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Category: Canada

  • MIL-OSI Analysis: Canada’s new drug pricing guidelines are industry friendly

    Source: The Conversation – Canada – By Joel Lexchin, Professor Emeritus of Health Policy and Management, York University, Canada

    Drug pricing in Canada just got more industry-friendly.

    Canadian drug prices are already the fourth highest in the industrialized world. Now, with the release of new guidelines for the staff at the Patented Medicine Prices Review Board (PMPRB) at the end of June, the situation is poised to potentially get even worse.

    The review board is the federal agency that was set up 1987 to ensure that the prices for patented drugs are not “excessive.”

    Comparing prices

    Up until now, one of the criteria the PMPRB used in making the decision about what was an excessive price was to compare the proposed Canadian price for a new drug with the median price in 11 other countries. The median is the 50 per cent mark; in other words, the price in half of the other countries was below what’s proposed for Canada, and the price in the other half was above the proposed Canadian price. Under the new guidelines, set to take effect on Jan. 1, 2026, the Canadian price can be up to the highest in those other 11 countries.

    Right now, the median price in the 11 countries Canada is compared to is 15 per cent below the price of patented drugs in Canada. The highest international price, which will be the new standard, is 21 per cent above the median Canadian price, meaning Canadian prices for new drugs will be significantly higher than they otherwise would have been.

    Sometimes a drug is not available in any of the 11 other countries when it comes onto the Canadian market. In that case, the company can price the drug at whatever level it wants and keep it at that price until it comes up for its annual price review. The executive director of the PMPRB told the Globe and Mail that this would incentivize drugmakers to bring their products to the Canadian market first.

    Incentivizing drug companies may be a reasonable idea, but that’s not part of the mandate of the PMPRB. As laid out in Section 83 of the Patent Act, its mandate is to ensure drug prices aren’t excessive.

    Additional therapeutic value

    In the past, one of the factors that the PMPRB took into account in determining if prices were excessive was the additional therapeutic value of a new drug compared to what was already on the market. The lower the value, the lower the price. In this regard, the PMPRB was advised by its Human Drug Advisory Panel, an independent group of experts.

    The ranking of new drugs against existing ones was also of significant value to Canadian clinicians. It helped them to decide on the best treatment option for their patients and countered the hype about new drugs that came from the manufacturers.

    Since the new guidelines have abandoned looking at therapeutic improvement of new drugs, that leaves only one remaining Canadian source for that type of information, the Therapeutics Letter, a bimonthly publication targeting identified problematic therapeutic issues in a brief, simple and practical manner.

    Complaints about prices can be made by federal, provincial and territorial health ministers and by senior officials who are authorized to represent Canadian publicly funded drug programs. “Other parties who have concerns about the list prices … are encouraged to raise their concerns with their relevant Minister(s) of Health or Canadian publicly-funded drug program (sic).” This advice is cold comfort for people working low-wage jobs who aren’t covered by provincial and territorial drug plans and don’t have any access to their health minister.

    If there is an in-depth review of a new drug’s pricing — a preparatory step to determine whether there should be a formal hearing to investigate if the price is excessive — it is only the manufacturer that is allowed to submit information to the PMPRB. Clinicians who prescribe the drug, patients who take the drug, and organizations and individuals that pay for the drug do not have that same right.

    Donald Trump’s on-again, off-again tariffs are already threatening to drive up drug prices and make prescription drugs inaccessible to many Canadians. Higher drug prices will also almost certainly affect Canada’s already limited pharmacare program. Higher prices for new drugs will make an expanded pharmacare plan more expensive and less appealing to the federal government. The new PMPRB guidelines help ensure higher drug prices and no pharmacare expansion.

    Between 2022-2025, Joel Lexchin received payments for writing a brief for a legal firm on the role of promotion in generating prescriptions for opioids, for being on a panel about pharmacare and for co-writing an article for a peer-reviewed medical journal on semaglutide. He is a member of the Boards of Canadian Doctors for Medicare and the Canadian Health Coalition. He receives royalties from University of Toronto Press and James Lorimer & Co. Ltd. for books he has written. He has received funding from the Canadian Institutes of Health Research in the past.

    – ref. Canada’s new drug pricing guidelines are industry friendly – https://theconversation.com/canadas-new-drug-pricing-guidelines-are-industry-friendly-261062

    MIL OSI Analysis –

    July 25, 2025
  • MIL-OSI Analysis: Dealing with wildfires requires a whole-of-society approach

    Source: The Conversation – Canada – By Kevin Kriese, Senior Wildfire and Land Use Analyst, Centre for Global Studies, University of Victoria

    As the summer heat intensifies, people across Canada are facing the full brunt of wildfire season. Communities are being evacuated and properties are being destroyed as fires grow in size.

    Over the past decade, wildfires in Canada have broken numerous records, including the area burned in the largest single fire in recent history.

    More frequent fires are unsettling communities, causing rapid changes to ecosystems and having a negative impact on society and our economy.

    Increased wildfire risk is driven by a variety of factors, including more extreme fire weather (high temperatures, low humidity and powerful winds) made worse by climate change, fire deficits, the accumulation of fuels like trees and other organic materials on the landscape and changing land-use and settlement patterns.

    Our new research from the POLIS Wildfire Resilience Project at the University of Victoria explores how beneficial fires — fire that maximizes ecological benefits and minimizes risks to communities — can help build wildfire resilience.

    What are beneficial fires?

    Fire is a natural, necessary and inevitable part of many ecosystems in Canada. Historically, wildfire created a mosaic of diverse ecosystems and habitat conditions, which supported healthy watersheds and contributed to the cultures and livelihoods of Indigenous Peoples.

    Beneficial fire typically includes Indigenous cultural burning, prescribed fire and managed wildfire. These fires are managed for their ecological, cultural and community benefits, while minimizing adverse effects.

    One reason we’re seeing more catastrophic fires now is because of a history of widespread wildfire suppression, which can allow fuels to accumulate. When fuels accumulate, the risk from wildfire increases.

    In certain places and contexts, suppression remains the appropriate approach. It will continue to play a critical role in keeping communities safe and conserving ecosystem services like clean water and special places. But suppression alone is not viable or desirable. Instead, a suite of proactive actions from a variety of stakeholders is required.

    In British Columbia, Indigenous communities are returning cultural burning to their territories. A burn by the ʔaq̓am First Nation, with support from the BC Wildfire Service and local fire departments, was credited with helping save lives and homes from the St. Mary’s wildfire in summer 2024.

    Later in 2024, portions of a wildfire near the Wet’suwet’en community of Witset were allowed to burn while firefighting efforts focused on the part of the fire that threatened the community. This approach protected the village of Witset while still allowing the fire to create ecological benefits.

    Despite increasing awareness that some fires are beneficial, community opposition to cultural and prescribed fires — as well as to letting wildfires burn — persists. This opposition stems from a longstanding fears of fire and the very real threats posed to communities, people and property.

    A whole-of-society approach

    Until people feel safe from wildfire, the ability to return fire to the landscape will be limited and pressure for maximum suppression will likely continue. However, when people feel safe in their homes and communities, they may be more likely to accept more beneficial fire on the landscape.

    Risk reduction programs, such as FireSmart, take a holistic approach to wildfire resilience and include practical measures proven to reduce property loss.

    Homeowners who live near fire-prone ecosystems (referred to as the wildland-urban interface) can take simple actions, such as removing flammable material within 1.5 metres of buildings, while communities can plan effective evacuation routes.

    Experience in other jurisdictions indicates that voluntary measures, like FireSmart, are more effective when combined with mandatory minimum standards for fire-resistant building construction, vegetation management and landscaping.

    Reducing risk and increasing beneficial fires requires co-ordinated action from a diverse array of parties. For example, creating home-hardening requirements demands updated provincial building codes and local government plans that consider wildfire resilience.

    When a diverse array of entities is required to work towards a common goal, co-ordination and collaboration are vital and a whole-of-society approach is required. This type of approach fosters innovation, local agency and broader accountability — ultimately resulting in better outcomes on the ground.

    There are calls for this approach at national and international levels. Recent examples include the Canadian Council of Forest Ministers’ Canadian Wildland Fire Prevention and Mitigation Strategy and the G7 Kananaskis Wildfire Charter.

    Diverse actions needed

    Crown governments have historically worked in a top-down wildfire management model: provincial and territorial governments are in charge and select partners, such as industry, have been engaged to carry out specific actions.

    We are beginning to see a shift to greater sharing of responsibilities, partnerships, recognition of Indigenous authorities and increased local action. For example, B.C. has committed to “integrate traditional practices and cultural uses of fire into wildfire prevention and land management practices and support the reintroduction of strategized burning.”

    As Canadians face another intense wildfire season, in which we’ve already experienced loss of life and property, meaningful action across all of society is essential.

    Provincial governments must work in collaboration with Indigenous, local and federal governments, as well as industry, civil society, practitioners, local experts and communities.

    Individuals can take action to reduce the risk to their homes by managing the vegetation around their homes and using more fire-resistant building materials. Communities can engage in risk reduction and resilience planning. And governments at all levels can facilitate changes in how we manage our landscape to increase beneficial fires.

    Taken together, these diverse actions across all of society will be crucial for protecting people and ecosystems as we all learn to live with fire.

    Kevin Kriese is a member of the Liberal Party of Canada.

    Andrea Barnett receives funding from the Gordon and Betty Moore Foundation.

    Oliver Brandes receives funding from Gordon and Betty Moore Foundation and the BC Real Estate Foundation.

    – ref. Dealing with wildfires requires a whole-of-society approach – https://theconversation.com/dealing-with-wildfires-requires-a-whole-of-society-approach-260568

    MIL OSI Analysis –

    July 25, 2025
  • MIL-OSI Canada: British Columbia commercial rockfish harvester fined $25,312 for multiple violations

    Source: Government of Canada News (2)

    July 24, 2025

    Prince Rupert, British Columbia – On the Pacific Coast, the rockfish fishery is managed carefully to ensure the long-term sustainability of 37 species caught in British Columbia’s marine waters. Rockfish are extremely susceptible to over-fishing due to their slow growth rates, low reproductive cycle and high-mortality when brought to the surface. As a result, all rockfish species caught in the commercial groundfish trawl fishery must be retained, accurately recorded, and reported to ensure that fishers do not exceed their quota.

    On July 9, 2025, in Prince Rupert provincial court, Roger Atchison, onboard captain and co-owner of the commercial fishing vessel Savage Eagle, pled guilty to multiple violations of Canada’s Fisheries Act. Mr. Atchison released over 9,000 pounds of rockfish and failed to keep accurate and complete records of his fishing activities. These actions are violations of the conditions of his licence and occurred between October 18 and October 23, 2023, after his vessel left Prince Rupert to engage in commercial fishing in the Hecate Strait.

    Fisheries and Oceans Canada (DFO) protects and conserves marine resources, and enforces the Fisheries Act. As part of DFO’s work to disrupt and prevent illegal activity, the Department asks the public for information on activities of this nature or any contravention of the Fisheries Act and regulations. Anyone with information can call DFO Pacific Region’s toll-free violation reporting line at 1-800-465-4336, or email the details to DFO.ORR-ONS.MPO@dfo-mpo.gc.ca.

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI Canada: Construction starts on new BC Cancer centre in Kamloops

    Source: Government of Canada regional news

    Harwinder Sandhu, MLA for Vernon-Lumby –

    “As a long-time registered nurse who has spent years on the front lines of health care, I’ve seen how critical it is for patients to receive care close to home, especially when facing something as life-altering as cancer. The Kamloops BC Cancer centre is more than just a building; it’s an investment in the lives, strength and dignity of patients and their families. It means fewer long, exhausting trips away from loved ones, and more moments spent in the comfort of home, surrounded by support.”

    Sylvia Weir, president and CEO, Interior Health –

    “The BC Cancer centre marks a significant advancement in cancer care for the community and surrounding region, and Interior Health is proud to play a key role in making this project a reality. When complete, thousands of patients and families will have access to increased services and support, advanced technology and radiation care closer to home. The expansion of the community oncology network clinic and pharmacy, and an additional MRI will also result in shorter wait times, improved patient care and an enhanced working environment for staff.”

    Dr. Paris-Ann Ingledew, interim chief medical officer and executive vice-president, BC Cancer/PHSA –

    “Today marks a significant milestone in expanding access to cancer treatment for patients and families in Kamloops and surrounding communities. The new BC Cancer centre at Royal Inland Hospital will be designed to meet the growing demand for cancer care in the future, while upholding our strong commitment to high quality, patient-centred and culturally safe care.”

    Sarah Roth, president and chief executive officer, BC Cancer Foundation –

    “This is a major step forward in delivering the world-class care BC Cancer is known for to more communities in the Interior. Supported by a BC Cancer Foundation $5-million fundraising campaign, progress on the upcoming BC Cancer centre in Kamloops brings new hope to patients and their families who deserve timely access to treatment without the added burden of travel.”

    Brenda Partridge, Kamloops resident and patient –

    “As someone who has received life-saving care at BC Cancer, it comforts me to know a new cancer centre is coming to Kamloops. Cancer treatment is exhausting in every way, and having more treatment options close to home will help patients and their families during this difficult journey.”

    Mike O’Reilly, chair, Thompson Regional Hospital District –

    “So many families are affected by cancer in some way, and for decades, families in the Thompson-Nicola region have had an added burden of travelling many hours for treatment. With three new LINAC machines in Kamloops, our residents will receive radiation treatment much closer to home. Additionally, we congratulate EllisDon on this contract award and look forward to their quality work.”

    Heidi Coleman, CEO, Royal Inland Hospital Foundation –

    “Behind every cancer diagnosis is a story of strength, fear, resilience and hope. With three new LINAC radiation machines slated for the site, patients in our community can now heal closer to home, surrounded by their loved ones. Congratulations to EllisDon on being awarded the contract. We’re proud to continue working with a team known for delivering excellence in health-care infrastructure.”

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI Canada: Innovation Saskatchewan Issues Request for Proposal for West Galleria Redevelopment Project to Advance Research Strategy Priority Sectors

    Source: Government of Canada regional news

    Released on July 24, 2025

    Innovation Saskatchewan has released a Request for Proposal (RFP) to support the construction of the West Galleria Redevelopment project at its Research and Technology (R+T) Park in Saskatoon.  

    The project will transform the west wing of the Galleria building into a purpose-built space for scaling companies in priority sectors identified in Saskatchewan’s Research Strategy agriculture, life sciences, energy and mining and critical minerals. It aims to accelerate commercialization, strengthen the innovation pipeline and support companies on the path to manufacturing.  

    “Saskatchewan is an established hub for innovation,” Minister Responsible for Innovation Saskatchewan Warren Kaeding said. “We are building on the strengths and opportunities to support our priority sectors’ needs to scale and succeed. This project is about investing in spaces that help Saskatchewan companies scale, collaborate and drive economic growth.”  

    Scaling companies in these sectors often face longer development timelines and more complex growth challenges compared to other early-stage, innovating companies due to the physical infrastructure required for testing, validation and production. These factors can slow innovation and deter investment.  

    By identifying specialized space and shared infrastructure, Innovation Saskatchewan aims to help close this gap, reduce risk for scaling companies and help innovators focus on delivering global solutions.  

    “We are adapting our R+T Parks to meet the unique and evolving needs of the ecosystem,” Innovation Saskatchewan CEO Kari Harvey said. “This redevelopment aligns with Saskatchewan’s Research Strategy and will create the infrastructure needed to elevate our province’s leadership in research and technological innovation.”  

    The West Galleria Redevelopment project was a key initiative of the agency’s 2024-25 Budget and directly supports Saskatchewan’s 2030 Growth Plan goal to triple the growth of the tech sector.  

    The project will leverage approximately 44,000 square feet of space and is anticipated to accommodate five to eight scaling companies and will include specialized facilities like a shared laboratory and pilot plant that are critical but largely inaccessible to priority sector companies at this growth stage.  

    The RFP outlines details relating to criteria, process, timelines and other relevant information, and can be found at www.sasktenders.ca. 

    The submission deadline is Aug. 21, 2025 at 2 p.m. 

    -30-

    For more information, contact:

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI Canada: Royal Canadian Navy to Pay Off Kingston-class vessels

    Source: Government of Canada News (2)

    July 24, 2025 – Ottawa, Ontario – National Defence / Canadian Armed Forces

    In the fall of 2025, the Royal Canadian Navy (RCN) will begin paying off the Kingston-class Maritime Coastal Defence Vessels (MCDVs).  

    The term “paying off” refers to the British practice of paying a crew their wages once a ship has completed its voyage. In the RCN, the tradition continues with the term paying off referring to the formal ceremony where the naval jack, ensign, and commissioning pennant are hauled down, the crew departs a ship for the last time, and the ship is then no longer referred to as His Majesty’s Canadian Ship (HMCS).

    This fall, eight of the twelve Kingston-class ships will be paid off during formal naval ceremonies to recognize and celebrate their long and distinguished service. These ceremonies will take place in Halifax for HMC Ships Shawinigan, Summerside, Goose Bay, Glace Bay and Kingston. Ceremonies in Esquimalt, B.C. will be held for HMC Ships Saskatoon, Whitehorse and Brandon.

    The RCN’s four remaining operational Kingston-class vessels will consolidate under Canadian Fleet Atlantic in Halifax, N.S. As such, HMCS Moncton will remain based in Halifax, HMC Ships Yellowknife and Edmonton recently transferred to the east coast, and HMCS Nanaimo will transit to Halifax later this year. This will support current operational commitments, and efficient maintenance and crewing of the remaining Kingston-class vessels and the broader RCN fleet.   

    While looking forward to the introduction of new, modern warships to its fleet, the RCN has a robust plan in place to facilitate this transition, while maintaining excellence in training and operational capability. There is no loss of capability for the RCN as a result of the divestment of the Kingston-class – their missions and tasks will be redistributed to other existing ships and assets, and taken on by new platforms, capabilities and systems being introduced by the RCN.

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI Canada: Picture this! Record-level funding for the arts | Imaginez ça! Un financement record pour les arts

    [?being, and driving economic development. By championing a vibrant arts sector through public art galleries, visual and performing arts and arts service organizations, Alberta’s unique culture and history are preserved and shared in communities across the province.

    Alberta’s government is further strengthening direct support for artists and expanding access to the arts, by bringing total arts funding to a record $36.1 million. This includes a responsible, steady $4.5?million increase for the Alberta Foundation for the Arts (AFA) as part of our multi-year commitment that will grow AFA funding to more than $43 million annually by 2027-28.

    “Alberta is home to thousands of gifted artists who are a vital part of our economy, with arts industries contributing more than $1.3 billion in GDP each year and supporting more than 18,000 jobs. Our government is proud to sustain the highest level of arts funding in Alberta’s history, strengthening communities and enhancing quality of life for all Albertans.”

    Tanya Fir, Minister of Arts, Culture and Status of Women

    “I want to express our appreciation for the Alberta government’s commitment to increasing funding to the AFA for the second consecutive year. This year, our focus has been to raise the level of AFA funding support for arts organizations. With this additional funding, we will be able to significantly impact more than 400 Alberta organizations. This follows the extra funding that we were able to give to more than 700 individual artists last year. We are proud of our role in investing in Alberta artists, art and cultural materials.”

    Cynthia Moore, chair, Alberta Foundation for the Arts

    Alberta’s government provides grant funding to the arts sector through the AFA in three important ways:

    • Operational grants to arts-based organizations that create and provide access to art experiences and generate job opportunities for artists and cultural workers.
    • Project grants to non-profit organizations, including schools, to increase capacity and/or accessibility for arts-related activities.
    • Project grants and awards for individual artists that can support art production or creation, research, marketing, or training and professional development.

    “Alberta Ballet is best known for its artistry on the Jubilee stages in Edmonton and Calgary. What is less known is how funding from the Alberta Foundation for the Arts fuels Alberta Ballet’s growing impact across the province. With this support, Alberta Ballet is building a stronger arts ecosystem and lasting connections in cities throughout Alberta.” 

    Chris George, president and chief executive officer, Alberta Ballet 

    “For Shumka, this increase in funding means more than just financial support. It’s an investment in creativity, in cultural heritage, and in the people who bring stories to life through dance. As we look ahead, this support helps ensure that the legacy of Shumka, more than 60 years strong, continues to evolve and inspire future generations. Thank you to the Government of Alberta and the Alberta Foundation for the Arts for believing in the power of the arts, and for recognizing the value that organizations like ours bring to the cultural fabric of Alberta.”

    Tasha Orysiuk, artistic director, Canada’s Ukrainian Shumka Dancers

    Alberta proudly supports the arts and, through the AFA, is dedicated to empowering artists and arts organizations across the province. Since April 2025, the AFA has already approved $19.1 million in grant funding to 223 arts organizations and 192 individual artists.

    Quick facts

    • The 2025 budget for Arts is $36.1 million, including $34.6 million for the AFA. Funding for the AFA increased by $4.5 million.
    • In 2024-25, the AFA provided $20.4 million through 656 grants to organizations as well as $5.2 million through 446 individual arts grants to support their activities.
    • In 2024-25, the AFA increased the maximum eligible amount for its project grant programs for artists to $18,000 and nearly doubled the total number grants awarded to artists.
    • In 2023, the visual and applied arts and live performance industries contributed approximately $1.3 billion in GDP and sustained over 18,000 jobs in Alberta.

    Related information

    • Alberta Foundation for the Arts

    Multimedia

    • Watch the news conference

    Le budget de 2025 prévoit 4,5 millions de dollars pour soutenir les artistes par l’intermédiaire de l’Alberta Foundation for the Arts (AFA). Ce financement sans précédent continue de stimuler le secteur artistique albertain.

    Les arts jouent un rôle essentiel dans la qualité de vie des Albertaines et des Albertains. Ils favorisent la santé et le bien-être, et ils stimulent le développement économique. En soutenant le dynamisme du secteur artistique — dans les galeries d’art publiques, grâce aux arts visuels et de la scène et par l’intermédiaire des organismes de services artistiques —, le caractère unique de la culture et de l’histoire de l’Alberta est préservé et présenté aux collectivités de toute la province.

    Le gouvernement de l’Alberta renforce encore davantage le soutien qu’il offre directement aux artistes, en plus d’élargir l’accès de la population aux arts, en portant le financement total au secteur à un niveau record de 36,1 millions de dollars. Ce financement comprend une augmentation mesurée et stable de 4,5 millions de dollars à l’Alberta Foundation for the Arts dans le cadre d’un engagement pluriannuel qui portera le financement annuel de l’organisme à plus de 43 millions de dollars d’ici à 2027-2028.

    « L’Alberta est le foyer de milliers d’artistes talentueux qui jouent un rôle essentiel dans notre économie. En effet, les industries artistiques contribuent à plus de 1,3 milliard de dollars au PIB chaque année et elles soutiennent plus de 18 000 emplois. Notre gouvernement est fier de maintenir le niveau de financement aux arts le plus élevé de toute l’histoire de l’Alberta, financement qui permet de renforcer les collectivités et d’améliorer la qualité de vie de toute la population. » 

    Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine

    « Au nom de l’AFA, je remercie le gouvernement de l’Alberta d’augmenter le financement de l’AFA pour une deuxième année consécutive. Cette année, nous nous concentrons sur l’augmentation du soutien financier aux organismes artistiques. Grâce à ce financement supplémentaire, nous jouerons un rôle déterminant dans le succès de plus de 400 organismes en Alberta. Cette augmentation s’ajoute au financement additionnel que nous avons pu accorder à plus de 700 artistes l’an dernier. Nous sommes fiers de participer activement à la valorisation des artistes, du secteur des arts et du patrimoine culturel de l’Alberta. »

    Cynthia Moore, présidente, Alberta Foundation for the Arts

    Le gouvernement de l’Alberta, par l’intermédiaire de l’AFA, offre les trois grands volets de subvention suivants au secteur artistique :

    • Subventions de fonctionnement aux organismes qui créent et offrent des expériences artistiques et génèrent des emplois pour les artistes et les travailleurs culturels.
    • Subventions de projet aux organismes sans but lucratif, y compris les écoles, pour accroître la création d’activités artistiques ou leur accessibilité.
    • Subventions de projet et prix à l’intention d’individus, qui permettent de soutenir la production ou la création artistique, la recherche, le marketing, la formation ou le perfectionnement professionnel.

    « L’organisme Alberta Ballet a fait sa renommée sur les scènes des auditoriums Jubilee à Edmonton et à Calgary. Ce que l’on sait moins, c’est que le financement de l’Alberta Foundation for the Arts est au cœur du rayonnement croissant d’Alberta Ballet dans la province. Grâce à ce soutien, notre organisme renforce l’écosystème artistique et crée des liens durables dans les villes de l’Alberta. »

    Chris George, président-directeur général, Alberta Ballet

    « Pour Shumka, ce financement accru signifie bien plus qu’un apport financier. C’est un investissement dans la créativité, dans le patrimoine culturel et dans les personnes qui donnent vie à des récits par la danse. En regardant vers l’avenir, nous savons que ce soutien contribue à assurer que l’héritage de Shumka, fort de plus de 60 ans, continue d’évoluer et d’inspirer les générations futures. Nous remercions le gouvernement de l’Alberta et l’AFA de croire au pouvoir des arts et de reconnaître la valeur que les organismes comme le nôtre apportent au tissu culturel de l’Alberta. »

    Tasha Orysiuk, directrice artistique, troupe des Ukrainian Shumka Dancers du Canada

    L’Alberta soutient fièrement les arts et, par l’intermédiaire de l’AFA, elle s’engage à autonomiser les artistes et les organismes artistiques de toute la province. Depuis avril 2025, l’AFA a déjà approuvé 19,1 millions de dollars en subventions destinés à 223 organismes artistiques et à 192 artistes.

    En bref

    • Le budget de 2025 attribué aux arts est de 36,1 millions de dollars, dont 34,6 millions à l’AFA. Le financement de l’AFA a augmenté de 4,5 millions.
    • En 2024-2025, l’AFA a accordé 656 subventions à des organismes artistiques, pour un total de 20,4 millions de dollars, ainsi que 446 subventions à des artistes, pour un total de 5,2 millions de dollars.
    • En 2024-2025, l’AFA a augmenté à 18 000 $ le montant maximal admissible dans le cadre de ses programmes de subventions de projet d’artistes et l’organisme a presque doublé le nombre total de subventions accordées.
    • En 2023, les arts visuels, les arts appliqués et les arts de la scène ont contribué à environ 1,3 milliard de dollars au PIB et soutenu plus de 18 000 emplois en Alberta.

    Renseignements connexes (en anglais seulement)

    • Alberta Foundation for the Arts

    Multimédia

    • Regarder la conférence de presse

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI Analysis: Gaza is starving – how Israel’s allies can go beyond words and take meaningful action

    Source: The Conversation – UK – By Simon Mabon, Professor of International Relations, Lancaster University

    In the past two months, more than 1,000 people seeking food have been killed, according to the UN Human Rights Office. While the figure has been disputed by Israel and the Gaza Humanitarian Foundation which was set up to distribute aid, 28 nations this week condemned the “horrifying” killing of Gazans trying to get food.

    As the Israel Defense Forces continues its assault in the city of Deir al-Balah in central Gaza, including an attack on the staff residence of the World Health Organization on July 21, UN bodies are warning that the besieged strip’s last lifelines are collapsing.

    Already around 60,000 Gazans have been killed and growing numbers are now dying from hunger and malnutrition, according to the Hamas-led Gaza Health Ministry. More than 90% of the private homes in Gaza have been damaged or destroyed.

    For all the talk of a ceasefire – one that is long overdue – there is little hope. Israeli military operations continue and Gazans must risk their lives in search of food and aid.


    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.


    Malnutrition is rife. According to the IPC’s report in May – the international organisation that monitors food security – “goods indispensable for people’s survival are either depleted or expected to run out in the coming weeks” with nearly 500,000 people considered to be facing “catastrophe”, with a further 1.1 million in an “emergency” risk category.

    For the IPC, the catastrophe category is one of extreme food shortages, critical malnutrition leading to starvation and high death rates. The emergency category is one of severe food shortages, very high malnutrition and even death.

    Israeli officials continue to speak of moving Gazans into what has been termed a “humanitarian city” but what former Israeli prime minister Ehud Olmert described as a “concentration camp”. In the same interview Olmert called decision to move Gazans into the camp as “ethnic cleansing”.

    All the while, the world’s leaders look on. Most are apparently content to condemn – but little action has been taken.

    The clamour for Israel’s allies to take a harder stance on its actions in Gaza is growing louder by the day. On July 23, a group of 38 former EU ambassadors published an open letter to EU heads of states and senior officials accusing Israel of taking “calculated steps towards ethnic cleansing” and calling out the EU’s failure to “respond meaningfully to these horrific events”.

    But what do actions look like? Pressure must be applied to the Netanyahu government. In the UK, both prime minister Keir Starmer and foreign minister David Lammy have been quick to stress that the UK has urged Israel to respect international law.

    They point to the sanctions the UK has imposed on Itamar Ben-Gvir and Bezalel Smotrich, two rightwing ministers in Benjamin Netanyahu’s coalition government, as a result of their repeated incitements of violence against Palestinians. While Lammy suggests that further sanctions could follow if Israel does not change its behaviour in Gaza and bring about an end to the suffering, the atrocities continue.

    Practical steps to pressure Israel

    Pressure is growing on the UK government to recognise Palestine as a state – something that I was told by a contact in the Labour government more than a year ago was on Labour’s agenda before October 7. Lammy insists the government is committed to a two-state solution, but this is not diplomatically viable given that the UK only recognises one state involved in these events.

    The state of Palestine is recognised as a sovereign entity by 147 other members of the UN. That’s 75% of all members.

    Other steps could be a full arms embargo, something that has long been called for but rejected by the UK government, which has banned some, but by no means all arms sales to Israel. A number of countries have properly banned arms sales to Israel since October 2023, including Italy, Spain, Canada, the Netherlands, Belgium and Japan.

    There are other more incendiary options. One would be for the UK and others to properly adhere to their obligations under international law.

    The International Criminal Court issued an arrest warrant for the Israeli prime minister Benjamin Netanyahu and his defence minister, Yoav Gallant, in November 2024. There are 125 countries that have signed up to the ICC (the US isn’t one of them). They could arrest Netanyahu if he enters their countries.

    There are a range of other things that could be tried. A look at what the international community did to make South Africa a pariah during the later years of apartheid would be worthwhile.

    EU should use its diplomatic muscle

    As Israel’s biggest trading partner, the EU has the potential to wield considerable clout, so the question must be asked: why has so little been done, beyond mere words.

    In June, the EU found Israel to be in breach of its human rights commitments under the terms of the EU-Israel association agreement. Yet to date there have been as yet no moves to suspend trade.

    Kaja Kallas, the EU’s foreign policy chief declared that “all options remain on the table if Israel doesn’t deliver” on its pledges. These include full or partial suspension of the EU-Israel Association Agreement, sanctions on members of government, military or settlers, trade measures, arms embargoes, or the suspension of academic cooperation – including the prestigious Horizon Europe Research and Innovation programme.

    Of course, getting all 27 member states to agree to such an approach is easier said than done. And national leaders will obviously have to consider that taking steps to put pressure with Israel could damage relations with the Trump administration in the US.

    But all the while, the situation on the ground is deteriorating, with the world watching while Gaza burns. The failure by Israel’s allies to take meaningful steps to pressure Israel to prevent the wanton killing and displacement is a stain on humanity.

    After the horrors of the second world war, Rwanda, Myanmar and Srebrenica, the world said “never again”. Without action, there’s a risk it will shrug its shoulders and say “never mind”.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Simon Mabon receives funding from Carnegie Corporation of New York and The Henry Luce Foundation.

    – ref. Gaza is starving – how Israel’s allies can go beyond words and take meaningful action – https://theconversation.com/gaza-is-starving-how-israels-allies-can-go-beyond-words-and-take-meaningful-action-261783

    MIL OSI Analysis –

    July 25, 2025
  • MIL-OSI Canada: More support on the way to strengthen rural communities

    Rural and remote communities, First Nations and not-for-profit organizations can submit applications to fund projects that strengthen and diversify their economies.

    This is through the Rural Economic Diversification and Infrastructure Program (REDIP). The fourth intake opened on Thursday, July 24, 2025, and runs until Oct. 31, 2025. 

    In its first three years, REDIP will have invested as much as $142 million in more than 450 projects throughout B.C. that will create an estimated 7,000 jobs in rural areas. These projects promote economic diversification, resilience, clean-economy opportunities and infrastructure development.

    Communities can receive funding through four streams:

    • capacity – helps communities build internal capacity for economic development by providing up to $50,000 per year for up to three years and access to development funding of up to $100,000 to launch priority projects;
    • development – supports business planning, feasibility assessments and other developmental steps for business and economic diversification opportunities in rural B.C., up to $100,000;
    • implementation – supports the development of new economic infrastructure and the implementation of economic services, programming or operations directly related to diversification in rural communities, up to $1 million; and
    • community transition – supports communities experiencing a major economic change resulting from the loss of a major employer or linked to major projects in the province.

    Business BCeIDs are now required as part of the REDIP application process. As BCeID account registration can take several weeks, applicants are encouraged to register early at: https://www.bceid.ca/

    Learn More:

    For more information about the Rural Economic Diversification and Infrastructure Program and to see a list of approved REDIP projects from previous intakes, visit: https://gov.bc.ca/redip

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI Canada: Keeping Life More Affordable Through the Active Families Benefit

    Source: Government of Canada regional news

    Released on July 24, 2025

    Saskatchewan families with children and youth participating in sports, culture, and recreation can access the Active Families Benefit, a tax credit that helps keep these activities more affordable.

    Starting in 2025, the refundable tax benefit has been doubled to $300 per child, or $400 per child, who are eligible for the federal Child Disability Tax Credit. In addition, the benefit is now available to families with a gross family income of $120,000 or less.  

    “One of the best ways to ensure strong and healthy families in our province is to have children and youth involved in sport, recreation and cultural activities,” Parks, Culture and Sport Minister Alana Ross said. “Fulfilling our commitment to doubling the Active Families Benefit means that more than 69,000 or 56 per cent of all families with children will be eligible in our province, ensuring that the families who need it most can access it.”

    Parents who enroll their children in sport, culture and recreation activities in the 2025 calendar year are reminded to keep their receipts so they may claim the benefit when they file their taxes for 2025.

    Many communities offer affordable and accessible activities for children and youth through local recreation facilities and community organizations.

    “Programs like the Active Families Benefit make a real difference for families in Moose Jaw,” City of Moose Jaw Mayor James Murdock said. “By helping reduce the cost of sports, recreation, and cultural activities, we are not only supporting affordability we are investing in the health, development, and wellbeing of our children.”  

    The following are eligible for the Active Family Benefit:

    • Sporting activities: that provide exposure, training, or participation in any field of sport in an organized and competitive environment that requires strategy, physical training and mental preparation.
    • Recreational activities:
      • that provide exposure, training, or participation in any field of recreation designed to refresh, provide satisfaction, entertain, and provide physical or mental benefits.
    • Cultural activities:
      • that provide exposure, training, or participation in the field of arts, heritage or multiculturalism.

    For more information on the Active Families Benefit visit the frequently asked questions at:

    https://www.saskatchewan.ca/residents/parks-culture-heritage-and-sport/sport-and-recreation/programs-and-supports/active-families-benefit.

    -30-

    For more information, contact:

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI Canada: Crop Report for the Period July 15 to July 21, 2025

    Source: Government of Canada regional news

    Released on July 24, 2025

    The rain that fell through wide parts of the province over the weekend was a positive sign for many producers. However, even within regions that received the rain the impact on crop and pasture conditions was variable. In some areas, the rain came just in time to carry crops forward through flowering and grain fill, while in other areas the rain came too late to make a difference to crops or pastures. 

    For areas that received precipitation, producers are hopeful pasture grass recovers from grazing and stress from dry conditions. In areas where heavy rain was received, livestock water sources should see some replenishment, reducing the need to haul water for livestock. 

    The cooler weather and recent rainfall have helped sustain or improve topsoil moisture in the province. Topsoil moisture is highly variable region to region, but most regions have seen an increase in ratings after the recent rainfall. Provincially, cropland topsoil moisture is rated as two per cent surplus, 71 per cent adequate, 22 per cent short and five per cent very short. Hayland topsoil moisture is rated as one per cent surplus, 60 per cent adequate, 30 per cent short and nine per cent very short. Lastly, pasture topsoil moisture is rated as 59 per cent adequate, 30 per cent short and 11 per cent very short. 

    The rain, along with the cool weather, will give crops a break from the lack of moisture they have been under and will help them fill. The Eston area reported the most rain this week with 83 millimetres (mm), followed by the Bethune area with 74 mm, and finally the Admiral area reported 68 mm. There were many areas that reported rainfall from 15 mm to 50 mm, while other areas saw rainfall ranging from 2 mm to 15 mm.

    Crop development has leveled out closer to normal for the province, and crops should use the recent rain and cooler temperatures to develop at a regular pace rather than rush or delay development due to stress. Crop development varies from region to region, with drier areas showing the most accelerated crop development.

    The rain impeded haying operations over the weekend as producers waited for the crop to dry before proceeding with baling. Haying operations are almost complete with 20 per cent standing, 21 per cent cut and 59 per cent baled or put up as silage. Hay quality is rated as nine per cent excellent, 55 per cent good, 31 per cent fair and five per cent poor. 

    Producers report their crops are still showing damage and stress from the numerous weeks of heat and overly dry conditions this growing season. Gophers and grasshoppers are causing minor to moderate damage to crops this week with some areas seeing higher damage depending on pest populations. With the large amounts of rainfall seen in some areas, flooding was a concern for some producers as low spots in their fields have filled with water. The rain and strong winds have led to cereal crops lodging across many regions, and producers are hopeful the damage is minor and their crops can recover in time for harvest.

    Producers whose crops are furthest along are beginning to get their equipment ready. The Ministry of Agriculture reminds producers to operate safely during the pressures of harvest time. Please remember to use every precaution available for fire prevention as the extremely dry conditions increase the risk of combine and grass fires.

    Over the upcoming weeks, producers will be busy finishing fungicide spraying, haying and getting equipment ready for harvest. Producers are reminded to keep safety top of mind while working.

    For any crop or livestock questions, producers are encouraged to call the Agriculture Knowledge Centre, toll free: 1-866-457-2377.

    This can be a stressful time of year for producers as weather conditions can be unpredictable. The Farm Stress Line can help by providing support for producers toll free at 1-800-667-4442.

    A complete, printable version of the Crop Report is available online.

    Follow the 2025 Crop Report on Twitter at @SKAgriculture.

    -30-

    For more information, contact:

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI Africa: Who Will Bury You? Short stories from Zimbabwe about women who refuse to be easily defined

    Source: The Conversation – Africa – By Gibson Ncube, Senior Lecturer, Stellenbosch University

    Zimbabwe-born, Canada-based Chido Muchemwa’s debut short story collection, Who Will Bury You?, was published late in 2024 and immediately attracted the right kind of attention.

    Here was an unexpected range of themes: queer identity, dislocation in the diaspora, the lingering complexities of family and cultural belonging. The 12 stories, set between Zimbabwe and Canada, trace moments of rupture and reconnection across time and geography. And they’re mostly about women. Women, selfhood, loss and love.

    Gibson Ncube, who researches queer African fiction, unpacks why it’s such a good read.


    What are some of the stories about?

    The recurring questions in Who Will Bury You? are: who will remain when we are gone – who will understand us, who will grieve for us, and who will honour the truths we live by? These questions are animated through emotionally layered stories that centre the lives of Zimbabwean women and queer characters.

    Written with subtlety and care, some of the stories draw on Zimbabwean folklore, allowing Muchemwa to bridge the mythical and the present-day. She demonstrates how ancestral narratives continue to shape how people experience love, loss and belonging.

    House of Anansi Press

    The title story introduces a Zimbabwean “church going woman” and her daughter, who is living in Canada and has embraced a lesbian identity. In Zimbabwe, same-sex relationships remain criminalised under laws inherited from colonial rule and reinforced by state-sponsored homophobia. Political leaders often frame queerness as un-African or morally deviant.

    The story is told through alternating perspectives and offers a portrait of intergenerational estrangement, cultural friction, and love strained by silence. What one of the characters calls “things that might never feel sayable”. The theme of queerness recurs in several other stories like This Will Break My Mother’s Heart and If It Wasn’t for the Nights.

    Muchemwa allows these stories to gather meaning through multiple vantage points. She seems to resist resolution in favour of complexity. The collection is a significant contribution to the small but growing body of Zimbabwean literature that openly addresses queerness.

    What’s Muchemwa saying about queer African life?

    One of Muchemwa’s most powerful acts in the book is to treat queer life not as peripheral, but as central to the cultural, emotional and political worlds her characters inhabit. Queer desire, intimacy and estrangement are not exceptional disruptions. They are ordinary realities that are woven into everyday life. In these stories, queerness is at once a site of tenderness, conflict and hope. The effects of religion and colonial morality continue to shape how love is expressed and denied.


    Read more: 7 queer African works of art: new directions in books, films and fashion


    The stories challenge the erasure of queer voices by positioning them at the heart of families and communities. Queer characters are neither idealised nor victimised. They are allowed to simply be joyful, ambivalent, flawed, and resilient.

    Aside from identity, what are some of the other themes?

    The book also grapples with questions of memory, history and myth. In Finding Mermaids, Muchemwa blends contemporary reportage with folklore. A journalist and her grieving mother investigate the disappearance of young girls in a rural Zimbabwean town who are suspected to have been captured by njuzu, water spirits.

    Other stories, like Kariba Heights and The Captive River, explore the legacies of colonialism and the spiritual power of the Zambezi River. In these stories, Muchemwa is attentive to how land, history and belief have an impact on personal experiences.

    Living away from home, in the diaspora, is also a theme. Zimbabwe’s collapsing economy and ongoing political instability have driven many to seek better lives abroad, looking for jobs or educational opportunities.

    Characters in Toronto grapple with cultural dislocation. They long for home as they tackle the challenges of forging new forms of kinship abroad. The Toronto that Muchemwa renders is richly textured. It’s far from a generic western backdrop. It is portrayed as a space of possibility and tension in which characters remake themselves in the face of displacement.

    Why is it a special book to you as a scholar?

    Muchemwa’s prose is precise, controlled, and emotionally resonant. She writes with confidence, trusting the power of implication and delicate shifts in tone. The plots of the stories are simple. They are not driven by dramatic revelations. Rather, by accumulative emotional insight. Her characters often seem to border on the edge of decision or reconciliation. In fact, their silences are as revealing as their speech.

    Throughout the collection, there’s a sense of hushed intensity. The question of who will be there – at the end, in crisis, in love – lingers and ties the stories together. Even as her characters move between countries, generations and identities, they remain tied by their desire for recognition and care.


    Read more: Books: folklore and fantasy combine in Langabi, a supernatural historical epic from Zimbabwe


    Muchemwa’s debut contributes to a growing body of contemporary African writing that focuses on intimacy, friendship and queerness as legitimate and urgent narrative concerns. Who Will Bury You? offers a fresh take that avoids the clichés and stereotypes often associated with African literature – what Nigerian writer Chimamanda Ngozi Adichie has famously called the single story.

    Rather than dwelling on recurrent tropes of suffering or political crisis, Muchemwa’s stories place a spotlight on private lives and emotional entanglements. They compel us to be attentive to the quiet yet consequential turmoil that takes place within families and intimate relationships.

    The collection does not avoid the cultural and religious violences that have an impact on everyday life. But Muchemwa faces them through the perspective of those who survive, and remake, these constraints on their own terms.

    Who Will Bury You? is a carefully crafted collection that demands close attention. It’s a book about women who refuse to be easily defined. With this collection, Muchemwa asserts herself as a compelling new voice in Zimbabwean and African literature. Her debut represents new African storytelling which continues to expand the narratives of African writers. It dares to centre the personal, the queer, and the emotionally complex.

    – Who Will Bury You? Short stories from Zimbabwe about women who refuse to be easily defined
    – https://theconversation.com/who-will-bury-you-short-stories-from-zimbabwe-about-women-who-refuse-to-be-easily-defined-261291

    MIL OSI Africa –

    July 25, 2025
  • MIL-OSI United Kingdom: Joint Statement on the Invocation of the OSCE Moscow Mechanism

    Source: United Kingdom – Executive Government & Departments

    Speech

    Joint Statement on the Invocation of the OSCE Moscow Mechanism

    UK and 40 other countries invoke the Moscow Mechanism to address ill treatment of prisoners of war by the Russian Federation

    Thank you, Chair.   I will deliver an abridged version of this statement this afternoon. The full statement will be circulated in writing and I request that it be attached to the Journal of the Day.  

    I am delivering this statement on behalf of the following participating States: Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France,  Georgia, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta,  Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania,  San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.   

    Today, our delegations will send the following letter to ODIHR Director Maria Telalian, invoking the Moscow Mechanism, with the support of Ukraine, as we continue to have concerns regarding violations of international humanitarian law and international human rights law following Russia’s full-scale war of aggression against Ukraine, including with regard to ill treatment of Ukrainian Prisoners of War (POW).   

    Director Telalian, 

    With Russia’s war of aggression against Ukraine in its fourth year and as Russia’s illegal occupation of the Autonomous Republic of Crimea and the city of Sevastopol and certain areas of the Donetsk and Luhansk regions of Ukraine has entered its eleventh year, we continue to witness large scale human suffering and alarming reports of violations of international humanitarian law (IHL) and of international human rights law (IHRL), many of which may amount to the most serious international crimes.  

    Against the backdrop of the full-scale war of aggression against Ukraine, launched by the Russian Federation on February 24, 2022, a number of credible sources, including the Moscow Mechanism expert missions, the Office for Democratic Institutions and Human Rights, the Office of the High Commissioner for Human Rights and the UN Independent International Commission of Inquiry, as well as civil society organizations, have reported that the Russian Federation has consistently violated the rights of prisoners of war (POWs) throughout their detention and at multiple detention facilities within the temporarily occupied territories of Ukraine and the Russian Federation. There have been credible reports that the extensive and routine torture and ill-treatment of Ukrainian POWs throughout their detention constitutes a continued systematic pattern of state policy and practice by the Russian Federation. Torture follows common patterns across different locations, indicating it is a coordinated, deliberate, and systematic practice.  

    In 2022, 2023 and 2024, 45 OSCE Delegations, following bilateral consultations with Ukraine under the Vienna (Human Dimension) Mechanism, invoked Paragraph 8 of the Moscow (Human Dimension) Mechanism. The reports of the independent missions of experts, received by OSCE participating States, confirmed our shared concerns about the impact of the Russian Federation’s invasion and acts of war, its violations and abuses of IHRL, and violations of IHL in Ukraine.  

    We remain particularly alarmed by the findings of the expert missions that some of the violations may amount to war crimes and crimes against humanity as well as the identification of patterns of reported violations of IHL and IHRL regarding the treatment of prisoners of war.  

    The prohibition against torture in international law is absolute.  Parties to an armed conflict are obliged to ensure the rights of POWs as set out in the Third Geneva Convention of 1949 relative to the Treatment of Prisoners of War and Additional Protocol I to the Geneva Conventions. Prisoners of war must at all times be protected, particularly against acts of violence or intimidation and against insults and public curiosity. No physical or mental torture, nor any other form of coercion, may be inflicted on prisoners of war to secure from them information of any kind whatever. Prisoners of war who refuse to answer may not be threatened, insulted or exposed to unpleasant or disadvantageous treatment of any kin Torture and inhuman treatment of POWs are grave breaches of the Geneva Conventions, and likewise war crimes under the Rome Statute of the International Criminal Court. 

    ODIHR’s Ukraine Monitoring Initiative has continued to identify patterns of reported IHL and IHRL violations related to the treatment of Ukrainian POWs including in their Sixth Interim Report of 13 December 2024 and their Seventh Interim Report of 15 July 2025. Interviews with survivors and witnesses attested to a continued practice of systematic torture and other IHL and IHRL violations perpetrated against Ukrainian POWs  prompting serious concerns about the Russian Federation’s failure to comply with the fundamental principles that govern the treatment of POWs.  

    In equal measure, the OHCHR and the UN Human Rights Monitoring Mission in Ukraine (HRMMU) have reported on the systematic and widespread use of torture of Ukrainian POWs by Russian authorities. In its March 2023 report, the HRMMU documented violations of IHRL and IHL in 32 of 48 detention facilities in Russia and Russian-occupied territories of Ukraine, related to torture and other ill-treatment,  dire conditions of internment  including inadequate quarters, food, hygiene, and medical care, along with restricted communication, forced labor, and a lack of access of independent monitors. .  Many were held incommunicado deprived of the possibility to communicate with family or the outside world. Russian authorities subjected Ukrainian POWs to unlawful prosecutions for mere participation in hostilities; using torture to extract confessions; and denying fair trials.   

    According to witness testimonies, there were numerous incidents whereby POWs died in captivity due to execution, torture, ill-treatment and/or inadequate medical attention as well as inhumane conditions during their captivity.   

    The OHCHR’s October 2024 Report on the Treatment of Prisoners of War further documented detailed and consistent accounts of torture or ill treatment in Russian Federation custody.   

    Survivors have described the wide-ranging methods of torture or ill-treatment of Ukrainian POWs including: severe physical beatings; electrocution (including the targeting of genitalia); excessively intense physical exercise; stress positions; dog attacks; mock executions (including simulated hangings); threats of physical violence and death; sexual violence, including rape; threats of rape and castration; threats of coerced sexual acts; and other forms of humiliation.   

    Since the end of August 2024, OHCHR also has recorded a significant increase in credible allegations of executions of Ukrainian servicepersons captured by Russian armed forces, involving at least 97 individuals.   

    The UN Independent International Commission of Inquiry on Ukraine (UN COI) stated on 23 September 2024 that it has evidence of widespread and systematic torture by Russian authorities against Ukrainian civilians and POWs in the temporarily occupied territories and in Russia. They concluded that torture follows common patterns across different locations, indicating it is a coordinated practice.  In their March 2025 report, the UN COI again called on the Russian Federation to immediately end the widespread and systematic use of torture and other forms of ill-treatment committed against civilian detainees and prisoners of war  

    The Office of the Prosecutor General of Ukraine is investigating the reported execution of 273 Ukrainian POWs, including 208 who were reportedly executed on the battlefield and 59 in the ‘‘Olenivka’’ colony. However, the real number of those executed is likely much higher. 

    We are deeply concerned about the severity and frequency of these violations and abuses. We are particularly appalled by reported executions of Ukrainian POWs and Ukrainian soldiers rendered hors de combat upon their surrender and by the desecration/mutilation of bodies.  We are also deeply concerned with the practice of filming and distributing images of these abhorrent incidents.  

    Following grave concerns over the ill-treatment of Ukrainian POWs, highlighted, inter alia, by the UN Human Rights Monitoring Mission in Ukraine, the Independent International Commission of Inquiry on Ukraine and the Office of the High Commissioner for Human Rights and the OSCE, we call on all parties to the armed conflict ensure that POWs are treated in full compliance with IHL.  

    We recall that OSCE participating States have committed themselves to respect IHL, including the Third Geneva Convention relative to the Treatment of Prisoners of War of 1949, bearing in mind that the willful killing, torture, inhuman treatment, causing great suffering, or serious injury to body or health of persons protected under the Geneva Conventions, including prisoners of war, constitutes a war crime. No prisoner of war may be subjected to physical mutilation or to medical or scientific experiments of any kind which are not justified by the medical, dental or hospital treatment of the prisoner concerned and carried out in his interest. Likewise, prisoners of war must at all times be protected, particularly against acts of violence or intimidation and against insults and public curiosity. 

    We also recall that the prohibition of torture is a peremptory norm of international law without territorial limitation, which applies at all times and in all places.   Measures of reprisal against POWs are prohibited. 

    We call on the Russia Federation to end the torture and ill-treatment of all detainees and ensure adequate conditions of detention including the provision of basic needs such as food, water, clothing, and medical care. We further call for providing timely and accurate information on detainees’ whereabouts and legal status, and for granting international humanitarian organizations, like the International Committee of the Red Cross, unfettered access to such persons. 

    Gravely concerned by the continuing impacts of Russia’s ongoing aggression against Ukraine, and gravely concerned by credible allegations of the torture, ill-treatment and executions of Ukrainian POWs, and soldiers hors de combat, the delegations of Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France,  Georgia, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta,  Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania,  San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom, following bilateral consultations with Ukraine under the Vienna Mechanism, invoke the Moscow (Human Dimension) Mechanism under Paragraph 8 of that document.  

    We request that ODIHR inquire of Ukraine whether it would invite a mission of experts to build upon previous findings, and:  

    To establish the facts and circumstances surrounding possible contraventions of relevant OSCE commitments; violations and abuses of human rights; and violations of IHL, including possible cases of war crimes and crimes against humanity, related to the treatment of Ukrainian POWs by the Russian Federation ; 

    To collect, consolidate, and analyse this information including to determine if there is a pattern of widespread and systematic torture, ill-treatment and execution of Ukrainian POWs and soldiers hors de combat and/or at detention facilities by the Russian Federation in the temporarily occupied territories and in Russia and 

    To offer recommendations on relevant accountability mechanisms. 

    We also invite ODIHR to provide any relevant information or documentation derived from any new expert mission to other appropriate accountability mechanisms, including the UN Human Rights Monitoring Mission in Ukraine or the Independent International Commission of Inquiry on Ukraine, as well as national, regional, or international courts or tribunals that have, or may in future have, jurisdiction.  

    Thank you for your attention.

    Updates to this page

    Published 24 July 2025

    Invasion of Ukraine

    • UK visa support for Ukrainian nationals
    • Move to the UK if you’re coming from Ukraine
    • Homes for Ukraine: record your interest
    • Find out about the UK’s response

    MIL OSI United Kingdom –

    July 25, 2025
  • MIL-OSI Canada: Province strengthens local evacuation routes, public notification planning

    Source: Government of Canada regional news

    The public notification and evacuation route planning funding stream of the Community Emergency Preparedness Fund (CEPF) supports projects that develop or update evacuation route plans and/or public notification plans. This funding is provided by the Province and is administered through the Union of British Columbia Municipalities (UBCM).

    Local governments and First Nations throughout B.C. will receive nearly $2 million from the public notification and evacuation route planning (PNERP) funding stream as follows:

    Alert Bay – Review hazard and vulnerability assessment, develop evacuation route plan and develop a public information process.
    Amount: $46,844
    Sub-applicant: ‘Na̲mg̲is First Nation

    Capital Regional District – Review and update evacuation planning guides and develop evacuation maps for Salt Spring Island, Southern Gulf Islands, Pacheedaht First Nation and Juan de Fuca.
    Amount: $40,000

    Central Coast Regional District – Develop a comprehensive emergency and disaster communications plan, conduct a gap analysis, identify multi-channel notification tools and provide staff training to enhance public alerting and responder co-ordination.
    Amount: $40,000

    Coldstream – Develop evacuation route and public notification plans for people, livestock and movement of property to a safe location.
    Amount: $40,000

    Columbia Shuswap Regional District – Update the Salmon Arm evacuation route plan within the Shuswap Emergency Program and enhance evacuation guidance for high-risk communities.
    Amount: $39,816
    Sub-applicant: Salmon Arm

    Cook’s Ferry Indian Band – Develop evacuation route and notification plans, identifying routes and transport modes and outlining emergency alert strategies.
    Amount: $40,000

    Cowichan Valley Regional District – Develop evacuation route plans to address high-risk communities.
    Amount: $160,000
    Sub-applicants: Duncan; North Cowichan; Ladysmith

    Delta – Create a public notification strategy, establish multi-channel alerts, partner with neighbouring First Nations and run a readiness exercise.
    Amount: $40,000

    Dzawada’enuxw First Nation – Create comprehensive evacuation route and public notification plans for Kingcome Inlet, including route mapping, multi-modal evacuation strategies, stakeholder co-ordination and community education.
    Amount: $40,000

    Fort St. James – Update the evacuation route plan, assess routes for alternative highway access and develop a multi-channel public notification plan integrated with an emergency alert system.
    Amount: $40,000

    Fraser Valley Regional District – New evacuation route plan for Boston Bar Electoral Area A.
    Amount: $40,000

    Gitxaala Nation – Ladm gyina sguuyu Gyinasguu sumsxsit Leave Something Good Behind: Update evacuation route and public notification plans using technologies and cultural knowledge, including identifying a new route to higher ground and planning for air and water evacuations.
    Amount: $40,000

    Granisle – Update evacuation route and public notification plans by mapping routes and transport options, integrating early warning tools, engaging the community and testing the plan with a tabletop exercise.
    Amount: $40,000

    Huu-ay-aht First Nations – Develop a clear evacuation route plan including identifying, mapping and capacity of available routes for residents and visitors.
    Amount: $36,193

    Kimberley – Develop an evacuation route plan, outlining route capacity, timelines, control points and best practices.
    Amount: $40,000

    Kitasoo Xai’xais Nation – Develop new evacuation route and public notification plans.
    Amount: $40,000

    Kootenay-Boundary Regional District – Develop water-based evacuation route plans for boat-only residents on Christina Lake using best practices from the 2023 North Shuswap evacuations.
    Amount: $40,000

    Lake Country – Align the municipal evacuation route and notification plan with the regional plan by collaborating with neighbours and Indigenous partners and adding geographic information system (GIS) mapping support.
    Amount: $40,000

    Langley Township – Update evacuation route plan, integrating BC Alerting technology, and update the public notification plan and tabletop exercises.
    Amount: $40,000

    Lheidli-T’enneh First Nation – Develop and implement a new evacuation route plan, including community consultations.
    Amount: $29,320

    Lions Bay – Develop a comprehensive new evacuation route plan, targeted public notification plan, community education, and evacuation drills.
    Amount: $40,000

    McLeod Lake Indian Band – Update evacuation route plan and evacuation communications strategy.
    Amount: $35,000

    Merritt – Develop new evacuation route and public notification plans based on lived experiences of residents.
    Amount: $40,000

    Metchosin – Develop a public notification plan that integrates the Earthquake Early Warning system, multi-channel alerts, stakeholder co-ordination and exercise testing.
    Amount: $40,000

    Nelson – Update evacuation route and public notification plans, including GIS mapping enhancements and a multi-agency tabletop exercise.
    Amount: $40,000

    North Okanagan Regional District – Update the evacuation route plan and the public notification plan for Electoral Areas B and C to reflect growth and integrate Indigenous and neighbouring communities with consistent messaging.
    Amount: $40,000

    Northern Rockies Regional Municipality – Develop a crisis communication plan with staff training resources, mapping and communications.
    Amount: $31,900

    Regional District of Okanagan-Similkameen – Update evacuation route and public notification plans with improved GIS mapping, updated hazard data and stakeholder engagement to ensure plans meet community evacuation needs.
    Amount: $160,000
    Sub-applicants: Osoyoos; Keremeos; Summerland

    Peace River Regional District – Develop new evacuation route plan and update the public notification plan.
    Amount: $40,000

    Pemberton – Update the Pemberton Valley evacuation route plan with current census data and expand its scope to include social and broader emergency management factors.
    Amount: $41,000
    Sub-applicant: Squamish-Lillooet Regional District

    Penticton – Create a public notification and communications plan with workshops and a tabletop exercise, and update the evacuation route plan with mapping, traffic data and alternative transport options.
    Amount: $40,000

    Port McNeill – Create new evacuation route and public notification plans for low-lying, sea-level-rise and tsunami-vulnerable areas, including detailed route mapping, regional connectivity and stakeholder engagement.
    Amount: $38,400

    Pouce Coupe – Develop new evacuation route and public notification plans, mapping safe corridors and co-ordinating alert strategies with community partners.
    Amount: $39,750

    qathet Regional District – Updating evacuation route plans and the community’s public notification plan.
    Amount: $40,000

    shíshálh Nation – Update the evacuation route plan, including running a tabletop exercise with Chief, council and administration.
    Amount: $40,000

    Sts’ailes – Develop a new evacuation route master plan.
    Amount: $40,000

    Tla’amin Nation – Update the evacuation route plan, which includes identification and capacity of available routes, collaboration, modes of transportation and methods of evacuation.
    Amount: $36,000

    Tsawwassen First Nation – Develop new evacuation route and public notification plans, collaborating with neighbouring jurisdictions and revising relevant local plans and policies.
    Amount: $40,000

    Tseshaht First Nation – Develop a new public notification and evacuation route plan tailored to Tseshaht First Nation’s evacuation needs, cultural context, infrastructure and communication preferences.
    Amount: $40,000

    Tsleil-Waututh Nation (TWN) – Develop a new evacuation route plan with mapping, workshops and resources, engaging with community knowledge keeper and across TWN departments.
    Amount: $40,000

    West Kelowna – Developing a new evacuation route plan by evaluating the evacuation capacity of the Glenrosa area, includes reviewing alternate roads and exit routes to ensure residents can leave quickly and safely.
    Amount: $39,620

    Witset First Nation – Update the evacuation route and public notification plans to ensure timely evacuations and clear information sharing during emergencies.
    Amount: $40,000

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI: BexBack Launches 100x Leverage, Double Deposit Bonus, and No KYC – Empowering Everyday Traders to Achieve Financial Freedom

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — As the cryptocurrency market continues its upward trajectory, BexBack Exchange is setting a new standard in accessible trading with an unprecedented offer designed to empower both new and experienced traders. In the wake of Bitcoin’s remarkable surge, BexBack introduces an enticing promotional package featuring 100x leverage, a 100% deposit bonus, and the best part – NO KYC required.

    Breaking Down Barriers for Ordinary People

    BexBack has always been committed to providing opportunities that allow anyone, regardless of experience, to access the world of cryptocurrency trading. Now, with the introduction of 100x leverage, traders can control significantly larger positions while using minimal capital, enhancing their potential profits without needing substantial upfront investment. This high leverage option makes it possible for traders to capitalize on even the smallest price fluctuations, offering greater returns in a volatile market.

    Moreover, BexBack’s 100% deposit bonus gives users the opportunity to double their initial deposits, allowing them to increase their trading capital without having to deposit additional funds. Whether you are a newcomer or a seasoned investor, this bonus is designed to maximize trading potential and enhance the ability to leverage market volatility.

    NO KYC – Fast, Secure, and Anonymous Trading

    In a significant move to improve user experience, BexBack is also eliminating the KYC (Know Your Customer) requirements, ensuring fast, secure, and anonymous trading. This means that new users can register and begin trading within minutes, without the need to undergo lengthy verification processes. This commitment to privacy ensures that BexBack users can focus entirely on maximizing their trading potential without additional administrative hurdles.

    The Power of Leverage and Bonus to Achieve Financial Freedom

    For many people, achieving financial freedom may seem like an impossible dream, but with BexBack’s tools, it’s now within reach. With the added advantage of up to 100x leverage and double deposit bonuses, ordinary traders can amplify their earnings and increase their potential returns with little initial capital. This makes high-stakes crypto futures trading more accessible than ever before, allowing anyone to turn market volatility into wealth-building opportunities.

    Why Choose BexBack?

    1. 100x Leverage – Maximize your returns with up to 100x leverage on crypto futures.
    2. 100% Deposit Bonus – Double your trading capital immediately with every deposit.
    3. NO KYC – Trade anonymously without the need for extensive verification.
    4. Diverse Asset Support – Trade over 50 digital assets with ease.
    5. Instant Activation – Get started quickly without delays and start leveraging market movements.
    6. $50 Welcome Bonus: available to new users who meet the requirements.
    7. Comprehensive Customer Support – Our 24/7 multilingual support is always available to guide you.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

    Take Control of Your Financial Future

    Whether you are looking to diversify your portfolio or dive deeper into crypto futures trading, BexBack is giving you the tools to take control of your financial future. The combination of 100x leverage, double deposit bonuses, and NO KYC opens up opportunities for everyone, regardless of their trading background.

    Sign Up Now and Start Trading on BexBack — No KYC. No Hassles. Just high-leverage trading opportunities to maximize your profits.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

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    The MIL Network –

    July 25, 2025
  • MIL-OSI Submissions: Who Will Bury You? Short stories from Zimbabwe about women who refuse to be easily defined

    Source: The Conversation – Africa – By Gibson Ncube, Senior Lecturer, Stellenbosch University

    Zimbabwe-born, Canada-based Chido Muchemwa’s debut short story collection, Who Will Bury You?, was published late in 2024 and immediately attracted the right kind of attention.

    Here was an unexpected range of themes: queer identity, dislocation in the diaspora, the lingering complexities of family and cultural belonging. The 12 stories, set between Zimbabwe and Canada, trace moments of rupture and reconnection across time and geography. And they’re mostly about women. Women, selfhood, loss and love.

    Gibson Ncube, who researches queer African fiction, unpacks why it’s such a good read.


    What are some of the stories about?

    The recurring questions in Who Will Bury You? are: who will remain when we are gone – who will understand us, who will grieve for us, and who will honour the truths we live by? These questions are animated through emotionally layered stories that centre the lives of Zimbabwean women and queer characters.

    Written with subtlety and care, some of the stories draw on Zimbabwean folklore, allowing Muchemwa to bridge the mythical and the present-day. She demonstrates how ancestral narratives continue to shape how people experience love, loss and belonging.

    The title story introduces a Zimbabwean “church going woman” and her daughter, who is living in Canada and has embraced a lesbian identity. In Zimbabwe, same-sex relationships remain criminalised under laws inherited from colonial rule and reinforced by state-sponsored homophobia. Political leaders often frame queerness as un-African or morally deviant.

    The story is told through alternating perspectives and offers a portrait of intergenerational estrangement, cultural friction, and love strained by silence. What one of the characters calls “things that might never feel sayable”. The theme of queerness recurs in several other stories like This Will Break My Mother’s Heart and If It Wasn’t for the Nights.

    Muchemwa allows these stories to gather meaning through multiple vantage points. She seems to resist resolution in favour of complexity. The collection is a significant contribution to the small but growing body of Zimbabwean literature that openly addresses queerness.

    What’s Muchemwa saying about queer African life?

    One of Muchemwa’s most powerful acts in the book is to treat queer life not as peripheral, but as central to the cultural, emotional and political worlds her characters inhabit. Queer desire, intimacy and estrangement are not exceptional disruptions. They are ordinary realities that are woven into everyday life. In these stories, queerness is at once a site of tenderness, conflict and hope. The effects of religion and colonial morality continue to shape how love is expressed and denied.




    Read more:
    7 queer African works of art: new directions in books, films and fashion


    The stories challenge the erasure of queer voices by positioning them at the heart of families and communities. Queer characters are neither idealised nor victimised. They are allowed to simply be joyful, ambivalent, flawed, and resilient.

    Aside from identity, what are some of the other themes?

    The book also grapples with questions of memory, history and myth. In Finding Mermaids, Muchemwa blends contemporary reportage with folklore. A journalist and her grieving mother investigate the disappearance of young girls in a rural Zimbabwean town who are suspected to have been captured by njuzu, water spirits.

    Other stories, like Kariba Heights and The Captive River, explore the legacies of colonialism and the spiritual power of the Zambezi River. In these stories, Muchemwa is attentive to how land, history and belief have an impact on personal experiences.

    Living away from home, in the diaspora, is also a theme. Zimbabwe’s collapsing economy and ongoing political instability have driven many to seek better lives abroad, looking for jobs or educational opportunities.

    Characters in Toronto grapple with cultural dislocation. They long for home as they tackle the challenges of forging new forms of kinship abroad. The Toronto that Muchemwa renders is richly textured. It’s far from a generic western backdrop. It is portrayed as a space of possibility and tension in which characters remake themselves in the face of displacement.

    Why is it a special book to you as a scholar?

    Muchemwa’s prose is precise, controlled, and emotionally resonant. She writes with confidence, trusting the power of implication and delicate shifts in tone. The plots of the stories are simple. They are not driven by dramatic revelations. Rather, by accumulative emotional insight. Her characters often seem to border on the edge of decision or reconciliation. In fact, their silences are as revealing as their speech.

    Throughout the collection, there’s a sense of hushed intensity. The question of who will be there – at the end, in crisis, in love – lingers and ties the stories together. Even as her characters move between countries, generations and identities, they remain tied by their desire for recognition and care.




    Read more:
    Books: folklore and fantasy combine in Langabi, a supernatural historical epic from Zimbabwe


    Muchemwa’s debut contributes to a growing body of contemporary African writing that focuses on intimacy, friendship and queerness as legitimate and urgent narrative concerns. Who Will Bury You? offers a fresh take that avoids the clichés and stereotypes often associated with African literature – what Nigerian writer Chimamanda Ngozi Adichie has famously called the single story.

    Rather than dwelling on recurrent tropes of suffering or political crisis, Muchemwa’s stories place a spotlight on private lives and emotional entanglements. They compel us to be attentive to the quiet yet consequential turmoil that takes place within families and intimate relationships.

    The collection does not avoid the cultural and religious violences that have an impact on everyday life. But Muchemwa faces them through the perspective of those who survive, and remake, these constraints on their own terms.

    Who Will Bury You? is a carefully crafted collection that demands close attention. It’s a book about women who refuse to be easily defined. With this collection, Muchemwa asserts herself as a compelling new voice in Zimbabwean and African literature. Her debut represents new African storytelling which continues to expand the narratives of African writers. It dares to centre the personal, the queer, and the emotionally complex.

    Gibson Ncube receives funding from the National Research Foundation.

    – ref. Who Will Bury You? Short stories from Zimbabwe about women who refuse to be easily defined – https://theconversation.com/who-will-bury-you-short-stories-from-zimbabwe-about-women-who-refuse-to-be-easily-defined-261291

    MIL OSI –

    July 25, 2025
  • MIL-OSI Canada: Regina Urgent Care Centre Celebrates One Year of Patient Successes

    Source: Government of Canada regional news

    Released on July 24, 2025

    Patients are seeing great benefits as the Regina Urgent Care Centre (UCC) marks one year of operations. More than 41,000 patients have received care in this first year. This is more than double the anticipated volume that was based on a 24-hour operating model. 

    “I strongly believe the Urgent Care Centre was very much needed in Regina, and it is such an elegant way to bridge the gap between issues that cannot wait for a doctor’s office but probably are not considered an emergency,” Regina resident Murray B. said. “The laboratory, x-ray and ultrasound capability on site only add to its effectiveness.”

    The Regina UCC is staffed with a blended model of family physicians and emergency department physicians, registered nurses and psychiatric nurses, laboratory and x-ray technicians and other health care workers. Nurse practitioners were included to help support the management of lower acuity patients.

    “As a Family Physician, the Regina UCC has provided me with a unique opportunity to work as part of a multi-disciplinary team and contribute to the community in ways not possible within my own practice,” Saskatchewan Health Authority (SHA) Regina UCC Family Medicine Physician Dr. Mary Andraws Mishriki said. “This amazing team of dedicated health care providers worked very hard over the last year to usher in a new standard for urgent care in this province. It has been rewarding to see how this new model has helped patients access same day urgent care, without a trip to an emergency department.”

    The success of the Regina UCC highlights the value of this new model of care. Patients are getting timely access to the right care in the right setting and frontline providers are seeing the positive impact firsthand. This initiative reflects the strength of collaboration between health care workers and government.

    “The Regina Urgent Care Centre has made a big difference in the care available in Regina and greatly exceeded expectations,” Health Minister Jeremy Cockrill said. “By having that Urgent Care Centre in place, people have more options to receive the care they need when they need it, while offering an important alternative to emergency departments. I want to thank all of the physicians, nurses, nurse practitioners and health care workers for their hard work to make this facility a success.”

    The UCC provides non-life-threatening emergency services such as:  

    • Treatment for non-emergent moderate illness such as infections;  
    • Intravenous therapy for infections; onsite point of care testing and satellite lab services; 
    • Treatment for minor injuries, burns, broken bones, stitches;  
    • Assessment of eye injuries;  
    • Assessment of abdominal pain and shortness of breath;  
    • Heart telemetry assessment via electrocardiogram; and  
    • Illnesses or injuries that require diagnostic imaging (x-ray and ultrasound) or laboratory testing.

    “We were pleased to fund the technology and equipment for our brand new Urgent Care Centre in Regina,” Hospitals of Regina Foundation President and CEO Dino Sophocleous said. “This investment is part of our mission to improve health care for the people of Regina and southern Saskatchewan. This incredible project was only possible thanks to the generous support of our donors and our amazing community. Nothing we do happens without them, and we are forever grateful.”

    Services for Mental Health and Addictions (MHA) are available through the UCC, which include screening/assessment, counselling, prescriptions, connection to resources and referrals. By diverting low acuity MHA patients from the Emergency Department, patients will receive timely care to manage their mental health and addictions needs. This includes cases of:  

    • Depression or anxiety, thought of suicide or self-harm;  
    • Overwhelming stress or an inability to cope with life;  
    • Urgent prescriptions for addiction management;  
    • Inability to fall asleep or stay asleep;  
    • Escalation in mental health symptoms;  
    • Overwhelming feelings of grief or loss; and  
    • New mental health symptoms.

    When appropriate, the Regina UCC has stabilized and treated addiction patients and referred them to treatment, adding to the capacity of care options available.

    “I am incredibly proud of the care delivered at the Regina Urgent Care Centre in its first year,” SHA Chief Operating Officer Derek Miller said. “The SHA thanks our health care professionals and physicians for their commitment to delivering high-quality, patient-centered care in this first-of-its-kind facility. Their efforts in response to higher-than-anticipated public demand have made a meaningful difference for thousands of patients and families. This milestone highlights the critical role urgent care plays in strengthening the broader health system and improving timely access to care for Regina residents.”

    Construction is underway for an UCC in Saskatoon and planning is underway to add UCC’s in additional locations including Prince Albert, Moose Jaw, North Battleford and a second UCC in Regina and Saskatoon.  

    -30-

    For more information, contact:

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI Canada: Parliamentary Secretary Rochefort to announce Government of Canada investment in innovative and sustainable economic development

    Source: Government of Canada News

    Temiskaming Shores, ON, July 24, 2025 — Pauline Rochefort, Parliamentary Secretary to the Secretary of State (Rural Development), and Member of Parliament for Nipissing-Timiskaming, will announce funding in support of local and regional economic development across Northern Ontario. The announcement will be made on behalf of the Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for FedNor.

    PS Rochefort and event participants will be available for questions from the media following the announcement.

    Funding Announcement

    Date:               Friday, July 25, 2025

    Time:               1:30 p.m.

    Location:        City of Temiskaming Shores City Hall
                              325 Farr Dr.
                              Haileybury, Ontario

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI: Drones Dominating the Skies with Increased Production Presenting a Rare Opportunity to Capitalize on Exponential Growth

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., July 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – A recent release from the Department of Defense (DOD) said that: “The Pentagon to Increase Low-Cost Drone Production in U.S. It said that the Defense Department, with help from industry, will ramp up production and fielding of drones to maintain battlefield superiority. Recently at the Pentagon, 18 American-made drone prototypes were on display. Defense Secretary Pete Hegseth, who toured the displays, said the drones that are manufactured using off-the-shelf components for rapid production are examples of disruptive thinking. Emil Michael, undersecretary of defense for research and engineering, said the prototypes on display went from concept to development in just an average of 18 months, a process that normally takes up to six years. The department will continue to rapidly innovate and scale up production of drones and other systems using cost, resilience, firepower and range as driving factors, which are areas DOD wants to improve upon,” Michael said. Hegseth said in a July 10, 2025, memorandum that he’s rescinding restrictive policies that hindered drone production. “Drones are the biggest battlefield innovation in a generation, accounting for most of this year’s casualties in Ukraine. Our adversaries collectively produce millions of cheap drones each year,” he said, noting the U.S. military is lacking needed quantities of lethal small drones.  Active Companies in the drone industries include ZenaTech, Inc. (NASDAQ: ZENA), Mercury Systems, Inc. (NASDAQ: MRCY), Safe Pro Group Inc. (NASDAQ: SPAI), RTX Corporation (NYSE: RTX), AIRO Group Holdings, Inc. (NASDAQ: AIRO).

    The DOD release added: “The secretary said there are three goals: Prioritizing the purchase of American-made drones and parts with help from industry’s private capital; Arming combat units with low-cost drones made by America’s world-leading engineers and artificial intelligence experts; and Training with drones in realistic battlefield scenarios, led by leaders who are not risk averse.” The report concluded: “President Donald J. Trump signed a June 6, 2025, executive order to speed up U.S. drone production using the latest innovative industry technologies. The president said he supports reducing regulatory uncertainty and streamlining approval and certification processes for safe and secure drone production. Also, the Federal Aviation Administration and DOD will coordinate to streamline the approval processes to expand access to airspace for conducting drone training, Trump said.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Partners with Eagle Point Funding to Win US Defense Customers – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a business technology solution provider specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), Enterprise SaaS, and Quantum Computing solutions, today announces that its subsidiary ZenaDrone has signed a strategic partnership agreement with Eagle Point Funding, a specialized consultancy for technology and defense-focused companies, to help win US defense contracts. By leveraging Eagle Point’s deep expertise in R&D grant program opportunities, the company will gain structured support in identifying and preparing competitive proposals, and in establishing and expanding relationships within key US defense and government agencies.

    “Our collaboration with Eagle Point Funding will accelerate testing, pilot deployments, and enable long-term procurement discussions—helping ZenaDrone to advance as a key provider of American-made drone solutions,” said Shaun Passley, Ph.D., ZenaTech CEO. “Their expertise in navigating federal R&D funding programs such as SBIR and Department of Defense solicitations (DoD BAA), gives us a powerful advantage as we develop next-generation drone technologies aligned with US defense priorities. This partnership enhances our ability to accelerate product development, expand defense agency relationships, and unlock new growth without equity dilution.”

    Eagle Point Funding helps technology companies secure non-dilutive federal R&D grants and contracts from agencies such as the DoD, Air Force, Navy, and others. They specialize in programs such as the Small Business Innovation Research (SBIR), Air Force Works (AFWERX), and the Defense Advanced Research Projects Agency (DARPA), guiding clients through the application process to win contracts.

    ZenaDrone has previously completed paid trials with the US Air Force and Navy Reserve, demonstrating its ability to deliver solutions including delivery of critical supplies such as blood in the field. The companies’ suite of drones for military use includes the ZenaDrone 1000, the IQ Nano and the IQ Square drone that are designed for a variety of applications including inspections, surveillance, reconnaissance, and indoor inventory management for warehouses and armories. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the drone industries include:

    Mercury Systems, Inc. (NASDAQ: MRCY), a technology company that delivers mission-critical processing to the edge, recently announced it signed two agreements with a European defense prime contractor to expand and accelerate production of processing subsystems and components for radar and electronic warfare missions.

    In June, Mercury extended this decades-long customer relationship with a five-year agreement that will enable faster, higher-volume production of sensor processing subsystems powered by Mercury’s HDS6605 6U OpenVPX multiprocessing boards for airborne, land-based, and sea-based radar systems.

    Safe Pro Group Inc. (NASDAQ: SPAI), a leader in artificial intelligence (AI)-powered defense and security solutions, recently announced the successful integration of its patented AI object detection models with drone platforms selected for the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record. Safe Pro is seeking to provide the U.S. Army’s future fleet of drones with enhanced explosive threat detection, force protection and essential intelligence, surveillance, and reconnaissance (ISR) capabilities utilizing the Company’s AI-powered computer vision technologies.

    This integration supports the U.S. Army’s evolving need for real-time threat detection and ISR capabilities across its next-generation drone fleet. Safe Pro’s proprietary computer vision technology enhances these drones with battlefield-proven AI models capable of rapidly identifying explosive threats and other hazards in complex environments.

    RTX Corporation (NYSE: RTX) recently reported second quarter 2025 results. “We continued our momentum in the second quarter with organic sales and profit growth* across all three segments, including 16 percent commercial aftermarket growth,” said RTX Chairman and CEO Chris Calio. “Our backlog grew to $236 billion, up 15 percent versus prior year, and we secured major awards for our geared turbofan engines and integrated air and missile defense capabilities in the quarter.”

    “Our updated outlook reflects strong operational performance in the first half and incorporates our current assessment of the impact of tariffs. We are focused on delivering on the strong growth in our commercial and defense end markets and remain well positioned to drive long term profitable growth.”

    AIRO Group Holdings, Inc (NASDAQ: AIRO), a global leader in advanced aerospace and defense technologies, recently announced at EAA AirVenture 2025 in Oshkosh, WI, the development of its new middle-mile, medium-lift cargo drone and the expansion of its operations into the YMX Innovation Zone in Mirabel, Quebec. The initiative is led by its Electric Air Mobility segment, Jaunt Air Mobility, and its Canadian subsidiary, Jaunt Air Mobility Canada.

    Jaunt’s presence in this hub for Advanced Air Mobility (AAM) innovation strengthens its collaboration with Vertiko Mobilité, a Canadian leader in AAM operations and ground infrastructure development, and benefits from the support of Aéroports de Montréal (ADM).

    The new cargo drone is designed to carry 250–500 lbs. over distances of 200+ miles, aiming to provide an efficient, low-emission alternative to traditional middle-mile freight solutions such as box trucks and tractor-trailers.

    About FN Media Group:

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    The MIL Network –

    July 25, 2025
  • MIL-OSI: Trader AI: This Trader AI App Sets New Standard in AI-Driven Trading with Unmatched Security and User Approval

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 24, 2025 (GLOBE NEWSWIRE) — Trader AI, a pioneering fintech platform specializing in AI-powered cryptocurrency trading, today announces the launch of its fully integrated trading robot tailored specifically for Canadian investors. Building on extensive development and rigorous testing, Trader AI delivers a secure, compliant, and highly automated solution designed to help both novice and experienced traders optimize returns while effectively managing risk.

    By seamlessly combining advanced machine learning algorithms, real-time market analysis, and regulatory compliance, Trader AI establishes itself as a frontrunner in the emerging landscape of AI-driven crypto trading. With the cryptocurrency market expanding rapidly—exceeding USD 50 billion in annual trading volume—investors are seeking innovative tools that simplify trading processes without compromising on security or transparency. Trader AI’s newly announced features and localized support address these needs directly, empowering Canadians to participate confidently in digital asset markets.

    Key Highlights:

    • AI-Powered Signal Generation: Proprietary machine learning models continuously scan global crypto markets to identify high-probability trade setups across major coins—including Bitcoin (BTC), Ethereum (ETH), and top altcoins—enabling swift, data-driven decision-making.
    • Fully Automated Execution: Direct API integrations with FINTRAC-registered Canadian brokerages ensure that algorithmic signals translate instantly into live orders, minimizing latency and slippage.
    • User-Centric Interface: A clean, intuitive dashboard guides users from registration to live trading in under 20 minutes, supported by a built-in demo mode for risk-free practice and an optional manual trading toggle for advanced traders.
    • Robust Risk Management: Dynamic stop-loss and take-profit mechanisms adjust automatically to real-time volatility metrics, while customizable position-sizing algorithms safeguard capital with preset risk thresholds.
    • Transparent Fee Structure: Trader AI requires a minimum deposit of USD 250 and operates commission-free—fees are embedded solely within market-standard spreads, ensuring full cost transparency.
    • Canadian-Focused Compliance: With partnerships in Ontario and British Columbia, Trader AI operates alongside regulated broker-dealers, maintains PIPEDA-aligned data practices, and offers optional KYC verification for withdrawals exceeding CAD 2,000 per month.
    • Localized Support & Education: 24/7 live chat, toll-free phone lines, region-specific webinars on taxation and compliance, and a bilingual knowledge base demonstrate Trader AI’s commitment to serving Canada’s diverse trading community.

    Visit Here to Register on the Trader AI – Select Your Country Here!!!

    Trader AI’s Mission: Democratizing Crypto Trading 

    In recent years, the cryptocurrency sector has witnessed explosive growth—often accompanied by elevated volatility, regulatory uncertainty, and a steep learning curve for newcomers. Recognizing these challenges, Trader AI was conceived to bridge the gap between sophisticated algorithmic trading and accessibility for everyday Canadians. By leveraging artificial intelligence, the platform aims to automate labor-intensive tasks such as trend analysis, technical indicator computation, and real-time order generation, freeing users from the need to monitor markets around the clock.

    How Trader AI Works: A Technical Overview

    According to official website, Trader AI’s core engine is anchored in a multi-layered AI architecture that integrates supervised learning, deep neural networks, and real-time data aggregation. Below is an outline of the platform’s operational framework:

    1. Comprehensive Market Data Aggregation
      • Trader AI continuously ingests live order book data, trade histories, volume indicators, and social sentiment inputs from over 20 global exchanges.
      • All incoming data undergoes cleaning and normalization, ensuring consistency for downstream machine learning modules.
    2. Machine Learning and Pattern Recognition
      • A combination of supervised models—trained on historical price movements from January 2017 to December 2024—and unsupervised clustering algorithms identify characteristic market patterns, such as sudden volume surges, technical divergence, and on-chain network activity that historically precedes price shifts.
      • Periodic model retraining occurs every four weeks, incorporating the most recent market data to adapt to evolving conditions.
    3. Signal Generation and Scoring
      • When the AI identifies a pattern that meets predefined confidence thresholds (typically 70–85% probability), it issues a trade signal complete with suggested entry price, stop-loss, take-profit levels, and ideal position size relative to account equity.
      • Each signal is assigned a Signal Quality Score (SQS)—a proprietary metric ranging from 0 to 100—that reflects confidence based on factors such as liquidity depth, volatility, and historical win rate for similar setups.
    4. Automated Order Execution
      • Upon user authorization (via the “Auto-Trade” toggle), signals are dispatched instantly through secure API connections to partnered Canadian brokerages and select international exchanges.
      • In live conditions, orders are executed with an average round-trip latency of under 150 milliseconds, minimizing the risk of slippage during periods of heightened volatility.
    5. Dynamic Risk Management
      • Stop-loss and take-profit parameters adjust in real-time based on Average True Range (ATR) and Bollinger Band expansions. For example, if an asset’s 24-hour volatility spikes above 8%, the AI narrows stop-loss bands by 10–15% to limit drawdown.
      • The platform’s Position Sizing Algorithm (PSA) calculates optimal trade size by referencing account balance, risk tolerance (e.g., 1–3% per trade), and portfolio diversification targets. Any deviation beyond preset risk thresholds triggers an automated alert or halts new allocations.

    Registration and Onboarding: Getting Started in Minutes

    Trader AI’s streamlined registration process has been optimized for speed, transparency, and regulatory compliance—ensuring that Canadian clients can begin trading quickly without unnecessary hurdles. The following steps outline the typical user journey from initial sign-up to live trading:

    1. Account Creation
      • Visit official website homepage, click “Sign Up,” and complete the registration form with basic information:
        • Full legal name
        • Email address
        • Country of residence (preselected as based on IP detection)
        • Phone number (for 2FA and important notifications)
      • Users must acknowledge the platform’s Terms of Service and Privacy Policy, both of which include specific disclosures regarding data handling under PIPEDA regulations.
    2. Email and Phone Verification
      • An email containing a verification link is sent immediately; clicking the link confirms the email address.
      • A one-time code (OTP) is dispatched to the registered phone number. Entering this code completes the two-step verification process.
    3. Demo Account Activation
      • Without any deposit requirement, new users receive CAD 10,000 in virtual funds to explore the platform’s features and test AI-generated signals.
      • The demo environment simulates real market conditions, including bid-ask spreads and execution latencies, enabling risk-free practice trades.
    4. Minimum Deposit and Funding Options
      • To transition from demo to live trading, a minimum deposit of USD 250 is required.
      • Canadian users may fund accounts via:
        • Interac e-Transfer: Funds clear within 1–2 business hours.
        • Credit/Debit Card (Visa/Mastercard): Instant funding up to CAD 5,000 per day for non-verified accounts.
        • Wire Transfer: Larger deposit limits (up to CAD 50,000 daily) with a 1–2 business day processing time.
      • Immediately after deposit confirmation, live trading features unlock—allowing users to choose between fully automated or manual signal execution.
    5. Optional KYC Verification
      • For withdrawals exceeding CAD 2,000 per month, users are prompted to complete Know Your Customer (KYC) verification by uploading:
        • A government-issued photo ID (e.g., driver’s license, passport)
        • Proof of address (e.g., utility bill, bank statement dated within the last 90 days)
      • KYC checks typically finalize within 24–48 hours, though urgent requests may be expedited upon user inquiry.
    6. Live Trading Activation
      • With funds deposited and (if necessary) KYC cleared, users can configure initial risk parameters—such as daily drawdown limits, maximum open trades, and preferred asset baskets.
      • The AI engine is now primed to generate signals. Traders can elect “Auto-Trade” to allow fully automated execution or opt to review and manually approve each AI recommendation.

    Core Features and Functionalities

    As per official website, Trader AI’s feature set has been refined to balance sophistication with usability—addressing the distinct needs of Canada’s diverse trading population. The following sections highlight the platform’s most compelling capabilities:

    1. AI-Powered Trade Signals

    • Proprietary Algorithms: Trader AI’s AI suite includes recurrent neural networks (RNNs) and convolutional neural networks (CNNs), which process time-series price data, order flow imbalances, and macroeconomic indicators to forecast short-term price movements.
    • Cross-Asset Analysis: Signals are not isolated to single-asset momentum. The system examines correlations between Bitcoin, major equities indices, and global macro events—such as central bank announcements—to adjust trading thresholds.
    • Signal Quality Score (SQS): Each trade recommendation includes an SQS metric (0–100) reflecting confidence based on factors like market depth, recent volatility shifts, and historical win rates for analogous setups. Users can filter signals by minimum SQS thresholds (e.g., ≥ 70) to ensure high-probability engagement.

    2. Automated Trade Execution

    • API Integrations: Trader AI maintains secure API connections with FINTRAC-registered Canadian brokerages—such as Maple Brokerage and Aurora Digital Assets—and renowned international exchanges. This reduces counterparty risk by routing orders through regulated entities rather than holding funds internally.
    • Low-Latency Order Routing: By co-locating servers near major exchange matching engines, Trader AI achieves average order round-trip times under 150 ms. This is critical during rapid price fluctuations when even small delays can erode profit margins.
    • Slippage Control: Users may elect “Maximum Slippage Tolerance” parameters (e.g., 0.1%–0.5% of trade size) to prevent orders from executing at disadvantageous prices. If slippage exceeds the user-defined threshold, orders are canceled automatically.

    3. Customizable Strategy Settings

    • Risk Tolerance Profiles: “Conservative,” “Moderate,” and “Aggressive” presets allow users to quickly adopt risk frameworks aligned with their goals. Conservative settings limit daily drawdown to 2% of account equity and cap leverage at 2x; moderate settings permit up to 4% drawdown and 5x leverage; aggressive settings enable up to 6% drawdown and 10x leverage (subject to brokerage approvals).
    • Asset Basket Creation: User-defined “Smart Baskets” group multiple cryptocurrencies—such as “Top 5 by Market Cap,” “Emerging DeFi Tokens,” or “Stablecoin Arbitrage.” The platform rebalances these baskets weekly based on performance, market capitalization changes, and liquidity metrics.
    • Volatility-Adaptive Stop-Loss: Stop-loss percentages are not static. Instead, they adjust proportionally to the 14-day Average True Range (ATR) and Bollinger Band expansions. For example, if the ATR for Bitcoin spikes from 2% to 4%, the stop-loss widens by 10–15% to avoid premature exit during heightened volatility.

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    4. Portfolio Diversification Engine

    • Balanced Allocation Recommendations: The AI provides suggested allocation percentages across multiple asset classes—e.g., 40% BTC, 25% ETH, 15% top-10 altcoins, and 20% stablecoins—based on risk-adjusted performance data and user-defined risk tolerance.
    • Correlated Asset Mitigation: By monitoring correlation coefficients between assets (e.g., BTC vs. ETH correlation of 0.85), the platform can reduce overweight positions to minimize systemic exposure. When correlation exceeds 0.9, the AI recommends temporary reallocation to lower-correlation assets.
    • Automated Rebalancing: Weekly portfolio rebalancing ensures that no single asset exceeds preset maximum exposure (e.g., 25% of total equity). If an asset’s value grows beyond this cap, the system executes partial sell orders and redistributes proceeds to underweighted categories.

    5. Comprehensive Reporting and Analytics

    • Real-Time Dashboard: The homepage features live P&L, open trade positions, daily profit percentages, and drawdown statistics. A customizable graph displays historical performance, including monthly ROI comparisons against benchmark indices like the S&P 500 and TSX Composite.
    • Sharpe Ratio & Sortino Ratio: Users can view risk-adjusted performance metrics to gauge risk efficiency. A Sharpe Ratio above 1.5 is highlighted in green, indicating favorable risk-adjusted returns. Sortino Ratio (which penalizes downside volatility) is also displayed for more precise risk assessment.
    • Trade History: A searchable log details each executed trade (entry price, exit price, timestamp, P&L, SQS). Users can filter by asset, date range, or trade outcome (win/loss). CSV export functionality enables further analysis in external tools.

    6. Security and Data Protection

    • SSL Encryption & Data Integrity: All data in transit is encrypted via AES 256-bit SSL/TLS protocols. Sensitive user information—such as login credentials and payment details—resides in encrypted databases with advanced hashing (bcrypt) and tokenization methods.
    • Two-Factor Authentication (2FA): Upon login, users must input their password followed by a one-time code generated through an authenticator app (e.g., Google Authenticator) or delivered via SMS. This two-tier verification effectively prevents unauthorized access, even if credentials are compromised.
    • Third-Party Security Audits: Leading cybersecurity firms—such as CanSecWest Security—conduct quarterly penetration tests and codebase reviews. Summary reports are shared with the Canadian Office of the Privacy Commissioner to demonstrate ongoing compliance with PIPEDA.
    • Data Residency: All Canadian user data is stored on servers located within Canada, ensuring compliance with provincial data sovereignty regulations. Backups occur daily and are encrypted with unique user-specific keys.

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    7. Transparent Fee Structure

    • No Subscription Fees: Trader AI does not charge recurring platform fees—traders benefit from a zero-cost software model.
    • Embedded Spread-Only Costs: All trading costs are embedded in exchange spreads. For example:
      • BTC–USD: Typical spread between 0.10% and 0.20%.
      • ETH–USD: Typical spread between 0.12% and 0.22%.
      • Top Altcoins (e.g., LINK, DOT): Spreads between 0.20% and 0.40%.
    • Withdrawal Fees:
      • Interac e-Transfer (≤ CAD 1,000): Flat CAD 20 fee.
      • Interac e-Transfer (> CAD 1,000): No fee.
      • Wire Transfers: CAD 30 processing fee (waivable for account balances > CAD 10,000).
    • Currency Conversion Markup: For trades executed in USD or other foreign currencies, a transparent 0.25% conversion margin is applied—visibly displayed on the funding page prior to transaction confirmation.

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    Localized Support and Educational Initiatives

    Trader AI’s success in Canada is rooted in its investment in region-specific support and educational resources. Recognizing that regulatory requirements and tax implications for cryptocurrencies vary significantly from country to country, the platform has implemented multiple initiatives to guide Canadian users.

    1. Multi-Channel Customer Support

    • 24/7 Live Chat: Available directly on the website, live chat is staffed around the clock by bilingual (English/French) agents trained in both technical troubleshooting and Canadian regulatory guidelines.
    • Toll-Free Canadian Phone Lines: Operating daily from 8 AM to 8 PM ET, dedicated support lines (1-800-IMPATH1) ensure prompt resolution of urgent issues—ranging from account access difficulties to withdrawal queries.
    • Email Ticketing System: For non-urgent matters, users can submit support tickets via support@immediate-path.com. Average response time is 4–6 hours on weekdays; weekend requests are addressed within 12 hours.

    2. Dedicated Compliance Resources

    • Regulatory Updates Section: A rotating banner on the Trader AI homepage alerts users to any changes in Canadian crypto regulations—such as new FINTRAC reporting guidelines or provincial licensing requirements.
    • Tax Reporting Guides: Downloadable PDFs explain:
      • How to classify various transactions (spot trading, staking rewards, airdrops) for CRA reporting.
      • Strategies for netting gains and losses across multiple wallets and platforms—ensuring accurate portfolio-wide tax calculations.
    • AML & KYC Policy Disclosure: Users can review Trader AI’s anti-money-laundering protocols, including suspicious transaction reporting criteria and process flows for large withdrawals requiring enhanced due diligence.

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    Safety and Security

    As crypto regulatory framework continues to evolve, Trader AI remains committed to exceeding compliance standards and upholding the highest levels of security—minimizing risk for users and partners alike.

    1. Data Privacy and PIPEDA Compliance

    • PIPEDA-Aligned Privacy Policy: Trader AI’s privacy policy explicitly references the Personal Information Protection and Electronic Documents Act (PIPEDA), ensuring that Canadian user data is collected, processed, and stored in accordance with federal requirements.
    • Data Residency: All Canadian user data is housed on servers located within Canadian jurisdiction (Toronto and Montreal data centers), offering additional protection under provincial data sovereignty regulations (e.g., Ontario’s provincial data residency requirements).
    • User Rights: Canadians retain full control over personal information—users can request access, correction, or deletion of their data at any time by contacting privacy@immediate-path.com.

    2. Encryption and Infrastructure Security

    • End-to-End SSL/TLS Encryption: All data transmitted between user browsers and Trader AI’s servers is encrypted via AES 256-bit SSL/TLS protocols, preventing interception or tampering.
    • Hashed Password Storage: User passwords are stored using bcrypt with a work factor of 12, making brute-force compromises computationally infeasible.
    • Intrusion Detection & Multi-Tenant Segmentation: Network traffic is continuously scanned by an Intrusion Detection System (IDS). Each user’s trading environment resides within an isolated container, preventing cross-account data leaks or unauthorized lateral movement by attackers.

    Comparative Performance: Backtesting and Live Results

    Trader AI’s performance results—both in backtesting and real-world conditions—underscore its capability to navigate dynamic crypto landscape:

    Backtesting Overview (January 2020–December 2024)

    • Annualized Return (Conservative Settings): 45%
      • Parameters: Maximum daily drawdown capped at 2%, trades limited to 07:00–16:00 EST (peak liquidity hours), leverage ≤ 2x.
      • Historical drawdown: 12% during March 2020 “Corona Crash.”
    • Annualized Return (Moderate Settings): 70%
      • Parameters: Daily drawdown ≤ 4%, 24/7 trading, leverage ≤ 5x.
      • Historical drawdown: 18% during May 2021 “Altseason Correction.”
    • Annualized Return (Aggressive Settings): 95%
      • Parameters: Daily drawdown ≤ 6%, leverage ≤ 10x, full asset basket allocation including high-volatility DeFi tokens.
      • Historical drawdown: 25% during November 2021 “Crypto Winter II.”

    Metrics

    • Average Win Rate: 62%
    • Average Risk/Reward Ratio: 1:1.8
    • Maximum Drawdown (Conservative): 12%
    • Maximum Drawdown (Aggressive): 25%

    Asset Coverage and Diversification Strategies

    Trader AI supports a broad spectrum of digital assets, enabling traders to construct diversified portfolios that mitigate risk and capture growth across multiple sectors:

    1. Major Cryptocurrencies
      • Bitcoin (BTC): The flagship asset, receiving the highest allocation in most conservative and moderate baskets.
      • Ethereum (ETH): Backbone of decentralized finance (DeFi) and smart contracts, featured prominently.
      • Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Cardano (ADA): Liquid, established altcoins available for core portfolio building.
    2. Emerging DeFi and Layer-1 Tokens
      • Polkadot (DOT), Solana (SOL), Avalanche (AVAX): Rapidly scaling networks with robust ecosystems—suitable for moderate-risk allocations.
      • Chainlink (LINK), Aave (AAVE), Uniswap (UNI): Leading DeFi and oracle solutions that often exhibit high volatility paired with substantial upside potential.
    3. Metaverse and NFT-Related Tokens
      • Decentraland (MANA), Axie Infinity (AXS), The Sandbox (SAND): Assets tied to virtual real estate and blockchain gaming—ideal for investors seeking exposure to Web3 trends.
    4. Stablecoin Pairs and Hedging Options
      • Tether (USDT), USD Coin (USDC), Dai (DAI): Trader AI’s AI can automatically rotate capital into these stablecoins when market volatility exceeds user-defined thresholds (e.g., 10% 24-hour price swing), preserving equity during short-term drawdowns.
    5. Sector-Specific Baskets
      • “Layer 1 Champions”: Allocation across BTC, ETH, DOT, SOL, AVAX.
      • “DeFi Innovators”: Allocation across LINK, AAVE, UNI, SUSHI, COMP.
      • “Metaverse Mavericks”: Allocation across MANA, AXS, SAND, FLOW.

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    Payments, Fees, and Account Funding

    Trader AI’s commitment to transparency extends to its straightforward funding and fee model. Canadian users benefit from local payment options, minimal entry capital requirements, and no hidden subscription charges.

    1. Minimum Deposit Requirement

    • Base Capital: USD 250 (equivalent to approximately CAD 330 at current exchange rates).
    • Deposit Methods for Canadians:
      • Interac e-Transfer: Typical processing time of 1–2 business hours; no fees for deposits over CAD 1,000; flat CAD 20 fee for deposits ≤ CAD 1,000.
      • Credit/Debit Card (Visa, Mastercard): Instant processing with a daily limit of CAD 5,000 for non-verified accounts.
      • Wire Transfer: For larger capital needs (up to CAD 50,000 per transaction), processed in 1–2 business days; CAD 30 fee applies (waivable for initial deposits > CAD 10,000).
    • Currency Conversion: For trades executed on non-CAD pairs, an automatic 0.25% conversion margin is applied. Real-time mid-market exchange rates are displayed prior to transaction.

    2. Fee Structure

    • Software Access: No subscription or platform fees—Trader AI’s model is “software-free,” with all platform maintenance costs absorbed by the company.
    • Trading Costs (Embedded Spreads):
      • BTC–USD/CAD: Spreads between 0.10% and 0.20%.
      • ETH–USD/CAD: Spreads between 0.12% and 0.22%.
      • Major Altcoins: Spreads ranging from 0.20% to 0.40%.
      • Spread rates adjust dynamically based on overall market liquidity—tightening during high-liquidity periods and widening slightly during low-liquidity windows (e.g., weekends, public holidays).
    • Withdrawal Fees:
      • Interac e-Transfer (≤ CAD 1,000): Flat CAD 20.
      • Interac e-Transfer (> CAD 1,000): No fee.
      • Wire Transfer: CAD 30 (waived if account balance exceeds CAD 10,000 at time of withdrawal).
      • Credit/Debit Card Refunds: If a user funded via card and requests a refund to the same card, a 2% processing fee applies to cover issuer charges.
    • Overnight Funding Fees: If a user employs leverage (up to 10x for aggressive strategies), an overnight interest rate of 0.03% per day is applied—transparent line-item in the trade ticket before order execution.

    About Trader AI

    Trader AI Inc. is a AI-driven cryptocurrency trading solutions. Founded in 2023 by a team of quantitative analysts, data scientists, and seasoned software engineers, Trader AI’s mission is to democratize algorithmic trading—making advanced, data-driven strategies accessible to investors of all experience levels.

    Key Facts:

    • Established: 2023
    • Core Product: AI-powered crypto trading robot with automated and manual trading modes
    • Target Market: Crypto investors, ranging from first-time traders to institutional participants
    • Regulatory Partners: Maple Brokerage (Ontario), Victory Crypto (British Columbia)—both FINTRAC-registered

    Company Vision: Trader AI seeks to empower Canadians by providing state-of-the-art AI trading tools under a fully compliant, transparent framework. By combining deep learning, robust risk management, and localized support, Trader AI aims to elevate Canada as a global hub for safe, responsible cryptocurrency trading.

    Conclusion

    Trader AI stands at the forefront of AI-driven cryptocurrency trading, combining cutting-edge machine learning, rigorous risk management, and a deep commitment to regulatory compliance. For both newcomers and seasoned traders, the platform offers a streamlined onboarding process, transparent fee structures, and a robust suite of tools designed to optimize performance while safeguarding capital. All users benefit from local payment integrations, bilingual support, and educational resources that demystify tax reporting and compliance requirements.

    Whether you’re aiming to augment your existing strategy or take your first steps into automated crypto trading, Trader AI delivers an accessible, secure, and high-performing environment. With a proven track record of consistent returns—backed by both backtesting data and real-world results—this platform has quickly become a trusted choice for Canadian investors seeking to navigate volatile markets with confidence.

    Ready to experience the power of AI-driven trading for yourself? Sign up for a free demo account and explore Trader AI’s features with CAD 10,000 in virtual funds. When you’re ready to trade live, a minimum deposit of USD 250 (approximately CAD 330) unlocks full access to all automated and manual trading modes. Discover why thousands of Canadians are turning to Trader AI to harness smarter strategies and take control of their crypto portfolios.

    Forward-Looking Statements

    This press release contains forward-looking statements that reflect Trader AI Inc.’s expectations regarding future events, including anticipated performance, product enhancements, and regulatory developments. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. Trader AI Inc. assumes no obligation to update or revise these statements except as required by applicable law.

    Visit Here to Register on the Trader AI – Select Your Country Here!!!

    Media Contact

    Trader AI 

    50 W 4th St,
    New York, NY 10012, USA
    Email: info@traderai.ai
    Phone
    AU +61284889800
    UK +442038379676
    Website – https://traderai.ai

    General Disclaimer:
    The content provided in this article is for informational and educational purposes only. It does not constitute financial, legal, or professional advice. Readers are advised to consult a certified financial advisor, licensed loan officer, or legal professional before making any financial decisions. The information presented may not apply to every individual circumstance and is not intended to substitute professional judgment or regulatory guidance. The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. We does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
    Trading Disclaimer:
    Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor. ICO’s, IEO’s, STO’s and any other form of offering will not guarantee a return on your investment.
    HIGH RISK WARNING: Dealing or Trading FX, CFDs and Cryptocurrencies is highly speculative, carries a level of non-negligible risk and may not be suitable for all investors. You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose. Please refer to the risk disclosure below. Trader AI does not gain or lose profits based on your activity and operates as a services company. Trader AI is not a financial services firm and is not eligible of providing financial advice. Therefore, Trader AI shall not be liable for any losses occurred via or in relation to this informational website.
    SITE RISK DISCLOSURE: Trader AI does not accept any liability for loss or damage as a result of reliance on the information contained within this website; this includes education material, price quotes and charts, and analysis. Please be aware of and seek professional advice for the risks associated with trading the financial markets; never invest more money than you can risk losing. The risks involved in FX, CFDs and Cryptocurrencies may not be suitable for all investors. Trader AI doesn’t retain responsibility for any trading losses you might face as a result of using or inferring from the data hosted on this site.
    LEGAL RESTRICTIONS: Without limiting the above mentioned provisions, you understand that laws regarding financial activities vary throughout the world, and it is your responsibility to make sure you properly comply with any law, regulation or guideline in your country of residence regarding the use of the Site. To avoid any doubt, the ability to access our Site does not necessarily mean that our Services and/or your activities through the Site are legal under the laws, regulations or directives relevant to your country of residence. It is against the law to solicit US individuals to buy and sell commodity options, even if they are called “prediction” contracts, unless they are listed for trading and traded on a CFTC-registered exchange unless legally exempt. The UK Financial Conduct Authority has issued a policy statement PS20/10, which prohibits the sale, promotion, and distribution of CFD on Crypto assets. It prohibits the dissemination of marketing materials relating to distribution of CFDs and other financial products based on
    Cryptocurrencies that addressed to UK residents. The provision of trading services involving any MiFID II financial instruments is prohibited in the EU, unless when authorized/licensed by the applicable authorities and/or regulator(s). Please note that we may receive advertising fees for users opted to open an account with our partner advertisers via advertisers websites. We have placed cookies on your computer to help improve your experience when visiting this website. You can change cookie settings on your computer at any time. Use of this website indicates your acceptance of this website. Please be advised that the names depicted on our website, including but not limited to Trader AI, are strictly for marketing and illustrative purposes. These names do not represent or imply the existence of specific entities, service providers, or any real-life individuals. Furthermore, the pictures and/or videos presented on our website are purely promotional in nature and feature professional actors. These actors are not actual users, clients, or traders, and their depictions should not be interpreted as endorsements or representations of real-life experiences. All content is intended solely for illustrative purposes and should not be construed as factual or as forming any legally binding relationship
    RISKS ASSOCIATED WITH FUTURES TRADING
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    The MIL Network –

    July 25, 2025
  • MIL-OSI Analysis: Cubic zirconia only forms under extreme temperatures, like those produced when an asteroid impacts Earth

    Source: The Conversation – Canada – By Neeraja Chinchalkar, PhD student, Earth and Planetary Science and Exploration, Western University

    A satellite image of the Clearwater Lakes, the site of two large asteroid impacts that struck Earth about 290 million years ago (NASA Earth Observatory)

    When high-velocity asteroids land on the Earth, they can form a meteor impact crater. Such collisions have occurred throughout Earth’s history and still occur on other planetary bodies today.

    While most asteroid impacts on Earth happened millions of years ago, their remnants are still preserved across the Earth’s surface. Impact-affected rocks experience intense heat and pressure during the impact.

    One such ancient impact site, known as West Clearwater Lake, is located in Québec, on the Canadian Shield near Hudson Bay. This crater, now filled with water, was formed when an asteroid struck Earth approximately 285 million years ago.

    A natural thermometer

    Zircon is a mineral commonly found in a variety of rock types on Earth and in some rocks on the moon and other planets. It is an incredibly durable, naturally occurring mineral that has been around since as long as the Earth itself. The physical resilience of zircon makes it a useful tool to study natural geological phenomena.

    Zircon, when heated enough, begins to break down into its components: zirconia (ZrO₂) and silica (SiO₂). Zirconia has different forms depending on how hot it gets, called polymorphs — these are minerals with the same chemical make up but different crystal structures that adapt to changing physical conditions. One of the polymorphs of zirconia is cubic zirconia, named for its cubic structure.

    Finding cubic zirconia in nature is incredibly rare because of the specific conditions it requires to remain structurally stable. Cubic zirconia forms only under extreme conditions where temperatures reach above 2,370 C. On the Earth’s surface, such naturally hot temperatures have only been known to exist during impact crater formation.

    At West Clearwater Lake, we found evidence of this natural cubic zirconia preserved in natural glass — a remnant of the intense heat from the ancient asteroid impact. For comparison, active volcanoes such as those in Hawaii reach temperatures in the range of 800 to 1,200 C.

    In nature, zirconia exists in several forms, depending on the temperature and pressure it’s exposed to. The three main polymorphs are: monoclinic, tetragonal and cubic.

    Monoclinic zirconia is stable at lower temperatures and is the most common form of zirconia found in nature. Tetragonal zirconia exists at moderately high temperatures and is unstable at low temperatures. Cubic zirconia is only stable at extremely high temperatures above 2,370 C, and is also unstable at lower temperatures.

    A backscattered electron image of a zircon grain decomposing into zirconia.
    (N. Chinchalkar , G. Osinski, T. Erickson & C. Cayron), CC BY

    A hot piece of history

    How, exactly, did cubic zirconia end up in these rocks?

    When the asteroid hit the West Clearwater Lake region millions of years ago, it generated temperatures hot enough to melt and vaporize some of the surface rock. As the molten rock cooled and solidified, microscopic crystals of zircon, originally present within target material, got caught up in the hot melt and began to transform.

    At temperatures above 2,370 C, these zircon crystals started to break down, and some of them turned into cubic zirconia. This provided evidence of the extreme heat, which our research team discovered in our recent study.

    This fascinating evidence gives us insights into how hot it can get during a meteorite impact, something that’s hard to measure millions of years after the fact.

    Artificial production

    Synthetic cubic zirconia is produced artificially by heating zirconium oxide to high temperatures, then cooling it in a controlled environment; the zirconia then forms crystals that resemble diamonds. Synthetic cubic zirconia is a popular substitute for diamonds in jewelry because it is cheap to produce but still sparkles like diamonds.

    Synthetic cubic zirconia contains high amounts of stabilizing agents, like the element yttrium, that prevent it from becoming unstable and help it maintain its brilliance over time.

    Without the additives used in synthetic cubic zirconia, natural zirconia is much more likely to transform into other forms as it cools down. That’s why finding natural cubic zirconia is so rare — it exists only in places where temperatures were once unimaginably high.

    Synthetic cubic zirconia is a popular substitute for diamonds in jewelry because it is cheap to produce but still sparkles like diamonds.
    (James St. John/Flickr), CC BY

    Asteroid impacts

    Apart from being a fascinating geological discovery, finding evidence of cubic zirconia in an impact structure gives scientists a better understanding of the conditions created during asteroid impacts. These ancient events weren’t just violent — they fundamentally changed the Earth’s surface in ways that we’re still learning about.

    While the discovery of cubic zirconia in West Clearwater Lake is exciting, it’s just one piece of the puzzle. Impact craters are not unique to Earth — they are found on most rocky objects in our solar system. For example, cubic zirconia has been found in moon rocks brought back by astronauts of the Apollo missions.

    Meteorite craters like the West Clearwater Lake are only a small part of a larger story of Earth’s history. During its nascent years, Earth was regularly bombarded by asteroids that were remnants of the debris from the formation of the solar system, and these collisions helped shape the planet’s surface. In fact, there is compelling evidence that asteroid impacts may have played a role in the origin of life by creating environments where complex chemicals could form.

    Neeraja Chinchalkar is affiliated with the Lunar and Planetary Institute

    Gordon Osinski receives funding from the Natural Sciences and Engineering Research Council of Canada and the Canadian Space Agency.

    Timmons Erickson 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. Cubic zirconia only forms under extreme temperatures, like those produced when an asteroid impacts Earth – https://theconversation.com/cubic-zirconia-only-forms-under-extreme-temperatures-like-those-produced-when-an-asteroid-impacts-earth-238267

    MIL OSI Analysis –

    July 25, 2025
  • MIL-OSI USA: Welch Leads Bipartisan Legislation to Exempt Small Businesses from Trump Tariffs on Canada 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – Today, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, led Senate Democratic Leader Chuck Schumer (D-N.Y.) and Senators Jeanne Shaheen (D-N.H.), Lisa Murkowski (R-Alaska), Tim Kaine (D-Va.), Susan Collins (R-Maine), Ed Markey (D-Mass.), and Ron Wyden (D-Ore.) in introducing the Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, legislation that would exempt United States-owned small businesses from tariffs imposed on Canada.  
    “Small businesses are the beating heart of Vermont’s economy, and they operate on the thinnest of margins. There’s no way small businesses can be expected to absorb the costs of President Trump’s tariffs. That’s especially true for smaller businesses across our state that rely on strong partnerships with Canada,” said Senator Welch. “This commonsense bill protects America’s Main Street businesses from Trump’s reckless trade war with Canada, and in turn helps Main Street customers.  
    “Instead of lowering costs for families, Trump’s destructive tariffs are raising prices and hurting American small businesses, from small manufacturers to Main Street shops, hotels, and restaurants that sustain thousands of local jobs. Trump’s chaotic trade war is burning bridges and ruining relationships with our closest ally and key trade partner, Canada, while driving away tourists and costing local economies billions. This bill would help restore our cherished relationship with our next-door neighbor and major economic partner, and bring relief to our communities and small businesses,” said Leader Schumer.  
    “President Trump’s tariffs are increasing prices on everyday goods and making it harder for businesses and working families to get by,” said Senator Shaheen. “Canada is New Hampshire’s northern neighbor and largest trading partner, meaning Granite State small businesses are especially hard hit by these blanket tariffs. By shielding small businesses from rising costs incurred by the President’s trade war, our legislation would give Main Street some much-needed relief and certainty to plan for the future and keep their businesses afloat.” 
    “I’ve heard loud and clear from small businesses in Alaska: tariffs are forcing prices to rise and making it difficult to plan long-term,” said Senator Murkowski. “We’re not just neighbors with Canada, we’re partners in everything from trade, tourism, defense, and fishing. I’m hopeful this legislation sends a clear message to the administration that we want to continue this strong partnership by alleviating the effects of these tariffs on our small businesses.” 
    “President Trump’s broad-based tariffs are causing economic chaos, uncertainty, and higher costs for families and businesses,” said Senator Kaine. “I’ve heard from small businesses across Virginia about how Trump’s trade wars have forced them to make tough decisions about how they’ll continue to operate. I’m proud to introduce this bipartisan bill with my colleagues to exempt small businesses from Trump’s tariffs on Canada, one of our closest allies and top trading partners.” 
    “Imposing tariffs on Canada, Maine’s closest trading partner, threatens jobs, drives up costs, and hurts small businesses that have long relied on cross-border cooperation and exchange,” said Senator Collins. “This bipartisan legislation would shield small businesses throughout the country from unnecessary economic harm while preserving the vital trade ties that support so many Maine communities.” 
    “Donald Trump is hell-bent on turning Main Street into Pain Street for America’s small businesses. Trump’s tariffs threaten to supercharge costs in New England and Massachusetts, a region and a state that relies on trade with Canada to meet the bottom line,” said Senator Markey. “Blanket tariffs will only lead to layoffs, closures, and economic pain. That’s not putting America first. I’m proud to join my colleagues to protect small businesses in the Bay State and all of New England from this disastrous trade war.”  
    “Trump’s Canada tariffs don’t make sense for ANYONE, but especially not for American small businesses. Taxes on products from Canada means small businesses in America will pay more for the inputs they use to make things here in the United States – meaning prices will go up, jobs will be lost and small companies will shut down. This is a commonsense bill to exempt small businesses from Trump trade taxes and cushion some of the blow of his senseless trade war with Canada,” said Senator Wyden. 
    President Trump has changed or modified his tariff proposals and policies 28 times in his second term. These tariffs have been difficult to navigate for small businesses across the United States—especially in Vermont, where Canada is the state’s largest trading partner. Tariffs lead to supply chain disruptions, increased costs of goods and materials, smaller profits and higher costs for consumers.  
    The CANADA Act is supported by Main Street Alliance and Small Business Majority. 
    “The relationship between Canada and the United States is a critical one for farmers, small business owners, and Main Streets across the US, but especially in the border states. It is essential for this relationship that US trade policy is predictable, purposeful, and designed to benefit both countries. The erratic, fact-devoid tariff emergencies put into effect by President Trump are making it harder for US businesses to start and operate while not even achieving the goals they claim to have in the first place. The Senate passing the CANADA Act by Sen. Peter Welch is a step in the right direction, with more to do to restore US global leadership and rebuild trust that’s been unfortunately damaged over the past 7 months,” said Shawn Phetteplace, National Campaigns Director, Main Street Alliance. 
    “The constantly shifting tariff policy landscape has left small businesses struggling to plan ahead. Any amount of clarity lawmakers can offer right now, including an exemption for small businesses importing goods from a specific country, would help by giving entrepreneurs some degree of certainty in a chaotic time. If nothing is done soon to help protect small businesses from tariffs, we expect inflation, uncertainty and chaos will crush many small firms, damage America’s economy and cause the loss of countless jobs,” said John Arensmeyer, Founder and CEO, Small Business Majority. 
    In 2024 alone, trade with Canada accounted for 35% of Vermont’s exports, 67% of its imports, and 56% of its total trade. One in four businesses in Vermont relies on trade with Canada. Vermont buys more goods from Canada than the next nine largest foreign markets combined. In 2023, Vermont exported $150 million just in food and agricultural products to Canada.  
    Vermont boasts nearly 82,000 small businesses, which represent 99% of all businesses in the state, and employ over 62% of Vermont’s overall workforce—higher than the national average. Small businesses in Vermont also employ a diverse workforce, with 43.8% of small businesses in the state owned by women and 6% owned by veterans. 
    Senator Welch has blasted Trump’s tariffs and trade war and shared stories from Vermonters about how President Trump’s economic policies have impacted their businesses, farms, and communities. In May, Senator Welch joined a bipartisan delegation and traveled to Ottawa to meet with Canadian dignitaries, including Prime Minister Mark Carney, to discuss bipartisan support for a U.S.-Canada partnership and their commitment to a strong trading relationship between the United States and Canada. The Senator has hosted roundtables in Stowe, Newport, St. Albans, Manchester, and virtually to hear concerns and first-hand stories from Vermont and Canadian leaders impacted by the trade war. 
    Read and download the full text of the bill. 

    MIL OSI USA News –

    July 25, 2025
  • MIL-OSI: McCuddy’s Marine Insurance Partners with Applied to Promote Agency Growth

    Source: GlobeNewswire (MIL-OSI)

    Chicago, IL., July 24, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced that McCuddy’s Marine Insurance has selected Applied Epic as its foundational agency management system to standardize their business operations to drive efficiencies of scale. The newly founded agency will leverage Applied Epic’s automated workflows to make day-to-day policy management tasks consistent and faster, allowing all staff a consistent experience from day one and an easy system to onboard and train as they grow their operations in the future.

    “As a young agency managing an influx of new clients, I needed a management system that would meet my current needs so I can get off the ground quickly, while still giving me room for growth as I looked towards the future of my business,” said Max McCuddy, chief executive officer, McCuddy’s Marine Insurance. “Applied Epic’s automated capabilities will enable me to create consistent, streamlined policy management and renewals processes that save time for my small staff now and make it easy to onboard new producers and account managers joining the team in the future.”

    Applied Epic and its Digital Agency technologies deliver the most technologically advanced suite of software applications to independent insurance agencies to enable faster and more profitable growth. Applied’s suite of applications provides essential capabilities for each stakeholder within an agency to manage client relationships, sales opportunities, market appetite search, quoting, financial accounting, and policy and benefits administration more effectively across all lines of business. Built on leading cloud technology, Applied Epic offers a comprehensive view of client and prospect information and delivers internal workflows through a modern user experience, enabling users to drive greater efficiencies and business value across the entire enterprise.

    “It’s important that new businesses not get bogged down in inefficient, disconnected paper-driven processes that take time away from higher-value tasks,” said Anupam Gupta, chief product officer, Applied Systems. “Using Applied Epic as its foundational management system, staff at McCuddy’s Marine Insurance will be able to run back-end processes smoothly and optimize their time to focus on new growth opportunities.”

    # # #

    The Applied products and logos are trademarks of Applied Systems, Inc., registered in the U.S.

    About Applied Systems
    Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

    About McCuddy’s Marine Insurance Partners
    Max McCuddy, founder and chief executive officer of McCuddy’s Marine Insurance, grew up in the marine industry. His grandfather started McCuddy’s Marina in the 1950s, which now operates as one of the largest privately owned marinas in the Pacific Northwest. Having always been entrepreneurial, Max decided to get into the insurance industry after personally experiencing a lack of local insurance agents who specialized in marine risks. Max’s mission is to become the go-to marine insurance agency in the Pacific Northwest, with a long-term vision of becoming the #1 marine insurance agency in the country.

    The MIL Network –

    July 25, 2025
  • MIL-OSI: Middlefield Global Dividend Growers ETF Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 24, 2025 (GLOBE NEWSWIRE) — Middlefield Global Dividend Growers ETF (TSX: MDIV) (the “Fund”) is pleased to announce that distributions for the third quarter of 2025 will be payable to unitholders of Middlefield Global Dividend Growers ETF as follows:

    Record Date Payable Date Distribution Per
    Trust Unit
    July 31, 2025 August 15, 2025 $0.06
    August 31, 2025 September 15, 2025 $0.06
    September 30, 2025 October 15, 2025 $0.06
         

    The trust units trade on the Toronto Stock Exchange under the symbol MDIV.

    The Fund offers a distribution reinvestment plan (“DRIP”) for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

    Middlefield

    Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

    The MIL Network –

    July 25, 2025
  • MIL-OSI Europe: EU sends firefighting planes to Cyprus

    Source: European Union 2

    The EU has mobilised 2 Canadair airplanes from the EU’s joint firefighting fleet in response to a request for assistance from Cyprus, following a major fire in its Limassol district. The EU has already responded to several wildfire emergencies in Albania and North Macedonia this summer.

    MIL OSI Europe News –

    July 25, 2025
  • MIL-OSI Canada: Minister Hajdu represents Canada at the UN High-Level Political Forum on Sustainable Development

    Source: Government of Canada News

    July 24, 2025                    New York City, New York                  Employment and Social Development Canada

    The Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, concluded a series of engagements at the United Nations High-Level Political Forum on Sustainable Development in New York City from July 21 to 23, 2025. The Forum is an opportunity for UN countries to gather and discuss progress made toward the 17 Sustainable Development Goals (SDGs). These goals are a collective call to action to end poverty, protect the planet, and build a just, peaceful and inclusive world for all. 

    Minister Hajdu presented Canada’s National Statement on the SDGs, reaffirming our country’s work towards international collaboration and in advancing the 2030 Agenda. Minister Hajdu emphasized our collective duty to work with national and international partners to drive meaningful change and build a more peaceful, inclusive and prosperous world, for the next generations. 

    On July 22, Minister Hajdu participated in the High-Level Dialogue on Adequate Housing for All, alongside Bob Rae, Canada’s Permanent Representative to the United Nations in New York, in his capacity as President of the UN Economic and Social Council. This session highlighted Canada’s focus on housing as a key strategy for reducing poverty, promoting equity, and fostering an inclusive society.

    On the Forum’s final day, Minister Hajdu hosted Canada’s official side event on inclusive and sustainable jobs. This event brought together diverse stakeholders to explore how digital education, disability inclusion, and private sector engagement can help build more inclusive economies. 

    While at the UN, Minister Hajdu and Alexei Buzu, Minister of Labour and Social Protection for the Republic of Moldova, also signed a Declaration of Intent to establish a Canada-Moldova Social Security Agreement. This marks a key step in strengthening bilateral ties and advancing shared goals of inclusion, equity and resilience.

    Canada is focused on advancing the 2030 Agenda both domestically and internationally. While the Government of Canada leads this initiative, partnerships with other orders of government, stakeholders, Indigenous Peoples, and the public are crucial for our collective success.   

    MIL OSI Canada News –

    July 25, 2025
  • MIL-OSI: Nasdaq Reports Second Quarter 2025 Results; Double-Digit Net Revenue Growth Reflects Strong Momentum Across All Divisions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2025.

    • Second quarter 2025 net revenue1 was $1.3 billion, an increase of 13% over the second quarter of 2024, or up 12% on an organic2 basis. This included Solutions3 revenue growing 10%.
    • Annualized Recurring Revenue (ARR)4 of $2.9 billion increased 10% over the second quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 13%, or 12% on an organic basis, and represented 37% of ARR.
    • Financial Technology revenue of $464 million increased 10% over the second quarter of 2024.
    • Index revenue of $196 million grew 17%, with $88 billion of net inflows over the trailing twelve months and $20 billion in the second quarter of 2025.
    • GAAP diluted earnings per share grew over 100% in the second quarter of 2025. Non-GAAP5 diluted earnings per share grew 24% in the second quarter of 2025.
    • In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. The company also repaid $400 million of senior unsecured notes in the quarter.

    Second Quarter 2025 Highlights

    (US$ millions, except per share) 2Q25 YoY change % Adjusted2YoY
    change %
    Organic YoY
    change %
    Solutions revenue $991 10% 10% 10%
    Market Services net revenue $306 22% 21% 21%
    Net revenue $1,306 13% 12% 12%
    GAAP operating income $568 34%    
    Non-GAAP operating income $721 16% 16% 16%
    ARR $2,931 10% 9% 9%
    GAAP diluted EPS $0.78 103%    
    Non-GAAP diluted EPS $0.85 24%   24%

    Note: Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. Refer to the footnotes to this press release for more information.

    Adena Friedman, Chair and CEO said, “Nasdaq delivered an excellent second quarter performance amid a dynamic market environment. Our ability to deliver broad-based growth through cycles is testament to our role as a partner to our clients, helping them capture strategic opportunities, manage risk, and solidify their operational resilience.

    Looking ahead, we remain well-positioned to enhance value for our clients and shareholders by driving innovation and deepening our client relationships through our One Nasdaq approach.”

    Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq’s financial results highlight the resilience of our business model and its ability to achieve exceptional revenue and earnings growth with strong free cash flow generation.

    We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross leverage milestone 16 months ahead of plan. We will optimize for long-term investor returns as we make organic growth investments and balance further deleveraging with opportunistic share repurchases.”

    FINANCIAL REVIEW

    • Second quarter 2025 net revenue was $1,306 million, reflecting 13% growth versus the prior year period. Organic net revenue growth was 12%.
    • Solutions revenue was $991 million in the second quarter of 2025, up 10% versus the prior year period, reflecting strong growth from Index and Financial Technology.
    • ARR grew 10% year-over-year, or 9% on an organic basis, in the second quarter of 2025, with 12% ARR growth for Financial Technology, or 11% on an organic basis, and 7% ARR growth for Capital Access Platforms, or 6% on an organic basis.
    • Market Services net revenue was $306 million in the second quarter of 2025, up 22% versus the prior year period, or 21% on an organic basis.
    • Second quarter 2025 GAAP operating expenses were $738 million, in line with the prior year period. The quarter reflected lower restructuring costs, offset by higher compensation and benefits costs, merger and strategic initiative costs, and increased investments in technology and people to drive innovation and long-term growth.
    • Second quarter 2025 non-GAAP operating expenses were $585 million, reflecting 9% growth versus the prior year period, or 8% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
    • Cash flow from operations was $746 million for the second quarter, enabling the company to make continued progress on its deleveraging plan. In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. As of June 30, 2025, there was $1.5 billion remaining under the board authorized share repurchase program. The company also repaid $400 million of senior unsecured notes in the second quarter of 2025.

    2025 EXPENSE AND TAX GUIDANCE UPDATE6

    • The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,295 million to $2,335 million. The driver of the update is the impact of foreign exchange rates, which is offset in net revenue. The company is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

    STRATEGIC AND BUSINESS UPDATES

    • Financial Technology achieved solid revenue growth across each subdivision in a dynamic macro environment. Robust client demand drove double-digit revenue and ARR growth. FinTech delivered 57 new clients, 130 upsells, and a record 7 cross-sells. Second quarter highlights included:
      • Financial Crime Management Technology is executing on its key growth initiatives. Second quarter results included three new enterprise client signings, including a cross-sell client and 2 upsells, reflecting continued progress on its enterprise client land and expand strategy. Nasdaq Verafin added 46 new small-and-medium bank clients in the second quarter. The business also signed its first proof of concept project with a European Tier 1 bank as part of its international expansion strategy.
      • Regulatory Technology’s success with new client wins and upsells driving growth. AxiomSL signed a new client and a cross-sell. The business accelerated its momentum with existing clients in the second quarter with 34 upsells, including the renewal of a large bank. Surveillance signed 6 new clients in the quarter, including 2 market operators and a European regulator, as well as 3 cross-sells. The business closed 33 upsells in the quarter, including a strategic upsell to a large European bank.
      • Solid momentum in Capital Markets Technology. Second quarter client demand was robust, supported by the ongoing market modernization mega trend. Calypso signed 2 new clients, 37 upsells, and a cross-sell. Market Technology secured 2 new clients, 24 upsells, and a cross-sell. In the second quarter, the business signed 3 clients to its fourth-generation marketplace technology platform, Nasdaq Eqlipse, including 2 fully managed services mandates where Nasdaq hosts and manages the clients’ entire trading environment and one AWS-hosted SaaS deployment.
    • Index ETP assets under management reached record levels and surpassed $700 billion at quarter-end. In the second quarter, Index had $20 billion in net inflows. ETP AUM was $745 billion at quarter-end, an all-time high. Nasdaq launched 33 new Index products in the second quarter, including 21 international products, 12 products in partnership with new Index clients, and 7 in the institutional insurance annuity space. Nasdaq and CME Group signed an extension through 2039 of CME Group’s exclusive license contract to offer futures and options on futures based on the Nasdaq-100 and other Nasdaq indexes, reflecting the companies’ shared commitment to delivering value through trusted benchmark products.
    • Nasdaq extended its listing leadership to 46 consecutive quarters. Nasdaq had the highest number of first half listings since 2021. New listings in the first half included 83 operating companies that raised more than $8 billion in total proceeds, contributing to a 81% win rate for eligible operating company listings. In the second quarter, the company welcomed 38 U.S. operating company IPOs that raised more than $3.5 billion in proceeds with a 79% win rate. Nasdaq maintained momentum in its switch program, attracting nearly $50 billion in market value in the second quarter and over $270 billion year-to-date, including Shopify, Thomson Reuters, and Kimberly Clark.
    • Market Services delivered record net revenue with record cash equities and derivatives revenue in the U.S. Nasdaq’s exchanges achieved record U.S. cash equities volumes in a quarter in which the industry achieved record volumes. During the Russell reconstitution, Nasdaq’s Closing Cross successfully executed 2.5 billion shares in 0.871 seconds across Nasdaq-listed securities that represented a record $102.5 billion dollars in notional value. Extending the first quarter’s trend, Nasdaq’s North American markets continued to experience exceptional message traffic in the second quarter, reaching a new record of more than 560 billion messages7 in a day. Nasdaq’s European equities business achieved sequential market share improvement in an elevated volume environment.
    • Nasdaq continues to execute on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
      • Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with approximately $130 million actioned as of the end of the second quarter. In the second quarter, Nasdaq surpassed the 3.3x gross leverage milestone that was set following the Adenza acquisition, achieving this milestone 16 months ahead of plan.
      • Innovate – Nasdaq continues to focus on innovating across the business. In July, Nasdaq Verafin announced the launch of its Agentic AI workforce. This suite of digital workers, now in beta testing, has the potential to address the most resource intensive anti-money laundering workflows. For example, when onboarded into a bank’s alert triage workflow, the Digital Sanctions Analyst automates the screening, documentation and acknowledgement processes, reducing alert review workload requiring human intervention by more than 80%. Beyond AI, Calypso announced a proof of concept that expands its industry-leading collateral management capabilities with digital assets. The use case demonstrates Nasdaq’s ability to integrate on-chain capabilities and help financial institutions manage collateral across asset classes in a more dynamic and efficient manner. Nasdaq became the exclusive distributor of Nasdaq Private Market’s Tape D(R) API in the second quarter to deliver real-time private market data and valuation insights to investors.
      • Accelerate – Nasdaq continued to deliver on its One Nasdaq strategy driving 7 cross-sell wins across Financial Technology in the quarter for a total of 26 cross-sells since the Adenza acquisition. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the second quarter, cross-sells continued to account for over 15% of Financial Technology’s sales pipeline.

    ____________
    1 Represents revenue less transaction-based expenses.
    2 Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. These changes are calculated by (i) removing the impact of period over period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. As it relates to ARR, organic changes only exclude the impacts of period over period changes in foreign currency exchange rates and a divestiture as the AxiomSL ratable recognition adjustment had no impact on ARR. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results.
    3 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
    4 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
    5 Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
    6 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
    7 Message count represents the number of records across Nasdaq’s U.S. options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

    ABOUT NASDAQ

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    NON-GAAP INFORMATION

    In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

    These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

    We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

    Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period over period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture and (iii) the impact of AxiomSL on-premises contracts for ratable recognition in comparable periods to align with current period presentation. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

    Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

    Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    WEBSITE DISCLOSURE

    Nasdaq intends to use its website, https://ir.nasdaq.com/, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

    Media Relations Contact:

    David Lurie
    +1.914.538.0533
    David.Lurie@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
    (unaudited)
               
      Three Months Ended   Six Months Ended
      June 30,   June 30,   June 30,   June 30,
        2025       2024       2025       2024  
                     
    Revenues:              
    Capital Access Platforms $ 527     $ 481     $ 1,042     $ 960  
    Financial Technology   464       420       896       813  
    Market Services   1,090       883       2,224       1,678  
    Other Revenues   9       8       18       18  
      Total revenues   2,090       1,792       4,180       3,469  
    Transaction-based expenses:              
    Transaction rebates   (629 )     (483 )     (1,208 )     (965 )
    Brokerage, clearance and exchange fees   (155 )     (150 )     (429 )     (227 )
    Revenues less transaction-based expenses   1,306       1,159       2,543       2,277  
                   
    Operating Expenses:              
    Compensation and benefits   352       328       681       669  
    Professional and contract services   39       39       75       72  
    Technology and communication infrastructure   79       69       156       135  
    Occupancy   30       27       58       56  
    General, administrative and other   23       30       29       58  
    Marketing and advertising   14       12       28       23  
    Depreciation and amortization   158       153       313       308  
    Regulatory   14       18       29       28  
    Merger and strategic initiatives   20       4       44       13  
    Restructuring charges   9       56       15       82  
      Total operating expenses   738       736       1,428       1,444  
    Operating income   568       423       1,115       833  
    Interest income   12       6       24       12  
    Interest expense   (95 )     (102 )     (192 )     (211 )
    Net gain on divestitures   39       —       39       —  
    Other income   1       12       —       13  
    Net income from unconsolidated investees   23       2       50       6  
    Income before income taxes   548       341       1,036       653  
    Income tax provision   96       119       190       198  
    Net income   452       222       846       455  
    Net loss attributable to noncontrolling interests   —       —       1       1  
    Net income attributable to Nasdaq $ 452     $ 222     $ 847     $ 456  
                   
    Per share information:              
    Basic earnings per share $ 0.79     $ 0.39     $ 1.47     $ 0.79  
    Diluted earnings per share $ 0.78     $ 0.38     $ 1.46     $ 0.79  
    Cash dividends declared per common share $ 0.27     $ 0.24     $ 0.51     $ 0.46  
                   
    Weighted-average common shares outstanding              
    for earnings per share:              
    Basic   574.1       576.4       574.6       575.9  
    Diluted   579.0       579.0       579.5       578.9  
                     
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
    (unaudited)
                     
            Three Months Ended   Six Months Ended
            June 30,   June 30,   June 30,   June 30,
              2025       2024       2025       2024  
                         
    CAPITAL ACCESS PLATFORMS              
      Data and Listing Services revenues $ 198     $ 187     $ 391     $ 372  
      Index revenues   196       167       388       336  
      Workflow and Insights revenues   133       127       263       252  
        Total Capital Access Platforms revenues   527       481       1,042       960  
                         
    FINANCIAL TECHNOLOGY              
      Financial Crime Management Technology revenues   81       67       157       131  
      Regulatory Technology revenues   104       95       206       186  
      Capital Markets Technology revenues   279       258       533       496  
        Total Financial Technology revenues   464       420       896       813  
                         
    MARKET SERVICES              
      Market Services revenues   1,090       883       2,224       1,678  
      Transaction-based expenses:              
          Transaction rebates   (629 )     (483 )     (1,208 )     (965 )
          Brokerage, clearance and exchange fees   (155 )     (150 )     (429 )     (227 )
        Total Market Services revenues, net   306       250       587       486  
                         
    OTHER REVENUES   9       8       18       18  
                         
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,306     $ 1,159     $ 2,543     $ 2,277  
                         
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
               
          June 30,   December 31,
            2025       2024  
    Assets   (unaudited)    
    Current assets:        
      Cash and cash equivalents   $ 732     $ 592  
      Restricted cash and cash equivalents     195       31  
      Default funds and margin deposits     5,218       5,664  
      Financial investments     84       184  
      Receivables, net     896       1,022  
      Other current assets     227       293  
    Total current assets     7,352       7,786  
    Property and equipment, net     656       593  
    Goodwill     14,328       13,957  
    Intangible assets, net     6,741       6,905  
    Operating lease assets     441       375  
    Other non-current assets     865       779  
    Total assets   $ 30,383     $ 30,395  
               
    Liabilities        
    Current liabilities:        
      Accounts payable and accrued expenses   $ 246     $ 269  
      Section 31 fees payable to SEC     411       319  
      Accrued personnel costs     280       325  
      Deferred revenue     848       711  
      Other current liabilities     154       215  
      Default funds and margin deposits     5,218       5,664  
      Short-term debt     500       399  
    Total current liabilities     7,657       7,902  
    Long-term debt     8,678       9,081  
    Deferred tax liabilities, net     1,540       1,594  
    Operating lease liabilities     453       388  
    Other non-current liabilities     237       230  
    Total liabilities     18,565       19,195  
             
    Commitments and contingencies        
    Equity        
    Nasdaq stockholders’ equity:        
      Common stock     6       6  
      Additional paid-in capital     5,425       5,530  
      Common stock in treasury, at cost     (706 )     (647 )
      Accumulated other comprehensive loss     (1,869 )     (2,099 )
      Retained earnings     8,955       8,401  
    Total Nasdaq stockholders’ equity     11,811       11,191  
      Noncontrolling interests     7       9  
    Total equity     11,818       11,200  
    Total liabilities and equity   $ 30,383     $ 30,395  
               
    Nasdaq, Inc.  
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share  
    (in millions, except per share amounts)  
    (unaudited)  
                         
                     
           Three Months Ended   Six Months Ended  
          June 30,   June 30,   June 30,   June 30,  
            2025       2024       2025       2024    
                         
    U.S. GAAP net income attributable to Nasdaq   $ 452     $ 222     $ 847     $ 456    
    Non-GAAP adjustments:                  
      Amortization expense of acquired intangible assets (1)     122       122       243       244    
      Merger and strategic initiatives expense (2)     20       4       44       13    
      Restructuring charges (3)     9       56       15       82    
      Net gain on divestitures (4)     (39 )     —       (39 )     —    
      Net income from unconsolidated investees (5)     (23 )     (2 )     (50 )     (6 )  
      Gain on extinguishment of debt (6)     —       —       (19 )     —    
      Legal and regulatory matters (7)     1       13       4       16    
      Pension settlement charge (8)     —       —       —       23    
      Other loss (income) (9)     1       (10 )     1       (9 )  
      Total non-GAAP adjustments     91       183       199       363    
      Non-GAAP adjustment to the income tax provision (10)     (24 )     (41 )     (70 )     (88 )  
      Other tax adjustments (11)     (27 )     33       (27 )     33    
      Total non-GAAP adjustments, net of tax     40       175       102       308    
    Non-GAAP net income attributable to Nasdaq   $ 492     $ 397     $ 949     $ 764    
                         
    U.S. GAAP diluted earnings per share   $ 0.78     $ 0.38     $ 1.46     $ 0.79    
      Total adjustments from non-GAAP net income above     0.07       0.31       0.18       0.53    
    Non-GAAP diluted earnings per share   $ 0.85     $ 0.69     $ 1.64     $ 1.32    
                         
    Weighted-average diluted common shares outstanding for earnings per share:     579.0       579.0       579.5       578.9    
                         
                         
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.  
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.  
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.  
    (4) For the three and six months ended June 30, 2025, we recorded pre-tax net gains on the sale of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business, which are included in net gain on divestitures in the Condensed Consolidated Statements of Income.  
    (5) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.  
    (6) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.  
    (7) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.  
    (8) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.  
    (9) For the three and six months ended June 30, 2024, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income in our Condensed Consolidated Statements of Income.  
    (10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the six months ended June 30, 2025, this also includes a release of the prior year’s reserves following a favorable audit settlement.  
    (11) For the three and six months ended June 30, 2025, we recorded a tax benefit related to payments made to certain former Adenza employees. For the three and six months ended June 30, 2024, other tax adjustments also includes a one-time net tax expense of $33 million related to the completion of an intra-group transfer of certain IP assets to our U.S. headquarters.  
                         
    Nasdaq, Inc.  
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin  
    (in millions)  
    (unaudited)  
                     
           Three Months Ended   Six Months Ended  
          June 30,   June 30,   June 30,   June 30,  
            2025       2024       2025       2024    
                         
    U.S. GAAP operating income   $ 568     $ 423     $ 1,115     $ 833    
    Non-GAAP adjustments:                  
      Amortization expense of acquired intangible assets (1)     122       122       243       244    
      Merger and strategic initiatives expense (2)     20       4       44       13    
      Restructuring charges (3)     9       56       15       82    
      Gain on extinguishment of debt (4)     —       —       (19 )     —    
      Legal and regulatory matters (5)     1       13       4       16    
      Pension settlement charge (6)     —       —       —       23    
      Other loss     1       2       1       2    
      Total non-GAAP adjustments     153       197       288       380    
    Non-GAAP operating income   $ 721     $ 620     $ 1,403     $ 1,213    
                       
    Revenues less transaction-based expenses   $ 1,306     $ 1,159     $ 2,543     $ 2,277    
                         
    U.S. GAAP operating margin (7)     44 %     36 %     44 %     37 %  
                         
    Non-GAAP operating margin (8)     55 %     53 %     55 %     53 %  
                         
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.  
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.  
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.  
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.  
    (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.  
    (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.  
    (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.  
    (7) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.  
    (8) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.  
                         
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
                   
           Three Months Ended   Six Months Ended
          June 30,   June 30,   June 30,   June 30,
            2025       2024       2025       2024  
                       
    U.S. GAAP operating expenses   $ 738     $ 736     $ 1,428     $ 1,444  
    Non-GAAP adjustments:                
      Amortization expense of acquired intangible assets (1)     (122 )     (122 )     (243 )     (244 )
      Merger and strategic initiatives expense (2)     (20 )     (4 )     (44 )     (13 )
      Restructuring charges (3)     (9 )     (56 )     (15 )     (82 )
      Gain on extinguishment of debt (4)     —       —       19       —  
      Legal and regulatory matters (5)     (1 )     (13 )     (4 )     (16 )
      Pension settlement charge (6)     —       —       —       (23 )
      Other loss     (1 )     (2 )     (1 )     (2 )
      Total non-GAAP adjustments     (153 )     (197 )     (288 )     (380 )
    Non-GAAP operating expenses   $ 585     $ 539     $ 1,140     $ 1,064  
                       
                       
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
    (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
    (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
    (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
    (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
                       
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                                   
                                   
      Three Months Ended   Total Variance   Other Impacts (1)   Adjusted/Organic
    Impact
    (2)
      June 30, 2025   June 30, 2024   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 198   $ 187   $ 11   6 %   $ 3   2 %   $ 8   5 %
    Index revenues   196     167     29   17 %     —   — %     29   17 %
    Workflow and Insights revenues   133     127     6   5 %     1   1 %     5   5 %
    Total Capital Access Platforms revenues   527     481     46   10 %     4   1 %     42   9 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   81     67     14   20 %     —   — %     14   20 %
    Regulatory Technology revenues   104     95     9   10 %     —   (1 )%     9   11 %
    Capital Markets Technology revenues   279     258     21   8 %     —   — %     21   8 %
    Total Financial Technology revenues   464     420     44   10 %     —   — %     44   10 %
                                   
    Solutions revenues (3)   991     901     90   10 %     4   — %     86   10 %
                                   
    Market Services, net revenues   306     250     56   22 %     4   2 %     52   21 %
                                   
    Other revenues   9     8     1   5 %     —   3 %     1   1 %
                                   
    Revenues less transaction-based expenses $ 1,306   $ 1,159   $ 147   13 %   $ 8   1 %   $ 139   12 %
                                   
    Non-GAAP Operating Expenses $ 585   $ 539   $ 46   9 %   $ 5   1 %   $ 41   8 %
                                   
    Non-GAAP Operating Income $ 721   $ 620   $ 101   16 %   $ 3   1 %   $ 98   16 %
                                   
    Non-GAAP diluted earnings per share $ 0.85   $ 0.69   $ 0.16   24 %   $ —   — %   $ 0.16   24 %
                                   
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
    (1) Reflects the impacts from changes in foreign currency exchange rates and the impact of a divestiture within Capital Markets Technology.
    (2) Adjusted and organic period over period change are calculated by (i) removing the impact of period-over-period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results. Adjusted and organic changes are equivalent as they include the same period over period adjustments.
    (3) Represents Capital Access Platforms and Financial Technology segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
                     
        Three Months Ended   Six Months Ended
        June 30,   June 30,   June 30,   June 30,
          2025       2024       2025       2024  
    Capital Access Platforms              
      Annualized recurring revenues (in millions) (1) $ 1,315     $ 1,226     $ 1,315     $ 1,226  
      Initial public offerings              
      The Nasdaq Stock Market (2)   79       39       142       66  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   6       5       10       6  
      Total new listings              
      The Nasdaq Stock Market (2)   194       84       364       163  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   6       10       15       12  
      Number of listed companies              
      The Nasdaq Stock Market (4)   4,238       4,004       4,238       4,004  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,148       1,198       1,148       1,198  
      Index              
      Number of licensed exchange traded products (6)   422       373       422       373  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 745     $ 569     $ 745     $ 569  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 663     $ 531     $ 662     $ 512  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 88     $ 53     $ 88     $ 53  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 88     $ 115     $ 88     $ 115  
                     
    Financial Technology              
      Annualized recurring revenues (in millions) (1)              
      Financial Crime Management Technology $ 308     $ 258     $ 308     $ 258  
      Regulatory Technology   376       338       376       338  
      Capital Markets Technology   932       846       932       846  
      Total Financial Technology $ 1,616     $ 1,442     $ 1,616     $ 1,442  
                     
    Market Services              
      Equity Derivative Trading and Clearing              
      U.S. equity options              
      Total industry average daily volume (in millions)   52.5       42.1       53.0       42.7  
      Nasdaq PHLX matched market share   9.6 %     9.9 %     9.4 %     10.1 %
      The Nasdaq Options Market matched market share   4.3 %     5.5 %     4.7 %     5.4 %
      Nasdaq BX Options matched market share   1.7 %     2.3 %     1.7 %     2.3 %
      Nasdaq ISE Options matched market share   6.6 %     6.9 %     6.7 %     6.6 %
      Nasdaq GEMX Options matched market share   4.4 %     2.6 %     4.0 %     2.6 %
      Nasdaq MRX Options matched market share   2.8 %     2.1 %     2.8 %     2.3 %
      Total matched market share executed on Nasdaq’s exchanges   29.4 %     29.3 %     29.3 %     29.3 %
      Nasdaq Nordic and Nasdaq Baltic options and futures              
      Total average daily volume of options and futures contracts   223,450       251,677       240,133       246,527  
                     
      Cash Equity Trading              
      Total U.S.-listed securities              
      Total industry average daily share volume (in billions)   18.4       11.8       17.1       11.8  
      Matched share volume (in billions)   158.4       119.3       295.5       236.0  
      The Nasdaq Stock Market matched market share   13.5 %     15.6 %     13.8 %     15.7 %
      Nasdaq BX matched market share   0.3 %     0.3 %     0.3 %     0.3 %
      Nasdaq PSX matched market share   0.1 %     0.2 %     0.1 %     0.2 %
      Total matched market share executed on Nasdaq’s exchanges   13.9 %     16.1 %     14.2 %     16.2 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   47.7 %     42.9 %     47.9 %     42.2 %
      Total market share (8)   61.6 %     59.0 %     62.1 %     58.4 %
      Nasdaq Nordic and Nasdaq Baltic securities              
      Average daily number of equity trades executed on Nasdaq’s exchanges   804,121       663,897       796,426       665,183  
      Total average daily value of shares traded (in billions) $ 5.7     $ 4.7     $ 5.5     $ 4.7  
      Total market share executed on Nasdaq’s exchanges (9)   71.9 %     74.1 %     71.2 %     73.3 %
                     
                     
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended June 30, 2025 and 2024, IPOs included 41 and 8 SPACs, respectively. For the six months ended June 30, 2025 and 2024, IPOs included 59 and 13 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the three and six months ended June 30, 2025 and 2024 included 914 and 645 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of June 30, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change had no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.
      (9) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.
                     

    The MIL Network –

    July 24, 2025
  • MIL-OSI: TransUnion Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Exceeded second quarter 2025 financial guidance across all key financial metrics
    • Delivered 9 percent organic constant currency revenue growth (10 percent reported) led by U.S. Financial Services
    • De-levered to 2.8x Leverage Ratio at quarter-end and repurchased $47 million shares through mid-July
    • Raising 2025 financial guidance, we now expect to deliver 6 to 7 percent revenue growth for the year on both a reported and organic constant currency basis

    CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2025.

    Second Quarter 2025 Results

    Revenue:

    • Total revenue for the quarter was $1,140 million, an increase of 10 percent (10 percent on a constant currency basis and 9 percent on an organic constant currency basis), compared with the second quarter of 2024.

    Earnings:

    • Net income attributable to TransUnion was $110 million for the quarter, compared with $85 million for the second quarter of 2024. Diluted earnings per share was $0.56, compared with $0.44 in the second quarter of 2024. Net income attributable to TransUnion margin was 9.6 percent, compared with 8.2 percent in the second quarter of 2024.
    • Adjusted Net Income was $213 million for the quarter, compared with $193 million for the second quarter of 2024. Adjusted Diluted Earnings per Share was $1.08, compared with $0.99 in the second quarter of 2024.
    • Adjusted EBITDA was $407 million for the quarter, compared with $377 million for the second quarter of 2024, an increase of 8 percent (8 percent on a constant currency basis). Adjusted EBITDA margin was 35.7 percent, compared with 36.2 percent in the second quarter of 2024.

    “In the second quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 10 percent, led by Financial Services and Insurance. International grew 6 percent on an organic constant currency basis, with India accelerating to 8 percent growth and Canada and Africa delivering double-digit growth.”

    “We are raising our 2025 guidance, reflecting strong results in the first half of the year and ongoing business momentum, balanced against continuing market uncertainty. We now expect revenue growth of 6 to 7 percent.”

    “After the last several years of investment, we are now focused on execution and value creation. Through our transformation, we now have more and better solutions than ever. We are already seeing the emerging benefits of our accelerated pace of innovation and believe we are well-positioned to drive a generation of industry-leading growth.”

    Second Quarter 2025 Segment Results

    Segment revenue and Adjusted EBITDA for the second quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the second quarter of 2024 were as follows:

    (in millions) Second
    Quarter 2025
      Reported
    Growth Rate
      Constant
    Currency
    Growth Rate
      Organic
    Constant
    Currency
    Growth Rate
    U.S. Markets:              
    Financial Services $ 420   17 %   17 %   17 %
    Emerging Verticals   324   5 %   5 %   5 %
    Consumer Interactive   147   3 %   3 %   2 %
    Total U.S. Markets Revenue $ 890   10 %   10 %   10 %
                   
    U.S. Markets Adjusted EBITDA $ 337   7 %   7 %   7 %
                   
    International:              
    Canada $ 42   9 %   10 %   10 %
    Latin America   34   (1 )%   4 %   4 %
    United Kingdom   67   19 %   13 %   5 %
    Africa   18   15 %   14 %   14 %
    India   67   5 %   8 %   8 %
    Asia Pacific   24   (7 )%   (8 )%   (8 )%
    Total International Revenue $ 253   7 %   7 %   6 %
                   
    International Adjusted EBITDA $ 108   7 %   8 %   8 %
                           

    Liquidity and Capital Resources

    Cash and cash equivalents was $688 million at June 30, 2025 and $679 million at December 31, 2024.

    For the six months ended June 30, 2025, cash provided by operating activities was $344 million, compared with $349 million in 2024. The decrease in cash provided by operating activities was primarily due to higher income tax payments, the timing of accounts receivable collections and higher bonus payouts, mostly offset by improved operating performance and lower interest expense in 2025 compared with 2024. For the six months ended June 30, 2025, cash used in investing activities was $224 million, compared with $127 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, a current year investment in a note receivable and an increase in capital expenditures. For the six months ended June 30, 2025, capital expenditures were $145 million, compared with $131 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, cash used in financing activities was $127 million, compared with $150 million in 2024. Cash used in financing activities was lower primarily due to higher debt repayments in 2024, partially offset by stock buybacks in 2025.

    Third Quarter and Full Year 2025 Outlook

    Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

        Three Months Ended September 30, 2025   Twelve Months Ended December 31, 2025
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,115     $ 1,135     $ 4,432     $ 4,472  
    Revenue growth1:                
    As reported     3 %     5 %     6 %     7 %
    Constant currency1, 2     3 %     5 %     6 %     7 %
    Organic constant currency1, 3     2 %     4 %     6 %     7 %
                     
    Net income attributable to TransUnion   $ 78     $ 87     $ 412     $ 432  
    Net income attributable to TransUnion growth     14 %     28 %     45 %     52 %
    Net income attributable to TransUnion margin     7.0 %     7.7 %     9.3 %     9.7 %
                     
    Diluted Earnings per Share   $ 0.39     $ 0.44     $ 2.07     $ 2.18  
    Diluted Earnings per Share growth     13 %     27 %     43 %     51 %
                     
    Adjusted EBITDA, as reported5   $ 397     $ 411     $ 1,580     $ 1,610  
    Adjusted EBITDA growth, as reported4     1 %     4 %     5 %     7 %
    Adjusted EBITDA margin     35.6 %     36.2 %     35.7 %     36.0 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.99     $ 1.04     $ 4.03     $ 4.14  
    Adjusted Diluted Earnings per Share growth   (5 )%     — %     3 %     6 %
    1. Additional revenue growth assumptions:
      1. The impact of changing exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
      2. The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q3 2025 and approximately 0.5 point of benefit for FY 2025.
      3. The impact of mortgage is expected to be approximately 2 points of benefit for Q3 2025 and 2 points of benefit for FY 2025.
      4. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
      5. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.
      6. Additional Adjusted EBITDA assumptions:
        1. The impact of changing foreign currency exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
        2. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.
        3. Earnings Webcast Details

          In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

          About TransUnion (NYSE: TRU)

          TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

          http://www.transunion.com/business

          Availability of Information on TransUnion’s Website

          Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

          Forward-Looking Statements

          This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

          Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

        • macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
        • our ability to provide competitive services and prices;
        • our ability to retain or renew existing agreements with large or long-term customers;
        • our ability to maintain the security and integrity of our data;
        • our ability to deliver services timely without interruption;
        • our ability to maintain our access to data sources;
        • government regulation and changes in the regulatory environment;
        • litigation or regulatory proceedings;
        • our approach to the use of artificial intelligence;
        • our ability to effectively manage our costs;
        • our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
        • our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
        • economic and political stability in the United States and risks associated with the international markets where we operate;
        • our ability to effectively develop and maintain strategic alliances and joint ventures;
        • our ability to timely develop new services and the market’s willingness to adopt our new services;
        • our ability to manage and expand our operations and keep up with rapidly changing technologies;
        • our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
        • our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
        • our ability to defend our intellectual property from infringement claims by third parties;
        • the ability of our outside service providers and key vendors to fulfill their obligations to us;
        • further consolidation in our end-customer markets;
        • the increased availability of free or inexpensive consumer information;
        • losses against which we do not insure;
        • our ability to make timely payments of principal and interest on our indebtedness;
        • our ability to satisfy covenants in the agreements governing our indebtedness;
        • our ability to maintain our liquidity;
        • stock price volatility;
        • our dividend payments;
        • share repurchase plans;
        • dividend rate;
        • our reliance on key management personnel; and
        • changes in tax laws or adverse outcomes resulting from examination of our tax returns.

        There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

        The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

        For More Information

        TRANSUNION AND SUBSIDIARIES
        Consolidated Balance Sheets (Unaudited)
        (in millions, except per share data)
         
            June 30,
        2025
          December 31,
        2024
        Assets        
        Current assets:        
        Cash and cash equivalents   $ 687.5     $ 679.5  
        Trade accounts receivable, net of allowance of $27.4 and $19.9     895.9       798.9  
        Other current assets     322.3       323.4  
        Total current assets     1,905.7       1,801.8  
        Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3     228.5       203.5  
        Goodwill     5,256.7       5,144.3  
        Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5     3,238.7       3,257.5  
        Other assets     488.1       577.7  
        Total assets   $ 11,117.7     $ 10,984.8  
        Liabilities and stockholders’ equity        
        Current liabilities:        
        Trade accounts payable   $ 345.1     $ 294.6  
        Current portion of long-term debt     76.1       70.6  
        Other current liabilities     519.9       694.4  
        Total current liabilities     941.1       1,059.6  
        Long-term debt     5,060.4       5,076.6  
        Deferred taxes     370.7       415.3  
        Other liabilities     119.3       114.5  
        Total liabilities     6,491.5       6,666.0  
        Stockholders’ equity:        
        Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively     —       —  
        Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively     2.0       2.0  
        Additional paid-in capital     2,600.7       2,558.9  
        Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively     (342.0 )     (334.6 )
        Retained earnings     2,571.1       2,357.9  
        Accumulated other comprehensive loss     (311.6 )     (367.2 )
        Total TransUnion stockholders’ equity     4,520.2       4,217.0  
        Noncontrolling interests     106.0       101.8  
        Total stockholders’ equity     4,626.2       4,318.8  
        Total liabilities and stockholders’ equity   $ 11,117.7     $ 10,984.8  
        TRANSUNION AND SUBSIDIARIES
        Consolidated Statements of Operations (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Revenue   $ 1,139.7     $ 1,040.8     $ 2,235.5     $ 2,062.0  
        Operating expenses                
        Cost of services (exclusive of depreciation and amortization below)     469.9       406.7       915.5       813.0  
        Selling, general and administrative     335.0       310.8       591.8       616.4  
        Depreciation and amortization     142.7       132.9       281.6       266.9  
        Restructuring     —       8.1       —       26.3  
        Total operating expenses     947.5       858.4       1,788.9       1,722.4  
        Operating income     192.2       182.4       446.6       339.6  
        Non-operating income and (expense)                
        Interest expense     (55.7 )     (67.9 )     (111.8 )     (136.5 )
        Interest income     8.8       6.7       17.3       12.1  
        Earnings from equity method investments     5.0       4.6       9.3       9.3  
        Other income and (expense), net     6.6       (5.1 )     (10.8 )     (20.8 )
        Total non-operating income and (expense)     (35.4 )     (61.7 )     (96.0 )     (135.9 )
        Income before income taxes     156.8       120.7       350.5       203.7  
        Provision for income taxes     (44.4 )     (31.0 )     (85.4 )     (44.1 )
        Net income     112.4       89.7       265.1       159.7  
        Less: net income attributable to noncontrolling interests     (2.8 )     (4.7 )     (7.4 )     (9.5 )
        Net income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
                         
        Basic earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.32     $ 0.77  
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        TRANSUNION AND SUBSIDIARIES
        Consolidated Statements of Cash Flows (Unaudited)
        (in millions)
         
            Six Months Ended June 30,
              2025       2024  
        Cash flows from operating activities:        
        Net income   $ 265.1     $ 159.7  
        Adjustments to reconcile net income to net cash provided by operating activities:        
        Depreciation and amortization     281.6       266.9  
        Loss on repayment of loans     —       2.6  
        Deferred taxes     (54.1 )     (63.6 )
        Stock-based compensation     70.5       51.8  
        Other     29.1       19.5  
        Changes in assets and liabilities:        
        Trade accounts receivable     (98.4 )     (71.3 )
        Other current and long-term assets     8.0       45.1  
        Trade accounts payable     37.1       53.7  
        Other current and long-term liabilities     (195.1 )     (115.2 )
        Cash provided by operating activities     343.8       349.2  
        Cash flows from investing activities:        
        Capital expenditures     (145.4 )     (130.7 )
        Proceeds from sale/maturities of other investments     0.2       —  
        Investments in consolidated affiliates, net of cash acquired     (55.7 )     —  
        Investments in nonconsolidated affiliates and notes receivable     (25.0 )     (4.4 )
        Proceeds from the sale of investments in nonconsolidated affiliates     —       3.8  
        Other     2.2       4.8  
        Cash used in investing activities     (223.7 )     (126.5 )
        Cash flows from financing activities:        
        Proceeds from term loans     —       934.9  
        Repayments of term loans     —       (927.9 )
        Repayments of debt     (43.2 )     (99.4 )
        Debt financing fees     —       (13.5 )
        Dividends to shareholders     (45.1 )     (41.4 )
        Proceeds from issuance of common stock     10.5       12.4  
        Employee taxes paid on restricted stock units recorded as treasury stock     (7.4 )     (11.4 )
        Repurchase of common stock     (38.8 )     —  
        Distributions to noncontrolling interests     (3.3 )     (3.8 )
        Cash used in financing activities     (127.3 )     (150.1 )
        Effect of exchange rate changes on cash and cash equivalents     15.2       (5.6 )
        Net change in cash and cash equivalents     8.0       67.0  
        Cash and cash equivalents, beginning of period     679.5       476.2  
        Cash and cash equivalents, end of period   $ 687.5     $ 543.2  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.


        TRANSUNION AND SUBSIDIARIES

        Non-GAAP Financial Measures

        We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

        We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

        Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

        Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

        Consolidated Adjusted EBITDA

        Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

        • Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
        • Provision for income taxes, as reported on our Consolidated Statements of Operations.
        • Depreciation and amortization, as reported on our Consolidated Statements of Operations.
        • Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
        • Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
        • Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
        • Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, including gains or losses on a step acquisition, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
        • Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

        Consolidated Adjusted EBITDA Margin

        Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

        Adjusted Net Income

        Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

        • Amortization of certain intangible assets represents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
        • Stock-based compensation (see Consolidated Adjusted EBITDA above)
        • Operating model optimization program (see Consolidated Adjusted EBITDA above)
        • Accelerated technology investment (see Consolidated Adjusted EBITDA above)
        • Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
        • Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
        • Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statements of operations.

        Adjusted Diluted Earnings Per Share

        Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

        Adjusted Provision for Income Taxes

        Management has excluded the following items from our provision for income taxes for the periods presented:

        • Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
        • Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
        • Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

        Adjusted Effective Tax Rate

        Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

        Leverage Ratio

        Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

        This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

        Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

        Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

        SCHEDULE 1
        TRANSUNION AND SUBSIDIARIES
        Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
        (Unaudited)
         
            For the Three Months Ended June 30, 2025 compared with
        the Three Months Ended June 30, 2024
          For the Six Months Ended June 30, 2025 compared with
        the Six Months Ended June 30, 2024
            Reported   CC Growth1   Inorganic   Organic CC Growth2   Reported   CC Growth1   Inorganic   Organic CC Growth2
        Revenue:                                
        Consolidated   9.5 %   9.5 %   0.7 %   8.9 %   8.4 %   8.8 %   0.3 %   8.5 %
        U.S. Markets   10.0 %   10.0 %   0.3 %   9.8 %   9.3 %   9.3 %   0.1 %   9.2 %
        Financial Services   17.1 %   17.1 %   — %   17.1 %   15.9 %   15.9 %   — %   15.9 %
        Emerging Verticals   4.9 %   4.9 %   — %   4.9 %   5.4 %   5.4 %   — %   5.4 %
        Consumer Interactive   3.3 %   3.3 %   1.5 %   1.8 %   1.3 %   1.3 %   0.7 %   0.5 %
        International   7.4 %   7.4 %   2.0 %   5.5 %   4.9 %   6.7 %   1.0 %   5.7 %
        Canada   9.0 %   10.5 %   — %   10.5 %   4.8 %   8.7 %   — %   8.7 %
        Latin America   (1.0 )%   4.0 %   — %   4.0 %   (0.8 )%   5.5 %   — %   5.5 %
        United Kingdom   18.7 %   12.6 %   8.4 %   4.6 %   13.8 %   11.0 %   4.3 %   7.0 %
        Africa   15.0 %   13.7 %   — %   13.7 %   13.5 %   11.7 %   — %   11.7 %
        India   4.8 %   7.6 %   — %   7.6 %   0.5 %   4.0 %   — %   4.0 %
        Asia Pacific   (6.8 )%   (7.7 )%   — %   (7.7 )%   — %   — %   — %   — %
                                         
        Adjusted EBITDA:                                
        Consolidated   8.1 %   8.3 %   — %   8.3 %   9.4 %   10.2 %   — %   10.2 %
        U.S. Markets   6.8 %   6.8 %   — %   6.8 %   9.4 %   9.4 %   — %   9.4 %
        International   7.2 %   8.0 %   — %   7.9 %   4.9 %   7.6 %   — %   7.6 %
        1. Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
        2. Organic CC growth rate is the CC growth rate less the inorganic growth rate.
        SCHEDULE 2
        TRANSUNION AND SUBSIDIARIES
        Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
        (dollars in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Revenue:              
        U.S. Markets gross revenue              
        Financial Services $ 419.9     $ 358.7     $ 823.5     $ 710.4  
        Emerging Verticals   323.6       308.5       638.5       606.0  
        Consumer Interactive   146.9       142.1       285.1       281.5  
        U.S. Markets gross revenue $ 890.4     $ 809.3     $ 1,747.0     $ 1,597.8  
                       
        International gross revenue              
        Canada $ 42.3     $ 38.8     $ 80.1     $ 76.5  
        Latin America   34.1       34.5       66.9       67.4  
        United Kingdom   67.2       56.6       126.1       110.8  
        Africa   18.2       15.8       35.1       30.9  
        India   66.6       63.5       135.3       134.6  
        Asia Pacific   24.5       26.2       51.5       51.5  
        International gross revenue $ 252.9     $ 235.4     $ 495.0     $ 471.7  
                       
        Total gross revenue $ 1,143.2     $ 1,044.7     $ 2,242.1     $ 2,069.6  
                       
        Intersegment revenue eliminations              
        U.S. Markets $ (1.9 )   $ (2.4 )   $ (3.5 )   $ (4.7 )
        International   (1.6 )     (1.5 )     (3.1 )     (3.0 )
        Total intersegment revenue eliminations $ (3.5 )   $ (3.9 )   $ (6.6 )   $ (7.6 )
                       
        Total revenue as reported $ 1,139.7     $ 1,040.8     $ 2,235.5     $ 2,062.0  
                       
        Adjusted EBITDA:              
        U.S. Markets $ 337.2     $ 315.8     $ 657.4     $ 600.9  
        International   108.0       100.8       217.8       207.6  
        Corporate   (38.2 )     (40.0 )     (71.0 )     (73.8 )
        Adjusted EBITDA Margin:1              
        U.S. Markets   37.9 %     39.0 %     37.6 %     37.6 %
        International   42.7 %     42.8 %     44.0 %     44.0 %
        1. Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:              
        Net income attributable to TransUnion $ 109.6     $ 85.0     $ 257.7     $ 150.1  
        Net interest expense   47.0       61.2       94.5       124.4  
        Provision for income taxes   44.4       31.0       85.4       44.1  
        Depreciation and amortization   142.7       132.9       281.6       266.9  
        EBITDA $ 343.7     $ 310.1     $ 719.2     $ 585.4  
        Adjustments to EBITDA:              
        Stock-based compensation   40.2       27.8       70.5       51.9  
        Mergers and acquisitions, divestitures and business optimization1   (4.6 )     0.7       13.2       9.8  
        Accelerated technology investment2   23.2       18.2       43.3       36.8  
        Operating model optimization program3   5.4       14.6       15.2       39.1  
        Net other4   (0.8 )     5.2       (57.3 )     11.7  
        Total adjustments to EBITDA $ 63.3     $ 66.5     $ 85.0     $ 149.3  
        Consolidated Adjusted EBITDA $ 407.0     $ 376.6     $ 804.1     $ 734.7  
                       
        Net income attributable to TransUnion margin   9.6 %     8.2 %     11.5 %     7.3 %
        Consolidated Adjusted EBITDA margin5   35.7 %     36.2 %     36.0 %     35.6 %

        As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

          1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Transaction and integration costs   $ 2.9     $ 1.2     $ 8.2     $ 3.4  
        Fair value and impairment adjustments     (7.6 )     0.7       5.0       0.8  
        Post-acquisition adjustments     —       (1.2 )     —       5.7  
        Total mergers and acquisitions, divestitures and business optimization   $ (4.6 )   $ 0.7     $ 13.2     $ 9.8  
          2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Foundational Capabilities   $ 4.2     $ 8.3     $ 11.7     $ 15.0  
        Migration Management     19.0       8.7       31.6       18.8  
        Program Enablement     —       1.2       —       2.9  
        Total accelerated technology investment   $ 23.2     $ 18.2     $ 43.3     $ 36.8  
          3. Operating model optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Employee separation   $ —     $ 7.9     $ —     $ 24.6  
        Facility exit     —       0.2       —       1.7  
        Business process optimization     5.4       6.5       15.2       12.8  
        Total operating model optimization   $ 5.4     $ 14.6     $ 15.2     $ 39.1  
          4. Net other consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ —     $ 6.0     $ (0.1 )   $ 9.1  
        Other debt financing expenses     0.6       0.6       1.1       1.1  
        Currency remeasurement on foreign operations     (1.5 )     (1.3 )     (2.1 )     1.3  
        Legal and regulatory expenses, net     —       —       (56.0 )     —  
        Other non-operating (income) expense     0.2       (0.1 )     (0.1 )     0.2  
        Total other adjustments   $ (0.8 )   $ 5.2     $ (57.3 )   $ 11.7  
          5. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
        SCHEDULE 3
        TRANSUNION AND SUBSIDIARIES
        Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
                         
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  
                         
        Basic earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.32     $ 0.77  
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
                         
        Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:                
        Net income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
        Adjustments before income tax items:                
        Amortization of certain intangible assets1     73.1       71.3       143.9       143.3  
        Stock-based compensation     40.2       27.8       70.5       51.9  
        Mergers and acquisitions, divestitures and business optimization2     (4.6 )     0.7       13.2       9.8  
        Accelerated technology investment3     23.2       18.2       43.3       36.8  
        Operating model optimization program4     5.4       14.6       15.2       39.1  
        Net other5     (1.5 )     4.8       (58.2 )     10.7  
        Total adjustments before income tax items   $ 135.6     $ 137.4     $ 227.9     $ 291.6  
        Total adjustments for income taxes6     (32.1 )     (29.4 )     (64.8 )     (69.7 )
        Adjusted Net Income   $ 213.1     $ 193.0     $ 420.7     $ 372.0  
                         
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  
                         
        Adjusted Earnings per Share:                
        Basic   $ 1.09     $ 0.99     $ 2.16     $ 1.92  
        Diluted   $ 1.08     $ 0.99     $ 2.13     $ 1.90  
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:                
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
        Adjustments before income tax items:                
        Amortization of certain intangible assets1     0.37       0.37       0.73       0.73  
        Stock-based compensation     0.20       0.14       0.36       0.27  
        Mergers and acquisitions, divestitures and business optimization2     (0.02 )     —       0.07       0.05  
        Accelerated technology investment3     0.12       0.09       0.22       0.19  
        Operating model optimization program4     0.03       0.08       0.08       0.20  
        Net other5     (0.01 )     0.02       (0.30 )     0.05  
        Total adjustments before income tax items   $ 0.69     $ 0.70     $ 1.16     $ 1.49  
        Total adjustments for income taxes6     (0.16 )     (0.15 )     (0.33 )     (0.36 )
        Adjusted Diluted Earnings per Share   $ 1.08     $ 0.99     $ 2.13     $ 1.90  

        Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

          1. Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
          2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Transaction and integration costs   $ 2.9     $ 1.2     $ 8.2     $ 3.4  
        Fair value and impairment adjustments     (7.6 )     0.7       5.0       0.8  
        Post-acquisition adjustments     —       (1.2 )     —       5.7  
        Total mergers and acquisitions, divestitures and business optimization   $ (4.6 )   $ 0.7     $ 13.2     $ 9.8  
          3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Foundational Capabilities   $ 4.2     $ 8.3     $ 11.7     $ 15.0  
        Migration Management     19.0       8.7       31.6       18.8  
        Program Enablement     —       1.2       —       2.9  
        Total accelerated technology investment   $ 23.2     $ 18.2     $ 43.3     $ 36.8  
          4. Operating model optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Employee separation   $ —     $ 7.9     $ —     $ 24.6  
        Facility exit     —       0.2       —       1.7  
        Business process optimization     5.4       6.5       15.2       12.8  
        Total operating model optimization   $ 5.4     $ 14.6     $ 15.2     $ 39.1  
          5. Net other consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ —     $ 6.0     $ (0.1 )   $ 9.1  
        Currency remeasurement on foreign operations     (1.5 )     (1.3 )     (2.1 )     1.3  
        Legal and regulatory expenses, net     —       —       (56.0 )     —  
        Other non-operating (income) and expense     —       0.1       —       0.3  
        Total other adjustments   $ (1.5 )   $ 4.8     $ (58.2 )   $ 10.7  
          6. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
        SCHEDULE 4
        TRANSUNION AND SUBSIDIARIES
        Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
        (dollars in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Income before income taxes $ 156.8     $ 120.7     $ 350.5     $ 203.7  
        Total adjustments before income tax items from Schedule 3   135.6       137.4       227.9       291.6  
        Adjusted income before income taxes $ 292.4     $ 258.1     $ 578.5     $ 495.3  
                       
        Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:              
        Provision for income taxes   (44.4 )     (31.0 )     (85.4 )     (44.1 )
        Adjustments for income taxes:              
        Tax effect of above adjustments   (33.0 )     (31.7 )     (65.3 )     (66.7 )
        Eliminate impact of excess tax expense for stock-based compensation   (0.2 )     (0.1 )     0.3       0.9  
        Other1   1.1       2.5       0.2       (4.0 )
        Total adjustments for income taxes $ (32.1 )   $ (29.4 )   $ (64.8 )   $ (69.7 )
        Adjusted Provision for Income Taxes $ (76.5 )   $ (60.4 )   $ (150.3 )   $ (113.8 )
                       
        Effective tax rate   28.3 %     25.7 %     24.4 %     21.6 %
        Adjusted Effective Tax Rate   26.2 %     23.4 %     26.0 %     23.0 %

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

          1. Other adjustments for income taxes include:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred tax adjustments   $ (2.9 )   $ —     $ (7.4 )   $ (5.2 )
        Valuation allowance adjustments     (0.7 )     —       1.5       0.2  
        Return to provision, audit adjustments and reserves related to prior periods     3.9       3.3       4.9       2.3  
        Other adjustments     0.8       (0.8 )     1.2       (1.3 )
        Total other adjustments   $ 1.1     $ 2.5     $ 0.2     $ (4.0 )
        SCHEDULE 5
        TRANSUNION AND SUBSIDIARIES
        Leverage Ratio (Unaudited)
        (dollars in millions)
         
            Trailing Twelve Months Ended
        June 30, 2025
        Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:    
        Net income attributable to TransUnion   $ 391.9  
        Net interest expense     206.8  
        Provision for income taxes     140.2  
        Depreciation and amortization     552.5  
        EBITDA   $ 1,291.4  
        Adjustments to EBITDA:    
        Stock-based compensation   $ 139.9  
        Mergers and acquisitions, divestitures and business optimization1     29.9  
        Accelerated technology investment2     90.8  
        Operating model optimization program3     71.0  
        Net other4     (47.2 )
        Total adjustments to EBITDA   $ 284.3  
        Consolidated Adjusted EBITDA     1,575.7  
        Adjusted EBITDA for Pre-Acquisition Period5     1.7  
        Leverage Ratio Adjusted EBITDA   $ 1,577.4  
             
        Total debt   $ 5,136.5  
        Less: Cash and cash equivalents     687.5  
        Net Debt   $ 4,449.0  
             
        Ratio of Net Debt to Net income attributable to TransUnion     11.4  
        Leverage Ratio     2.8  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

          1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Transaction and integration costs   $ 16.0  
        Fair value and impairment adjustments     12.6  
        Post-acquisition adjustments     1.3  
        Total mergers and acquisitions, divestitures and business optimization   $ 29.9  
          2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Trailing Twelve Months Ended
        June 30, 2025
        Foundational Capabilities   $ 32.3  
        Migration Management     55.9  
        Program Enablement     2.5  
        Total accelerated technology investment   $ 90.8  
          3. Operating model optimization consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Employee separation   $ —  
        Facility exit     40.5  
        Business process optimization     30.5  
        Total operating model optimization   $ 71.0  
          4. Net other consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Deferred loan fee expense from debt prepayments and refinancings   $ 8.6  
        Other debt financing expenses     2.3  
        Currency remeasurement on foreign operations     (1.3 )
        Legal and regulatory expenses, net     (56.0 )
        Other non-operating (income) and expense     (0.8 )
        Total other adjustments   $ (47.2 )
          5. The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.
        SCHEDULE 6
        TRANSUNION AND SUBSIDIARIES
        Segment Depreciation and Amortization (Unaudited)
        (in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025         2024     2025       2024  
                       
        U.S. Markets $ 105.2     $   99.4   $ 206.4     $ 200.1  
        International   36.6         32.5     73.2       64.7  
        Corporate   0.9         1.0     2.0       2.0  
        Total depreciation and amortization $ 142.7     $   132.9   $ 281.6     $ 266.9  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        SCHEDULE 7
        TRANSUNION AND SUBSIDIARIES
        Reconciliation of Non-GAAP Guidance (Unaudited)
        (in millions, except per share data)
         
          Three Months Ended September 30, 2025   Twelve Months Ended December 31, 2025
          Low   High   Low   High
        Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
        Net income attributable to TransUnion $ 78     $ 87     $ 412     $ 432  
        Interest, taxes and depreciation and amortization   235       239       931       940  
        EBITDA $ 312     $ 326     $ 1,342     $ 1,372  
        Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   85       85       238       238  
        Adjusted EBITDA $ 397     $ 411     $ 1,580     $ 1,610  
                       
        Net income attributable to TransUnion margin   7.0 %     7.7 %     9.3 %     9.7 %
        Consolidated Adjusted EBITDA margin2   35.6 %     36.2 %     35.7 %     36.0 %
                       
        Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
        Diluted earnings per share $ 0.39     $ 0.44     $ 2.07     $ 2.18  
        Adjustments to diluted earnings per share1   0.60       0.60       1.96       1.96  
        Adjusted Diluted Earnings per Share $ 0.99     $ 1.04     $ 4.03     $ 4.14  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
        2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

        The MIL Network –

    July 24, 2025
  • MIL-OSI United Nations: 24 July 2025 Departmental update WHO unveils health and environment scorecards for 194 countries

    Source: World Health Organisation

    The World Health Organization (WHO) has released the 2024 update of its health and environment country scorecards, assessing how countries are managing eight major environmental threats to health across sectors. These threats include air pollution, unsafe water, sanitation and hygiene (WASH), climate change, loss of biodiversity, exposure to chemicals, and radiation, occupational risks, and environmental risks in and around health care facilities. This year’s edition also introduces a new summary score, offering a concise snapshot of how environmental conditions are impacting people’s health.

    WHO’s health and environment country scorecards serve as a valuable tool for guiding national action. They provide detailed data across the eight key areas linking environment, climate change, and health policies, promoting cross-sectoral engagement, and helping governments prioritize evidence-based interventions. 

    “Tackling environmental risks isn’t optional—it’s a prescription for better health, stronger economies, and a safer future. You can’t have healthy people on a sick planet,” said Dr Maria Neira, WHO Director, Department of Environment, Climate Change and Health. “We urge all countries to take bold, coordinated action across sectors to reduce environmental threats. Investing in clean air, safe water, and climate-protective policies is not just good for the planet. It’s essential for the health and future of their people.”

    From among countries, Norway and Canada received the highest scores overall. Among income groups, Argentina scored highest for upper-middle-income countries, Jordan for lower-middle-income, and Malawi for low-income countries. European countries led in regional averages, followed by the Americas, Western Pacific, and Eastern Mediterranean, and other regions.

    In this third round of scorecards, the introduction of the summary score marks a significant step forward in helping countries prioritize action on health and environment. The summary score is designed to condense a wide range of environmental health indicators into a single, accessible measure. Comprising 25 key indicators across environment, climate change, and health, the score enables countries to track progress at national, regional, and global levels—highlighting trends in exposures, health impacts, policy implementation, as well as identifying critical data gaps.

    The scorecards support countries in conducting situation assessments and setting evidence-based priorities for action. While large disparities exist between countries, shaped in part by differing levels of economic resources, every country has an opportunity to strengthen efforts to reduce environmental health risks.

    “The updated scorecards, together with the summary score, now bring new visibility to the links between environment and health at country level,” said Dr Annette Pruess, Unit Head, Department of Environment, Climate Change and Health, WHO. “This is a powerful tool for governments to identify challenges and shape targeted responses.”

    About 25% of the global burden of disease is linked to environmental threats that are largely preventable. By addressing these environmental risk factors through stronger policies, cleaner technologies, and sustainable practices, we can significantly reduce preventable illnesses and deaths—improving health outcomes while protecting our planet.

    MIL OSI United Nations News –

    July 24, 2025
  • MIL-OSI United Nations: UNESCO strengthens fire resilience in the Pantanal and Cerrado with support from local communities

    Source: UNESCO World Heritage Centre

    The initiative aims to protect areas recognized as World Natural Heritage Sites and Biosphere Reserves through the Heritage Emergency Fund (HEF).

    UNESCO is intensifying its efforts in Brazil to protect areas recognized as World Natural Heritage Sites and Biosphere Reserves in response to the rise in extreme wildfires driven by climate change. Through the Heritage Emergency Fund (HEF), the organization is leading a strategic initiative to bolster fire resilience in the Pantanal of Mato Grosso and in Goiás.

    A total of 60 volunteers were trained through this project: 30 in the Pantanal Matogrossense National Park (MT), 15 in Chapada dos Veadeiros National Park (GO), and 15 in Emas National Park (GO). Around 800 pieces of equipment were distributed, including firefighting tools and Personal Protective Equipment (PPE). Additionally, an action plan is being developed to guide volunteer firefighters, based on Integrated Fire Management (IFM) and UNESCO’s Fire Risk Management Guide.

    “The project funded by the Heritage Emergency Fund makes a significant contribution to local communities by recognizing and strengthening their vital role in fire prevention and control”

    Interinstitutional initiative in the Pantanal

    From 22 to 25 April 2025, the Serra do Amolar — a remote and hard-to-reach region between Corumbá (MS) and Cáceres (MT), on the border with Bolivia — hosted a community brigade training supported by UNESCO’s Heritage Emergency Fund. The activity took place in the Pantanal Matogrossense National Park, in collaboration with WWF-Brazil, GEF Terrestrial (Funbio), Ibama (PrevFogo), Ecoa (Ecology and Action), and the Brazilian Navy.

    Three brigades, made up of 30 Pantanal residents — including 14 women — took part in the training. Over three intensive days of technical and practical lessons, participants learned fire prevention and control techniques from specialists.

    In addition to traditional methods — such as the use of specific tools, fire front control, heat mapping, and surveillance — the training incorporated agroforestry practices adapted to the Pantanal context. “One innovation was the management of slash-and-burn plots and backyard gardens. These areas, besides being vital for local subsistence, serve as ecological corridors that can protect wildlife during fires”, explains André Luiz Siqueira, Director of Ecoa.

    Another innovation was the introduction of the Sigma tool, a software developed by SOS Pantanal, which sends real-time fire alerts to mobile phones. Using satellite imagery and data such as wind direction and temperature, the technology is accessible even to those with limited formal education.

    Support from the Brazilian Navy enabled the logistics for participants and specialists, including transport via small boats, 950 liters of petrol, and 870 kilograms of food. Accommodation was provided by staff from the Chico Mendes Institute for Biodiversity Conservation (ICMBio).

    Geographical and climatic challenges in firefighting

    Corumbá, covering over 64,000 km², is the 11th largest municipality in Brazil. The rugged terrain of the Serra do Amolar and limited access via rivers or air pose logistical challenges for firefighting. The presence of peat — organic matter accumulated in wetlands — creates highly flammable biomass during the dry season, making fires frequent and intense.

    The region encompassing the Pantanal Matogrossense National Park is part of a UNESCO World Heritage Site alongside three Private Natural Heritage Reserves, and is also recognized as a Ramsar Site — an international designation for wetlands of high ecological importance.

    “The Pantanal harbors great biodiversity and is vital for fish reproduction (ichthyofauna). This region is essential for traditional peoples, sustainable tourism, and the conservation of species such as the jaguar, giant otter, and giant anteater”

    In 2024, the Pantanal experienced one of the worst wildfire seasons on record. According to the Laboratory for Environmental Satellite Applications (Lasa/UFRJ), around 2.6 million hectares — 17% of the biome — were consumed by fire. This was the second-highest figure since the historical series began in 2012, surpassed only by 2020, when 3.6 million hectares were devastated.

    “The drought pattern has changed. Although climate change is intensifying, those combating the fires are now better organized. We have more brigade members, resources, support from the National Security Force, the Armed Forces, and a more structured state response,” says Márcio Yule, coordinator of PrevFogo/Ibama in Mato Grosso do Sul.

    Extreme drought — worsened by the El Niño phenomenon — combined with improper fire use, high temperatures, and low humidity, has increased vegetation vulnerability and impacted biodiversity and traditional community livelihoods.

    I’ve been a brigade member since 2001, and the training helps us in many ways. Having the right equipment, rather than just our bare hands, makes all the difference. As traditional people, we have knowledge of fire management and know the land. When firefighters arrive, they need to talk to the community to understand what’s happening here. This combination of our knowledge, training, and equipment allows us to care for the land and the Pantanal.

    She is a quilombola and indigenous woman from the Guató people, living in the Barra de São Lourenço community — on the banks of the Cuiabá River near the Paraguay River, on the border between Mato Grosso do Sul and Mato Grosso, and the frontier with Bolivia.

    Silas Ismael

    Despite the increasingly challenging climate scenario, the combination of community mobilization, traditional knowledge, and technology has proven effective in mitigating damage. “The formation of civil brigades is more than a fire response plan — it is a territorial adaptation strategy that supports autonomy and resilience in the Pantanal,” says Osvaldo Barassi Gajardo, Conservation Specialist at WWF-Brazil.

    With each new training session, more than just skills are developed — a living protection network is built, where nature, science, and community walk hand in hand. Brigade member Eliane has a dream for the world’s largest wetland. “We care for nature, and nature cares for us. My dream is a green Pantanal full of animals”.

    Rosi do Céu, rooted in the Cerrado

    Since childhood, 47-year-old Rosilene Rodrigues da Silva Santos has guided people through the beauties and unique features of the Cerrado biome in Chapadão do Céu, Goiás, Brazil.

    “I grew up in this region. When visitors came to our house looking for tours, my parents would ask me to show them the trails, explain the routes, and teach them how to reach Emas National Park”. Today, Rosi works as a guide at the park during weekend and holidays, volunteers as a firefighter, and has served as a primary school teacher for the past 28 years. Currently, she teaches first grade at a municipal school in Chapadão do Céu from Monday to Friday.

    In 2010, a massive wildfire devastated approximately 90% of the 132,000 hectares of Emas National Park and the surrounding region. “That was my first time volunteering. The fire lasted several days, and the entire community helped. We brought clothes, supplies, and food for those battling the flames. It was my first experience with fire”.

    In her view, “nature still hasn’t fully recovered” from that fire. “The animals didn’t all return, there are far fewer now. But the Cerrado is life. It regenerates. The trees are twisted, with thick bark and deep roots. It’s on purpose. When fire comes, it doesn’t consume the forest floor. The Cerrado survives, it’s resilient,” she explains.

    In April, Rosi participated in a fire brigade training coordinated by UNESCO, with support from the Heritage Emergency Fund (HEF), and with WWF-Brazil. Trainings were held at three sites: Chapada dos Veadeiros National Park (GO), Emas National Park (GO), and Pantanal Matogrossense National Park (MT) – addressing conservation efforts across the Cerrado and Pantanal biomes.

    The training was excellent. Now we’re better prepared to manage the park during the dry season, following the management plan. And if emergencies arise, we know how to fight fires strategically, safely, and effectively.

    But if you ask Rosi do Céu (Rosi of the Sky) what she loves most, the answer is nature and wildlife. “Some people admire celebrities. I admire those who love nature. I love the wilderness and care for animals”.

    Rosi also makes handcrafted items from bamboo and wood, and rescues snakes and wild animals when needed. “Just send me a message on WhatsApp. If there’s an opossum or any creature, people say, Call Rosi, she’ll take care of it.” In 2018, she rescued a tapir and named her Preciosa (Precious). “Every time I go to Emas National Park, near where she stays, I call her name, she comes and eats from my hand. It’s love,” says the firefighter, guide, teacher, artisan, and animal caregiver.

    Eliane: ancestral wisdom

    Eliane Aires de Souza, 58 years, carries in her eyes and hands the wisdom born of deep interaction with nature and ancestral knowledge. A Pantanal native, she lives in the community of Barra de São Lourenço (MT), shaped by the waters and the vibrant life that surrounds her. She is an Indigenous woman of the Guató people, with quilombola ancestry, and works the land with knowledge and care as an agroforestry practitioner. Since 2001, she has served as a civilian firefighter, confronting the wildfires that each year are increasingly threatening the Pantanal.

    Silas Ismael

    This is our way of life. The Pantanal is our home. Having proper training and equipment helps us take care of it and protect our collective house.

    Eliane is a mother, grandmother, and president of the Renascer Women’s Association, created to strengthen the dreams and autonomy of the women in her community. In her words, she highlights the daily challenges of keeping culture alive and staying connected to the land. “Here, we live off fishing, bait, and handicrafts”.

    Eliane feels the effects of climate change and the abandonment of the rivers. She speaks with sadness of the Rio Velho, which no longer flows as it once did. “It’s like a clogged vein in the body. If we don’t take care of the river, the whole body falls ill”. For her, protecting nature means protecting herself, her family, her community, and the future. “That tree behind you is like a vein, it gives life to other lives”.

    In her daily life, Eliane cultivates an agroforestry system at home. She nurtures and protects the land. “That’s what agroforestry is: we care for it, and it cares for us”. Drawing on ancestral wisdom, she explains the importance of nourishing the soil, preserving humidity, and ensuring shade, life, and food. She grows bananas, cassava, lemons, and oranges, and dreams of more. She envisions a seedling nursery and a green corridor that reconnects fragmented forest areas, providing food for animals and nourishing hope.

    “If we keep waiting, the soil will die. And with it, our way of life”. She refuses to depend on the city for basic needs. “It’s the dream that keeps us going”.

    And perhaps it is that persistent force of dreaming, that way of resisting with hands in the soil, body in the canoe, and soul in the crafts, that keeps the Pantanal alive. As long as there are Elianes and Rosis, there will be hope for rebirth.

    About the UNESCO Heritage Emergency Fund

    This activity was supported by the UNESCO Heritage Emergency Fund (HEF). We express our gratitude to its donors: the Principality of Andorra, the Qatar Fund for Development, Canada, the Slovak Republic, the Republic of Estonia, the French Republic, the Republic of Lithuania, the Grand Duchy of Luxembourg, the Principality of Monaco, the Kingdom of Norway, the Kingdom of the Netherlands, the Republic of Poland, the United Kingdom of Great Britain and Northern Ireland, the Republic of Serbia, and ANA Holdings INC.

    MIL OSI United Nations News –

    July 24, 2025
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