Category: CTF

MIL-OSI Australia: Woman charged with arson in relation to fire which destroyed unit at Ravenswood

Source: New South Wales Community and Justice

Woman charged with arson in relation to fire which destroyed unit at Ravenswood

Thursday, 24 July 2025 – 8:48 am.

Police have charged a 61-year-old woman from Ravenswood with arson in relation to a fire at Ravenswood yesterday.
Around 10.30am, emergency services responded to reports of a unit on fire on Warring Street.
Tasmania Fire Service extinguished the fire; however the unit was destroyed.
Fire Investigators determined the fire was deliberately lit.
The woman was bailed to appear before the Launceston Magistrates Court on 3 September 2025.

MIL OSI News –

July 24, 2025

MIL-OSI: Five Star Bancorp Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

RANCHO CORDOVA, Calif., July 23, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $14.5 million for the three months ended June 30, 2025, as compared to $13.1 million for the three months ended March 31, 2025 and $10.8 million for the three months ended June 30, 2024.

Second Quarter Highlights

Performance and operating highlights for the Company for the periods noted below included the following:

		Three months ended
(in thousands, except per share and share data)		June 30, 2025			March 31, 2025			June 30, 2024
Return on average assets (“ROAA”)		1.37	%		1.30	%		1.23	%
Return on average equity (“ROAE”)		14.17	%		13.28	%		11.72	%
Pre-tax income	$	20,099		$	18,391		$	15,152
Pre-tax, pre-provision income⁽¹⁾	$	22,599		$	20,291		$	17,152
Net income	$	14,508		$	13,111		$	10,782
Basic earnings per common share	$	0.68		$	0.62		$	0.51
Diluted earnings per common share	$	0.68		$	0.62		$	0.51
Weighted average basic common shares outstanding		21,225,831			21,209,881			21,039,798
Weighted average diluted common shares outstanding		21,269,265			21,253,588			21,058,085
Shares outstanding at end of period		21,360,991			21,329,235			21,319,583

⁽¹⁾See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

James E. Beckwith, President and Chief Executive Officer, commented:

“We are very pleased to report an exceptional quarter where the continuation of our organic growth strategy fueled new account openings and resulted in growth in loans and deposits. Total loans held for investment increased by $136.2 million, or 3.76% (15.04% when annualized), and total deposits increased by $158.3 million, or 4.24% (16.94% when annualized). Net interest margin increased by eight basis points to 3.53%, while our efficiency ratio decreased to 41.03% compared to 42.58% for the first quarter of 2025. Short-term borrowings remained at zero as of June 30, 2025 and December 31, 2024. This quarter, we declared another dividend to shareholders, which exemplifies our commitment to shareholder value.

This success serves as a strong testimony to our people, technology, operating efficiencies, conservative underwriting practices, exceptional credit quality, and prudent approach to portfolio management, which we believe will continue to benefit our clients, employees, community, and shareholders. It is also attributable to our relationship-based banking approach, where clients receive high-tech and high-touch concierge business banking services.

We look forward to bringing these services to the Walnut Creek market, where we expect to open an office in the third quarter of 2025. Since our expansion in the San Francisco Bay Area began in June 2023, the team has grown to 34 employees with $456.9 million in deposits as of June 30, 2025. We also look forward to the continued growth of business verticals, including Food, Agribusiness, and Diversified Industries where we believe clients will benefit from our global trade services and exceptional treasury management tools.

As we look to the second half of 2025, we are humbled and proud of our team’s accomplishments. We also thank our employees for their outstanding commitment to ensuring Five Star Bank remains a safe, trusted, and steadfast banking partner.”

Financial highlights as of and during the three months ended June 30, 2025 included the following:

The San Francisco Bay Area team increased from 31 to 34 employees and generated deposit balances totaling $456.9 million at June 30, 2025, an increase of $77.2 million from March 31, 2025.
The Company hired five new Business Development Officers, increasing from 35 at March 31, 2025 to 40 at June 30, 2025.
Cash and cash equivalents were $483.8 million, representing 12.42% of total deposits at June 30, 2025, as compared to 12.11% at March 31, 2025.
Total deposits increased by $158.3 million, or 4.24%, during the three months ended June 30, 2025, due to increases in non-wholesale deposits that exceeded decreases in wholesale deposits, which the Company defines as brokered deposits and California Time Deposit Program deposits. During the three months ended June 30, 2025, non-wholesale deposits increased by $191.6 million, or 6.29%, and wholesale deposits decreased by $33.4 million, or 4.84%.
The Company had no short-term borrowings at June 30, 2025 or March 31, 2025.
Consistent, disciplined management of expenses contributed to our efficiency ratio of 41.03% for the three months ended June 30, 2025, as compared to 42.58% for the three months ended March 31, 2025 and 44.07% for the three months ended June 30, 2024.
For the three months ended June 30, 2025, net interest margin was 3.53%, as compared to 3.45% for the three months ended March 31, 2025 and 3.39% for the three months ended June 30, 2024. The effective Federal Funds rate was 4.33% as of June 30, 2025, remaining constant from March 31, 2025 and decreasing from 5.33% at June 30, 2024.
Other comprehensive loss was $0.3 million during the three months ended June 30, 2025. Unrealized losses, net of tax effect, on available-for-sale securities were $12.0 million as of June 30, 2025. Total carrying value of held-to-maturity and available-for-sale securities represented 0.06% and 2.22% of total interest-earning assets, respectively, as of June 30, 2025.
The Company’s common equity Tier 1 capital ratio was 10.85% and 11.00% as of June 30, 2025 and March 31, 2025, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
Loan and deposit growth in the three and twelve months ended June 30, 2025 was as follows:

(in thousands)	June 30, 2025		March 31, 2025		$ Change		% Change
Loans held for investment	$	3,758,025	$	3,621,819	$	136,206		3.76	%
Non-interest-bearing deposits		1,004,061		933,652		70,409		7.54	%
Interest-bearing deposits		2,890,561		2,802,702		87,859		3.13	%

(in thousands)	June 30, 2025		June 30, 2024		$ Change		% Change
Loans held for investment	$	3,758,025	$	3,266,291	$	491,734		15.05	%
Non-interest-bearing deposits		1,004,061		825,733		178,328		21.60	%
Interest-bearing deposits		2,890,561		2,323,898		566,663		24.38	%

The ratio of nonperforming loans to loans held for investment at period end increased from 0.05% at March 31, 2025 to 0.06% at June 30, 2025. The increase was due to one commercial real estate loan being put on nonaccrual status during the quarter.
The Company’s Board of Directors declared on April 17, 2025, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended June 30, 2025. The Company’s Board of Directors subsequently declared another cash dividend of $0.20 per share on July 17, 2025, which the Company expects to pay on August 11, 2025 to shareholders of record as of August 4, 2025.

Summary Results

Three months ended June 30, 2025, as compared to three months ended March 31, 2025

The Company’s net income was $14.5 million for the three months ended June 30, 2025, as compared to $13.1 million for the three months ended March 31, 2025. Net interest income increased by $2.5 million during the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, primarily due to an increase in interest income driven by loan growth and an improvement in the average yield on loans, partially offset by an increase in interest expense driven by deposit growth. The provision for credit losses increased by $0.6 million, with loan growth and increases in net charge-offs during the three months ended June 30, 2025 as the leading drivers. Non-interest income increased by $0.5 million, primarily due to an overall improvement in the estimated earnings related to investments in venture-backed funds during the three months ended June 30, 2025, as compared to the three months ended March 31, 2025. Non-interest expense increased by $0.7 million during the three months ended June 30, 2025, as compared to the three months ended March 31, 2025, primarily related to increases in business travel, conferences, training, and advertising and promotional expenses associated with expansion of the Bank’s business development teams, partially offset by an increase in deferred loan origination costs.

Three months ended June 30, 2025, as compared to three months ended June 30, 2024

The Company’s net income was $14.5 million for the three months ended June 30, 2025, as compared to $10.8 million for the three months ended June 30, 2024. Net interest income increased by $7.4 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, primarily due to an increase in interest income driven by loan growth and an improvement in the average yield on loans, partially offset by an increase in interest expense driven by deposit growth. The provision for credit losses increased by $0.5 million, with increases in net charge-offs during the three months ended June 30, 2025 as the leading driver. Non-interest income increased by $0.2 million, primarily due to an overall improvement in the estimated earnings related to investments in venture-backed funds, partially offset by a decrease in the volume of loans sold during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. Non-interest expense increased by $2.2 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, with an increase in salaries and employee benefits related to increased headcount as the leading driver.

The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

	Three months ended
(in thousands, except per share data)	June 30, 2025			March 31, 2025			$ Change		% Change
Selected operating data:
Net interest income	$	36,515		$	33,977		$	2,538		7.47	%
Provision for credit losses		2,500			1,900			600		31.58	%
Non-interest income		1,810			1,359			451		33.19	%
Non-interest expense		15,726			15,045			681		4.53	%
Pre-tax income		20,099			18,391			1,708		9.29	%
Provision for income taxes		5,591			5,280			311		5.89	%
Net income	$	14,508		$	13,111		$	1,397		10.66	%
Earnings per common share:
Basic	$	0.68		$	0.62		$	0.06		9.68	%
Diluted	$	0.68		$	0.62		$	0.06		9.68	%
Performance and other financial ratios:
ROAA		1.37	%		1.30	%
ROAE		14.17	%		13.28	%
Net interest margin		3.53	%		3.45	%
Cost of funds		2.53	%		2.56	%
Efficiency ratio		41.03	%		42.58	%

	Three months ended
(in thousands, except per share data)	June 30, 2025			June 30, 2024				$ Change	% Change
Selected operating data:
Net interest income	$	36,515		$	29,092		$	7,423		25.52	%
Provision for credit losses		2,500			2,000			500		25.00	%
Non-interest income		1,810			1,573			237		15.07	%
Non-interest expense		15,726			13,513			2,213		16.38	%
Pre-tax income		20,099			15,152			4,947		32.65	%
Provision for income taxes		5,591			4,370			1,221		27.94	%
Net income	$	14,508		$	10,782		$	3,726		34.56	%
Earnings per common share:
Basic	$	0.68		$	0.51		$	0.17		33.33	%
Diluted	$	0.68		$	0.51		$	0.17		33.33	%
Performance and other financial ratios:
ROAA		1.37	%		1.23	%
ROAE		14.17	%		11.72	%
Net interest margin		3.53	%		3.39	%
Cost of funds		2.53	%		2.56	%
Efficiency ratio		41.03	%		44.07	%

Balance Sheet Summary

(in thousands)	June 30, 2025		March 31, 2025		$ Change			% Change
Selected financial condition data:
Total assets	$	4,413,473	$	4,245,057	$	168,416			3.97	%
Cash and cash equivalents		483,810		452,571		31,239			6.90	%
Total loans held for investment		3,758,025		3,621,819		136,206			3.76	%
Total investments		97,575		99,696		(2,121	)		(2.13	)%
Total liabilities		3,996,731		3,838,606		158,125			4.12	%
Total deposits		3,894,622		3,736,354		158,268			4.24	%
Subordinated notes, net		73,968		73,932		36			0.05	%
Total shareholders’ equity		416,742		406,451		10,291			2.53	%

Insured and collateralized deposits were approximately $2.6 billion, representing 67.06% of total deposits as of June 30, 2025, as compared to 67.55% as of March 31, 2025. Net uninsured and uncollateralized deposits were approximately $1.3 billion as of June 30, 2025, increasing from $1.2 billion at March 31, 2025.
Non-wholesale deposit accounts constituted 83.14% of total deposits as of June 30, 2025, as compared to 81.53% at March 31, 2025. Deposit relationships of greater than $5 million represented 59.91% of total deposits, as compared to 60.87% as of March 31, 2025, and had an average age of approximately 8.34 years as of June 30, 2025, as compared to 8.80 years as of March 31, 2025.
Total deposits as of June 30, 2025 were $3.9 billion, an increase of $158.3 million, or 4.24%, from March 31, 2025 comprised of increases in both interest-bearing and non-interest-bearing deposits. The primary driver of interest-bearing deposit growth was new money market deposit accounts opened during the quarter, adding $87.4 million in new balances. Non-interest-bearing deposit growth was driven by new accounts opened during the quarter, adding $68.7 million in new balances.
Cash and cash equivalents as of June 30, 2025 were $483.8 million, representing 12.42% of total deposits at June 30, 2025, as compared to 12.11% as of March 31, 2025.
Total liquidity (consisting of cash and cash equivalents and unused and immediately available borrowing capacity as set forth below) was approximately $2.2 billion as of June 30, 2025, as compared to $2.0 billion at March 31, 2025.

	June 30, 2025
(in thousands)	Line of Credit		Letters of Credit Issued		Borrowings		Available
Federal Home Loan Bank of San Francisco (“FHLB”) advances	$	1,290,446	$	732,500	$	—	$	557,946
Federal Reserve Discount Window		926,573		—		—		926,573
Correspondent bank lines of credit		185,000		—		—		185,000
Cash and cash equivalents		—		—		—		483,810
Total	$	2,402,019	$	732,500	$	—	$	2,153,329


(in thousands)	June 30, 2025		December 31, 2024		$ Change			% Change
Selected financial condition data:
Total assets	$	4,413,473	$	4,053,278	$	360,195			8.89	%
Cash and cash equivalents		483,810		352,343		131,467			37.31	%
Total loans held for investment		3,758,025		3,532,686		225,339			6.38	%
Total investments		97,575		100,914		(3,339	)		(3.31	)%
Total liabilities		3,996,731		3,656,654		340,077			9.30	%
Total deposits		3,894,622		3,557,994		336,628			9.46	%
Subordinated notes, net		73,968		73,895		73			0.10	%
Total shareholders’ equity		416,742		396,624		20,118			5.07	%

The increase in total assets from December 31, 2024 to June 30, 2025 was primarily comprised of a $225.3 million increase in total loans held for investment and a $131.5 million increase in cash and cash equivalents. The $225.3 million increase in total loans held for investment between December 31, 2024 and June 30, 2025 was a result of $578.8 million in loan originations and advances, partially offset by $130.3 million and $223.1 million in loan payoffs and paydowns, respectively. The $225.3 million increase in total loans held for investment included $43.9 million in purchases of loans within the consumer concentration of the loan portfolio. The $131.5 million increase in cash and cash equivalents primarily resulted from net cash inflows related to financing and operating activities of $328.1 million and $28.1 million, respectively, partially offset by net cash outflows related to investing activities of $224.7 million.

The increase in total liabilities from December 31, 2024 to June 30, 2025 was primarily due to an increase in interest-bearing deposits of $255.2 million. The increase in interest-bearing deposits was largely due to increases in money market and time deposits of $179.4 million and $101.9 million, respectively.

The increase in total shareholders’ equity from December 31, 2024 to June 30, 2025 was primarily a result of net income recognized of $27.6 million and a $0.4 million increase in accumulated other comprehensive income, partially offset by $8.5 million in cash dividends paid during the period.

Net Interest Income and Net Interest Margin

The following is a summary of the components of net interest income for the periods indicated:

	Three months ended
(in thousands)	June 30, 2025			March 31, 2025			$ Change		% Change
Interest and fee income	$	60,580		$	57,087		$	3,493		6.12	%
Interest expense		24,065			23,110			955		4.13	%
Net interest income	$	36,515		$	33,977		$	2,538		7.47	%
Net interest margin		3.53	%		3.45	%

	Three months ended
(in thousands)	June 30, 2025			June 30, 2024			$ Change		% Change
Interest and fee income	$	60,580		$	48,998		$	11,582		23.64	%
Interest expense		24,065			19,906			4,159		20.89	%
Net interest income	$	36,515		$	29,092		$	7,423		25.52	%
Net interest margin		3.53	%		3.39	%

The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

	Three months ended
	June 30, 2025							March 31, 2025							June 30, 2024
(in thousands)	Average Balance		Interest Income/ Expense		Yield/ Rate			Average Balance		Interest Income/ Expense		Yield/ Rate			Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning deposits in banks	$	361,866	$	3,987		4.42	%	$	328,571	$	3,575		4.41	%	$	148,936	$	1,986		5.36	%
Investment securities		97,886		577		2.37	%		100,474		581		2.34	%		105,819		650		2.47	%
Loans held for investment and sale		3,691,616		56,016		6.09	%		3,567,992		52,931		6.02	%		3,197,921		46,362		5.83	%
Total interest-earning assets		4,151,368		60,580		5.85	%		3,997,037		57,087		5.79	%		3,452,676		48,998		5.71	%
Interest receivable and other assets, net		101,632							93,543							84,554
Total assets	$	4,253,000						$	4,090,580						$	3,537,230

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	283,369	$	1,043		1.48	%	$	303,822	$	1,112		1.48	%	$	291,470	$	1,104		1.52	%
Savings accounts		121,692		801		2.64	%		123,599		772		2.53	%		120,080		856		2.87	%
Money market accounts		1,647,628		13,270		3.23	%		1,540,879		12,435		3.27	%		1,547,814		13,388		3.48	%
Time accounts		726,295		7,790		4.30	%		706,528		7,629		4.38	%		272,887		3,369		4.96	%
Subordinated notes and other borrowings		73,967		1,161		6.30	%		73,908		1,162		6.37	%		75,747		1,189		6.31	%
Total interest-bearing liabilities		2,852,951		24,065		3.38	%		2,748,736		23,110		3.41	%		2,307,998		19,906		3.47	%
Demand accounts		957,034							910,954							817,668
Interest payable and other liabilities		32,406							30,389							41,429
Shareholders’ equity		410,609							400,501							370,135
Total liabilities & shareholders’ equity	$	4,253,000						$	4,090,580						$	3,537,230

Net interest spread						2.47	%						2.38	%						2.24	%
Net interest income/margin			$	36,515		3.53	%			$	33,977		3.45	%			$	29,092		3.39	%

Net interest income during the three months ended June 30, 2025 increased $2.5 million, or 7.47%, to $36.5 million compared to $34.0 million during the three months ended March 31, 2025. Net interest margin totaled 3.53% for the three months ended June 30, 2025, an increase of eight basis points compared to the prior quarter. The increase in net interest income is primarily attributable to an additional $3.5 million in interest income, mainly due to a $123.6 million, or 3.46%, increase in the average balance of loans and a seven basis point improvement in the average yield on loans during the three months ended June 30, 2025 compared to the prior quarter. The increase in interest income was partially offset by an additional $1.0 million in interest expense, which was mainly driven by a $150.2 million, or 4.19%, increase in the average balance of deposits at an average rate of two basis points lower than the prior quarter.

As compared to the three months ended June 30, 2024, net interest income increased $7.4 million, or 25.52%, to $36.5 million from $29.1 million. Net interest margin totaled 3.53% for the three months ended June 30, 2025, an increase of 14 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $11.6 million in interest income, mainly due to a $493.7 million, or 15.44%, increase in the average balance of loans and a 26 basis point improvement in the average yield on loans during the three months ended June 30, 2025 compared to the same quarter of the prior year. The increase in interest income was partially offset by an additional $4.2 million in interest expense compared to the same quarter of the prior year. The increase in interest expense is mainly attributable to a $686.1 million, or 22.50%, increase in the average balance of deposits at an average rate of one basis point lower during the three months ended June 30, 2025 compared to the same quarter of the prior year.

Loans by Type

The following table provides loan balances, excluding deferred loan fees, by type as of the dates shown:

(in thousands)	June 30, 2025			March 31, 2025
Real estate:
Commercial	$	3,066,627		$	2,941,201
Commercial land and development		1,422			3,556
Commercial construction		112,399			113,002
Residential construction		5,479			5,747
Residential		33,132			34,053
Farmland		51,579			43,643
Commercial:
Secured		173,855			170,525
Unsecured		37,568			34,970
Consumer and other		278,215			277,093
Net deferred loan fees		(2,251	)		(1,971	)
Total loans held for investment	$	3,758,025		$	3,621,819

Interest-bearing Deposits

The following table provides interest-bearing deposit balances by type as of the dates shown:

(in thousands)	June 30, 2025		March 31, 2025
Interest-bearing transaction accounts	$	292,257	$	295,633
Money market accounts		1,704,652		1,577,473
Savings accounts		121,567		128,210
Time accounts		772,085		801,386
Total interest-bearing deposits	$	2,890,561	$	2,802,702

Asset Quality

Allowance for Credit Losses

At June 30, 2025, the Company’s allowance for credit losses was $40.2 million, as compared to $37.8 million at December 31, 2024. The $2.4 million increase in the allowance is due to a $4.6 million provision for credit losses recorded during the six months ended June 30, 2025, partially offset by net charge-offs of $2.2 million, primarily attributable to commercial and industrial loans, during the same period.

The Company’s ratio of nonperforming loans to loans held for investment increased from 0.05% at December 31, 2024 to 0.06% at June 30, 2025. Loans designated as watch decreased from $123.4 million to $106.5 million between December 31, 2024 and June 30, 2025. Loans designated as substandard increased from $2.6 million to $4.2 million between December 31, 2024 and June 30, 2025. There were no loans with doubtful risk grades at June 30, 2025 or December 31, 2024.

A summary of the allowance for credit losses by loan class is as follows:

	June 30, 2025					December 31, 2024
(in thousands)	Amount		% of Total			Amount		% of Total
Real estate:
Commercial	$	27,792		69.19	%	$	25,864		68.44	%
Commercial land and development		33		0.08	%		78		0.21	%
Commercial construction		2,575		6.41	%		2,268		6.00	%
Residential construction		75		0.19	%		64		0.17	%
Residential		334		0.83	%		270		0.71	%
Farmland		723		1.80	%		607		1.61	%
		31,532		78.50	%		29,151		77.14	%
Commercial:
Secured		5,623		14.00	%		5,866		15.52	%
Unsecured		417		1.04	%		278		0.74	%
		6,040		15.04	%		6,144		16.26	%
Consumer and other		2,595		6.46	%		2,496		6.60	%
Total allowance for credit losses	$	40,167		100.00	%	$	37,791		100.00	%

The ratio of allowance for credit losses to loans held for investment remained at 1.07% at June 30, 2025 and December 31, 2024.

Non-interest Income

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	June 30, 2025		March 31, 2025		$ Change			% Change
Service charges on deposit accounts	$	196	$	215	$	(19	)		(8.84	)%
Gain on sale of loans		119		125		(6	)		(4.80	)%
Loan-related fees		468		448		20			4.46	%
FHLB stock dividends		325		331		(6	)		(1.81	)%
Earnings on bank-owned life insurance		220		161		59			36.65	%
Other income		482		79		403			510.13	%
Total non-interest income	$	1,810	$	1,359	$	451			33.19	%

Other income. The increase resulted primarily from an overall improvement in the estimated earnings related to investments in venture-backed funds during the three months ended June 30, 2025 compared to the three months ended March 31, 2025.

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	June 30, 2025		June 30, 2024		$ Change			% Change
Service charges on deposit accounts	$	196	$	189	$	7			3.70	%
Gain on sale of loans		119		449		(330	)		(73.50	)%
Loan-related fees		468		370		98			26.49	%
FHLB stock dividends		325		329		(4	)		(1.22	)%
Earnings on bank-owned life insurance		220		158		62			39.24	%
Other income		482		78		404			517.95	%
Total non-interest income	$	1,810	$	1,573	$	237			15.07	%

Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold, partially offset by an improvement in the effective yield of loans sold. During the three months ended June 30, 2025, approximately $1.6 million of loans were sold with an effective yield of 7.60%, as compared to approximately $6.8 million of loans sold with an effective yield of 6.60% during the three months ended June 30, 2024.

Other income. The increase related primarily to an overall improvement in the estimated earnings related to investments in venture-backed funds during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Non-interest Expense

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	June 30, 2025		March 31, 2025		$ Change			% Change
Salaries and employee benefits	$	8,910	$	9,134	$	(224	)		(2.45	)%
Occupancy and equipment		657		637		20			3.14	%
Data processing and software		1,508		1,457		51			3.50	%
Federal Deposit Insurance Corporation (“FDIC”) insurance		470		455		15			3.30	%
Professional services		918		913		5			0.55	%
Advertising and promotional		865		522		343			65.71	%
Loan-related expenses		423		319		104			32.60	%
Other operating expenses		1,975		1,608		367			22.82	%
Total non-interest expense	$	15,726	$	15,045	$	681			4.53	%

Salaries and employee benefits. The decrease related primarily to: (i) a $0.6 million increase in deferred loan origination costs due to greater loan originations, net of purchased consumer loans; and (ii) $0.1 million decrease in salaries, benefits, and bonus expense. The decrease was partially offset by a $0.5 million increase in commissions expense due to greater loan originations, net of purchased consumer loans, period-over-period.

Advertising and promotional. The increase related primarily to additional expenses incurred to support the expansion of the Bank’s business development teams, including a $0.1 million increase related to business development expenses, a $0.1 million increase in expenses related to sponsored events and partnerships, and a $0.1 million increase in expenses related to donations.

Loan-related expenses. The increase related primarily to a $0.1 million increase in expenses related to inspections to support the increase in loan originations and annual loan reviews.

Other operating expenses. The increase was primarily due to a $0.2 million increase in business travel expenses and a $0.1 million increase in expenses related to conferences and trainings attended.

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	June 30, 2025		June 30, 2024		$ Change		% Change
Salaries and employee benefits	$	8,910	$	7,803	$	1,107		14.19	%
Occupancy and equipment		657		646		11		1.70	%
Data processing and software		1,508		1,235		273		22.11	%
FDIC insurance		470		390		80		20.51	%
Professional services		918		767		151		19.69	%
Advertising and promotional		865		615		250		40.65	%
Loan-related expenses		423		297		126		42.42	%
Other operating expenses		1,975		1,760		215		12.22	%
Total non-interest expense	$	15,726	$	13,513	$	2,213		16.38	%

Salaries and employee benefits. The increase related primarily to: (i) a $1.2 million increase in salaries, benefits, and bonus expense, mainly related to a 16.58% increase in headcount between June 30, 2024 and June 30, 2025; and (ii) a $0.1 million increase in commissions paid. This increase was partially offset by a $0.2 million increase in deferred loan origination costs due to a greater number of loan originations, net of purchased consumer loans, period-over-period.

Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

Professional services. The increase was primarily due to a $0.1 million increase in fees paid for compensation and business development consulting services.

Advertising and promotional. The increase related primarily to additional expenses incurred to support the expansion of the Bank’s business development teams, including a $0.1 million increase in expenses related to sponsored events and partnerships and a $0.1 million increase related to business development expenses.

Loan-related expenses. The increase related primarily to a $0.1 million increase in expenses related to inspections to support the increase in loan originations and annual loan reviews.

Other operating expenses. The increase was primarily due to a $0.1 million increase in travel expense and a $0.1 million increase in expenses related to conferences, trainings, and professional association memberships.

Provision for Income Taxes

On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. The Act also made certain changes to the deductibility of the cost of meals and charitable contributions that are effective for tax years beginning after Dec. 31, 2025. These changes were not reflected in the income tax provision for the period ended June 30, 2025, as enactment occurred after the balance sheet date. The Company is currently evaluating the impact on future periods.

Three months ended June 30, 2025, as compared to three months ended March 31, 2025

Provision for income taxes increased to $5.6 million for the three months ended June 30, 2025 from $5.3 million for the three months ended March 31, 2025, which was primarily due to an increase in taxable income recognized during the three months ended June 30, 2025. This increase was partially offset by a net $0.2 million reduction to the provision recorded during the three months ended June 30, 2025. This adjustment related to a tax law change for the state of California effective as of June 30, 2025, which requires a transition from a three-factor apportionment formula to a single-sales-factor formula for determining state income tax. As such, the Company recorded a net benefit of approximately $0.9 million relating to the current year provision, which was partially offset by a $0.7 million expense relating to the remeasuring of the deferred tax assets and liabilities as of June 30, 2025. The effective tax rates were 27.82% and 28.71% for the three months ended June 30, 2025 and March 31, 2025, respectively.

Three months ended June 30, 2025, as compared to three months ended June 30, 2024

Provision for income taxes increased by $1.2 million, or 27.94%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily driven by an increase in taxable income. This increase was partially offset by a net $0.2 million reduction to the provision recorded during the three months ended June 30, 2025. This adjustment related to a tax law change for the state of California effective as of June 30, 2025, which requires a transition from a three-factor apportionment formula to a single-sales-factor formula for determining state income tax. As such, the Company recorded a net benefit of approximately $0.9 million relating to the current year provision, which was partially offset by a $0.7 million expense relating to the remeasuring of the deferred tax assets and liabilities as of June 30, 2025. The effective tax rates were 27.82% and 28.84% for the three months ended June 30, 2025 and June 30, 2024, respectively.

Webcast Details

Five Star Bancorp will host a live webcast for analysts and investors on Thursday, July 24, 2025 at 1:00 PM ET (10:00 AM PT) to discuss its second quarter financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

About Five Star Bancorp

Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the three months ended March 31, 2025, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Condensed Financial Data (Unaudited)

	Three months ended
(in thousands, except per share and share data)	June 30, 2025			March 31, 2025			June 30, 2024
Revenue and Expense Data
Interest and fee income	$	60,580		$	57,087		$	48,998
Interest expense		24,065			23,110			19,906
Net interest income		36,515			33,977			29,092
Provision for credit losses		2,500			1,900			2,000
Net interest income after provision		34,015			32,077			27,092
Non-interest income:
Service charges on deposit accounts		196			215			189
Gain on sale of loans		119			125			449
Loan-related fees		468			448			370
FHLB stock dividends		325			331			329
Earnings on bank-owned life insurance		220			161			158
Other income		482			79			78
Total non-interest income		1,810			1,359			1,573
Non-interest expense:
Salaries and employee benefits		8,910			9,134			7,803
Occupancy and equipment		657			637			646
Data processing and software		1,508			1,457			1,235
FDIC insurance		470			455			390
Professional services		918			913			767
Advertising and promotional		865			522			615
Loan-related expenses		423			319			297
Other operating expenses		1,975			1,608			1,760
Total non-interest expense		15,726			15,045			13,513
Income before provision for income taxes		20,099			18,391			15,152
Provision for income taxes		5,591			5,280			4,370
Net income	$	14,508		$	13,111		$	10,782

Comprehensive Income
Net income	$	14,508		$	13,111		$	10,782
Net unrealized holding gain on securities available-for-sale during the period		190			1,030			295
Less: Income tax expense related to other comprehensive (loss) income		502			305			87
Other comprehensive (loss) income		(312	)		725			208
Total comprehensive income	$	14,196		$	13,836		$	10,990

Share and Per Share Data
Earnings per common share:
Basic	$	0.68		$	0.62		$	0.51
Diluted	$	0.68		$	0.62		$	0.51
Book value per share	$	19.51		$	19.06		$	17.85
Tangible book value per share⁽¹⁾	$	19.51		$	19.06		$	17.85
Weighted average basic common shares outstanding		21,225,831			21,209,881			21,039,798
Weighted average diluted common shares outstanding		21,269,265			21,253,588			21,058,085
Shares outstanding at end of period		21,360,991			21,329,235			21,319,583

Selected Financial Ratios
ROAA		1.37	%		1.30	%		1.23	%
ROAE		14.17	%		13.28	%		11.72	%
Net interest margin		3.53	%		3.45	%		3.39	%
Loan to deposit⁽²⁾		96.50	%		97.01	%		103.87	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure. ⁽²⁾ Loan balance in loan to deposit ratio is total loans held for investment and sale at period end. Deposit balance in loan to deposit ratio is total deposits at period end.

(in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
Balance Sheet Data
Cash and due from financial institutions	$	53,724		$	42,473		$	28,572
Interest-bearing deposits in banks		430,086			410,098			161,787
Time deposits in banks		849			4,024			4,097
Securities – available-for-sale, at fair value		94,990			97,111			103,204
Securities – held-to-maturity, at amortized cost		2,585			2,585			2,973
Loans held for sale		309			2,669			5,322
Loans held for investment		3,758,025			3,621,819			3,266,291
Allowance for credit losses		(40,167	)		(39,224	)		(35,406	)
Loans held for investment, net of allowance for credit losses		3,717,858			3,582,595			3,230,885
FHLB stock		15,000			15,000			15,000
Operating leases, right-of-use asset		7,094			5,944			6,630
Premises and equipment, net		1,606			1,524			1,610
Bank-owned life insurance		23,466			23,246			19,030
Interest receivable and other assets		65,906			57,788			55,107
Total assets	$	4,413,473		$	4,245,057		$	3,634,217

Non-interest-bearing deposits	$	1,004,061		$	933,652		$	825,733
Interest-bearing deposits		2,890,561			2,802,702			2,323,898
Total deposits		3,894,622			3,736,354			3,149,631
Subordinated notes, net		73,968			73,932			73,822
Other borrowings		—			—			—
Operating lease liability		7,744			6,591			7,077
Interest payable and other liabilities		20,397			21,729			23,217
Total liabilities		3,996,731			3,838,606			3,253,747

Common stock		303,155			302,788			301,968
Retained earnings		125,545			115,309			90,734
Accumulated other comprehensive loss, net of taxes		(11,958	)		(11,646	)		(12,232	)
Total shareholders’ equity		416,742			406,451			380,470
Total liabilities and shareholders’ equity	$	4,413,473		$	4,245,057		$	3,634,217

Quarterly Average Balance Data
Average loans held for investment and sale	$	3,691,616		$	3,567,992		$	3,197,921
Average interest-earning assets		4,151,368			3,997,037			3,452,676
Average total assets		4,253,000			4,090,580			3,537,230
Average deposits		3,736,018			3,585,782			3,049,919
Average total equity		410,609			400,501			370,135

Credit Quality
Allowance for credit losses to nonperforming loans		1,763.26	%		2,222.32	%		1,882.30	%
Nonperforming loans to loans held for investment		0.06	%		0.05	%		0.06	%
Nonperforming assets to total assets		0.05	%		0.04	%		0.05	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.06	%		0.05	%		0.06	%

Capital Ratios
Total shareholders’ equity to total assets		9.44	%		9.57	%		10.47	%
Tangible shareholders’ equity to tangible assets⁽¹⁾		9.44	%		9.57	%		10.47	%
Total capital (to risk-weighted assets)		13.72	%		13.97	%		14.38	%
Tier 1 capital (to risk-weighted assets)		10.85	%		11.00	%		11.27	%
Common equity Tier 1 capital (to risk-weighted assets)		10.85	%		11.00	%		11.27	%
Tier 1 leverage ratio		10.03	%		10.17	%		11.05	%

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

Non-GAAP Reconciliation (Unaudited)

The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. Management believes that tangible shareholders’ equity to tangible assets is a useful financial measure because it enables management, investors, and others to assess the Company’s financial health based on tangible capital. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. Management believes that tangible book value per share is a useful financial measure because it enables management, investors, and others to assess the Company’s value and use of equity. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income. Management believes that pre-tax, pre-provision income is a useful financial measure because it enables management, investors, and others to assess the Company’s ability to generate operating profit and capital.

The following reconciliation table provides a more detailed analysis of this non-GAAP financial measure:

	Three months ended
(in thousands)	June 30, 2025		March 31, 2025		June 30, 2024
Pre-tax, pre-provision income
Pre-tax income	$	20,099	$	18,391	$	15,152
Add: provision for credit losses		2,500		1,900		2,000
Pre-tax, pre-provision income	$	22,599	$	20,291	$	17,152

Investor Contact:
Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
hluck@fivestarbank.com

Media Contact:
Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
swetton@fivestarbank.com

The MIL Network –

July 24, 2025

MIL-OSI: Subsea7 and Saipem announce signing of the Merger Agreement
Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

Transaction structure and terms confirmed in line with Memorandum of Understanding

Creating a global leader in energy services

Milan, Luxembourg, 24 July 2025 – Saipem and Subsea7 announce that they have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum of Understanding on 23 February 2025. The merger of Saipem and Subsea7 will create a global leader in energy services.

Highlights
- The company resulting from the merger¹ between Saipem and Subsea7 (the “Proposed Combination”) will be renamed Saipem7 (“Saipem7”), will have revenue of approx. €21 billion², EBITDA in excess of €2 billion³, will generate more than €800 million of Free Cash Flow⁴ and will have a combined backlog of €43 billion⁵
- The highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies will benefit Saipem7’s global portfolio of clients
- The diversification of the geographical footprint of Saipem and Subsea7 is reflected in the combined backlog, with no single country contributing more than 15% of total⁶
- On completion, Saipem and Subsea7 shareholders will own 50% each of the share capital of Saipem7
- Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
- Subsea7 will distribute an extraordinary dividend to its shareholders for an amount equal to €450 million immediately prior to completion of the Proposed Combination
- Annual synergies expected to be approximately €300 million on a run-rate basis, which will lead to material value creation for the shareholders of Saipem7
- Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
- Siem Industries, reference shareholder of Subsea7, and Eni and CDP Equity, reference shareholders of Saipem, have committed to vote in favour of the Proposed Combination
- Completion of the Proposed Combination anticipated to occur in the second half of 2026
The management of both Saipem and Subsea7 confirm the compelling strategic rationale in creating a global leader in energy services, particularly considering the growing size of clients’ projects. The parties believe the Proposed Combination will enhance value for all shareholders and stakeholders, both in the current market and in the long term.

Eni, CDP Equity and Siem Industries fully support the Proposed Combination and have signed a Shareholders’ Agreement confirming the undertaking to vote in favour of the Proposed Combination. As part of this, to ensure a balanced leadership and governance structure, Saipem7’s CEO will be designated by Eni and CDP Equity and Saipem7’s Chairman of the Board of Directors will be designated by Siem Industries.

It is currently envisaged that, upon completion of the Proposed Combination, Mr Kristian Siem will be appointed as Chairman of the Board of Directors of Saipem7⁷ and Mr Alessandro Puliti will be appointed as CEO of Saipem7⁸. In addition, Mr Alessandro Puliti and Mr John Evans will be appointed respectively as the Chairman and CEO of the company that will manage the Offshore Engineering & Construction business of Saipem7. Such company will be named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all of Subsea7’s businesses and Saipem’s Asset Based Services business (including Offshore Wind).

The by-laws of Saipem7 are expected to provide for loyalty shares (double votes), which will be available, upon request, to all shareholders of Saipem7.

Strategic rationale of the Proposed Combination

The Proposed Combination will be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:
- Global reach and comprehensive solutions for clients: global operations and projects in more than 60 countries and a highly complementary footprint between the two companies. A full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project scheduling for clients in oil, gas, carbon capture and renewable energy
- Diversified and complementary fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing Saipem7’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services, as well as market-leading wind turbine, foundations and cable lay installation capabilities
- World-class expertise and experience: a specialised, global workforce of approximately 44,000 people, including more than 9,000 engineers and project managers contributing to delivering solutions that unlock value for clients
- Innovation and technology: the combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects
The transaction is expected to create significant shareholder value through:
- Synergies: annual cost and capital expenditure synergies expected to be approximately €300 million from the third year after completion of the Proposed Combination, driven by fleet optimisation (utilisation and geographical positioning of vessels and equipment), procurement (longer charter periods for leased vessels and improved terms with suppliers), sales and marketing (tendering rationalisation), and process efficiencies
- More efficient capital expenditure programme: optimised allocation of capital across a broader, complementary vessel fleet
- Attractive shareholder remuneration policy: Saipem7 is expected to distribute annually to its shareholders at least 40% of its Free Cash Flow after repayment of lease liabilities
- Enhanced capital structure: a solid balance sheet expected to support an investment grade credit rating
- Greater scale in both equity and debt capital markets: access to a wider investor base and to more diversified sources of capital
Transaction structure, ownership and terms
- Saipem7 will be created through an EU cross-border statutory merger, carried out by way of absorption of Subsea7 into Saipem, with the latter to be renamed Saipem7
- Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
- Siem Industries (currently the largest shareholder of Subsea7) will own approximately 11.8% of Saipem7’s share capital, while Eni and CDP Equity (currently the largest shareholders of Saipem) will respectively own approximately 10.6% and 6.4% of Saipem7’s share capital
- Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
- Assuming all Subsea7 shareholders participate in the merger, the share capital of Saipem7 will be held 50-50% by the current shareholders of Saipem and Subsea7 on completion
- Immediately prior to completion of the Proposed Combination, Subsea7 shareholders will receive an extraordinary cash dividend of €450 million⁹
- Shareholders of Subsea7 who vote against the approval of the Proposed Combination at the Subsea7 Extraordinary General Meeting will have the right to dispose of their shares in Subsea7 for an adequate cash compensation under the conditions set out under Luxembourg company law.¹⁰ The formula that will be used to determine the cash compensation will be made available on Subsea7’s website and the amount of the cash compensation determined on the basis of such formula will be announced in advance of Subsea7’s Extraordinary General Meeting
Key activities performed since the execution of the Memorandum of Understanding
- Satisfactory confirmatory due diligence completed, and transaction terms finalised in line with those initially agreed at the time of the signing of the Memorandum of Understanding
- Annual cost and capital expenditure synergies confirmed and expected to be equal to approximately €300 million from the third year after completion of the Proposed Combination
- No material findings in the analysis of Saipem and Subsea7 business plans in terms of projects overlap, thus further underpinning the value creation deriving from the Proposed Combination
- Completed the preliminary antitrust analysis with the support of specialised advisors. Currently in the process of submitting the relevant documentation for the consideration of the Proposed Combination to the applicable antitrust authorities
- Confirmation of capital allocation framework, including shareholders’ remuneration policy and target of achieving and maintaining investment grade credit rating
- Identified the key members of the management team of Saipem7 and Subsea7 following completion of the Proposed Combination
- Agreement on the governance principles applicable to Saipem7 and Subsea7 following completion of the Proposed Combination
Organisational structure of Saipem7
- Saipem7 will be structured as four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Drilling Offshore
- The Offshore Engineering & Construction business will be contained within an operationally autonomous company, fully owned by Saipem7, named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all Subsea7’s businesses and the Asset Based Services business of Saipem (including Offshore Wind). The company will represent approximately 84% of the combined group’s EBITDA for the last 12 months as of 31 December 2024
- Subsea7 shall be incorporated in the UK and headquartered in London. After completion of the Proposed Combination, Subsea7 will be governed by a Board of Directors comprising seven members, including Mr Alessandro Puliti as Chairman, Mr John Evans as CEO, Mr Kristian Siem and other four independent directors
Pre-completion distributions to shareholders
- Each of Saipem and Subsea7 will distribute cash dividends of $350 million during the course of 2025, such dividends having already been approved by their respective shareholders’ meetings in May 2025 and having already been partially distributed
- If the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7 (expected in the second quarter of 2026 for both Saipem and Subsea7), each of Saipem and Subsea7 will (subject to their respective 2025 results meeting certain agreed financial targets) be entitled to distribute cash dividends to their respective shareholders of at least $300 million¹¹^,12^{, 13}, to be paid in Q2 2026
- In connection with a permitted business divestment currently ongoing, Subsea7 will also distribute a cash dividend equal to €105 million¹⁴ to its shareholders prior to completion of the Proposed Combination
Shareholders’ Agreement

The Shareholders’ Agreement signed between Siem Industries, Eni and CDP Equity provides for, inter alia, an irrevocable undertaking to vote in favour of the Proposed Combination (subject to receipt of the required Italian government approval), a three-year shareholder lock-up and the submission of a joint slate for the appointment of the majority of the members of the board of directors of Saipem7.

Timing, conditions precedent, approvals and other matters

Completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, the approval of antitrust, other public and regulatory authorities’ (e.g. the required Italian Government approval), as well as approval by the shareholders of both Saipem and Subsea7 at their respective Extraordinary General Meetings. In the case of Saipem this will be subject to reaching also the so-called “whitewash majorities” for purposes of the mandatory takeover bid exemption¹⁵. Both Saipem’s and Subsea7’s Extraordinary General Meetings will take place on 25 September 2025.

Completion is currently anticipated to occur in the second half of 2026.

The completion of the Proposed Combination will result in a “Change of Control,” as defined in the terms and conditions of the convertible bond issued by Saipem and denominated “€500,000,000 Senior Unsecured Guaranteed Equity Linked Bonds due 2029”.

Documentation

In connection with the Proposed Combination, the following documents, among others, will be made available:
- The notice of call of each of Saipem and Subsea7’s Extraordinary General Meetings
- The common merger plan approved by the Boards of Directors of each of Saipem and Subsea7 (the “Common Merger Plan”), along with the consolidated financial statements of Saipem and Subsea7 for the last three financial years and the merger related interim financial statements of Saipem and Subsea7 as of 30 June 2025
- The reports of the Board of Directors of each of Saipem and Subsea7 describing the Proposed Combination
- The independent expert reports prepared for each of Saipem and Subsea7 in connection with the Proposed Combination
These documents will be available at the companies’ registered seats and published on each party’s website. Where required under applicable laws and regulations, these documents will be disclosed also through the authorised storage mechanism (SDIR) for Saipem and through an officially appointed mechanism (OAM) for Subsea7.

The Common Merger Plan will also be filed with the Companies’ Register of Milan Monza Brianza Lodi, and the Luxembourg Trade and Companies Register, and will also be published in the Recueil Electronique des Sociétés et Associations in Luxembourg (the Luxembourg legal gazette for company announcements) (RESA)¹⁶.

Advisors

Goldman Sachs Bank Europe SE, Succursale Italia is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem (including as to matters of Italian, English, US and Luxembourg Law), while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen société anonyme and Advokatfirmaet Wiersholm AS are serving as legal counsel to Subsea7 as to matters of Luxembourg and Norwegian law, respectively.

Enquiries

Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 5 fabrication yards and an offshore fleet of 17 owned construction vessels and 13 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities.

Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

No Offer or Solicitation

This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

Forward-looking Statements

This document contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the proposed merger of Saipem and Subsea 7 (the “Proposed Combination“). Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance, Free Cash Flow, EBITDA, dividends, and credit ratings. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

This document includes estimates relating to the synergies expected to arise from the merger and the combination of the business operations of Saipem and Subsea7, as well as related integration costs, which have been prepared by Saipem and Subsea7 and are based on a number of assumptions and judgments. Such estimates present the expected future impact of the merger and the combination of the business operations of Saipem and Subsea7 on Saipem7’s business, financial condition and results of operations. The assumptions relating to the estimated synergies and related integration costs are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause the actual synergies from the merger and the combination of the business operations of Saipem and Subsea7, if any, and related integration costs to differ materially from the estimates in this document. Further, there can be no certainty that the merger will be completed in the manner and timeframe described in this document, or at all.

Use of Non-IFRS Financial Measures

This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Free Cash Flow. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

Presentation of Financial Information

This document includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. Any Saipem7 financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position of the combined entity and should not be taken as representative of the combined entity’s future consolidated results of operations or financial position had the Proposed Combination occurred as of such date. These estimates are based on financial information available at the time of the preparation of this document.

¹ Merger by way of absorption of Subsea7 into Saipem
² Combined Revenue for Saipem and Subsea7 as per last 12 months as of 31 December 2024
³ Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 31 December 2024
⁴ Combined Free Cash Flow post repayment of lease liabilities for Saipem and Subsea7 as per last 12 months as of 31 December 2024
⁵ Combined backlog for Saipem and Subsea7 as of 31 March 2025
⁶ Combined backlog for Saipem and Subsea7 as of 31 March 2025
⁷ Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
⁸ Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
⁹ Subject to approval by the Subsea7 Shareholders’ Meeting
¹⁰ Such withdrawal right may only be exercised in respect of (a) Subsea7 shares registered in the securities account of the relevant shareholder with such shareholder’s financial intermediary on the date of publication of the Common Merger Plan on the Recueil Electronique des Sociétés et Associations – RESA (the Luxembourg legal gazette for company announcements) and (b) Subsea7 shares acquired after such date through inheritance or bequest. Further details will be specified in the convening notice to the Subsea7 Extraordinary General Meeting
¹¹ Subject to approval by the Shareholders’ Meeting and the Board of Directors
¹² The dividend paid by Saipem will be qualified as ordinary in nature
¹³ Saipem and Subsea7 will be entitled to distribute a reduced pro-rated amount should their respective financial results not meet the relevant financial targets, as detailed in the Common Merger Plan
¹⁴ Subject to approval by the Subsea7 Shareholders’ Meeting
¹⁵ Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99
¹⁶ Subsea7 intends to file the Common Merger Plan with the Registre de Commerce et des Sociétés, Luxembourg (the Luxembourg Trade and Companies Register) for publication on the RESA no later than the second Oslo Børs trading day after the date of this announcement

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40 CET.

Attachment
- Merger Agreement Saipem and Subsea7 24 July 2025
The MIL Network –
July 24, 2025
MIL-OSI USA: VIDEO: Senator Peters Advocates for Policies to Support Truck Drivers, Safer Roads in Michigan

US Senate News:

Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – During a hearing in the Senate Commerce Subcommittee on Surface Transportation, Freight, Pipelines, and Safety, U.S. Senator Gary Peters (MI) advocated for Michigan’s truck drivers, which make up roughly 1 in 15 jobs throughout the state, according to the Michigan Trucking Association. As Ranking Member of the Subcommittee, Peters delivered opening remarks where he underscored his commitment to ensuring Michigan truck drivers receive the wages and benefits they deserve.
“Our nation’s truck drivers are the backbone of our economy. These frontline workers spend long hours, often away from their families and at all times of day and night, transporting goods across the country to America’s communities… It’s not an exaggeration to say that the trucking industry touches every American’s daily life,” said Senator Peters, Ranking Member of the Senate Commerce Subcommittee on Surface Transportation, Freight, Pipelines, and Safety. “That’s especially true for Americans who have made trucking their career. There are nearly 250,000 trucking jobs in Michigan alone, making up 1 in 15 jobs throughout my state. From long and short-haul drivers, to mechanics, dispatchers, and logistics coordinators, these jobs provide key economic opportunities for Michiganders, and I am committed to making sure that these jobs live up to their promise for Michiganders by providing fair wages, health care, and retirement benefits. That’s why I am proud to have one of the foremost leaders of that fight here to testify today, Teamsters President Sean O’Brien.”
During the hearing, Peters also advocated for policies to improve roadway safety to protect both truckers and the drivers they share the road with.
“Mr. O’Brien and the members of this panel know very well that the single most important factor in the success of our truck drivers and this industry, as well as road users across this country, is safety,” Peters continued. “I believe this committee must prioritize safety in the next surface transportation reauthorization bill for both truckers and those they share the road with, from the deployment of advanced safety technology and driver assistance systems, to investing in safer streets and stronger bridges, to tackling truck parking issues and defending drivers’ access to rest and bathrooms, to addressing freight fraud and theft.”
Peters also highlighted the current challenges that truck drivers and businesses face as the industry navigates the Trump Administration’s tariff policies.
“I want to acknowledge that today’s trucking industry, as well as all freight and multimodal industries, is facing an incredibly challenging economic environment with this Administration’s chaotic approach to tariffs. This doesn’t just impact truckers and consumers, changing rules, rising prices, and economic uncertainty impacts the manufacturers that build the trucks that move our goods and keep drivers safe,” said Peters. “In Michigan, the commercial vehicle manufacturing supply chain relies on cross border trade with Canada, and with a global supply chain. Many of these businesses have been forced to consider laying off workers or pausing investments due to a lack of certainty created by constantly shifting tariff policies.”
“We can and should pursue policies to create commercial trucking manufacturing jobs here at home, but this continued chaos will only serve to harm U.S. manufacturers, consumers, and our intermodal freight system,” Peters continued.

To watch video of Senator Peters’ opening remarks and question at the hearing, click here.
Peters has consistently advocated for investments and legislation to support truckers and the trucking industry. In the bipartisan infrastructure law, Peters secured more than $4.6 billion to improve roads, bridges, and highways throughout Michigan, including over $1.8 million for the improvement of the Blue Water Bridge to reduce freight delays and ensure the efficient movement of goods across the bridge via truck. In 2024, Peters’ bipartisan Strengthening the Commercial Driver’s License Information System (CDLIS) Act was signed into law to protect funding for the Commercial Driver’s License Information System (CDLIS), a crucial, nationwide computer system that ensures commercial drivers have only one license and one complete driver record.

MIL OSI USA News –

July 24, 2025
MIL-OSI USA: Tuberville Reintroduces Legislation to Bolster Alabama’s Ag Community

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) reintroduced two pieces of legislation—the Farm Board Act and the Mid-South Oilseed Double Cropping Study Act—to improve opportunities and increase market access for Alabama’s agriculture community. More information about both bills can be found below.

“Our farmers, foresters, and livestock producers shoulder an enormous burden of keeping America’s food secure,” said Senator Tuberville. “They need to be able to make a living off the land, and they need to have a FCIC Board of Directors that fully reflects their needs. I’m proud to reintroduce legislation that strengthens representation on the FCIC Board, and another piece of legislation that would help solidify a new revenue opportunity for our farmers while also addressing the growing need for renewable diesels and synthetic aviation fuels. As Alabama’s voice on the Senate Ag Committee, I’ll continue fighting to secure opportunities for our ag producers as they feed, fuel, and clothe our country.”

“I commend Coach on each piece of legislation,” said Alabama Commissioner of Agriculture and Industries Rick Pate. “The Farm Board Act will ensure representation for production agriculture to the FCIC Board of Directors while the Mid-South Oil Seed Bill will help pave the way for another alternative crop for producers to consider growing based on the demand for renewable fuel. I look forward to Coach getting each bill to the finish line.”

“We appreciate Coach’s continued support of Alabama farmers and his steadfast dedication to supporting innovation while managing risk by increasing availability and oversight of crop insurance programs,” said Alabama Farmers Federation President Jimmy Parnell. “With more offerings than ever for livestock producers, it is important these farmers have representation on the FCIC Board. Additionally, as farmers are looking at alternative crops to supplement their income, the Mid-South Oilseed Double Cropping Study Act will help to make sure they have the appropriate risk management tools available.”

ABOUT THE FARM BOARD ACT:

The Farm Board Act would require the Federal Crop Insurance Corporation (FCIC) Board of Directors to designate one of the four producers on the ten-member board as an individual that produces both livestock and crops. The FCIC is a government owned corporation that finances the Federal Crop Insurance Program’s (FCIP) operations. Making this addition would improve perspective and decisions regarding the newer livestock related crop insurance products that benefit all areas of Alabama’s agriculture industry. The designated producer seat would not start immediately, but when Board members begin to cycle off on May 1, 2027.

American Farm Bureau Federation (AFBF), Alabama Farmers Federation (ALFA), Alabama Department of Ag & Industries, and the Alabama Cattlemen’s Association are all supportive of Senator Tuberville’s legislation. More information about the Farm Board Act can be found here.

ABOUT THE MID-SOUTH OILSEED DOUBLE CROPPING STUDY ACT:

This bill requests a study from the USDA Risk Management Agency (RMA) on winter oilseed crops, canola, and rapeseed (which is a type of canola) for the Mid-South region—Alabama, Tennessee, and Kentucky. Alabama producers are starting to grow canola as a second crop—following soybeans—and the crop can be used to produce Synthetic Aviation Fuel (SAF), which creates an additional market for our producers. This also enables Alabama farmers to expand revenue opportunities during the winter months and helps reduce nutrient losses in the soil. For farmers to take advantage of opportunities in renewable diesel and SAF, they need the assurance that crop insurance—such as Catastrophic Risk Protection, Yield Protection, Revenue Protection, or Revenue Protection with Harvest Price Exclusion—will be eligible in their counties for these crops and practices. To address crop insurance gaps that may exist, RMA and FCIC need to gather data on the feasibility of producing winter oilseed as a double and rotational crop in the Mid-South region.

The diversification of our energy markets by adding new, cost-effective, and sustainable options is necessary. Renewable domestic diesel capacity is slated for aggressive growth with the potential to double by 2030. Additionally, the 106-billion-gallon global commercial jet fuel market is projected to grow to over 230 billion gallons by 2050. The end goal is to get a study now, then down the road have double cropped canola and rapeseed be covered by crop insurance.

U.S. Canola Association, National Oilseed Processors Association (NOPA), Alabama Farmers Federation (ALFA), and the Alabama Department of Ag & Industries are all supportive of Senator Tuberville’s legislation. More information about the Mid-South Oilseed Double Cropping Study Act can be found here.

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

July 24, 2025
MIL-OSI United Kingdom: expert reaction to two papers assessing off-the-shelf health tests sold in UK shops

Source: United Kingdom – Executive Government & Departments

July 23, 2025

A study published in The BMJ assesses direct-to-consumer self-tests sold in the UK.

Prof Amitava Banerjee, Professor of Clinical Data Science and Honorary Consultant Cardiologist, Institute of Health Informatics, UCL, said:

“Direct-to-consumer, self-tests are increasingly used by people with and without disease for screening and are widely available from high street vendors. In these rigorous, real-world studies led by the University of Birmingham, we see two main findings. First, across 30 self-tests in 19 conditions from infertility and menopause to raised cholesterol and anaemia, there is a not enough information for consumers to judge when and why to do the test, and how to interpret or how to act on the results. Second, the evidence and the support from clinical guidelines to use these tests is often lacking, suggesting that regulatory oversight needs to be improved.

“Sometimes people use self-tests because they “feel it is better to know” and they are trying to inform their health and healthcare decisions. This research shows that these self-tests are often not providing relevant knowledge or information and they are not informing decisions in the right way. Therefore, all stakeholders need to consider the quality of self-tests and information available to members of the public or health professionals before recommending their use, whether in the health and wellness space or in diagnosis, treatment and prevention of disease.”

Rachel Richardson, Acting Head of Methods Support, Evidence Production and Methods Directorate, The Cochrane Collaboration, said:

“This well-conducted research shines a welcome light on an area of healthcare which appears to be inadequately regulated.”

Prof Kevin McConway, Emeritus Professor of Applied Statistics, The Open University, said:

“I think the findings of these new studies on self-tests for health conditions, available (at a cost) in supermarkets, high street chemists and online, are scary and concerning. I don’t doubt the findings of the researchers, that many of the available tests don’t make it clear who could make good use of them, how accurate the results might be, or what someone should do in the light of their results.

“These are good studies in my view. The researchers do list some limitations in the discussion sections of the papers, in particular that their samples of tests were obtained two years ago and were not specifically intended to be a sample of what was available across the country, but given what they do say about where they got the tests, I’d be surprised if they aren’t pretty much the same anywhere nowadays. Also, the researchers didn’t check with representatives of the public whether the instructions were as unhelpful to understanding as they believe they were, but I don’t think this affects their conclusions.

“I’m certainly not saying that tests like this should be banned, or even radically discouraged. The authors of these research papers aren’t saying that either. Experience during the heights of the Covid pandemic showed how useful home testing could be, particularly when access to other information about one’s health might not be easily available (as can still be the case at some GP practices, for instance). And, generally as a default position, I don’t like telling people they can’t do something that they want to do – though only in the light of clear, transparent and easily available information on the pros and cons, and in the presence of adequate regulation. These studies make it clear that users of many self-tests aren’t given easy access to relevant information, and that the regulation isn’t appropriate at present.

“I’ll just mention one particular aspect, because it’s one that I have studied and written about myself. This is about why the findings are important, not about the quality of the research. No diagnostic or screening test for a health condition can be 100% accurate. There will inevitably be false positives – people with a positive test result for the condition who actually don’t have the condition – and false negatives – people with a negative test result for a condition who actually do have the condition. These are aspects of accuracy, though discussions of that word don’t always make it clear enough that there are two different ways in which a test result can be wrong.

“You probably recall some of the interest and media discussion about these things in relation to Covid testing. Not all of the discussion was logical or well argued, but it clearly and correctly drew attention to the fact that test results can be wrong sometimes.

“Fewer than half of the self-tests examined by the researchers gave any information at all on the box about accuracy of the results. Even when they did give information about accuracy on the box or in the instructions inside, the information was sometimes itself not accurate, or was based on the results of laboratory studies under careful conditions, not on findings on use of the tests by people who are not health professionals.

“But even if all the tests had given information about accuracy, and all that information was reliable, there can still be problems. I’ll describe how.

“Because there are two kinds of wrong results from tests – false positives and false negatives – we need to look at two aspects of the chance of making an error. One common way of doing this, that was used in some of the self-test instructions, is as follows. Findings from the development and use of the test can estimate the probability that someone, who is known to have the health condition in question, will have a true positive test result rather than a false negative result. (In the jargon, that probability is called the test sensitivity – but trust me, knowing the jargon doesn’t help understanding.) Another finding from test development and use is an estimate of the chance that a person, who is known not to have the condition on question, will have a true negative test result rather than a false positive result. (That’s called the test specificity.)

“The trouble is that these two probabilities are the probability of the person having a positive or a negative test result, in the position where we know whether they really have the health condition. But you don’t do these tests if you know already whether you have the health condition. So these probabilities are the wrong way round. What people (and health professionals) want to know is, for example, if we know someone has a positive test result, what’s the chance that they really have the health condition that is being tested for. Or, if we know someone has a negative test result, what’s the chance that they really don’t have the health condition? (There are jargon names for those too – the positive predictive value and the negative predictive value, but again I don’t think those names help much, as there’s too much risk of confusion.) And I’m sure that’s the kind of thing someone would want to know if they buy a self-test and see what result it gives for them.

“However, the first lot of probabilities, the sensitivity and specificity, are different from the second lot, the predictive values. If I tell you that the chance that a person, known already to have the health condition, will have positive test result is 98%, that doesn’t tell you what the chance is that a person, who has a positive test result, actually has the health condition. That second probability is almost certainly not 98%, and in many circumstances it would be very much less than 98%. To get from one set of probabilities to the other, you would need more information, such as how likely it is that the person has the condition if we don’t yet know the test result.

“Just to rub in that these two probabilities aren’t the same, consider the following silly story. You find a man in the street in London. You happen to know he is the Pope. What’s the chance that he is a Roman Catholic? Obviously, 100%. But now suppose the thing you know ,and the thing you want to know the chance of, are the other way round. You know, somehow, that a different man in the London street is a Roman Catholic. What’s the chance that he is the Pope? Well, very much less than 100%. It matters, a lot, which thing you already know and which thing you want the probability for.

“So, in testing you get different probabilities if you know whether the person being tested has the health conditions, and want the probability that the test will be positive, from if you know what the person’s test result is, and want the probability that they have the health condition. And only one of these probabilities – the second one – tells you what a test result is really saying about the chance of having the health condition.

“There has been a lot of research in the past on how people, including health professionals and also non-professionals that might buy one of these self-tests, understand the findings, when they are given some information about the probabilities. Several studies, for instance, found that many doctors and health professionals weren’t using the information on probabilities when the person’s health status is already known (the sensitivity and specificity) properly in trying to answer the question of how likely it is that someone, with a positive test result, actually has the health condition. And if doctors might not be getting it right, how could a non-expert be expected to interpret their own test results properly?

“The position on that maybe isn’t as grim as it sounds, though. Other research has indicated that there are ways of getting the information across so that it’s useable by non-experts. That has been done by several groups, including the Winton Centre for Risk and Evidence Communication in Cambridge (which has now closed, though its findings are still available), groups led by the psychologist Gerd Gigerenzer in Berlin, and many others. Somehow, those communication findings need to be incorporated, as well as they can be, in the instructions for these tests. But that will require more and better regulation.

“Also, some doctors in primary health, including Jessica Watson and Margaret McCartney, who wrote the editorial accompanying these two new research papers in the BMJ, have worked on ways of helping people to understand test results – though you’d need to ask them how much of their findings could transfer easily to something that could be written clearly in test instructions rather than used in direct communication between health professionals and patients.”

Paper 1: ‘Direct-to-consumer self-tests sold in the UK in 2023: cross sectional review of information on intended use, instructions for use, and post-test decision making’ by Clare Davenport et al. was published in the BMJ at 23:30 UK time on Wednesday 23 July 2025.

DOI: 10.1136/bmj-2025-085546

Paper 2: ‘Direct-to-consumer self-tests sold in the UK in 2023: cross sectional review of regulation and evidence of performance’ by Bethany Hillier et al. was published in the BMJ at 23:30 UK time on Wednesday 23 July 2025.

DOI: 10.1136/bmj-2025-085547

Declared interests

Prof Amitava Banerjee: “AB declares no relevant conflicts of interest.”

Prof Kevin McConway: “I have no conflicts of interest to declare.”

Rachel Richardson: “I have no interests to declare.”

This Roundup was accompanied by an SMC Briefing.

MIL OSI United Kingdom –

July 24, 2025
MIL-OSI United Kingdom: Papers assessing off-the-shelf health tests sold in UK shops

Source: United Kingdom – Executive Government & Departments

July 23, 2025

Scientists from the University of Birmingham have reviewed a number of direct-to-consumer health tests that are available for members of the public to buy from supermarkets, pharmacies and shops in the UK, such as tests for vitamin deficiency, blood cholesterol and the menopause.

The scientists assessed the evidence available for the basis of levels of accuracy, sensitivity and specificity that the tests reported. They also looked at how useable the tests were in terms of equipment, instructions and interpretation of the results.

They published their findings in two papers in the BMJ.

Journalists came to this briefing to hear some of the authors of the papers discuss their findings, and to ask their questions.

Speakers included:

Prof Jon Deeks, Professor of Biostatistics and head of the Biostatistics, Evidence Synthesis and Test Evaluation Research Group, University of Birmingham

Dr Clare Davenport, Clinical Associate Professor, University of Birmingham (joining online)

Prof Alex Richter, Professor of Clinical Immunology and Director of the Clinical Immunology Services, University of Birmingham

Bethany Hillier, Medical Statistician, University of Birmingham

This Briefing was accompanied by an SMC Roundup of comments.

MIL OSI United Kingdom –

July 24, 2025
MIL-OSI United Kingdom: expert reaction to systematic review and meta-analysis of daily step count and risk of chronic diseases, cognitive decline and death

Source: United Kingdom – Executive Government & Departments

July 23, 2025

A systematic review and meta analysis published in The Lancet Public Health looks at daily steps and health outcomes in adults.

Prof Steven Harridge, Professor of Human & Applied Physiology at the Centre for Ageing Resilience in a Changing Environment (CARICE) at King’s College London, said:

“This is a systematic review of a large number of studies looking at the relationship between increasing step count and multiple health outcomes – as opposed to just all-cause mortality.

“The paper shows clear effects of increasing physical activity (through increasing step count) on reducing disease risk. There has been debate about the amount of activity an individual should be doing with 10,000 steps as a generalised target, not well evidenced. This paper shows that 7,000 steps is sufficient for reducing the risk for most diseases covered, and 10 000 steps does not confer much additional benefit. But further risk reduction might be possible for some diseases.

“Simply put, the paper supports bodies of evidence that increasing levels of physical activity are associated with positive health outcomes. Importantly, increasing to 10,000 streps seems to confer no negative effects!

“Studies of this kind are helpful in the large number of studies and participants combined into the analysis but it lacks mechanistic insight as to how these benefits arise. The likelihood is that increasing step count increases cardiorespiratory fitness, well known to be positively associated with better health and all-cause mortality outcomes.

“There is also another interpretation of these data. Humans are designed to be physically active (our evolutionary heritage as hunter gatherers), so the question could be posed the other way. Let’s say the default is to walk 10,000 or 7,000 steps, what are the negative health outcomes that might be expected of going below this level? Clearly, they are not good. Thus is all depends on the perspective of what should be considered “normal”.

“Whilst step count is a very basic measure of activity (e.g.it does not capture intensity), this study adds to the body of knowledge that shows physical activity is vitally important for health and anything that encourages people to be more active is a good thing for both physical and mental health. This is in the context of most people not adhering to the guidelines for physical activity as set out by the Chief Medical Officer.”



Dr Andrew Scott, Senior Lecturer in Clinical Exercise Physiology, University of Portsmouth, University of Portsmouth, said:

“The press release gives an accurate account of the study. The article is written by an excellent author team, leading to a coherent article summarising the evidence of daily step count and various health outcomes.

“There’s been little research on steps per day, with most research focussing on characterising the exercise in frequency per week, time per day and intensity per minute of exercise. This research does fit the usual narrative of a logarithmic dose-response to exercise of a range of health conditions. This is not surprising; a dose-response is evident in many relationships between interventions/activities and health outcomes, including medications. This dose (amount of intervention) to outcome (health benefit) determines the dose required of particular medications to improve a particular health condition. In this case this information can be used to indicate the number of steps per day should be performed to reduce the risk of developing a health condition by a particular percentage. In most cases the 10,000 steps per day will still be better than 7,000 steps, just by decreasing margins of health benefit return.

“More important than the exact number of steps, it demonstrates that overall more is always better and people should not focus too much on the numbers, particularly on days where activity is limited. The steps per day is useful when people’s exercise is weight-bearing, however cycling, swimming and rowing are not well-represented by the steps per day model.

“This is a meta-analysis so it is representative of a range of studies, but there is a range of ways to be active for health benefit, beyond just steps per day. The team also analysed the rate or cadence of stepping, where faster rates of stepping per 30 minutes were further associated with health benefits, but not everybody can step at this rate to benefit with. There are other ways of exercise that are beneficial for older people, including balance exercise and higher intensity resistance training that can provide benefits beyond walking or jogging.

“The compelling finding is that whilst such walking does not mitigate cancer incidence there is a decrease in cancer mortality, illustrating that enhanced physical activity levels leading to enhanced physical and psychological fitness enhances the resilience of people to deal with cancer and its associated treatments.

“These findings are important for providing a public health message, where targeted exercise intervention, as opposed to discouraging inactivity is not as prevalent compared to medical intervention. So, while these findings have real world implications, the specific number should not receive too much reverence; it just means that 10,000 steps per day is not the only number to aim for, enhancing achievability.”

Dr Daniel Bailey, Reader – Sedentary Behaviour and Health at Brunel University of London, said:

“The press release does accurately reflect the study, showing that walking 7000 steps per day is associated with significantly lower risk of a number of health outcomes like cardiovascular disease, type 2 diabetes, dementia, depression and falls.

“The researchers assessed the strength of evidence in their review of studies. The strength of evidence was moderate for most of the health outcomes, meaning that we can be confident the findings in this paper are true, but there is a possibility they may not be completely accurate.

“This study adds to existing evidence by showing that the more steps people do, the less their risk of developing different health conditions. The finding that doing 5000-7000 steps per day is an important addition to the literature which helps to debunk the myth that 10,000 steps per day should be the target for optimal health.

“This study suggested that 5000-7000 steps per day can significantly reduce the risk of many health outcomes, but that does not mean you cannot get benefits if you don’t meet this target. The study also found that health risks were reduced with each 1000 extra steps per day, up to a maximum of 12,000 steps per day. So just adding more steps from your starting point can have important benefits for health.

“An important limitation is that many of the findings from this review were based on a small number of studies, meaning that the results may not be accurate for some of the health outcomes measured. Also, the findings cannot be easily applied to people living with a chronic condition as the studies in this reviewer were in generally healthy people.

“The real-world implications are that people can get health benefits just from small increases in physical activity, such as doing an extra 1000 steps per day. To achieve the best reductions in risk, aiming for 5000-7000 per day can be recommended, which will be more achievable for many people than the unofficial target of 10,000 steps that has been around for many years.”

‘Daily steps and health outcomes in adults: a systematic review and dose-response meta-analysis’ by Ding Ding et al. was published in The Lancet Public Health at 23:30 UK time on Wednesday 23^rd July.

DOI: https://doi.org/10.1016/S2468-2667(25)00164-1

Declared interests

Prof Steven Harridge: I am Professor of Human and Applied Physiology at King’s College London, with a research interest in healthy human ageing and have no funding from manufacturers of physical activity monitors.

Dr Andrew Scott: I do not have any conflicts of interest.

Dr Daniel Bailey: No interests

MIL OSI United Kingdom –

July 24, 2025
MIL-OSI Russia: Maxim Reshetnikov: Investments in SEZ reached 2.7 trillion rubles over 20 years

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

An important disclaimer is at the bottom of this article.

On Wednesday, July 23, the Minister of Economic Development of the Russian Federation, Maxim Reshetnikov, presented the main results of the work of special economic zones (SEZ) over the 20 years since the mechanism was created at a meeting of the President with members of the Government.

“Exactly 20 years ago, on your instructions, a law was adopted on Special Economic Zones to create new growth points in the regions and stimulate investment,” the minister noted, addressing the head of state.

Since the mechanism was launched, 59 SEZs have been created in Russia. More than 1,300 resident companies have invested 2.7 trillion rubles and created 110 thousand jobs. Today, the zones are developing in various sectors – from industry, science and logistics to tourism.

“Special economic zones respond to key business needs. It is within the framework of SEZs that production facilities are launched that ensure technological sovereignty and replace imports,” emphasized Maxim Reshetnikov.

The development of SEZs has accelerated especially in the last five years. Since 2020, more than half of the zones operating today — 34 — have been created. The influx of residents during this period was a record — 561 companies. Recent examples include the production of trailers in Tatarstan, medical furniture in the Tula region, pet food in the Lipetsk region, air filters and polymer products in the Novgorod region.

The head of the department separately noted the contribution of SEZs to the development of regional economies. The zones become drivers of diversification and create highly skilled jobs. According to the Ministry of Economic Development, the level of wages at resident enterprises is often 30-50% higher than the regional average.

In 2025, six new economic zones were created in Russia, and five more were expanded. Among the new ones are a tourist zone in Kuzbass, a machine-building cluster in the Chelyabinsk region, and an industrial and logistics hub in the Novosibirsk region. Applications for opening new sites are being developed, including a tourist SEZ in Mineralnye Vody.

According to the minister, the effectiveness of the mechanism is also confirmed from the point of view of the return of state investments: “The costs of benefits and the creation of infrastructure are recouped by the growth of the tax base. As of today, the budgetary effect from the work of the SEZ has exceeded 122 billion rubles,” the head of the Ministry of Economic Development reported.

During his speech, the minister outlined further priorities for the development of the mechanism. Among them are the simplification of procedures for investors, the integration of infrastructure support measures, the expansion of tourism formats, and the active attraction of foreign companies. Today, more than 100 foreign investors from 34 countries work in Russian SEZs.

“The Institute of Special Economic Zones has become an effective mechanism for the country’s economic development. This is the result of the work of regional teams, constant improvement of legislation and, of course, your support,” Maxim Reshetnikov noted in conclusion, addressing the President.

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MIL OSI Russia News –

July 24, 2025
MIL-OSI Russia: Ministry of Economic Development: The Strategy for the Development of the Creative Economy will take into account business developments

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

An important disclaimer is at the bottom of this article.

The Ministry of Economic Development of Russia continues to work on implementing the decisions taken at the strategic session on the development of the creative economy in the Government of the Russian Federation. One of the key documents will be the Strategy for the Development of the Creative Economy until 2036. It will be based, among other things, on the opinions and practices of the business community. For this purpose, the Center for Strategic Research is conducting a business survey.

Representatives of companies, industry associations, public and expert organizations, as well as individual entrepreneurs and the self-employed can take part in the survey. The best regional practices for developing the creative economy will also be analyzed.

An open dialogue with business is a key part of preparing a strategy, says Deputy Minister of Economic Development of Russia Tatyana Ilyushnikova.

“Systematic work on developing the creative economy is already underway. In 2024, a federal law on the development of creative industries was adopted, and since 2025, the Ministry of Economic Development of Russia has been officially vested with the functions of a regulator in this area. Developing a long-term strategy is the next logical step. Already during the strategic session, we received proposals from State Duma deputies, specialized associations and experts. But the key part of this work is an open dialogue with businesses and the professional community. The survey conducted by the Center for Strategic Research is one of the most important feedback tools. Its results will form the basis for decisions and mechanisms aimed at creating conditions for the sustainable growth of creative industries in Russia,” Tatyana Ilyushnikova emphasized.

To take into account proposals and initiatives onsurvey page It is necessary to fill out a questionnaire and describe the project in detail, including its uniqueness, innovativeness and potential impact on the development of the industry. Information on possible economic effects and social significance will be of particular value. The questionnaire also includes an indication of current/required support measures (tax incentives, subsidies, grant support, educational programs, etc.).

Upon completion of the survey, CSR specialists will collect, summarize and submit proposals to the Russian Ministry of Economic Development for work on the text of the strategy.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 24, 2025
MIL-OSI Russia: About the current price situation. July 23, 2025

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

An important disclaimer is at the bottom of this article.

About the current price situation. July 23, 2025

23 July 2025 19:01

Date of publication: July 23, 2025

Link: https://economy.gov.ru/material/directions/makroec/ekonomicheskie_obzory/o_tekushchey_cenovoy_situacii_23_iyulya_2025_goda.html

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MIL OSI Russia News –

July 24, 2025
MIL-OSI Russia: Vitaly Savelyev discussed the socio-economic development of the region with the head of the Republic of Tatarstan Rustam Minnikhanov

Translation. Region: Russian Federal

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

Working meeting of Vitaly Savelyev with the head of the Republic of Tatarstan Rustam Minnikhanov

July 23, 2025

Working meeting of Vitaly Savelyev with the head of the Republic of Tatarstan Rustam Minnikhanov

July 23, 2025

Rustam Minnikhanov awarded Deputy Prime Minister Vitaly Savelyev with the Order of Friendship (Duslyk)

July 23, 2025

Rustam Minnikhanov awarded Deputy Prime Minister Vitaly Savelyev with the Order of Friendship (Duslyk)

July 23, 2025

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Working meeting of Vitaly Savelyev with the head of the Republic of Tatarstan Rustam Minnikhanov

For many years of fruitful cooperation and significant contribution to strengthening the socio-economic potential of the Republic of Tatarstan, Rustam Minnikhanov awarded Deputy Prime Minister Vitaly Savelyev with the Order of Friendship (“Duslyk”).

The Deputy Prime Minister noted the significant dynamics of the main economic indicators of the Republic of Tatarstan in 2024, as well as the systematic development of the transport complex of the subject.

The total number of passengers served at all airports of the republic in 2024 amounted to more than 6 million people (Kazan International Airport – 5.3 million, other airports – 0.7 million).

In 2024, 8.7 million passengers were transported by rail. The volume of transported cargo in 2024 remained generally at the 2023 level and amounted to 16.4 million tons.

As part of the program for the development of unmanned cargo transport, 18 unmanned KamAZ trucks are being used on the M-11 and Central Ring Road highways.

In turn, in the territory of Innopolis, as part of the development of unmanned transport technologies, an experimental legal regime is in effect for Yandex unmanned taxis.

“First of all, I would like to express my gratitude to the President of Russia and the Federal Government for their systematic support of our initiatives. Tatarstan is a region with unique tourism and transport-logistics potential, and its development requires comprehensive infrastructure development. We pay special attention to air traffic: the modernization of the Kazan airport, including the construction of a new terminal, will not only increase capacity, but will also give impetus to the economy and tourism development. Water transport is no less important. The length of Tatarstan’s inland waterways exceeds 1,000 km. The main rivers – the Volga, Kama and Vyatka – have the status of water bodies of federal significance. We are implementing projects to update the fleet, including the construction of modern high-speed passenger hydrofoils “Meteor-2020″. This will create a modern, efficient transport system that meets the challenges of the time,” said Rustam Minnikhanov.

“The Republic of Tatarstan has traditionally been one of the leaders in the development of transport infrastructure in the country. The regional leadership and personally Rustam Minnikhanov are consistently working in this direction. According to the results of 2024, growth is observed in all main areas: air transportation, rail transportation, and water transportation. Today, we visited the Kazan Aviation Plant named after Gorbunov, a strategic enterprise for the aviation industry, which produces and maintains the Tu-214 airliner. A number of airlines are interested in purchasing this aircraft. It is important to note that Tatarstan enterprises are participating in the implementation of transport megaprojects. For the construction of the Moscow-St. Petersburg high-speed highway, Natsproektstroy will purchase more than 400 units of special equipment from KAMAZ,” said Vitaly Savelyev.

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MIL OSI Russia News –

July 24, 2025
MIL-OSI Russia: On the dynamics of industrial production. June 2025

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

An important disclaimer is at the bottom of this article.

On the dynamics of industrial production. June 2025

23 July 2025 20:01

Date of publication: July 23, 2025

Link: https://economy.gov.ru/material/directions/makroec/ekonomicheskie_obzory/o_dinamike_promyshlennogo_proizvodstva_iyun_2025_goda.html

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July 24, 2025
MIL-OSI USA: Case Introduces Proposal To Expand Indigenous-Based Tourism

Source: United States House of Representatives – Congressman Ed Case (Hawai‘i – District 1)

(Washington, DC) — U.S. Representative Ed Case (D-Hawai‘i-First District) has introduced proposed legislation in the U.S. House to authorize federal grants to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations for fostering indigenous history and culture-based travel and tourism.

“This measure is especially important for my home state of Hawai‘i, where the link between tourism and our indigenous peoples, Native Hawaiians, is essential”, said Case. “Native Hawaiian history and culture is at the heart of our islands’ uniqueness. It is one of the major draws for our visitors, and activities based on our indigenous history and culture should be developed by Native Hawaiians wherever and however possible.”

Case said his measure is the House companion to S. 612, introduced by Senators Lisa Murkowski, Chair of the Senate Indian Affairs Committee, and Brian Schatz, Vice Chairman of the Committee. The bill makes important corrections to the NATIVE Act to authorize grants to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations for recreational travel and tourism activities.

Case said that Congress enacted the NATIVE Act in 2016 to provide grants, loans and technical assistance to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations to assist in developing tourism in indigenous peoples communities and enhancing opportunities for visitors to learn about indigenous peoples’ history, cultures, traditional foods, languages and arts. He said unfortunately, the act did not clearly authorize the federal Bureau of Indian Affairs (BIA) or the Office of Native Hawaiian Relations (ONHR) to issue the grants, which led to implementation challenges.

“Our bill corrects this oversight by clearly authorizing the BIA and ONHR, along with several other federal agencies, to issue these grants and authorize appropriations for the program,” said Case. “The bill will enable improved access to federal resources, helping these communities build sustainable tourism infrastructure and expand cultural tourism. In turn, it will foster a broader appreciation of indigenous peoples and create jobs and boost economic development in rural and underserved areas.”

Case continued: “The past generations have witnessed a great renaissance of the Hawaiian language and culture, and in turn over the ensuing years Native Hawaiian practitioners and culture have become an increasingly visible and central part of our visitor industry. We in Hawai‘i are committed to fostering this sector of our economy in a way that encourages long-term cultural preservation efforts.

“Through improving the implementation of the NATIVE Act, which has helped both Native Hawaiian Organizations and local Native Hawaiian businesses, our federal government will do a better job preserving and promoting Native Hawaiian culture.

“We can help connect tourists with the rich indigenous heritage of Hawai‘i though community-based visitor experiences that protect cultural sites, promote education and create jobs.”

1. Link to measure is here

2. Link to Case remarks on the measure is here

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MIL OSI USA News –

July 24, 2025
MIL-OSI New Zealand: Rites of fish passage

Source: NZ Department of Conservation

Corbies Creek, Canterbury, showing the exclusion barrier (left) and a DOC team removing weeds to improve longjaw habitat. Photo: Sjaan Bowie/DOC.

About this time last year, a group of DOC rangers and scientists set out from Twizel for a regular check of a population of threatened fish in nearby Corbies Creek. It was a beautiful day. Soon after getting their gear in the water, they realised something was very wrong. Where were all the fish? Only a year ago they’d found more than 100 in a 25m stretch, but there were hardly any there now.

Corbies Creek, along with just a few other small streams in Canterbury, is a refuge for native lowland longjaw galaxias. If we lost them from here, they’d be gone from everywhere. Sleek, pencil-thin and exquisitely camouflaged, their pale-yellow skin is dusted with brown and silver flecks. Adults rarely grow longer than 80 mm.

Lowland longjaw galaxias. Photo: P Ravenscroft/DOC.

Longjaws are one of New Zealand’s river-resident galaxiid species that live their entire lives in a single waterway. All river-resident galaxiids are vulnerable to being eaten or displaced by larger fish. Some, including longjaws, can’t share habitat with any bigger fish. To safeguard this population, an exclusion barrier has been built to stop predatory trout and kōaro from swimming up into their habitat.

So how had two brown trout – the cause of the drastic decline at Corbies Creek – got up there? Sjaan Bowie, DOC senior freshwater technical advisor, thinks the trout were carried across a paddock from a nearby waterway, in a particularly high flood event a few months earlier.

Rest assured the trout were quicky removed and the longjaws are bouncing back.

“We’re pleased to report that monitoring in March this year found numbers had risen from just 12 to more than 50 fish, and no more trout have been seen upstream of the barrier.”

Limited tools available – innovations welcome

Sjaan says this near-miss extinction of longjaws in Corbies Creek shows that more management tools will be needed to protect our freshwater fish in the future.

“What we’re doing generally works fine for small streams under current climatic conditions. But with increasing temperatures, we’re seeing trout head further inland looking for cooler water. More severe weather is also causing bigger floods and longer droughts. This combination increases the risk of trout making it past barriers or accidentally getting into threatened fish habitat, as we saw in Corbies Creek.”

Flooding can overtop fish barriers and put native species at risk. Photo: Dean Nelson/DOC.

She highlights the need for better technology – both for remote monitoring of populations and to protect larger areas.

“We’re looking at remote water level monitoring, so we’d get a warning ‘ping’ and could go and check if a barrier had been breached or there was an overland flow. There’s also a need to protect more and larger areas to prevent individual populations becoming genetically isolated.

“A fish exclusion barrier that works in larger rivers or low gradient streams without backing up the flow and creating a pool, would also make a big difference to the ongoing survival of these species. If anyone has bright ideas about how to build something like that, we’d really love to hear from you.”

Sjaan says the same issues are faced in fish conservation around the world, so any solutions we created here could be used internationally.

Regardless, future work to secure our river-resident galaxiids is likely to include building exclusion barriers in new streams and moving current barriers downstream. Other tools like captive breeding and translocations into protected areas are also likely to be necessary.

An exclusion barrier in Omarama Spring protects an important population of non-migratory galaxiids. Photo: Sjaan Bowie/DOC.

Let them through – migratory fish need to move

Managing the other group of New Zealand’s native fish couldn’t be more different. It’s vital for these species to be able to move up and down waterways and get to and from the sea to complete their lifecycles. In this group of migratory species are eels, bullies and the fish we collectively known as whitebait – the juveniles of īnanga, kōaro and banded, giant and shortjaw kōkopu.

The strongest swimmers of the group move the furthest inland. Kōaro stand out as best in class as they can climb near-vertical walls. Īnanga are the most challenged by inclines, jumps, rapids and fast flows, and tend to stay in flatter areas near the coast.

Human-built structures in waterways can present swimming challenges. Conservation work for migratory species therefore includes identifying, fixing or removing barriers like poorly designed or unmaintained culverts, fords, dams and weirs.

As part of her role, Sjaan advocates for better fish passage. She’s helped develop and update fish passage guidelines and resources, given dozens of seminars about best practice, offered advice and support to others, and coordinated the New Zealand Fish Passage Advisory Group.

“We can make a real difference for migratory fish by removing barriers. Yes, we can plant trees and improve habitat but if we can take out something that’s stopping migration, the benefit is immediate. It means the fish aren’t slowed down or stopped in their migration and allows them to get to natural habitat upstream to grow and mature.”

Researching ways to fix impassable culverts

Sjaan Bowie setting up a net to capture and count fish that made it up a ramp and through the culvert. Photo: Nixie Boddy/DOC.

Culverts are a big issue. There are hundreds of thousands of them around the country and some hinder or block fish passage by creating overhangs or impassably fast flows.

Sjaan and her colleagues have been testing different retrofitted baffles and ramps to see how well they help fish move up and through culverts.

“We couldn’t find a lab that was big enough, so we chose some barriers in waterways on the South Island’s West Coast. It has high rainfall, lots of culverts and an abundance of fish.

“It looks like these fixes can be used to improve passage for some species under certain conditions, but not for all species. They may be best considered as a temporary solution. Final results will indicate when they improved passage, and allow us to offer better guidance on installation, monitoring and maintenance of these fixes.”

Brittany Earl, freshwater ranger (left) and Nixie Boddy measuring post-trial fish before releasing them back into Hodson Stream. Photo: Sjaan Bowie/DOC.

Sjaan says if there’s a structure that’s restricting fish passage, the best option is always to remove it. “If that’s not possible we need to consider replacing or fixing it permanently.”

Spectacular success at Te Pouaruhe wetland, Wairarapa

Our work with the Wairarapa Moana Wetlands project restored fish passage to Te Pouaruhe wetland in early 2022 – using a large digger.

The area was drained for agriculture in the 1940s and separated from Lake Ōnoke by a stopbank and two culverts. One of the culverts had a flap gate that severely limited fish access to the wetland from the lake and the sea. The digger removed the culverts and made two breaks in the stopbank that now provide free passage up and downstream.

Before and after fish surveys in 2019 and 2023 found huge differences in the number and range of species present. Īnanga and common bullies were found at every sampling site in 2023 and in large numbers at most sites. At one site, the number of īnanga rose from 339 to 1563 after fish passage was restored.

Challenges to fix ford in lower Waipoua River, Northland

This ford across the Waipoua River was built to provide access for mana whenua (local residents) and commercial forestry vehicles.

It’s a significant barrier to fish passage because of a drop off downstream and culverts inside the ford that accelerate the flow. Installing four fish ramps has helped, but a permanent solution is still needed.

“Having a barrier 5 km from the sea restricts or prevents fish access to around 100 km of beautiful stream habitat in kauri forest”, says Sjaan. “Improving fish passage there would make a big difference for many species, including threatened shortjaw kōkopu.”

Fixing the ford is a priority for Te iwi o Te Roroa and DOC and options, including a fish bypass or replacement bridge, are being looked at.

This ford across Waipoua River hinders fish passage for several species despite the installation of floating fish ramps. Photo Sarah Wilcox/DOC.

Progress to celebrate and some lessons learned

Reflecting on progress in the last 10 years, Sjaan is pleased to have national guidelines, improved policy and new tools in place.

“The Fish Passage Assessment Tool is one way that anyone can record instream structures and assess the risk they pose to fish passage. The tool has contributed to a database of more than 150,000 structures nationwide that are being prioritised and ticked off.

“It’s been exciting to see councils such as Northland, Taranaki and West Coast, as well as other organisations, taking action to remove barriers and put in some good fixes to open up habitat for fish.”

Wairau Stream after work by New Plymouth District Council to remove a culvert that was hindering fish passage. Photo: New Plymouth District Council.

Sjaan says instream structures always have at least a dual purpose – to transport water and allow fish to move – and both are important to consider.

“One stand-out lesson for me though is the benefit of oversizing and embedding culverts. They will be long-lasting, stand up to floods, and provide good fish passage.”

This article was first published in the New Zealand Water Review.

Read more about fish passage

Read more about our work to secure populations of migratory fish: Ngā Ika e Heke migratory fish workstream: Freshwater restoration

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MIL OSI New Zealand News –

July 24, 2025
MIL-OSI New Zealand: Removeable battery regulations revoked

Source: New Zealand Government

The Government is revoking 2023 regulations requiring all vaping devices to have removeable batteries to resolve a current court challenge brought by Mason Corporation Limited.

“Cabinet was advised that taking this step was the best way to resolve the case,” Associate Health Minister Casey Costello says.

“This decision means the proceedings, which relate to regulations brought in by the Labour government, can be withdrawn.”

The changes will be gazetted today and take effect from 1 September. From that date vaping devices will not be required to have a removeable battery.

“It is not expected that the revocation will negatively impact our falling smoking or vaping rates,” Ms Costello says.

“This Government legislated to ban disposable vapes, which have been the most popular products among young people, and these are now off the market.”

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI New Zealand: Research – Study of ancient sea creature’s DNA links New Zealand to oceans around the world

Source: New Zealand Institute for Earth Science Limited (Earth Sciences New Zealand)

A world-first study of marine life, including sea creatures found in New Zealand’s dark, cold, pressurised ocean depths, has revealed that deep-sea life is surprisingly more connected than previously thought. The research, led by Australia’s Museums Victoria Research Institute and just published in Nature, found that while marine life in shallow waters is regionally unique, deeper ocean life shows more global connectivity, with some deep-sea species found across vast distances, even on opposite sides of the world.

A previous lack of global data meant that the connections of deep-sea species weren’t fully known, but the researchers from 19 different institutions, including Earth Sciences New Zealand (formerly NIWA), were able to discover how marine life is connected across the sea floor. The landmark study mapped the global distribution and evolutionary relationships of brittle stars (Ophiuroidea), an ancient, spiny animal found from shallow coastal waters to the deepest abyssal plains, and from the equator to the poles.

In the most comprehensive study of its kind, brittle star DNA from four dozen collections, including from Earth Sciences New Zealand’s invertebrate collection in Wellington, was examined. By analysing over 2,500 DNA samples collected from over 300 research voyages in all oceans and at various depths, the researchers were able to uncover how the deep-sea invertebrates have evolved and migrated across the oceans over the past 100 million years, linking ecosystems from Iceland to Tasmania.

‘You might think of the deep sea as remote and isolated, but for many animals on the seafloor, it’s actually a connected superhighway,’ said study lead Dr Tim O’Hara, Senior Curator of Marine Invertebrates at Museums Victoria Research Institute. ‘Over long timescales, deep-sea species have expanded their ranges by thousands of kilometres. This connectivity is a global phenomenon that’s gone unnoticed, until now.’

The brittle star was chosen because the animals, which have lived on Earth for over 480 million years, are found on all ocean floors, including at depths of more than 3,500 metres, says Dr O’Hara. “These animals don’t have fins or wings, but they’ve still managed to span entire oceans. The secret lies in their biology; their larvae can survive for a long time in cold water, hitching a ride on slow-moving deep-sea currents.”

With the yolk-rich larvae able to drift on deep ocean currents for extended periods, the brittle stars have been able to colonise far-flung regions. Unlike marine life in shallow waters, which is restricted by temperature boundaries, deep-sea environments are more stable and allow species to disperse over vast distances, the study found. “The research shows that deep-sea communities, particularly at temperate latitudes, are more closely related across regions than their shallow-water counterparts. This may be due to historic ocean currents and temperature patterns that allowed species to spread over time. For example, marine animals found off southern Australia share close evolutionary links with those in the North Atlantic, on the other side of the planet.”

However, the deep sea is not uniform, and while species can spread widely, factors such as extinction events, environmental change, and geography have created a patchwork of biodiversity across the seafloor.

Deep-sea ecosystems are more connected than first thought, says study co-author Sadie Mills, invertebrate collection manager at Earth Sciences New Zealand (formerly NIWA). “Understanding how species are related and their connections in the ocean at different depths and different latitudes is key to protecting marine biodiversity across the entire planet. These global links should be taken into account in planning.”

As threats from deep-sea mining and climate change increase, this new appreciation of how life is distributed and moves through this vast environment is essential if we want to protect it, says Dr O’Hara. “It’s a paradox. The deep sea is highly connected, but also incredibly fragile.”

(Ref. https://www.nature.com/articles/s41586-025-09307-1 )

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI USA: West Virginia Higher Education Policy Commission recognizes five leaders for improving educational outcomes for West Virginia students – West Virginia Higher Education Policy Commission

Source: US State of West Virginia

Chancellor: Each of these awardees represents the very best of WV’s education system

Charleston, W.Va. – The West Virginia Higher Education Policy Commission proudly announces the recipients of the 2025 Higher Education Action and Impact Awards, honoring exceptional individuals, schools, and programs that have significantly advanced student success and postsecondary preparation throughout the state.

“Each of these awardees represents the very best of West Virginia’s education system,” said Dr. Sarah Armstrong Tucker, West Virginia’s Chancellor of Higher Education. “Their innovation, compassion, and dedication are creating pathways for students to achieve their goals and strengthen our state’s future. We are thrilled to recognize their achievements at this year’s Student Success Summit.”

This year’s honorees demonstrate leadership, innovation, and a deep commitment to improving educational outcomes for West Virginia students. Click here for more information about the West Virginia Higher Education Action and Impact Award.

Dr. Corley Dennison – Dan Crockett Higher Education Action and Impact Award

Dr. Dennison is recognized for his longstanding leadership in strengthening higher education in West Virginia. His efforts have included statewide reforms in developmental education, expansion of dual enrollment opportunities, and championing Open Educational Resources that have saved students millions of dollars in college text books and class materials. As Vice Chancellor of Academic Affairs at the West Virginia Higher Education Policy Commission, Interim President at Southern West Virginia Community and Technical College, and a faculty member at Marshall University, Dr. Dennison has consistently prioritized student achievement and academic excellence.

Buffalo Middle School – Exemplary Middle School Award

Buffalo Middle School, led by Principal Elizabeth Ryder, has been honored for its outstanding work in helping students envision their futures beyond high school. Through Career Exploration Day, financial literacy simulations, academic enrichment activities, and strong participation in the Heart of Appalachia Talent Search (HATS) Program, the school promotes a robust postsecondary culture that helps students build confidence and career readiness.

Musselman High School – Exemplary High School Award

Musselman High School’s strong academic performance and college-going culture earned it recognition as this year’s Exemplary High School. With a graduation rate exceeding 97%, the school combines rigorous coursework, AP and dual credit offerings, and thriving Career and Technical Education programs with personalized counseling and planning. Programs like College 101, SAT prep courses, and scholarship workshops are preparing students for successful transitions after graduation.

Jamison Lewis – Student Action and Impact Award

Student leader Jamison Lewis has made a lasting mark at Marshall University through his leadership and initiative. His work on projects such as the Shark Tank Innovation Challenge and TEDxMarshallU and his charitable work with the Marshall Thrift Store highlight his creative approach to improving student life and career readiness. His involvement in campus planning and events has positively shaped the student experience for his peers.

WVU REACH Program – Institutional Action and Impact Award

The REACH Program at West Virginia University is honored for its effective support of student success. By offering services such as success coaching, academic assistance, leadership training, and campus engagement opportunities, REACH has helped improve student retention and graduation rates. The program models how institutions can create supportive environments that help students stay on track and achieve their goals.

This year, awardees were recognized at the 2025 West Virginia Student Success Summit in Charleston.

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MIL OSI USA News –

July 24, 2025
MIL-OSI USA: Ernst Pushes to Safeguard American Innovation From China

US Senate News:

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

WASHINGTON – After releasing a bombshell report detailing how critical technology is vulnerable to espionage by the Chinese Communist Party, Senate Small Business and Entrepreneurship Committee Chair Joni Ernst (R-Iowa) detailed why Congress must pass her INNOVATE Act to protect and advance American innovation.
Ernst laid out how her bill to reauthorize the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs would cut red tape, ensure that funding goes to truly small businesses and startups, and strengthen protections against China’s attempts to steal taxpayer-funded intellectual property.

Watch Senator Ernst’s full remark here.
Ernst’s full remarks:
“Today’s hearing comes at a pivotal moment.
“America has consistently been at the forefront of technological innovation.
“Nonetheless, our adversaries — especially China — are working overtime to undermine us.
“Over the past 100 years, the United States of America has catalyzed the world’s most consequential technology breakthroughs.
“From putting mankind on the moon, to unlocking a whole new digital frontier, Americans didn’t just invent. We built.
“We turned those big dreams into real-world breakthroughs, securing a long and prosperous period of economic might and global leadership.
“But after a century of wins, we cannot become complacent.
“Over the past 20 years, those in power in Washington have looked the other way as China initiated a comprehensive industrial espionage strategy.
“They’re not hiding it either. The Chinese Communist Party, through its Made in China 2025 plan, has made crystal clear its goal to eliminate U.S. technological leadership in critical industries.
“We need to be more clear-eyed, folks. China desires nothing more than to surpass the United States technologically and militarily.
“They want to impose their authoritarian ideology on the world and destroy the West.
“If we want any shot at preserving America’s leadership and warfighting capabilities, we have to lock down our innovation pipeline.
“The truth is, America has left its door wide open, effectively inviting our adversaries to take advantage.
“As a result, sensitive industries have become vulnerable to exploitation, allowing countries like China to use well-known techniques— including talent recruitment programs— to steal our innovations.
“The CCP forces innovators across our vibrant startup economy to hand over trade secrets and intellectual property as a cost of doing business.
“They invest in American firms, not to help, but to scheme, snoop, and steal.
“The United States Trade Representative and FBI estimate intellectual property theft by China costs our economy between $225-600 billion per year.
“The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are no exception.
“In 2021, the Pentagon first sounded the alarm, revealing the pervasive exploitation of the SBIR program by foreign bad actors and recommended a foreign ties due diligence review process for applicants.
“That’s why, through the SBIR STTR Extension Act of 2022, I fought to establish a framework to identify the extent of foreign risk, vet each company coming through the doors, and stop awarding awards to malicious actors.
“It was a strong start, but it isn’t enough. Congress must take further action to secure the critical technologies being cultivated in these programs.
“In fact, my recent report on this subject showed that 64 percent of applications flagged for foreign risk were still eligible to receive taxpayer dollars. That’s unacceptable. I ask unanimous consent to enter this report into the record.
“We cannot afford to keep investing taxpayer dollars to develop and deploy our best homegrown technologies, while failing to safeguard them against theft by our adversaries.
“This is why earlier this year I introduced the INNOVATE Act.
“It would tighten our defenses, standardizing foreign ties due diligence in SBIR across participating agencies and giving agencies more muscle to claw back award dollars when our national security is threatened. It’s just common sense.
“Let me be clear, this is only a first step. The disturbing reality is that China is already conducting economic warfare in our homeland by targeting our farmland and critical infrastructure.
“If we want to win the next century and beyond, we must protect our innovators, our intellectual property, and the technologies that will shape our future.
“I am looking forward to hearing from our expert witnesses today on the scale of these threats and response measures for Congress to consider.”

MIL OSI USA News –

July 24, 2025
MIL-OSI USA: Sullivan Chairs CECC Hearing on Chinese Transnational Repression & Political Warfare

US Senate News:

Source: United States Senator for Alaska Dan Sullivan

07.23.25

WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska), the new chair of the Congressional-Executive Commission on China (CECC), today chaired a hearing on the People’s Republic of China’s (PRC) disturbing campaign of transnational political warfare and repression against the people and leaders of Taiwan, and partners of and advocates for Taiwan, including American citizens and others living lawfully in the United States.

“This is transnational repression. It is a coordinated strategy to isolate Taiwan, dominate the global narrative through fear and coercion, and again, not only against Taiwanese citizens, but other citizens, including our own citizens,” said Sen Sullivan. “These threats are multifaceted—AI-generated disinformation; the extraterritorial application of PRC laws; of course, diplomatic pressure on Taiwan’s allies; the public intimidation of democratically elected leaders…Every day, the CCP grows bolder and more aggressive in its threats against Taiwan, the United States and our allies in the Indo-Pacific. We need to call that out, have open hearings like this, and push back against this transnational repression.”

[embedded content]

Click here to watch the full hearing.

The commission heard testimony from Fan Yun, a member of the Legislative Yuan of Taiwan; Rear Admiral Mike Studeman, U.S. Navy (Ret.), former commander of the Office of Naval Intelligence; Peter Mattis, president of the Jamestown Foundation; and Audrye Wong, the Jeane Kirkpatrick Fellow at the American Enterprise Institute and assistant professor of political science and international relations at the University of Southern California.

Sen. Sullivan has long been a leading advocate in the Senate for Taiwan, introducing his comprehensive Sanctions Targeting Aggressors of Neighboring Democracies (STAND) with Taiwan Act in the last two Congresses aimed at deterring a Chinese People’s Liberation Army (PLA) military invasion of Taiwan that the Chinese Communist Party (CCP) dictatorship has threatened for years. Sullivan is expected to reintroduce the legislation in the fall with a strong, bipartisan slate of cosponsors. Sen. Sullivan was announced as the chairman of the CECC for the 119^th Congress on July 14, 2025, serving alongside Rep. Chris Smith (R-N.J.), the CECC co-chair.

Below is a full transcript of Sen. Sullivan’s introductory remarks.

Today’s hearing comes at a pivotal moment. For 75 years, the People’s Republic of China has vowed to bring Taiwan under its control. We have our own Taiwan Relations Act. We have our “One China” policy. However, in recent years, that pressure—not just, by the way, with regard to Taiwanese, but other people, including American citizens—has intensified and globalized with Beijing not only targeting Taiwan across the strait, it’s projecting intimidation across borders, institutions, using political transnational repression as tools of coercion among people across the globe.

The title of this hearing rhymes with major legislation of mine, the STAND with Taiwan Act. That bill, which I’ve introduced in the last two Congresses and will soon be introducing again, has great bipartisan support. Senators Graham, Duckworth and Coons are the top co-sponsors. I would encourage strong bipartisan support with my colleagues here. What that would do is, if there is a military invasion of Taiwan by the Communist Party and the PLA of China, this would trigger punishing, comprehensive sanctions on the Chinese economy and particularly leaders of the Chinese Communist Party—punishing—economic, trade, financial, energy. We all want deterrence in the Taiwan Strait. I think the threat of these massive sanctions might be critical in terms of deterring a cross-Strait invasion of Taiwan by the PLA.

We also need to deal with the here and now of Chinese coercion abroad. Again, this hearing is going to focus on the coercion of Taiwanese citizens. But I want to make sure, and I certainly will be asking questions in my Q-and-A with the witnesses of repression of others—people from Hong Kong, American citizens, which is really unacceptable when that happens by the Chinese Communist Party. They’re good at coercing their own citizens, but they’re not going to, with this Congress, be allowed to coerce Americans or those who are our allies.

These threats are multifaceted—AI-generated disinformation; the extraterritorial application of PRC laws; of course, diplomatic pressure on Taiwan’s allies; the public intimidation of democratically elected leaders. By the way, that’s something the Chinese Communist Party would never do. They never stand for election themselves. They fear their own people because they know they probably wouldn’t get elected if they had to stand for elections. So that makes them nervous when there are people who actually stand for elections, like we do, and go before the people.

The PRC is also attempting to rewrite international norms, distorting UN General Assembly Resolution 2758, and pressuring countries to embrace Beijing’s view that all necessary measures it might use to achieve unification with regard to Taiwan.

Most disturbingly, the PRC has labeled Taiwan’s vice president, who I know well and is a good friend of mine, and other officials as “obstinate Taiwan independence diehards,” threatening them with life imprisonment or worse. It has declared any Taiwanese citizen, including those living abroad, can be punished under PRC law.

In a closed-door meeting earlier this year, senior CCP official Wang Huning reportedly called for a global expansion of these intimidation tactics. According to credible reporting, Wang instructed embassies and security services—hopefully they’re not doing it here in America, but they probably are—to implement “proactive intimidation against so-called radical Taiwanese independence advocates worldwide, including in the United States of America.

These are not abstract threats last year, Czech intelligence uncovered a planned “kinetic operation” by the PRC to intimidate then Vice President-elect Bi-khim on her visit there. Again, she’s a friend of mine—a great person. The PRC is also harassing international media outlets for interviewing Taiwanese leaders. Individuals around the world who criticize Beijing’s Taiwan policy have been doxed and placed under surveillance. This is transnational repression. It is a coordinated strategy to isolate Taiwan, dominate the global narrative through fear and coercion, and again, not only against Taiwanese citizens, but other citizens, including our own citizens.

Every day, the CCP grows bolder and more aggressive in its threats against Taiwan, the United States and our allies in the Indo-Pacific. We need to call that out, have open hearings like this, and push back against this transnational repression.

MIL OSI USA News –

July 24, 2025
MIL-OSI USA: US Department of Labor applauds President Trump’s ‘AI Action Plan’ to achieve global dominance in artificial intelligence

Source: US Department of Labor

WASHINGTON – U.S. Secretary of Labor Lori Chavez-DeRemer and Deputy Secretary of Labor Keith Sonderling today praised the release of President Trump’s artificial intelligence policy strategy, “Winning the Race: America’s AI Action Plan.”Developed in response to the President’s January Executive Order “Removing Barriers to American Leadership in Artificial Intelligence,” the AI Action Plan sets a clear policy roadmap of the specific actions needed to help the U.S. achieve global AI dominance. The plan illustrates how American workers will be central to the Trump Administration’s AI policy and includes two areas outlining the Labor Department’s integral role in creating a future-ready workforce: “Empower American Workers in the Age of AI” and “Train a Skilled Workforce for AI Infrastructure.”“Since day one, President Trump has made it his top priority to put American Workers First by expanding opportunity and ensuring all are prepared for the challenges of the future,” said Secretary Chavez-DeRemer. “By boosting AI literacy and investing in skills training, we’re equipping hardworking Americans with the tools they need to lead and succeed in this new era. The Department of Labor is proud to help deliver on the President’s vision for global AI dominance by building a stronger, more resilient American workforce.”“The AI Action Plan demonstrates President Trump’s bold leadership in driving forward a worker-centric AI strategy that will create a new era of economic prosperity for American workers,” said Deputy Secretary Sonderling. “The Department of Labor looks forward to executing the critical AI Action Plan efforts that will support our workforce, including expanding AI literacy nationwide, creating a new hub to analyze AI’s impact on the labor market, and piloting innovative models to help workers succeed in an AI-driven economy.”The “Empower American Workers in the Age of AI” initiative includes proposed actions for the Department of Labor, in collaboration with other federal agencies, to:Prioritize AI skills development as a core objective of education and workforce funding streams, including career and technical education, apprenticeships, and other federally supported skills initiatives.Establish the AI Workforce Research Hub to lead a sustained federal effort to evaluate AI’s impact on the labor market and the American worker, including recurring analysis, scenario planning, and actionable insights for workforce and education policy.Study AI’s impact on the labor market by providing the AI Workforce Research Hub with analysis to support tracking of AI adoption, job creation, displacement, and wage effects.Fund rapid retraining for individuals impacted by AI-related job displacement, as well as issue guidance clarifying how funds can be used to proactively upskill workers at risk of future displacement.Pilot new approaches to meet workforce challenges created by AI, which may include areas such as rapid retraining models to respond to labor market shifts and new models to support pathways into entry-level roles.The “Train a Skilled Workforce for AI Infrastructure” initiative includes proposed actions for the Department of Labor, in collaboration with other federal agencies, to:Create a national initiative identifying high-priority occupations critical to AI infrastructure.Partner with state and local governments and workforce system stakeholders to support the creation of industry-driven training programs for priority AI infrastructure occupations.Partner with education and workforce system stakeholders to expand early career exposure programs and pre-apprenticeship opportunities for middle and high school students in AI infrastructure occupations.Expand Registered Apprenticeships for occupations critical to AI infrastructure.Learn more about President Trump’s AI Action Plan.

MIL OSI USA News –

July 24, 2025
MIL-OSI USA: Statement on the Commission’s Status Report in the Climate-Related Disclosure Rules Litigation

Source: Securities and Exchange Commission

On April 24, 2025—three months ago—the U.S. Court of Appeals for the Eighth Circuit directed the Commission to provide a status update in the ongoing litigation concerning the Climate-Related Disclosure Rules, which the Commission adopted in March of 2024.[1]

The Court “directed” the Commission to advise whether it “intends to review or reconsider the [R]ules at issue in this case.”[2] And, if the Commission has determined to take no action, the Court ordered the Commission to explain whether it “will adhere to the [R]ules if the petitions for review are denied and, if not, why it will not review or reconsider the [R]ules at this time.”[3]

The Court’s directive was straightforward; our answer is not.

The Commission’s Status Report, filed today, states plainly enough that it has no intention of revisiting the Rules at this time.[4] That, however, is where our responsiveness ends.[5] The Status Report goes on to argue that we cannot expound on what the Commission’s future plans might be in the event the rulemaking petitions are denied, because we would be “prejudging” those policy decisions.[6] And, the Status Report explains, any future rulemaking should benefit from a court ruling on our statutory authority.[7]

We also weigh in on a number of questions that the Court did not ask of us – for example, we opine that there are “no obstacle[s]” to reaching the merits of the case and that a “live controversy” remains.[8]

This purported response is wholly unresponsive.

The Court asked us in no uncertain terms “will [the Commission] adhere to the [R]ules if the petitions for review are denied[?]” We did not—but should have—answered that question. The unspoken truth under this Commission is that the answer is “no.” Three of the four current Commissioners have been vocal critics of the Rules.[9] They have also withdrawn the Commission from the defense of the Rules in litigation.[10] The Commission simply does not want to say what we all know to be true by now—it has no intention of allowing the Climate-Related Disclosure Rules to go into effect.

Once we acknowledge this answer, the rest of the Commission’s arguments fall away. There are no prejudgment issues, because there is nothing to prejudge. And, we do not need the Court to rule on our statutory authority for the Commission to engage in rulemaking. If there is future rulemaking in this space—whether to rescind the Rules or otherwise – that rulemaking may present different legal issues. Whatever those issues may be, and whomever those aggrieved parties may be, they are not now before the Court. Federal courts are not in the business of giving advisory opinions to agencies.

What is crystal clear, however, is that this Commission is seeking to avoid its legal obligations under the guise of conserving “Commission time and resources.” No matter what, this comes at the expense of judicial resources. As I wrote previously in connection with the Commission’s decision to stop defending these Rules,[11] the Administrative Procedure Act governs the process by which we make and repeal rules. It includes a prescriptive framework for promulgation and rescission. If this Commission wants to rescind, repeal or modify the Rules, which were promulgated by-the-book, then it must do the statutorily-required work. It cannot take the easy way out. It must engage in notice-and-comment rulemaking, with the benefit of economic analysis and a public, transparent process, even if inconvenient or if the Commission has other, more pressing priorities.[12] Indeed, other Commissioners have acknowledged that doing the work required to rescind the rule would be a difficult lift.[13] So, instead, we once again ask the Court to do the work for us. By asking the Court to carry water that we should shoulder ourselves, we do a grave disservice to our already taxed judicial system. This is not good governance.

The Commission has effectively ignored the Court’s order and thrown the ball back at the Court. The Court should decline to play these games.

[2] Status Update Order.

[4] Status Report of the Securities and Exchange Commission in Response to the Court’s April 24, 2025 Order, State of Iowa v. Securities and Exchange Commission, 24-cv-1522 (8th Cir. July 23, 2025) (“Status Report”) at 2 (“The Commission does not intend to review or reconsider the Rules at this time.”).

[5] These viewpoints do not reflect upon the efforts of the staff in our Office of the General Counsel.

[6] Status Report at 2.

[7] Id. at 2, 4, 5.

[8] Id. at 2, 3.

[10] See Status Report filed by SEC, State of Iowa v. Securities and Exchange Commission, 24-cv-1522 (8th Cir. Mar. 27, 2025); SEC Press Release No. 2025-58, SEC Votes to End Defense of Climate Disclosure Rules (Mar. 27, 2025) (According to then-Acting Chair Uyeda, “The goal of today’s Commission action and notification to the court is to cease the Commission’s involvement in the defense of the costly and unnecessarily intrusive climate change disclosure rules.”).

[12] Commissioner Mark T. Uyeda, Remarks at the “SEC Speaks” Conference 2025 (May 19, 2025) (“For the Commission to rescind the climate-related disclosure rule—and address the countless factual findings discussed in that 885-page release—would place a significant strain on the Commission’s resources. This effort would be a difficult lift, and it would potentially take away staff resources needed to advance the regulatory regime with respect to crypto and capital formation.”).

MIL OSI USA News –

July 24, 2025
MIL-OSI USA: Senators Scott, Crapo, Colleagues Reintroduce Legislation to Improve IRS Accountability

US Senate News:

Source: United States Senator for South Carolina Tim Scott

U.S. Senator Tim Scott (R-S.C.), Senate Finance Committee Chairman Mike Crapo (R-Idaho), and their Republican colleagues, reintroduced the IRS Accountability and Taxpayer Protection Act to modify rules for imposing tax penalties on Americans. This bill would require a supervisor or higher-level official to approve or deny penalties during the pre-assessment process. Establishing a supervisor sign-off requirement will improve transparency and accountability at the IRS to make sure that taxpayers are not given improper or automated penalties.

“IRS agents should seek proper approval before issuing penalties to American taxpayers,” said Sen. Scott. “I’m reintroducing the IRS Accountability and Taxpayer Protection Act to implement reforms that put the taxpayer first and supports good governance. This bill ensures no penalty can be imposed without written approval from a supervisor, bringing greater transparency and accountability to the process. American taxpayers deserve a fair system that protects their rights—not one that punishes them without oversight.”

“Senator Scott deserves the gratitude of millions of Americans for reintroducing legislation to strengthen this vital taxpayer safeguard against unauthorized penalties. Congress affirmed the IRS’s penalty authority must be balanced with the rights of taxpayers in the bipartisan IRS Restructuring and Reform Act of 1998. That provision has come under attack in recent years, endangering the hard-won protections that Americans depend upon in legitimate disputes with the IRS. The IRS Accountability and Taxpayer Protection Act gives hope to taxpayers who follow the rules that the IRS will do the same. We are proud to support Senator Scott’s bill. Lawmakers in both parties should do so too,” said Pete Sepp, president of the National Taxpayers Union.

“Democrats super-sized the IRS to ramp up audits on small businesses and households. They attempted to strip away section 6751(b) of the tax code, a provision that prevents IRS agents from supervisor shopping for a rubber stamp to shake down taxpayers. Scott’s bill ensures the IRS can’t intimidate taxpayers into settling by threatening unjust penalties. Taxpayers need more protection from the IRS, not less. Every lawmaker should support Sen. Scott’s bill and I applaud his leadership,” said Grover Norquist, president of Americans for Tax Reform.

In addition to U.S. Senators Scott and Crapo, the IRS Accountability and Taxpayer Protection Act is cosponsored by Senators Cynthia Lummis (R-Wyo.), Thom Tillis (R-N.C.), Chuck Grassley (R-Iowa), and Jim Risch (R-Idaho).

Full text of the IRS Accountability and Taxpayer Protection Act can be found here.

MIL OSI USA News –

July 24, 2025
MIL-OSI USA: Senator Scott Applauds $25 Million Grant for Dorchester County Corridor
US Senate News:
Source: United States Senator for South Carolina Tim Scott

WASHINGTON — U.S. Senator Tim Scott (R-S.C.) issued the following statement on the Better Utilizing Investments to Leverage Development (BUILD) grant that he advocated for review and the U.S. Department of Transportation (DOT) approved. This nearly $25 million grant for U.S. Highway 78 Phase 3A was the only grant awarded in South Carolina in Round 2 of 2025 BUILD grant funds.

“This BUILD grant is a vital investment in the safety of Dorchester’s residents and its future, and I look forward to seeing the development of this project that will improve safety for residents and overall corridor efficiency,” said Senator Scott. “The U.S. Highway 78 corridor has been a transportation priority for South Carolina for years, and this funding will deliver real, day-to-day improvements for the community.”

Sen. Scott wrote a letter to the DOT in support of the BUILD grant to address safety concerns and congestions levels along the corridor in Dorchester County.

This infrastructure investment is designed to improve traffic flow, expand transportation options, and enhance overall mobility and connectivity throughout the corridor, delivering substantial benefits to residents and commuters.

Background:

The U.S. 78 Phase 3A project will transform a critical transportation corridor by widening the highway from west of Orangeburg Road to North Maple Street in Dorchester County, South Carolina. The expansion will convert the existing two-lane roadway into a five-lane configuration featuring:
- 12-foot-wide travel lanes
- 15-foot-wide center turn lane
- Approximately 3.39 miles of new sidewalks
- Approximately 4.9 miles of bicycle lanes
- Approximately 0.41 miles of multi-use path
- Upgraded intersections with dedicated turn lanes and concrete medians
- Replacement of the Rumphs Hill Creek culvert
- Installation of curb and gutter systems along the corridor
MIL OSI USA News –
July 24, 2025
MIL-OSI USA: Luján Fights for National Lab Science Funding, Presses Trump Administration to Protect America’s Scientific Innovation and Reverse Course on Cuts to Research and Development Programs

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)

Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), Co-Chair of the Senate National Labs Caucus, called on President Trump to reverse course on proposed reductions in the Fiscal Year 2026 federal budget to research and development programs within the Department of Energy (DOE), including cuts to programs at National Laboratories. In the letter to President Trump, Senator Luján highlights the successful economic impacts by these DOE research and development programs, including our National Laboratories’ critical role in driving global scientific leadership.

Senator Luján wrote, “These proposed changes jeopardize not only our nation’s economic competitiveness but also our national security, energy independence, and capacity for innovation. Slashes to these programs undermine the core principles and opportunities that America promises its citizens: through bold investment in knowledge and innovation, we build a stronger, safer, and more just future.”

“Without adequate support, the United States risks ceding leadership in emerging industries to nations with more consistent and centralized science investment strategies. Slashing funding to these programs is not fiscal responsibility – it is strategic negligence,” continued Senator Luján.

“As a proud and steadfast champion of the groundbreaking innovation coming out of the national labs in my state, I’m constantly reminded of their extraordinary contributions,” concluded Senator Luján.

The full text of the letter is available here and below:

Dear President Trump:

I am writing to express my deep concern regarding the proposed reductions in the Fiscal Year 2026 federal budget to research and development programs within the Department of Energy (DOE), including significant cuts to the Office of Science, the Office of Energy Efficiency and Renewable Energy (EERE), and the Advanced Research Projects Agency – Energy (ARPA–E). These proposed changes jeopardize not only our nation’s economic competitiveness but also our national security, energy independence, and capacity for innovation. Slashes to these programs undermine the core principles and opportunities that America promises its citizens: through bold investment in knowledge and innovation, we build a stronger, safer, and more just future.

The national laboratories are not just the Department of Energy’s research hubs; they are engines of economic empowerment. These nearly 80,000 scientists, engineers, and staff are at the forefront of pioneering technologies in advanced energy systems, life-saving medical isotopes, next-generation manufacturing, and national defense. The proposed 14% reduction to the Office of Science and 74% cut to EERE will have an immediate and destabilizing impact – threatening the continuation of critical research programs, leading to the loss of thousands of skilled jobs. Investments in science ARE investments in American leadership.

Specifically, EERE has been responsible for more than $624 billion in net economic benefits, heavily contributing to U.S. energy bill reductions of over $800 billion since 1980. These cuts will impede 100s of ongoing lab-based projects in clean energy, grid modernization, and industrial decarbonization, while endangering 1,000s of jobs across multiple national laboratories, and undermine a network that has historically returned over $10 in economic output for every dollar of federal R&D investment. We don’t just silence the potential for future discoveries that could deliver heat and power to every corner of the country, we squander the ingenuity of the very Americans who have the knowledge and drive to make it happen.

Similarly, proposed budget reductions would scale back fellowships, internships, and research grants that support tens of thousands of graduate and postdoctoral researchers. Around half of STEM graduate students rely on federal support to complete their training. The elimination of these opportunities would be devastating to early-career researchers and erode our long-term competitiveness, particularly in fields like quantum, biotechnology, and energy.

For decades, DOE’s national laboratories have played a critical role in translating federal research into commercial success. The DOE national labs outperform other agencies in innovation productivity, producing 3.5x more patents per dollar and 1.4x higher licensing rate per patent than the federal agency average. Every year the labs execute 1000s of partnership agreements, including 100s of agreements to commercialize technology. These efforts are part of a larger ecosystem that has enabled the United States to maintain global leadership in critical technologies such as artificial intelligence, biotechnology, advanced computing, and energy efficiency. This innovation culture, rooted in federally funded basic and applied science, has given the United States a durable advantage over strategic competitors, including China, whose state-led investments are rapidly closing the gap.

Programs like ARPA-E, which the budget proposes to cut by 57%, have been instrumental in maintaining this leadership. The agency has funded over 1,000 high-risk projects, resulted in over 700 patents, and attracted over $12 billion in follow-on private investment. Reducing federal investments in ARPA-E and DOE lab commercialization programs could shift the global balance of innovation. Without adequate support, the United States risks ceding leadership in emerging industries to nations with more consistent and centralized science investment strategies. Slashing funding to these programs is not fiscal responsibility – it is strategic negligence.

The United States did not become a global leader in science and technology by retreating from bold investment. We became that leader by making deliberate, courageous decisions to fund basic and applied research, to believe in our academic institutions, and to empower our national laboratories as centers of excellence. At a time when other nations are dramatically increasing their R&D investments, it would be short-sighted and strategically dangerous for the United States to step back.

As a proud and steadfast champion of the groundbreaking innovation coming out of the national labs in my state, I’m constantly reminded of their extraordinary contributions. At Sandia National Laboratories, researchers invented clean rooms, a technology essential to manufacturing microchips that power high performance computing and artificial intelligence, while also revolutionizing hospital operating room safety. Sandia isn’t just refining the economics of LED light bulbs, they’re re-engineering light itself to promote human health and increase agricultural yields. At Los Alamos, during the Human Genome Project, scientists developed GenBank, the genetic sequence database that has become indispensable to modern drug discovery and our understanding of disease. Los Alamos also remains one of the nation’s only sources of critical medical isotopes used in targeted cancer therapies – treatments that can destroy breast cancer cells while sparing healthy tissue. Slashing funding to these transformative institutions isn’t just short-sighted – it’s an assault on the standard of living, health, and opportunity for every American.

America’s scientific capacity is one of its most valuable assets. We must treat it accordingly – with care, with vision, and with the full weight of federal support. I respectfully urge you to reconsider these reductions and restore full funding for DOE research and innovation programs – including ARPA-E, EERE, the Office of Science, the associated workforce, and their commercialization initiatives.

Thank you for your consideration and commitment to the future of American science, security, and prosperity.

Sincerely,

MIL OSI USA News –

July 24, 2025
4th Test: Sudharsan’s 61 takes India to 264/4 against England, Pant suffers foot

Source: Government of India

Source: Government of India (4)

Bad light forced an early end to Day One of the fourth Test of the Anderson-Tendulkar Trophy series at Old Trafford, with India reaching 264/4 in 83 overs, largely due to B Sai Sudharsan’s impressive 61 – his first Test fifty.

Brought back into the playing XI in place of Karun Nair, Sudharsan had a nervy start and was even dropped on 20. But the left-handed batter recovered well, striking seven boundaries in his 151-ball knock on a hard pitch under overcast skies.

Yashasvi Jaiswal scored a gritty 58 while sharing a 94-run opening stand with KL Rahul, who made 46. However, India’s biggest concern will be Rishabh Pant’s foot injury, which forced him to retire hurt on 37. After taking a nasty blow and developing significant swelling, Pant was sent for scans, and the extent of his participation could influence the outcome of the match.

In the morning, Ben Stokes won the toss for the fourth time and opted to bowl first. Initially, Jaiswal rode his luck as Chris Woakes repeatedly beat his outside edge. However, the veteran all-rounder couldn’t find the breakthrough in his marathon eight-over spell, with Jaiswal taking three boundaries off him, while Rahul hit two.

When Brydon Carse came on, Rahul cut him twice for fours, and Jaiswal pierced the gap between third slip and gully. Rahul, who surpassed 400 runs in the series, faced more deliveries from Archer than Jaiswal, who had twice fallen to the pacer at Lord’s.

After cutting Stokes for four, Jaiswal got a lucky edge off Archer for another boundary before upper-cutting the England captain for six. He and Rahul ensured India went to lunch without losing a wicket.

The second session began with Jaiswal slashing and punching Carse for a pair of boundaries, before Woakes was finally rewarded for his persistence. On the last ball of the 30th over, a back-of-a-length delivery nipped away and took a thick outside edge from Rahul’s attempted punch, and Zak Crawley held on at third slip. Rahul departed for 46, ending the 94-run opening stand.

Jaiswal went on to record his 12th Test fifty but fell soon after the drinks break. Liam Dawson, making his Test comeback after eight years, claimed his first wicket on just his seventh delivery. Jaiswal, attempting a forward defence, edged to Harry Brook at first slip and was dismissed for 58.

Dawson, playing in place of the injured Shoaib Bashir, managed to tie Sudharsan down. Sudharsan could have fallen on 20 if Jamie Smith hadn’t missed a leg-side chance off Stokes.

However, Stokes struck in his next over when Shubman Gill left an in-ducker that rapped him on the pads. After being adjudged out by on-field umpire Rod Tucker, Gill reviewed, but replays showed the ball clipping the top of off-stump. He walked off for 12, giving England a boost after a wicketless first session.

In the final session, Sudharsan hooked Archer through fine leg for four, then pulled another for a boundary. Pant stunned the crowd with a front-foot sweep off Archer for four, followed by an audacious reverse ramp. He also launched Carse for a six over long-on, as he and Sudharsan brought up a counter-attacking 50-run stand and helped India cross 200.

However, disaster struck in the 68th over when Pant attempted a reverse sweep off Woakes but under-edged the ball onto his right foot. Though England reviewed for lbw and lost it, Pant was clearly in pain. The swelling on his foot ballooned to the size of a table tennis ball, and he was eventually taken off the field in a buggy, retiring hurt on 37 after a 72-run stand with Sudharsan.

Sudharsan went on to bring up his maiden Test fifty in 174 balls with a crisp drive through cover off Joe Root. But Stokes’ short-ball tactic worked once again, as Sudharsan, cramped for room, top-edged a pull to long leg – the third time he’s been dismissed by Stokes in this series.

With bad light forcing England to bowl spin from both ends, Ravindra Jadeja and Shardul Thakur, both unbeaten on 19, added three boundaries between them before play was called off, concluding a see-saw day of Test cricket.

Brief scores:

India 264/4 in 83 overs (B Sai Sudharsan 61, Yashasvi Jaiswal 58; Ben Stokes 2-47, Chris Woakes 1-43) vs England

—IANS

July 24, 2025
MIL-OSI USA: DelBene, Clarke Introduce Bill to Boost Smart City Tech
Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

Today, Congresswomen Suzan DelBene (WA-01) and Yvette Clarke (NY-09) introduced the Smart Cities and Communities Act, legislation that would expand smart city technologies and improve federal coordination of these programs.

Smart technologies help improve community safety, mobility, and resilience against natural disasters, while also expanding communication and public services in large cities and small towns alike. These innovations help cities cut costs, alleviate traffic congestion, reduce air pollution, and lower energy use, all while generating economic growth and expanding opportunities for communities of all sizes.

With an estimated $1.4 trillion expected to be invested globally in smart technology over the next five years, U.S. cities must catch up. Research shows that every dollar spent on government technology can save nearly $4. Despite these clear benefits, the U.S. is currently lagging in smart city development.

This technology is already making an impact in cities across the nation, including Washington. In Redmond, it is being deployed to improve traffic flow and management. This system helps detect pedestrians in crosswalks, adjusts light timings for safer crossing, and modifies traffic signals based on real-time volumes to reduce congestion and make our intersections safer and less stressful for roadway users. In Bellevue, the city has a Smart Mobility Plan to help the city plan for shared-use mobility, autonomous vehicles, electric vehicles, and data management.

The Smart Cities and Communities Act would:
- Enhance federal coordination of smart city programs, including improved reporting and demonstration of the value and utility of smart city systems.
- Provide assistance and resources to local governments interested in implementing smart city technologies, making them more accessible in suburban and rural areas.
- Develop a skilled domestic workforce to support smart cities.
- Improve the quality and performance of smart city technologies while assessing and enhancing cybersecurity and privacy protections.
- Foster international collaboration and trade in smart city technologies.
“Investing in smart city technology will propel our nation into a bright future, powered by more livable communities,” said DelBene. “The Smart Cities and Communities Act allows local governments to equip themselves with the cutting-edge tools to increase connectivity and develop green infrastructure. This important development will strengthen the middle class by generating good jobs and cutting pollution, ensuring the United States maintains its position as a global leader in innovation.”

“Ensuring our communities are equipped with the smart city technologies they need to be cleaner, safer, and more resilient to the changing climate must be among Congress’ highest priorities,” said Clarke. “In the face of the worsening climate crisis, we have a responsibility to provide every American with equitable access to the innovations that will protect them from whatever an uncertain future might bring. I am proud to stand alongside my colleague, Congresswoman Suzan DelBene, to introduce this forward-looking legislation that will position the United States as a leader in the global movement towards climate resilience and facilitate the critical upgrades our communities are depending on Congress to deliver.”

“BSA commends Representatives DelBene and Clarke for reintroducing the Smart Cities and Communities Act, which recognizes the potential of artificial intelligence and emerging technologies to transform local communities. By encouraging adoption of and investments in AI-driven solutions, and supporting robust AI training and data utilization, this legislation will help communities realize smart city benefits that are efficient, cost-effective, and enhance public services,” said Craig Albright, SVP of US Government Relations, Business Software Alliance.

The full text of the legislation can be found here.

MIL OSI USA News –
July 24, 2025
MIL-OSI New Zealand: Consumer NZ reveals the best and worst laundry detergents

Source: Consumer NZ

Three laundry detergents have scored no better than water in Consumer NZ’s laundry detergent test.

We put 46 detergents through the wringer. Two detergents ended up with an overall score of 27 out of 100 – the same score given to a wash with only water. Those two products were Shotz Laundry Liquid and EcoLiving Laundry Detergent Sheets with lavender scent.

Another laundry sheet product – Re-Stor Laundry Detergent Sheets fresh linen scent – scored even lower. These sheets were rated ‘poor’ at removing everyday grime and most of the stains we use in our detergent tests, including grass and mud, olive oil and tomato.

Our head of testing James le Page said he wasn’t surprised laundry sheets once more took out two of the bottom spots in the test.

“They only weigh a couple of grams, so when you put them in your machine, they’re just not going to do a good job compared with a capful of laundry liquid or scoop of powder, both of which have the potential to contain more active ingredients,” James said.

However, James wouldn’t be surprised if laundry sheets one day climbed up the test results.

“They’re early in their developmental journey as a product. They’re years behind the other options, so they’re playing catch-up.”

Persil products took out the top three spots in the test results, with Persil Ultimate powder proving to be New Zealand’s most effective laundry detergent.

Persil Active Clean powder wasn’t far behind, followed by Persil 3 in 1 Ultimate capsules.

Ten detergents were given ‘Consumer Recommended’ status, including some New Zealand-made Laundromate and Ecostore products.

The cheapest Recommended detergent was Ecostore Ultrapower Citrus Fresh – it costs just 8c per wash. It was particularly good at removing everyday grime as well as grass and tomato stains.

See here the laundry detergent test results available for anyone to view: https://consumernz.cmail20.com/t/i-l-fultrid-ijjdkdttjk-y/

“We encourage people to have a look at the results and see how the detergent they’re using now scores. You might find something that will do a better job for a better price,” James said.

Best powder detergent – Persil Ultimate
Best liquid detergent – Ariel Original
Best capsule detergent – Persil 3 in 1 Ultimate

Notes

Consumer NZ test results are usually exclusively available to our members. However, this time, we have made the laundry detergent test results available for all New Zealanders. You can view them at www.consumer.org.nz/products/laundry-detergents/review.

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI New Zealand: Law Business and Media – MinterEllisonRuddWatts advises Warner Bros. Discovery on sale of Discovery NZ to Sky

Source: MinterEllisonRuddWatts

MinterEllisonRuddWatts is pleased to have advised Warner Bros. Discovery, Inc. on the sale of its New Zealand subsidiary, Discovery NZ Limited, to Sky Network Television Limited (Sky).

The transaction, announced this week, involves the sale of 100% of the shares in Discovery NZ to Sky, with completion expected on 1 August 2025.

Discovery NZ operates the broadcast-video-on-demand (BVOD) platform ThreeNow, free-to-air channel Three, and a suite of FAST channels in New Zealand.

As part of the deal, Warner Bros. Discovery and Sky have entered into a significant and ongoing content supply agreement, ensuring continued access to premium content for New Zealand audiences.

Michael Brooks, Managing Director Australia and New Zealand for Warner Bros. Discovery commented: “This is a fantastic outcome for both Warner Bros. Discovery and Sky. While Discovery NZ is no longer commercially viable as a standalone asset in our New Zealand portfolio, we see the value Three and ThreeNow can bring to Sky’s offering. The transaction includes a content supply agreement that benefits both parties.”

MinterEllisonRuddWatts advised Warner Bros. Discovery on all legal aspects of the transaction, including deal structuring, negotiation of the share sale agreement, transitional services arrangements, employment aspects, content supply arrangements and regulatory engagement.

Corporate Partner Mark Forman who led the deal, says: “We are proud to have supported Warner Bros. Discovery in this strategic divestment. The transaction reflects our firm’s expertise in cross-border M&A and media sector transactions, and we are pleased to have helped deliver a successful outcome that creates a unique opportunity for Sky.”

The law firm’s deal team included Mark Forman, Tayla Johnston, James Marriner, Nick Stewart, Caitlin Reid, Jennifer Hambleton, Gillian Service, Joshua Kimpton, Simon Akozu, Andrew Ryan, Chris Young, Briar Richardson, David Gilbert, Tom Maasland, Sean Gollin, and Kate Lane.

MinterEllisonRuddWatts is a top tier New Zealand law firm known for providing clients with technically excellent legal solutions and innovative advice. We are trusted advisors and work alongside our clients to ensure success. We are proud to be a New Zealand law firm offering a global outlook. Our offices in Auckland and Wellington can access an international network through our firm’s strategic alliance with MinterEllison, a leading firm in the Asia-Pacific. The firm supports numerous charitable endeavours and organisations through its pro bono and fundraising initiatives.

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI USA: HHS, FDA and USDA Address the Health Risks of Ultra-Processed Foods

Source: US Department of Health and Human Services – 3

For Immediate Release:
July 23, 2025

Under the leadership of the U.S. Department of Health and Human Services Secretary Robert F. Kennedy, Jr. and the U.S. Department of Agriculture Secretary Brooke L. Rollins, the U.S. Food and Drug Administration and U.S. Department of Agriculture are accelerating federal efforts to address the growing concerns around ultra-processed foods and the current epidemic of diet-related chronic disease that is plaguing America. The agencies are announcing a joint Request for Information (RFI) to gather information and data to help establish a federally recognized uniform definition for ultra-processed foods—a critical step in providing increased transparency to consumers about the foods they eat.
“Ultra-processed foods are driving our chronic disease epidemic,” said HHS Secretary Robert F. Kennedy, Jr. “We must act boldly to eliminate the root causes of chronic illness and improve the health of our food supply. Defining ultra-processed foods with a clear, uniform standard will empower us even more to Make America Healthy Again.”
Currently, there is no single authoritative definition for ultra-processed foods for the U.S. food supply. Creating a uniform federal definition will serve as a key deliverable on the heels of the recently published Make Our Children Healthy Again Assessment, which recognizes that the overconsumption of ultra-processed foods is one of the driving factors of the childhood chronic disease crisis.
“President Trump has made it a priority to improve health outcomes for American families and communities. And this Request for Information is yet another step in seeking commonsense ways to foster improved and more informed consumer choice. A unified, widely understood definition for ultra processed foods is long overdue and I look forward to continued partnership with Secretary Kennedy to Make America Healthy Again. As this process unfolds, I will make certain the great men and women of the agriculture value chain are part of the conversation,” said U.S. Secretary of Agriculture Brooke L. Rollins.
“I am delighted to lead this critical effort at the FDA,” said FDA Commissioner Marty Makary, M.D., M.P.H. “The threats posed to our health by foods often considered ultra-processed are clear and convincing, making it imperative that we work in lockstep with our federal partners to advance, for the first time ever, a uniform definition of ultra-processed foods.”
It is estimated that approximately 70% of packaged products in the U.S. food supply are foods often considered ultra-processed, and that children get over 60% of their calories from such foods. Dozens of scientific studies have found links between the consumption of foods often considered ultra-processed with numerous adverse health outcomes, including cardiovascular disease, Type 2 diabetes, cancer, obesity and neurological disorders. Helping to address overconsumption of ultra-processed foods is a key element to Make America Healthy Again.
A uniform definition of ultra-processed foods will allow for consistency in research and policy to pave the way for addressing health concerns associated with the consumption of ultra-processed foods. The RFI will be publicly available in the federal register on July 24 and seeks information on what factors and criteria should be included in a definition of ultra-processed foods.
Alongside developing a uniform definition, the FDA and National Institutes of Health are investing in high-quality research to help answer remaining questions about the health impacts of ultra-processed foods through its recently announced Nutrition Regulatory Science Program. The Department will also continue to pursue developing and implementing other key policies and programs that seek to, collectively, dramatically reduce chronic disease and help ensure a healthy future for our nation.

Consumer:888-INFO-FDA

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Content current as of:
07/23/2025

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July 24, 2025

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Working meeting of Vitaly Savelyev with the head of the Republic of Tatarstan Rustam Minnikhanov

Working meeting of Vitaly Savelyev with the head of the Republic of Tatarstan Rustam Minnikhanov

Rustam Minnikhanov awarded Deputy Prime Minister Vitaly Savelyev with the Order of Friendship (Duslyk)

Rustam Minnikhanov awarded Deputy Prime Minister Vitaly Savelyev with the Order of Friendship (Duslyk)

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Source: MinterEllisonRuddWatts