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Category: Business

  • MIL-OSI: OTC Markets Group Welcomes Velo3D, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Velo3D, Inc. (OTCQX: VLDX), which produces metal additive three dimensional printers in the United States and internationally, has qualified to trade on the OTCQX® Best Market. Velo3D, Inc. upgraded to OTCQX from the Pink® market.

    Velo3D, Inc. begins trading today on OTCQX under the symbol “VLDX.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    “We are pleased to return to the OTCQX Best Market. Velo3D commits to continue providing transparent and timely disclosures to the investment public as we execute on our strategic plans,” said Arun Jeldi, CEO of Velo3D.

    About Velo3D, Inc.
    Velo3D, Inc. produces metal additive three dimensional printers in the United States and internationally. The company’s printers enable the production of components for space rockets, jet engines, fuel delivery systems, and other high value metal parts, which it sells or leases to customers for use in their businesses. It also offers Flow, a proprietary software platform, which scans part designs for geometrical features; Sapphire and Sapphire XC printers; Assure, a quality control software platform that includes process metrologies; and Intelligent Fusion, an underlying manufacturing process that unifies and manages the information flow, sensor data, and the advanced printing technology for precision control of the entire print. In addition, the company provides support services. Its customers range from small- and medium-sized enterprises to Fortune 500 companies in the space, aviation, defense, automotive, energy, and industrial markets.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Datatec Ltd to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Datatec Ltd (JSE: DTC; OTCQX: DTTLF, DTTLY), an international ICT solutions and services group, has qualified to trade on the OTCQX® Best Market.

    Datatec Ltd begins trading today on OTCQX under the symbols “DTTLF and DTTLY.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Admission to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors.  For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    Datatec management commented:
    “We are delighted to begin trading on the OTC Market’s premier tier, OTCQX. This additional trading venue will allow US investors access to Datatec shares quoted in US dollars and provides a platform to disseminate Datatec’s corporate disclosure to US investors with transparency. The company remains committed to maintaining the best possible disclosure for its shareholders.”

    About Datatec Ltd
    Datatec is a global digital channels group providing Cybersecurity, Networking and Hybrid Cloud infrastructure solutions and services in more than 50 countries across North America, Latin America, Europe, Africa, Middle East and Asia-Pacific. Through its core divisions, the group offers Value-added Technology Distribution (Westcon International) and Integration and Managed Services (Logicalis International and Logicalis Latin America). Datatec has been listed on the JSE Limited for the past 30 years.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Fitch updates Marex’s outlook to positive due to strong earnings and diversification of franchise

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — Fitch Ratings (Fitch) yesterday announced that it has revised the outlook of Marex Group plc’s Long-Term Issuer Default Rating (IDR) to positive from stable, and has affirmed its Long-Term IDR at ‘BBB-’.

    The revision of the outlook reflects Marex’s strong and growing earnings across variable market conditions, expansion and diversification of the franchise both organically and through bolt-on acquisitions, well-managed liquidity and adequate buffer over regulatory capital requirements.

    Ian Lowitt, CEO of Marex, commented: “Fitch’s upgrade to our outlook to positive from stable reflects the strength and scalability of our diversified global platform as well as our 10-year track record of sequential growth through a range of market environments. At the core of our strategy is Marex’s risk control framework, which keeps pace with our expanding business. We view our investment grade rating as a differentiator, and this is a further validation of our strategy.”

    Click here for the full Fitch press release.

    About Marex:
    Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 40 offices worldwide, the Group has over 2,400 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

    Enquiries please contact:
    Marex:
    Nicola Ratchford / Adam Strachan
    +44 778 654 8889 / +1 914 200 2508
    nratchford@marex.com/ astrachan@marex.com

    FTI Consulting US / UK
    +1 919 609 9423 / +44 777 611 1222
    marex@fticonsulting.com

    The MIL Network –

  • MIL-Evening Report: Confirmed: Australian weapons sold to Israel, reveals Declassified Australia

    Report by Dr David Robie – Café Pacific. –

    SPECIAL REPORT: By Michelle Fahy

    The Australian counter-drone weapons system seen at a weapons demonstration in Israel recently is actually just one of a few that were sold by the Canberra-based company Electro Optic Systems (EOS) and sent through its wholly-owned US subsidiary to Israel, Declassified Australia can reveal.

    It was the ABC who broke the news of the EOS weapons system being provided for the demonstration trial. In response, Prime Minister Anthony Albanese continued to insist, as he has since the war in Gaza began, that Australia does not sell weapons to Israel.

    However the weapon displayed wasn’t just provided on loan for the demonstration – the weapon has been “sold” to the Israelis. Declassified Australia can reveal that EOS, by its own admission, sold more than one of its R400 weapons systems to the Israelis prior to the demonstration.

    • READ MORE: Other Declassified Australia reports

    An EOS company presentation, titled “2024 Full Year Results”, describes a “potential new customer” for the R400 weapon in the “Middle East” (page 36). The presentation, prepared for EOS shareholders and lodged with the Australian Stock Exchange, is dated 25 February 2025.

    EOS describes this potential new customer for its R400 as a “Preliminary” stage opportunity, valued at less-than-A$100 million, and states that more than one weapon was sold:

    “Sample products sold, demo held, discussions underway.” [Emphasis added]

    The company also points out a sense of urgency with the potential sale:

    “Potential to accelerate due to operational requirements.”

    In another section of the report (page 16), EOS reports a single entry in the “Preliminary” stage of a potential sale of R400 weapons, with the “Bid being prepared or submitted”.

    EOS states (page 36) the “estimated opportunity size” of the sale is up to “$100 million”. At a unit price per system of A$1.55 million that potential contract is enough to purchase 60 of the R400 counter-drone system.

    Under the heading “Notable Demonstrations” (page 15), EOS refers to “Counter Drone evaluation testing with New Customer”, held in January 2025, with an accompanying photograph of its R400 counter-drone cannon with five senior Israeli defence leaders posing beside it at the testing site.

    EOS itself has revealed that the new customer is clearly Israel.

    EOS states it had “supported a local prime [a major local weapons company] to demonstrate counter-drone capabilities in a high profile local demonstration”. EOS states that its R400 weapon system had “performed extremely well, earning high praise from the organisers.”

    An extract from the Electro Optic Systems (EOS) company document titled “2024 Full Year Results”, showing a photograph of the EOS R400 counter-drone weapon system that was demonstrated to gathered Israeli defence and industry officials in January 2025. Image: Electro Optic Systems

    The location of the demonstration of the Australian weapon is verified as being in Israel’s southern Negev Desert by a 5 February press release about the weapon testing, released by Israel’s Ministry of Defence.  [Note: Since publication of this article, the Press Release has been taken down from the Israeli Defense Ministry website, but is still available here, for now.]

    An Israel Defense Force photograph included with the press release, is the same photo of the R400 weapon and Israeli officials, as published in the EOS document. Israel’s Ministry of Defence also posted this video of the final demonstration event, with a firing of the EOS R400 weapons system appearing at 01:06.

    In the photograph standing behind the Australian company’s weapon are four senior Israeli defence officials, together with an Israeli defence industry CEO.

    A photo distributed with an Israel Ministry of Defense press release showing the EOS R400 counter-drone weapons system at operational trials testing advanced counter-drone technologies organised by the Directorate of Defence Research & Development in January 2025. Pictured: Acting director-general of the Israel Ministry of Defence, Itamar Graf (from left); Israeli Defence Minister, Israel Katz; CEO of Israel Aerospace Industries (IAI), Boaz Levy; Head of Israel Defence Force’s Planning and Force Build-Up Directorate, Maj.Gen. Eyal Harel; Head of the Israel Directorate of Defence Research & Development, Brig.Gen. (retd) Dr Daniel Gold. Image: Israel Ministry of Defense

    Countering drone attacks
     EOS’ powerful R400 remote weapons system has a 2km range and is renowned for its lethality and precision in targeting. Using a sophisticated gimbal, its accuracy is maintained even when the system is mounted and used atop a moving vehicle. The weapon can be seen in use on a moving vehicle here in this video clip.

    The EOS R400 is not solely a counter-drone weapons system. It can be configured to fire weapons ranging from machine guns, to 30mm cannons, automatic grenade launchers, anti-tank guided missiles and 70mm rockets, meaning it can be used against multiple types of targets in addition to drones — including people, buildings, armoured vehicles, and tanks.

    The R400 Slinger variation is marketed by EOS as a system designed solely to counter modern drone threats with a single, lethal shot.

    The Australian company’s customer in Israel is noted in the EOS company document as being an Israeli “local prime” arms manufacturer. Both Israel Aerospace Industries (IAI) and Elbit Systems participated in the demonstration trials, each demonstrating a Counter Unmanned Aerial System (C-UAS) that incorporated a 30mm cannon.

    EOS sees a big future for the R400 and its suite of remote weapons systems. The EOS 2024 Financial Report was lodged with ASX on 25 February 2025. In the “Market Overview”section, it discusses weapons contracts signed in 2024, and notes (page 8) that:

    “[EOS] Defence Systems is in active discussions and contract negotiations for the provision of RWS [Remote Weapons Systems] and related components with other potential customers.”

    “Assuming the evaluation of these systems progresses positively, EOS would hope to move to sell larger, commercial quantities to these customers.” 

    EOS R-400S Mk 2 30mm Remote Weapons Station being fired while mounted to a tactical vehicle. Image: Video screen shot/Defence Technology Review Magazine

    Australia obliged to act on defence transfers
     In October 2024, the UN’s Independent International Commission of Inquiry on the Occupied Palestinian Territory reported on the implementation of the International Court of Justice’s (ICJ) findings that Israel may be committing “genocide”.

    As reported by Kellie Tranter in Declassified Australia in November, the Australian government’s international legal responsibilities extend to investigating and regulating individuals and corporate entities who act in and from Australia to support the legally proscribed conduct of the Israeli State.

    The Commission stated:

    “Thus, the Commission recommends that any State engaged in such transfer or trade to Israel shall cease its transfer or trade until the State is satisfied that the goods and technology subject to the transfer or trade are not contributing to maintaining the unlawful occupation or to the commission of war crimes or genocide and thereafter throughout any period when the State is not so satisfied.” [Emphasis added]

    The UN Commission makes clear what trade it refers to:

    “On the issue of arms and military transfer and trade relating to Israel’s military capability, States have a duty to conduct a due diligence review of all transfer and trade agreements with Israel, including but not limited to equipment, weapons, munitions, parts, components, dual use items and technology, to determine whether the goods or technology subject to the transfer or trade contribute to maintaining the unlawful occupation or are used to commit violations of international law.” [Emphasis added]

    If the government becomes aware of an impending military transfer of weapons or technology defined above, to Israel – as the stated intentions of EOS reported here make clear – it is obliged to investigate and if necessary intervene to halt the transfer:

    “This includes both preexisting agreements and future transfers to Israel. States are obliged to demonstrate that any transfer or trade relating to military capability is not being used by Israel to maintain the unlawful occupation or commit violations of international law.” [Emphasis added]

    Words are not enough
     The Australian government and the Defence Department have continued their obfuscation of Australia’s weapons trade with Israel, as Declassified Australia has been reporting repeatedly.

    ABC television has reported how the government continues to insist no weapons or ammunition had been supplied “directly to Israel” since its latest genocidal war on Gaza began. The addition of the word “directly” is a notable change to the government’s wording, since this EOS news emerged.

    In response to the ABC report, Prime Minister Albanese said: “We do not sell arms to Israel . . .  We looked into this matter and the company has confirmed with the Department of Defence that the particular system was not exported from Australia. Australia does not export arms to Israel.”

    Declassified Australia has previously reported on the Albanese Government’s repeated and misleading use of the phrase “to Israel”. Arms companies are known for exporting their weaponry, or parts and components thereof, via third party countries in an attempt to cover their tracks.

    A defence industry source told the ABC the Australian-made components of the EOS R400 remote weapons system were assembled at the company’s wholly-owned US subsidiary in Alabama USA, before being shipped to Israel without an Australian export approval.

    Military exports, including ammunition, munitions, parts and components, do not need to travel ‘directly’ to Israel to be prohibited under the Arms Trade Treaty.

    Governments are required to find out where their weapons will, or may, end up and then make responsible decisions that comply with the treaty. A government must consider and assess the potential ‘end users’ of its military exports.

    A UN expert panel has issued repeated demands that States and companies cease all arms transfers to Israel or risk complicity in international crimes, possibly including genocide. It stated:

    “An end to transfers must include indirect transfers through intermediary countries that could ultimately be used by Israeli forces, particularly in the ongoing attacks on Gaza.…” [Emphasis added.]

    Greens’ defence spokesperson, Senator David Shoebridge, has said, “What we might be seeing here is the impact of what’s called AUKUS Pillar 2, the removal of any controls for the passage of weapons between Australia and the United States, and then Australia permitting the United States to send Australian weapons anywhere”.

    The EOS R400 remote weapon system integrated with the Oshkosh Joint Light Tactical Vehicle. Image: US Army

    Not the first time
     EOS has a history of supplying its remote weapons systems to military regimes accused of extensive war crimes.

    During the catastrophic Yemen war which started in 2014, despite significant evidence of war crimes, EOS sold its weapons systems to both Saudi Arabia and the United Arab Emirates. EOS enjoyed the full support of the Turnbull coalition government and its defence industry minister Christopher Pyne.

    In early 2019, ABC TV reported, Saudi Arabia awarded Australian weapons manufacturer EOS a contract to supply it with 500 of its R400 Remote Weapons Systems.

    The company has also benefited from the government-industry ‘revolving door’. Former chief of army, Peter Leahy, was on the EOS board from 2009 until late 2022, encompassing the period of the Yemen war. He served as the company’s chair from mid-2021 until his departure.

    The two longest-serving current members of the EOS board are former chief of air force, Geoff Brown (joined 2016) and former Labor senator for the ACT, Kate Lundy (joined 2018).

    The release of a Human Rights Watch (HRW) report in 2023 raised serious concerns about EOS and its Saudi Arabian arms deals.

    HRW’s report revealed that hundreds, possibly thousands, of unarmed migrants and asylum-seekers had been killed at the Yemen-Saudi border in the 15 months between March 2022 and June 2023, allegedly by Saudi officers.

    Human Rights Watch says it identified on Google Earth what looks like “a Mine-Resistant Ambush Protected (MRAP) vehicle” near a Saudi border guard posts north of the Yemeni refugee trail in January 1, 2023.

    The vehicle has what appears to be “a heavy machine gun mounted in a turret on its roof”. This description closely matches the military equipment that Australia sold to Saudi Arabia a few years earlier.

    Declassified Australia put a number of questions to EOS, the Department of Defence, and the offices of the Prime Minister, the Defence Minister, and the Foreign Minister. None responded to our questions on this matter.

    Michelle Fahy is an independent writer and researcher, specialising in the examination of connections between the weapons industry and government, and has written in various independent publications. She is on X @FahyMichelle, and on Substack at UndueInfluence.substack.com. This article has been republished from Declassified Australia with permission.

    This article was first published on Café Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Tesla sales fall while its stock rallies – what this tells us about perceptions of Elon Musk

    Source: The Conversation – UK – By Akhil Bhardwaj, Associate Professor (Strategy and Organisation), School of Management, University of Bath

    bluestork/Shutterstock

    Electric vehicle maker Tesla recently shared the news of disappointing first-quarter results when its earnings report was weaker than most Wall Street analysts had expected. Tesla’s revenue had tumbled 9% and its profit was down 71%.

    Typically, this would result in a sharp decline in investor confidence and share prices. Tesla’s share prices have indeed dropped over 40% this year. But after the earnings report, Tesla’s stock rallied when CEO Elon Musk vowed to scale back his involvement with the US Department of Government Efficiency (Doge) and focus on Tesla instead.

    He said that he would spend a day or two a week on government matters at president Donald Trump’s request. In any case, Musk is a “special government employee”, which means he can work in that role for 130 days in a year. Assuming his role started on January 20 – Trump’s inauguration day – it would need to be terminated by the end of May had he continued to work five days a week.

    Tesla maintains that the slump in its earnings can be attributed to many factors, including concerns about supply chains and tariffs, as well as energy prices.

    But Musk’s unpopularity has probably affected sales, with his approval among consumers souring. There will be a multitude of factors at play that can explain Tesla’s decline. What is less ambiguous is the response of the market to Musk – just the fact that he said that he would devote time to Tesla rallied the investors.

    Apparently, the boss’s attention is highly valuable. To some extent, this is not surprising – what a CEO (or leader) chooses to focus on and what they ignore sets the tone within a firm.

    That said, it hardly seems to be the case that this is about setting a tone. Rather, the market (or the investors) seems to trust Musk. This is no mean feat for a CEO prone to engage in bluster. This investor trust contrasts with consumer trust and goodwill, which seem to be eroding at the same time.

    Musk has been called an absent CEO and analysts have noted that the demands on his time imply that he cannot be very active in running Tesla. Perhaps that is true.

    Or perhaps Musk thinks that Tesla is too big to fail and will be protected by the US government. Short-term bumps are less relevant for a firm that is pivoting away from its core business, as Tesla now appears to be doing.

    The future for Tesla

    Musk has stated that Tesla is increasingly an AI and robotics company, saying this is where the firm believes the “future lies”.

    Setting aside energy, data is one of the most important resources powering AI. It is the key input for training large language models (LLMs) and machine algorithms.

    The quality of an AI algorithm is directly correlated with the data it trains on. The larger and more diverse the data set, the better (and more lucrative) the AI agent is likely to be. There seems to be substaintial overlap in the data that AI has been trained on, although details are closely guarded.

    In addition, there is a possibility of training data running out, which makes it an even more precious resource.

    Companies from OpenAI to Meta seem to be scraping the internet for the same publicly available information (while apparently ignoring copyright issues). Now Musk seems to have access to an unprecedented amount of data that is not available to his competitors.

    His department at Doge has reportedly pushed for access to sensitive social security information, for example, that includes dates of birth, citizenship status, income, addresses, other tax-related information.

    Musk-owned company xAI launched chatbot Grok in 2023.
    bella1105/Shutterstock

    Musk-owned interests have also developed an LLM chatbot called Grok. And while Musk and his spokespeople deny that they have siphoned data for training AI models, there seems to be some indicators that this could potentially be done.

    It appears that Musk has manoeuvred himself into a position where, despite his unpopularity among car buyers, he can still ensure that his companies will thrive.

    But what does Trump get in return? After all, the president of the US considers himself a dealmaker. At least one analyst has suggested that Musk is the “fall guy” to take the hit when the Doge cuts begin to bite ordinary Americans.

    Regardless, it does appear that some sort of bargain has been struck between Musk and Trump. And it seems to be paying off for Musk – regulations around self-driving cars have been slashed, leading to another surge in the price of Tesla stock.

    Trump has also signed an executive order for AI education in primary and secondary schools. This is sure to increase the size of the market, which is clearly good news for companies in the AI sector.

    It would be foolish to underestimate the world’s richest man or to bet against him. But it’s important not to lionise CEOs to the extent that they become cult figures.

    In the Wealth of Nations, 18th-century Scottish economist Adam Smith made the point that the butcher, brewer and baker do not act from altruism. Instead, it is their own self-interest that puts food and drink on people’s tables. We are far better served keeping that in mind to make sense of the actions of Musk – or the investors in Tesla.

    Akhil Bhardwaj does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Tesla sales fall while its stock rallies – what this tells us about perceptions of Elon Musk – https://theconversation.com/tesla-sales-fall-while-its-stock-rallies-what-this-tells-us-about-perceptions-of-elon-musk-255469

    MIL OSI – Global Reports –

  • MIL-OSI Global: Ventotene manifesto: why European politicians are arguing over a 1941 document written by a group of imprisoned Italian antifascists

    Source: The Conversation – UK – By Edoardo Vaccari, PhD candidate in International History, London School of Economics and Political Science

    The Trump administration’s decision to distance itself from Nato obligations signals a potential dismantling of the historical transatlantic order – and not merely in military terms. As the United States disengages from European affairs and cuts ties with what secretary of defense Pete Hegseth called Nato’s “pathetic” freeloaders, it is abandoning the principle of international solidarity that had defined American leadership since the second world war and the signing of the Atlantic charter in 1941.

    European Commission president Ursula von der Leyen responded by declaring that “we urgently have to rearm Europe”. Her plan is to enable European Union member states to spend more on their militaries. This turn towards rearmament has revived a debate over the meaning of the European Union, with parties clashing over its foundational commitment to peace and cooperation.

    In Italy, a group of prominent leftwing intellectuals and activists recently organised a pro-European rally in Rome warning against the prioritisation of military rearmament over deeper political integration. The initiative drew around 30,000 people to the capital, with parallel demonstrations held in cities across the country.

    A recurring theme of the day was the invocation of a document published at the same time as the Atlantic charter and long symbolic of European internationalism: the 1941 Ventotene manifesto. Originally titled For a Free and United Europe, the manifesto was written by anti-fascist prisoners Altiero Spinelli and Ernesto Rossi. Contributions came from from fellow anti-fascists Ernesto Colorni and his wife, Ursula Hirschmann, during their internment on the island of Ventotene in the southern Tyrrhenian sea.

    The manifesto called for the creation of a supranational federal state. This, it asserted, was the only way to address the causes of fascism and prevent future wars. It condemned the nation-state system, urged a decisive break with existing political traditions and proposed a revolutionary vanguard to lead Europe toward a new constitutional order. Its authors saw political unification not as a distant ideal but as an urgent necessity in the aftermath of continental collapse.

    Although the postwar European project followed a more incremental path than that envisioned by Rossi and Spinelli, the Ventotene manifesto quietly endured as a touchstone for political federalism and as a seminal text for European integration. It has been invoked by EU leaders such as von der Leyen and former European Commission vice-president Josep Borrell as an ideological compass for the union’s identity.

    For the Italian left, the manifesto holds a dual symbolic significance. It is both a founding document of Europeanism and a symbol of anti-fascist resistance, whose memory is under attack from the right.

    A monument to Altiero Spinelli, author of the Ventotene manifesto, forms part of the the European Union Founders’ Monument in Bucharest.
    Shutterstock/brunocoelho

    This layered significance helps explain the repeated invocation of the manifesto at the Rome rally. Calls for a federal Europe were intertwined with a broader defence of the historical legacy of anti-fascism.

    In a flourish of nostalgic symbolism, the left-leaning newspaper La Repubblica even distributed free copies of the text. Days later, rightwing prime minister Giorgia Meloni denounced the document in parliament as an undemocratic, socialist relic incompatible with her vision of Europe.

    The backlash was swift and theatrical. The left erupted in defence of the manifesto and the president of the European parliament, Roberta Metsola, rushed to cement its place as a foundational text of the EU.

    The debate has taken a curiously historiographical turn. After years of vague and reverential invocation, Meloni’s intervention compelled members of the Italian parliament to publicly discuss the meaning of specific passages from the manifesto, probing their historical context and continued relevance.

    A flood of commentary followed from scholars and public intellectuals. Even oscar-winning director, Roberto Benigni chimed in and meanwhile proclaimed that the EU was “the greatest institutional, political, social, and economic construction of the last five thousand years”.

    However, both sides are getting it wrong. The left, cushioned by EU mythmaking, treats the manifesto like sacred scripture. This reading sidelines its radical ambitions, which went far beyond a generic pro-European stance. Rossi and Spinelli drew on Jacobin and Leninist revolutionary traditions and envisioned a vanguard party of committed federalists to lead a European revolution.

    Meloni, for all her opportunism, wasn’t wrong to highlight that. But she also distorts the manifesto. Her approach is to tear it from its wartime context in order to frame it as authoritarian and anti-democratic. This is part of a broader, ongoing effort to delegitimise the legacy of anti-fascism. Both camps weaponise history in service of their political concerns.

    Europe’s past and future

    The truth is both simpler and more inconvenient. The Ventotene manifesto was a product of its time. It was conceived in near-total isolation and drafted in secrecy on a remote detention island. Rossi and Spinelli envisioned a Europe on the brink of collapse, crushed under the machinery of the Axis powers. They believed that this destruction would create a “revolutionary situation” in which a complete political rebirth could be rapidly enacted.

    As the war drew to a close and the old parties reemerged, Rossi and Spinelli recognised that a swift revolutionary coup was unfeasible. They set the manifesto aside and instead launched the European Federalist Movement as an advocacy platform. What they did not renounce, however, was their ultimate goal: the creation of the “United States of Europe”. Spinelli, in particular, devoted the rest of his life to campaigning for this vision.

    Democracy in decline? The risk and rise of authoritarianism

    Democracy is under pressure around the world in 2025. But is this part of a larger historical cycle or does it signal a deeper, more fundamental shift? Join us for a free event in central London on May 8 to discuss these important questions. Come for a panel discussion and stay for food, drinks and conversation.

    Get tickets here

    Europe has moved toward deeper integration but not towards a full realisation of Spinelli’s federal dream. Leaders like von der Leyen and Borrell invoke the manifesto more for its symbolic weight than its ideas, repurposing it to suit current agendas.

    As a result, the manifesto is being diluted of its historical significance. Rather than continue to mythologise it, we should allow the manifesto to take its place alongside other historically significant texts. We should shift focus to actionable plans for the political challenges that lie ahead.

    This matters because the debate won’t stay in Italy. As Europe inches into a new era of rearmament, political unity is increasingly urgent. Beneath the quarrel lies a deeper question: should European rearmament proceed as a pragmatic response to security challenges, with individual nations acting alone, or should it be guided by a more ambitious internationalist vision?

    The Ventotene manifesto, for all its historical relevance and foresight, offers no roadmap for this moment. Paths to integration exist, from technical treaty reform to a more ambitious constitutional overhaul. That could involve drafting a new foundational charter for a federal union. But these paths require clarity, courage, and honesty – qualities Altiero Spinelli and Ernesto Rossi had in abundance.

    Edoardo Vaccari does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Ventotene manifesto: why European politicians are arguing over a 1941 document written by a group of imprisoned Italian antifascists – https://theconversation.com/ventotene-manifesto-why-european-politicians-are-arguing-over-a-1941-document-written-by-a-group-of-imprisoned-italian-antifascists-255237

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why losing belly fat with PCOS can be difficult – and what helps

    Source: The Conversation – UK – By Dipa Kamdar, Senior Lecturer in Pharmacy Practice, Kingston University

    ivan_kislitsin/Shutterstock

    Tried a dozen different ways to shift that stubborn belly and still no luck? You’re not alone. For some women, losing belly fat can be especially difficult – and there may be a medical reason why.

    Search the term “PCOS belly” on TikTok and you’ll find a flood of content promising ways to get rid of it. From low to high intensity workouts, eating more protein, apple cider vinegar and natural supplements, the list of so-called solutions is endless. But what actually is a PCOS belly – and are these TikTok tips grounded in science?

    Polycystic ovary syndrome (PCOS) is a common hormonal disorder that affects around one in ten women of childbearing age, according to the NHS. However, more than half of these women may show no obvious symptoms.

    Women with PCOS produce abnormally high levels of androgens – male hormones like testosterone that are usually present in small amounts. This hormonal imbalance can lead to symptoms such as irregular periods, infertility, acne, excess facial and body hair, and in some cases, multiple cysts on the ovaries.

    The exact cause of PCOS is still unknown, but it’s believed to be influenced by both genetic and environmental factors – it often runs in families.

    ‘PCOS belly’

    While not a clinical term, “PCOS belly” is commonly used on social media to describe the accumulation of fat around the abdominal area, which is often seen in women with PCOS. This is frequently linked to insulin resistance, a condition where the body’s cells don’t respond properly to insulin – a hormone that helps regulate blood sugar levels. When insulin isn’t used effectively, excess glucose is stored as fat, particularly around the midsection.

    In response, the body may produce even more insulin, which can stimulate the production of testosterone, further exacerbating PCOS symptoms. Women with PCOS often store more visceral fat – the deeper, more dangerous fat that wraps around internal organs – compared to women without the condition. One study found that women with PCOS had significantly more visceral fat, even if their weight was in the normal range. Up to 80% of PCOS cases show evidence of insulin resistance, but not all women have a PCOS belly or are overweight.

    Women with PCOS are also more likely to experience chronic low-grade inflammation, which can contribute to weight gain and insulin resistance. Additionally, elevated cortisol levels – the body’s main stress hormone – are often found in PCOS and are linked to abdominal fat.

    Some research also suggests that women with PCOS may have imbalanced gut microbiomes, which can lead to bloating and digestive issues. A 2024 study confirmed that women with PCOS are more prone to gastrointestinal problems like irritable bowel syndrome (IBS), with bloating as a key symptom.

    Challenging but not impossible

    PCOS belly isn’t just a cosmetic concern – it’s associated with higher risks of serious health conditions, including type 2 diabetes, heart diseases and metabolic syndrome (which includes high blood pressure, high cholesterol and elevated blood sugar).

    Increased abdominal fat also raises inflammatory markers, worsening insulin resistance and perpetuating a vicious cycle of hormonal imbalance.

    And it’s not just physical health. PCOS has a profound effect on mental health, with studies showing higher rates of anxiety, depression, and body image issues among women with the condition.

    Losing weight with PCOS is challenging, but not impossible. While you can’t spot-reduce belly fat, losing overall body fat can help shrink your midsection and reduce health risks.

    There’s no one-size-fits-all “PCOS diet”, but many women benefit from eating a balanced diet that focuses on whole foods, lean proteins, healthy fats and low-glycaemic index carbs that don’t spike blood sugar.

    A balanced diet can also reduce inflammation and help curb cravings between meals. Research shows that walking after meals can help lower blood glucose, making fat storage less likely.

    Despite TikTok warnings about cortisol and high-intensity workouts, studies show both Hiit (high-intensity interval training) and Mict (moderate-intensity continuous training) can improve insulin sensitivity and lower testosterone levels in women with PCOS. Exercise can also lift your mood and reduce stress. The NHS recommends 150 minutes of moderate intensity exercise weekly and strengthening activities at least two days a week.

    Chronic stress increases cortisol, which can worsen PCOS symptoms. Yoga, meditation and deep breathing can all help. Quality sleep is also crucial, both for hormone regulation and overall weight management. Women with PCOS are more prone to sleep issues like obstructive sleep apnoea.

    Some TikTok influencers recommend natural remedies – but always read the label and speak to a healthcare professional before starting taking any herbal medicines or alternative therapies.

    Supplements that show some promise include inositol, coenzyme Q10, vitamin D and curcumin. Berberine and L-carnitine may also be helpful. Research suggests these may improve insulin resistance or reduce inflammation, but more high-quality studies are needed to confirm their effectiveness and safety. Doctors may also prescribe metformin, to improve insulin sensitivity, or hormonal contraceptives to regulate periods and hormonal imbalances.

    PCOS belly is real, but so are the solutions. Every woman’s experience with PCOS is unique, and what works for one person might not work for another.

    Managing PCOS belly requires a holistic approach including diet and nutrition, regular exercise, stress management, sleep hygiene and possibly medication or supplements. If you’re struggling, speak with a GP or registered dietitian and always check with a pharmacist or doctor before starting any new supplements.

    You deserve support that’s based on science – not social media trends.

    Dipa Kamdar does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why losing belly fat with PCOS can be difficult – and what helps – https://theconversation.com/why-losing-belly-fat-with-pcos-can-be-difficult-and-what-helps-254519

    MIL OSI – Global Reports –

  • MIL-OSI Global: William Morris: new exhibition reveals how Britain’s greatest designer went viral

    Source: The Conversation – UK – By Marcus Waithe, Professor of Literature and the Applied Arts, University of Cambridge

    Hadrian Garrard, the curator of Morris Mania – an innovative exhibition now showing at the William Morris Gallery in Walthamstow, east London – tells the story of being in King’s Cross Station and spotting someone wheeling a shopping trolley covered in a plasticised Morris pattern. It reminded me of the time when a student thanked me for my teaching with a pair of Morris-themed flip-flops.

    Mugs, tea towels, notepads, handbags and all manner of other incongruous objects make up this world of Morris merchandise. Much of it is made in China and remote from the purposes William Morris had in mind. How did this Victorian designer and socialist, known for championing craftsmanship and preferring substance over style, become an icon of consumer culture?

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    The exhibition’s tagline – How Britain’s Greatest Designer Went Viral – makes good sense. It’s not just that Morris stages an escape from the Victorian decorative world, but that his art proliferates in uncontrolled ways. The walk from Walthamstow station lays the groundwork in this regard: exhibition posters in shop windows, end-of-terrace murals and even the civic architecture, speak of something leaking from the gallery walls.

    The first display in the exhibition tell the story of how we got here. Morris began spreading thanks to the commissions he received from aristocratic and royal clients. They were drawn to the medieval ethos of his work, and its rejection of industrialism in the arts. An important early contract was for the interiors at St James’s Palace.

    But these establishment associations soon morphed and mutated, first among the English middle classes, who welcomed Morris’s designs into their suburban villas despite his new fondness for revolution, and then more remotely: one photograph shows Morris-patterned walls at St Peterburg’s Winter Palace, taken shortly after the Bolsheviks stormed the building. The socialism as it were, is turned inside out.

    The earliest Morris merchandise was printed for a centenary exhibition at the V&A Museum in 1934. One of its patterned postcards appears in a display case, the souvenir of Morris’s own daughter, May, whose handwriting is on the back. In 1966, Morris’s designs went out of copyright, marking a watershed. Pop Victoriana and Laura Ashley floral dresses depended on it for their reproductive freedoms.

    George Harrison’s “golden lily” jacket, from the Chelsea boutique Granny Takes a Trip, stands out as a poignant example of the ways in which Morris was recut and repurposed for the counterculture.

    Morris’s “rose” pattern proves a particularly intrepid traveller, as the design chosen for the officers’ cushions on HMS Valliant, an early nuclear-powered submarine. Its onboard domesticity blends curiously with the menace of its mission.

    Three turning points prepare us for the newest forms of Morris mania. The V&A’s 1996 exhibition repopularised Morris’s work, and thanks to new digital technology, its merchandise included printed mugs.

    Then, in 2001, the British government instructed public collections to open their doors for free. In search of new income streams, museums turned to selling themed objects through their shops. The rise of China as a manufacturing hub complemented this emphasis – less by revolutionising working conditions and democratising design, as Morris had hoped, than with a flood of cheaply produced goods.

    Beyond this revealing timeline, what really impresses is the exhibition’s care in preserving distinctions. It’s particularly careful to show that going viral need not mean selling out. From Nanjing – a major centre of Chinese manufacturing – comes a poster for the 2023 exhibition Beyond William Morris at the Nanjing Museum. It attracted over a million visitors, reminding us that behind the merchandise are new wells of love and respect.

    Something similar applies at the level of making. For every sweatshop Hello Kitty, the same character appears in a beautifully crafted yukata (a casual kimono) in Liberty fabrics made in Japan.

    A Brompton Bike hangs from the wall – manufactured in London, and sporting a handsome “willow bough” livery. Likewise, a neon “strawberry thief” motif, made at Walthamstow’s God’s Own Junk Yard, rekindles the embers of local production. This emphasis extends to the exhibition’s own making. A film documents the weaving of the Axminster carpet that furnishes the main room. Even the labels were dyed by hand with weld, a natural pigment whose use Morris revived.

    In these ways, the exhibition champions ethical and bespoke production, while confronting the darker currents that move objects around our world. It also stays curious enough to push further by exploring the kitsch new frontier of “Morris” patterns generated by AI, or by populating a Victorian dresser with “crowdsourced” Morris bric-a-brac.

    There might have been more space to consider why the surface effects of pattern travel so readily, and to quote Morris’s writings on the subject. But much of that is implicit and there for audiences to follow up.

    Morris Mania excels by nurturing the joy behind all this promiscuous growth. Most pleasingly, that trolley from King’s Cross makes a reappearance, dressed here in an AI-adapted “strawberry thief”, courtesy of Sholley Trolleys, Clacton-on-Sea. Just like Morris himself, it was made in Essex.

    Morris Mania: How Britain’s Greatest Designer Went Viral is at the William Morris Gallery until September 21 2025.

    Marcus Waithe does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. William Morris: new exhibition reveals how Britain’s greatest designer went viral – https://theconversation.com/william-morris-new-exhibition-reveals-how-britains-greatest-designer-went-viral-254761

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Three Trustees appointed to the Imperial War Museum

    Source: United Kingdom – Executive Government & Departments

    News story

    Three Trustees appointed to the Imperial War Museum

    The Prime Minister has appointed Professor Dame Janet Beer, Emma Loxton and Sheena Wagstaff as Trustees of the Imperial War Museum for a four year term from 1 March 2025 to 31 October 2028.

    Professor Dame Janet Beer

    Professor Dame Janet Beer was the Vice-Chancellor at Oxford Brookes 2007-2015 and at the University of Liverpool 2015-2022. She was President of Universities UK 2017-2019 and was awarded a Damehood in the New Years Honours list 2018 for services to higher education and equality and diversity. She is Chair of the Sport and Recreation Alliance; a Member of the Board of the Baltic Centre for Contemporary Art, Newcastle; an Independent Governor of Northumbria University; a Trustee of the Imperial War Museum; Trustee of the Royal Anniversary Trust and serves on the National Leadership Advisory Board, Cabinet Office. She is also Patron of the Mark Evison Foundation which exists to provide opportunities for young people to undertake personally designed challenges.

    Emma Loxton

    Emma Loxton is a partner at McKinsey & Company where she co-leads McKinsey’s work with defence, transport, and industrial companies in the UK. Emma has over 15 years’ experience advising institutions in the private sector on strategy and transformation. She has provided extensive pro bono support to arts institutions and homelessness charities in the UK on strategy and financial sustainability.

    Sheena Wagstaff

    Sheena Wagstaff is former Chair of Modern and Contemporary Art at The Metropolitan Museum of Art, New York, honored in 2022 as Chair Emerita. Her tenure was distinguished by leading The Met Breuer, establishing a transnational collection of modern and contemporary art, initiating an acclaimed exhibition program plus two series of artist commissions within the context of the museum’s global collections spanning 5,000 years. As Chief Curator of Tate Modern (2001-12), she commissioned artists for the Turbine Hall and devised the exhibition program. Working at leadership level for 30 years for institutions with strong civic values, she was previously Head of Exhibitions & Displays at Tate Britain, and Director of Collections, Exhibitions & Education at the Frick Art Museum, Pittsburgh. Wagstaff has extensive experience collaborating with architects on capital design projects, including David Chipperfield Architects, Herzog & De Meuron, Selldorf Architects, and others. She serves on the Professional Fine Arts Committee of the Foundation for Art & Preservation in Embassies, Washington DC; the International Advisory Committee of Istanbul Modern; the Advisory Board of Delfina Foundation, London.

    Remuneration and Governance Code

    Trustees of the Imperial War Museum are not remunerated. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Dame Janet Beer declared that she canvassed on behalf of the Labour Party in 1997. Emma Loxton is married to Gareth Davies CB, who is the Permanent Secretary of the Department for Business and Trade. Sheena Wagstaff has not declared any significant political activity.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: The CMA’s approach to the new consumer enforcement regime

    Source: United Kingdom – Government Statements

    Speech

    The CMA’s approach to the new consumer enforcement regime

    Speech delivered by Emma Cochrane, Acting Executive Director, Consumer Protection at the Competition and Markets Authority (CMA).

    Introduction

    As everyone here will know, now is a pivotal time in consumer enforcement with direct enforcement. Today I want to talk about how we at the CMA are implementing our consumer protection work under the Digital Markets, Competition and Consumer Act (DMCCA).  

    This is a time of change and that’s exciting, including for me personally, as I take on the leadership of our consumer function. But importantly, what hasn’t changed is the CMA’s purpose, and our statutory mandate to promote competition and protect consumers.

    Those fundamentals remain. The protection of consumers – people – in the UK underpins everything that we do. The consumer welfare standard is central to competition policy and with the changes brought in by the DMCCA we have the opportunity to do our consumer protection work more effectively, more quickly and – hopefully – with even better outcomes for people in the UK.  

    In its steer the government emphasised the importance of the CMA using its consumer enforcement powers under the DMCCA. And, in particular, that the CMA should use its consumer enforcement functions to help to support economic growth and investment. 

    The CMA’s ambition for consumer protection

    The CMA’s ambition is an effective and independent consumer protection regime, which safeguards UK consumer interests and gives people the confidence they need that the CMA is standing up for them.   

    An effective consumer protection regime should also give fair dealing businesses the confidence to grow and invest on a level playing-field, knowing that their competitors cannot gain an unfair advantage by breaking the law. 

    We, together with other regulators, have been called upon to support the government’s push to unlock barriers to growth. Growth which will improve quality of life and ultimately support long-term prosperity for everyone in the UK.  

    To me, it is absolutely clear that free and fair competition and effective consumer protection support growth. And consumer protection does this in two ways.  

    First, enforcing consumer protection law protects people from harmful and unfair treatment. Protected consumers are confident consumers. When consumers are confident about spending money, markets thrive. Consumers need clear, accurate information about price and the other key features of products and services they buy so they can shop confidently and find the best deal for them. They need to be able to trust reviews of products on which they rely. They shouldn’t be misled into paying for goods or services they don’t want or would not choose if they had the full picture. And they need to be able to exercise their legal rights when things go wrong – when something they buy online doesn’t look how they expect or when goods or services simply are not fit for purpose. 

    Second, consumer protection supports growth when it levels the playing field on which businesses compete. Businesses can compete vigorously on the prices and quality of their products and services confident that their competitors are playing by the same rules and can’t gain an advantage by breaking the law. That way, businesses are incentivised to become more productive and innovative, rather than relying on unfair practices. As with competition enforcement, business and investor confidence in the level playing field is strengthened, with wider benefits across the economy. 

    Priorities in our first 12 months of direct enforcement

    With that ambition in mind, the CMA has 2 core priorities over the next 12 months. First to support compliance and help businesses to do the right thing. And second, to take action to protect consumers from harm where we see egregious breaches of the law.   

    On compliance, we will be continuing our extensive engagement with stakeholders across the business and advisory community as well as with consumer groups and other enforcers. We want to continue the dialogue that we have been building with business including through the CMA’s new Growth and Investment Council.  

    And we also want to make clear that we have listened to and acted upon the feedback we have received so far. In our consultation process, we heard that our guidance was overly long and too complex – making it difficult for non-lawyers to understand. So, we responded. Our unfair commercial practices guidance includes over 50 examples of how the law will apply in real life scenarios. And we published shorter, more digestible guides for businesses on unfair commercial practices and fake reviews.  

    Now, we are looking for views on how to further develop our guidance. We want to hear from you about the areas where you – or your clients – are still unclear about how to comply with consumer law. Where is there a need for further clarity? Where is there a need for greater predictability on how the CMA will take enforcement action? We want to hear from you and we will take these views into account when deciding which areas to prioritise because it is in everyone’s interests for businesses to get it right. When businesses comply, everyone benefits.    

    In terms of our priorities for the first 12 months our early enforcement action is likely to focus on more egregious practices where the law is clear. We have set out examples in our approach document, so that businesses have transparency on how the CMA intends to operate in the early days. We will focus on the more serious cases of consumer harm, for example: 

    • aggressive sales practices that prey on consumers especially those in vulnerable position
    • where information has been provided to consumers that is objectively false
    • where contract terms are in place that are clearly imbalanced and unfair

    In choosing which cases to pursue, we will continue to apply our public prioritisation principles – looking at whether we are best placed, whether we can be effective and really shift behaviour to create better outcomes for consumers.

    We will also continue to focus on areas of essential spend, to help people struggling with pressure on household budget. It’s always important that consumers are protected, but even more so when they have no choice but to engage with particular sectors. Our recent work in essential spend sectors includes heating, groceries and housing. We will be listening to what consumers say – including by engaging closely with consumer groups – to ensure we tackle issues the most important issues that matter to real people.

    New cases may well come out of the monitoring work we have been carrying out in the past few months. We have been monitoring business compliance with the new DMCCA provisions. It’s really positive to see that a number of businesses have changed their practices in response to the new regime coming into force. For those that haven’t changed their practices yet,we are continuing to monitor, and we will be making decisions about the cases which we will prioritise over the coming weeks.

    Approach to price transparency and fake reviews

    I wanted to talk briefly about the two main areas of change to substantive consumer law – the changes to the law on price transparency (or drip pricing) and the law on fake reviews. 

    Price transparency 

    On price transparency, section 230 of the DMCCA tells us that certain information has to be included in an invitation to purchase, including information about the total price of a product, which includes mandatory taxes, charges and other payments which the consumer will necessarily incur.  

    This provision has the effect of prohibiting drip pricing, which is where customers see a headline price and then, as they go through the transaction process, additional charges are added on, which means the final price ends up looking quite different to the advertised price. Government has published research estimating these unavoidable fees cost consumers £2.2 billion a year. It can also harm businesses that compete with a business that is drip pricing, because we know customers put a lot of weight on headline prices and so a business that complies with the law and presents a more expensive upfront price, may get fewer click throughs that one that conceals additional mandatory fees. We don’t think this is fair. 

    In our initial draft of the unfair commercial practices guidance, we set out guidance on how businesses could think about the requirement and could think about whether fees are mandatory or optional. We also provided guidance on particular types of contract such as fixed term monthly contracts.  

    We’ve received a lot of very helpful feedback from stakeholders who have asked questions about how this will work, often in an industry specific way, and who have suggested that some of the points we made in the guidance could result in unintended consequences. We want to reflect really carefully on how to answer those questions, on whether there are other ways to do things and to think about how to provide really clear guidance – noting of course that our remit covers all sectors across the economy.  

    For this reason, we have adopted a phased approach to the guidance. So what is set out in the recently published unfair commercial practices guidance is a slimmed down version of what the original draft provided, focusing on the core of drip pricing – untrailed, unexpected charges through the purchase process.  

    We will reflect on the feedback on some of the other aspects trailed in the draft Guidance and plan to re-consult on these in the summer, with new finalised guidance expected in the autumn. And we won’t take any enforcement cases on issues to be covered in this later guidance until it is published in its finalised form. 

    To round up on drip pricing, we were monitoring the pricing practices of a number of businesses as the DMCCA came into force. I am really pleased to say that many of the most serious and harmful examples of drip pricing were changed at the beginning of this month. This is a great outcome for consumers who will no longer be misled into clicking on a headline price that isn’t what they will ultimately pay. And it is also a great outcome for competitors of those businesses who can now compete fairly on price/on a LPF. But not all businesses have changed their practices and of those that did change their practices, not all will have come far enough so we are continuing to look at pricing practices across the economy, and where we have concerns about compliance, businesses can expect to hear from us.  

    Fake reviews 

    Turning now to fake reviews, which are covered in a new banned practice introduced in the DMCCA. Various practices involved in the supply chain for fake reviews are now prohibited including, creating reviews that conceal the fact they have been incentivised, and publishing reviews in a misleading way. It also imposes a duty on anyone who publishes reviews or review information to take effective steps to prevent and remove from publication fake and concealed incentivised reviews and false or misleading review information. 

    This is a new banned practice – but it is worth noting the CMA has been active in this space for a while. You may have seen that the CMA recently agreed undertakings with Google relating to its reviews practices and has an open investigation into Amazon. That followed undertakings signed with Facebook and eBay in relation to the sale of fake reviews on those platforms. And the CMA has previously taken action against sixteen influencers for not labelling endorsements as advertisements on social media, as well as the Instagram platform for not doing enough to tackle these practices on its platforms.

    Although we could already, and have already, tackled fake reviews under our existing powers, we recognise that the new provisions create very specific obligations on businesses that need to be operationalised and these may require changes to systems and compliance programmes.

    During our engagement with stakeholders, we have heard that businesses need time to bed these in, and so for the first 3 months of the new regime we will focus primarily on supporting businesses with their compliance efforts rather than taking enforcement action straight out the gates.

    But that is, of course, not to say that we won’t be doing anything until July. Our fake reviews enforcement strategy mirrors the new banned practice. We are looking across the fake reviews value chain and thinking about when and how to take enforcement action all across it. We are using the most up to date tech to help us to identify potential infringements at scale. We know customers rely on review data when taking decisions about which products to buy and the law now gives us the tools to hold to account those that fail to comply.

    Implementing the 4Ps

    I will now talk about a bit about the how – how we intend to use our DMCCA powers. You may have heard that the CMA has recently introduced ‘the 4Ps’ – a programme of meaningful changes to how the CMA will go about all our work, including consumer protection focusing on delivering good processes at pace, proportionately and predictability. The 4Ps framework reflects feedback we sought and heard clearly from businesses and investors, as well as themes from the draft government steer. 

    The 4Ps will enable businesses and investors to have confidence in UK’s competition and consumer protection regimes, providing a regulatory environment which is conducive to growth. 

    Pace 

    The CMA is committed to reaching decisions under its consumer enforcement regime as swiftly as possible – we aim to bring consumer harm to an end quickly and secure redress for consumers where appropriate. Of course, we must ensure decisions are robust, that processes are fair and that we respect the rights of defense of those we investigate.  

    To achieve this – first – we plan to publish timetables at the outset of investigations, so businesses are clear on what to expect and when. Our new case management system means that we will be able to administer cases more efficiently. We will use our information gathering powers in a targeted way, minimising the burden for businesses wherever possible whilst also being mindful of the need for our teams to have a full understanding of the conduct we are investigating and the context in which that takes place. 

    Where we can, we will seek to streamline cases, focusing on the most important areas of concern and dropping less important areas quickly. We will seek early resolution of cases where it is appropriate to do so through settlement. 

    Pace is a two-way street: we expect businesses and their advisers to play their part in progressing cases at pace. Parties will be expected to respond to information notices fully and on time, to work with us constructively and identify where there are issues they can be resolved or agreed early in the process.  

    Predictability 

    Core to predictability is our focus on helping businesses comply, in part by issuing further guidance that I have already spoken about. We know that at the start of a new regime there is an inherent level of uncertainty and we have worked hard to set out how we expect the regime to operate going forward. We are committing to communicating with businesses fairly and openly during the course of investigations. And as time progresses, businesses will be able to rely on the CMA’s precedent decisions to predict how consumer law could apply to different scenarios. 

    We are also exploring further ways to give businesses clarity on conduct which does not infringe the law, in particular, in areas where there is no legal precedent. And we are exploring new opportunities for businesses to seek advice for conduct they are considering introducing. 

    Proportionality 

    The burden of following the rules must be proportionate especially for small businesses. We recognise that businesses need time to review their compliance activities – our early enforcement action will focus on more egregious conduct and conduct where businesses should already be clear about their legal obligations as there is a clear marker in guidance or past cases.  

    The CMA will prioritise consumer redress, recognising that our primary focus is on stopping consumer harm. In determining the level of any penalty, we will take account of proactive steps businesses have taken to correct wrongdoing. We will also invest in monitoring the effectiveness of all our remedies, to ensure that where we do take action, it has the impact we hope to achieve.  

    Process 

    Finally the CMA intends to implement a process which works for all businesses, large and small, constructively and collaboratively. For that reason the CMA has consulted on its guidance extensively, both through formal consultations and business roundtables.  

    In terms of engagement throughout the lifetime of a case, the CMA’s direct enforcement process, has a lot of parallels with the competition process – and so businesses and their advisors can expect similar opportunities to engage on a case. 

    Leveraging the CMA’s expertise

    Finally, I wanted to talk briefly about an important topic which will be discussed later in one of the panel sessions later this afternoon including my colleague Karen Croxson, our Chief Data, Technology and Insight Officer. How at the CMA we intend to use the full range of our tools, including our in-house digital, data, technological and behavioural expertise.  

    Our data team provide invaluable input to our consumer function across the life cycle of our cases. From helping us draw on the very latest technology to identify at scale traders that may be infringing the law; to informing our prioritisation decisions; to gathering evidence, simulating consumer journeys to an evidential standard; evaluating evidence submitted by parties, and then all the way through to supporting our case teams with design and evaluation of potential remedies. We work closely with our DTI team and will continue to do so even more closely as we move into a direct enforcement model.  

    Of course, whether a commercial practice or contract term is illegal is, ultimately, a legal question. Exactly what types of evidence will be needed to prove an infringement will vary case by case. Behavioural evidence can shine a light on how consumers respond, but it won’t always be necessary or proportionate to undertake extensive complex analysis.  

    The expertise of the data team is also incredibly valuable in informing our work in supporting compliance including through guidance and principles we publish for businesses. The team provided extensive input into our discount and reference pricing principles in the mattress sector and in other papers and research published by the CMA – for example our Online Choice Architecture evidence review.  

    I’m looking forward to hearing more on this topic in the panel discussion later this afternoon.  

    Concluding remarks

    I would like to finish by re-emphasising the role an effective CMA consumer enforcement function has in today’s world. Effective, proportionate consumer protection will protect and safeguard UK consumer interests and should give UK consumers the confidence they need that the CMA is standing up for them. And when consumers are confident about spending their money, markets thrive.  

    An effective consumer protection regime should also give fair dealing businesses the confidence to grow and invest on a level playing-field, knowing that their competitors cannot gain an unfair advantage by breaking the law. 

    Reflecting the strategic steer from government, the CMA will use its new powers to properly and independently exercise our statutory function of consumer protection – promoting consumer trust and confidence and deterring poor corporate practices. I am confident this approach will deliver robust protections for consumers and support economic growth. 

    Thank you very much for listening.  

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: During visit to Eswatini, Foreign Minister Lin meets with Prime Minister Dlamini and announces additional funding for women’s microfinance revolving fund

    Source: Republic of China Taiwan

    April 24, 2025
    No. 115

    Minister of Foreign Affairs Lin Chia-lung is currently visiting Eswatini as President Lai Ching-te’s special envoy. He continues to carry out important engagements in Taiwan’s African ally. 
     
    On the morning of April 23, the second day of his visit, Special Envoy Lin called on Prime Minister Russell Dlamini to thank him for his friendship with Taiwan. Prime Minister Dlamini, who assumed office in November 2023, led a delegation to Taiwan in March 2024. In the same year, he spoke up for Taiwan on behalf of the government of Eswatini at major international events, including the United Nations General Assembly and the 29th Conference of the Parties to the UN Framework Convention on Climate Change, demonstrating staunch support for the diplomatic alliance between the two countries.
     
    Prime Minister Dlamini warmly welcomed Special Envoy Lin to Eswatini and thanked Taiwan for its long-standing support. He reaffirmed that relations with Taiwan were rock-solid and emphasized that Eswatini, as a sovereign nation, had the right to choose its own friends without being influenced by other countries. He underlined that Eswatini was firmly committed to standing shoulder to shoulder with Taiwan.
     
    Also on the morning of April 23, Special Envoy Lin joined Deputy Prime Minister Thulisile Dladla; Minister of Foreign Affairs and International Cooperation Pholile Shakantu; Minister of Commerce, Industry and Trade Manqoba Khumalo; and other high-level officials at an event to showcase the results of a microfinance revolving fund implemented by Taiwan and Eswatini to help women start businesses.
     
    In his remarks, Special Envoy Lin stated that Taiwan had announced an investment of US$1 million to establish the revolving fund in September 2023. He said the program provided start-up loans for women in rural areas, increased household incomes, and contributed to the economic and social development of Eswatini. In the past year or more since the fund was launched, over 500 loans had been approved, leading to changes in people’s lives and helping women achieve economic independence, he added. Highlighting a touching result of the initiative, Special Envoy Lin noted that one beneficiary had named her newborn baby Taiwan to thank Taiwan for its assistance. He further announced that the Taiwan government would inject an additional US$500,000 into the fund to further expand the virtuous cycle.  Special Envoy Lin said this underscored Taiwan’s strong commitment to economic empowerment in Eswatini.
     
    Speaking at the event, Deputy Prime Minister Dladla recalled her 2019 visit to Taiwan as foreign minister, during which she presented a proposal to the Taiwan government for the revolving fund on behalf of Queen Mother Ntombi Tfwala. She said that in 2020 the Technical Mission of the International Cooperation and Development Fund in Eswatini had introduced the Women’s Microenterprise Mentoring and Capacity Building Project, under which more than 6,000 women had received entrepreneurship skills training. Deputy Prime Minister Dladla said this was followed by a bilateral cooperation agreement to launch the fund, signed at a ceremony witnessed by the heads of state of both nations in September 2023. She praised the results that the program had achieved since it was launched just over a year ago in effectively giving women in rural areas of Eswatini an avenue to finance their start-up plans.
     
    Around 100 beneficiaries of the fund attended the event. Participants sang classic Taiwanese songs such as “Fight to Win,” creating a warm and lively atmosphere. Special Envoy Lin presented a stuffed leopard cat to the child named Taiwan, highlighting the profound friendship between Taiwan and Eswatini.
     
    The Ministry of Foreign Affairs will continue to work with the government of Eswatini to enhance the well-being of the peoples of both countries and further deepen bilateral relations. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI: Navient posts first quarter 2025 financial results

    Source: GlobeNewswire (MIL-OSI)

    HERNDON, Va., April 30, 2025 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) today posted its 2025 first quarter financial results. Complete financial results are available on the company’s website at Navient.com/investors. The materials will also be available on a Form 8-K on the SEC’s website at www.sec.gov.

    Navient will hold a live audio webcast today, April 30, 2025, at 8 a.m. ET, hosted by David Yowan, president and CEO, and Joe Fisher, CFO.

    Analysts and investors who wish to ask questions are requested to pre-register at Navient.com/investors at least 15 minutes ahead of start time to receive their personal dial-in access details. Others who wish to join in listen-only mode do not need to pre-register and may simply visit Navient.com/investors to access the webcast.

    Supplemental financial information and presentation slides used during the call will be available no later than the start time. A replay of the webcast will be available approximately two hours after the event’s conclusion.

    About Navient
    Navient (Nasdaq: NAVI) provides technology-enabled education finance solutions that help millions of people achieve success. Learn more at navient.com.

    Contact:
    Media: Cate Fitzgerald, 317-806-8775, catherine.fitzgerald@navient.com
    Investors: Jen Earyes, 703-984-6801, jen.earyes@navient.com

    The MIL Network –

  • MIL-OSI: CLIQ: Invitation to First Quarter 2025 Results Presentation

    Source: GlobeNewswire (MIL-OSI)

    DÜSSELDORF, 30 April 2025 – The CLIQ Group will report and present its first quarter 2025 financial results and highlights on Thursday, 8 May 2025.

    The 1Q 2025 Financial Report and a slides deck to accompany the earnings call will be available at https://cliqdigital.com/investors from 7.30 a.m. CEST.

    Earnings call

    A live audio webcast conducted in English will be held at 2.00 p.m. CEST on 8 May 2025 with presentations from Luc Voncken, CEO, and Ben Bos, member of the Management Board.

    Questions submitted before 12.00 p.m. CEST via email to investors@cliqdigital.com will be answered after the presentations.

    Please click on the link below to register for this webcast:

    https://cliqdigital.zoom.us/webinar/register/WN_HLObw8qZSw6QvktGjKh7_Q

    ZOOM details will be sent to you via email post registration and a replay of the webcast will be available shortly after the call at: https://cliqdigital.com/investors/financials/financial-reporting.

    Contacts

    Investor Relations:
    Sebastian McCoskrie, s.mccoskrie@cliqdigital.com, +49 151 52043659

    Media Relations:
    Daniela Münster, daniela.muenster@h-advisors.global, +49 174 3358111

    Financial calendar

    Financial report 1Q 2025 & earnings call Thursday 8 May 2025
    Annual General Meeting 2025 To be determined
    Half-year financial report 2025 & earnings call Thursday 7 August 2025
    Financial report 3Q/9M 2025 and earnings call Thursday 6 November 2025

    About CLIQ

    The CLIQ Group is a data-driven, online performance marketing company that sells bundled subscription-based digital products to consumers worldwide. The Group licenses content from partners, bundles it to digital products, and sells them via performance marketing. CLIQ is expert in turning consumer interest into sales by monetising online traffic using an omnichannel approach.

    CLIQ operated in 40 countries and employed 132 staff from 33 different nationalities as at 31 December 2024. The company is headquartered in Düsseldorf and has offices in Amsterdam and Paris. CLIQ is listed in the Scale segment of the Frankfurt Stock Exchange (ISIN: DE000A35JS40, GSIN/WKN: A35JS4) and is a constituent of the MSCI World Micro Cap Index.

    Visit our website at https://cliqdigital.com/investors. Here you will find all publications and further information about CLIQ. You can also follow us on LinkedIn.

    The MIL Network –

  • MIL-OSI Asia-Pac: Hong Kong Customs steps up consumer protection work during Labour Day Golden Week of Mainland (with photos)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs steps up consumer protection work during Labour Day Golden Week of Mainland  
    Apart from patrolling popular shopping spots, Customs officers will also drive publicity at medicine shops, dried seafood and ginseng shops, jewellery shops and hawker pitches in different tourist shopping areas such as Yau Tsim Mong and Causeway Bay. Retail shops and practitioners in the tourist industry will be reminded to comply with the requirements of the TDO.
     
    Customs officers will also distribute pamphlets at land boundary control points to remind local consumers and visitors that they should patronise shops with a good reputation. They are also reminded to check carefully the unit price and total price of the goods before making a payment, and to retain transaction receipts and related records which can be served as the basis in case a complaint is lodged in the future. They are additionally reminded to check with the trademark owners or their authorised agents if the authenticity of a product is in doubt.
     
    Customs has long been concerned about visitors being misled into making purchases by unfair trade practices, and has established a Quick Response Team to handle urgent complaints lodged by short-term visitors. The complaints will be promptly referred to investigators to handle with priority.
     
    Under the TDO, any trader who adopts unfair trade practices, including making false trade descriptions in relation to goods, misleading omissions, aggressive commercial practices as well as bait and switch practices, or sells or possesses for sale any goods with a forged trademark, commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.
     
    Members of the public may report suspected violations of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 18:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Karolinska Development portfolio company OssDsign will change CEO during second half of 2025

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN, April 30, 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces that its portfolio company OssDsign has notified a change of CEO during the second half of 2025. The purpose is to support the establishment of leadership with an even stronger presence and focus on the US market.

    OssDsign launched OssDsign Catalyst in the U.S. in August 2021. Since then, the company has undergone a strategic shift to become a pure-play orthobiologics company and has shown high double-digit growth. To lead the continued rapid growth in the United States, OssDsign’s board and CEO Morten Henneveld have agreed that this is best achieved by leadership with an even stronger presence and focus on the US market. The board will now begin an orderly transition to a new CEO.

    OssDsign’s CEO Morten Henneveld will continue leading the company with focus and ensuring a smooth transition to new leadership. He will leave his position when a new CEO has been appointed or at year-end at the latest.

    Karolinska Development’s ownership in OssDsign amounts to 3%.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com 

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients’ lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit www.karolinskadevelopment.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Real Matters Reports Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the second quarter ended March 31, 2025.

    “We posted consolidated Net Revenue(A) of $10.1 million compared with $11.5 million in the second quarter of 2024 mainly due to a double-digit decline in the addressable U.S. purchase mortgage origination market. We continue to maintain our focus on operational efficiency and leveraged our network management model to deliver U.S. Appraisal Net Revenue(A) margins of 27.3% in the second quarter, up 80 basis points sequentially. Our U.S. Title segment delivered strong year-over-year growth driven by net market share gains with clients and higher refinance origination market volumes; refinance origination revenue was up 40% year-over-year and Net Revenue(A) for the segment was up 32%,” said Real Matters Chief Executive Officer Brian Lang. “With $45.7 million in cash and no debt, Real Matters remains well positioned for current market conditions and we are primed to scale up.”

    “As we have experienced in the past, economic and financial market uncertainties can create significant opportunity for the mortgage industry. Even minor decreases in interest rates like those we saw last fall can have a significant positive impact on origination volumes – especially from today’s historical low volumes. With nearly 10 million outstanding mortgages with rates above 6%, and nearly 7 million mortgages above 6.5%, the pool of refinance candidates continues to grow,” concluded Lang. “Solid execution of our strategy continues to broaden our client base and deepen our customer relationships, particularly in U.S. Title where we have significant runway for growth, which should allow us to better capitalize on market improvements and capture more volume.”

    Q2 2025 Summary

    • Consolidated revenue of $37.3 million, down 11% year-over-year as increased volumes in our U.S. Title and Canadian segments were offset by lower year-over-year U.S. Appraisal addressable volumes
    • Consolidated Adjusted EBITDA(A) of $(1.9) million compared with $0.7 million in Q2’24
    • Net loss of $2.2 million, down from net income of $2.1 million in Q2’24
    • Launched three new clients in Q2’25
    • Real Matters’ U.S. Appraisal mortgage origination volumes down 21% year-over-year mainly due to lower U.S. addressable purchase origination market volumes
    • Real Matters’ U.S. Title mortgage origination volumes up 32% year-over-year due to net market share gains with clients and higher refinance origination market volumes
    • Cash and cash equivalents of $45.7 million and no outstanding debt as at March 31, 2025

    Financial and Operational Summary

        Quarter ended       Six months ended   %
        2025     2025     2024     2024     2024     % Change1     2025     2024     Change1
        Q2   Q1   Q4   Q3   Q2   Quarter
    over
    Quarter    		 Year
    over
    Year    		   March 31 March 31   Year
    over
    Year
    Consolidated                                        
    Revenue $ 37.3   $ 41.0   $ 45.6   $ 49.5   $ 42.2     -9 % -11 %   $ 78.3   $ 77.6     1 %
    Net Revenue(A) $ 10.1   $ 10.9   $ 12.0   $ 13.1   $ 11.5     -7 % -13 %   $ 20.9   $ 21.2     -1 %
    Adjusted EBITDA(A) $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7   $ 0.7     -14 % -365 %   $ (3.5 ) $ (0.4 )   -881 %
    Net (loss) income $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1     -197 % -207 %   $ 0.1   $ (1.5 )   104 %
    Net (loss) income per diluted share $ (0.03 ) $ 0.03   $ –   $ 0.02   $ 0.03     -200 % -200 %   $ 0.00   $ (0.02 )   100 %
    Adjusted Net (loss) income(A) $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7   $ 1.3     -345 % -192 %   $ (1.5 ) $ 0.1     -1600 %
    Adjusted Net (loss) income(A) per diluted share $ (0.02 ) $ 0.00   $ 0.01   $ 0.02   $ 0.02     0 % -200 %   $ (0.02 ) $ 0.00     0 %
                                             
    U.S. Appraisal segment                                        
    Revenue $ 26.7   $ 29.4   $ 33.8   $ 37.5   $ 32.6     -9 % -18 %   $ 56.0   $ 59.3     -6 %
    Net Revenue(A) $ 7.3   $ 7.8   $ 9.0   $ 10.3   $ 9.2     -6 % -21 %   $ 15.1   $ 16.6     -10 %
    Net Revenue(A) margin   27.3 %   26.5 %   26.7 %   27.6 %   28.3 %           26.9 %   28.1 %    
    Adjusted EBITDA(A) $ 2.6   $ 2.4   $ 4.1   $ 5.5   $ 4.4     7 % -41 %   $ 5.0   $ 7.1     -30 %
    Adjusted EBITDA(A) margin   35.4 %   30.9 %   45.2 %   53.2 %   47.9 %           33.1 %   42.5 %    
                                             
    U.S. Title segment                                        
    Revenue $ 2.3   $ 2.5   $ 2.4   $ 2.1   $ 2.0     -11 % 11 %   $ 4.8   $ 4.1     18 %
    Net Revenue(A) $ 1.2   $ 1.4   $ 1.2   $ 0.9   $ 0.9     -13 % 32 %   $ 2.5   $ 1.9     36 %
    Net Revenue(A) margin   52.1 %   53.4 %   49.8 %   43.6 %   44.0 %           52.8 %   45.7 %    
    Adjusted EBITDA(A) $ (2.1 ) $ (1.8 ) $ (1.6 ) $ (1.9 ) $ (1.7 )   -18 % -28 %   $ (3.9 ) $ (3.3 )   -20 %
    Adjusted EBITDA(A) margin   -179.6 %   -132.3 %   -131.4 %   -209.8 %   -184.8 %           -154.3 %   -176.0 %    
                                             
                                             
    Canadian segment                                        
    Revenue $ 8.3   $ 9.1   $ 9.4   $ 9.9   $ 7.6     -8 % 11 %   $ 17.5   $ 14.2     23 %
    Net Revenue(A) $ 1.6   $ 1.7   $ 1.8   $ 1.9   $ 1.4     -8 % 11 %   $ 3.3   $ 2.7     24 %
    Net Revenue(A) margin   19.0 %   18.9 %   18.9 %   19.0 %   18.9 %           19.0 %   18.8 %    
    Adjusted EBITDA(A) $ 1.0   $ 1.1   $ 1.2   $ 1.3   $ 0.9     -8 % 17 %   $ 2.2   $ 1.6     37 %
    Adjusted EBITDA(A) margin   65.7 %   66.1 %   67.7 %   69.3 %   62.3 %           65.9 %   59.7 %    
                                             
    Corporate segment                                        
    Adjusted EBITDA(A) $ (3.4 ) $ (3.4 ) $ (3.1 ) $ (3.2 ) $ (2.9 )   0 % -15 %   $ (6.8 ) $ (5.8 )   -18 %
     

    Note 1 – Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.

    Conference Call and Webcast
    A conference call to review the results will take place at 10:00 a.m. (ET) on Wednesday, April 30, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.

    Conference call dial-in:

    • Participants can dial-in to the conference call; however, pre-registration is required. To register, visit: https://register-conf.media-server.com/register/BIb410bf1804714fc98c4a22b2351db181.
    • Once registered, you will receive an email including dial-in details and a unique access code required to join the live call.
    • Please ensure you have registered at least 10 minutes prior to the conference call start time.

    To listen to the live webcast of the call:

    The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.

    (A) Non-GAAP Measures
    The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by IFRS® Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three and six months ended March 31, 2025 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.

    Real Matters financial results for the three and six months ended March 31, 2025 are included in the unaudited interim condensed consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.

    Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:

                Quarter ended   Six months ended
        Q2 2025   Q1 2025   Q4 2024   Q3 2024   Q2 2024   March 31,
    2025    		 March 31,
    2024
                                   
    Net (loss) income $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1     $ 0.1   $ (1.5 )
    Operating expenses   12.1     12.7     12.6     11.8     11.2       24.6     22.8  
    Amortization   0.7     0.7     0.8     0.8     0.8       1.5     1.6  
    Restructuring expenses   –     0.4     –     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.2     0.2  
    Interest income   (0.5 )   (0.5 )   (0.5 )   (0.5 )   (0.4 )     (1.0 )   (0.8 )
    Net foreign exchange loss (gain)   0.2     (6.1 )   1.3     (0.9 )   (2.2 )     (6.0 )   (0.2 )
    Loss (gain) on fair value                              
    of derivatives   0.6     1.7     (1.9 )   (0.1 )   0.1       2.3     (0.1 )
    Income tax (recovery) expense   (0.9 )   (0.4 )   (0.2 )   0.2     (0.2 )     (1.3 )   (0.8 )
    Net Revenue $ 10.1   $ 10.9   $ 12.0   $ 13.1   $ 11.5     $ 20.9   $ 21.2  
     

    Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:

                Quarter ended   Six months ended
        Q2 2025   Q1 2025   Q4 2024   Q3 2024   Q2 2024   March 31,
    2025    		 March 31,
    2024
                                   
    Net (loss) income $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1     $ 0.1   $ (1.5 )
    Stock-based compensation expense   0.1     0.1     1.2     0.4     0.4       0.2     1.2  
    Amortization   0.7     0.7     0.8     0.8     0.8       1.5     1.6  
    Restructuring expenses   –     0.4     –     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.2     0.2  
    Interest income   (0.5 )   (0.5 )   (0.5 )   (0.5 )   (0.4 )     (1.0 )   (0.8 )
    Net foreign exchange loss (gain)   0.2     (6.1 )   1.3     (0.9 )   (2.2 )     (6.0 )   (0.2 )
    Loss (gain) on fair value                              
    of derivatives   0.6     1.7     (1.9 )   (0.1 )   0.1       2.3     (0.1 )
    Income tax (recovery) expense   (0.9 )   (0.4 )   (0.2 )   0.2     (0.2 )     (1.3 )   (0.8 )
    Adjusted EBITDA $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7   $ 0.7     $ (3.5 ) $ (0.4 )
     

    The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:

                Quarter ended   Six months ended
        Q2 2025   Q1 2025   Q4 2024   Q3 2024   Q2 2024   March 31,
    2025    		 March 31,
    2024
                                   
    Net (loss) income $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1     $ 0.1   $ (1.5 )
    Stock-based compensation expense   0.1     0.1     1.2     0.4     0.4       0.2     1.2  
    Amortization of intangibles   0.4     0.4     0.5     0.4     0.4       0.8     0.8  
    Restructuring expenses   –     0.4     –     –     –       0.5     –  
    Net foreign exchange loss (gain)   0.2     (6.1 )   1.3     (0.9 )   (2.2 )     (6.0 )   (0.2 )
    Loss (gain) on fair value                              
    of derivatives   0.6     1.7     (1.9 )   (0.1 )   0.1       2.3     (0.1 )
    Related tax effects   (0.3 )   0.9     –     0.2     0.5       0.6     (0.1 )
    Adjusted Net (Loss) Income $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7   $ 1.3     $ (1.5 ) $ 0.1  
     

    Forward-Looking Information
    This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

    The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

    The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2024, which is available on SEDAR+ at www.sedarplus.ca.

    Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

    About Real Matters
    Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

    For more information:
    Lyne Beauregard
    Vice President, Investor Relations and Corporate Communications
    Real Matters
    lbeauregard@realmatters.com
    416.994.5930

    The MIL Network –

  • MIL-OSI: Onity Group Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., April 30, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced its first quarter 2025 results and provided a business update.

    First Quarter 2025:

    • Net income attributable to common stockholders of $21 million; diluted EPS of $2.50; ROE of 19%
    • Adjusted pre-tax income* of $25 million, resulting in annualized adjusted ROE* of 22%
    • Book value per share improved to $58 as of March 31, 2025, up $2.15 year-over-year
    • $17 billion in total servicing additions
    • Average servicing UPB of $305 billion, up $13 billion year-over-year

    2025 Outlook:

    • Confirmed previous guidance including 2025 adjusted ROE* range of 16% – 18%
    • Some or all of $180 million deferred tax valuation allowance (US) as of December 31, 2024, could be released by year-end 2025

             * See “Note Regarding Non-GAAP Financial Measures” below

    “We are thrilled to report another strong quarter, with growth in revenue, adjusted pre-tax income, adjusted ROE, and book value per share compared to a year ago,” said Onity Group Chair, President and CEO Glen Messina. “Our results demonstrate the success of our strategy coupled with strong execution. Our balanced business continues to perform well regardless of interest rate cycles.”

    Messina continued, “We believe our demonstrated resiliency, customer focus, and award-winning servicing platform will enable us to successfully navigate interest rate volatility and economic uncertainties. We expect our actions to deliver balanced MSR and subservicing additions, expand high-margin products, and continuously strengthen recapture performance, will drive our growth in the coming quarters.”

    Additional First Quarter 2025 Operating and Business Highlights

    • Funded recapture volume up 2.7x year-over-year; refinance recapture rate is 1.6x industry average based on ICE Mortgage Monitor report as of April 2025
    • Originations volume of $7 billion, up 53% year-over-year, exceeding 8% industry growth
    • MSR additions (bulk purchases and originations) of $12 billion, up more than 2x year-over-year
    • Expanded high-margin products with launch of enhanced home equity and proprietary reverse mortgage (EquityIQ®) loans
    • Effective MSR hedge strategy resulting in minimal MSR fair value volatility in the quarter and continued alignment with operating and financial performance
    • Total liquidity (unrestricted cash plus available credit) at $239 million as of March 31, 2025

    Webcast and Conference Call

    Onity will hold a conference call on Wednesday, April 30, 2025, at 8:30 a.m. (ET) to review the Company’s first quarter 2025 operating results and to provide a business update. All interested parties are welcome to participate. You can access the conference call by dialing (800) 579-2543 or (785) 424-1789 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations. An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through May 14, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11158988.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    Forward Looking Statements

    This press release contains 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. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding our 2025 outlook and guidance, our expectation of releasing our deferred tax valuation allowance by year-end 2025, our ability to drive growth, and navigate interest volatility and economic uncertainties. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements.

    Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the potential for ongoing disruption in the financial markets and in commercial activity generally as a result of U.S. and global political events, changes in monetary and fiscal policy, and other sources of instability; the impacts of inflation, employment disruption, and other financial difficulties facing our borrowers; whether we will release some or all of the valuation allowance offsetting our net U.S. deferred tax asset, and the timing and amount of such release; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, future draws on existing reverse loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; our ability to interpret correctly and comply with current or future liquidity, net worth and other financial and other requirements of regulators, the Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the GSEs), and the Government National Mortgage Association (Ginnie Mae), including our ability to implement a cost-effective response to Ginnie Mae’s risk-based capital requirements by the extended deadline granted to us by Ginnie Mae of October 1, 2025; our ability to timely reduce operating costs, or generate offsetting revenue, in proportion to the industry-wide decrease in originations activity; the impact of cost-reduction initiatives on our business and operations; the impact of our rebranding initiative; the amount of senior debt or common stock or that we may repurchase under any repurchase programs, the timing of such repurchases, and the long-term impact, if any, of repurchases on the trading price of our securities or our financial condition; breach or failure of Onity’s, our contractual counterparties’, or our vendors’ information technology or other security systems or privacy protections, including any failure to protect customers’ data, resulting in disruption to our operations, loss of income, reputational damage, costly litigation and regulatory penalties; our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations; the future of our long-term relationship with Rithm Capital Corp. (Rithm); our ability to close acquisitions of MSRs and other transactions, including the ability to obtain regulatory approvals; our ability to grow our reverse servicing business; our ability to retain clients and employees of acquired businesses, and the extent to which acquisitions and our other strategic initiatives will contribute to achieving our growth objectives; increased servicing costs based on increased borrower delinquency levels or other factors; uncertainty related to past, present or future claims, litigation, cease and desist orders and investigations regarding our servicing, foreclosure, modification, origination and other practices brought by government agencies and private parties, including state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD); the reactions of key counterparties, including lenders, the GSEs and Ginnie Mae, to our regulatory engagements and litigation matters; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to effectively manage our regulatory and contractual compliance obligations; our ability to comply with our servicing agreements, including our ability to comply with the requirements of the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including any future downgrades; as well as other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024. Anyone wishing to understand Onity’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

    Note Regarding Non-GAAP Financial Measures

    This press release contains references to adjusted pre-tax income (loss) and adjusted ROE, both non-GAAP financial measures.

    We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition, because they are measures that management uses to assess the financial performance of our operations and allocate resources. In addition, management believes that this presentation may assist investors with understanding and evaluating our initiatives to drive improved financial performance. Management believes, specifically, that the removal of fair value changes of our net MSR exposure due to changes in market interest rates and assumptions provides a useful, supplemental financial measure as it enables an assessment of our ability to generate earnings regardless of market conditions and the trends in our underlying businesses by removing the impact of fair value changes due to market interest rates and assumptions, which can vary significantly between periods. However, these measures should not be analyzed in isolation or as a substitute to analysis of our GAAP pre-tax income (loss) or GAAP pre-tax ROE nor a substitute for cash flows from operations. There are certain limitations to the analytical usefulness of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE and, accordingly, we use these adjustments only for purposes of supplemental analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Onity’s reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Readers are cautioned not to place undue reliance on analysis of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE.

    The Company has not provided reconciliations of guidance for adjusted ROE, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include the change in fair value of our net MSR exposure due to changes in market interest rates and assumptions which can vary significantly between periods and are difficult to predict in advance in order to include in a GAAP estimate.

    Notables

    In the table below, we adjust GAAP pre-tax income for the following factors: MSR valuation adjustments, expense notables, and other income statement notables. MSR valuation adjustments are comprised of changes to Forward MSR and Reverse mortgage valuations due to rates and assumption changes. Expense notables include significant legal and regulatory settlement expenses, severance and retention costs, LTIP stock price changes, consolidation of office facilities and other expenses (such as costs associated with strategic transactions). Other income statement notables include non-routine transactions that are not categorized in the above.

    Beginning with the three months ended December 31, 2024, for purposes of calculating Income Statement Notables and Adjusted Pre-Tax Income, we changed the methodology used to calculate Other Income Statement Notables to include change in fair value due to interest rates for reverse loan buyouts (reported in gain/loss on loans held for sale, at fair value). We made this change to align with the change to our risk management approach to include changes in fair value of reverse loan buyouts due to interest rates in our MSR hedge strategy, consistent with other notables, such as Forward MSR Valuation Adjustments due to rates and assumption changes, net and Reverse Mortgage Fair Value Change due to rates and assumption changes.

    Other Income Statement Notables (a component of Other Notables) for the first three quarters of 2024 have been revised from prior presentations to reflect the methodology we adopted during the fourth quarter of 2024.

     (Dollars in millions) Q1’25 Q4’24 Q1’24
    I Net Income (Loss) Attributable to Common Stockholders 21 (29) 30
      A. Preferred Stock Dividend (1) (1) –
    II Reported Net Income (Loss) [I – A] 22 (28) 30
      B. Income Tax Benefit (Expense) 13 6 (2)
    III Reported Pre-Tax Income (Loss) [II – B] 9 (34) 32
      Forward MSR Valuation Adjustments due to rates and assumption changes, net (a)(b) (12) 14 18
      Reverse Mortgage Fair Value Change due to rates and assumption changes (b)(c) 10 (15) 1
    IV Total MSR Valuation Adjustments due to rates and assumption changes, net (2) (1) 19
      Significant legal and regulatory settlement expenses (14) (2) (2)
      Severance and retention (d) (0) (0) (2)
      LTIP stock price changes (e) 0 (1) 3
      Office facilities consolidation (0) (0) (0)
      Other expense notables (f) 1 (0) (1)
      C. Total Expense Notables (14) (4) (2)
      D. Gain (loss) on extinguishment of debt – (51) 1
      E. Gain on sale of MAV canopy – 14 –
      F. Other Income Statement Notables (g) (0) (3) (2)
    V Total Other Notables [C + D + E + F] (14) (44) (2)
    VI Total Notables (h) [IV + V] (16) (45) 17
    VII Adjusted Pre-Tax Income (i) [III – VI] 25 11 15
    a) MSR valuation adjustments that are due to changes in market interest rates, valuation inputs or other assumptions, net of overall fair value gains / (losses) on MSR hedge, including FV changes of Pledged MSR liabilities associated with MSR transferred to MAV, Rithm and others and ESS financing liabilities that are due to changes in market interest rates, valuation inputs or other assumptions, a component of MSR valuation adjustments, net
    b) The changes in fair value due to market interest rates were measured by isolating the impact of market interest rate changes on the valuation model output as provided by our third-party valuation expert
    c) FV changes of loans HFI and HMBS related borrowings due to market interest rates and assumptions, a component of gain on reverse loans held for investment and HMBS-related borrowings, net
    d) Severance and retention due to organizational rightsizing or reorganization
    e) Long-term incentive program (LTIP) compensation expense changes attributable to stock price changes during the period
    f) Contains costs associated with but not limited to rebranding and other strategic initiatives and transactions
    g) Contains non-routine transactions including but not limited to fair value assumption changes on other investments recorded in other income/expense
    h) Certain previously presented notable categories with nil numbers for each period shown have been omitted
    i) Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted PTI would be $14M in Q1’24 and $8M in Q4’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information
       

    Adjusted ROE Calculation

    (Dollars in millions) Q1’25 Q4’24 Q1’24
      GAAP ROE (after tax) 19% (25%) 29%
    I Reported Net Income (Loss) 22 (28) 30
    II Notable Items (16) (45) 17
    III Income Tax Benefit (Expense) 13 6 (2)
    IV Adjusted Pre-Tax Income (Loss) [I – II – III] 25 11 15
    V Annualized Adjusted Pre-tax Income [IV * 4 for qtr.] 102 46 59
      Equity      
           A Beginning Period Equity 443 468 402
                C Ending Period Equity 460 443 432
                D Equity Impact of Notables 16 45 (17)
           B Adjusted Ending Period Equity [C + D] 477 488 415
    VI Average Adjusted Equity [(A + B) / 2] 460 478 408
    VII Adjusted ROE (a) [V / VI] 22% 10% 14%
    a) Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted pre-tax income would be $14M in Q1’24 and $8M in Q4’24; without this change, adjusted ROE would be 14% in Q1’24 and 7% in Q4’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information
       

    Condensed Consolidated Balance Sheets (Unaudited)

    Assets (Dollars in millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Cash and cash equivalents 178.0 184.8 185.1
    Restricted cash 58.9 80.8 66.1
    Mortgage servicing rights (MSRs), at fair value 2,547.4 2,466.3 2,374.7
    Advances, net 514.0 577.2 602.7
    Loans held for sale, at fair value 1,402.2 1,290.2 1,028.9
    Loans held for investment, at fair value 10,812.5 11,125.3 8,130.5
    Receivables, net 222.3 176.4 152.1
    Investment in equity method investee – – 37.6
    Premises and equipment, net 10.8 11.0 11.8
    Other assets 106.0 111.3 84.3
    Contingent loan repurchase asset 407.2 412.2 416.3
    Total Assets 16,259.3 16,435.4 13,090.1
           
    Liabilities, Mezzanine & Stockholders’ Equity (Dollars in millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value 10,587.6 10,872.1 7,945.0
    Other financing liabilities, at fair value 835.5 846.9 906.8
    Advance match funded liabilities 377.5 417.1 440.2
    Mortgage loan financing facilities, net 1,577.4 1,528.2 1,108.9
    MSR financing facilities, net 1,136.0 957.9 964.1
    Senior notes, net 488.0 487.4 552.0
    Other liabilities 340.0 420.6 324.7
    Contingent loan repurchase liability 407.2 412.2 416.3
    Total Liabilities 15,749.2 15,942.5 12,658.0
    Mezzanine Equity 49.9 49.9 –
    Stockholders’ Equity 460.2 442.9 432.1
    Total Liabilities, Mezzanine and Stockholders’ Equity 16,259.3 16,435.4 13,090.1
           

    Condensed Consolidated Statements of Operations (Unaudited)

      For the Quarter Ending
    (Dollars in millions) March 31, 2025 December 31, 2024 March 31, 2024
    Revenue      
    Servicing and subservicing fees 203.3 206.0 204.5
    Gain on reverse loans held for investment and HMBS-related borrowings, net 23.8 0.6 15.4
    Gain on loans held for sale, net 11.8 5.9 10.9
    Other revenue, net 10.9 12.4 8.3
    Total revenue 249.8 224.8 239.1
    MSR valuation adjustments, net (38.9) (20.4) (11.6)
    Operating expenses      
    Compensation and benefits 57.4 64.3 53.6
    Servicing and origination 13.0 12.3 15.0
    Technology and communications 15.0 14.1 12.7
    Professional services 22.6 12.5 12.0
    Occupancy, equipment and mailing 8.2 8.3 7.7
    Other expenses 3.6 4.1 3.4
    Total operating expenses 119.9 115.6 104.4
    Other income (expense)      
    Interest income 26.2 28.8 17.5
    Interest expense (67.0) (74.2) (67.4)
    Pledged MSR liability expense (41.9) (42.1) (44.9)
    Gain (loss) on extinguishment of debt – (51.2) 1.4
    Earnings of equity method investee – 16.2 2.7
    Other, net 0.9 0.1 (0.6)
    Other income (expense), net (81.9) (122.4) (91.3)
    Income before income taxes 9.1 (33.7) 31.8
    Income tax expense (13.0) (5.6) 1.7
    Net Income (Loss) 22.1 (28.1) 30.1
    Preferred stock dividend (1.0) (0.5) –
    Net Income (Loss) attributable to common stockholders 21.1 (28.6) 30.1
    Basic EPS $2.68 ($ 3.63) $3.91
    Diluted EPS $2.50 ($ 3.63) $3.74
           

    For Further Information Contact:

    Investors:

    Valerie Haertel, VP, Investor Relations
    (561) 570-2969
    shareholderrelations@onitygroup.com

    Media:

    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on CONY (102.91%), FIAT (100.78%), CVNY (86.83%), ULTY (81.75%), YMAX (67.85%), and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group C ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name Distribution
    Frequency    		 Distribution
    per Share    		 Distribution
    Rate    2,4    		 30-Day
    SEC Yield3    		 ROC5 Ex-Date &
    Record Date    		 Payment
    Date
    CHPY YieldMax™ Semiconductor Portfolio Option Income ETF Weekly $0.6229 – – 87.69% 5/1/25 5/2/25
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2926 38.49% 0.00% 100.00% 5/1/25 5/2/25
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4721 65.90% 0.00% 100.00% 5/1/25 5/2/25
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call ETF Weekly $0.3362 43.92% 0.00% 100.00% 5/1/25 5/2/25
    RDTY YieldMax™ R2000 0DTE Covered Call ETF Weekly $0.4696 56.41% 0.00% 100.00% 5/1/25 5/2/25
    SDTY YieldMax™ S&P 500 0DTE Covered Call ETF Weekly $0.3110 38.70% 0.00% 100.00% 5/1/25 5/2/25
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.0936 81.75% 2.21% 100.00% 5/1/25 5/2/25
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.1010 35.45% 69.89% 79.99% 5/1/25 5/2/25
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.1744 67.85% 96.57% 73.04% 5/1/25 5/2/25
    ABNY YieldMax™ ABNB Option Income Strategy ETF Every 4 Weeks $0.6020 64.20% 3.62% 94.97% 5/1/25 5/2/25
    AMDY YieldMax™ AMD Option Income Strategy ETF Every 4 Weeks $0.3365 62.42% 2.97% 94.47% 5/1/25 5/2/25
    CONY YieldMax™ COIN Option Income Strategy ETF Every 4 Weeks $0.6510 102.91% 4.42% 96.77% 5/1/25 5/2/25
    CVNY YieldMax™ CVNA Option Income Strategy ETF Every 4 Weeks $2.6816 86.83% 2.44% 68.30% 5/1/25 5/2/25
    FIAT YieldMax™ Short COIN Option Income Strategy ETF Every 4 Weeks $0.5618 100.78% 1.73% 0.00% 5/1/25 5/2/25
    MSFO YieldMax™ MSFT Option Income Strategy ETF Every 4 Weeks $0.5255 42.19% 3.75% 92.04% 5/1/25 5/2/25
    NFLY YieldMax™ NFLX Option Income Strategy ETF Every 4 Weeks $0.9230 64.06% 3.58% 95.72% 5/1/25 5/2/25
    PYPY YieldMax™ PYPL Option Income Strategy ETF Every 4 Weeks $0.5519 55.23% 4.19% 94.52% 5/1/25 5/2/25
    Weekly Payers & Group D ETFs scheduled for next week: CHPY GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX AIYY AMZY APLY DISO MSTY SMCY WNTR XYZY YQQQ


    Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at     www.yieldmaxetfs.com

    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

    Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

    2The Distribution Rate shown is as of close on April 29, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended March 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory, and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting, and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI United Kingdom: Boost to local services from taxes on empty shops and second homes

    Source: Scotland – City of Edinburgh

    Hundreds of buildings have been brought back into use and over £10 million has been raised for council services thanks to new tax-raising powers adopted by the council.

    Since 1 April 2024, following changes to Scottish Government legislation, a 200% Council Tax charge has been applied to second homes. At the same time, non-domestic rates relief on empty commercial properties has been capped at three months.

    The move has encouraged the occupation and active use of at least 206 commercial properties and 52 homes, helping to stimulate the local economy and lived in homes during Edinburgh’s Housing Emergency.

    Finance and Resources Convener, Councillor Mandy Watt, said: 

    By making these changes, we’re not only raising millions of pounds for the council at a time when we face huge financial challenges – we’re successfully encouraging property owners to bring buildings back into their proper use. 

    It is well known that Edinburgh faces a chronic shortage of housing, which led us to become the first city in Scotland to declare a housing emergency. it is in the whole city’s best interests to allow those who have more than one home to contribute where they can towards addressing this crisis and supporting their local services.

    Likewise, I’m pleased to see our new rate relief policy working well. It’s about enhancing communities, stimulating the economy and putting underused buildings to better use. Some of these properties have been empty for years and under the previous regulations owners didn’t have to pay rates. 
     

    Published: April 30th 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Polytechnicians demonstrated flexible skills at the Soft Skills tournament

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The third annual Soft Skills tournament was held at the Polytechnic University. Students demonstrated soft skills by participating in board games.

    At the current stage of transformation of the higher education system, the formation of flexible skills is an important component of training specialists capable of ensuring the achievement of technological leadership of our state, emphasized the Vice-Rector for Educational Activities of SPbPU Lyudmila Pankova.

    The organizing committee and jury included university teachers and activists of the SPbPU Students’ Trade Union, as well as representatives of the organizations and companies “Russia – Country of Opportunities”, “TGK-1”, “Gazprom Gazifikatsiya”, “Gazprom Pitanie”, “Lengidroproekt”, “VNIIG im. B. E. Vedeneyev”. Support was provided by well-known board game publishers GaGa.ru and “Lavka Igr”, their game masters helped the participants and the jury understand the rules and taught them how to get out of difficult situations.

    Seventeen student teams made it to the first round: six from the Institute of Power Engineering, five from the Institute of Industrial Management, Economics and Trade, one team each from the Humanitarian Institute, the Civil Engineering Institute and the Institute of Mechanical Engineering, Materials and Transport, as well as three teams — IPMET, ISI, IKNK, IMMiT. A student from the St. Petersburg State University of Aerospace Instrumentation participated in the tournament for the first time.

    The students spent a whole month preparing for the tournament stages and fighting for victory at the gaming table. In the end, four teams reached the final. The awards were presented by the chairman of the jury, director of the Higher School of Software Engineering Pavel Drobintsev.

    In the team standings, the places were distributed as follows:

    1st place — team “Ь” (soft sign) (IPMET); 2nd place — team “Burryashchie Brazgi” (team of IPMET, IMMIT, ISI, GUAP); 3rd place — team “Successors of Peter” (IMMIT).

    The team “SOVpadenie” (IPMET) fell just short of victory and took 4th place.

    In the individual competition the following were awarded:

    1st place — Vlada Chernyaeva, IPMET; 2nd place — Alexander Shevchuk, ISI; 3rd place — Daniil Grevtsev, IMMIT.

    The members of the jury and the organizing committee highly appreciated the organization of the tournament, noted the involvement and good level of development of the participants’ cross-professional competencies.

    The Soft Skills tournament for students is a great tool for developing cross-professional competencies. During the game, the kids practice communication, learning to clearly express thoughts, formulate precise questions and negotiate with each other. They learn to analyze information, develop strategies and make decisions in conditions of limited resources. Team games improve both leadership qualities and the ability to work in partnership with other team members, because victory often depends on the coherence of actions and the distribution of roles. In addition, games create conditions for understanding one’s strengths and personal growth points. This training format is a safe environment for mistakes, live feedback from the environment and, most importantly, motivation to develop through pleasure. Young specialists get practice in a game form and can then transfer it to work, – noted the head of the Analytics and Diagnostic Tools Development Department of the Assessment and Methodology Department of ANO “Russia – Country of Opportunities” Ekaterina Stepashkina.

    I was greatly impressed by the ease with which the participants understood the complex rules and their prompt response to changes that arose during the game. The speed of change in the modern world is only growing, and the ability to quickly accept them is one of the most important “soft skills”. I wish the participants to apply this in real life, which throws up many more surprises than any game, – said Evgeniya Tyupanova, Head of the Labor and Wages Department at Gazprom Gazifikatsiya, who took part in the tournament for the first time as a member of the organizing committee and jury.

    Anna Lavrova, head of the personnel selection and assessment group at TGK-1, has been a permanent member of the jury since the tournament was founded. She emphasized that young specialists with the qualities that students demonstrate at the Soft Skills tournament will be in demand in any company, and confirmed that TGK-1 is always happy to welcome students from the Polytechnic University.

    Leading specialists of the social development department of Gazprom Pitanie Ilya Khudov and Anna Konevskaya, as well as leading specialist of the personnel department of VNIIG im. B. E. Vedeneyev Alla Larchina noted that gaming technologies helped the children to reveal a whole range of soft skills and allowed them to see their potential.

    The modern world requires not only professional knowledge, but also the ability to adapt, think critically and work in a team. The Soft Skills tournament is a mirror that reflects the future. Here, students learn to listen, make decisions in conditions of uncertainty and turn challenges into opportunities. I am amazed by their energy and willingness to grow. The participants did not just compete – they acquired skills that will become their superpower in their careers and lives, – says Ekaterina Toloshinova, chief specialist of Lenhydroproject.

    All partners of the Polytechnic University Competence Center expressed their desire to participate in the tournament next year.

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

    MIL OSI Russia News –

  • MIL-OSI Europe: Press release – Europeans celebrate 75 Years of unity and solidarity on Europe Day 2025

    Source: European Parliament 3

    The Schuman Declaration laid the foundations for the European Union and paved the way for an unprecedented era of prosperity, peace, democracy, solidarity and cooperation in Europe.

    To mark the occasion, many events will take place in EU Member States and around the world, bringing together citizens from all walks of life. The EU institutions will open their doors and invite citizens to visit their premises, discover their work and engage in a wide range of educational and entertaining activities.

    Landmark buildings and monuments across the globe will be illuminated in the EU colours, while a special Europe Day programme is planned for Expo 2025 in Osaka, Japan.

    In times of global uncertainty, Europe remains an anchor of stability – a place of opportunity and protection for its citizens. The EU and its institutions are working towards the common goal of ensuring prosperity and competitiveness, guaranteeing our security and defence, while upholding the fundamental values Europeans care about.

    European Parliament

    On 4 May, citizens of all ages will be able to attend the official Europe Day opening ceremony and take a seat in the hemicycle of the European Parliament in Strasbourg. The ceremony will begin with a video message from President Roberta Metsola, followed by a speech from Vice-President Younous Omarjee, and a musical performance by the Voix de Stras’ ensemble. Through various exhibits and interactive activities, visitors will learn how the Parliament works, how laws are made, and why European politics matters. Visitors will also be able to visit the “Changemakers” exhibition. On 10 May, the public will once again be given the chance to discover European democracy in action at the Parliament’s hemicycle in Brussels, with day-long activities emphasising the importance of citizen participation. In Luxembourg, special activities will mark the first anniversary of the Visitors’ Centre on 9 May, including the recently inaugurated Europa Experience. The following day, a rich cultural programme is planned in the Echternach Abbey courtyard. Full programme and events organised in the 27 EU countries.

    European Council/Council of the European Union

    On 10 May, the Council of the European Union will also open its doors, granting citizens an opportunity to follow in EU leaders’ footsteps. Guided tours throughout the day will offer visitors a rare look at where important European decisions are made. Each of the 27 Member States will host a stand, showcasing their culture, traditions, culinary specialties and more. Younger visitors can also expect tailor-made activities, including a treasure hunt and a “fun fact” quest designed specifically for kids. In honour of the Council’s 50th anniversary, the public will even be able to travel back in time and take a selfie with the leaders of 1974.

    European Commission

    On 10 May, citizens will also have the opportunity to visit the Commission’s iconic Berlaymont building in Brussels. Here, they will have the chance to learn about the Commission’s role and priorities, engage in series of activities, and find out more about initiatives and concrete benefits for their daily lives. Among others, visitors will have an opportunity to learn about the Commission’s efforts to boost European competitiveness both, promote social cohesion, protect democracy and protect fundamental rights, at home and abroad.

    European Central Bank

    As part of its Europe Day celebrations on 10 May, the European Central Bank (ECB) will bring the vibrant spirit of Europe to its hometown, Frankfurt am Main, by participating in the city’s Europa-Fest. Visitors will find the ECB at the “European Marketplace” on the Römerberg plaza, alongside Frankfurt-based European Insurance and Occupational Pensions Authority and the Authority for Anti-Money Laundering and Countering the Financing of Terrorism. In such a special year, celebrating 40 years of Schengen and the 75th anniversary of the Schuman Declaration, many themed activities have been organised, with the ECB even planning a lightshow, to be projected onto the west wing of the city’s Grossmarkthalle. In Brussels, the ECB will also host its own stand at the Commission’s Europe Day event.

    European Investment Bank

    The European Investment Bank (EIB) Group will welcome visitors to its stand at the Council of the European Union’s Justus Lipsius building as part of its Open Day on 10 May in Brussels. EIB Group staff will inform visitors of how its financing and advisory services improve lives and advance EU policy goals. This includes anything from innovation, security and defence to social and territorial cohesion, and the transition towards a net-zero economy. The stand itself will be enhanced by various activities and media, such as quizzes, games and audiovisual material showcasing EIB-financed projects.

    European Court of Auditors

    On 10 May, as part of the Europe Day celebrations in Echternach, EU auditors will host a series of interactive and engaging activities at the European Court of Auditors’ premises. Among other things, visitors will have the chance to partake in an engaging quiz to test their audit skills. Families and people of all ages are welcome to discover how the European Court of Auditors, the guardian of the EU’s finances, helps protect EU citizens’ money.

    European External Action Service

    The European External Action Service (EEAS) will open its doors to the public on 10 May for its “Travel the World in a Day“. Travel the World in a Day” event. Visitors to the EU’s diplomatic headquarters in Brussels will be given an opportunity to learn about the work of the EEAS and its 144 delegations and offices worldwide. Through interactive exhibits and activities, visitors will discover the EU’s role as a global leader and reliable partner for prosperity, peace, security, multilateralism, democracy, and a rules-based order. The event will also include a digital booth to help explore the EU pavilion at Expo 2025 in Japan, as well as live dance performances, workshops and family-friendly activities that celebrate global diversity.

    European Economic and Social Committee

    This year, the European Economic and Social Committee (EESC) will also host a special celebration of the Schuman Declaration’s 75th anniversary. To honour this seminal text, the EESC – the house of European organised civil society – is putting together a range of activities on its premises, through which it will inform and engage with citizens, while offering insights into its various Sections’ and Groups’ advisory work. The day itself will offer entertainment for all, with a real-time voting simulation allowing visitors to step into EESC members’ shoes and discover the process for themselves.

    European Committee of the Regions

    On 10 May, the European Committee of the Regions (CoR) – ideally located between the European Parliament and Council in Brussels – will open its doors to the public as well, showcasing how it represents regions and cities in the EU, and everything that regional and local elected politicians do for citizens. Visitors will learn how their region voices its interests in the EU, and they will have the chance to meet local and regional elected politicians and discuss European issues in a direct, informal atmosphere. The traditional Festival of Regions and Cities will treat visitors to a showcase of their preferred tourist spots, traditional music and dance, and various culinary specialties.

    Background

    Europe Day held on 9 May every year celebrates peace and unity in Europe. The date marks the anniversary of the ‘Schuman declaration’, a historic proposal made by Robert Schuman, French Foreign Minister, in 1950 that laid out the foundation of European cooperation. Schuman’s proposal is considered to be the beginning of what is now the European Union.

    In 2025, Europe Day is a special occasion, as we are celebrating 75 years since the Schuman declaration. To learn more about each institution’s programme, visit the Europe Day 2025 website.

    MIL OSI Europe News –

  • MIL-OSI Europe: War in Gaza: Sciences Po Mobilises…

    Source: Universities – Science Po in English

    Since the beginning of the conflict in October 2023, Sciences Po has fully played its role as a major international university, by taking actions in defence of academic freedom and offering a wide range of teaching formats to shed light on the situation in Gaza from the perspective of the humanities and social sciences.

    In doing so, Sciences Po is perfectly in line with the doctrine adopted earlier this year according to which positions taken by Sciences Po are considered legitimate if they are linked to the primary missions of the institution and to its activities as a research and educational academic institution.

    To protect students and researchers

    The ongoing war in Gaza has significantly disrupted the education of all 625,000 students in the region and deeply affected the lives and livelihoods of thousands of teachers. The lack of access to learning not only has immediate consequences but also long-term effects, especially given the widespread damage and destruction of most university buildings.

    As a university, Sciences Po’s priority has been the safety of our students impacted by the war. Sciences Po has supported tens of students whose families are directly affected by the conflicts in the region, providing material and financial assistance.

    In 2024, Sciences Po signed a partnership agreement with Birzeit University in the West Bank, which allowed 9 exchange students to be hosted this year with full scholarships provided by Sciences Po (flight and living allowance). This funding has been renewed for 2025-2026, with 5 mobility scholarships financed by Sciences Po again. From 2026-2027, the Erasmus MIC programme (international credit mobility) will be providing support to the exchange students.

    The partnership with Birzeit University brings to two the number of exchange agreements in place with Palestinian universities, Sciences Po having already signed with Al-Quds University, also located in the West Bank, several years ago. Five Erasmus + scholarships were granted in 2024-25 to students from Al Quds University, and five more are planned for 2025-26.

    In Gaza, 90,000 university students have lost access to education. Sciences Po decided last year to participate in the Technical Education Support for Higher Education Students Initiative – TESI. It aims at empowering Gaza students to complete their university education remotely as visiting students in West Bank Universities, with no financial burden on the students or their respective universities.

    Sciences Po also recruited Dr. Sanaa AlSarghali from An-Najah University-Nablus (on the West Bank) as a visiting professor to the Law School. Dr. Alsarghali is the first woman to ever earn a Ph.D. in Constitutional Law in Palestinen.  

    Finally, as part of the PAUSE programme which supports scientists and artists in exile by facilitating their hosting in higher education and research institutions or cultural institutions, Palestinian artist Maha Issa Al-Daya is jointly hosted by the Columbia Institute for Ideas and Imagination, the Columbia Paris Global Center, and Sciences Po for a year. Affiliated to Sciences Po Institute for the Arts & Creation, she already took part in an event titled “Art in times of war” in March. On 14 April, Maha Issa Al-Daya attended the exhibition opening about “the salvaged treasures of Gaza” set by the Institut du Monde Arabe, during which President Emmanuel Macron symbolically held a map of Palestine embroidered by the artist.

    To analyse the situation in Gaza and Palestine

    As a university, Sciences Po believes it is its role to share knowledge and context regarding the current situation in Gaza. To do so, the institution has been organising many events, classes, conferences, for its students but also for a larger audience, in Paris and on the Menton Campus mainly. A cycle of 12 lessons, designed by the Middle East North Africa Programme, was offered in Paris this year to shed light on the war using the tools of different social sciences: history, political science, sociology, and economics.

    Sciences Po Library published a selection of books, articles, reports by discipline (as well as a selection of films and novels), a selection of archival documents and an exhaustive and structured “Israel-Palestine Transverse Fund“, giving access to all the available resources (in French and/or English).

    • Series of 12 conferences on the Middle East conflict:

    – “The emergence of the Palestine question (1897-1947)” by Vincent Lemire, Professor of History at Gustave Eiffel University, 3 October 2024

    – “Zionism: why should Israel exist?” by Alain Dieckhoff, CNRS Research Professor at Sciences Po CERI, 17 October 2024

    – “Palestinian refugees in the Middle East” by Kemal Doraï, researcher at the CNRS and at the MIGRINTER laboratory of the University of Poitiers, 7 November 2024

    – “The making of a nation: Israel” by Denis Charbit, professor of political science at Israel’s Open University, 14 November 2024

    – “Palestinians facing Israel” by Laetitia Bucaille, professor of political sociology at INALCO, 28 November 2024

    – “Israel, what kind of democracy?’ by Samy Cohen, Emeritus Research Professor at Sciences Po CERI, 5 December 2024

    – “Living and taking action in the West Bank and Gaza” by Stéphanie Latte Abdallah, Director of Research at the CNRS, 6 February 2025

    – “Israel versus the Palestinians (1948-2025)” by Mark Tessler, Professor of Political Science at the University of Michigan, 20 February 2025

    – “The political economy of the Israeli-Palestinian conflict” by Sami Miaari, Professor of Economics at Tel Aviv University and Yale University, 6 March 2025

    – “The Hizbullah and Israel, between tension and confrontation” by Joseph Bahout, Director of the Issam Farès Institute for Public Policy and International Affairs at the American University of Beirut, 20 March 2025

    – “US policy towards the Israeli-Palestinian conflict” by Camille Mansour, editor-in-chief of the Interactive Encyclopaedia of the Palestine Question, 3 April 2025

    – “The Gulf monarchies and the Israeli-Palestinian conflict” by Laurence Louër, Deputy Director for Scientific Affairs at Sciences Po CERI and Associate Professor, 17 April 2025

    • Two-day training organised by Sciences Po Law School and MENA Programme about “Navigating Uncertainty: The Case for Interim Constitutions in Syria and Palestine”, 15-16 May 2025.
    • Movie cycle on Gaza and Palestine: 

    – Gaza mon amour (December 2023), 

    – Voyage à Gaza (November 2024),

    – Bye Bye Tibériade (November 2024).

    • Organisation of a conference with Palestinian artist, photographer and painter Mohamed Abusal, from Gaza (November 2024).
    • Discussion autour de la guerre entre Israël et le Hamas with Gérard Araud et Ghassan Salamé, PSIA, 12 October,
    • Israël/ Palestine : le retour de la guerre, et après ? with Karim Bitar, Laetitia Bucaille, Alain Dieckhoff and Stéphane Lacroix, Collège universitaire, 26 October,
    • Israël/ Palestine : Building spaces for diplomacy with reserachers from CERI et UN representatives (Ariel Colonomos, Bernardino Leon, Julie Trottier, Bruno Stagno Ugarte) PSIA, 7 November,
    • Discussing the Israel-Hamas Conflict : challenge for political humanities, Cercle des humanités politiques (Ariel Colonomos, Astrid Von Busekist, Rebecca Mignot-Mahdavi and Frederique Leichter-Flack), 13 November,
    • Religions et nationalismes en Israël/ Palestine with Alain Dieckhoff, Chaire d’étude du fait religieux, 14 November,
    • Hamas-Israël : quels buts de guerre dans quel contexte international ? Association française de Science Politique, 18 December,
    • Israël/ Hamas : la guerre, de quel droit ?, with Julia Grignon, Samy Cohen, Étienne Dignat, Sharon Weill, CERI, 7 February,
    • 60 minutes with Filippo Grandi, Haut commissaire aux réfugiés ONU, PSIA, 1 March,
    • Conflit Israël / Hamas : quel rôle du religieux ?, Mgr Pierre d’Ornellas, Frédéric Gros, Hélène Le Gal, Moshé Lewin, Tareq Oubrou, Emouna, 11 March,
    • Gaza and our world with Bertrand Badie, Dima Alsajdeya, Jean D’aspremont, Louise Bichet, Sbeih Sbeih, CERI, 30 April,
    • What is next for Palestinians ? Internal debates vs. external demandes, Sanaa Al Sarghali and Guillaume Tusseau, École de droit.
    • Crise israélo-palestinienne, tensions au Moyen-Orient : décryptage d’une actualité brûlante et de ses répercussions en France, Masterclass de Gilles Kepel, 4-6 December 2023,
    • Le processus de rédaction de la constitution palestinienne, conférence de Sanaa Alsarghali, constitutionnaliste palestinienne, 8 December 2023,
    • Conférence de Clothilde Mraffko, correspondante du journal Le Monde à Jérusalem, 16 février 2024,
    • Conférence de Denis Charbit, professeur franco-israélien de science politique, 18 avril 2024.
    •  Hamas-Israël : quels buts de guerre dans quel contexte international ? Association française de Science Politique, 18 décembre,
    • Israel/ Hamas : la guerre, de quel droit ?, avec Julia Grignon, Samy Cohen, Étienne Dignat, Sharon Weill, CERI, 7 février,
    • What is next for Palestinians ? Internal debates vs. external demandes, Sanaa Al Sarghali, et Guillaume Tusseau, École de droit.

    Cover image caption: Earth photo at night, City Lights of Europe, Middle East, Turkey, Italy, Black Sea, Mediterranean Sea from space. Elements of this image furnished by NASA. (credits: GizemG / Shutterstock)

    MIL OSI Europe News –

  • MIL-OSI Economics: Sectoral Deployment of Bank Credit – March 2025

    Source: Reserve Bank of India

    Data on sectoral deployment of bank credit for the month1 of March 2025 collected from 41 select scheduled commercial banks (SCBs), accounting for about 95 per cent of the total non-food credit deployed by all SCBs, are set out in Statements I and II.

    On a year-on-year (y-o-y) basis, non-food bank credit2 as on the fortnight ended March 21, 2025, grew3 by 12.0 per cent as compared to 16.3 per cent during the corresponding fortnight of the previous year (i.e., March 22, 2024).

    Highlights of the sectoral deployment of bank credit3 are given below:

    • Credit to agriculture and allied activities registered a growth of 10.4 per cent (y-o-y) as on the fortnight ended March 21, 2025 (20.0 per cent in the corresponding fortnight of the previous year).

    • Credit to industry expanded by 8.0 per cent (y-o-y) as on the fortnight ended March 21, 2025, same as in the corresponding fortnight of the previous year. Among major industries, outstanding credit to ‘petroleum, coal products and nuclear fuels’, ‘basic metal and metal products’, ‘all engineering’ and ‘construction’ recorded an accelerated y-o-y growth. However, credit growth in the infrastructure segment decelerated.

    • Credit to services sector increased by 13.4 per cent (y-o-y) as on the fortnight ended March 21, 2025 (20.8 per cent in the corresponding fortnight of the previous year), primarily due to decelerated growth in credit to ‘non-banking financial companies’ (NBFCs). Credit growth (y-o-y) to ‘professional services’ and ‘trade’ segments remained robust.

    • Credit to personal loans segment registered a growth of 14.0 per cent (y-o-y) as on the fortnight ended March 21, 2025, as compared with 17.6 per cent a year ago, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/217

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Roundtable to help turbo-charge Scotland’s agriculture industry

    Source: United Kingdom – Executive Government & Departments

    News story

    Roundtable to help turbo-charge Scotland’s agriculture industry

    Scotland Office Minister Kirsty McNeill to hear from sector experts on barriers to growth in the Scottish agri-food supply chain

    Leading members of Scotland’s agriculture sector will join the UK and Scottish Governments in Edinburgh today (April 30) to investigate key issues facing the agri-food supply chain – and help identify potential solutions.

    Minister McNeill pledged to host a food and farming roundtable with industry when she attended the NFU Scotland (NFUS) conference earlier this year.

    The Minister will be joined by Defra and Department for Business and Trade representatives as well as Scottish Government Agriculture Minister, Jim Fairlie

    It’s part of ongoing extensive engagement with a sector crucial to the UK Government’s Plan for Change to deliver security and renewal by kick-starting economic growth to create jobs, put more money in working people’s pockets, boost economic growth and improve living standards right across the UK, including rural communities which are vital to feeding the UK and achieving net zero.

    Up for discussion will be: immigration and access to labour; fairness in the supply chain; and supporting economic growth.

    While the topics for discussion are policy areas reserved to the UK Government, agriculture is almost entirely devolved to the Scottish Government.

    UK Government Scotland Office Minister Kirsty McNeill said:

    Food and farming are vital to the country and this is an important opportunity for the industry and government to discuss issues and identify creative solutions.

    There is much we can and are doing for the sector through the UK Government’s Plan for Change to turbo-charge economic growth and deliver a decade of national renewal and opportunity for all. But I appreciate that there are a number of highly complex issues facing Scottish agriculture and I look forward to a constructive discussion.

    We will continue to engage with this vital industry and we will continue to strengthen relations with the Scottish Government, respecting the fact that agriculture policy is largely devolved.

    Scottish Government Agriculture Minister Jim Fairlie said:

    The Scottish Government is committed to supporting our agriculture sector in sustainable food production whilst also contributing to nature and climate targets. We are reforming how we support farming and food production, towards our Vision for Agriculture for Scotland to become a global leader in sustainable and regenerative agriculture.

    Recent and ongoing global events show the fragility of food security, and we are taking action to improve Scotland’s food resilience and strengthen our supply chains. We will continue to work with the UK Government and across the sector to monitor the threats to the supply chain and mitigate against future shocks and impacts on food security.

    NFU Scotland President Andrew Connon said:

    NFU Scotland is pleased to attend the Scotland Office Food and Farming Roundtable this week and represent our members across the country. We will be discussing important issues such as barriers to growth, seasonal workers and immigration and fairness in the supply chain – each critical for a profitable and sustainable future agricultural sector in Scotland.

    We look forward to underlining the importance of farmers and crofters to the food and drink industry and to rural communities and hearing what actions the UK Government will take to help address the issues seriously impacting our sector currently.

    The Scottish food and drink manufacturing sector has grown by more than 35% over the last decade and now contributes £5.2 billion to the Scottish economy, while accounting for over one third of Scotland’s manufacturing turnover.

    Office for National Statistics data, analysed by the Food and Drink Federation, also showed that the industry provides around 47,000 jobs in Scotland’s 1,220 food and drink businesses.

    Industry attendees expected at Queen Elizabeth House are:
    NFUS
    Quality Meat Scotland
    Scottish Crofters’ Federation
    Scotland Food & Drink
    Food and Drink Federation
    Scottish Association of Meat Wholesalers
    Agricultural Industries Confederation
    Aberdeen & Northern Marts Group
    James Hutton Institute
    SRUC
    Scottish Agricultural Organisation Society
    Angus Growers
    Scottish Land & Estates
    Food & Agriculture Stakeholder Taskforce
    Scottish Tenant Farmers’ Association

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New Chief Executives appointed to lead TRA

    Source: United Kingdom – Executive Government & Departments

    News story

    New Chief Executives appointed to lead TRA

    The UK Trade Remedies Authority has confirmed the appointment of Jessica Blakely and Carmen Suarez as Chief Executives in a jobshare arrangement.

    The UK Trade Remedies Authority (TRA) has today confirmed the appointment of Jessica Blakely and Carmen Suarez as Chief Executives in a jobshare arrangement. They will take up the role from 2 June.

    The Trade Remedies Authority is the UK’s independent public body responsible for investigating allegations of unfair trading practices and unforeseen surges in imports that cause injury to UK industry. It makes evidence-based recommendations to the Secretary of State for Business and Trade. 

    The TRA’s Chair Nick Baird recently met with the Secretary of State for Business and Trade to agree how during the current global trade turmoil, the TRA will be stepping up its active data monitoring of emerging trade risks to help the Government spot and tackle the potential dumping of unfairly low-priced goods into the UK.

    New leadership on trade remedies

    Jessica and Carmen join the TRA from the Ministry of Housing, Communities and Local Government (MHCLG) and have held a number of senior roles both within and outside government, with a particular focus on trade, investment and regulation.

    Business and Trade Secretary Jonathan Reynolds said:  

    “This Government is standing up for our national interest, and as part of our Plan for Change, creating a level playing field where UK businesses can thrive and grow.

    The work of the TRA has never been more important in achieving this objective, and I’m delighted to welcome Jessica and Carmen to their new role. Their skills will be vital to ensure the TRA continues to protect British producers from unfairly low-priced imports.”

    Jessica and Carmen have jobshared since 2017. Their senior roles together have included: leading the Department for Business’ (BEIS) analytical work on EU Exit and international trade; the coordination of the UK Government work on no-deal business readiness; Senior Responsible Officers (SROs) for the level playing field chapter of the UK/EU trade negotiations (including subsidy control and remedial measures); establishing the UK’s domestic subsidy control regime; leading on Brexit Opportunities and regulatory reform in Cabinet Office; and most recently, leading the delivery of local growth funds and Freeports in MHCLG.

    Before joining the Civil Service, Jessica’s career featured 12 years working in Investment Banking, providing strategic and financial advice to CEOs and boards of directors on mergers, acquisitions and capital raisings in London, Singapore and Sydney. After joining the Civil Service in 2010, she led analytical work in BEIS’ Better Regulation Executive and then the Europe Directorate.

    Carmen joined the Civil Service in 2017 from the Financial Conduct Authority, where she led on embedding competition in financial regulation. Previously, she worked at the Competition and Markets Authority and Office of Fair Trading. including as lead on a number of market studies and head of evaluation. Before these Civil Service roles, she was Chief Economist at the National Farmers Union of England and Wales.

    TRA Chair Nick Baird said: ‘I am delighted that two leaders of Jessica and Carmen’s quality have joined us at this turbulent time in the international trade environment. They have exactly the skills and experience to lead the TRA through the changes that are needed to help UK business navigate this new world.’

    New appointees Carmen and Jessica said: “We are thrilled to be joining the TRA and look forward to working with its Board, staff and stakeholders to ensure that trade remedies, particularly at this crucial time, are a cornerstone of the UK’s international standing and growth ambitions.”

    Background Information

    • Trade remedy measures are a trade defence tool to protect domestic industries against injury caused by unfair trade practices or unforeseen increases in imports. They are a specific type of tariffs allowed under World Trade Organization rules when specific criteria are met (evidence of dumping, subsidy or a surge in imports). They usually take the form of an additional duty placed on imports of specific products, which are collected by HMRC prior to a good entering into free circulation.
    • The TRA has been led by Steve O’Donoghue as interim Chief Executive since March 2025, when the TRA’s previous Chief Executive Oliver Griffiths left to take up a new role – TRA announces interim CEO and confirms board leadership – GOV.UK.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Axi Celebrates Axi Select’s Two $1M Funded Traders in Sydney, Australia

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, April 30, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi proudly announced a few months ago their first-ever Axi Select traders to have reached the Pro M stage of their capital allocation program, with each securing $1 million in funding.

    To celebrate this major milestone and their remarkable achievement, the two traders, Francisco Quesada Godines and Daniel Gutiérrez Viñas, visited Axi’s headquarters in Sydney, Australia, where they were formally inducted into the Axi Pro Hall of Fame, and were presented with their $1M cheques, celebration trophies, and certificates of achievement. The visit also included a series of interviews where the traders reflected on their trading journey with Axi Select, their strategies to reaching the top milestone of the program, and the unique opportunities that the program provides.

    Rajesh Yohannan, Chief Executive Officer of Axi, shared his excitement for the program’s success, noting “The value of Axi Select extends far beyond funding. Both Francisco and Daniel benefitted from an array of support features such as the EDGE score, our dashboard and leaderboard, our exclusive trading room, and our vast educational resources, each one designed to elevate traders’ edge in the markets.”

    Following the incredible news of Axi Select’s first two $1,000,000 funded traders, 22-year-old Kayan Freitas also joined the ranks of Pro M traders, accessing the top funding amount. Reflecting on his success, the trader commented that “It’s a big responsibility”, but, at the same time, is confident in his skills and is ready to rise to the challenge.

    Launched in 2023, Axi Select offers traders the opportunity to access capital funding up to $1,000,000 USD and earn up to 90% of their profits. Moreover, Axi Select traders benefit from $0 membership fees*, trading on a live account, unrestrictive trading conditions, an exclusive trading room, and more.

    Watch video https://youtu.be/25ZOZBFUB3Y?si=QQuj4uDnxG-BJ8_g

    The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available to AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. * Standard trading fees and minimum deposit apply.  

    About Axi

    Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

    For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/af0cd73a-fe85-42d6-891a-4348cc3016d4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/0a6eebca-9de1-4c28-86c6-97a19edd13cd

    The MIL Network –

  • MIL-OSI: Check Point Research Launches AI Security Report: Exposing the Rise of AI-Powered Cybercrime and Defenses

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 30, 2025 (GLOBE NEWSWIRE) — RSA CONFERENCE, – Check Point Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today launched its inaugural AI Security Report at RSA Conference 2025. This report offers an in-depth exploration of how cyber criminals are weaponizing artificial intelligence (AI), alongside strategic insights for defenders to stay ahead.

    As AI reshapes industries, it has also erased the lines between truth and deception in the digital world. Cyber criminals now wield generative AI and large language models (LLMs) to obliterate trust in digital identity. In today’s landscape, what you see, hear, or read online can no longer be believed at face value. AI-powered impersonation bypasses even the most sophisticated identity verification systems, making anyone a potential victim of deception on a scale.

    “The swift adoption of AI by cyber criminals is already reshaping the threat landscape,” said Lotem Finkelstein, Director of Check Point Research. “While some underground services have become more advanced, all signs point toward an imminent shift – the rise of digital twins. These aren’t just lookalikes or soundalikes, but AI-driven replicas capable of mimicking human thought and behavior. It’s not a distant future – it’s just around the corner.”

    Key Threat Insights from the AI Security Report:

    At the heart of these developments is AI’s ability to convincingly impersonate and manipulate digital identities, dissolving the boundary between authentic and fake. The report uncovers four core areas where this erosion of trust is most visible:

    • AI-Enhanced Impersonation and Social Engineering: Threat actors use AI to generate realistic, real-time phishing emails, audio impersonations, and deepfake videos. Notably, attackers recently mimicked Italy’s defense minister using AI-generated audio, demonstrating that no voice, face, or written word online is safe from fabrication.
    • LLM Data Poisoning and Disinformation: Malicious actors manipulate AI training data to skew outputs. A case involving Russia’s disinformation network Pravda showed AI chatbots repeating false narratives 33% of the time, underscoring the need for robust data integrity in AI systems.
    • AI-Created Malware and Data Mining: Cyber criminals harness AI to craft and optimize malware, automate DDoS campaigns, and refine stolen credentials. Services like Gabbers Shop use AI to validate and clean stolen data, enhancing its resale value and targeting efficiency.
    • Weaponization and Hijacking of AI Models: From stolen LLM accounts to custom-built Dark LLMs like FraudGPT and WormGPT, attackers are bypassing safety mechanisms and commercializing AI as a tool for hacking and fraud on the dark web.

    Defensive Strategies:

    The report emphasizes that defenders must now assume AI is embedded within adversarial campaigns. To counter this, organizations should adopt AI-aware cyber security frameworks, including:

    • AI-Assisted Detection and Threat Hunting: Leverage AI to detect AI-generated threats and artifacts, such as synthetic phishing content and deepfakes.
    • Enhanced Identity Verification: Enhanced Identity Verification: Move beyond traditional methods and implement multi-layered identity checks that account for AI-powered impersonation across text, voice, and video—recognizing that trust in digital identity is no longer guaranteed.
    • Threat Intelligence with AI Context: Equip security teams with the tools to recognize and respond to AI-driven tactics.

    “In this AI-driven era, cyber security teams need to match the pace of attackers by integrating AI into their defenses,” added Finkelstein. “This report not only highlights the risks but provides the roadmap for securing AI environments safely and responsibly.”

    The full AI Security Report 2025 is available for download here and join the April 30 livestream for more insights about the report.

    Follow Check Point via:

    LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
    X (Formerly known as Twitter): https://www.twitter.com/checkpointsw
    Facebook: https://www.facebook.com/checkpointsoftware
    Blog: https://blog.checkpoint.com
    YouTube: https://www.youtube.com/user/CPGlobal

    About Check Point Software Technologies Ltd.

    Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading protector of digital trust, utilizing AI-powered cyber security solutions to safeguard over 100,000 organizations globally. Through its Infinity Platform and an open garden ecosystem, Check Point’s prevention-first approach delivers industry-leading security efficacy while reducing risk. Employing a hybrid mesh network architecture with SASE at its core, the Infinity Platform unifies the management of on-premises, cloud, and workspace environments to offer flexibility, simplicity and scale for enterprises and service providers. 

    Legal Notice Regarding Forward-Looking Statements 
    This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

    The MIL Network –

  • MIL-OSI: FrontFundr Shatters Records, Releases 2024 Community Capital Report

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — FrontFundr, Canada’s leading equity crowdfunding platform, today unveiled its 2024 Community Capital Report, showcasing a groundbreaking year that signals a major shift in Canada’s private investing landscape. In 2024, the platform facilitated an impressive $68.3 million in capital across 66 successful campaigns, more than doubling the amount raised in 2023. This milestone marks a turning point in how Canadians are engaging with private markets and demonstrates the growing appeal of equity crowdfunding.

    Since its launch in 2015 through December 31, 2024, FrontFundr facilitated over $258 million in capital through nearly 28,000 investments through its online platform, solidifying its leadership in Canada’s fast-growing equity crowdfunding sector. The platform now holds an impressive 93% market share under the National Instrument 45-110 Startup Crowdfunding (prospectus) Exemption, underscoring its pivotal role in democratizing access to capital for early-stage companies.

    Noteworthy campaigns in 2024 include Blossom Social, which raised $1.35 million in just 3.5 days, and Edison Motors, which secured $2.4 million in 2024 alone—setting new benchmarks for crowdfunding success in Canada.

    “Equity crowdfunding is no longer a niche alternative; it’s becoming a central component of how Canadians invest in the future they want to build,” said Peter-Paul Van Hoeken, Founder and CEO of FrontFundr. “Our growth reflects a broader movement toward the retailization of private markets, empowering the public to participate, providing emerging companies better access to capital, and creating a more inclusive financial system.”

    Key highlights from the 2024 report include:

    • Investor Growth: Women now represent 26% of investors; individuals aged 30–39 were the most active investors.
    • Sector Leadership: Finance led with over $55 million raised, followed by strong growth in technology, cleantech manufacturing, and food & beverage.
    • Regional Highlights: Ontario led with $35.6 million raised, followed by British Columbia and a resurgent Alberta, with notable growth across the Prairies.
    • Strong Portfolio Performance: 87% of FrontFundr-funded companies remain active, with 13.7% achieving liquidity events—including notable 2024 exits from Hempalta and Liquid Wind.
    • Platform Innovation: New features like a redesigned investment workflow, the launch of FrontFundr Elite Circle, and a partnership with StartEngine offering access to U.S. AI deals fueled a 17% increase in average investment size and a 97% increase in new investors.

    Platform innovations—including a streamlined investment journey, the launch of FrontFundr Elite Circle, and a partnership with StartEngine to access U.S. Accredited Investor-only opportunities—helped boost average investment size by 17% and nearly double new investor sign-ups.

    “This report captures a pivotal moment for Canada’s private markets,” said Trieste Reading, VP of Growth at FrontFundr. “2024 wasn’t just a breakout year for FrontFundr — it signaled a broader shift in how Canadians think about investing and ownership. Canadians are stepping up to back the businesses and causes they care about — and that’s changing the future of finance.”

    The release of the 2024 Community Capital Report comes at a time of growing global momentum to expand access to private markets. This shift was underscored by BlackRock CEO Larry Fink’s 2025 annual letter, which called for democratizing private market opportunities so everyday investors—not just the wealthy—can benefit from the returns of economic growth. As FrontFundr approaches its 10th anniversary in 2025, the platform remains steadfast in its mission to open doors for all Canadians to invest in businesses that reflect their values and shape the future.

    The full Community Capital Report 2024 is available at https://info.frontfundr.com/blog/community-capital-report-2024-from-slow-burn-to-a-breakout-year.

    About FrontFundr
    FrontFundr is Canada’s leading private markets investing platform, empowering startups and growth-stage companies to raise capital from their biggest supporters—everyday Canadians. Since 2015, FrontFundr has enabled thousands of investors to access vetted investment opportunities in private companies, from promising startups to established growth businesses. Whether you’re a seasoned investor or making your first-ever investment, FrontFundr makes it easy to participate in building the future of innovation and entrepreneurship in Canada. Learn more at www.frontfundr.com.

    Media Contact:
    Trieste Reading
    VP of Growth, FrontFundr
    Email: trieste@frontfundr.com
    Phone: +1 (604) 910-5074
    Website: www.frontfundr.com

    The MIL Network –

  • MIL-OSI: Cority Launches Advanced Motion Capture Solution to Strengthen Industrial Ergonomics Programs

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Cority, the global leader in enterprise Environmental, Health, and Safety (EHS) and Sustainability software, today announced the release of its new AI-powered Motion Capture for Industrial Ergonomics solution. Built to complement Cority’s holistic CorityOne ecosystem, this innovative technology helps organizations proactively assess and address ergonomic risks in demanding, non-office environments — from manufacturing shop floors to oil and gas fields — where musculoskeletal injuries frequently occur. The financial cost of these non-fatal workplace injuries is significant. The National Safety Council (NSC) reported that work injuries cost U.S. businesses $167.0 billion in 2022 in wage and productivity losses, medical expenses, administrative costs, and other related expenditures. While these types of injuries are most often non-fatal, they can be impactful to worker health and businesses operations in both the long and short term

    Industrial ergonomics focuses on designing tasks, workspaces, and tools around employees performing physically demanding jobs., It addresses risk factors such as repetitive lifting, forceful exertions, awkward postures, and other high-impact movements that can lead to musculoskeletal injuries. According to The Bureau of Labor Statistics, nearly half of all non-fatal workplace injuries, nearly 550,000 out of more than 2.2 million recorded occupational injuries in 2021-22, stem from exposure to ergonomic risk factors, which can result in significant productivity, health, and financial burdens.

    “Traditional manual ergonomic assessments can be extremely time-consuming and require significant expertise to perform,” says Kim Moull, CCPE at Cority. “By integrating motion capture technology into our industrial ergonomics solutions, we enable health & safety professionals and even non-specialists to quickly and accurately capture key ergonomic risk data by simply recording a video of a task. This data is then analyzed using best-practice ergonomics frameworks to generate risk scores and highlight areas requiring immediate attention or expert follow-up. The result is a more proactive ergonomics program that can help prevent injuries before they occur.”

    AI-powered motion capture and analytics
    At the core of this offering is an AI-driven motion capture technology delivered by Inseer, which uses patented computer vision driven algorithms and 3D modeling to assess ergonomic risk with a high degree of accuracy. Key features include:

    • 3D precision and speed. Inseer’s proprietary algorithms analyze full-range motion in just minutes, allowing organizations to scale ergonomic assessments across many different jobs and locations
    • Industry-recognized assessment tools. Motion capture data is automatically applied to recognized ergonomic scoring methods, such as RULA, REBA, Revised Strain Index, NIOSH’s Two-Handed Lifting Equation, and Liberty Mutual Push/Pull, offering a clear, quantitative view of ergonomic risk factors.
    • Integration with CorityOne. All ergonomic data from Inseer flows into Cority’s centralized ecosystem, allowing organizations to unify health, safety, and environmental data for a single source of truth. Powerful analytics and dashboards enable data-driven decisions to prioritize high-risk tasks and allocate resources effectively.

    Tackling limited resources and expertise
    Many organizations lack the specialist resources needed to assess ergonomic risks at scale. This shortfall, combined with the fact that ergonomic injuries result from successive exposures to risk factors over time rather than manifesting from a single incident, has historically made prevention more challenging. Cority’s new solution allows even generalists to capture reliable risk data in minutes, freeing up certified ergonomists and safety professionals to spend their time and expertise where it’s needed most.

    “Industrial ergonomics isn’t just about meeting regulations,” said Amanda Smith, Executive Vice President, Product Strategy at Cority. “It’s about doing right by your workforce. With Motion Capture for Industrial Ergonomics, we’re helping organizations move beyond reactive investigations toward a broader risk management mindset. This technology enables them to identify emerging issues and implement controls before injuries happen, ultimately protecting both employees and the bottom line.”

    Cority’s Motion Capture for Industrial Ergonomics solution is now globally available through CorityOne, the company’s integrated software ecosystem. For more information, existing Cority clients can reach out to their Account Executive or Customer Success Manager, while other interested parties can visit www.cority.com to request a demo or speak to a representative.

    About Cority
    Cority gives every employee from the field to the boardroom the power to make a difference, reducing risks and creating a safer, healthier, and more sustainable world. For over 35 years, Cority’s people-first software solutions have been built by EHS and sustainability experts who know the pressures businesses face. Time-tested, scalable, and configurable, CorityOne is the responsible business ecosystem that combines datasets from across the organization to enable improved efficiencies, actionable insights, data-driven decisions, and more accurate reporting on performance. Trusted by over 1,500 organizations worldwide, Cority deeply cares about helping people work toward a better future for everyone. To learn more, visit www.cority.com

    Media Contact

    Natalie Rizk
    RiotMind
    natalier@theriotmind.agency

    The MIL Network –

  • MIL-OSI Asia-Pac: LCQ5: Boarding facilities in primary and secondary schools

    Source: Hong Kong Government special administrative region

    LCQ5: Boarding facilities in primary and secondary schools
    Hong Kong’s diverse and quality education is one of the factors attracting talent to Hong Kong. In recent years, the Government of the Hong Kong Special Administrative Region has introduced and enhanced various talent schemes to attract talent conducive to Hong Kong’s development and enrich the local talent pool. The Education Bureau (EDB) provides various educational support services to facilitate the school placement of accompanying children (i.e. dependants) of individuals admitted to Hong Kong under various talent admission schemes, and help them integrate into the local learning environment as soon as possible. 

    School typeIssued at HKT 15:00

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    MIL OSI Asia Pacific News –