2), Article 20 and Article 21 of Regulation (EU) 2017/2226 shall be suspended.

    13. By way of derogation from Article 22 of Regulation (EU) 2017/2226 and Article 12a of Regulation (EU) 2016/399, the transitional period and the transitional measures set out in those Articles shall apply from the first day after the progressive start of operations of the EES has ended.

    14. At the border crossing points at which the EES is not operated, border checks shall be carried out in accordance with Regulation (EU) 2016/399 as applicable on the day before the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) Regulation (EU) 2017/2226.

    At the border crossing points at which the EES is operated, border checks shall be carried out in accordance with Regulation (EU) 2017/2226 and Regulation (EU) 2016/399.

    By way of derogation from the second subparagraph, at the border crossing points where the EES is operated without biometric functionalities, Article 6(1), point (f)(i), and the provisions on the verification of third-country nationals based on biometric data, solely for the purposes of the EES, referred to in Articles 6, point (f) (ii) and Article 8 (3), points (a) and (g) of Regulation (EU) 2016/399 shall not apply.

    For the purposes of this Regulation, Article 9(3) and Article 12 of Regulation (EU) 2016/399 shall be suspended.

    Article 6
    Access to the EES data

    1. When accessing the entry and exit records registered in the EES during the progressive start of operations of the EES in the performance of their tasks:

    (a) national authorities and Europol shall take into account that, due to the variable operations of the EES in each Member State during the progressive start of operations of the EES, the data could be incomplete;

    (aa)  national authorities and Europol shall not take decisions adversely affecting individuals solely on the basis that a registration of an alleged entry or exit is absent in the EES;

    (b) national authorities shall take into account that the data could be incomplete when communicating data in accordance with Articles 41 and 42 of Regulation (EU) 2017/2226;

    (c) the ETIAS Central Unit shall take into account that the entry and exit records registered in the EES during the progressive start of operations of the EES could include incomplete sets of data for the purpose of verification in accordance with Article 25a(2) of Regulation (EU) 2017/2226. 

    2. Competent authorities, the Commission and relevant Union agencies shall take into account that the data registered in the EES during the progressive start of operations of the EES may be incomplete when accessing data for reporting and statistics as referred in Article 63 of Regulation EU 2017/2226.

    3. By way of derogation from Article 13(3) of Regulation (EU) 2017/2226, carriers may start using the web service referred to in that Article from the 90th calendar day of the progressive start of operations of the EES. Carriers shall verify the stamps affixed in the travel documents with a view to fulfilling their obligations under Article 26(1) of the Convention implementing the Schengen Agreement and under Council Directive 2001/51/EC for the duration of the progressive start of operations of the EES.

    For a period of 180 calendar days after the end of the progressive start of operations of the EES, carriers shall, in addition to using the web service as referred to in Article 13(3) of Regulation (EU) 2017/2226 continue verifying the stamps affixed in travel documents with a view to fulfilling their obligations under Article 26(1) of the Convention implementing the Schengen Agreement and Council Directive 2001/51/EC.

    4. When fulfilling the obligations referred in Articles 35 and 52 of Regulation (EU) 2017/2226 in relation to the completion of personal data recorded in the EES, Member States shall complete the relevant data only to the extent possible taking into account the limited availability of the sets of data collected during the progressive start of operations of the EES. Where applicable, the administrative decision referred to in Article 52(4) of Regulation (EU) 2017/2226 shall refer to the conditions set out in Article 4 of this Regulation that allow for the registration of incomplete files.

    5. By way of derogation from Article 63(1), second subparagraph, of Regulation (EU) 2017/2226, the duly authorised staff of the European Border and Coast Guard Agency shall not access the data registered in the EES during the progressive start of operations of the EES for the purpose of carrying out risk analyses and vulnerability assessments.

    Article 7
    Suspension of the EES

    1. During the progressive start of operations of the EES, Member States may fully or partially suspend operating the EES at certain border crossing points in case of failure of the EES Central System, national systems or communication infrastructure, or events leading to traffic of such intensity that the waiting time at a border crossing point becomes excessive.

    In case of partial suspension, the data referred to in Articles 16 to 20 of Regulation (EU) 2017/2226 shall be collected, with the exception of biometric data.

    In case of full suspension, Member States shall completely suspend the EES operations and shall not collect the data referred to in Articles 16 to 20 of that Regulation.

    In both cases, Member States shall promptly inform the operators of infrastructure hosting border crossing points and carriers. No later than 6 hours after the start of the suspension, Member States shall notify to the Commission and eu-LISA the reason for the partial or full suspension and its expected duration ▌. Once the ▌circumstances that led to the suspension cease, Member States shall end the suspension and promptly notify the Commission, eu-LISA and the operators of infrastructure hosting border crossing points and carriers thereof.

    2. For a period of 60 calendar days after the end of the progressive start of operations of the EES, Member States may partially suspend operating the EES as referred to in paragraph 1, second subparagraph, at a certain border crossing point for a limited time of maximum 4 hours within a day and only in exceptional circumstances leading to traffic of such intensity that the waiting time at a border crossing point becomes excessive. Member States shall be relieved of their obligation set out in Article 21(1) of Regulation (EU) 2017/2226 as regards biometric data. In those cases, Member States shall promptly and no later than 6 hours after the start of suspension notify the reason for the suspension and its expected duration to the Commission and eu-LISA.

    3. ▌

    4. ▌

    Article 8
    Entry into force and application

    1. This Regulation shall enter into force on the fourth day following that of its publication in the Official Journal of the European Union.

    It shall apply from the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226.

    However, Article 3 of this Regulation shall apply from the entry into force of this Regulation.

    2. This Regulation shall cease to apply 180 calendar days from the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) Regulation (EU) 2017/2226. However:

    (a) Article 5(13) shall cease to apply 5 years and 180 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

    (b) Article 6(1), (2), (4) and (5) shall cease to apply 5 years and 180 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

    (c) Article 6(3), second subparagraph, shall cease to apply 360 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

    (d) Article 7(2)) shall cease to apply 240 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

     (e) ▌.

    This Regulation shall be binding in its entirety and directly applicable in all Member States.

    Done at Brussels,

    MIL OSI Europe News

  • MIL-OSI: Voice2Me.ai Unveils the World’s First Multimodal AI Voice Agents for ServiceNow—Live in Minutes, Not Months

    Source: GlobeNewswire (MIL-OSI)

    Fairfax, Virginia, May 01, 2025 (GLOBE NEWSWIRE) — Voice2Me.ai today announced the debut of the industry’s first multimodal AI agent platform for ServiceNow and beyond. Building on the company’s headless, ultra-secured architecture, the new release lets enterprises move from voice-only automation to immersive, “see-what-I-see” assistance – without the months-long integration cycles typical of legacy solutions.

    Voice2Me.ai Logo

    Once activated, Voice2Me agents can talk, text, show, and share screens with customers in real time. The agents “see” what the user sees and guide them step-by-step, while simultaneously searching the web or corporate knowledge bases, with minimal latency. Because the solution is ServiceNow-native, every interaction is auto-logged in ServiceNow the instant it happens, eliminating swivel-chair data entry. And with a plug-in SDK, the very same agents can be embedded into mobile apps, websites, or contact-center platforms within minutes.

    “We’re turning ServiceNow into a fully multimodal experience – voice, chat, video, and live screen-share – in a single app that anyone can deploy before lunch,” said Eva Karnaukh, CEO of Voice2Me.ai. “Customers don’t just want answers—they want to see, hear, and be shown. Today we’re making that future a reality.”

    Key features include

    • True Multimodal Interaction: Seamless hand-off between voice, chat, video, and screen-share for friction-free support.
    • Instant Vision & Guidance: Agents view user screens, highlight UI elements, and walk customers through complex processes while conducting live web research.
    • Anywhere Deployment: One-click install on ServiceNow plus drop-in widgets for websites, mobile apps, and telephony systems ь live in minutes, not months 
    • 50+ Language Fluency: Natural, human-like conversations across global markets, with automatic language detection.

    Industry analysts note that multimodal agents dramatically boost customer satisfaction by letting people “hear, see, and interact in the channel that suits the moment”, a capability now available natively to the ServiceNow ecosystem for the first time.

    Voice2Me.ai’s platform is powered by the top industry providers such as Microsoft, Google and OpenAI, ensuring enterprise-grade reliability, security, and scalability. The company also offers 24/7 support, guided onboarding, and continuous optimization services.

    Availability

    The multimodal AI voice-agents available today for ServiceNow clients. Enterprises can spin up a free simple ServiceNow voice agents at service24x7.ai or learn more at voice2me.ai.

    Follow Voice2Me.ai on YouTube, X, and LinkedIn. Connect with CEO Eva Karnaukh on LinkedIn.

    The MIL Network

  • MIL-OSI: Oaktree Specialty Lending Corporation Announces Second Fiscal Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, CA, May 01, 2025 (GLOBE NEWSWIRE) — Oaktree Specialty Lending Corporation (NASDAQ: OCSL) (“Oaktree Specialty Lending” or the “Company”), a specialty finance company, today announced its financial results for the fiscal quarter ended March 31, 2025.

    Financial Highlights for the Quarter Ended March 31, 2025

    • Total investment income was $77.6 million ($0.90 per share) for the second fiscal quarter of 2025, as compared with $86.6 million ($1.05 per share) for the first fiscal quarter of 2025. Adjusted total investment income was $77.2 million ($0.90 per share) for the second fiscal quarter of 2025, as compared with $87.1 million ($1.06 per share) for the first fiscal quarter of 2025. The decrease was driven by lower interest income, which was primarily attributable to a smaller average investment portfolio, the impact of certain investments that were placed on non-accrual status and decreases in reference rates.
    • GAAP net investment income was $39.1 million ($0.45 per share) for the second fiscal quarter of 2025, as compared with $44.3 million ($0.54 per share) for the first fiscal quarter of 2025. The decrease for the quarter was primarily driven by lower total investment income, partially offset by lower interest expense and income-based (“Part I”) incentive fees (net of fees waived).
    • Adjusted net investment income was $38.7 million ($0.45 per share) for the second fiscal quarter of 2025, as compared with $44.7 million ($0.54 per share) for the first fiscal quarter of 2025. The decrease for the quarter was primarily driven by lower adjusted total investment income, partially offset by lower interest expense and lower Part I incentive fees (net of fees waived).
    • Net asset value (“NAV”) per share was $16.75 as of March 31, 2025, down as compared with $17.63 as of December 31, 2024. The decline from December 31, 2024 primarily reflected losses on certain debt and equity investments.
    • Originated $407.0 million of new investment commitments and received $279.4 million of proceeds from prepayments, exits, other paydowns and sales during the quarter ended March 31, 2025. The weighted average yield on new debt investments was 9.5%.
    • Total debt outstanding was $1,470.0 million as of March 31, 2025. The total debt to equity ratio was 1.00x, and the net debt to equity ratio was 0.93x, after adjusting for cash and cash equivalents.
    • Oaktree Capital I, L.P. purchased $100.0 million of shares of OCSL common stock on February 3, 2025 at the Company’s net asset value as of January 31, 2025, which was $17.63 per share and represented a 10% premium to the closing stock price.
    • The Company issued $300 million of unsecured notes during the quarter ended March 31, 2025 that mature on February 27, 2030 and bear interest at a rate of 6.340%. In connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement under which the Company receives a fixed interest rate of 6.340% and pays a floating interest rate of the three-month SOFR plus 2.192% on a notional amount of $300.0 million. Additionally, the Company repaid $300 million of unsecured notes that matured on February 25, 2025.
    • Liquidity as of March 31, 2025 was composed of $97.8 million of unrestricted cash and cash equivalents and over $1.0 billion of undrawn capacity under the Company’s credit facilities (subject to borrowing base and other limitations). Unfunded investment commitments were $299.8 million, or $272.6 million excluding unfunded commitments to the Company’s joint ventures. Of the $272.6 million, approximately $252.0 million can be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions.
    • A quarterly and supplemental cash distribution was declared of $0.40 per share and $0.02 per share, respectively, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025.

    “Certain challenged portfolio company investments weighed on our results in the second quarter. We are focused on resolving these issues while also positioning our portfolio to deliver more consistent performance going forward,” stated Armen Panossian, Chief Executive Officer and Co-Chief Investment Officer.

    “We are focused on further diversifying our portfolio by selectively investing in companies we believe are well positioned to deliver attractive returns given overall market uncertainty caused by tariffs, inflation and high interest rates. Historically, in periods of market volatility, our firm-wide DNA has enabled us to capitalize on opportunities while others are sidelined, and we have ample dry powder for new investments.”

    Distribution Declaration

    The Board of Directors declared a quarterly distribution of $0.40 per share, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025. The Board of Directors also declared a supplemental distribution of $0.02 per share, payable in cash on June 30, 2025 to stockholders of record on June 16, 2025.

    Distributions are paid primarily from distributable (taxable) income. To the extent taxable earnings for a fiscal taxable year fall below the total amount of distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to the Company’s stockholders.

    Results of Operations

      For the three months ended
     
    ($ in thousands, except per share data) March 31, 2025
    (unaudited)
      December 31, 2024
    (unaudited)
      March 31, 2024
    (unaudited)

     
    GAAP operating results:                        
    Interest income $ 70,523     $ 78,422     $ 85,256    
    PIK interest income   4,531       5,728       4,816    
    Fee income   1,742       1,679       2,546    
    Dividend income   772       818       1,411    
    Total investment income   77,568       86,647       94,029    
    Net expenses   38,235       42,082       52,662    
    Net investment income before taxes   39,333       44,565       41,367    
    (Provision) benefit for taxes on net investment income   (278 )     (263 )        
    Net investment income   39,055       44,302       41,367    
    Net realized and unrealized gains (losses), net of taxes   (75,304 )     (37,063 )     (32,030 )  
    Net increase (decrease) in net assets resulting from operations $ (36,249 )   $ 7,239     $ 9,337    
    Total investment income per common share $ 0.90     $ 1.05     $ 1.18    
    Net investment income per common share $ 0.45     $ 0.54     $ 0.52    
    Net realized and unrealized gains (losses), net of taxes per common share $ (0.88 )   $ (0.45 )   $ (0.40 )  
    Earnings (loss) per common share — basic and diluted $ (0.42 )   $ 0.09     $ 0.12    
    Non-GAAP Financial Measures1:                        
    Adjusted total investment income $ 77,195     $ 87,070     $ 97,340    
    Adjusted net investment income $ 38,682     $ 44,725     $ 44,678    
    Adjusted net realized and unrealized gains (losses), net of taxes $ (75,248 )   $ (37,124 )   $ (35,344 )  
    Adjusted earnings (loss) $ (36,566 )   $ 7,601     $ 9,334    
    Adjusted total investment income per share $ 0.90     $ 1.06     $ 1.22    
    Adjusted net investment income per share $ 0.45     $ 0.54     $ 0.56    
    Adjusted net realized and unrealized gains (losses), net of taxes per share $ (0.88 )   $ (0.45 )   $ (0.44 )  
    Adjusted earnings (loss) per share $ (0.43 )   $ 0.09     $ 0.12    
                             
    1 See Non-GAAP Financial Measures below for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company’s non-GAAP measures, including on a per share basis. The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash income/gain/loss resulting from the merger of Oaktree Strategic Income Corporation (“OCSI”) with and into the Company in March 2021 (the “OCSI Merger”) and the merger of Oaktree Strategic Income II, Inc. (“OSI2”) with and into the Company in January 2023 (the “OSI2 Merger”) and, in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
     
      As of
     
    ($ in thousands, except per share data and ratios) March 31, 2025
    (unaudited)

      December 31, 2024
    (unaudited)

      March 31, 2024
    (unaudited)

     
    Select balance sheet and other data:                        
    Cash and cash equivalents $ 97,838     $ 112,913     $ 125,031    
    Investment portfolio at fair value   2,892,771       2,835,294       3,047,445    
    Total debt outstanding (net of unamortized financing costs)   1,448,486       1,577,795       1,635,642    
    Net assets   1,475,113       1,449,815       1,524,099    
    Total debt to equity ratio   1.00 x     1.11 x     1.10 x  
    Net debt to equity ratio   0.93 x     1.03 x     1.02 x  
     

    Adjusted total investment income for the quarter ended March 31, 2025 was $77.2 million and included $70.2 million of interest income from portfolio investments, $4.5 million of payment-in-kind (“PIK”) interest income, $1.7 million of fee income and $0.8 million of dividend income. The $9.9 million quarterly decline in adjusted total investment income was primarily due to a $9.9 million decrease in interest income, which was primarily attributable to a smaller average investment portfolio, the impact of certain investments that were placed on non-accrual status and decreases in reference rates.

    Net expenses for the quarter ended March 31, 2025 totaled $38.2 million, down $3.8 million from the quarter ended December 31, 2024. The decrease for the quarter was primarily driven by $2.4 million of lower interest expense due to lower outstanding borrowings and lower reference rates on the Company’s floating rate debt and $1.5 million of lower Part I incentive fees (net of fees waived).

    Adjusted net investment income was $38.7 million ($0.45 per share) for the quarter ended March 31, 2025, which was down from $44.7 million ($0.54 per share) for the quarter ended December 31, 2024. The decline of $6.0 million primarily reflected $9.9 million of lower adjusted total investment income, offset by $3.9 million of lower net expenses.

    Adjusted net realized and unrealized losses, net of taxes, were $75.2 million for the quarter ended March 31, 2025.

    Portfolio and Investment Activity

      As of
     
    ($ in thousands) March 31, 2025
    (unaudited)
      December 31, 2024
    (unaudited)
      March 31, 2024
    (unaudited)

     
    Investments at fair value $ 2,892,771     $ 2,835,294     $ 3,047,445    
    Number of portfolio companies   152       136       151    
    Average portfolio company debt size $ 19,700     $ 22,000     $ 20,100    
                             
    Asset class:                        
    First lien debt   80.9 %     81.8 %     80.8 %  
    Second lien debt   3.4 %     3.0 %     5.4 %  
    Unsecured debt   5.0 %     3.9 %     2.6 %  
    Equity   4.6 %     4.8 %     4.8 %  
    JV interests   6.1 %     6.5 %     6.4 %  
                             
    Non-accrual debt investments:                        
    Non-accrual investments at fair value $ 125,643     $ 105,326     $ 69,128    
    Non-accrual investments at cost   217,401       138,703       127,720    
    Non-accrual investments as a percentage of debt investments at fair value   4.6 %     3.9 %     2.4 %  
    Non-accrual investments as a percentage of debt investments at cost   7.6 %     5.1 %     4.3 %  
    Number of investments on non-accrual   10       9       5    
                             
    Interest rate type:                        
    Percentage floating-rate   89.8 %     87.6 %     85.4 %  
    Percentage fixed-rate   10.2 %     12.4 %     14.6 %  
                             
    Yields:                        
    Weighted average yield on debt investments1   10.2 %     10.7 %     12.2 %  
    Cash component of weighted average yield on debt investments   9.3 %     9.5 %     11.0 %  
    Weighted average yield on total portfolio investments2   9.8 %     10.2 %     11.7 %  
                             
    Investment activity:                        
    New investment commitments $ 407,000     $ 198,100     $ 395,600    
    New funded investment activity3 $ 405,800     $ 201,300     $ 377,400    
    Proceeds from prepayments, exits, other paydowns and sales $ 279,400     $ 352,400     $ 322,600    
    Net new investments4 $ 126,400     $ (151,100 )   $ 54,800    
    Number of new investment commitments in new portfolio companies   24       5       20    
    Number of new investment commitments in existing portfolio companies   8       8       15    
    Number of portfolio company exits   8       13       15    
                             
    1 Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments, including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see Non-GAAP Financial Measures below) for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
    2 Annual stated yield earned plus net annual amortization of OID or premium earned on accruing investments and dividend income, including the Company’s share of the return on debt investments in SLF JV I and Glick JV, and excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 for the assets acquired in connection with the OCSI Merger and OSI2 Merger.
    3 New funded investment activity includes drawdowns on existing revolver and delayed draw term loan commitments.
    4 Net new investments consists of new funded investment activity less proceeds from prepayments, exits, other paydowns and sales.
     

    As of March 31, 2025, the fair value of the investment portfolio was $2.9 billion and was composed of investments in 152 companies. These included debt investments in 131 companies, equity investments in 40 companies, and the Company’s joint venture investments in SLF JV I and OCSI Glick JV LLC (“Glick JV”). 21 of the equity investments were in companies in which the Company also had a debt investment.

    As of March 31, 2025, 94.9% of the Company’s portfolio at fair value consisted of debt investments, including 80.9% of first lien loans, 3.4% of second lien loans and 10.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV. This compared to 81.8% of first lien loans, 3.0% of second lien loans and 9.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV, as of December 31, 2024.

    As of March 31, 2025, there were ten investments on non-accrual status, which represented 7.6% and 4.6% of the debt portfolio at cost and fair value, respectively. As of December 31, 2024, there were nine investments on non-accrual status, which represented 5.1% and 3.9% of the debt portfolio at cost and fair value, respectively.

    SLF JV I

    The Company’s investments in SLF JV I totaled $128.6 million at fair value as of March 31, 2025, down 5.0% from $135.4 million as of December 31, 2024. The decrease was primarily driven by SLF JV I’s use of leverage and unrealized depreciation in the underlying investment portfolio.

    As of March 31, 2025, SLF JV I had $374.7 million in assets, including senior secured loans to 52 portfolio companies. This compared to $344.9 million in assets, including senior secured loans to 42 portfolio companies, as of December 31, 2024. SLF JV I generated cash interest income of $3.2 million for the Company during the quarter ended March 31, 2025, down from $3.4 million in the prior quarter. In addition, SLF JV I generated dividend income of $0.7 million for the Company during the quarter ended March 31, 2025, flat from the prior quarter. As of March 31, 2025, SLF JV I had $73.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $270 million senior revolving credit facility, and its debt to equity ratio was 1.3x.

    Glick JV

    The Company’s investments in Glick JV totaled $47.3 million at fair value as of March 31, 2025, down 4.6% from $49.6 million as of December 31, 2024. The decrease was primarily driven by Glick JV’s use of leverage and unrealized depreciation in the underlying investment portfolio.

    As of March 31, 2025, Glick JV had $125.1 million in assets, including senior secured loans to 41 portfolio companies. This compared to $127.9 million in assets, including senior secured loans to 39 portfolio companies, as of December 31, 2024. Glick JV generated cash interest income of $1.3 million for the Company during the quarter ended March 31, 2025, down from $1.4 million in the prior quarter. As of March 31, 2025, Glick JV had $31.0 million of undrawn capacity (subject to borrowing base and other limitations) on its $100 million senior revolving credit facility, and its debt to equity ratio was 1.3x.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company had total principal value of debt outstanding of $1,470.0 million, including $520.0 million of outstanding borrowings under its revolving credit facilities, $350.0 million of the 2.700% Notes due 2027, $300.0 million of the 7.100% Notes due 2029 and $300.0 million of the 6.340% Notes due 2030. The funding mix was composed of 35% secured and 65% unsecured borrowings as of March 31, 2025. The Company was in compliance with all financial covenants under its credit facilities as of March 31, 2025.

    As of March 31, 2025, the Company had $97.8 million of unrestricted cash and cash equivalents and over $1.0 billion of undrawn capacity on its credit facilities (subject to borrowing base and other limitations). As of March 31, 2025, unfunded investment commitments were $299.8 million, or $272.6 million excluding unfunded commitments to the Company’s joint ventures. Of the $272.6 million, approximately $252.0 million could be drawn immediately with the remaining amount subject to certain milestones that must be met by portfolio companies or other restrictions. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to invest in market opportunities as they arise.

    As of March 31, 2025, the weighted average interest rate on debt outstanding, including the effect of the interest rate swap agreements was 6.7%, up from 6.2% as of December 31, 2024, primarily driven by the impact of the repayment of the 3.500% Notes due 2025 and the issuance of the 6.340% Notes due 2030.

    The Company’s total debt to equity ratio was 1.00x and 1.11x as of each of March 31, 2025 and December 31, 2024, respectively. The Company’s net debt to equity ratio was 0.93x and 1.03x as of each of March 31, 2025 and December 31, 2024, respectively.

    Recent Developments

    Syndicated Facility

    On April 8, 2025, the Company entered into an amendment to its amended and restated senior secured credit facility (the “Syndicated Facility”), among other things, (1) generally reduce interest rate margins from 2.00% plus a SOFR adjustment (ranging between 0.11448% and 0.26161%) to 1.875% plus a SOFR adjustment of 0.10% on SOFR loans and from 1.00% to 0.875% plus a SOFR adjustment of 0.10% on alternate base rate loans, (2) remove the Consolidated Interest Coverage Ratio covenant, (3) decrease the facility size from $1.218 billion to $1.160 billion, (4) increase the “accordion” feature to allow expansion of the facility to $1.50 billion, and (5) extend the reinvestment period and final maturity date to April 8, 2029, and April 8, 2030, respectively.

    Non-GAAP Financial Measures

    On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company’s management uses these non-GAAP financial measures internally to analyze and evaluate financial results and performance and believes that these non-GAAP financial measures are useful to investors as an additional tool to evaluate ongoing results and trends for the Company and to review the Company’s performance without giving effect to non-cash income/gain/loss resulting from the OCSI Merger and the OSI2 Merger and in the case of adjusted net investment income, without giving effect to capital gains incentive fees. The presentation of the below non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

    • “Adjusted Total Investment Income” and “Adjusted Total Investment Income Per Share” – represents total investment income excluding any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.
    • “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” – represents net investment income, excluding (i) any amortization or accretion of interest income resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger and (ii) capital gains incentive fees (“Part II incentive fees”).
    • “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes” and “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share” – represents net realized and unrealized gains (losses) net of taxes excluding any net realized and unrealized gains (losses) resulting solely from the cost basis established by ASC 805 (see below) for the assets acquired in connection with the OCSI Merger and the OSI2 Merger.
    • “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” – represents the sum of (i) Adjusted Net Investment Income and (ii) Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes and includes the impact of Part II incentive fees1, if any.

    The OCSI Merger and the OSI2 Merger (the “Mergers”) were accounted for as asset acquisitions in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”). The consideration paid to each of the stockholders of OCSI and OSI2 were allocated to the individual assets acquired and liabilities assumed based on the relative fair values of the net identifiable assets acquired other than “non-qualifying” assets, which established a new cost basis for the acquired investments under ASC 805 that, in aggregate, was different than the historical cost basis of the acquired investments prior to the OCSI Merger or the OSI2 Merger, as applicable. Additionally, immediately following the completion of the Mergers, the acquired investments were marked to their respective fair values under ASC 820, Fair Value Measurements, which resulted in unrealized appreciation/depreciation. The new cost basis established by ASC 805 on debt investments acquired will accrete/amortize over the life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation/depreciation on such investment acquired through its ultimate disposition. The new cost basis established by ASC 805 on equity investments acquired will not accrete/amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized gain/loss with a corresponding reversal of the unrealized appreciation/depreciation on disposition of such equity investments acquired.

    The Company’s management uses the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare its financial results with those of other business development companies that have not adjusted the cost basis of certain investments pursuant to ASC 805. The Company’s management believes “Adjusted Total Investment Income”, “Adjusted Total Investment Income Per Share”, “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” are useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to the income resulting from the new cost basis of the investments acquired in the Mergers because these amounts do not impact the fees payable to Oaktree Fund Advisors, LLC (the “Adviser”) under its investment advisory agreement (as amended and restated from time to time, the “A&R Advisory Agreement”), and specifically as its relates to “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”, without giving effect to Part II incentive fees. In addition, the Company’s management believes that “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes”, “Adjusted Net Realized and Unrealized Gains (Losses), Net of Taxes Per Share”, “Adjusted Earnings (Loss)” and “Adjusted Earnings (Loss) Per Share” are useful to investors as they exclude the non-cash income and gain/loss resulting from the Mergers and are used by management to evaluate the economic earnings of its investment portfolio. Moreover, these metrics more closely align the Company’s key financial measures with the calculation of incentive fees payable to the Adviser under with the A&R Advisory Agreement (i.e., excluding amounts resulting solely from the lower cost basis of the acquired investments established by ASC 805 that would have been to the benefit of the Adviser absent such exclusion).

    The following table provides a reconciliation of total investment income (the most comparable U.S. GAAP measure) to adjusted total investment income for the periods presented:

      For the three months ended
     
      March 31, 2025
    (unaudited)
      December 31, 2024
    (unaudited)
      March 31, 2024
    (unaudited)

     
    ($ in thousands, except per share data) Amount   Per Share   Amount   Per Share   Amount   Per Share
     
    GAAP total investment income $ 77,568     $ 0.90   $ 86,647   $ 1.05   $ 94,029   $ 1.18  
    Interest income amortization (accretion) related to merger
    accounting adjustments
      (373 )         423     0.01     3,311     0.04  
    Adjusted total investment income $ 77,195     $ 0.90   $ 87,070   $ 1.06   $ 97,340   $ 1.22  
     

    The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:

      For the three months ended
     
      March 31, 2025
    (unaudited)
      December 31, 2024
    (unaudited)
      March 31, 2024
    (unaudited)

     
    ($ in thousands, except per share data) Amount   Per Share   Amount   Per Share   Amount   Per Share
     
    GAAP net investment income $ 39,055     $ 0.45   $ 44,302   $ 0.54   $ 41,367   $ 0.52  
    Interest income amortization (accretion) related to merger
    accounting adjustments
      (373 )         423     0.01     3,311     0.04  
    Part II incentive fee                          
    Adjusted net investment income $ 38,682     $ 0.45   $ 44,725   $ 0.54   $ 44,678   $ 0.56  
     

    The following table provides a reconciliation of net realized and unrealized gains (losses), net of taxes (the most comparable U.S. GAAP measure) to adjusted net realized and unrealized gains (losses), net of taxes for the periods presented:

      For the three months ended
     
      March 31, 2025
    (unaudited)
      December 31, 2024
    (unaudited)
      March 31, 2024
    (unaudited)

     
    ($ in thousands, except per share data) Amount   Per Share   Amount   Per Share   Amount   Per Share
     
    GAAP net realized and unrealized gains (losses), net of taxes $ (75,304 )   $ (0.88 )   $ (37,063 )   $ (0.45 )   $ (32,030 )   $ (0.40 )  
    Net realized and unrealized gains (losses) related to merger
    accounting adjustments
      56             (61 )           (3,314 )     (0.04 )  
    Adjusted net realized and unrealized gains (losses), net of taxes $ (75,248 )   $ (0.88 )   $ (37,124 )   $ (0.45 )   $ (35,344 )   $ (0.44 )  
     

    The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure) to adjusted earnings (loss) for the periods presented:

      For the three months ended
     
      March 31, 2025
    (unaudited)
      December 31, 2024
    (unaudited)
      March 31, 2024
    (unaudited)

     
    ($ in thousands, except per share data) Amount   Per Share   Amount   Per Share   Amount   Per Share
     
    Net increase (decrease) in net assets resulting from operations $ (36,249 )   $ (0.42 )   $ 7,239     $ 0.09   $ 9,337     $ 0.12    
    Interest income amortization (accretion) related to merger
    accounting adjustments
      (373 )           423       0.01     3,311       0.04    
    Net realized and unrealized gains (losses) related to merger
    accounting adjustments
      56             (61 )         (3,314 )     (0.04 )  
    Adjusted earnings (loss) $ (36,566 )   $ (0.43 )   $ 7,601     $ 0.09   $ 9,334     $ 0.12    
     

    Conference Call Information

    Oaktree Specialty Lending will host a conference call to discuss its second fiscal quarter 2025 results at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on May 1, 2025. The conference call may be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412) 317-5238 (non-U.S. callers). All callers will need to reference “Oaktree Specialty Lending” once connected with the operator. Alternatively, a live webcast of the conference call can be accessed through the Investors section of Oaktree Specialty Lending’s website, www.oaktreespecialtylending.com. During the conference call, the Company intends to refer to an investor presentation that will be available on the Investors section of its website.

    For those individuals unable to listen to the live broadcast of the conference call, a replay will be available on Oaktree Specialty Lending’s website, or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), access code 3296634, beginning approximately one hour after the broadcast.

    About Oaktree Specialty Lending Corporation

    Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets. The Company’s investment objective is to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The Company is regulated as a business development company under the Investment Company Act of 1940, as amended, and is externally managed by Oaktree Fund Advisors, LLC, an affiliate of Oaktree Capital Management, L.P. For additional information, please visit Oaktree Specialty Lending’s website at www.oaktreespecialtylending.com.

    Forward-Looking Statements

    Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of the Company and distribution projections; business prospects of the Company and the prospects of its portfolio companies; and the impact of the investments that the Company expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) changes or potential disruptions in the Company’s operations, the economy, financial markets or political environment, including those caused by tariffs and trade disputes with other countries, inflation and an elevated interest rate environment; (ii) risks associated with possible disruption in the operations of the Company or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters, pandemics or cybersecurity incidents; (iii) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (iv) conditions in the Company’s operating areas, particularly with respect to business development companies or regulated investment companies; and (v) other considerations that may be disclosed from time to time in the Company’s publicly disseminated documents and filings. The Company has based the forward-looking statements included in this press release on information available to it on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that the Company in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Contacts

    Investor Relations:
    Oaktree Specialty Lending Corporation
    Clark Koury
    (213) 830-6222
    ocsl-ir@oaktreecapital.com

    Media Relations:
    Financial Profiles, Inc.
    Moira Conlon
    (310) 478-2700
    mediainquiries@oaktreecapital.com

    Oaktree Specialty Lending Corporation
    Consolidated Statements of Assets and Liabilities
    (in thousands, except per share amounts)
     
      March 31, 2025
    (unaudited)
      December 31, 2024
    (unaudited)
      September 30, 2024
     
    ASSETS                        
    Investments at fair value:                        
    Control investments (cost March 31, 2025: $375,317; cost December 31, 2024: $374,509;
    cost September 30, 2024: $372,901)
    $ 230,904     $ 267,782     $ 289,404    
    Affiliate investments (cost March 31, 2025: $35,295; cost December 31, 2024: $37,358;
    cost September 30, 2024: $38,175)
      32,475       35,180       35,677    
    Non-control/Non-affiliate investments (cost March 31, 2025: $2,703,644; cost December 31,
    2024: $2,576,053; cost September 30, 2024: $2,733,843)
      2,629,392       2,532,332       2,696,198    
    Total investments at fair value (cost March 31, 2025: $3,114,256; cost December 31,
    2024: $2,987,920; September 30, 2024: $3,144,919)
      2,892,771       2,835,294       3,021,279    
    Cash and cash equivalents   97,838       112,913       63,966    
    Restricted cash   10,370       13,159       14,577    
    Interest, dividends and fees receivable   22,768       25,290       38,804    
    Due from portfolio companies   317       408       12,530    
    Receivables from unsettled transactions   18,526       55,661       17,548    
    Due from broker   25,190       21,880       17,060    
    Deferred financing costs   10,196       10,936       11,677    
    Deferred offering costs   161       162       125    
    Derivative assets at fair value         6,652          
    Other assets   1,030       1,437       775    
    Total assets $ 3,079,167     $ 3,083,792     $ 3,198,341    
                             
    LIABILITIES AND NET ASSETS                        
    Liabilities:                        
    Accounts payable, accrued expenses and other liabilities $ 3,451     $ 3,371     $ 3,492    
    Base management fee and incentive fee payable   7,332       8,930       15,517    
    Due to affiliate   1,277       1,508       4,088    
    Interest payable   14,087       17,600       16,231    
    Payables from unsettled transactions   110,202             15,666    
    Derivative liabilities at fair value   19,219       24,759       16,843    
    Deferred tax liability         14          
    Credit facilities payable   520,000       660,000       710,000    
    Unsecured notes payable (net of $7,573, $4,401 and $4,935 of unamortized financing costs
    as of March 31, 2025, December 31, 2024 and September 30, 2024, respectively)
      928,486       917,795       928,693    
    Total liabilities   1,604,054       1,633,977       1,710,530    
    Commitments and contingencies                        
    Net assets:                        
    Common stock, $0.01 par value per share, 250,000 shares authorized; 88,086, 82,245 and
    82,245 shares issued and outstanding as of March 31, 2025, December 31, 2024 and
    September 30, 2024, respectively
      881       822       822    
    Additional paid-in-capital   2,367,337       2,264,449       2,264,449    
    Accumulated overdistributed earnings   (893,105 )     (815,456 )     (777,460 )  
    Total net assets (equivalent to $16.75, $17.63 and $18.09 per common share as of March
    31, 2025, December 31, 2024 and September 30, 2024, respectively)
      1,475,113       1,449,815       1,487,811    
    Total liabilities and net assets $ 3,079,167     $ 3,083,792     $ 3,198,341    
     
    Oaktree Specialty Lending Corporation
    Consolidated Statements of Operations
    (in thousands, except per share amounts)
     
      Three months ended
    March 31, 2025 (unaudited)
      Three months ended
    December 31, 2024 (unaudited)
      Three months ended
    March 31, 2024 (unaudited)
      Six months ended
    March 31, 2025 (unaudited)
      Six months ended
    March 31, 2024 (unaudited)
     
    Interest income:                                        
    Control investments $ 4,884     $ 5,226     $ 5,949     $ 10,110     $ 11,954    
    Affiliate investments   159       166       10       325       334    
    Non-control/Non-affiliate investments   63,915       71,809       77,803       135,724       160,524    
    Interest on cash and cash equivalents   1,565       1,221       1,494       2,786       3,858    
    Total interest income   70,523       78,422       85,256       148,945       176,670    
    PIK interest income:                                        
    Control investments         830       598       830       1,142    
    Affiliate investments   27       28             55          
    Non-control/Non-affiliate investments   4,504       4,870       4,218       9,374       7,523    
    Total PIK interest income   4,531       5,728       4,816       10,259       8,665    
    Fee income:                                        
    Control investments               13             26    
    Affiliate investments                           5    
    Non-control/Non-affiliate investments   1,742       1,679       2,533       3,421       3,822    
    Total fee income   1,742       1,679       2,546       3,421       3,853    
    Dividend income:                                        
    Control investments   700       700       1,400       1,400       2,800    
    Non-control/Non-affiliate investments   72       118       11       190       26    
    Total dividend income   772       818       1,411       1,590       2,826    
    Total investment income   77,568       86,647       94,029       164,215       192,014    
    Expenses:                                        
    Base management fee   7,515       8,144       11,604       15,659       23,081    
    Part I incentive fee   6,733       7,913       8,452       14,646       17,480    
    Professional fees   1,227       1,067       1,213       2,294       2,717    
    Directors fees   160       160       160       320       320    
    Interest expense   28,191       30,562       31,881       58,753       64,051    
    Administrator expense   388       437       326       825       692    
    General and administrative expenses   937       926       526       1,863       1,117    
    Total expenses   45,151       49,209       54,162       94,360       109,458    
    Management fees waived   (183 )     (750 )     (1,500 )     (933 )     (3,000 )  
    Part I incentive fees waived   (6,733 )     (6,377 )           (13,110 )        
    Net expenses   38,235       42,082       52,662       80,317       106,458    
    Net investment income before taxes   39,333       44,565       41,367       83,898       85,556    
    (Provision) benefit for taxes on net investment
    income
      (278 )     (263 )           (541 )        
    Net investment income   39,055       44,302       41,367       83,357       85,556    
    Unrealized appreciation (depreciation):                                        
    Control investments   (37,686 )     (23,230 )     (6,193 )     (60,916 )     (4,854 )  
    Affiliate investments   (642 )     320       93       (322 )     (832 )  
    Non-control/Non-affiliate investments   (28,975 )     (7,198 )     (21,396 )     (36,173 )     (39,011 )  
    Foreign currency forward contracts   (14,720 )     10,494       2,244       (4,226 )     (5,580 )  
    Net unrealized appreciation (depreciation)   (82,023 )     (19,614 )     (25,252 )     (101,637 )     (50,277 )  
    Realized gains (losses):                                        
    Control investments   13                   13       786    
    Affiliate investments   333       (288 )           45          
    Non-control/Non-affiliate investments   (1,547 )     (17,056 )     (5,433 )     (18,603 )     (18,773 )  
    Foreign currency forward contracts   7,906       34       (1,170 )     7,940       2,931    
    Net realized gains (losses)   6,705       (17,310 )     (6,603 )     (10,605 )     (15,056 )  
    (Provision) benefit for taxes on realized
    and unrealized gains (losses)
      14       (139 )     (175 )     (125 )     (351 )  
    Net realized and unrealized gains (losses), net
    of taxes
      (75,304 )     (37,063 )     (32,030 )     (112,367 )     (65,684 )  
    Net increase (decrease) in net assets resulting
    from operations
    $ (36,249 )   $ 7,239     $ 9,337     $ (29,010 )   $ 19,872    
    Net investment income per common share —
    basic and diluted
    $ 0.45     $ 0.54     $ 0.52     $ 0.99     $ 1.09    
    Earnings (loss) per common share —
    basic and diluted
    $ (0.42 )   $ 0.09     $ 0.12     $ (0.35 )   $ 0.25    
    Weighted average common shares outstanding —
    basic and diluted
      85,916       82,245       79,763       84,061       78,797    
     

    1 Adjusted earnings (loss) includes accrued Part II incentive fees. As of and for the three months ended December 31, 2024, there was no accrued Part II incentive fee liability. Part II incentive fees are contractually calculated and paid at the end of the fiscal year in accordance with the A&R Advisory Agreement, which differs from Part II incentive fees accrued under GAAP. For the three months ended December 31, 2024, no amounts were payable under the A&R Advisory Agreement.

    The MIL Network

  • MIL-OSI: Radware Lands Largest Cloud Security Services Agreement to Date

    Source: GlobeNewswire (MIL-OSI)

    MAHWAH, N.J., May 01, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced it recorded a major customer win, securing its largest cloud security services agreement to date. The multi-year, multimillion dollar agreement is part of a renewal and expanded relationship with a global, Fortune 500 financial services and payments company and top 10 U.S. merchant acquirer. To manage business growth and increasing cyber threats, the customer plans to scale its security operations across Radware’s full suite of AI-powered Cloud DDoS Protection and Application Protection Services, safeguarding thousands of applications and billions of digital transactions.

    The company selected Radware for its ability to deliver a fully integrated, high-capacity application and network protection solution that seamlessly scales usage while minimizing the burden of operational overhead. The agreement spans Radware’s Cloud DDoS Protection Service and Cloud Application Protection Service, which also includes its Cloud Web Application Firewall Service, bot manager, and Web DDoS Protection.

    “Our customer’s rapid growth trajectory required an end-to-end cloud security platform that could keep pace with evolving cyber threats without burdening operational resources,” said Neal Quinn, head of North American cloud security services at Radware. “This landmark agreement reinforces Radware’s enormous potential in cloud security and is a testament to our continued investment in the U.S. market. It showcases the trusted partnerships we have built with some of the most demanding digital businesses in the world.”

    Radware’s cybersecurity suite includes application and network security solutions infused with EPIC-AI, state-of-the-art AI and generative AI algorithms which are built to block modern attacks while delivering consistent real-time protections across cloud, on-prem, and hybrid environments. Designed to automatically adapt to changes in the threat landscape, applications and infrastructure, Radware’s EPIC-AI approach to security helps organizations significantly improve attack detection and mitigation, reduce mean time to resolution (MTTR), and meet compliance challenges.

    Radware has received numerous awards for its application and network security solutions. Industry analysts such as Aite-Novarica Group, Forrester, Gartner, GigaOm, IDC, KuppingerCole, and QKS Group continue to recognize Radware as a market leader in cybersecurity.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on Facebook, LinkedIn, Radware Blog, X, and YouTube.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    Safe Harbor Statement
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that this landmark agreement reinforces our enormous potential in cloud security, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others;  outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    Media Contacts:
    Gerri Dyrek
    Radware
    Gerri.Dyrek@radware.com

    The MIL Network

  • MIL-OSI Europe: Answer to a written question – Impact of automotive industry lay-offs on the EU labour market – E-000523/2025(ASW)

    Source: European Parliament

    The Commission is aware and concerned about the situation in the automotive industry. Challenges stem, among others, from shifting mobility patterns, increasing competition and global supply chain risks, new technologies and a volatile geopolitical context.

    Underscoring the commitment to safeguarding the future of this vital sector, the Commission President launched in January 2025 the Strategic Dialogue on the Future of the European Automotive Industry[1], which brings together industry, social partners and civil society representatives[2].

    The objective of the dialogue is to contribute to policy design, including in the skills and social field, to address the challenges facing the sector.

    This has fed into the Industrial Action Plan for the European automotive sector, published on 5 March 2025. The action plan addresses a broad range of issues to maintain a strong European production base and support a thriving car industry that creates jobs, drives growth and protects the environment.

    While the Commission cannot interfere in company decisions on restructuring, several Directives[3] stipulate minimum requirements on workers’ rights and involvement. This is supported by the Quality Framework for Restructuring and Anticipation of Change[4].

    The main instruments to support workers affected are the European Social Fund (ESF+), which helps in an anticipative way, including by supporting up- and reskilling[5], and the European Globalisation Adjustment Fund for Displaced Workers (EGF)[6], activated by major restructuring events.

    The action plan proposes an extension to the EGF to support companies in restructuring processes to protect employees at risk of unemployment. One in five workers offered EGF support so far belongs to the car industry.

    • [1] https://transport.ec.europa.eu/news-events/dialogues/dialogue-future-automotive-industry_en
    • [2] A list of participating organisations, including representatives of the automotive industry and infrastructure providers, is available here: https://ec.europa.eu/commission/presscorner/api/files/attachment/880307/List%20of%20participating%20organisations.pdf
    • [3] Directive 98/59/EC on collective redundancies, Directive 2001/23/EC on transfer of undertakings, Directive 2002/14/EC establishing general framework for informing and consulting employees and Directive 2009/38/EC on European Works Councils.
    • [4] COM/2013/0882 final — 13.12.2013.
    • [5] Upskilling, reskilling, attracting talent, ensuring the right skills at the right place, are among the priorities supported by the ESF+. The funding is available, with a significant budget for skills development, the administration is in place, implementation of the 2021-2027 period is in full swing.
    • [6] See Regulation (EU) 2021/691 of the European Parliament and of the Council of 28 April 2021 on the European Globalisation Adjustment Fund for Displaced Workers (EGF) and repealing Regulation (EU) No 1309/2013, OJ L 153, 3.5.2021, p. 48-70 https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=uriserv:OJ.L_.2021.153.01.0048.01.ENG

    MIL OSI Europe News

  • MIL-OSI: Targa Resources Corp. Reports Record First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported first quarter 2025 results.

    First quarter 2025 net income attributable to Targa Resources Corp. was $270.5 million compared to $275.2 million for the first quarter of 2024. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)(1) of $1,178.5 million for the first quarter of 2025 compared to $966.2 million for the first quarter of 2024.

    Highlights

    • Record first quarter 2025 adjusted EBITDA of $1.2 billion, a 22% increase year over year
    • Repurchased $214 million of common shares through April 2025
    • Declared an annual common dividend of $4.00 per share for 2025, a 33% increase year over year
    • Continue to estimate full year 2025 adjusted EBITDA between $4.65 billion and $4.85 billion
    • Continue to estimate 2025 net growth capital expenditures of $2.6 billion to $2.8 billion

    On April 10, 2025, the Company declared an increase to its quarterly cash dividend to $1.00 per common share, or $4.00 per common share on an annualized basis, for the first quarter of 2025. This dividend represents a 33 percent increase over the common dividend declared with respect to the first quarter of 2024. Total cash dividends of approximately $217 million will be paid on May 15, 2025 on all outstanding shares of common stock to holders of record as of the close of business on April 30, 2025.

    During the first quarter of 2025, Targa repurchased 651,163 shares of its common stock at a weighted average per share price of $191.86 for a total net cost of $124.9 million. As of March 31, 2025, there was $890.5 million remaining under the Company’s share repurchase program. Subsequent to quarter end, Targa repurchased 532,210 shares of its common stock at a weighted average per share price of $167.28 for a total net cost of $89.0 million.

    First Quarter 2025 – Sequential Quarter over Quarter Commentary

    Targa reported first quarter adjusted EBITDA of $1,178.5 million, representing a 5 percent increase compared to the fourth quarter of 2024. The sequential increase in adjusted EBITDA was attributable to contribution from the Badlands transaction and higher marketing margin. Volumes across Targa’s Gathering and Processing (“G&P”) and Logistics and Transportation (“L&T”) systems were negatively impacted by winter weather events which reduced system volumes during the first quarter. In the G&P segment, sequential adjusted operating margin was approximately flat as modestly lower Permian natural gas inlet volumes due to winter weather events were partially offset by higher fees. In the L&T segment, adjusted operating margin was also sequentially flat as higher marketing margin offset lower NGL pipeline transportation volumes, which were negatively impacted by winter weather events. Fractionation volumes were lower in the first quarter due to a major planned turnaround at Targa’s Cedar Bayou Fractionation facilities in Mont Belvieu, TX. Higher sequential marketing margin was attributable to increased optimization opportunities. Subsequent to quarter end, Targa’s Permian volumes and associated L&T system volumes have meaningfully increased from first quarter levels.

    Capitalization, Financing and Liquidity

    The Company’s total consolidated debt as of March 31, 2025 was $16,208.7 million, net of $106.7 million of debt issuance costs and $35.2 million of unamortized discount, with $14,534.4 million of outstanding senior unsecured notes, $920.0 million outstanding under the Commercial Paper Program, $600.0 million outstanding under the Securitization Facility, and $296.2 million of finance lease liabilities.

    In February 2025, Targa completed an underwritten public offering of 5.550% Notes due 2035 and 6.125% Notes due 2055, resulting in net proceeds of approximately $2.0 billion. Targa used the net proceeds from the issuance to fund the repurchase of all of the outstanding preferred equity in Targa Badlands LLC (the “Badlands Transaction”) and for general corporate purposes, including to repay borrowings under the Commercial Paper Program.

    Total consolidated liquidity as of March 31, 2025 was approximately $2.7 billion, including $2.6 billion available under the TRGP Revolver, and $151.4 million of cash.

    Growth Projects Update

    In Targa’s G&P segment, construction continues on its 275 MMcf/d Pembrook II, East Pembrook, and East Driver plants in Permian Midland and its 275 MMcf/d Bull Moose II and Falcon II plants in Permian Delaware. In Targa’s L&T segment, construction continues on its Delaware Express pipeline expansion, its 150 MBbl/d Train 11 and Train 12 fractionators in Mont Belvieu, and its GPMT LPG Export Expansion. The Company now expects its Pembrook II plant to begin operations in the third quarter of 2025 and remains on-track to complete its other announced expansions as previously disclosed.

    2025 Outlook

    Targa continues to estimate full year 2025 adjusted EBITDA to be between $4.65 billion and $4.85 billion supported by forecasted growth across its Permian G&P footprint, which is expected to drive record Permian, NGL pipeline transportation, fractionation, and LPG export volumes in 2025 relative to records set in 2024. While the growth is weighted to the second half of 2025, current and expected producer activity levels continue to support an outlook of meaningfully increasing volumes across the rest of 2025 and 2026.

    Targa’s estimate for 2025 net growth capital expenditures remains unchanged in a range of $2.6 billion to $2.8 billion, and its estimate for 2025 net maintenance capital expenditures also remains unchanged at approximately $250 million.

    Conference Call

    The Company will host a conference call for the investment community at 11:00 a.m. Eastern time (10:00 a.m. Central time) on May 1, 2025 to discuss its first quarter results. The conference call can be accessed via webcast under Events and Presentations in the Investors section of the Company’s website at www.targaresources.com/investors/events, or by going directly to https://edge.media-server.com/mmc/p/waa5bt3q. A webcast replay will be available at the link above approximately two hours after the conclusion of the event.

    An earnings supplement presentation and updated investor presentation are available under Events and Presentations in the Investors section of the Company’s website at www.targaresources.com/investors/events.

    (1)    Adjusted EBITDA and adjusted operating margin (segment) are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”


    Targa Resources Corp. – Consolidated Financial Results of Operations

      Three Months Ended March 31,            
      2025     2024   2025 vs. 2024
      (In millions)
    Revenues:                      
    Sales of commodities $ 3,884.4     $ 3,942.4     $ (58.0 )     (1 %)
    Fees from midstream services   677.1       620.0       57.1       9 %
    Total revenues   4,561.5       4,562.4       (0.9 )      
    Product purchases and fuel   3,257.8       3,218.0       39.8       1 %
    Operating expenses   303.6       278.0       25.6       9 %
    Depreciation and amortization expense   367.6       340.5       27.1       8 %
    General and administrative expense   94.5       86.5       8.0       9 %
    Other operating (income) expense   (5.3 )           (5.3 )     (100 %)
    Income (loss) from operations   543.3       639.4       (96.1 )     (15 %)
    Interest expense, net   (197.1 )     (228.6 )     31.5       14 %
    Equity earnings (loss)   5.5       2.8       2.7       96 %
    Other, net   0.3       1.7       (1.4 )   NM  
    Income tax (expense) benefit   (72.2 )     (82.7 )     10.5       13 %
    Net income (loss)   279.8       332.6       (52.8 )     (16 %)
    Less: Net income (loss) attributable to noncontrolling interests   9.3       57.4       (48.1 )     (84 %)
    Net income (loss) attributable to Targa Resources Corp.   270.5       275.2       (4.7 )     (2 %)
    Premium on repurchase of noncontrolling interests, net of tax   70.5             70.5       100 %
    Net income (loss) attributable to common shareholders $ 200.0     $ 275.2     $ (75.2 )     (27 %)
    Financial data:                      
    Adjusted EBITDA (1) $ 1,178.5     $ 966.2     $ 212.3       22 %
    Adjusted cash flow from operations (1)   970.0       738.4       231.6       31 %
    Adjusted free cash flow (1)   328.2       2.8       325.4     NM  

    (1)    Adjusted EBITDA, adjusted cash flow from operations and adjusted free cash flow are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”
    NM    Due to a low denominator, the noted percentage change is disproportionately high and as a result, considered not meaningful.


    Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

    Commodity sales are relatively flat reflecting lower NGL, natural gas and condensate volumes ($217.9 million), the unfavorable impact of hedges ($256.1 million) and lower condensate prices ($15.2 million), offset by higher natural gas and NGL prices ($431.2 million).

    The increase in fees from midstream services is primarily due to higher gas gathering and processing fees, and higher export volumes, partially offset by lower transportation and fractionation fees.

    Product purchases and fuel are relatively flat reflecting higher natural gas and NGL prices, offset by lower NGL and natural gas volumes.

    The increase in operating expenses is primarily due to higher labor, taxes and maintenance costs, partially offset by lower rental costs.

    See “—Review of Segment Performance” for additional information on a segment basis.

    The increase in depreciation and amortization expense is primarily due to the impact of system expansions on the Company’s asset base.

    The decrease in interest expense, net is due to recognition of cumulative interest on a legal ruling associated with the Splitter Agreement in 2024, partially offset by higher borrowings in 2025.

    The decrease in income tax expense is primarily due to a decrease in pre-tax book income.

    The decrease in net income attributable to noncontrolling interests is primarily due to the Badlands Transaction in 2025 and the acquisition of the remaining membership interest in Cedar Bayou Fractionators, L.P. in 2024.

    The premium on repurchase of noncontrolling interests, net of tax is due to the Badlands Transaction in 2025.

    Review of Segment Performance

    The following discussion of segment performance includes inter-segment activities. The Company views segment operating margin and adjusted operating margin as important performance measures of the core profitability of its operations. These measures are key components of internal financial reporting and are reviewed for consistency and trend analysis. For a discussion of adjusted operating margin, see “Non-GAAP Financial Measures ― Adjusted Operating Margin.” Segment operating financial results and operating statistics include the effects of intersegment transactions. These intersegment transactions have been eliminated from the consolidated presentation.

    The Company operates in two primary segments: (i) Gathering and Processing; and (ii) Logistics and Transportation.

    Gathering and Processing Segment

    The Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.

    The following table provides summary data regarding results of operations of this segment for the periods indicated:

      Three Months Ended March 31,                
      2025     2024     2025 vs. 2024
      (In millions, except operating statistics and price amounts)
    Operating margin $   602.2     $   556.4     $   45.8       8 %
    Operating expenses     208.2         188.1         20.1       11 %
    Adjusted operating margin $   810.4     $   744.5     $   65.9       9 %
    Operating statistics (1):                            
    Plant natural gas inlet, MMcf/d (2) (3)                            
    Permian Midland (4)     2,985.6         2,746.1         239.5       9 %
    Permian Delaware     3,020.3         2,648.9         371.4       14 %
    Total Permian     6,005.9         5,395.0         610.9       11 %
                                 
    SouthTX     295.1         304.9         (9.8 )     (3 %)
    North Texas     171.5         184.5         (13.0 )     (7 %)
    SouthOK (5)     318.0         357.2         (39.2 )     (11 %)
    WestOK     200.1         210.1         (10.0 )     (5 %)
    Total Central     984.7         1,056.7         (72.0 )     (7 %)
                                 
    Badlands (5) (6)     136.9         127.1         9.8       8 %
    Total Field     7,127.5         6,578.8         548.7       8 %
                                 
    Coastal     398.8         524.7         (125.9 )     (24 %)
                                 
    Total     7,526.3         7,103.5         422.8       6 %
    NGL production, MBbl/d (3)                            
    Permian Midland (4)     429.5         392.8         36.7       9 %
    Permian Delaware     366.4         307.0         59.4       19 %
    Total Permian     795.9         699.8         96.1       14 %
                                 
    SouthTX     28.8         28.9         (0.1 )      
    North Texas     21.0         21.9         (0.9 )     (4 %)
    SouthOK (5)     33.1         28.1         5.0       18 %
    WestOK     15.2         11.7         3.5       30 %
    Total Central     98.1         90.6         7.5       8 %
                                 
    Badlands (5)     16.4         14.6         1.8       12 %
    Total Field     910.4         805.0         105.4       13 %
                                  
    Coastal     32.7         39.1         (6.4 )     (16 %)
                                 
    Total     943.1         844.1         99.0       12 %
    Crude oil, Badlands, MBbl/d     107.1         94.4         12.7       13 %
    Crude oil, Permian, MBbl/d     29.0         27.6         1.4       5 %
    Natural gas sales, BBtu/d (3)     2,592.8         2,650.5         (57.7 )     (2 %)
    NGL sales, MBbl/d (3)     570.2         498.8         71.4       14 %
    Condensate sales, MBbl/d     18.1         19.1         (1.0 )     (5 %)
    Average realized prices (7):                            
    Natural gas, $/MMBtu     2.24         1.50         0.74       49 %
    NGL, $/gal     0.50         0.48         0.02       4 %
    Condensate, $/Bbl     72.32         77.22         (4.90 )     (6 %)

    (1)    Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.
    (2)    Plant natural gas inlet represents the Company’s undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant, other than Badlands during 2024.
    (3)    Plant natural gas inlet volumes and gross NGL production volumes include producer take-in-kind volumes, while natural gas sales and NGL sales exclude producer take-in-kind volumes.
    (4)    Permian Midland includes operations in WestTX, of which the Company owns a 72.8% undivided interest, and other plants that are owned 100% by the Company. Operating results for the WestTX undivided interest assets are presented on a pro-rata net basis in the Company’s reported financials.
    (5)    Operations include facilities that are not wholly owned by the Company.
    (6)    Badlands natural gas inlet represents the total wellhead volume and includes the Targa volumes processed at the Little Missouri 4 plant.
    (7)    Average realized prices, net of fees, include the effect of realized commodity hedge gain/loss attributable to the Company’s equity volumes. The price is calculated using total commodity sales plus the hedge gain/loss as the numerator and total sales volume as the denominator, net of fees.

    The following table presents the realized commodity hedge gain (loss) attributable to the Company’s equity volumes that are included in the adjusted operating margin of the Gathering and Processing segment:

        Three Months Ended March 31, 2025     Three Months Ended March 31, 2024  
        (In millions, except volumetric data and price amounts)  
        Volume
    Settled
        Price
    Spread (1)
        Gain
    (Loss)
        Volume
    Settled
        Price
    Spread (1)
        Gain
    (Loss)
     
    Natural gas (BBtu)     7.7     $ 0.96     $ 7.4       14.4     $ 1.27     $ 18.3  
    NGL (MMgal)     97.5       (0.07 )     (6.6 )     134.1       0.01       1.7  
    Crude oil (MBbl)     0.7       1.00       0.7       0.4       (7.25 )     (2.9 )
                    $ 1.5                 $ 17.1  

    (1)    The price spread is the differential between the contracted derivative instrument pricing and the price of the corresponding settled commodity transaction.

    Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

    The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, the Bull Moose plant during the first quarter of 2025, and continued strong producer activity despite severe winter weather events which impacted volumes during the first quarter of 2025.

    The increase in operating expenses was primarily due to higher volumes and multiple plant additions in the Permian.

    Logistics and Transportation Segment

    The Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of the Company’s other businesses. The Logistics and Transportation segment also includes Grand Prix NGL Pipeline, which connects the Company’s gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with the Company’s Downstream facilities in Mont Belvieu, Texas. The Company’s Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

    The following table provides summary data regarding results of operations of this segment for the periods indicated:

      Three Months Ended March 31,              
      2025     2024     2025 vs. 2024
      (In millions, except operating statistics)
    Operating margin $   646.7     $   532.1     $   114.6     22 %
    Operating expenses     95.5         90.0         5.5     6 %
    Adjusted operating margin $   742.2     $   622.1     $   120.1     19 %
    Operating statistics MBbl/d (1):                          
    NGL pipeline transportation volumes     843.5         717.8         125.7     18 %
    Fractionation volumes     979.9         797.2         182.7     23 %
    Export volumes     447.7         439.0         8.7     2 %
    NGL sales     1,186.4         1,227.6         (41.2 )   (3 %)

    (1)    Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.

    Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

    The increase in adjusted operating margin was due to higher pipeline transportation and fractionation margin and higher marketing margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from the Company’s Permian Gathering and Processing systems, the addition of Train 9 during the second quarter of 2024, the in-service of the Daytona NGL Pipeline during the third quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024. Marketing margin increased due to greater optimization opportunities.

    The increase in operating expenses was predominantly due to system expansions.

    Other

        Three Months Ended March 31,        
        2025     2024     2025 vs. 2024  
        (In millions)  
    Operating margin   $ (248.8 )   $ (22.1 )   $ (226.7 )
    Adjusted operating margin   $ (248.8 )   $ (22.1 )   $ (226.7 )

    Other contains the results of commodity derivative activity mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. The Company has entered into derivative instruments to hedge the commodity price associated with a portion of the Company’s future commodity purchases and sales and natural gas transportation basis risk within the Company’s Logistics and Transportation segment.

    About Targa Resources Corp.

    Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

    Targa is a FORTUNE 500 company and is included in the S&P 500.

    For more information, please visit the Company’s website at www.targaresources.com.

    Non-GAAP Financial Measures

    This press release includes the Company’s non-GAAP financial measures: adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment). The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.

    The Company utilizes non-GAAP measures to analyze the Company’s performance. Adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment) are non-GAAP measures. The GAAP measures most directly comparable to these non-GAAP measures are income (loss) from operations, Net income (loss) attributable to Targa Resources Corp. and segment operating margin. These non-GAAP measures should not be considered as an alternative to GAAP measures and have important limitations as analytical tools. Investors should not consider these measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Additionally, because the Company’s non-GAAP measures exclude some, but not all, items that affect income and segment operating margin, and are defined differently by different companies within the Company’s industry, the Company’s definitions may not be comparable with similarly titled measures of other companies, thereby diminishing their utility. Management compensates for the limitations of the Company’s non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these insights into the Company’s decision-making processes.

    Adjusted Operating Margin

    The Company defines adjusted operating margin for the Company’s segments as revenues less product purchases and fuel. It is impacted by volumes and commodity prices as well as by the Company’s contract mix and commodity hedging program.

    Gathering and Processing adjusted operating margin consists primarily of:

    • service fees related to natural gas and crude oil gathering, treating and processing; and
    • revenues from the sale of natural gas, condensate, crude oil and NGLs less producer settlements, fuel and transport and the Company’s equity volume hedge settlements.

    Logistics and Transportation adjusted operating margin consists primarily of:

    • service fees (including the pass-through of energy costs included in certain fee rates);
    • system product gains and losses; and
    • NGL and natural gas sales, less NGL and natural gas purchases, fuel, third-party transportation costs and the net inventory change.

    The adjusted operating margin impacts of mark-to-market hedge unrealized changes in fair value are reported in Other.

    Adjusted operating margin for the Company’s segments provides useful information to investors because it is used as a supplemental financial measure by management and by external users of the Company’s financial statements, including investors and commercial banks, to assess:

    • the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis;
    • the Company’s operating performance and return on capital as compared to other companies in the midstream energy sector, without regard to financing or capital structure; and
    • the viability of capital expenditure projects and acquisitions and the overall rates of return on alternative investment opportunities.

    Management reviews adjusted operating margin and operating margin for the Company’s segments monthly as a core internal management process. The Company believes that investors benefit from having access to the same financial measures that management uses in evaluating the Company’s operating results. The reconciliation of the Company’s adjusted operating margin to the most directly comparable GAAP measure is presented under “Review of Segment Performance.”

    Adjusted EBITDA

    The Company defines adjusted EBITDA as Net income (loss) attributable to Targa Resources Corp. before interest, income taxes, depreciation and amortization, and other items that the Company believes should be adjusted consistent with the Company’s core operating performance. The adjusting items are detailed in the adjusted EBITDA reconciliation table and its footnotes. Adjusted EBITDA is used as a supplemental financial measure by the Company and by external users of the Company’s financial statements such as investors, commercial banks and others to measure the ability of the Company’s assets to generate cash sufficient to pay interest costs, support the Company’s indebtedness and pay dividends to the Company’s investors.

    Adjusted Cash Flow from Operations and Adjusted Free Cash Flow

    The Company defines adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit. The Company defines adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures (net of any reimbursements of project costs) and growth capital expenditures, net of contributions from noncontrolling interests and including contributions to investments in unconsolidated affiliates. Adjusted cash flow from operations and adjusted free cash flow are performance measures used by the Company and by external users of the Company’s financial statements, such as investors, commercial banks and research analysts, to assess the Company’s ability to generate cash earnings (after servicing the Company’s debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.

    The following table reconciles the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the periods indicated:

      Three Months Ended March 31,  
      2025     2024  
      (In millions)  
    Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Adjusted Cash Flow from Operations and Adjusted Free Cash Flow          
    Net income (loss) attributable to Targa Resources Corp. $ 270.5     $ 275.2  
    Interest (income) expense, net   197.1       228.6  
    Income tax expense (benefit)   72.2       82.7  
    Depreciation and amortization expense   367.6       340.5  
    (Gain) loss on sale or disposition of assets   (0.5 )     (1.1 )
    Write-down of assets   2.0       1.0  
    (Gain) loss from financing activities   0.6        
    Equity (earnings) loss   (5.5 )     (2.8 )
    Distributions from unconsolidated affiliates   4.9       6.3  
    Compensation on equity grants   17.6       14.6  
    Risk management activities   248.8       22.0  
    Noncontrolling interests adjustments (1)   3.2       (0.8 )
    Adjusted EBITDA $ 1,178.5     $ 966.2  
    Interest expense on debt obligations (2)   (193.2 )     (224.9 )
    Cash taxes   (15.3 )     (2.9 )
    Adjusted Cash Flow from Operations $ 970.0     $ 738.4  
    Maintenance capital expenditures, net (3)   (47.3 )     (49.8 )
    Growth capital expenditures, net (3)   (594.5 )     (685.8 )
    Adjusted Free Cash Flow $ 328.2     $ 2.8  

    (1)    Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting.
    (2)    Excludes amortization of interest expense. The three months ended March 31, 2024 includes $54.9 million of interest expense on a 2024 legal ruling associated with an agreement, dated December 27, 2015, for crude oil and condensate between Targa Channelview LLC, then a subsidiary of the Company, and Noble Americas Corp.
    (3)    Represents capital expenditures, net of contributions from noncontrolling interests and includes contributions to investments in unconsolidated affiliates.

    The following table presents a reconciliation of estimated net income of the Company to estimated adjusted EBITDA for 2025:

      2025E  
      (In millions)  
    Reconciliation of Estimated Net Income Attributable to Targa Resources Corp. to    
    Estimated Adjusted EBITDA    
    Net income attributable to Targa Resources Corp. $ 1,555.0  
    Interest expense, net   860.0  
    Income tax expense   485.0  
    Depreciation and amortization expense   1,525.0  
    Equity earnings   (20.0 )
    Distributions from unconsolidated affiliates   25.0  
    Compensation on equity grants   70.0  
    Risk management and other   250.0  
    Estimated Adjusted EBITDA $ 4,750.0  

    Regulation FD Disclosures

    The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. The Company routinely posts important information on its website at www.targaresources.com, including information that may be deemed to be material. The Company encourages investors and others interested in the company to monitor these distribution channels for material disclosures.

    Forward-Looking Statements

    Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance, capital spending and payment of future dividends. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of our completion of capital projects and business development efforts, the expected growth of volumes on our systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    Targa Investor Relations
    InvestorRelations@targaresources.com
    (713) 584-1133

    The MIL Network

  • MIL-OSI: Form 8.5 (EPT/RI)-GlobalData plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)        Name of exempt principal trader: Investec Bank plc
    (b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    GlobalData plc
    (c)        Name of the party to the offer with which exempt principal trader is connected: Investec is Joint Broker to GlobalData plc Rue plc
    (d)        Date dealing undertaken: 30th April 2025
    (e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
            If it is a cash offer or possible cash offer, state “N/A”
    N/A

    2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/received Lowest price per unit paid/received

    Ordinary

    Purchases 2,010,104 180 137.5

    Ordinary

    Sales 2,055,036 175.5 137.5

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
    N/A N/A N/A N/A N/A

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
    N/A N/A N/A N/A N/A N/A N/A N/A

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
    N/A N/A N/A N/A N/A

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
    N/A N/A N/A N/A

    3.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)        the voting rights of any relevant securities under any option; or
    (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None
    Date of disclosure: 1stMay 2025
    Contact name: Gary Darch
    Telephone number: 020 7597 4549

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI Europe: Written question – Compliance with EU law of non-EU rail operators in the internal market and its impact on competition and EU operators – P-001645/2025

    Source: European Parliament

    Priority question for written answer  P-001645/2025
    to the Commission
    Rule 144
    Dariusz Joński (PPE)

    The EU rail freight sector is currently facing a crisis, incurring losses amounting to millions of euros. Given that the Commission is the guardian of the single market and the principles of fair competition, I would like to ask the following questions:

    • 1.Does the Commission consider that the granting by the national market regulator of a Member State of a licence to a third-country entity – which is part of a state-owned company of that country – that does not meet the requirements of EU legislation on unbundling and separation of accounts is compatible with EU law? I would like to point out that the non-EU operator has been provided with commercial resources (locomotives and wagons) enabling it to compete with EU operators.
    • 2.Does the Commission consider the activities of such an entity on the EU internal market to be compatible with EU law?
    • 3.Do such activities not violate the principles of the functioning of the common market, and do they not pose a threat to EU rail companies which are subject to the full gamut of EU rules?

    Submitted: 24.4.2025

    Last updated: 29 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Administrative and environmental constraints imposed by the Seveso III Directive and REACH Regulation and their impact on European ammunition and powder production – E-001611/2025

    Source: European Parliament

    Question for written answer  E-001611/2025
    to the Commission
    Rule 144
    Pierre-Romain Thionnet (PfE)

    Through the ASAP programme, the Commission has committed to increasing annual ammunition shell production capacity to 2 million by the end of 2025, in particular by ramping up the production of powders and explosives.

    However, the Seveso III Directive imposes especially burdensome environmental and administrative constraints on industrial defence sites, which hinder the rapid creation or expansion of industrial capacities, as shown by the difficulties encountered by the French company Eurenco[1].

    Meanwhile, the REACH Regulation significantly stalls the production of chemicals essential for powder manufacturing, because of the lengthy and costly registration procedures and lack of exemption mechanisms, both for defence manufacturers and their civil suppliers[2].

    At a time when the Member States urgently need to be rearmed:

    • 1.Will the Commission reduce or introduce derogations from the disproportionate burdens imposed by the Seveso III Directive on defence companies and suppliers of dual use chemicals?
    • 2.Will it also introduce similar exemptions under the REACH Regulation for chemicals essential for the production of powders and ammunition, and facilitate and speed up the registration procedures for these substances with the European Chemicals Agency?

    Submitted: 23.4.2025

    • [1] https://www.euractiv.com/section/defence/interview/interview-blow-up-safety-rules-to-boost-defence-french-gunpowder-chief-says/
    • [2] https://www.opex360.com/2023/02/18/economie-de-guerre-le-reglement-europeen-reach-risque-dentraver-la-montee-en-puissance-des-stocks-de-munitions/
    Last updated: 30 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Tariffs on corrugated paper products imposed by Türkiye since 2024 – P-001671/2025

    Source: European Parliament

    Priority question for written answer  P-001671/2025
    to the Commission
    Rule 144
    Borja Giménez Larraz (PPE), Esther Herranz García (PPE)

    In June 2024, the Turkish Government introduced a tariff of USD 85-87 on each tonne of imported corrugated paper. For European companies that operate in Türkiye, this constitutes a 20-25 % increase in costs, making it impossible to compete. Meanwhile, the supply of Turkish paper far outweighs national demand. Local industry has funnelled large investments into new factories – a large part of their production is exported to the EU, where EU companies cannot compete on a level playing field.

    According to Eurostat, in 2023 alone, Türkiye exported 71 000 tonnes of corrugated paper to the EU as well as 126 000 tonnes of paper made from recycled fibre, with Germany, Hungary and Poland being the main destination countries. Against a backdrop of increasing global trade tensions, the EU should protect its manufacturers in the face of practices that distort the market and undermine competitiveness.

    In view of the above:

    What action will the Commission take to ensure that Türkiye reduces or lifts the tariffs that are so damaging to European paper companies?

    Submitted: 24.4.2025

    Last updated: 30 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Highlights – Discussion on Digital Markets Act with VP Teresa Ribera – Committee on the Internal Market and Consumer Protection

    Source: European Parliament

    1745853206252_20250428_EP-184484A_AH1_291.jpg © No copyright

    On 28 April, IMCO Members probed the Executive Vice-President of the EU Commission Teresa Ribera on the implementation and enforcement of the Digital Markets Act (DMA). The Executive Vice-President underlined that the DMA is already delivering manifest results. Several gatekeepers have adapted their business models, leading to improvements in user choice, interoperability, and data portability.

    She stressed that the focus is on ensuring compliance and not sanctioning companies, with enforcement measures used only when regulatory dialogue fails. A key point of discussion was the recent non-compliance decisions issued on 23 April 2025, marking a significant milestone in the DMA’s enforcement.
    The Commission imposed a €500 million fine on Apple for preventing app developers from directing users to alternative purchasing channels (anti-steering practices), and a €200 million fine on Meta for its “pay or consent” model, which was deemed to restrict users’ freedom over their personal data.
    Additionally, the Commission confirmed that Facebook Marketplace would no longer qualify as a core platform service under the DMA and adopted two specification decisions to facilitate Apple’s compliance with its interoperability obligations. These clarify the measures Apple must implement to enable third-party interoperability with iOS devices.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Lack of transparency and accountability in ‘Heracles’ securitised loans and borrower protection – E-001601/2025

    Source: European Parliament

    Question for written answer  E-001601/2025
    to the Commission
    Rule 144
    Nikolaos Anadiotis (NI)

    The Commission approved the Greek State guarantees for securitisation of non-performing loans totalling EUR 28 billion under the ‘Heracles I’[1], ‘II’[2] and ‘III’ programmes[3]. The aid provided a benefit to creditors, with the stated aim of ‘reducing systemic risk and cleaning up banks’ balance sheets’.

    However, many borrowers complain that, after transferring their loans to management companies or funds, they do not have access to basic information, namely the initial and current claim, payments made, surcharges and other charges, nor the way in which the final amount was calculated In many cases, they are led to a legal and financial impasse, without tools to control or negotiate their debt, due to companies being unaware of the full history of the loans. The gap in transparency and accountability potentially affects citizens’ rights.

    In view of the above:

    • 1.Does the Commission monitor the maintenance and transfer of complete bank records?
    • 2.Does the Commission consider that the principles of good administration, transparency and consumer protection are being fulfilled?
    • 3.Does the Commission intend to issue recommendations on the mandatory provision of detailed account statements to borrowers?

    Submitted: 22.4.2025

    • [1] https://ec.europa.eu/commission/presscorner/detail/el/ip_19_6058, 10/10/2019.
    • [2] https://ec.europa.eu/commission/presscorner/detail/el/ip_21_1661, 9/4/2021.
    • [3] https://ec.europa.eu/commission/presscorner/detail/el/ip_23_5805, 28/11/2023.
    Last updated: 30 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Autostrada Ferroviaria Alpina – E-001616/2025

    Source: European Parliament

    Question for written answer  E-001616/2025
    to the Commission
    Rule 144
    Massimiliano Salini (PPE)

    The project to build the Autostrada Ferroviaria Alpina (AFA) between Orbassano and Aiton was launched in 2001 through bilateral agreements between France and Italy to find safer alternative transport solutions through the Fréjus Alpine tunnel.

    The AFA accommodates a high level of traffic on the Fréjus tunnel rail line and is the main rail service for freight transport (500 000 semi-trailers for 1.667 million tonnes/kilometre of freight).

    The landslide in Saint André on 27 August 2023 led to the closure of the link and the suspension of the service, causing considerable economic damage to transport operators and production companies in north-west of Italy due to the lack of alternatives.

    The AFA has announced that it will permanently cease operations as of 21 April 2025.

    On 9 April 2025, the Italian and French governments declared that they were considering the reactivation of a joint contribution measure to reduce the cost of the service, and brought the idea to the European Commission.

    In the light of the above:

    • 1.Does the Commission consider the reopening of the AFA strategic to ensure a combined transport service between Italy and France?
    • 2.What is the state of play of the negotiations between the Commission and the governments?
    • 3.What initiatives does it intend to promote to protect the employment of specialised workers, the heritage of the local entrepreneurial fabric?

    Submitted: 23.4.2025

    Last updated: 30 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Review of the Digital Services Act – P-001672/2025

    Source: European Parliament

    Priority question for written answer  P-001672/2025
    to the Commission
    Rule 144
    Fernand Kartheiser (ECR), Piotr Müller (ECR), Gheorghe Piperea (ECR), Jacek Ozdoba (ECR), Laurence Trochu (ECR), Kristoffer Storm (ECR), Dominik Tarczyński (ECR), Hermann Tertsch (PfE), Geadis Geadi (ECR)

    Article 91 of the Digital Services Act (DSA) provides for a review of the Act by November 2025 regarding the designation of very large online platforms, their scope, and the DSA’s compatibility with various legal instruments.

    The DSA has been heavily criticised by the current US administration, by European politicians and by human rights defenders who have reported and documented its impact on fundamental rights, particularly the right to freedom of expression.

    In this context, a well-rounded review process assessing the impact of the DSA on the right to freedom of expression enshrined in Article 11 of the EU Charter of Fundamental Rights is needed.

    Can the Commission answer the following questions:

    • 1.What procedures and timeline will the Commission follow for the review of the DSA by November 2025, and does it already envisage changes to the Act?
    • 2.Given the DSA’s stated aim of balancing platform accountability with fundamental rights (recital 3 and Article 1), will the Commission assess the DSA’s impact on freedom of expression during the review?
    • 3.What role can Parliament, the Council of the EU, civil society, human rights groups, tech companies and researchers play in the Act’s review?

    Supporter[1]

    Submitted: 24.4.2025

    • [1] This question is supported by a Member other than the authors: Sebastian Tynkkynen (ECR)
    Last updated: 30 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Changes to cohesion policy and their impact on regional disparity – E-001656/2025

    Source: European Parliament

    Question for written answer  E-001656/2025
    to the Commission
    Rule 144
    Sérgio Gonçalves (S&D)

    The Commission’s proposal to allow up to 100 % co-financing for new cohesion policy priorities raises serious concerns about the impact on less developed regions and the outermost regions, which rely heavily on stable long-term cohesion support. Redirecting funding from structural objectives to new thematic areas, without providing additional resources, risks undermining the core mission of cohesion policy. Furthermore, orienting funds towards sectors such as defence, which are often concentrated in more industrialised areas, may exacerbate territorial imbalances and divert resources away from regions that still face significant development gaps.

    In this context:

    • 1.What guarantees can the Commission offer that less developed regions and the outermost regions will not experience a net loss of cohesion funding?
    • 2.Does the Commission not agree that new priorities should be matched with additional funding rather than drawing from existing allocations?
    • 3.How will the Commission safeguard territorial balance, particularly where large companies and more developed regions may have a competitive advantage in absorbing redirected funds?

    Submitted: 24.4.2025

    Last updated: 30 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Impact of Greece’s golden visa scheme on the housing market – E-000613/2025(ASW)

    Source: European Parliament

    Since the adoption of the European Parliament resolution[1] on investor residence schemes[2], the Commission has taken action to address the risks related to security, money-laundering, tax evasion and corruption.

    In its 2022 Recommendation[3], the Commission called on Member States to take measures to prevent such risks and take specific actions regarding investor residence permit granted to nationals of Russia and Belarus.

    The new Anti-Money Laundering package[4] also introduces strict obligations on involved actors and requires Member States running these schemes to assess and monitor risks, and to put in place mitigating measures.

    In addition, the proposed recast of the Long-Term Residents Directive[5] includes rules to prevent third-country investors from abusively acquiring EU long-term resident status.

    With regards to the social impact of “golden visa” schemes, the Commission notes that in respect of the subsidiarity and proportionality principles, primary responsibility for housing is within the remit of Member States, and regional and local authorities. However, the Commission is already providing support to Member States through a variety of funding and programmes[6].

    In addition, the Commission appointed the first-ever Commissioner responsible for housing and established a Task Force for Housing. The Commission will put forward a European Affordable Housing Plan to help national, regional and local authorities address structural drivers of the housing crisis.

    The Commission will foster investments in affordable housing through a pan-European investment platform[7], by allowing Member States to double cohesion policy investments in this area and by reviewing state aid rules to enable housing support measures.

    • [1] European Parliament resolution of 9 March 2022 with proposals to the Commission on citizenship and residence by investment schemes (2021/2026(INL)) proposed to phase out CBI (Citizenship by investment Schemes) by 2025, and proposed other measures to address the risks posed by RBI (Residence by investment schemes) which are commonly named as ‘golden visas (https://www.europarl.europa.eu/doceo/document/TA-9-2022-0065_EN.pdf).
    • [2] Commonly known as “golden visa” schemes.
    • [3] C(2022) 2028 final, Commission Recommendation on immediate steps in the context of the Russian invasion of Ukraine in relation to investor citizenship and investor residence schemes .
    • [4] In particular: Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive(EU) 2019/1937, and amending and repealing Directive (EU) 2015/849; Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
    • [5] COM(2022) 650 final.
    • [6] Including the Recovery and Resilience Plans, the European Regional Development Fund , the Cohesion Fund and Just Transition Fund, as well as the InvestEU programme’s Social Investments and skills window and sustainable infrastructure window and the European Social Fund+ .
    • [7] To be established in cooperation with the European Investment Bank and other financial institutions.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Shri Arvind Shrivastava took charge as Secretary, Department of Revenue, Ministry of Finance, today

    Source: Government of India

    Posted On: 01 MAY 2025 1:46PM by PIB Delhi

    Shri Arvind Shrivastava, takes charge as the Secretary, Department of Revenue, Ministry of Finance, today.

    The Appointments Committee of the Cabinet on 18th April 2025 appointed Shri Shrivastava as the Secretary, D/o Revenue.

    Previously, Shri Shrivastava, a 1994-batch Indian Administrative Service (IAS) officer of the Karnataka cadre, served as Joint Secretary and then Additional Secretary in the Prime Minister’s Office.

    Before that, Shri Shrivastava has also served as Joint Secretary, in the Budget Division of the Department of Economic Affairs, Ministry of Finance; Development Officer in the Asian Development Bank; Secretary, Finance Dept., Bengaluru; Secretary, Urban Development Department, Bengaluru; Managing Director in the Urban Infrastructure Development & Finance Corporation, Karnataka.

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi inaugurates WAVES 2025

    Source: Government of India

    Prime Minister Shri Narendra Modi inaugurates WAVES 2025

    WAVES highlights India’s creative strengths on a global platform: PM

    World Audio Visual And Entertainment Summit, WAVES, is not just an acronym, It is a wave of culture, creativity and universal connectivity: PM

    India, with a billion-plus population, is also a land of a billion-plus stories: PM

    This is the right time to Create In India, Create For The World: PM

    Today when the world is looking for new ways of storytelling, India has a treasure of its stories dating back thousands of years, this treasure is timeless, thought-provoking and truly global: PM

    This is the time of dawn of Orange Economy in India, Content, Creativity and Culture – these are the three pillars of Orange Economy: PM

    Screen size may be getting smaller, but the scope is becoming infinite, Screen is getting micro but the message is becoming mega: PM

    Today, India is emerging as a global hub for film production, digital content, gaming, fashion, music and live concerts: PM

    To the creators of the world — dream big and tell your story, To investors — invest not just in platforms, but in people, To Indian youth — tell your one billion untold stories to the world: PM

    Posted On: 01 MAY 2025 1:42PM by PIB Delhi

    Prime Minister Shri Narendra Modi inaugurated the WAVES 2025, India’s first-of-its-kind World Audio Visual and Entertainment Summit at the Jio World Centre, Mumbai today. Addressing the gathering on the occasion, he greeted everyone on the occasion of Maharashtra day and Gujarat Statehood day being celebrated today. Acknowledging the presence of all international dignitaries, ambassadors, and leaders from the creative industry, the Prime Minister highlighted the significance of the gathering, emphasizing that over 100 countries’ artists, innovators, investors, and policymakers have come together to lay the foundation for a global ecosystem of talent and creativity. “WAVES is not merely an acronym but a wave representing culture, creativity, and universal connectivity”, he remarked, further underlining that the summit showcases the expansive world of films, music, gaming, animation, and storytelling, offering a global platform for artists and creators to connect and collaborate. The Prime Minister congratulated all participants on this historic occasion and extended his warm welcome to the distinguished guests from India and abroad.

    Reflecting on India’s rich cinematic history at the WAVES Summit, Shri Modi noted that on May 3, 1913, India’s first feature film, Raja Harishchandra, was released, directed by the pioneering filmmaker Dadasaheb Phalke. He recalled that Phalke’s birth anniversary was celebrated just a day earlier. He underscored the impact of Indian cinema over the past century, stating that it has successfully taken India’s cultural essence to every corner of the world. He highlighted the popularity of Raj Kapoor in Russia, the global recognition of Satyajit Ray at Cannes, and the Oscar-winning success of RRR, emphasizing how Indian filmmakers continue to shape global narratives. He also acknowledged the cinematic poetry of Guru Dutt, the social reflections of Ritwik Ghatak, the musical genius of A.R. Rahman, and the epic storytelling of S.S. Rajamouli, stating that each of these artists has brought Indian culture to life for millions worldwide. Shri Modi also remarked that Indian cinema legends were honored through commemorative postage stamps, paying tribute to their contributions to the industry.

    Emphasising the importance of India’s creative capability and global collaboration, the Prime Minister remarked that over the years, he has engaged with professionals from gaming, music, filmmaking, and acting, discussing ideas and insights that deepened his understanding of the creative industries. He highlighted a unique initiative undertaken during Mahatma Gandhi’s 150th birth anniversary, where singers from 150 countries came together to perform ‘Vaishnav Jan To’, a hymn written by Narsinh Mehta nearly 500-600 years ago. He stated that this global artistic effort created a significant impact, bringing the world together in harmony. He further noted that several individuals present at the summit had contributed to the Gandhi One Fifty initiative by creating short video messages, advancing Gandhi’s philosophies. He remarked that the collective strength of India’s creative world, combined with international collaboration, has already demonstrated its potential, and that vision has now materialized as WAVES.

    Shri Modi praised the resounding success of the first edition of the WAVES Summit, stating that from its very first moment, the event has captured global attention and is “roaring with purpose.” He acknowledged the dedication and efforts of the summit’s Advisory Board, emphasizing their role in making WAVES a landmark event in the creative industry. He highlighted the large-scale Creators Challenge and Creatosphere initiative, which saw participation from approximately 100,000 creative professionals across 60 countries. He remarked that out of 32 challenges, 800 finalists have been selected, recognizing their talent and congratulating them on their achievement. He encouraged the finalists, stating that they now have the opportunity to make their mark on the global creative stage.

    The Prime Minister expressed enthusiasm for the creative developments showcased at the Bharat Pavilion during the WAVES Summit. He remarked that significant innovation has been achieved, and he looked forward to witnessing these creations firsthand. The Prime Minister highlighted the WAVES Bazaar initiative, noting its potential to encourage new creators and connect them with emerging markets. He praised the concept of linking buyers and sellers in the art industry, stating that such initiatives strengthen the creative economy and provide fresh opportunities for artists.

    Reflecting on the deep-rooted connection between creativity and human experience, stating that a child’s journey begins with the lullaby of a mother, their first introduction to sound and music, Shri Modi remarked that just as a mother weaves dreams for her child, creative professionals shape the dreams of an era. He underscored that the essence of WAVES lies in bringing together such visionary individuals who inspire and influence generations through their art.

    Reaffirming his belief in collective efforts, stating that the dedication of artists, creators, and industry leaders will elevate WAVES to new heights in the coming years, Shri Modi urged his industry counterparts to continue the same level of support and handholding that made the first edition of the summit a success. He remarked that many exciting waves are yet to come and announced that WAVES Awards will be launched in the future, establishing themselves as the most prestigious honors in the world of art and creativity. He emphasized the need for sustained commitment, stating that the goal is to win the hearts of people across the world and inspire generations through creativity.

    Highlighting India’s rapid economic progress, stating that the nation is on its way to becoming the world’s third-largest economy, the Prime Minister remarked that India holds the number one position in global fintech adoption, is the second-largest mobile manufacturer, and has the third-largest startup ecosystem worldwide. He emphasized that India’s journey toward becoming a developed nation has only begun and has much more to offer. “India is not only home to a billion-plus population but also a billion-plus stories”, he added. Referencing the country’s rich artistic history, he recalled that two thousand years ago, Bharata Muni’s Natya Shastra emphasized the power of art in shaping emotions and human experiences. He noted that centuries ago, Kalidasa’s Abhijnana-Shakuntalam introduced a new direction in classical drama. Prime Minister underscored the deep cultural roots of India, stating that every street has a story, every mountain carries a song, and every river hums a tune. He remarked that India’s six lakh villages each have their own folk traditions and unique storytelling styles, with communities preserving their histories through folklore. He highlighted the spiritual significance of Indian music, noting that whether it is bhajans, ghazals, classical compositions, or contemporary tunes, every melody carries a story, and every rhythm holds a soul.

    Shri Modi underscored India’s deep-rooted artistic and spiritual heritage at the WAVES Summit, highlighting the concept of Naad Brahma, the divine sound. He remarked that Indian mythology has always expressed divinity through music and dance, citing Lord Shiva’s Damru as the first cosmic sound, Goddess Saraswati’s Veena as the rhythm of wisdom, Lord Krishna’s Flute as an eternal message of love, and Lord Vishnu’s Shankha as a call for positive energy. He emphasized that the mesmerizing cultural presentation at the summit also reflected this rich heritage. Declaring that “this is the right time,” Shri Modi reiterated India’s vision of Create in India, Create for the World, asserting that the country’s storytelling tradition offers an invaluable treasure spanning thousands of years. He highlighted that India’s stories are Timeless, Thought-Provoking, and Truly Global, encompassing not just cultural themes but also science, sports, courage, and bravery. He remarked that India’s storytelling landscape blends science with fiction, and heroism with innovation, forming a vast and diverse creative ecosystem. He called upon the WAVES platform to take on the responsibility of sharing India’s extraordinary stories with the world, bringing them to future generations through new and engaging formats.

    Drawing parallels between the People’s Padma awards and the vision behind the WAVES Summit, stating that both initiatives aim to recognize and uplift talent from every corner of India, the Prime Minister remarked that while Padma Awards started a few years after independence, they truly transformed when India embraced the People’s Padma, recognizing individuals serving the nation from remote areas. This shift, he emphasized, turned the awards from a ceremony into a national celebration. Similarly, the Prime Minister stated that WAVES will serve as a global platform for India’s immense creative talent across films, music, animation, and gaming, ensuring that artists from every part of the country find recognition on an international stage.

    Underscoring India’s tradition of embracing diverse ideas and cultures, referencing a Sanskrit phrase, Shri Modi emphasized that India’s civilizational openness has welcomed communities like Parsis and Jews, who have thrived in the country and become an integral part of its cultural fabric. He acknowledged the presence of ministers and representatives from various countries, noting that every nation has its own successes and contributions. He remarked that India’s strength lies in respecting and celebrating global artistic achievements, reinforcing the country’s commitment to creative collaboration. He emphasized that by creating content that reflects the accomplishments of different cultures and nations, WAVES can strengthen the vision of global connectivity and artistic exchange.

    The Prime Minister extended an invitation to the global creative community, assuring them that engaging with India’s stories would reveal narratives deeply resonant with their own cultures. He emphasized that India’s rich storytelling tradition carries themes and emotions that transcend borders, creating a natural and meaningful connection. He remarked that international artists and creators who explore India’s stories will experience an organic bond with the nation’s heritage. He stated that this cultural synergy will make India’s vision of Create in India even more compelling and accessible to the world.

    “This is the time of dawn of Orange Economy in India, Content, Creativity and Culture – the three pillars of Orange Economy”, exclaimed Shri Modi, remarking that Indian films have now reached audiences in over 100 countries, with global viewers increasingly seeking to understand Indian cinema beyond surface-level appreciation. He highlighted the growing trend of international audiences watching Indian content with subtitles, signaling deeper engagement with India’s stories. Shri Modi also noted that India’s OTT industry has witnessed tenfold growth in recent years, stating that while screen sizes may be shrinking, the scope of content is infinite, with micro screens delivering mega messages. He observed that Indian cuisine is becoming a global favorite and expressed confidence that Indian music will soon gain similar worldwide recognition.

    Emphasizing the immense potential of India’s creative economy, stating that in the coming years, its contribution to the country’s GDP is set to increase significantly, the Prime Minister remarked, “India is emerging as a global hub for film production, digital content, gaming, fashion, and music”. He noted the promising growth opportunities in the live concert industry and the vast potential in the global animation market, which currently stands at over $430 billion and is projected to double in the next decade. The Prime Minister highlighted that this presents a significant opportunity for India’s animation and graphics industry, urging stakeholders to leverage this expansion for greater international reach.

    Calling upon India’s young creators to drive the nation’s Orange Economy forward, acknowledging that their passion and hard work are shaping a new wave of creativity, Shri Modi emphasized that whether they are musicians from Guwahati, podcasters from Kochi, game designers in Bengaluru, or filmmakers in Punjab, their contributions are fueling India’s growing creative sector. He assured that the government stands firmly behind creative professionals, supporting them through initiatives like Skill India, Startup Support, policies for the AVGC Industry, and global platforms like WAVES. He remarked that every effort is being made to build an environment where innovation and imagination are valued, fostering new dreams and empowering individuals to bring those dreams to life. Shri Modi highlighted that WAVES will serve as a major platform where Creativity meets Coding, Software blends with Storytelling, and Art merges with Augmented Reality. He urged young creators to make the most of this opportunity, dream big, and dedicate their efforts to realizing their visions.

    The Prime Minister expressed his unwavering confidence in India’s content creators, highlighting that their free-flowing creativity is redefining the global creative landscape. He emphasized that the youthful spirit of India’s creators knows no barriers, boundaries, or hesitation, allowing innovation to thrive. He remarked that through his personal interactions with young creators, gamers, and digital artists, he has witnessed firsthand the energy and talent emerging from India’s creative ecosystem. He acknowledged that India’s massive young population is driving new creative dimensions, from reels, podcasts, and games to animation, stand-up, and AR-VR formats. The Prime Minister asserted that WAVES is a platform designed specifically for this generation—one that enables young minds to reimagine and redefine the creative revolution with their energy and efficiency.

    Underscoring the importance of Creative Responsibility in a technology-driven 21st century, Shri Modi emphasised that as technology increasingly influences human lives, extra efforts are needed to preserve emotional sensitivity and cultural richness. He remarked that the creative world holds the power to foster human compassion and deepen societal consciousness. He asserted that the goal is not to create robots but to nurture individuals with heightened sensitivity, emotional depth, and intellectual richness—qualities that cannot stem from information overload or technological speed alone. Shri Modi stressed on the importance of art, music, dance, and storytelling, noting that these forms have kept human sensibilities alive for thousands of years. He urged creatives to reinforce these traditions and build a more compassionate future. He also highlighted the need to protect young generations from divisive and harmful ideologies, stating that WAVES can serve as a vital platform to uphold cultural integrity and instill positive values. He warned that neglecting this responsibility could have grave consequences for future generations.

    Emphasising the transformative impact of technology on the creative world, the Prime Minister highlighted the importance of global coordination to harness its full potential. He remarked that WAVES will serve as a bridge connecting Indian creators with global storytellers, animators with global visionaries, and transform gamers to global champions. He invited international investors and creators to embrace India as their content playground and explore the country’s vast creative ecosystem. Addressing global creators, the Prime Minister urged them to dream big and tell their story. He encouraged investors to invest not just in platforms, but in people, and called on Indian youth to share their one billion untold stories with the world. He concluded by extending his best wishes to all participants of the inaugural WAVES Summit.

    The Governor of Maharashtra Shri C. P. Radhakrishnan, Chief Minister of Maharashtra, Shri Devendra Fadnavis, Union Ministers, Shri Ashwini Vaishnaw, Dr. L. Murugan were present among other dignitaries at the event.

    Background

    WAVES 2025 is a four-day summit with tagline “Connecting Creators, Connecting Countries” is poised to position India as a global hub for media, entertainment, and digital innovation by bringing together creators, startups, industry leaders, and policymakers from across the world.

    In line with Prime Minister’s vision of leveraging creativity, technology, and talent to shape a brighter future, WAVES will integrate films, OTT, gaming, comics, digital media, AI, AVGC-XR, broadcasting, and emerging tech, making it a comprehensive showcase of India’s media and entertainment prowess. WAVES aims to unlock a $50 billion market by 2029, expanding India’s footprint in the global entertainment economy.

    At WAVES 2025, India is also hosting the Global Media Dialogue (GMD) for the first time, with ministerial participation from 25 countries, marking a milestone in the country’s engagement with the global media and entertainment landscape. The Summit will also feature the WAVES Bazaar, a global e-marketplace with over 6,100 buyers, 5,200 sellers, and 2,100 projects. It aims to connect buyers and sellers locally and globally, ensuring wide-reaching networking and business opportunities.

    Prime Minister visited the Creatosphere and interacted with creators, selected from the 32 Create in India Challenges launched nearly a year ago, which garnered over one lakh registrations. He will also visit the Bharat Pavilion.

    WAVES 2025 will witness participation from over 90 countries, with more than 10,000 delegates, 1,000 creators, 300+ companies, and 350+ startups. The summit will feature 42 plenary sessions, 39 breakout sessions, and 32 masterclasses spanning diverse sectors including broadcasting, infotainment, AVGC-XR, films, and digital media.

     

     

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  • MIL-OSI Asia-Pac: Union Minister Jyotiraditya Scindia Holds Investor Interactions in Mumbai; Ambani, Birla, Tata Express Interest in Northeast Region

    Source: Government of India

    Posted On: 01 MAY 2025 9:06AM by PIB Delhi

    • Union Minister Shri Jyotiraditya M. Scindia said, “Aim is to develop the region into India’s growth region by including all 8 states together.”
    • Industry leaders show keen interest in NER.
    • Rising Northeast Investment Summit 2025 to be held on May 23-24 at Bharat Mandapam.

     

    A meeting to promote investment in the North Eastern Region was held with industry leaders under the chairpersonship of Union Minister for Communications and Minister of Development of North Eastern Region (MDoNER), Shri Jyotiraditya M. Scindia

    The Union Minister held a series of meetings in Mumbai on Wednesday (April 30, 2025), with leading industrialists, including Mukesh Ambani (Reliance Industries), Kumar Mangalam Birla (Aditya Birla Group), and N. Chandrasekaran (Tata Sons). The meetings were part of the ongoing engagement ahead of the Investment Summit, “Rising Northeast Summit 2025”, scheduled for May 23-24, 2025, at Delhi.

    Union Minister Shri Jyotiraditya M. Scindia emphasized the Government of India’s strategic vision to position the Northeast as a new growth engine for the country. “The goal is to integrate the eight states into one unified development goal as India’s growth engine,” he said. He also underlined the role of public-private partnerships in accelerating sustainable development in the region.

    The Minister further shared with the industrialists some of the key initiatives undertaken by MDoNER, which included the formation of a High-Level Task Force with the Chief Ministers of all eight Northeastern states, the establishment of Investment Promotion Agencies (IPAs) in each state, among others.

    Shri Dharmvir Jha, Statistical Advisor Ministry of DoNER, presented key investment opportunities spanning all eight Northeastern states.

    The interactions focused on region-specific growth sectors, including agro-based industries, textiles, and tourism.

    The Rising Northeast Summit 2025 will continue this momentum by bringing together key stakeholders, investors, and policymakers on one platform to unlock the region’s economic potential. The summit is scheduled to be held at Bharat Mandapam in Delhi on May 23-24, 2025

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  • MIL-OSI: Political risk tops companies’ ERM risk registers, according to latest Willis Political Risk Survey

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 01, 2025 (GLOBE NEWSWIRE) — Political risks rank among the top five risks on the Enterprise Risk Management (ERM) risk register for 75% of global companies, with 11% identifying it as the number one risk. Highly exposed industries, such as contracting, transport and mining are disproportionately affected, according to the eighth annual Political Risk Survey and Report by Willis, a WTW business, (NASDAQ:WTW).

    The survey revealed that 58% of respondents anticipated a negative financial impact on their organization due to the imposition of tariffs by the US. This figure is nearly as high as the 60% who reported financial setbacks from the Russia – Ukraine conflict in 2023 and significantly exceeds the 28% who cited negative effects from Western tensions with China and the Middle East conflict.

    Other key findings were:

    • Over the past eight years since the survey began, 2023 saw the highest political risk losses, driven by expropriation, political violence and currency convertibility issues. Notably, 18% of respondents faced losses significant enough to require corporate earnings restatements.
    • Companies were most likely to rely on direct negotiations with host governments and political risk insurance to recover such prior losses. In 2025, the most common risk mitigation strategies against potential future losses were diversification and a “three lines of defense” approach
    • Top political risk concerns for 2025 included U.S. policy uncertainty (especially tariffs) and tensions between the U.S. and its allies.
    • Other major risks included restricted access to key markets due to geopolitical tensions and the threat of state-backed cyber and disinformation attacks.

    The research includes a survey of 66 companies and in-depth, anonymized interviews with 15 companies. 

    “In the eight years since we began this research, companies’ political risk concerns have changed almost unrecognizably,” said Sam Wilkin, Director of Political Risk Analytics at Willis. “In 2018, political risk was mostly a worry for highly exposed sectors investing in risky countries like Venezuela. Today, political risk concerns apply across sectors, involve a much higher level of potential loss, and are focused on United States policy.”

    The complete report can be downloaded here.

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