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  • MIL-OSI United Kingdom: Pension plan to double £25 billion+ megafunds, boost investment and improve returns for savers

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Pension plan to double £25 billion+ megafunds, boost investment and improve returns for savers

    Millions of workers are set to retire with bigger pension pots as the Government confirms plans to double the number of UK pension megafunds by 2030, unlocking billions to invest in Britain’s future.

    • Move secures over £50 billion investment in UK infrastructure, new homes and fast-growing businesses, as pension funds reverse decades of declining domestic investment. 
    • Average earner could get £6,000 boost to their pension pots at retirement from consolidation alone – with further increases expected through the Pension Schemes Bill. 
    • £1 billion a year of costs could be saved through consolidation and better governance, ensuring savings deliver for working people and the economy.

    Reforms set to be introduced through the Pension Schemes Bill will mean all multi-employer Defined Contribution pension schemes and Local Government Pension Scheme pools operate at megafund level, managing at least £25 billion in assets by 2030. Evidence from Australia and Canada shows that this size allows pension funds to invest in big infrastructure projects and private businesses, boosting the economy while potentially driving higher returns for savers. 

    These changes will drive more investment directly into the UK economy for new homes and promising scale-up businesses, with over £50 billion secured through the recent voluntary commitment from pension funds to invest 5 percent of assets in the UK and new local investment targets for Local Government Pension Scheme authorities. 

    This tackles the gradual decline in domestic investment from UK pension funds, where around 20 per cent of Defined Contribution assets are currently invested compared to over 50 per cent in 2012, as the Government goes further and faster to drive growth, create jobs and put more money into people’s pockets through the Plan for Change. More than 50 scale-up businesses have signed a joint letter to the Chancellor welcoming the reforms as a ‘significant milestone in ensuring British institutions back British businesses at the scale required to generate growth, employment and wealth.’ 

    New figures from the final report of the Pensions Investment Review published today also show that these reforms will drive higher returns for savers, in part by cutting waste in the system. By 2030 these schemes could be saving £1 billion a year through economies of scale and improved investment strategies. As a result, an average earner who saves over their career could see a £6,000 boost to their Defined Contribution pension pot at retirement through the creation of megafunds – with even better returns expected to be generated through changes in the upcoming Pension Schemes Bill.

    Chancellor of the Exchequer, Rachel Reeves, said: 

    We’re making pensions work for Britain. These reforms mean better returns for workers and billions more invested in clean energy and high-growth businesses – the Plan for Change in action.

    Deputy Prime Minister, Angela Rayner said:  

    The untapped potential of the £392 billion Local Government Pension Scheme is enormous. Through these reforms we will make sure it drives growth and opportunities in communities across the country for years to come – delivering on our Plan for Change.

    Today’s pensions announcements follow a month of major delivery milestones for the Plan for Change: new trade deals with India, the US and the EU, UK growth the highest in the G7, and the fourth interest rate cut since last summer after the government secure the economy’s foundations. 

    Multi-employer defined contribution pension schemes will be required to operate at megafund level, managing £25 billion or more in assets, and the full investment might of the £392 billion Local Government Pension Scheme (LGPS) will be unleashed by consolidating assets currently split over 86 administering authorities into just 6 pools.  

    Defined Contribution schemes will be given more freedom through legislation to move savers into better performing funds, enabling bulk transfer of assets into the megafunds while ensuring savers’ interests are always protected. Schemes worth over £10 billion that are unable to reach the minimum size requirement by the end of the decade will be allowed to continue operating, as long as they can demonstrate a clear plan to reach £25 billion by 2035. 

    The Mansion House Accord shows DC schemes are voluntarily investing more in infrastructure and businesses. To provide additional certainty that individual schemes will not lose business by investing in private markets, which offer the potential for higher returns but are expensive to invest in upfront, the Government will take a reserve power in the Pension Schemes Bill to set binding asset allocation targets. 

    The Pensions Investment Review confirms the March 2026 deadline for LGPS asset pooling, with a backstop power set to be taken in the Pension Schemes Bill to protect the interests of LGPS members and local taxpayers where necessary by directing an Administering Authority to participate in a specific investment pool.  

    Local investment targets will be agreed with LGPS authorities for the first time, securing £27.5 billion for local priorities. LGPS authorities will work with regional mayors, Welsh Authorities and councils to back the projects that matter most to the 6.7 million public servants – most of whom are low-paid women – whose savings they manage.

    Minister for Pensions, Torsten Bell, said: 

    Our economic strategy is about delivering real change, not tinkering around the edges. When it comes to pensions, size matters, so our plans will double the number of £25 billion plus megafunds. These reforms will mean bigger, better pension schemes, delivering a better retirement for millions and high investment in Britain.

    Irene Graham OBE, CEO ScaleUp Institute said:

    This represents a significant milestone in ensuring British institutions back British business – at the scale required – to generate growth, employment and wealth. UK pension funds are central to achieving this goal and addressing the UK’s longstanding growth capital gap that have held back growth ambitions. 

    The ScaleUp Institute, and the broad representatives of the scaleup economy across the UK, have written to the Chancellor today to welcome the Government’s final report on the Pensions Investment Review and the Government’s commitment to double the number of UK pension megafunds by 2030, thereby unlocking billions of patient capital to scaling businesses across the country.

    The changes come as London CIV has become the first LGPS pool to announce its intention to work with the British Business Bank on the launch of the British Growth Partnership (BGP), joining Aegon UK and NatWest Cushon, who last year announced their intention to collaborate on the BGP and invest in fast-growing businesses. These three funds manage a combined £274 billion in assets. 

    The upcoming Pension Schemes Bill will continue the Government’s fundamental reset of our pensions landscape, including by tackling the small pots problem, allowing Defined Benefit surpluses to be safely released, requiring every scheme to deliver value for money, and ensuring all savers are offered a default retirement income product. 

    Countries like Canada and Australia show how powerful pension consolidation can be – having built megafunds that invest in assets that boost their economies. Today’s reforms put the UK on the same path.

    More information

    • The final report of the Pensions Investment Review will be here. Further detail on all calculations and assumptions will be contained in the analytical annex. 

    • Just over 50% of DC assets were invested domestically in 2012 which has gradually declined to just over 20% by 2023. 

    • The £50 billion investment figure combines the Mansion House Accord commitment to invest 5% of assets in the UK (£25 billion by 2030), and the estimate for Local Government Pension Scheme local investment (5% of £550 billion by 2030). 

    • The £6,000 boost to retirement pots is from the impact of consolidation alone, which we estimate to deliver at least a 6-basis point reduction in fees as well as increase allocations to productive assets such as infrastructure projects. This means an average (median) earner saving into a DC pension, who is 22 and saves for their entire career until State Pension Age will see a £6,000 boost to their retirement pot before other measures in the Pension Schemes Bill are factored in. 

    • The £1 billion savings figure for DC schemes is based on a 12 basis point reduction in costs applied to £800 billion assets under management by 2030 – delivering a £960m saving. The Pension Investment Review consultation responses suggested consolidation of pension providers could lead to reduced charges by up to 10-20bps over the longer term and Australia had around a 12bp cost reduction through scale. 

    • The government’s response to the Options for Defined Benefit schemes consultation, also published today sets out how Government will unlock some of the £160 billion of surplus funds from well-funded Defined Benefit (DB) pension schemes, to benefit employers, members and the economy. It also sets out that the Government is continuing to consider a consolidator for DB schemes, run by the Pensions Protection Fund. The response is here: Options for Defined Benefit schemes – GOV.UK

    • The joint letter from scale up businesses can be found here

    Irene Graham OBE, CEO ScaleUp Institute, said:

    The ScaleUp Institute, and the broad representatives of the scaleup economy across the UK, have written to the Chancellor today to welcome the Government’s final report on the Pensions Investment Review and the Government’s commitment to double the number of UK pension megafunds by 2030, thereby unlocking billions of patient capital to scaling businesses across the country.

    This represents a significant milestone in ensuring British institutions back British business – at the scale required – to generate growth, employment and wealth. UK pension funds are central to achieving this goal and addressing the UK’s longstanding growth capital gap that have held back growth ambitions. 

    To deliver tangible impacts on the ground we must now see the intent in these reforms, alongside the recently augmented Mansion House Accord, turn into practical institutional investment outcomes in every part and sector of the country, including our rapidly growing innovation and industrial sectors.

    That is why it is so important that the Government’s plans today remain focussed on making sure these reforms are enacted swiftly, and that will place powers into the Pension Scheme Bill to enable compliance.

    The ScaleUp ecosystem across the country looks forward to working with the government and industry partners to ensure the ambitions of this review are fully realised and deliver lasting impact. Thereby ensuring that UK businesses with global ambition get access to the local funding needed to scale, build, and stay in the UK.

    Michael Moore, BVCA Chief Executive, said: 

    These reforms are a real win-win for UK scaleups and pension savers. 

    Countries like Canada and Australia show that when pension funds invest in private capital, you help the national economy and deliver better retirement outcomes. The government should be applauded for learning from their example.

    Megafunds will have the scale needed to develop the expertise required to invest in private capital funds, which will support the development of fast growing businesses and generate stronger returns for pensions savers.

    Jamie Jenkins, Director of Policy & Technical, Royal London said: 

    Today’s announcement sets out a long-term, strategic approach for pension provision in the UK, improving value for savers, and providing greater certainty for employers and their advisers.

    The Lord Mayor of London, Alastair King, said:

    As joint architects of the Mansion House Accord, we welcome the Government’s final Pension Investment Review report as a vital next step in delivering on our shared ambition to unlock capital for growth. This landmark agreement will facilitate the injection of over £25 billion into the UK economy, supporting crucial capital for high-growth businesses and infrastructure projects. With greater consolidation, scale, and alignment between pensions and the real economy, we now have the opportunity to secure better outcomes for savers and long-term investment in the future of the UK. To ensure the best investment outcomes, it is essential that pension funds maintain the autonomy to allocate assets optimally, thereby maximising returns for the savers whose interests they safeguard.

    Updates to this page

    Published 29 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Statement: UK and EU welcome Viet Nam JETP progress

    Source: United Kingdom – Government Statements

    Press release

    Statement: UK and EU welcome Viet Nam JETP progress

    The UK and EU welcome progress on Viet Nam’s Just Energy Transition Partnership as President Macron of France visits the country

    On behalf of the International Partners Group (IPG), the European Union and the United Kingdom – IPG co-leads for the Viet Nam Just Energy Transition Partnership (JETP) – warmly welcome French President Emmanuel Macron’s visit to Viet Nam, reaffirming support for Viet Nam’s goal to deliver a clean energy transition that is inclusive and rooted in sustainable growth on the pathway to ‘net zero’ emissions by 2050.  

    On 26th May, President Macron and President Lương Cường announced progress on two important JETP-supported investment projects:

    • A Credit Financing Agreement between Electricity of Vietnam National Power Transmission Corporation (EVN NPT) and Agence Française de Développement (AFD) of €67 million to build a 500kV transmission line and substations across the Binh Duong and Dong Nai provinces. This project will increase the national transmission network’s capacity to integrate renewable energy and deliver reliable electricity in key economic regions in southern Viet Nam.

    • A Memorandum of Understanding (MoU) between EVN and AFD as coordinator of six IPG Development Finance Institutions (AFD, EIB, JICA, KfW, CDP, and Proparco) and the EU, acknowledging €490 million for the construction of the first 1200 MW Pumped Storage Hydropower project in Vietnam located in Bac Ai, Ninh Thuan province. This large-scale energy storage project will improve grid resilience and enable further integration of variable renewable energy sources into Vietnam’s energy mix. This pilot project also contributes to the development of regulatory, financial, and investment approaches, paving the way for related future partnerships.

    France’s and IPG’s €547 million financial contribution to these two flagship energy transition projects marks an important step towards delivering the public finance commitments under the JETP.

    The EU and UK remain fully committed to the JETP as co-leads, working with Viet Nam as it continues to raise ambitions for tackling emissions, limiting coal and increasing the share of renewables as set out in the recently revised of National Power Development Plan (PDP8).

    In addition to mobilising project-specific finance, the IPG will continue to engage closely with the Government of Viet Nam, the Glasgow Financial Alliance for Net Zero (GFANZ), and wider JETP partners, to promote a strong enabling policy environment for developers and investors that drives Viet Nam’s future green growth ambition.

    What is the JETP ?

    The Just Energy Transition Partnership (JETP) is a cooperation initiative and related Political Declaration agreed in December 2022 between Viet Nam and the International Partners Group (IPG; now comprised of the European Union, the United Kingdom, Canada, Denmark, France, Germany, Italy, Japan, Denmark and Norway, and co-led by the EU and the UK. The overarching goal is to support the country’s energy transition trajectory towards its 2050 net zero emissions commitment. The JETP Political Declaration consequently sets out 3 main targets:

    1. Accelerate and cap the peaking of GHG emissions from the power sector at 170 million tons of CO₂ equivalent by 2030;
    2. Limit the installed capacity of coal-fired power plants to 30.2 gigawatts by 2030;
    3. Increase the share of renewable energy in the power mix to 47% by 2030, promoting investments in wind, solar, and other clean energy sources.

    In support of these targets, the JETP partners secured original funding commitments of $15.5 billion, including $7.5 billion public sector finance from IPG members (grants, concessional and commercial loans and instruments) and $7.5 billion private sector finance facilitated by the Glasgow Financial Alliance for Net Zero (GFANZ). 

    JETPs are also being implemented to support the energy transitions in South Africa, Indonesia and Senegal.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 29 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Futu Announces First Quarter 2025 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, May 29, 2025 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Operational Highlights

    • Total number of funded accounts1 increased 41.6% year-over-year to 2,673,119 as of March 31, 2025.
    • Total number of brokerage accounts2 increased 30.0% year-over-year to 4,955,319 as of March 31, 2025.
    • Total number of users3 increased 16.8% year-over-year to 26.3 million as of March 31, 2025.
    • Total client assets increased 60.2% year-over-year to HK$829.8 billion as of March 31, 2025.
    • Daily average client assets were HK$790.4 billion in the first quarter of 2025, an increase of 64.7% from the same period in 2024.
    • Total trading volume in the first quarter of 2025 increased by 140.1% year-over-year to HK$3.22 trillion, in which trading volume for U.S. stocks was HK$2.25 trillion, and trading volume for Hong Kong stocks was HK$916.0 billion.
    • Margin financing and securities lending balance increased 33.7% year-over-year to HK$50.3 billion as of March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Total revenues increased 81.1% year-over-year to HK$4,694.6 million (US$603.4 million).
    • Total gross profit increased 85.9% year-over-year to HK$3,945.7 million (US$507.2 million).
    • Net income increased 107.0% year-over-year to HK$2,142.7 million (US$275.4 million).
    • Non-GAAP adjusted net income4 increased 97.7% year-over-year to HK$2,216.9 million (US$285.0 million).

    Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said, “We started 2025 on a strong note, adding approximately 262 thousand funded accounts in the first quarter, up 47.8% year-over-year and 21.9% quarter-over-quarter. Total funded accounts reached 2.7 million, representing a 41.6% increase year-over-year and a 10.9% increase quarter-over-quarter. Hong Kong remained the top contributor to new funded accounts, as our marketing initiatives effectively leveraged the Hong Kong market rally and IPO boom. We believe that brokers with leading brand equity, product experience and execution capabilities will gain outsized benefits from strong equity market performance. Malaysia posted the fastest sequential growth in new funded accounts among all seven markets. After a year of rapid market share gain in Malaysia, we think there is ample headroom for further growth and will continue to invest in our product and our brand. In Japan, new funded accounts enjoyed robust growth and reached a historic high, as we solidified our position as the go-to broker for U.S. stock trading. Funded account growth accelerated in the U.S. as we enhanced our offerings for active traders and our high-profile advertising campaigns boosted brand visibility. With one-third of our full-year target already achieved, we remain firmly on track to meet our guidance of 800 thousand net new funded accounts in 2025.”

    “Total client assets reached HK$829.8 billion, up 60.2% year-over-year and 11.6% quarter-over-quarter, thanks to record net asset inflow. In Singapore, total client assets rose 11.4% quarter-over-quarter, sustaining its streak of double-digit sequential growth. Average client assets in Canada and Australia also logged five straight quarters of sequential increase. Margin financing and securities lending balance at quarter end remained largely stable at HK$50.3 billion, due to lower risk appetite in the second half of the quarter amid market pullback.”

    “Total trading volume was HK$3.22 trillion, up 140.1% year-over-year and 11.4% quarter-over-quarter. U.S. stock trading volume grew 8.2% sequentially to HK$2.25 trillion, bolstered by clients’ bottom fishing of technology and semiconductor names. Hong Kong stock trading volume increased 21.4% quarter-over-quarter to HK$916.0 billion, as DeepSeek-induced market rally reignited investor interest.”

    “We continued to drive product innovation, empowering retail investors with cutting-edge investment tools and seamless investment experience. In Hong Kong, we unveiled Futubull AI, our proprietarily trained, AI-powered investment assistance, and revealed a new desktop version with more intuitive tools and advanced features. In Japan, we continued to enhance our U.S. stock offerings as we rolled out U.S. fractional shares trading in the first quarter and subsequently launched U.S. options trading in April.”

    “Wealth management client assets were HK$139.2 billion as of quarter end, up 117.7% year-over-year and 25.6% quarter-over-quarter. 29% of funded accounts held wealth management products, a further climb from 28% in the previous quarter. Money market funds remained the primary driver of asset inflow given the seek for stable returns amid market volatility. In Hong Kong and Singapore, we broadened our structured product suite with FX-linked notes in the first quarter. We also onboarded equity funds in Malaysia and money market funds in Japan.”

    “We had 498 IPO distribution and IR clients as of quarter end, up 15.8% year-over-year. During the quarter, we served as joint lead manager for several high-profile Hong Kong IPOs, including those of Bloks Group and Guming Holdings. For both of these transactions, we were the exclusive online broker for IPO distribution. Notably, in the MIXUE Group IPO, more than 70 thousand clients contributed to over HK$1 trillion in subscription amount, putting us first among all brokers in number of subscribers and total subscription amount.”

    First Quarter 2025 Financial Results

    Revenues

    Total revenues were HK$4,694.6 million (US$603.4 million), an increase of 81.1% from HK$2,592.5 million in the first quarter of 2024.

    Brokerage commission and handling charge income was HK$2,310.2 million (US$296.9 million), an increase of 113.5% from the first quarter of 2024. This was mainly due to higher trading volume, partially offset by the decline in blended commission rate.

    Interest income was HK$2,070.5 million (US$266.1 million), an increase of 52.9% from the first quarter of 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, margin financing and bank deposits.

    Other income was HK$313.9 million (US$40.4 million), an increase of 101.0% from the first quarter of 2024. The increase was primarily attributable to higher fund distribution service income and currency exchange income.

    Costs

    Total costs were HK$749.0 million (US$96.3 million), an increase of 59.3% from HK$470.2 million in the first quarter of 2024.

    Brokerage commission and handling charge expenses were HK$143.5 million (US$18.4 million), an increase of 138.0% from the first quarter of 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income.

    Interest expenses were HK$469.3 million (US$60.3 million), an increase of 50.0% from the first quarter of 2024. The increase was primarily due to higher expenses associated with our securities borrowing and lending business and higher margin financing interest expenses.

    Processing and servicing costs were HK$136.1 million (US$17.5 million), an increase of 40.2% from the first quarter of 2024. The increase was primarily due to higher market information and data fee for enhanced market data coverage.

    Gross Profit

    Total gross profit was HK$3,945.7 million (US$507.2 million), an increase of 85.9% from HK$2,122.2 million in the first quarter of 2024. Gross margin was 84.0%, as compared to 81.9% in the first quarter of 2024.

    Operating Expenses

    Total operating expenses were HK$1,260.4 million (US$162.0 million), an increase of 35.6% from HK$929.5 million in the first quarter of 2024.

    Research and development expenses were HK$386.0 million (US$49.6 million), an increase of 15.1% from the first quarter of 2024. This increase was primarily driven by investment in AI capabilities and related technology initiatives.

    Selling and marketing expenses were HK$459.2 million (US$59.0 million), an increase of 56.9% from HK$292.7 million in the first quarter of 2024. This was mainly driven by strong growth of new funded accounts.

    General and administrative expenses were HK$415.2 million (US$53.4 million), an increase of 37.8% from the first quarter of 2024. The increase was primarily due to an increase in general and administrative personnel to support overseas market development.

    Income from Operations

    Income from operations increased by 125.1% to HK$2,685.3 million (US$345.2 million) from HK$1,192.7 million in the first quarter of 2024. Operating margin increased to 57.2% from 46.0% in the first quarter of 2024 mainly due to strong topline growth and operating leverage.

    Net Income

    Net income increased by 107.0% to HK$2,142.7 million (US$275.4 million) from HK$1,035.1 million in the first quarter of 2024. Net income margin for the first quarter of 2025 increased to 45.6% from 39.9% in the year-ago quarter.

    Non-GAAP adjusted net income increased by 97.7% to HK$2,216.9 million (US$285.0 million) from the first quarter of 2024. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measures” at the bottom of this press release.

    Net Income per ADS

    Basic net income per American Depositary Share (“ADS”) was HK$15.44 (US$1.98), compared with HK$7.53 in the first quarter of 2024. Diluted net income per ADS was HK$15.28 (US$1.96), compared with HK$7.46 in the first quarter of 2024. Each ADS represents eight Class A ordinary shares.

    Conference Call and Webcast

    Futu’s management will hold an earnings conference call on Thursday, May 29, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

    Please note that all participants will need to pre-register for the conference call, using the link

    https://register-conf.media-server.com/register/BIb0180ca92acc4f49b995ccdec654eeb4.

    It will automatically lead to the registration page of “Futu Holdings Ltd First Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.

    About Futu Holdings Limited

    Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

    Use of Non-GAAP Financial Measures

    In evaluating the business, the Company considers and uses non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company’s operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance.

    Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and is not reflected in the presentation of non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

    The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance.

    For more information on this non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this press release.

    Exchange Rate Information

    This announcement contains translations of certain HK dollars (“HK$”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.7799 to US$1.00, the noon buying rate in effect on March 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu’s goal and strategies; Futu’s expansion plans; Futu’s future business development, financial condition and results of operations; Futu’s expectations regarding demand for, and market acceptance of, its credit products; Futu’s expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor inquiries, please contact:

    Investor Relations
    Futu Holdings Limited
    ir@futuholdings.com

    ___________________________

    1 The number of funded accounts refers to the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are counted as one funded account.
    2 Multiple brokerage accounts by one client are counted as one brokerage account.
    3 The number of users refers to the number of user accounts registered with Futu.
    4 Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.

    FUTU HOLDINGS LIMITED

    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except for share and per share data)
      As of December 31,   As of March 31,
      2024   2025   2025
      HK$   HK$   US$
    ASSETS          
    Cash and cash equivalents 11,688,383   6,495,155   834,864
    Cash held on behalf of clients 68,639,816   88,246,095   11,342,832
    Restricted cash 1,121   7,857   1,010
    Term deposit 4,990   5,240   674
    Short-term investments 2,411,074   2,659,746   341,874
    Securities purchased under agreements to resell 316,301   468,788   60,256
    Loans and advances-current (net of allowance of HK$85,252 thousand and HK$133,380 thousand as of December 31, 2024 and March 31, 2025, respectively) 49,695,691   48,552,818   6,240,802
    Receivables:          
    Clients 534,077   717,361   92,207
    Brokers 17,224,387   17,913,085   2,302,483
    Clearing organizations 3,277,063   8,189,215   1,052,612
    Fund management companies and fund distributors 1,210,472   1,773,358   227,941
    Interest 597,483   624,324   80,248
    Amounts due from related parties 61,200   –   –
    Prepaid assets 63,497   68,993   8,868
    Other current assets 160,330   753,181   96,811
    Total current assets 155,885,885   176,475,216   22,683,482
               
    Operating lease right-of-use assets 253,212   390,760   50,227
    Long-term investments 573,190   698,183   89,742
    Loans and advances-non-current 18,805   18,843   2,422
    Other non-current assets 2,025,841   3,055,412   392,730
    Total non-current assets 2,871,048   4,163,198   535,121
    Total assets 158,756,933   180,638,414   23,218,603
    LIABILITIES          
    Amounts due to related parties 79,090     154,011     19,796  
    Payables:          
    Clients 72,379,135     95,452,151     12,269,072  
    Brokers 43,697,746     38,246,431     4,916,057  
    Clearing organizations 503,396     357,842     45,996  
    Fund management companies and fund distributors 507,076     1,509,340     194,005  
    Interest 86,964     69,180     8,892  
    Borrowings 5,702,259     9,897,658     1,272,209  
    Securities sold under agreements to repurchase 2,574,659     929,084     119,421  
    Lease liabilities-current 144,357     132,750     17,063  
    Accrued expenses and other current liabilities 4,936,805     3,316,253     426,259  
    Total current liabilities 130,611,487     150,064,700     19,288,770  
               
    Lease liabilities-non-current 132,924     275,538     35,418  
    Other non-current liabilities 8,061     8,058     1,035  
    Total non-current liabilities 140,985     283,596     36,453  
    Total liabilities 130,752,472     150,348,296     19,325,223  
               
               
    SHAREHOLDERS’ EQUITY          
    Class A ordinary shares 72     72     9  
    Class B ordinary shares 27     27     3  
    Additional paid-in capital 18,807,369     18,885,107     2,427,423  
    Treasury stock (5,199,257 )   (5,199,257 )   (668,294 )
    Accumulated other comprehensive loss (249,916 )   (184,687 )   (23,739 )
    Retained earnings 14,652,946     16,798,269     2,159,188  
    Total shareholders’ equity 28,011,241     30,299,531     3,894,590  
               
               
    Non-controlling interest (6,780 )   (9,413 )   (1,210 )
    Total equity 28,004,461     30,290,118     3,893,380  
    Total liabilities and equity 158,756,933     180,638,414     23,218,603  
               
    FUTU HOLDINGS LIMITED

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (In thousands, except for share and per share data)
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      HK$   HK$   US$
    Revenues          
    Brokerage commission and handling charge income 1,082,107     2,310,220     296,947  
    Interest income 1,354,166     2,070,469     266,131  
    Other income 156,186     313,948     40,354  
    Total revenues 2,592,459     4,694,637     603,432  
    Costs          
    Brokerage commission and handling charge expenses (60,301 )   (143,505 )   (18,446 )
    Interest expenses (312,842 )   (469,333 )   (60,326 )
    Processing and servicing costs (97,103 )   (136,115 )   (17,496 )
    Total costs (470,246 )   (748,953 )   (96,268 )
    Total gross profit 2,122,213     3,945,684     507,164  
               
    Operating expenses          
    Research and development expenses (335,487 )   (385,979 )   (49,612 )
    Selling and marketing expenses (292,664 )   (459,202 )   (59,024 )
    General and administrative expenses (301,335 )   (415,245 )   (53,374 )
    Total operating expenses (929,486 )   (1,260,426 )   (162,010 )
               
    Income from operations 1,192,727     2,685,258     345,154  
               
    Others, net 31,741     (20,598 )   (2,648 )
               
    Income before income tax expense and share of loss from equity method investments 1,224,468     2,664,660     342,506  
               
    Income tax expense (185,641 )   (490,959 )   (63,106 )
    Share of loss from equity method investments (3,694 )   (30,997 )   (3,984 )
               
    Net income 1,035,133     2,142,704     275,416  
               
    Attributable to:          
    Ordinary shareholders of the Company 1,038,138     2,145,323     275,753  
    Non-controlling interest (3,005 )   (2,619 )   (337 )
      1,035,133     2,142,704     275,416  
    Net income per share attributable to ordinary shareholders of the Company          
    Basic 0.94     1.93     0.25  
    Diluted 0.93     1.91     0.24  
               
    Net income per ADS          
    Basic 7.53     15.44     1.98  
    Diluted 7.46     15.28     1.96  
               
    Weighted average number of ordinary shares used in computing net income per share          
    Basic 1,102,929,775     1,113,426,758     1,113,426,758  
    Diluted 1,114,429,420     1,126,352,076     1,126,352,076  
               
    Net income 1,035,133     2,142,704     275,416  
    Other comprehensive (loss)/income, net of tax          
    Foreign currency translation adjustment (29,441 )   65,215     8,382  
    Total comprehensive income 1,005,692     2,207,919     283,798  
               
    Attributable to:          
    Ordinary shareholders of the Company 1,008,732     2,210,552     284,136  
    Non-controlling interests (3,040 )   (2,633 )   (338 )
      1,005,692     2,207,919     283,798  
    FUTU HOLDINGS LIMITED

    UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

    (In thousands)
      For the Three Months Ended
      March 31,
    2024    		   March 31,
    2025    		   March 31,
    2025
      HK$   HK$   US$
               
    Net income 1,035,133   2,142,704   275,416
    Add: Share-based compensation expenses 85,938   74,199   9,537
    Adjusted net income 1,121,071   2,216,903   284,953
               

    Non-GAAP to GAAP reconciling items have no income tax effect.

    The MIL Network –

  • MIL-OSI United Nations: 29 May 2025 News release WHO, Africa CDC and RKI expand unique partnership to strengthen collaborative surveillance in Africa

    Source: World Health Organisation

    The World Health Organization (WHO), Africa Centres for Disease Control and Prevention (Africa CDC) and the Robert Koch Institute (RKI) announced today the expansion of the successful Health Security Partnership to Strengthen Disease Surveillance in Africa (HSPA) to seven countries on the continent. 

    Africa experiences more disease outbreaks than any other part of the world. While significant progress has been made in strengthening disease surveillance over the past decade, no country can tackle today’s complex health threats alone.

    The Health Security Partnership strengthens disease surveillance and epidemic intelligence across the African continent, enabling countries to better detect and respond to public health threats – whether they are natural, accidental or deliberate. Launched in 2023 in six countries, The Gambia, Mali, Morocco, Namibia, South Africa and Tunisia, the partnership will expand to Rwanda in its second phase which runs from 2025 to 2028.

    At the heart of the initiative is a collaborative surveillance approach that connects health and security sectors to reduce biological risks and strengthen surveillance systems nationally and internationally.
    “HSPA represents an important step forward in building stronger partnerships for health security in Africa. By bringing together global, regional and national actors, this initiative supports countries in strengthening Collaborative Surveillance through mutual exchange and practical action. WHO remains committed to working alongside Member States to ensure that these collective efforts are well-coordinated, responsive, and rooted in national priorities,” said Dr Chikwe Ihekweazu, Acting WHO Regional Director for Africa; Deputy Executive Director, WHO Health Emergencies Programme.

    The partnership is supporting countries to strengthen capacities in biorisk management, event and indicator-based surveillance, genomic surveillance and epidemic intelligence. This is achieved through training, guidance development, co-creation of implementation roadmaps, and hands-on technical assistance to ensure that implementation is aligned with country priorities, embedded within broader national systems, and built for long-term sustainability.
    “Within the framework of this project, Africa CDC will work with the Member States in mobilizing political will for biosecurity and surveillance, establishing regional frameworks for bio-surveillance of high-consequence biological agents and toxins, and coordinating event-based surveillance. The collaboration with other partners and coordination with Member States is crucial especially in the current context of limited resources to strengthen the continent’s capacity for early detection, response, and management of biological threats,” said Dr Raji Tajudeen, Acting Deputy Director General and Head, Division of Public Health Institutes and Research, Africa CDC.

    The HSPA initiative has been supported from the start by the Government of Canada through its Weapons Threat Reduction Program, with additional funding in phase two from the Government of the United Kingdom.

    Building on the achievements in phase one, the participating countries, with support from WHO and partners, will accelerate implementation to build a healthier, safer and more resilient Africa. 

    MIL OSI United Nations News –

  • MIL-OSI Russia: US Trade Court Bans Trump from Imposing Import Tariffs

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    NEW YORK, May 29 (Xinhua) — The New York-based U.S. Court of International Trade on Wednesday blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency powers law.

    The ruling comes after a series of lawsuits alleging that Trump overstepped his authority by imposing sweeping tariffs on imports.

    A three-judge panel ruled that executive orders imposing fentanyl-related tariffs on goods from Canada, Mexico and China, as well as tariffs on countries around the world, announced April 2, “will be rescinded and permanently terminated.”

    The International Emergency Economic Powers Act (IEEPA) does not authorize any of the orders, the court said.

    “The worldwide retaliatory tariff orders exceed any authority that IEEPA gives the President to regulate imports through tariffs. Tariffs imposed in response to smuggling do not work because they do not address the threats outlined in these orders,” the report concluded.

    The judges ruled on two lawsuits against the U.S. federal government filed by five companies on April 14 and by 12 states on April 23.

    “Unelected judges should not decide the appropriate response to a national emergency. President Trump has promised to put America first, and the administration intends to use every lever of the executive branch to address this crisis and restore America to greatness,” White House spokesman Kush Desai said in a statement. -0-

    MIL OSI Russia News –

  • MIL-OSI USA: USDA Heeds Pappas’s Call to Unfreeze Acer Grants, Critical Funding for NH Maple Industry

    Source: United States House of Representatives – Congressman Chris Pappas (D-NH)

    Following Congressman Chris Pappas’s (NH-01), Co-Chair of the Congressional Maple Caucus, call for the United States Department of Agriculture (USDA) to reinstate grants delivered by the Acer Access and Development Program (Acer), funding for the Acer program has been released.

    “Acer provides important resources for strengthening the domestic maple syrup industry. I’m pleased that the Acer grants have been unfrozen, but our producers worked tirelessly this season. They should not have been left uncertain about whether they would receive funds that they were promised,” said Congressman Pappas. “We can’t ignore this recurring theme from the current administration in freezing or revoking funds for our communities that will have lasting negative impacts. We can work responsibly to reduce government waste and fraud without holding back the resources New Hampshire small businesses need.”

    Acer provides essential support to the maple syrup industry in the Northeast and Upper Midwest, and freezing these grants as the administration places tariffs on Canada, one of the U.S.’s closest allies, put the livelihoods of maple producers at risk. Much of the equipment used to produce syrup and other maple products is manufactured in Canada, and tariffs will raise prices in an unsustainable manner for New Hampshire’s maple producers. 

    Background: 

    Congressman Pappas leads the Fighting Budget Waste Act, which was the first bill he introduced in the 119th Congress. This bipartisan bill will save taxpayer dollars by requiring the Office of Management and Budget (OMB) to consider the Government Accountability Office’s (GAO) annual report on federal programs with fragmented, overlapping, or duplicative goals from the prior year to address problems with those programs and reduce costs.

    Congressman Pappas is a small business owner and a former member of the House Small Business Committee.

    MIL OSI USA News –

  • MIL-OSI: Temenos Forward Awards celebrate banks leading the way in innovation

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, May 29, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN), a global leader in banking technology, today announced the winners of the Temenos Forward Awards 2025, which recognize the innovation of Temenos customers who are leading the way in the banking industry.

    Jean-Pierre Brulard, Chief Executive Officer, Temenos, commented: “As banks adapt to changing customer demands and the opportunities and challenges of transformative technologies such as Generative AI, the Temenos community is shaping the future of finance. We are delighted to recognize the success of banks at the forefront of innovation with our Temenos Forward Awards. Congratulations to all our award winners. Together, we are leading banking forward.”

    The following awards were selected by a judging panel comprised of Temenos executives, previous award winners, journalists and industry analysts.

    Future-Ready Banking Award – Santander International

    In 2024, Santander International became the first Temenos client to utilize lending on the Temenos SaaS Foundation Platform. Throughout the program it has transitioned to a near-zero customization SaaS architecture with integrations that enhance customer analysis and reporting, demonstrating Santander International’s commitment to agility and customer-centric solutions.

    Customer Experience Excellence Award – PC Financial

    Part of Loblaw Companies Limited, Canada’s leading food and pharmacy retailer, PC Financial offers a range of financial products designed to deliver on the company’s purpose – helping Canadians Live Life Well. The retailer went live on Temenos SaaS in just six months and has raised the bar in digital banking with the launch of an innovative new savings feature for the PC Money Account. PC Financial is seeing strong customer engagement with this feature and stands out with a unique customer experience strategy that seamlessly blends everyday banking products with retail offerings.

    Fast Track Growth Award – STC Bank

    STC Bank has emerged as a fintech leader in Saudi Arabia, transforming from STC Pay into STC Bank as a fully licensed digital bank. This evolution highlights its strategic investment in cutting-edge technologies and innovation to redefine banking services standards in the region. With Temenos Core, the bank has successfully launched a microservice and data-driven architecture and is expanding into innovative lending and digital deposit solutions, reinforcing its strategy of modular, data-driven offerings.

    Digital Transformation Award – Credem

    Credem, a prominent Italian bank, has emerged as a digital banking frontrunner through its deep commitment to innovation and client-centric experiences. Having launched several new mobile apps using Temenos Digital, the bank offers a seamless, consistent experience for Retail, SME, and Private Wealth clients. In 2024, Credem successfully launched a new Retail Online Banking (OLB) platform as well as a completely redesigned mobile banking interface, leading to a significantly enhanced user experience and a marked improvement in its AppStore ratings.

    Ambassador Award – Jihyun Lee (Bank Julius Baer)

    As Head of IT APAC and Global Core Banking at Bank Julius Baer, Jihyun has consistently demonstrated visionary leadership, driving transformative projects that redefine modern core banking systems. Her expertise in pioneering innovations such as fully automated CI/CD pipelines and real-time integration patterns has positioned her as a trusted strategic partner within the Temenos community. Jihyun’s commitment to excellence and her ability to foster collaborative relationships make her a true ambassador of Temenos’ values and a thought leader in the industry.

    Additionally, the following clients were chosen for a People’s Choice Award for their successful deployment of an innovative solution. Voting was conducted by a jury, as well as peers on social media.

    People’s Choice Award (Banking Innovation) – MIDBANK

    Established in 1975, MIDBANK provides retail, corporate, and investment banking services across Egypt. The bank has modernized its core and digital banking operations with Temenos to enhance efficiency and customer experience. This has led to a 30% reduction in processing times for transactions, projected annual savings of 20% in operational costs due to improved automation and streamlined workflows, and 25% higher customer satisfaction scores within the first six months of its migration.

    People’s Choice Award (Banking Innovation) – EQ Bank

    EQ Bank is Canada’s first-born digital bank, showing Canadians how banking can – and should – be better. In collaboration with Temenos and Microsoft, EQ Bank developed the TDH-EQB Fabric environment – an innovative solution enabling near real-time data access within the Temenos Data Hub (TDH) environment. This initiative delivers significant benefits to both EQ Bank and Temenos by enhancing performance, optimizing operational efficiency, and enabling faster insights.

    The MIL Network –

  • Deadly break in at UN warehouse as aid trickles into Gaza

    Source: Government of India

    Source: Government of India (4)

    A United Nations warehouse in war-torn Gaza was broken into by “hordes of hungry people” on Wednesday as aid trickles into the Palestinian enclave on the brink of famine and the United States readies new terms for a possible truce between Israel and Hamas.

    The World Food Programme said initial reports were that two people had died and several more were injured at the central Gaza warehouse. The U.N. agency appealed for an immediate scale-up of food aid “to reassure people that they will not starve.”

    Eyewitness video independently verified by Reuters shows large crowds of people pushing into the warehouse and removing bags and boxes as gunfire can be heard. It was not immediately clear how the people may have been killed or injured in the incident.

    Under growing international pressure, Israel ended an 11-week long aid blockade on Gaza 10 days ago. It has allowed a limited amount of relief to be delivered via two avenues – the United Nations or the U.S.-backed Gaza Humanitarian Foundation.

    U.N. Middle East envoy Sigrid Kaag told the Security Council that the amount of aid Israel had so far allowed the U.N. to deliver was “comparable to a lifeboat after the ship has sunk” when everyone in Gaza was facing the risk of famine.

    The United States has been trying to broker a ceasefire. Israel – which resumed its military operation in Gaza in March after a brief truce – continued strikes on Wednesday, killing at least 30 people, Palestinian health officials said.

    “We are on the precipice of sending out a new term sheet that hopefully will be delivered later on today,” U.S. President Donald Trump’s special envoy, Steve Witkoff, said on Wednesday. “The president is going to review it.”

    The war in Gaza was triggered on October 7, 2023, when Palestinian militants Hamas killed 1,200 people in southern Israel and took some 250 hostages, according to Israeli tallies. Since then, Israel’s military campaign has killed more than 53,000 Palestinians, according to Gaza health authorities.

    UN VS GHF

    Israeli Prime Minister Benjamin Netanyahu said on Wednesday that Israel’s killing of Hamas Gaza chief Mohammad Sinwar marked a turn towards the “complete defeat of Hamas”, adding that Israel was “taking control of food distribution” in Gaza.

    Israel has accused Hamas of diverting and seizing aid supplies. Hamas has denied stealing aid.

    At the United Nations, more than half the Security Council called on Wednesday for the 15-member body to act on Gaza. Slovenia’s U.N. Ambassador Samuel Zbogar said some members are working on a draft resolution to demand unimpeded aid access.

    “Remaining silent is not an option,” he told the council.

    Israel’s U.N. Ambassador Danny Danon told the Security Council that Israel would allow aid deliveries “for the immediate future” via both the U.N. and the Gaza Humanitarian Foundation, which began aid deliveries on Monday.

    However, Israel ultimately wants the U.N. to work through the GHF, which is using private U.S. security and logistics companies to transport aid into Gaza for distribution by civilian teams at so-called secure distribution sites.

    “The U.N. should put their ego aside and cooperate with the new mechanism,” Danon told reporters before the council meeting.

    The U.N. and other international aid groups have refused to work with the GHF because they say the plan is not neutral.

    “This new scheme is surveillance-based rationing that legitimizes a policy of deprivation by design,” senior U.N. aid official for the occupied Palestinian territories, Jonathan Whittall, told reporters in Jerusalem on Wednesday.

    “The U.N. has refused to participate in this scheme, warning that it is logistically unworkable and violates humanitarian principles by using aid as a tool in Israel’s broader efforts to depopulate areas of Gaza,” he said.

    WARNING SHOTS

    The U.S. ambassador to Israel, Mike Huckabee, told Reuters it was “sad and disgusting” that the U.N. and other groups would not work with the GHF, describing the foundation’s aid distribution as “effective so far.”

    The Israeli military on Tuesday said it fired warning shots in the area outside a GHF distribution site, which was briefly rushed by people waiting for aid. Footage shared on social media showed fences broken down by crowds as private security contractors fell back before restoring order.

    “I am a big man, but I couldn’t hold back my tears when I saw the images of women, men and children racing for some food,” said Rabah Rezik, 65, a father of seven from Gaza City.

    The United Nations human rights office said on Wednesday that 47 people had been injured on Tuesday while seeking aid from the GHF, citing information from partners on the ground. It could not give a specific location of where people were injured. The GHF said no one was injured at the distribution site.

    The foundation said aid distribution continued on Wednesday without incident as it opened a second distribution hub. Across the two sites it has so far given out the equivalent of 840,262 meals. The GHF said it is working to open four sites and expand further in Gaza in the weeks ahead.

    The United Nations said that since aid deliveries resumed last week Israel had approved about 800 truckloads of relief.

    But U.N. spokesperson Stephane Dujarric said that fewer than 500 truckloads had made it to the Palestinian side of the Kerem Shalom crossing, “where we and our partners could collect just over 200 of them – limited by insecurity and restricted access.”

    Israel is under pressure over Gaza’s dire humanitarian situation. France, Britain, Canada and Germany have said they may take action if the military campaign is not halted. Italy on Wednesday said the offensive had become unacceptable.

    (Reuters)

  • MIL-OSI USA: Klobuchar Statement on the U.S. Court of International Trade Overturning President Trump’s Tariff Taxes

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)

    WASHINGTON — U.S. Senator Amy Klobuchar (D-MN) released the following statement on the U.S. Court of International Trade overturning President Trump’s tariff taxes in a unanimous three-judge decision.

    “This unanimous verdict by judges appointed by Presidents Trump, Obama, and Reagan restores sanity and stability to our trade policies. Instead of raising costs by nearly $3,000 per family, we should bring relief to the American people who have faced higher costs and chaos for far too long under Trump’s tariff taxes. As the judges ruled, ‘The Constitution assigns Congress the exclusive powers to “lay and collect Taxes, Duties, Imposts and Excises,” and to “regulate Commerce with foreign Nations.”’ The President clearly overstepped his authority with these across-the-board tariffs.”

    In April, the Senate passed Klobuchar’s bipartisan resolution with Senators Tim Kaine (D-VA) and Mark Warner (D-VA) to reverse President Trump’s across-the-board tariffs on Canadian goods.

    Klobuchar joined Senators Maria Cantwell (D-WA) and Chuck Grassley (R-IA) to introduce the Trade Review Act of 2025, bipartisan legislation that would bring stability and accountability to U.S. trade policy by reasserting limits on the president’s ability to unilaterally impose tariffs without the approval of Congress.

    MIL OSI USA News –

  • MIL-OSI Europe: EU Fact Sheets – Transatlantic relations: the United States and Canada – 28-05-2025

    Source: European Parliament 2

    The EU, the United States and Canada remain close partners, united by democratic values and shared historic ties. Despite navigating complex global challenges, including trade tensions, they prioritise dialogue and cooperation in areas such as foreign policy, security and regulatory affairs. The EU emphasises sustaining these relationships and adapting them to shared challenges, thus ensuring stability and resilience while upholding the international rules-based order.

    MIL OSI Europe News –

  • MIL-OSI USA: Beyer Statement On U.S. Court of International Trade Ruling Striking Down Key Trump Tariffs

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

    Congressman Don Beyer (D-VA), who serves on the House Ways and Means Subcommittee on Trade and chairs the New Democrat Coalition’s Trade Task Force, issued the following statement on a ruling by the U.S. Court of International Trade vacating and permanently enjoining Donald Trump’s across-the-board tariffs on nearly every country in the world, including his “Liberation Day” tariffs and separate tariffs on Canada, Mexico, and China:

    “This ruling is a major victory for the American people, who have spent months under threat of a stupid, self-imposed economic disaster thanks to Donald Trump’s trade war. Trump’s tariffs have already raised costs on Americans, strained our alliances, hurt our credibility, and threatened the global economy. They’ve driven uncertainty to a peak, hurt our small businesses, and greatly raised the danger of a recession.

    “The U.S. Court of International Trade agreed with what I and others have said for months: Trump was clearly abusing emergency authorities in ways not authorized by Congress to impose damaging tariffs on other countries, with obviously pretextual excuses. Abuse of power has been the most consistent theme of Trump’s presidency, including power grabs on immigration, elections, and the structure of the government itself, which are clearly illegal and unconstitutional. Such is the case here.

    “It is important to note that while Trump’s broadest tariffs, which he imposed using authorities under the International Economic Emergency Powers Act, were just blocked by the Court, but his sector-based tariffs on steel, aluminum, autos, and auto parts are not affected by this ruling and remain in place. Trump has threatened additional tariffs under this authority, known as Section 232, on semiconductor chips, copper, and pharmaceuticals, and he clearly is intent on abusing this power as well. My bill, the Congressional Trade Authority Act, would prevent Trump from abusing this provision, return trade authority to Congress, where it belongs, and stop Trump’s trade war from doing further harm to the United States and the world. Congress should pass it.”

    Beyer is the sponsor of the Congressional Trade Authority Act, which would rein in presidential abuses of authorities under Section 232 of the Trade Expansion Act of 1962, and the co-lead, with Rep. Suzan DelBene, of legislation to end abuses of International Emergency Economic Powers Act (IEEPA) tariff authorities.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla Cosponsors Bill to Make Public Colleges and Universities Tuition Free

    US Senate News:

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

    WASHINGTON, D.C. — As President Trump and Congressional Republicans work to make college unaffordable and unattainable for millions of working-class families, U.S. Senator Alex Padilla (D-Calif.) joined Senator Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), Representative Pramila Jayapal (D-Wash.-07), and eight Senate colleagues in introducing legislation to make public colleges and universities tuition free for 95 percent of students. The College for All Act would be the most transformative investment in higher education in 60 years and would substantially improve the lives of millions of students throughout the United States.

    Nearly 4 million student borrowers live in California, owing an average of $38,168 and a total of $148.6 billion in student loan debt.

    “As a first-generation college graduate from a low-income household, I know a good education is the foundation of the American dream, but I’ve seen firsthand the challenges of accessing and affording higher education,” said Senator Padilla. “We need bold, proactive solutions to make college more affordable — not the Trump Administration’s short-sighted plan to eradicate student financial aid and put higher education out of reach for millions of American families. The College for All Act would help millions of working families shoulder the financial burden of paying for their children’s college. When we invest in all students, we support our nation’s financial interests by ensuring that opportunity and economic prosperity are attainable for all, regardless of income.”

    “In a highly competitive global economy where technology is changing the very nature of work and the jobs we perform, we need the best educated workforce in the world,” said Senator Sanders. “Our nation used to lead the world in the percentage of adults with a college degree. Today, we are in 11th place behind countries like Japan, South Korea, Canada, the United Kingdom and Switzerland. That is not a prescription for a strong American economy of the future. It is a prescription for failure. Instead of increasing the cost of college in order to give more tax breaks to billionaires, we have a better idea. We are going to make public colleges and universities tuition free so that working class students can succeed and are not burdened with a lifetime of debt.”

    Making public colleges and universities tuition free is not a radical idea. In 1944, as World War II was coming to an end, the U.S. government made free higher education available to all those who served in the armed forces. That act not only improved the financial well-being of the Greatest Generation, but it also laid the groundwork for the greatest expansion of the American middle class in U.S. history. Moreover, over 50 years ago, many of America’s most prestigious public colleges and universities were also tuition free or virtually tuition free.

    Since this legislation was first introduced 10 years ago, several colleges and universities in America have provided free tuition for working class and middle-class students, including every state college in New Mexico, the State University of New York, the University of Texas, the University of Wisconsin, and Arkansas State University.

    Other wealthy countries like France, Germany, Denmark, Sweden, Norway, and Finland have made their public colleges and universities tuition free or virtually tuition free because they understand the value of investing in their young people.

    The College for All Act would guarantee tuition-free community college for all students and allow students from single households earning up to $150,000 a year, and married households earning up to $300,000 a year, to attend college without fear of being saddled with student loan debt.

    Specifically, the College for All Act would also:

    • Double the maximum Pell Grant award for students enrolled at public and private non-profit colleges;
    • Establish a $10 billion grant program to improve student outcomes and address equity gaps at underfunded public colleges and universities;
    • Triple federal TRIO program funding;
    • Double GEAR UP funding; and
    • Double mandatory funding for Historically Black Colleges and Universities, Tribal Colleges and Universities (HBCUs), and other Minority-Serving Institutions (MSIs).

    In addition to Senator Padilla, the legislation is also cosponsored by Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.).

    Senator Padilla has consistently advocated on behalf of students to make college more affordable and accessible. Last year, Padilla and Representative Norma J. Torres (D-Calif.-35) hosted local students and advocates to reintroduce the Basic Assistance for Students in College (BASIC) Act, bicameral legislation to help ensure college students can meet their basic needs while pursuing their education. He also introduced the Student Food Security Act of 2024, bicameral legislation to address food insecurity faced by college students nationwide. Padilla previously cosponsored the Pell Grant Preservation and Expansion Act, bicameral legislation that would nearly double the Pell Grant maximum award, index the maximum award for inflation, and expand the program to include Dreamers.

    During the Biden Administration, Padilla led numerous letters urging the President to provide meaningful student debt cancellation, along with multiple letters urging former U.S. Secretary of Education Miguel Cardona to leverage his authority under the Higher Education Act to provide expanded student debt relief to working and middle-class borrowers.

    A one-pager on the College for All Act is available here.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI China: China’s Zheng advances into women’s singles third round of French Open

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

    Chinese sensation Zheng Qinwen beat Emiliana Arango of Colombia 6-2, 6-3 in the women’s singles second round of the French Open on Wednesday.

    Emiliana Arango returns a shot during the women’s singles 2nd round match between Zheng Qinwen of China and Emiliana Arango of Colombia at the French Open tennis tournament at Roland Garros, Paris, France, May 28, 2025. (Xinhua/Gao Jing)

    Olympic champion Zheng took an upper hand throughout the match and didn’t give the 24-year-old Arango many chances to bounce back.

    “She [Arango] had great defense skills. When I saw the short ball, I got to go to the net to finish the point whatever happened. I feel if we stayed in the baseline, she could put all the balls back, which was a difficult match. I am really happy with my performance,” Zheng said after the match.

    Zhena recalled a sweet memory at Roland Garros, as she triumphed in the women’s singles at the 2024 Paris Olympic Games. “Even myself, I got a lot of inspiration from last year. When I am in difficult moments, I always remember to keep fighting. I really love the French crowd. I would like to play more matches here,” the 22-year-old added.

    In the third round, Zheng will confront Canadian player Victoria Mboko who just defeated Germany’s Eva Lys in straight sets 6-4, 6-4. 

    MIL OSI China News –

  • MIL-Evening Report: Knife crime is common but difficult to investigate. Robots can help

    Source: The Conversation (Au and NZ) – By Paola A. Magni, Associate Professor of Forensic Science, Murdoch University

    The following article contains material that some readers might find distressing.

    Around the world, knives are a popular weapon of choice among criminals. In Australia, for example, they are the most common weapon used in homicides. And in countries such as the United Kingdom and Canada, knife crime has recently been on the rise.

    As common as they are, stabbings are also difficult to investigate. Our new study, published this week in WIREs Forensic Science, presents the most comprehensive review to date of the methods used by forensic investigators for the reconstruction of knife crimes. It also highlights the limitations of these methods and introduces mechanical and robotic stabbing machines as a solution.

    These technologies could significantly enhance forensic science and criminal investigations in the pursuit of justice.

    An intensely personal act of violence

    Stabbing is an intensely personal act of violence, carefully planned or opportunistic. It reflects not just an intent to harm but also a direct, physical engagement with the victim.

    Stabbings are also typically associated with high levels of aggression and frenzied attacks. For example, Joel Cauchi fatally stabbed six people and injured ten more in just three minutes during an attack at a Sydney shopping centre on November 13, 2024.

    Forensic investigators will rely on a range of evidence to investigate a stabbing. For example, they will gather statements from any witnesses. But witnesses’ memory can be affected by issues such as shock, lighting conditions or their vantage point.

    Forensic investigators will also gather physical evidence left behind after a stabbing. This can include bloodstain patterns, sharp-force damage in wounds and clothing, and impression evidence. It can also include trace evidence such as DNA, fibres, soil, glass and pollen from the victims clothing or suspected weapon.

    This physical evidence is crucial for the next step of a criminal investigation: reconstructing a crime scene.

    Knife cuts from a blunt blade (left) and a sharp blade (right) in cotton fabric reveal distinct yarn and fibre patterns, which forensic experts analyse to help identify the weapon used.
    Stevie Ziogos

    A forensic puzzle

    Investigators reconstruct a crime scene to determine the type of weapon used, estimate whether the stabbing was intentional or not and how forceful it was. But many variables complicate the analysis.

    For example, the attacker’s (or attackers’) physical characteristics such as their size, strength or preferred hand, their familiarity and experience in handling knives can all influence the stabbing motion. So too can the characteristics of a knife.

    The victim’s build, positioning, area of impact, and even the number of clothing layers they have on can also affect how a blade enters the body. For example, stabbing with a kitchen knife and slashing with a machete leave vastly different injuries, just as a thick jacket can slow or deflect a blade.

    Reconstructing a stabbing is a forensic puzzle. It requires a combination of scientific analysis, investigative techniques and the collaborative effort of experts. Each specialist provides a comprehensive perspective on the victim, the weapon, the manner in which it was used, and the impact of the surrounding environment.

    An accurate simulated stabbing

    In many stabbing investigations, it is necessary to confirm evidence through simulation.

    Our new research focuses on the different ways stabbing simulations are conducted. It provides an overview of current methodologies used to reconstruct sharp-force events, especially considering the role of clothing in the reconstruction.

    A well-planned simulation must account for key variables affecting damage to the body and textiles. These factors fall into three categories:

    1. Pre-impact (garment type, weapon and assailant-victim characteristics)
    2. Impact (stabbing method, force and angle)
    3. Post-impact (body decomposition, manipulation, contamination and environmental effects).

    While adding more parameters can improve the realism of a simulation, it may also introduce complexity that reduces accuracy. Because of this, careful planning is pivotal.

    A mix of methods is best

    The choice of simulation method depends on available personnel, tools and funding. Approaches are typically categorised as manual or mechanical, with emerging research exploring the potential of robotic systems.

    Manual simulations rely on human effort to replicate stabbing motions. They remain widely used in forensic testing and provide valuable insights into wound characteristics, biomechanics, and protective materials. But they can be subjective, particularly in force estimation and motion consistency.

    Mechanical simulations address this issue by using devices for controlled, repeatable tests. While they reduce variability, they are often limited by restricted motion, force constraints, and a lack of standardisation in forensic protocols.

    Robotic simulations offer a promising alternative. They combine the adaptability of manual approaches with the precision and repeatability of mechanical systems.

    However, their forensic application is still being developed. They also face challenges such as cost, accessibility, professional expertise and the need for validation in real-world casework.

    Our research suggests that combining manual simulations with robotic and mechanical systems can enhance the accuracy and reliability of stabbing simulations. The manual approach can be used to train robotic systems that replicate human actions while ensuring consistent and controlled measurements.

    By adopting this combined approach, forensic science can bridge crucial gaps in crime scene reconstruction. In turn, this would improve the interpretation of stabbing incidents and the pursuit of justice.

    We acknowledge that the research discussed in this article was conducted in collaboration with Dr. Kari Pitts, ChemCentre.

    Alasdair Dempsey, Ian Dadour, and Stevie Ziogos do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Knife crime is common but difficult to investigate. Robots can help – https://theconversation.com/knife-crime-is-common-but-difficult-to-investigate-robots-can-help-248892

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: ICYMI: Senator Reverend Warnock, American Farm Bureau Federation President Zippy Duvall Sit for Joint Interview, Discuss Farm Bill Priorities, Tariffs

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    ICYMI: Senator Reverend Warnock, American Farm Bureau Federation President Zippy Duvall Sit for Joint Interview, Discuss Farm Bill Priorities, Tariffs

    Senator Reverend Warnock and American Farm Bureau Federation President Zippy Duvall sat down with Southeast AgNet Radio’s Dale Sandlin to talk about the prospects of a 2025 Farm Bill and the Trump administration’s reckless tariff policy
    Senator Reverend Warnock on the Farm Bill: “I remain focused on supporting farmers in Georgia and across the Southern region. The Farm Bill is a tool that we need to get that done”
    Senator Reverend Warnock on the Farm Bill: “Coming from Georgia, I understand the importance of reference prices. Math is math, we need a raise in reference prices, I’ve advocated for that for Georgia farmers”
    Zippy Duvall: “It’s absolutely necessary that we get a Farm Bill and that we get it done now”
    Washington, D.C. – Recently, U.S. Senator Reverend Raphael Warnock (D-GA) and American Farm Bureau Federation President Zippy Duvall spoke with Southeast AgNet Radio’s Dale Sandlin about the prospects of a 2025 Farm Bill and the Trump administration’s inconsistent tariff policy. The Senator shared his thoughts about the prospects of getting a Farm Bill this year.
    “We need a Farm Bill and it’s something that I’ve been pushing for, for a long time…the Farm Bill won’t happen until after reconciliation and so I think what happens there in that piece of legislation will greatly impact the terms of the debate,” said Senator Reverend Warnock. “I remain focused on supporting farmers in Georgia, and across the southern region, and the Farm Bill is a tool that we need to get done.”
    “It’s absolutely necessary that we get this done and get it done now. We have had two extensions, we’re in a Farm Bill that was created in 2018, and a lot of things have happened in agriculture, not just in Georgia, but all across America,” said AFBF President Zippy Duvall, echoing the Senator’s comments. “With COVID, inflation, the cost of everything has gone up and reference prices – as the Senator referred to – does need some attention. Modernizing this Farm Bill will bring certainty to rural America and family farmers across the country.”
    Senator Warnock acknowledged farmers concern about negative impacts of the current administration’s sweeping tariffs and stressed he will continue to advocate on their behalf to fight for Georgia farmers’ bottom line:
    “I know how important trade is for our Georgia farmers,” said Senator Warnock. “The big problem with the tariffs is that it is creating a lot of uncertainty. And with that uncertainty it’s very difficult to plan any business in a marketplace that’s already very, very challenging.”
    “Our policy at the Farm Bureau does not supports tariffs but we are encouraged that the president is trying to level the playing field and to open up markets,” said AFBF President Duvall. “20 percent of our farmers’ income comes from trade, and we need to have open markets across the world. Mexico, China, and Canada are our three largest trading partners. It’s not only just affecting farmers, it’s also affecting input costs, but it’s our job to be the voice of agriculture and we continue to work with senators like Senator Warnock and with the administration to let them know how they affect farmers so that hopefully they can either massage or exempt agriculture to the point where it won’t cause any collateral damage.”
    As a veteran member of the Senate committee overseeing federal agriculture policies, and as a senator representing a leading agricultural state, Senator Warnock is a champion of smart policies that help Georgia farmers keep more profits in their pockets and keep the industry at the frontlines of Georgia’s economic success. Last year, Senator Warnock introduced the Southern CROPS Act, a comprehensive package of legislation to provide Georgia row crop farmers additional financial security to help farmers get ahead and remain on their land. Additionally, during last year’s Farm Bill negotiations, Senator Warnock pushed for a raise in reference prices for southeastern commodities. Senator Warnock has also used his perch on the Senate Agriculture Committee to fight for Georgia pecan and peanut farmers, including leading successful, bipartisan efforts to lower India’s tariffs on U.S. grown pecans by 70 percent. The Senator has continued to be outspoken about any concerning impacts President Trump’s inconsistent trade policy pose for hardworking Georgians and their bottom lines.
    Listen to the conversation on the Farm Bill HERE.
    Listen to the conversation on Tariffs HERE.

    MIL OSI USA News –

  • MIL-OSI: Purpose Investments Inc. Announces May 2025 Distribution for Purpose Global Bond Fund – ETF Units

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 28, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. is pleased to announce the May 2025 distribution rate for Purpose Global Bond Fund – ETF Units. The May 2025 distribution for Purpose Global Bond Fund – ETF Units will be paid in June 2025.

    The following table reflects the final distribution amount for the May 2025 distribution for Purpose Global Bond Fund – ETF Units. Ex-distribution date for the May 2025 distribution is June 3, 2025.

    Open-End Fund Ticker
    Symbol    		 Final distribution
    per unit    		 Record Date Payable Date Distribution
    Frequency
    Purpose Global Bond Fund – ETF Units BND $0.0840 06/03/2025 06/06/2025 Monthly
     

    About Purpose Investments Inc.

    Purpose Investments Inc. is an asset management company with more than $24 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI USA: Following Visit with Prime Minister Carney, Welch Brings Together Businesses, Manufacturers to Talk Trade War 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    MANCHESTER, VT — At a roundtable in Manchester this afternoon, U.S. Senator Peter Welch (D-Vt.) brought together Vermont businesses and manufacturers to hear directly how global tariffs and President Trump’s trade war are impacting them. The event was held at The Orvis Company, which was founded in Manchester, Vermont, in 1856.  
    This roundtable follows Senator Welch’s recent trip to Ottawa, where he met with Prime Minister Mark Carney and other Canadian leaders to discuss President Trump’s tariffs and trade war. 
    “I always appreciate hearing directly from Vermonters about how President Trump’s tariffs are hurting the success of manufacturers and farmers here in our state. As I said after President Trump threatened these tariffs, nobody wins a trade war. Congress must reassert its constitutional role over trade policy and end this White House’s economic blunder,” said Senator Welch. 
    “It was clear listening to folks in Manchester today: we so revere the relationship between Vermonters and Canadians, both in the personal and the economic sense—and the rhetoric and reckless policies they’re forced to respond to are causing real harm,” concluded Senator Welch. “I traveled with a bipartisan delegation of Senators last week to convey how important Canada is to us in Vermont, as it is to so many border states. I know families, businesses, and farmers in the Green Mountain State feel the same way.” 
    Senator Welch was joined by business leaders from a variety of industries, including homebuilding, retail, and food and kitchen manufacturing, including Orvis, Vermont Country Store, JK Adams, Mary Meyer Stuffed Toys, RK Miles, Back Roads Granola, RAD Innovations, and Brattleboro Development Credit Corporation (BDCC). 
    Senator Welch has blasted Trump’s tariffs and trade war and shared stories from constituents about how President Trump’s economic policies have impacted their businesses, farms, and communities. Senator Welch is a cosponsor of a bipartisan resolution to repeal the tariffs on Canada, a bipartisan bill to restore congressional tariff authority, a bill to restrict the Executive Branch’s authority to impose tariffs through the International Economic Emergency Powers Act, and a bill to exempt small businesses from the April 2nd global tariff Executive Order.  
    Senator Welch also led a bipartisan resolution to end President Trump’s ruinous global tariffs.     
    The Senator has hosted roundtables in Stowe, Newport, St. Albans, and virtually to hear concerns and first-hand stories from Vermont and Canadian leaders impacted by the trade war.  
    Media Note: A recording of the event can be provided upon request. 

    MIL OSI USA News –

  • MIL-OSI Security: Sajah Konateh Pleads Guilty to Illegal Entry into the United States

    Source: Office of United States Attorneys

    Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that on May 27, 2025, Sajah Konateh, 51, born in Sierra Leone and a citizen of The Gambia, pleaded guilty to a criminal information charging him with illegally entering the United States at a time or place other than designated for entering the country by immigration authorities.

    According to court records, on May 19, 2025, at approximately 11:45 p.m., the United States Border Patrol received an image of three individuals, including Konateh, walking south toward the bike path on North Derby Road in Derby, Vermont. This area is less than a tenth of a mile south of the United States/Canada border. Investigators believed that the three individuals had just entered the United States illegally from Canada. Border Patrol agents responded to the area, and found the three individuals, who appeared to be the same people in the image they had received, hiding in thick vegetation. The three defendants, including Konateh, were placed under arrest. Border Patrol conducted records checks, which indicated that Konateh had no current legal status in the United States.

    Konateh appeared before United States Magistrate Judge Kevin J. Doyle on May 27, 2025, where he pleaded guilty and received a time-served sentence. The two other individuals, Belvie Ikiela Lecka, 32, a citizen of the Democratic Republic of Congo and Ayse Gul Sakiner, 49, a citizen of Türkiye, pleaded guilty on May 20, 2025, to the same charges.

    Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the United States Border Patrol.

    The prosecutor is Assistant United States Attorney Zachary Stendig. Konateh is represented by Assistant Federal Defender Sara Puls.

    This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI: Clear Blue Technologies Announces Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 28, 2025 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA), the Smart Off-Grid™ Company, announces its financial results for the first quarter of 2025 (“Q1 2024”) ending March 31, 2025. A complete set of Financial Statements and Management’s Discussion & Analysis (“MD&A”) has been filed at www.sedarplus.ca. All dollar amounts are denominated in Canadian dollars.

    On a Trailing Four Quarter (“TFQ”) basis:

    • As of March 31, 2025, bookings decreased to $4,365,698, a decrease of 14%, when compared to $5,071,105 as of December 31, 2024, with delivery anticipated over the next three years. Of this, $3,636,637 is expected to be recognized over the next 12 months.
    • TFQ revenue was $3,001,003, a 50% decrease from $5,950,005 in the corresponding previous period.
    • TFQ recurring revenue was $676,137 a 40% decrease from $1,120,838 in the corresponding previous period.
    • TFQ Gross Profit decreased to $1,563,054 compared to $2,716,412 in the comparable period, an 42% decrease. However, the gross margin percentage increased to 52% from 46% with the comparative TFQ period of 2024.
    • Non-IFRS Adjusted EBITDA for the period was ($2,634,592) as compared to ($1,629,513) for the previous period, a 62% decrease from the comparative period of 2024. This increase is mainly attributable to financing challenges which also impacted revenue in 2024 which have now been resolved.
    • Cash as of March 31, 2025, was $128,971 and remained stable through Q1.
    • As of December 31, 2024, the Company had approximately $1,800,000 remaining from its IRAP Green Fund contract. At this time, it expects to receive $1,300,000 of that amount by the end of Q2 2025.

    For Q1 F2024:

    • Q1 2025 revenue was $1,051,261, a 30% increase from $808,553 in Q1 2024.
    • Recurring revenue comprised $217,662 of the quarter’s revenue compared to $300,786 in Q1 2024, a 28% decrease.
    • Gross Profit for Q1 2025 was $551,601 compared to $338,339 for Q1 2024, a 63% increase, mainly due to higher revenue for the quarter. The Gross Margin percentage for the quarter was quite healthy at 52%, increasing from 42% from the comparative quarter of 2024.

    Clear Blue 2.0 – A Strong Foundation for 2025

    Looking forward, Clear Blue sees three key themes as critical to triggering high growth for the company:

    Smart Solar Lighting Goes Mainstream

    Clear Blue is powering the shift as smart solar lighting becomes the default for municipalities, power utilities, and Departments of Transportation (DoTs) seeking sustainable, intelligent lighting solutions. (Clear Blue Products: Illumient & Senti)

    Road to Zero Diesel: Empowering Africa’s Telecom Transition

    As telecom operators across Africa transition away from diesel, Clear Blue delivers high-performance solar power systems that ensure energy reliability and cost savings—supporting the continent’s clean energy future. (Clear Blue Products: Micro & Nano)

    Enabling Satellite Internet & IoT Expansion

    Satellite internet is now critical infrastructure. Through our partnership with Eutelsat, Clear Blue is enabling large-scale rollouts of satellite-powered community internet and IoT services across emerging markets—unlocking a projected $25M revenue opportunity over the next three years. (Clear Blue’s Product: Pico)

    Having filled out Clear Blue’s portfolio with 3 new products over the last two years, and having successfully completed the financial restructuring, Clear Blue is building a strong growth trajectory around the above key vectors.

    Said CEO of Clear Blue, Miriam Tuerk, “In the quarter, the company successfully completed that last component of its financial restructuring, a herculean effort which demanded the energy of the entire management team. Now it’s time to look forward, build a strong growth trajectory and deliver to our stakeholders the results that everyone believes this company can deliver.”

    Clear Blue will host a conference call on Thursday May 29th, at 11:00 a.m. Eastern Time, to review the financial restructuring, the Company’s 2024 results, and to provide an update on its 2025 outlook and growth plan going forward. Those interested can register at:

    Registration Link

    https://us06web.zoom.us/webinar/register/WN_06KGLRU8Tf6oobFxiB1LtQ

    For more information, contact:

    Miriam Tuerk, Co-Founder and CEO
    +1 416 433 3952
    investors@clearbluetechnologies.com

    www.clearbluetechnologies.com/en/investors

    About Clear Blue Technologies International

    Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)

    Legal Disclaimer

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

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

    Forward-Looking Statement

    This press release contains certain “forward-looking information” and/or “forward-looking statements” within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning financial results and future upcoming contracts.

    By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.

    An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading “Risk Factors” in Clear Blue’s listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

    In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.”

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

    Legal Disclaimer

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

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

    Forward-Looking Statement

    This press release contains certain “forward-looking information” and/or “forward-looking statements” within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning financial results and future upcoming contracts.

    By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.

    An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading “Risk Factors” in Clear Blue’s listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

    In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.”

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

    The MIL Network –

  • MIL-OSI: Kneat Announces Results of Voting at Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, May 28, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation processes, announced results from its Annual General Meeting of Shareholders (the “2025 AGM”), which took place today. All director nominees were elected to the board of directors (the “Kneat Board”) and KPMG LLP was appointed as auditors, as further described in the related Management Information Circular dated April 23, 2025 (the “Circular”).

    The detailed results of voting at the 2025 AGM are set out below:

    1.  Election of Directors

    Shareholders voted to elect all five directors nominated to the Kneat Board.

    Name of Nominee Number of Votes Cast Votes “For” Votes “For” %
    Ian Ainsworth 48,954,620 47,616,238 97.27%
    Edmund Ryan 48,954,620 48,954,095 100.00%
    Wade K. Dawe 48,954,620 47,008,047 96.02%
    Nutan Behki 48,954,620 47,644,301 97.32%
    Carol Leaman 48,954,620 48,939,765 99.97%
           

    2.  Re-Appointment of Auditors

    Shareholders voted to approve management’s recommendation that KPMG LLP be re-appointed as auditors of the Company, to hold office until the close of the next annual meeting of shareholders, and to authorize the Company to fix their remuneration for the forthcoming year.

    Number of Votes Cast Votes “For” Votes “For” %
    48,954,620 48,908,449 99.91%
         

    Final voting results on all matters voted at the 2025 AGM have been filed with Canadian securities regulators.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end to end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

    The MIL Network –

  • MIL-OSI USA: Two Men Sentenced to Prison for Role in International Human Smuggling Conspiracy that Resulted in the Death of a Family of Four

    Source: US State of North Dakota

    CategoriesEnglish, MIL OSI, US State Governments, US State of North Dakota

    Two men were sentenced today in the District of Minnesota after being convicted at a jury trial for their roles in an international human smuggling conspiracy that resulted in the deaths of four Indian nationals, including a three-year-old and 11-year-old child, in January 2022.   

    Harshkumar Ramanlal Patel, 29, an Indian national formerly of Florida, was sentenced to 10 years and one month in prison for his role in the conspiracy. Patel will be removed from the United States following his sentence. His co-conspirator, Steve Anthony Shand, 50, of Florida, was sentenced to six years and six months in prison followed by two years of supervised release. According to evidence presented at trial, Patel and Shand were part of a large-scale human-smuggling operation that brought Indian nationals to Canada on fraudulent student visas and then smuggled them into the United States across the northern border. Patel organized the logistics of smuggling aliens from Manitoba, Canada, into the United States, with other co-conspirators, and Shand picked up the aliens just south of the Canadian border in the United States and drove them to Chicago. Both men were paid for their roles in the conspiracy and disregarded the risks posed to the aliens by the cold weather at the northern border. According to evidence at trial, the going rate to be smuggled from India through Canada into the United States was $100,000.

    “Patel and Shand endangered thousands of lives for their personal enrichment and are responsible for the deaths of two small children who froze to death on their watch,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This case demonstrates the grave danger associated with human smuggling operations. I thank the prosecutors and our law enforcement partners in the U.S. and in Canada who are working to secure the northern border and end the perilous smuggling of aliens into the United States.”

    “Every time I think about this case I think about this family—including two beautiful little children—who the defendants left to freeze to death in a blizzard,” said Acting U.S. Attorney Lisa D. Kirkpatrick for the District of Minnesota.  “As we’ve seen time and time again, human traffickers care nothing for humanity. I am proud of the work of our law enforcement partners in holding these defendants accountable for their unspeakable crimes.”

    On Jan. 18 and 19, 2022, Patel and Shand, despite repeated warnings about the dangers, organized the smuggling of 11 aliens from Canada into the United States on foot in severe winter weather conditions, including a family of four – two adults, and their 11-year-old daughter and three-year-old son. On the evening of January 18, Shand sent Patel a screenshot with a blizzard alert warning of wind gusts as high as 50 mph and wind chill temperatures below -45 degrees. The recorded wind chill temperature on the morning of Jan. 19 was -36 degrees. In the early morning hours of Jan. 19, during blizzard conditions in Minnesota, a U.S. Border Patrol agent found Shand’s van stuck in the snow and arrested Shand along with two aliens. Contrary to Shand’s statement to law enforcement that there were no other aliens out in the snow, five more aliens emerged from the fields, including one suffering hypothermia with an internal temperature below 90 degrees who was airlifted to Regions Hospital in St. Paul, Minnesota. Later that day, the Royal Canadian Mounted Police (RCMP) found the dead bodies of the family of four frozen in an isolated area on the Canadian side of the international border. The boy was wrapped in a blanket with his father’s frozen glove covering his face. As proven at trial, Patel and Shand had been paid to smuggle the family into the United States.

    In November 2024, a federal jury convicted both defendants of conspiracy to bring aliens to the United States causing serious bodily injury and placing lives in jeopardy, conspiracy to transport aliens within the United States causing serious bodily injury and placing lives in jeopardy, attempted transportation of aliens for commercial advantage or private financial gain, and aiding and abetting the attempted transportation of aliens.

    “Today’s sentencing marks a crucial moment of accountability in a case that revealed the harrowing realities of human smuggling,” said Special Agent in Charge Jamie Holt of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) St. Paul. “The callous disregard for life that led to the tragic deaths of an entire family will not be forgotten. At HSI, we remain steadfast in our mission to work with our partners across borders to dismantle criminal smuggling networks, bring justice to those responsible, and safeguard human dignity.”

    HSI and U.S. Customs and Border Protection conducted the investigation. The RCMP and the Justice Department’s Office of International Affairs provided substantial assistance.

    The sentencings are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 365 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 334 U.S. convictions; more than 281 significant jail sentences imposed; and forfeitures of substantial assets.

    This case was also supported by the Extraterritorial Criminal Travel Strike Force (ECT) program, a partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    Trial Attorney Ryan Lipes of the Criminal Division’s HRSP and Assistant U.S. Attorney Michael P. McBride of the District of Minnesota prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL OSI USA News –

  • MIL-OSI Security: Two Men Sentenced for Role in International Human Smuggling Conspiracy that Resulted in the Deaths of a Family of Four During a January Blizzard

    Source: Office of United States Attorneys

    FERGUS FALLS, Minn. – Two men were sentenced today in the District of Minnesota after being convicted at a jury trial for their roles in an international human smuggling conspiracy that resulted in the deaths of four Indian nationals, including a three-year-old and 11-year-old child, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    “Every time I think about this case I think about this family—including two beautiful little children—who the defendants left to freeze to death in a blizzard,” said Acting U.S. Attorney Lisa D. Kirkpatrick.  “As we’ve seen time and time again, human traffickers care nothing for humanity.  I am proud of the work of our law enforcement partners in holding these defendants accountable for their unspeakable crimes.”

    “Today’s sentencing marks a crucial moment of accountability in a case that revealed the harrowing realities of human smuggling. The callous disregard for life that led to the tragic deaths of an entire family will not be forgotten,” said ICE Homeland Security Investigations St. Paul Special Agent in charge Jamie Holt. “At HSI, we remain steadfast in our mission to work with out partners across borders to dismantle criminal smuggling networks, bring justice to those responsible, and safeguard human dignity.”

    Harshkumar Ramanlal Patel, 29, was sentenced to 121 months in prison for his role in a human smuggling scheme.  The Court did not impose a term of supervised release on defendant Patel, citing the likelihood that Patel will be deported following his prison sentence.  Patel’s co-conspirator, Steve Anthony Shand, 50, received a sentence of 78 months followed by 2 years of supervised release.

    Trial evidence showed that Patel and Shand were involved in a major human smuggling operation that brought Indian nationals into Canada using fake student visas then illegally moved them across the U.S.-Canada border. Patel handled the coordination of smuggling individuals from Manitoba into the United States, while Shand picked them up after they crossed into the U.S. and transported them to Chicago. Both men were paid for their participation and ignored the life-threatening risks posed by the frigid conditions at the northern border. Testimony revealed that the going rate to be smuggled from India to U.S. from Canada was around $100,000.

    During a blizzard in January 2022, Shand and Patel, working with other co-conspirators, attempted to smuggle 11 aliens into the Unites States from Canada. Due to the storm conditions that night, Shand’s van got stuck in the snow. That turn of events forced the aliens to travel on foot for approximately seven hours in minus-36-degree wind chill and severe winter weather conditions while they searched for Shand’s vehicle. Two migrants found Shand while his van was stuck; the rest did not.

    A passerby pulled Shand’s van from the ditch. Soon thereafter, a U.S. Customs and Border Patrol agent arrived and suspected alien smuggling. Eventually, five additional aliens were located, one of whom was suffering from hypothermia so severe she had to be airlifted to Regions Hospital in St. Paul. Meanwhile, the Royal Canadian Mounted Police located the bodies of a family of four, two adults and two young children, who had separated from the larger group during the night.  The family died of hypothermia. The father was found still holding his infant child wrapped in a blanket. None of the 11 migrants was dressed appropriately for the severe, cold weather conditions.

    In November 2024, a federal jury found both defendants guilty of multiple charges, including conspiracy to bring aliens to the Unites States causing serious bodily injury and placing lives in jeopardy, conspiracy to transport aliens within the Unites States causing serious bodily injury and placing lives in jeopardy, attempted transportation of aliens for commercial advantage or private financial gain, and aiding and abetting the attempted transportation of aliens.

    “This case is a tragic reminder of the dangers of Human Smuggling. It is a clear example of how organizations exploit people for financial gain, regardless of the risk. The victims experienced the worst-case scenario firsthand; horrific conditions, injury, and death. We’re glad the smugglers are receiving consequences, but the crimes remain inexcusable. I’m proud of our agent’s persistence and collaboration between agencies; it is a testament to our commitment to border security,” said Special Operations Supervisor Ryan Gilberg of U.S. Border Patrol.

    In imposing sentence, U.S. District Court Judge John R. Tunheim explained that “Border smuggling is a very serious problem,” one that “exploits victims.” He noted that the night this family died was one “one of the coldest nights of the winter” and that these were “very dangerous conditions.”  Judge Tunheim said that the defendants “could have done something” and it “might have made a difference”—but they did nothing.

    This case is the result of an investigation conducted by U.S. Border Patrol and Homeland Security Investigations (“HSI”). The RCMP and the Justice Department’s Office of International Affairs provided substantial assistance.

    The sentencings are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 365 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 334 U.S. convictions; more than 281 significant jail sentences imposed; and forfeitures of substantial assets.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organization and protect our communities for the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    This case was prosecuted by the U.S. Attorney’s Office for the District of Minnesota and the Department of Justice’s Human Rights and Special Prosecutions Section. Acting United States Attorney Lisa D. Kirkpatrick represented the government at the sentencing hearings.

    MIL Security OSI –

  • MIL-OSI Security: Two Men Sentenced to Prison for Role in International Human Smuggling Conspiracy that Resulted in the Death of a Family of Four

    Source: United States Attorneys General

    Two men were sentenced today in the District of Minnesota after being convicted at a jury trial for their roles in an international human smuggling conspiracy that resulted in the deaths of four Indian nationals, including a three-year-old and 11-year-old child, in January 2022.   

    Harshkumar Ramanlal Patel, 29, an Indian national formerly of Florida, was sentenced to 10 years and one month in prison for his role in the conspiracy. Patel will be removed from the United States following his sentence. His co-conspirator, Steve Anthony Shand, 50, of Florida, was sentenced to six years and six months in prison followed by two years of supervised release. According to evidence presented at trial, Patel and Shand were part of a large-scale human-smuggling operation that brought Indian nationals to Canada on fraudulent student visas and then smuggled them into the United States across the northern border. Patel organized the logistics of smuggling aliens from Manitoba, Canada, into the United States, with other co-conspirators, and Shand picked up the aliens just south of the Canadian border in the United States and drove them to Chicago. Both men were paid for their roles in the conspiracy and disregarded the risks posed to the aliens by the cold weather at the northern border. According to evidence at trial, the going rate to be smuggled from India through Canada into the United States was $100,000.

    “Patel and Shand endangered thousands of lives for their personal enrichment and are responsible for the deaths of two small children who froze to death on their watch,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This case demonstrates the grave danger associated with human smuggling operations. I thank the prosecutors and our law enforcement partners in the U.S. and in Canada who are working to secure the northern border and end the perilous smuggling of aliens into the United States.”

    “Every time I think about this case I think about this family—including two beautiful little children—who the defendants left to freeze to death in a blizzard,” said Acting U.S. Attorney Lisa D. Kirkpatrick for the District of Minnesota.  “As we’ve seen time and time again, human traffickers care nothing for humanity. I am proud of the work of our law enforcement partners in holding these defendants accountable for their unspeakable crimes.”

    On Jan. 18 and 19, 2022, Patel and Shand, despite repeated warnings about the dangers, organized the smuggling of 11 aliens from Canada into the United States on foot in severe winter weather conditions, including a family of four – two adults, and their 11-year-old daughter and three-year-old son. On the evening of January 18, Shand sent Patel a screenshot with a blizzard alert warning of wind gusts as high as 50 mph and wind chill temperatures below -45 degrees. The recorded wind chill temperature on the morning of Jan. 19 was -36 degrees. In the early morning hours of Jan. 19, during blizzard conditions in Minnesota, a U.S. Border Patrol agent found Shand’s van stuck in the snow and arrested Shand along with two aliens. Contrary to Shand’s statement to law enforcement that there were no other aliens out in the snow, five more aliens emerged from the fields, including one suffering hypothermia with an internal temperature below 90 degrees who was airlifted to Regions Hospital in St. Paul, Minnesota. Later that day, the Royal Canadian Mounted Police (RCMP) found the dead bodies of the family of four frozen in an isolated area on the Canadian side of the international border. The boy was wrapped in a blanket with his father’s frozen glove covering his face. As proven at trial, Patel and Shand had been paid to smuggle the family into the United States.

    In November 2024, a federal jury convicted both defendants of conspiracy to bring aliens to the United States causing serious bodily injury and placing lives in jeopardy, conspiracy to transport aliens within the United States causing serious bodily injury and placing lives in jeopardy, attempted transportation of aliens for commercial advantage or private financial gain, and aiding and abetting the attempted transportation of aliens.

    “Today’s sentencing marks a crucial moment of accountability in a case that revealed the harrowing realities of human smuggling,” said Special Agent in Charge Jamie Holt of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) St. Paul. “The callous disregard for life that led to the tragic deaths of an entire family will not be forgotten. At HSI, we remain steadfast in our mission to work with our partners across borders to dismantle criminal smuggling networks, bring justice to those responsible, and safeguard human dignity.”

    HSI and U.S. Customs and Border Protection conducted the investigation. The RCMP and the Justice Department’s Office of International Affairs provided substantial assistance.

    The sentencings are the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations to eliminate human smuggling and trafficking networks operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration (DEA), and other partners. To date, JTFA’s work has resulted in more than 365 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 334 U.S. convictions; more than 281 significant jail sentences imposed; and forfeitures of substantial assets.

    This case was also supported by the Extraterritorial Criminal Travel Strike Force (ECT) program, a partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    Trial Attorney Ryan Lipes of the Criminal Division’s HRSP and Assistant U.S. Attorney Michael P. McBride of the District of Minnesota prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL Security OSI –

  • MIL-OSI: Quorum Announces Q1 2025 Results and Board Changes

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 28, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, released its results today for the first quarter of 2025, ended March 31, 2025. Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors.

    “I am pleased to announce that in Q1 2025, Quorum achieved consistent revenue year over year, in a quarter where tariffs are starting to impact the automotive industry in North America,” stated Maury Marks, President and CEO. “Quorum continued to pursue a strategy of profitable growth which delivered an Adjusted EBITDA1 margin of 15% in Q1 2025 and a Cash EBITDA2 margin of 10%, along with 1% organic growth in recurring revenues. Quorum has implemented $1.3 million in annual savings that will be fully realized in Q3 2025 including a BDC gross margin improvement plan, office lease cost savings, third-party service provider savings and other cost improvements. We are also pleased to announce that during Q1 2025 we paid down $0.3 million on our BDC Capital Cash Flow Loan and an additional $0.5 million on May 8, 2025.”

    “I would like to sincerely thank our employees, whose efforts were crucial in delivering our Q1 2025 plan and solid quarterly results,” said Mr. Marks. “Their efforts are complemented by our integrated suite of 13 essential software solutions and services. This product suite is fundamental to our profitable growth strategy, as it facilitates product cross-selling and plays a vital role in driving the success of our dealerships, thereby increasing value for both Quorum and its customers.”

    Consolidated Results for Q1 2025

        Q1 2025
    		 % Change 
    		 Q1 2024
    Total Revenue   $10,154,768   1%   $10,062,791  
    SaaS Revenue   $7,232,390   1%   $7,196,236  
    BDC Revenue   $2,610,657   4%   $2,513,570  
    Recurring Revenue   $9,843,047   1%   $9,709,806  
    Gross Margin   $4,825,306   (5%)   $5,085,481  
    Gross Margin %   48%       51%  
    Net Income   $52,533   (95%)   $1,123,921  
    Net Income per Share   $0.001       $0.015  
    Adjusted EBITDA   $1,522,635   (29%)   $2,141,695  
    Adjusted EBITDA Margin   15%       21%  
    Cash EBITDA   $1,020,628   (27%)   $1,396,262  
    Cash EBITDA Margin   10%       14%  

    ________________________
    1 Adjusted EBITDA (non-GAAP) – Net income before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, impairment, gain on bargain purchase, one-time acquisition-related expenses and restructuring fees.
    2 Cash EBITDA (non-GAAP) – Adjusted EBITDA less stock-based compensation, one-time acquisition-related expense, repayment of lease liability, purchase of property and equipment and software development costs.


    First Quarter Results

    • Total revenue increased by 1% to $10.2 million in Q1 2025 compared to Q1 2024.
    • SaaS revenue increased by 1% to $7.2 million in Q1 2025 compared to Q1 2024.
    • BDC revenue increased by 4% to $2.6 million in Q1 2025 compared to Q1 2024.
    • Gross margin decreased by 5% to $4.8 million in Q1 2025 compared to Q1 2024.
    • Adjusted EBITDA was $1.5 million in Q1 2025, a decrease of $0.6 million compared to Q1 2024.
    • Cash EBITDA was $1.0 million in Q1 2025, a decrease of $0.4 million compared to Q1 2024.

    Board Changes

    Quorum is also pleased to announce the appointment of Steve Hammond to the Board of Directors. Steve will be taking the place of Scot Eisenfelder who will not be standing for election at the upcoming AGM after serving on Quorum’s board for 16 years. Steve brings decades of experience as an operator of enterprise software businesses, primarily in the utilities and healthcare verticals.

    “Since joining Quorum’s Board of Directors in 2009, Scot has provided invaluable strategic leadership and deep automotive expertise that have been instrumental in shaping Quorum’s success,” stated Mr. Marks. “His mentorship has also significantly influenced my growth as a leader. On behalf of myself and the Board of Directors, we would like to sincerely thank Scot for his contributions over the last 16 years.”

    Quorum Q1 2025 Results Conference Call Details and Investor Presentation

    Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q1 2025 Results at a conference call with concurrent audio webcast, scheduled for:

    An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at www.QuorumInformationSystems.com.

    About Quorum Information Technologies Inc.

    Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:

    • Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
    • DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
    • Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and Customer Satisfaction Index through Autovance’s F&I menu solution.
    • Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue. 
    • VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently. 

    Contacts:

    Maury Marks
    President and Chief Executive Officer
    403-777-0036
    Maury.Marks@QuorumInfoTech.com

    Marilyn Bown
    Chief Financial Officer
    403-777-0036
    Marilyn.Bown@QuorumInfoTech.com

    Forward-Looking Information

    This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

    Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

    Quorum has filed its Q1 2025 unaudited condensed interim consolidated financial statements and notes thereto as at and for the three months ended March 31, 2025, and accompanying management and discussion and analysis in accordance with National Instrument 51-102 – Continuous Disclosure Obligations adopted by the Canadian securities regulatory authorities.

    Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumInformationSystems.com.

    Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

    PDF available: http://ml.globenewswire.com/Resource/Download/05b3f1e3-78f2-4e2b-9c8b-df995ca89b19

    The MIL Network –

  • MIL-OSI Canada: Student loan applications: opening soon!

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: CBSA seizes 1.73 kg of fentanyl and 59.73 kg of other narcotics during export-focused Operation Blizzard

    Source: Government of Canada News (2)

    May 28, 2025
    Ottawa, Ontario

    The Canada Border Services Agency (CBSA) plays an important role in keeping fentanyl, its precursors and other dangerous drugs off our streets. Today, the CBSA shared the results of Operation Blizzard.

    Launched as part of Canada’s Border Plan, Operation Blizzard was a month-long (February 12th to March 13th), cross-country surge operation to intercept fentanyl and other illegal drugs in postal, air cargo and marine containers.

    During the operation, border services officers examined shipments, with a special focus on mail, air freight and sea containers going to the United States. They acted on increased referrals from CBSA’s National Targeting Centre based on risk assessments. In total, the CBSA executed over 2,600 seizures of suspected narcotics and precursors across the country. 67.5% of all seizures made were of illegal narcotics coming to Canada from the United States, while 17.5% were of narcotics going to the United States. These included:

    116 fentanyl seizures (1.73 kg), intercepted in British Columbia, Québec and Alberta. Of these seizures, 1.44 kg were on route to the United States and 0.26 kg were destined to other countries

    • 17 meth seizures (5.38 kg and 89 pills)
    • 24 cocaine seizures (13 kg)
    • 26 heroin seizures (0.19 kg)
    • 17 opium seizures (38.84 kg and 11 bottles)
    • 48 MDMA seizures (2.32 kg and 82 pills)
    • 249 cannabis and cannabis related product seizures

    During this same period, the CBSA shared details about other notable seizures of illegal narcotics:

    The CBSA will continue to disrupt the supply chain for fentanyl and other illicit drugs through interception of contraband as part of Canada’s overarching efforts to strengthen border security and combat organized crime. 

    MIL OSI Canada News –

  • MIL-OSI Canada: Canada Day 2025: Program and artist lineup announcement

    Source: Government of Canada News

    OTTAWA – Canadian Heritage invites the media to learn about the program and artists performing for Canada Day 2025 on Thursday. The Honourable Steven Guilbeault, Minister of Canadian Identity and Culture and Minister responsible for Official Languages, and Jonathan Goldbloom, Chairperson of the Board of Directors, VIA Rail Canada, will take part in the announcement.

    Journalists wishing to attend this announcement must confirm their attendance by sending their full name and the name of the media outlet they represent to media@pch.gc.ca by 7 a.m. on Thursday, May 29. Details on how to attend will be provided afterward.

    Please note that all details are subject to change. All times are local.

    The details are as follows:

    DATE:
    Thursday, May 29, 2025

    TIME:
    9:00 a.m.

    MIL OSI Canada News –

  • MIL-OSI Canada: The Government of Canada makes a donation to The King’s Trust Canada in honour of the Royal Visit of Their Majesties King Charles III and Queen Camilla

    Source: Government of Canada News (2)

    OTTAWA, May 28, 2025

    The Government of Canada will make a donation of $50,000 to The King’s Trust Canada to commemorate the visit of Their Majesties King Charles III and Queen Camilla to Canada.

    During their visit on May 26 and 27, Their Majesties took part in a number of noteworthy activities. The King delivered the Speech from the Throne, opening Canada’s 45th Parliament. This was His Majesty’s first visit as Sovereign of Canada. The Royal Visit showcased our rich Canadian identity, our cultural diversity and the vitality of our democratic institutions.

    The Government of Canada’s donation is part of a longstanding tradition of recognizing visits or tours by members of the Royal Family with a meaningful gesture. This contribution will be made to The King’s Trust Canada, an organization founded in 2011 by His Majesty King Charles III (formerly the Prince’s Trust Canada). The organization works with community partners, employers and educational institutions to help 100,000 young people across the country integrate into the workforce.

    MIL OSI Canada News –

  • MIL-OSI Security: Grand Falls-Windsor — Teenage dirt bike operator lost in wooded area safely located by Grand Falls-Windsor RCMP

    Source: Royal Canadian Mounted Police

    A teenaged dirt bike operator who was lost in a wooded area near the Exploits River was safely located during the early morning hours today.

    Shortly after 10:30 p.m. on Tuesday, Grand Falls-Windsor RCMP received the report. At approximately 7:30 p.m., the boy, who was traveling alone on his dirt bike, contacted family via his cell phone and indicated that he had ran out of gas and was lost on a woods road near Exploit’s River. The boy also indicated that his cell phone battery was low.

    Through further investigation, police determined an approximate location of the missing youth and engaged Exploits Search and Rescue (SAR) to assist with a search. At approximately 3:30 a.m., prior to the arrival of SAR, Grand Falls-Windsor RCMP located the youth and his dirt bike on a woods road near Sandy Lake. The youth reported being cold but was otherwise in good health. He was transported out of the wooded area by police and safely reunited with his family.

    With increased off-road vehicle use anticipated over the summer months, RCMP NL reminds users to be prepared and wear the gear. It is recommended to travel with extra clothing, food, a communication device and fire making supplies. Additionally, sharing your intended travel plans and expected departure and return times with others is strongly advisable. The use of helmets and seatbelts where available is mandatory for those traveling on all off-road vehicles.

    MIL Security OSI –

  • MIL-OSI Canada: Canadian Forces Provost Marshal response to Military Police Complaints Commission Public Interest Hearing 

    Source: Government of Canada News

    May 28, 2025 – Ottawa, ON – National Defence / Canadian Armed Forces

    The Military Police Complaints Commission (MPCC) plays a vital role in investigating Military Police (MP) interference complaints, reviewing closed and concluded public complaints led by the Military Police at the request of complainants, and leading public interest investigations and hearings. The Canadian Forces Provost Marshal (CFPM) is fully committed to, and supportive of the MPCC’s mandate, within the legislative framework afforded under Part IV of the National Defence Act.

    A public complaint was received by the Canadian Forces Provost Marshal’s Office of Professional Standards related the MP response to Master Corporal Orton’s death. It was subsequently determined that the complaint was one that could be more appropriately dealt with through a criminal investigation. This is one of several reasons, laid out in the National Defence Act (NDA) s.250.27(4), regarding why a conduct complaint may not require an NDA Part IV conduct investigation by the Office of Professional Standards to appropriately address the matter.

    The criminal investigation concluded on March 18, 2025. No criminal or code of service discipline charges were laid. However, a Military Police Professional Code of Conduct (MPPCC) investigation was initiated on March 18, 2025, and remains ongoing. The MPPCC is how the CFPM exercises their authority to determine whether administrative action is taken against members of the MP, which could include revocation of MP credentials.

    During and following the closure of the criminal investigation and the subsequent decision to call a Public Interest Hearing (PIH), the Office of the CFPM has corresponded with the MPCC regarding their request for disclosure of relevant information to support their existing review and in light of the decision to declare a PIH into the same matter.

    The Office of the CFPM will continue to support the MPCC during the course of the PIH, while ensuring that the integrity of the ongoing MPPCC investigation into this matter is maintained.

    MIL OSI Canada News –