Category: CTF

MIL-OSI USA: Johnson’s Paige Whittington Builds a Symphony of Simulations

Source: NASA

What do music ensembles and human spaceflight have in common? They require the harmonization of different elements to create an inspiring opus.
NASA’s Paige Whittington has experience with both.
As a principal flutist for Purdue University’s Wind Ensemble, Whittington helped fellow flutists play beautiful music together while pursuing her graduate degree. Now, as a space exploration simulation architect at Johnson Space Center in Houston, she strives for a cross-team harmony that can inform the agency’s Moon to Mars exploration approach.
“Simulation often sits at the intersection of several teams because we integrate various designs and mission requirements,” she said. “We have to learn how to best fit those teams and their priorities together to enable cutting-edge human exploration.”

Whittington is part of the NASA Exploration Systems Simulations (NExSyS) team, which develops physics-based simulations to evaluate various vehicles and mission concepts. Her role includes working with lunar and Mars architecture teams within NASA’s Strategy and Architecture Office to assess current and potential future elements of vehicle design, logistics, and planning.
“Our simulations help inform engineers, astronauts, and managers about the new, challenging environments that await us on the Moon and Mars,” she said.
One of the most challenging and rewarding projects she is working on is the Artemis Distributed Simulation. “NExSyS develops and maintains several individual simulations such as rovers, landers, and habitats. However, human exploration on other planetary bodies requires careful integration and coordination of these individual pieces,” she explained.
The distributed simulation brings those pieces together to enable agency teams to envision a complete Artemis mission to the lunar surface. Different elements can be added or removed to create a wide variety of scenarios. The simulation can run automatically with predetermined settings or be responsive to real-time and randomized changes. Participants can operate the team’s video walls, mock-up mission control console, virtual reality platforms, and lander piloting facility to interact together within the chosen Artemis mission scenario.

“I am very proud to know that the simulations I help develop have impacted some of the decisions being made by NASA’s architecture teams,” she said.
She is excited to take on a new responsibility, as well. Whittington recently became project manager of the JSC Engineering Orbital Dynamics software package. Also known as JEOD, this open-source tool was created by NASA to model spacecraft trajectories, such as proposed flight paths for a lunar lander. JEOD calculates gravitational and other environmental forces acting on spacecraft to simulate the position and orientation of those vehicles over time, whether they are orbiting a cosmic body or traveling between planets.
Whittington’s family moved frequently during her childhood, calling five different states home as she grew up. Their time in Florida would have a life-long impact.
“My parents drove me and my sister across the state to visit NASA’s Kennedy Space Center. It was mesmerizing, awe-inspiring, and seemingly a whole different world from where my 8-year-old self thought I was living,” she said. Her love of space never waned, and a high school physics teacher encouraged her to study aerospace engineering in college. “That was the turning point when I realized space exploration didn’t have to stay in my dreams – it was a career field I could actually work in.”
Whittington took her teacher’s advice, earning a bachelor’s degree in aerospace engineering from the University of Texas at Austin. She also completed two internships at Johnson through the Universities Space Research Association and interned with a NASA contractor after graduation. While pursuing a master’s degree in Aeronautics and Astronautics at Purdue, Whittington was accepted to NASA’s Pathways Program and did two rotations with the Simulation and Graphics Branch before joining the team as a full-time employee in June 2022.

Whittington has learned several key lessons during her five years with NASA, including the essential part open, regular communication plays in understanding an individual’s or team’s core needs and limitations. She also stressed the importance of adaptability.
“The path that you planned for may not be the path you end up choosing. But that planning enabled you to be who you are now and to make different choices,” she said. “I did not anticipate working in simulations when I started my aerospace engineering degree, but I took the opportunity when it was presented, and I am so happy that I did.”

MIL OSI USA News –

May 27, 2025
MIL-OSI Economics: WTO Secretariat briefs members on Agreement on Fisheries Subsidies, Fish Fund

Source: WTO

Headline: WTO Secretariat briefs members on Agreement on Fisheries Subsidies, Fish Fund

WTO Agreement on Fisheries Subsidies
Opening the information session on 22 May, Deputy Director-General Angela Ellard said: “This session has been organized in response to the calls from many members for collaborative efforts to facilitate the Agreement’s entry into force and support its implementation. The Agreement represents a significant achievement in our global efforts to promote the economic and environmental sustainability of ocean resources. Members’ commitment to ratify and implement this Agreement is crucial for protecting our oceans and supporting those most dependent on marine resources.”
By adopting the Agreement on Fisheries Subsidies by consensus at the WTO’s 12th Ministerial Conference (MC12) in Geneva in June 2022, ministers set new binding multilateral rules to prohibit subsidies for illegal, unreported and unregulated (IUU) fishing, fishing overfished stocks, and fishing on the unregulated high seas.
Welcoming the acceptances of the Agreement by Georgia on 19 May and Lesotho on 21 May, DDG Ellard added: “This momentum signals a growing commitment among members to the Agreement.”
The WTO Ambassador of Barbados, Matthew Wilson, said: “More than 50 African, Caribbean and Pacific (ACP) member states are coastal countries, most of them with very important coastal fishing communities that have been exposed to IUU fishing. ACP economies are the most at risk from illegal fishing, given that they often do not have the capacity to police oceans and waters.” Barbados formally accepted the Agreement on 14 February 2024.
Malaysia’s WTO Ambassador, Syahril Syazli Ghazali, said: “The Agreement on Fisheries Subsidies supports our national efforts to combat harmful practices, and at the same time provides the extra push for policymakers and stakeholders to accelerate and improve our efforts in sustainable fishing.” He highlighted the importance for governments to find “a balance between economic, social and environmental interests”. Malaysia formally accepted the Agreement on 26 February 2024.
Sierra Leone’s WTO Ambassador, Lansana Gberie, highlighted the role the Agreement will play in “supporting efforts by the Economic Community of West African States to develop a regional roadmap to modernize fisheries and information-sharing for surveillance and coordination.” However, he underlined that: “Nineteen African countries have accepted this Agreement — this is still very small.” Noting that West Africa loses billions of dollars annually in IUU fishing, Ambassador Gberie stressed that: “IUU fishing is a transparency challenge and it requires a global response.” Sierra Leone formally accepted the Agreement on 19 July 2024.
Benedicte Fleischer, Special Trade Policy Representative of Norway, talked about the importance of implementing the Agreement’s disciplines, including notifications of subsidy measures, and of development assistance. She said: “Because of our fisheries management measures, which increasingly focus on control and enforcement, Norway is well prepared to ensure the underlying objectives of the Agreement on Fisheries Subsidies are met.” Norway formally accepted the Agreement on 26 February 2024.
Members welcomed the progress already made in ratifications, and called for further ratifications as soon as possible. The Agreement on Fisheries Subsidies will enter into force upon receipt of formal acceptances from two-thirds of WTO members, representing 111 members. A total of 99 instruments of acceptance has been received so far.
WTO Fisheries Funding Mechanism
At MC12, ministers also established the Fisheries Funding Mechanism to provide technical assistance and capacity-building to help developing economies and least-developed countries (LDCs) that have formally accepted the Agreement to implement the new obligations. It was the focus of the information session for members held on 23 May.
Commerijn Plomp (Netherlands), Co-Chair of the Fisheries Funding Mechanism Steering Committee, noted that once operational, the Fund will be key to incentivize ratifications from more WTO members, as well as implementation of Agreement’s disciplines. She said: “Wide implementation will be crucial for generating a meaningful impact on our shared oceans.”
Representing the Steering Committee, Olga Lukashevich (Peru) stressed that: “It is essential to remember that the Fund is conceived as a vehicle to support those that require it in complying with the Agreement’s disciplines, providing tools, knowledge and technical cooperation according to each member’s needs.”
DDG Ellard concluded the session by recalling that: “With 99 members now having deposited their instruments, we are not only approaching the threshold for the Agreement’s entry into force, but we are within striking distance from launching the first Call for Proposals — as the Steering Committee agreed on 20 May — when we reach 101 deposits. As this moment approaches, it is important that members have a clear picture of the tools available to support implementation.”
Information about the Agreement on Fisheries Subsidies can be accessed here.
Information on the Fisheries Funding Mechanism is available here.
Information for members on how to accept the Protocol of Amendment can be found here.

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MIL OSI Economics –

May 27, 2025
MIL-OSI Economics: Luis de Guindos: Interview with Ta Nea

Source: European Central Bank

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Leonidas Stergiou on 21 May 2025

27 May 2025

What is the key message from the latest issue of the ECB’s Financial Stability Review?

Uncertainty in the global economy has increased significantly since the last Financial Stability Review in November 2024, mainly because of the abrupt change in US tariff policy. Given this level of uncertainty, we see three main risks to financial stability.

First, market valuations are very high and are now pricing in a benign scenario with no recession, lower inflation and lower interest rates. High valuations and high uncertainty could give rise to sharp market corrections – as we saw after the US tariff announcements on 2 April – and adjustments could become disorderly. Second, the heightened uncertainty is already affecting growth, which could elevate credit risks for banks and non-banks. The European Commission’s growth forecasts have been revised downwards for 2025 and 2026, businesses are postponing investments and households are delaying major purchases. Third, fiscal pressures are on the rise owing to higher defence spending in a low-growth environment. This could affect sovereign bond yields and raise concerns about sovereign debt sustainability in some countries.

How do trade tensions with the United States affect the economy?

We do not know what the final outcome of the ongoing trade negotiations will be, but they have certainly created uncertainty and volatility. They are affecting investment, weakening household confidence and reducing the growth prospects of the European economy. The trade negotiations are still ongoing but, ultimately, the level of tariffs is likely to be higher than it was before the start of the new US Administration. And we shouldn’t only focus on bilateral tariffs between the United States and the EU – we also need to look at global trade patterns and disruptions. If China redirects its exports to Europe, for example, the impact will be significant.

What are the risks from non-banks?

The non-bank financial sector is a very broad term that covers investment funds, insurance companies, pension funds and other financial intermediaries. Non-banks have weathered recent market disruptions well overall. But, in such an uncertain environment, with trade tensions increasing market volatility and weighing on asset quality, they could face higher valuation losses and more frequent margin calls.

Hedge funds are our main concern here. First, because of liquidity risk: if redemptions increase, they might not have enough liquid assets to meet them. Second, because they can be extremely leveraged – not only in the traditional sense but also through derivatives – there is a risk that they might need to fire-sell assets and unwind their leverage. These factors may increase pressure on the market and exacerbate the risk of contagion in the event of a shock.

The non-bank sector has grown significantly over the past few years and is less supervised than the banking sector. This is why we need an effective policy framework that improves the sector’s resilience and levels the playing field across Europe.

Is the supervisory framework fair for small and medium-sized banks in the euro area?

We think there is scope to simplify European banking regulation and reporting frameworks, in line with the initiatives of the European Commission. We have therefore created a task force within the Eurosystem to develop proposals on how to simplify the regulatory framework for European banks. Once approved by the Governing Council, these proposals will be sent to the European legislators for their consideration.

The group is going to look at four main areas. First, how the capital structure could be made simpler and easier to understand for investors. Second, the remaining steps in the implementation of Basel III, considering what will be decided in other countries, like the United States. If the United States pursues a more lenient approach, the EU could be put at a competitive disadvantage. Third, simplifying the extensive reporting obligations that banks face, with a view to avoiding overlaps and reducing the administrative burden. And finally, simplifying our own supervisory framework. Our banking supervision arm has already taken several steps in this area, for example by streamlining our annual assessment of banks’ risk profiles.

In any case, our recommendations will not undermine resilience, and banks’ capital levels should not be reduced. The aim is to make the regulatory and reporting frameworks simpler and easier to follow, without reducing banks’ solvency.

In the Financial Stability Review, you mention the high deposit franchise value of Greek banks. Is this an advantage or a risk?

Banks with a stable and strong deposit base are more resilient. By providing steady, low-cost funding, strong deposit franchises are a source of bank profitability. Greek banks are a case in point and so have a comparative advantage over banks that rely more on market financing.

What is currently the main challenge for the Greek economy?

Greece has made remarkable progress since the sovereign debt crisis ten years ago. Greek bond yields are now at historically low levels, banks are solvent and robust and the economy is growing faster than the euro area average. The labour market has also strengthened, with unemployment levels dropping significantly. This has been acknowledged by markets, rating agencies and institutions, including the European Commission and the ECB.

To maintain this momentum, the main challenge at present is to enhance economic productivity by investing in education, innovation and infrastructure. This will help to boost wages and improve living standards in a sustainable manner and will support Greece in maintaining its strong economic performance in the medium term.

MIL OSI Economics –

May 27, 2025
MIL-OSI Economics: Secretary-General of ASEAN attends the ASEAN-Gulf Cooperation Council-China Summit in Kuala Lumpur

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today participated in the ASEAN-Gulf Cooperation Council (GCC)-China Summit, at the Kuala Lumpur Convention Centre in Malaysia. Held under the theme ‘Synergising Economic Opportunities towards Shared Prosperity,’ the Summit provided a platform for the Leaders of ASEAN, GCC, and China to exchange views on ways to strengthen economic resilience and shared prosperity across ASEAN, GCC and China, as well as for global prosperity.

The post Secretary-General of ASEAN attends the ASEAN-Gulf Cooperation Council-China Summit in Kuala Lumpur appeared first on ASEAN Main Portal.

MIL OSI Economics –

May 27, 2025
MIL-OSI Economics: Christopher J Waller: The role of economic research in central banking

Source: Bank for International Settlements

Thank you for the opportunity to speak to you today.¹

I have spent most of my career conducting research and overseeing research by others, first as a professor and later as a research director in the Federal Reserve System. More recently, I have been more of a consumer than a producer of research as a member of the Federal Open Market Committee (FOMC). Eight times a year, the FOMC meets to set the appropriate stance of monetary policy to achieve the economic goals assigned to us by the U.S. Congress. We discuss where the economy stands in relation to those goals, how it is likely to evolve, and the implications for monetary policy. We examine hard statistical data, “soft” data in the form of surveys and input from business contacts, and other domestic and global factors.

Another vital input for central bankers is economic research. Nearly all central banks have a research group to help policymakers think through the effects of monetary policy on the economy. In the Federal Reserve, the 12 regional Reserve Banks and the Board of Governors have staffs that perform a variety of research activities. First and foremost, they use research to advise the Governors and Bank presidents on the appropriate path of monetary policy given current events. Second, they provide analysis of the global, U.S., and regional economies. Third, economists at the Reserve Banks meet with businesses in their Districts to discuss economic issues and to collect information about the local economy. Finally, there are research groups around the Federal Reserve System that focus on banking, payments, financial markets, financial stability, and community development.

The word “research” is used very loosely in everyday life. When I was a professor, my undergraduates would do “research” to write a term paper. When I go on vacation, I often do “research” on what to do or see at my destination. Analysts at financial institutions do “research” on individual firms or sectors of the economy. For today’s talk, I narrow in on the types of research done at central banks, with a focus on the Federal Reserve.

Research at the Federal Reserve

Research is a vital input for providing state-of-the-art advice to policymakers within the Federal Reserve System. Because the Fed is accountable to the public, policymakers must be able to explain why certain actions were taken and describe the intellectual foundations underlying those decisions. Decisions are analyzed, discussed, and criticized by many, in particular by highly skilled and knowledgeable academic researchers. Top academics are on the cutting edge of research, particularly on the subject of monetary policy. Milton Friedman, Allan Meltzer, Robert Lucas, John Taylor, and Michael Woodford are just a few examples of academic scholars who challenged central bankers over the past 70 years on how monetary policy should be conducted. Central banks must be up to the challenge and be able to debate and compete with these academics in the world of theory and ideas.

To do that requires hiring central bank economists who are trained in the academic research tradition and continue working at the research frontier. And that means pursing academic research at central banks. Our decisions will be better if we hire motivated and well-trained economists and let them work on the big questions that economics seeks to answer. The Federal Reserve tries to create a strong academic research environment to attract strong researchers to work at the Federal Reserve to give us a better foundation for the decisions we make.

When I was research director at the Federal Reserve Bank of St. Louis, I told our board of directors that my goal was to build a department that was renowned for producing high-quality academic research. They often responded by saying, “But the Federal Reserve is not a university. Rather than doing academic research, why isn’t your staff doing research on issues that you direct them to work on that helps the president of the Bank?” This is a great question and one that should be asked at every central bank. To answer that question, I would start by explaining the difference between academic research and directed research, which I will now do today. Once I have, it will be clear that directed research relies on its grounding in academic research and is a complement to directed research in supporting policymaking.

Academic Research

Academic research considers a broad range of economic matters. It often focuses on issues that are currently off the radar screens of policymakers who are focused on the near-term economic outlook. But there is value in thinking broadly. Not too long ago, trade policy and tariffs were not a major concern of policymakers. A critical aspect of academic research is that it is often “proactive”-it focuses on intellectually interesting issues often before they become relevant for monetary policy.

Academic research conducted by Federal Reserve economists is often done with the goal of publishing it in academic journals. Papers submitted to these journals go through a rigorous vetting process by economists outside the central bank. This serves as an important check on central bank “group think.” The ideas and conclusions of the paper must be based on sound economic theory and empirical evidence. They cannot reflect dogma or outdated beliefs about how the economy operates.

Academic research can take the form of an evaluation of major economic events, sometimes called an “economic autopsy.” This type of analysis can take years, and it’s not particularly time sensitive. To this day, economists are still researching the causes of the 2008 financial crisis and how policies undertaken at that time helped or hindered the subsequent economic recovery.

Directed Research

Then there is directed research. Directed research is just that-an issue or policy problem that staff economists are told to work on by their supervisors. It is not unrestricted thinking about an issue. Often, directed research addresses an emerging topic that demands attention from policymakers. As a result, directed research is usually reactive in nature. It often has the feel of firefighting-an issue flares up, and policymakers must respond. They need analysis of the problem to think about the issue and how to act. For example, the April 2 tariff announcement was larger and more extensive than nearly anyone expected. Immediately, questions were asked of staff around the Federal Reserve System such as, “What will this do to the U.S. economy? What will happen to inflation and unemployment?” The answers to these questions are obviously time sensitive.

Directed research often involves running shocks though existing economic models or quick data analysis and it relies on existing economic research. One could call the results “quick and dirty” answers. Because this work is time sensitive, central bank researchers do not have the luxury of getting their directed research vetted by the economics profession. They simply figure out how the current issue can be incorporated into the models or analyzed with econometrics, and whatever answer comes out is the best they can do in the time they have.

Because directed research is often reactive and time sensitive, researchers must rely on existing published research as a key input into their analysis. You cannot come up with original or innovative models on the spot to deal with an issue that suddenly appears. And, on the data front, you may not have the time to look deeply at the microdata. In these situations, existing academic research done by central bank economists and by academics outside the central bank provides the foundation for conducting the directed research. This is why I say that academic research is a complement to directed research. Good directed research requires academic research. Furthermore, postmortem analysis is not always done after directed research is completed. Once the issue goes off policymakers’ radar screens, it might not be looked at again. If the issue resurfaces at a later date, then there may be some postmortem investigation into earlier analyses to see what went right and what went wrong.

Finally, directed research sometimes takes the form of analysis involving the gathering and organizing of facts and data to generate a simple narrative for less specialized audiences. The Beige Book-which is a survey of regional economic conditions done by the Reserve Banks-is a clear example. But it also takes other forms, such as talks by research economists to private-sector audiences, presentations to the Reserve Bank boards of directors, or writing about timely topics in short economic posts.

History of Research at the Federal Reserve

Economic research has shaped monetary policy at the Federal Reserve from its very beginnings, but the form and use of that research has varied considerably over time. I do not have the time today to give this topic the justice it deserves. But I will touch on a few historical highlights. During the early decades of the Federal Reserve System, “research” at the Fed was largely limited to the collection of statistics, only some of which were published by the Fed and other government agencies. At the Reserve Banks, the focus was often on measuring and reporting on regional economies or sectors.² Monetary policy decisions were made using policy frameworks that were often not tested in the rigorous and scientific ways associated with economic research today. For example, in the 1920s, the Federal Reserve adhered to the “real bills” doctrine that called for providing liquidity to businesses when it was demanded during expansions and contracting credit when demand for it fell during times of slowing growth.³ This, of course, is often exactly the opposite of what monetary policy should do to either control inflation in an overheating economy or support economic activity in a slowdown.

Up until the 1950s, journal-oriented economic research in the Federal Reserve System was quite limited. But a big increase took place in the 1950s, when the Reserve Bank presidents became much more involved in monetary policy decisions.⁴ Before that, Bank presidents focused mainly on local operations and discount window policy. But once they became more involved in national-level policymaking decisions, their new responsibilities required them to have more specialized research staff who were trained in modern economic theory and data methods. The creation and development of professional research departments led to a greater debate within the Federal Reserve and among outside academics as to how monetary policy should be conducted.

In the 1960s, Keynesian macroeconomic theory was the dominant paradigm in policymaking, and large-scale econometric models were being developed to provide quantitative analysis of monetary policy. The Board of Governors led the way by hiring Ph.D. economists from academia to develop and use these Keynesian models and econometric techniques to aid policymakers. This was an important first step in raising the skill level of research staff to match that of top academics.

But the beauty of the Federal Reserve’s structure is that alternative macroeconomic frameworks and theories could be developed in the rest of the System. And the first example of an alternative view of monetary policy was developed by research economists at the Federal Reserve Bank of St. Louis and became a force to be reckoned with.

In the early 1970s, after inflation failed to fall as much as expected in a slow economy, Fed Chairman Arthur Burns came to believe that inflation was very little affected by economic slack and was instead a structural problem that could only be dealt with through wage and price controls.⁵ Board models typically viewed the 1970s inflation as being driven by special factors that were outside the influence of monetary policy. In contrast, at the St. Louis Fed, monetarism was the dominant paradigm in thinking about monetary policy. The Bank’s researchers believed the 1970s inflation was driven by excessive monetary growth.⁶ This led to a vigorous debate throughout the 1970s between Board staff and St. Louis Fed economists over the sources of inflation and how to bring it back down. At the end of the 1970s, Paul Volcker became Chair of the Federal Reserve and essentially adopted the St. Louis monetarist position of halting monetary growth to bring inflation under control. He announced a fundamental change in the Fed’s policy approach, vowing to bring inflation down by adopting strict monetary growth targeting. Volcker succeeded, but at the cost of causing a severe recession.

In the 1980s, the Federal Reserve Bank of Minneapolis became a dominant force in monetary policy research by proposing new economic theories and policy frameworks. In association with economists at the University of Minnesota and the University of Chicago, researchers at the Minneapolis Fed explored how rational expectations would affect the transmission channel of monetary policy. Up until then, Fed forecasting models assumed that individuals had adaptive expectations, meaning they were purely backward looking. This meant that the Board’s econometric models didn’t account for policy actions that were announced in advance but hadn’t taken effect yet. If households and firms did understand how current policy actions and announcements would affect future outcomes, they would react in ways that didn’t match the predictions of the Board’s forecasting models. This would lead to significant errors in the guidance that the staff provided to policymakers.

A critical finding of all this research was that private agents’ inflation expectations were forward looking-they would adjust to promises, and failures, of central bankers to keep inflation low and stable. If people didn’t believe a central bank’s promise to keep inflation low, then the central bank lacked credibility. This would cause inflation expectations to increase, which would lead to demands for higher nominal wages, thereby feeding future inflation. It is now widely believed that this was a key problem that Volcker faced: His promises to bring inflation down were not fully credible, as they came after the Fed’s uneven efforts at fighting inflation over the previous decade. Research on monetary policy, along with the experience of the Volcker years, led to the concepts of “credibility” and “stable inflation expectations” becoming central parts of how every central bank enacts policy.

A key innovation at the Minneapolis Fed that led to this explosion of fundamental macroeconomic research was creating strong research links between Fed researchers and academics at the University of Minnesota. Instead of being on opposite sides of the fence, the idea was to have Fed researchers and academics work together side by side. This frequent interaction led to the type of rigorous debate between academics and Fed researchers that I discussed earlier. As a result, more rigorous and sound monetary policy frameworks were developed over the next several decades. The success of this close interaction between academics and Fed researchers led most Federal Reserve Banks and the Board of Governors to adopt similar relationships that continue to this day.

Another example of the value of economic research came with the onset of the Global Financial Crisis in 2008, the worst since the Great Depression. As it happened, the Fed Chair at the time was one of the world’s leading experts on that period, Ben Bernanke. He drew heavily on his and others’ research on the 1930s, and related work on Japan’s crisis and slow growth in the 1990s and 2000s, to help fashion new monetary policy tools to combat the downturn, including quantitative easing and extended forward guidance.⁷

Does this suggest that central bank policymakers should all be Ph.D. economists and have a record of journal publications? Of course not-there are other skills and work experiences needed in the policy sphere, and the Fed has economists and non-economists among its policymakers. Before the 1990s, very few policymakers were Ph.D. economists, and those who were usually did not have academic records in research; instead, policymakers typically had backgrounds in financial markets or the law.⁸ In contrast, since the 1990s, key policymaking roles in central banks around the world have been filled by Ph.D. economists with an academic research background. Today, 10 of the 19 FOMC policymakers are Ph.D. economists. The experience of these economists further embeds economic research into monetary policymaking and strengthens the decisions that are made.

In conclusion, I expect research to remain an important part of policymaking at the Fed and other central banks. I believe that the insights provided by this research can further our understanding of the economy and improve monetary policymaking.

MIL OSI Economics –

May 27, 2025
MIL-OSI NGOs: Bangladesh: National Human Rights Commission must not be forgotten amid reform agenda

Source: Amnesty International –

By Rehab Mahmoor, Regional Researcher, Amnesty International

Bangladesh is at a pivotal moment in its history. After one and a half decades under the tight grip of authoritarian practices, the country has now had more than eight months to begin forging a path towards a new future.

While addressing the multiple areas that are in desperate need of systemic reform, the interim government must not lose sight of the important legal and institutional reforms that can ensure an enduring respect for human rights. One such institution is the National Human Rights Commission (NHRC), which could, if reformed, be key to robust oversight, redress and accountability for human rights violations.

The NHRC has historically had glaring shortcomings in fulfilling its function as an independent mechanism to promote –and monitor compliance with –international standards on human rights and the rule of law. These failings led the UN accreditation body, Global Alliance of National Human Rights Institutions (GANHRI), to give the NHRC a ‘B’ rating in April 2025, for the third consecutive time since its initial accreditation, meaning that it only partially complies with international standards.

The importance of the NHRC cannot be emphasized enough. If during the last decade, the NHRC had functioned according to international standards, with the capacity and willingness to hold inquiries with authorities in cases of enforced disappearances and to carry out unannounced visits of detention sites, victims of human rights violations could have had an avenue for redress. Instead, it remained inefficient. Its inability to intervene for the protection of human rights reached abysmal depth during last year’s July protest movement, when, on 30 July, the then Chairman of the NHRC, reacted to the massacre of protesters with a mere statement calling the situation “unfortunate and a violation of human rights”.

The NHRC currently stands vacant, following the resignation en-masse of its commissioners in November 2024, three months after the interim government came into power. However, simply appointing new commissioners would be wholly insufficient to ensure that the institution functions independently and effectively. Instead, a number of amendments must be made to its founding legislation, the National Human Rights Commission Act, 2009 (NHRC Act) to achieve this end.

While addressing the multiple areas that are in desperate need of systemic reform, the interim (Bangladesh) government must not lose sight of the important legal and institutional reforms that can ensure an enduring respect for human rights.

Rehab Mahmoor, Regional Researcher, Amnesty International

International standards on human rights institutions, set out in the Paris Principles, state that such institutions must be impartial and independent. However, the current politicized process of appointing NHRC members runs counter to these ideals. The process is led by a seven-member selection committee, with a majority of members from the ruling party: the Speaker of the House, two Ministers and the Cabinet Secretary as well as a ruling party MP. The selection process must be participatory inclusive and transparent. For example, a model like Sri Lanka’s Constitutional Council, which has representatives from the legislature (both government and opposition) and civil society, would better ensure the respect of such principles.

The Paris Principles also require that national human rights institutions have a broad mandate and adequate powers. Such scope would enable the NHRC to investigate any human rights violations, collect evidence, work with civil society and government actors, and make their findings and recommendations public. Critically, the NHRC Act also stipulates that the NHRC’s powers do not extend to matters relating to the conduct of public servants and public sector workers. These exemptions must be removed and all public authorities, including the military, police, and intelligence agencies, must come within the purview of the NHRC.

According to the Paris Principles, human rights institutions must have adequate resources to carry out their functions independently, free from external influence or the fear of financial retribution. The NHRC Act sets out that a ‘Human Rights Commission Fund’ shall be constituted to finance the institution. However, the fund can only be serviced by annual grants made by the government, or grants made by local authorities. This provision puts the NHRC at the mercy of government funding, which may be revoked at any time. The state must be compelled by law to provide adequate funding to the Commission, as part of a national budgetary allocation, to discharge its functions, with a guaranteed minimum sum the NHRC can access without fear of revocation.

While these amendments are just the beginning in ensuring adequate oversight by the NHRC, they are indeed a matter of urgency if victims of human rights violations and abuses are to have an efficient, effective human rights mechanism to approach for redress in Bangladesh now and in future.

This op-ed was first published in The Daily Star, Bangladesh

MIL OSI NGO –

May 27, 2025
MIL-OSI NGOs: DRC: ‘Congolese know all too well the cruelty of M23’ – new investigation of killings and torture at detention sites

Source: Amnesty International –

M23 accused detainees of supporting the Congolese army and government

Witnesses detail deaths in overcrowded cells amid torture, starvation, and denial of contact with family

‘They take a chair and put it on your shoulders so that you don’t move. The soldiers whip you one after the other until they get tired…’ – Former detainee

‘Amnesty demands that M23 immediately release all civilians and cease these unlawful, brutal practices’ – Tigere Chagutah

The Rwandan-backed March 23 Movement (M23) has carried out killings, torture, and enforced disappearances, held individuals hostage, and subjected detainees to inhumane conditions at detention sites in Goma and Bukavu, in eastern Democratic Republic of the Congo. These grave abuses violate international humanitarian law and may constitute war crimes, Amnesty International said today.

Between February and April 2025, Amnesty interviewed 18 former civilian detainees – all men – who had been held unlawfully in M23 detention sites in Goma and Bukavu, nine of whom were tortured by M23 fighters.

According to testimonies from former detainees, M23’s detention sites in Goma include: the provincial office of the National Intelligence Agency known as Chien Méchant (vicious dog); a compound near the state-owned Radio-Télévision Nationale Congolaise on Mount Goma; the provincial assembly building; the 34th military region compound; and a make-shift detention centre in Kanyaruchinya, outside Goma. In Bukavu, M23 has detained individuals in the main National Intelligence Agency office and a military camp in Bagira neighborhood. Amnesty is aware of four other M23 detention sites in Goma where detainees were held between a few days to over a week.

Amnesty wrote to Rwanda’s Ministry of Justice and Attorney General on 7 May and to the president of M23 and its spokesperson on 9 May. Amnesty shared its findings and requested information about the conduct of Rwanda’s immigration officials and M23 fighters in relation to specific allegations documented in this press release. At the time of publication, Amnesty has not received any response from Rwanda’s Ministry of Justice and Attorney General or M23 representatives.

Tigere Chagutah, Amnesty International’s Director for East and Southern Africa, said:

“M23’s public statements about bringing order to eastern DRC mask their horrific treatment of detainees. They brutally punish those who they believe oppose them and intimidate others, so no one dares to challenge them.

“Congolese know all too well the cruelty of M23. They continue to live in misery as international actors have become complacent, waiting patiently for a peace deal while M23 keeps brutalising Congolese.

“Amnesty demands that M23 immediately release all civilians and cease these unlawful, brutal practices. The international community must pressure Rwanda to cease its support for M23.”

Held without contact: detainees witness deaths, torture, and denial of basic needs

Eight detainees said that they witnessed fellow detainees die in detention, likely from torture and harsh detention conditions. They said hundreds were held in overcrowded, unsanitary cells without sufficient food, water, sanitation facilities or healthcare. Most were held incommunicado and denied access to their families and to lawyers.

Two former detainees described how they witnessed M23 fighters kill two detainees with hammers and shoot another who died on the spot. A former detainee from Goma told Amnesty:

“I saw one man who was assassinated. It was like he was a member of a band of bandits. [M23] were asking him where he kept the weapons and where is so and so. They shot him in the stomach and the right arm, like in the shoulder.”

Another detainee, at a different site, said he saw an M23 fighter kill two detainees.

“The M23 [fighter] brought out a hammer and hit him in the ribs. He died on the spot. They took another person. He said he was a former member of the Republican Guard [an elite corps of soldiers that is responsible for the security of the president of the DRC]. They hit him with the hammer, but he didn’t die immediately. In the morning, he was dead.”

Arbitrary detentions: M23 accuses detainees of supporting the Congolese army

Former detainees told Amnesty that M23 accused them of supporting the Congolese army or government through working with civil society, hiding or possessing weapons, knowing the whereabouts or being affiliated with other armed group members, civil servants or government officials, looting, or speaking out against M23 abuses.

Detainees said M23 never produced evidence of these accusations and at least 12 of them were not informed of reasons for their detention. M23 detained others to persuade them to work with them or to forcibly recruit them into their ranks.

Most detainees told Amnesty they had no communication with, or visits from, their families, and were effectively held incommunicado.

The family member of one detainee, who was trying to see him, said:

“They won’t let me talk to him. He’s in bad condition. The [M23 fighters] told me he was sick. They said: ‘We really whipped him, and he has wounds on his buttocks that are hurting him.”

Congolese who have gone to Rwanda have also been subject to arbitrary arrest. Rwandan border officials detained at least three Congolese men in February and handed two of them over to M23 fighters in Goma. The two men were released after almost two weeks at an M23 detention site where they faced inhumane conditions.

Rwanda immigration officials also detained Victoire Hategekimana Hakizimana, a 35-year-old NGO worker, on 12 February at the Ruzizi border crossing. He has been missing ever since.

Torture of detainees: “They were three or four to beat me up”

Amnesty interviewed four family members of three detainees, who were tortured by M23 while in detention and died after their release, and a family member of a detainee who died in M23 custody. All 18 former detainees said they were either tortured or witnessed M23 fighters torture others in detention.

At Chien Méchant, the compound on Mount Goma, the provincial assembly, and the 34th military region compound, former detainees said M23 fighters hit them, including with flexible wooden rods, boards, electric cables, engine belts, gun butts, or sticks, on their backs, legs, buttocks and genitals, leaving them with signs of trauma.

At least nine detainees received medical treatment for their wounds following their release, with five hospitalised. In four other cases, Amnesty reviewed photos of wounds consistent with detainees’ accounts of torture.

M23 fighters beat a man, who was later detained at the National Intelligence Agency office in Bukavu for three weeks, 100 times with wooden rods. Every morning, they whipped him and fellow detainees 10 times on their backsides when they were taken to the bathroom.

“[The M23 fighters] said they were giving us our morning tea,” he said.

At the 34th military region compound in Goma, two detainees held there in early March said M23 beat detainees regularly. “I was beaten for five days,” said a former detainee.

“Everyone was hit. They said they were going to kill me. They said: ‘We don’t need you. We will take your wife, and we will impregnate her.’ ”

In Kanyaruchinya, M23 detained a civilian in late March in a shipping container for five days. Before his death at a hospital in Goma, he described to a family member how M23 fighters had pinned his arm between their knees and then broke two bones in his arm.

At Chien Méchant, in the early morning, most detainees were brought out of their cells to the courtyard for flogging. They were beaten on their backside with a rubber electric cable or wooden rods. In early April, one detainee was beaten so badly that he could not stand up or sit down and could only lie on the ground. Fellow detainees had to pick him up to move him.

At the Mount Goma detention site, two detainees described how M23 fighters whipped them repeatedly on their buttocks and backs. One of them recounted his experience:

“They take a chair and put it on your shoulders so that you don’t move. The soldiers whip you one after the other until they get tired. As soon as the one who is whipping gets tired, another one continues. They were three or four to beat me up.”

Amnesty’s Crisis Evidence Lab verified a video, which first appeared on social media on 18 March, that showed men in uniforms beating a man with wooden rods at the Stade de l’Unité in Goma. M23 fighters controlled the city and were the only fighters who had access to the stadium. Amnesty has documented how M23 used the stadium to torture abducted hospital patients and caregivers in late February and early March.

M23 concealed detainees’ whereabouts, leaving families in the dark

Amnesty documented several cases of enforced disappearance. Relatives looked for their loved ones at detention sites in Goma and Bukavu, but M23 fighters often refused to grant them access or denied that their relatives were there, amounting to enforced disappearances.

Amnesty interviewed three detainees and two relatives of detainees who explained how families looked for their loved ones at M23 detention sites but were often misled by M23 fighters who concealed the whereabouts of their loved ones.

A detainee at a detention site in Goma said:

“I was there five days without my family knowing. The families do the rounds [of the detention centres]. They go to the front gate, and they ask the guards: do you know if so and so is here? [The guards] check the list and say yes if they want to. Or they say no even though you are there. They lied twice to my family that I wasn’t there.”

One family hired a person with ties to M23 and had access to a detention site to verify their loved one was there because M23 would not reveal his whereabouts.

Ransom payments: extorted families for detainee releases

M23 often required families to pay large ransoms to secure the release of their family members. Eight detainees said their family members paid M23 ransoms for their release. Ransom amounts ranged from a few hundred US dollars to over US$2,000. Numerous family members visited M23 detention sites in Goma and Bukavu and attempted to negotiate ransom amounts with M23 fighters.

One family spent several weeks attempting to negotiate the release of a family member, and the amount of ransom, finally asking senior M23 members to intervene.

“My family arrived [where I was detained], and [M23 fighters] asked for money without telling them where I was,” said one detainee. The family eventually paid several hundred dollars for his release.

Inhumane conditions: “It was incredibly hot… people were drinking each other’s urine”

Five detainees held in overcrowded, collective cells on Mount Goma in February told Amnesty there was a lack of space in some cells, which forced detainees to sleep while sitting on the concrete floor or standing up. Cells were dark, hot, and poorly ventilated. Guards brought food only once a day, usually a plate of boiled corn to be shared. There was no running water and detainees spent weeks without bathing.

One detainee said:

“It was incredibly hot… People were drinking each other’s urine. On rainy days, you could drink rainwater.” He said that there were only three toilets for hundreds of detainees, and they were forced to unclog them by hand. The detainees were only allowed one bathroom break a day and, at night, those with diarrhoea defecated into small bags or boxes if they were available.

In mid-March, M23 moved detainees by bus from Mount Goma to the provincial assembly detention site, apparently due to overcrowding, but the cells there also became overcrowded. One detainee said he was held in a tiny cell with many others, some of whom were ill. He said that if they complained about being sick, M23 tortured them.

At a second detention site on Mount Goma, a former detainee described being held in an underground, earthen cell.

“The hole was long. It was more than 2 meters deep. It was really hot. With the heat, some people died. I lost my (relative). He died after one week [in detention]. He died from a combination of torture, lack of food, lack of water.”

M23 violations may constitute war crimes under international humanitarian law

International humanitarian law prohibits parties to the conflict, including organised armed groups, from arbitrarily detaining civilians. Murder, cruel treatment and torture, as well as outrages upon personal dignity, in particular humiliating and degrading treatment, against detainees, as well as enforced disappearances, are also prohibited under international humanitarian law and may amount to war crimes. Moreover, M23’s detention of civilians to compel them or their family members to pay for their release may amount to the war crime of taking hostages.

Amnesty is calling on M23 to immediately release arbitrarily detained civilians, including those forcibly disappeared and whose whereabouts should be disclosed. M23 should treat detainees humanely and provide them with access to lawyers and their families. Independent monitoring bodies must urgently be granted access to all M23 detention sites.

MIL OSI NGO –

May 27, 2025
MIL-OSI NGOs: DRC: M23 kill, torture and hold civilians hostage at detention sites – new investigation

Source: Amnesty International –

The Rwandan-backed March 23 Movement (M23) has killed, tortured and forcibly disappeared detainees, held some as hostages, and subjected them to inhumane conditions at detention sites in Goma and Bukavu in eastern Democratic Republic of Congo (DRC). These acts violate international humanitarian law (IHL) and may amount to war crimes, Amnesty International said today.

Between February and April 2025, Amnesty International interviewed 18 former civilian detainees – all men – who had been held unlawfully in M23 detention sites in Goma and Bukavu, nine of whom were tortured by M23 fighters.

“M23’s public statements about bringing order to eastern DRC mask their horrific treatment of detainees. They brutally punish those who they believe oppose them and intimidate others, so no one dares to challenge them,” said Tigere Chagutah, Amnesty International’s Regional Director for East and Southern Africa. “Regional and international actors must pressure Rwanda to cease its support for M23.”

Amnesty International is calling on M23 to immediately release arbitrarily detained civilians, including those forcibly disappeared and whose whereabouts should be disclosed. M23 should treat detainees humanely and provide them with access to lawyers and their families. Independent monitoring bodies must urgently be granted access to all M23 detention sites.

M23’s public statements about bringing order to eastern DRC mask their horrific treatment of detainees. They brutally punish those who they believe oppose them and intimidate others, so no one dares to challenge them

Tigere Chagutah, Amnesty International’s Regional Director for East and Southern Africa

Unlawful killings at detention sites

Eight detainees said that they witnessed fellow detainees die in detention, likely from torture and harsh detention conditions. They said hundreds were held in overcrowded, unsanitary cells without sufficient food, water, sanitation facilities or healthcare. Most were held incommunicado and denied access to their families and to lawyers.

According to testimonies from former detainees, M23’s detention sites in Goma include: the provincial office of the National Intelligence Agency (ANR) known as Chien Méchant (vicious dog); a compound near the state-owned Radio-Télévision Nationale Congolaise (RTNC) on Mount Goma; the provincial assembly building; the 34th military region compound; and a make-shift detention centre in Kanyaruchinya, outside Goma. In Bukavu, M23 has detained individuals in the main ANR office and a military camp in Bagira neighborhood. Amnesty International is aware of four other M23 detention sites in Goma where detainees were held between a few days to over a week.

I saw one man who was assassinated…It was like he was a member of a band of bandits. [M23] were asking him where he kept the weapons and where is so and so. They shot him in the stomach and the right arm, like in the shoulder.

Former detainee

Two former detainees described how they witnessed M23 fighters kill two detainees with hammers and shoot another who died on the spot.

“I saw one man who was assassinated,” said a former detainee from Goma. “It was like he was a member of a band of bandits. [M23] were asking him where he kept the weapons and where is so and so. They shot him in the stomach and the right arm, like in the shoulder.”

Another detainee, at a different site, said he saw an M23 fighter kill two detainees. “The M23 [fighter] brought out a hammer and hit him in the ribs. He died on the spot. They took another person. He said he was a former member of the Republican Guard [an elite corps of soldiers that is responsible for the security of the president of the DRC]. They hit him with the hammer, but he didn’t die immediately. In the morning, he was dead.”

Arbitrary detentions

Former detainees told Amnesty International that M23 accused them of supporting the Congolese army or government through working with civil society, hiding or possessing weapons, knowing the whereabouts or being affiliated with other armed group members, civil servants or government officials, looting, or speaking out against M23 abuses.

Detainees said M23 never produced evidence of these accusations and at least 12 of them were not informed of reasons for their detention. M23 detained others to persuade them to work with them or to forcibly recruit them into their ranks.

Most detainees told Amnesty International they had no communication with, or visits from, their families, and were effectively held incommunicado.

The family member of one detainee, who was trying to see him, said: “They won’t let me talk to him. He’s in bad condition. The [M23 fighters] told me he was sick. They said: “We really whipped him, and he has wounds on his buttocks that are hurting him.”

Congolese who have gone to Rwanda have also been subject to arbitrary arrest. Rwandan border officials detained at least three Congolese men in February 2025 and handed two of them over to M23 fighters in Goma. The two men were released after almost two weeks at an M23 detention site where they faced inhumane conditions.

Rwanda immigration officials also detained Victoire Hategekimana Hakizimana, a 35-year-old NGO worker, on 12 February at the Ruzizi border crossing. He has been missing ever since.

Amnesty International wrote to Rwanda’s Ministry of Justice and Attorney General on 7 May 2025 and to the president of M23 and its spokesperson on 9 May 2025. The organization shared its findings and requested information about the conduct of Rwanda’s immigration officials and M23 fighters in relation to specific allegations documented in this press release. At the time of publication, the organization had not received any response from Rwanda’s Ministry of Justice and Attorney General or M23 representatives.

Torture of detainees

Amnesty International interviewed four family members of three detainees, who were tortured by M23 while in detention and died after their release, and a family member of a detainee who died in M23 custody.

All 18 former detainees said they were either tortured or witnessed M23 fighters torture others in detention.

At Chien Méchant, the compound on Mount Goma, the provincial assembly, and the 34th military region compound, former detainees said M23 fighters hit them, including with flexible wooden rods, boards, electric cables, engine belts, gun butts, or sticks, on their backs, legs, buttocks and genitals, leaving them with signs of trauma.

At least nine detainees received medical treatment for their wounds following their release, with five hospitalized. In four other cases, Amnesty International reviewed photos of wounds consistent with detainees’ accounts of torture.

M23 fighters beat a man, who was later detained at the ANR office in Bukavu for three weeks, 100 times with wooden rods. Every morning, they whipped him and fellow detainees 10 times on their backsides when they were taken to the bathroom. “[The M23 fighters] said they were giving us our morning tea,” he said.

At the 34th military region compound in Goma, two detainees held there in early March said M23 beat detainees regularly. “I was beaten for five days,” said a former detainee. “Everyone was hit. They said they were going to kill me. They said: ‘We don’t need you. We will take your wife, and we will impregnate her.’ ”

In Kanyaruchinya, M23 detained a civilian in late March in a shipping container for five days. Before his death at a hospital in Goma, he described to a family member how M23 fighters had pinned his arm between their knees and then broke two bones in his arm.

At Chien Méchant, in the early morning, most detainees were brought out of their cells to the courtyard for flogging. They were beaten on their backside with a rubber electric cable or wooden rods. In early April, one detainee was beaten so badly that he could not stand up or sit down and could only lie on the ground. Fellow detainees had to pick him up to move him.

At the Mount Goma detention site, two detainees described how M23 fighters whipped them repeatedly on their buttocks and backs. One of them recounted his experience: “They take a chair and put it on your shoulders so that you don’t move. The soldiers whip you one after the other until they get tired. As soon as the one who is whipping gets tired, another one continues. They were three or four to beat me up.”

Amnesty International’s Crisis Evidence Lab verified a video, which first appeared on social media on 18 March 2025, that showed men in uniforms beating a man with wooden rods at the Stade de l’Unité in Goma. M23 fighters controlled the city and were the only fighters who had access to the stadium. Amnesty International has documented how M23 used the stadium to torture abducted hospital patients and caregivers in late February and early March 2025.

Enforced disappearances

Amnesty International documented several cases of enforced disappearance. Relatives looked for their loved ones at detention sites in Goma and Bukavu, but M23 fighters often refused to grant them access or denied that their relatives were there, amounting to enforced disappearances.

Amnesty International interviewed three detainees and two relatives of detainees who explained how families looked for their loved ones at M23 detention sites but were often misled by M23 fighters who concealed the whereabouts of their loved ones.

A detainee at a detention site in Goma said: “I was there five days without my family knowing. The families do the rounds [of the detention centers]. They go to the front gate, and they ask the guards: do you know if so and so is here? [The guards] check the list and say yes if they want to. Or they say no even though you are there. They lied twice to my family that I wasn’t there.”

One family hired a person with ties to M23 and had access to a detention site to verify their loved one was there because M23 would not reveal his whereabouts.

Ransom payments

M23 often required families to pay large ransoms to secure the release of their family members. Eight detainees said their family members paid M23 ransoms for their release. Ransom amounts ranged from a few hundred US dollars to over US$2,000. Numerous family members visited M23 detention sites in Goma and Bukavu and attempted to negotiate ransom amounts with M23 fighters.

One family spent several weeks attempting to negotiate the release of a family member, and the amount of ransom, finally asking senior M23 members to intervene.

“My family arrived [where I was detained], and [M23 fighters] asked for money without telling them where I was,” said one detainee. The family eventually paid several hundred dollars for his release.

Inhumane conditions at M23 detention sites

Five detainees held in overcrowded, collective cells on Mount Goma in February 2025 told Amnesty International there was a lack of space in some cells, which forced detainees to sleep while sitting on the concrete floor or standing up. Cells were dark, hot, and poorly ventilated. Guards brought food only once a day, usually a plate of boiled corn to be shared. There was no running water and detainees spent weeks without bathing.

One detainee said: “It was incredibly hot… People were drinking each other’s urine. On rainy days, you could drink rainwater.” He said that there were only three toilets for hundreds of detainees, and they were forced to unclog them by hand. The detainees were only allowed one bathroom break a day and, at night, those with diarrhoea defecated into small bags or boxes if they were available.

In mid-March, M23 moved detainees by bus from Mount Goma to the provincial assembly detention site, apparently due to overcrowding, but the cells there also became overcrowded. One detainee said he was held in a tiny cell with many others, some of whom were ill. He said that if they complained about being sick, M23 tortured them.

Congolese know all too well the cruelty of M23…They continue to live in misery as international actors have become complacent, waiting patiently for a peace deal while M23 keeps brutalizing Congolese. Amnesty International demands that M23 immediately release all civilians and cease these unlawful, brutal practices.

Tigere Chagutah

At a second detention site on Mount Goma, a former detainee described being held in an underground, earthen cell. “The hole was long. It was more than 2 meters deep. It was really hot. With the heat, some people died. I lost my (relative). He died after one week [in detention]. He died from a combination of torture, lack of food, lack of water.”

IHL prohibits parties to the conflict, including organized armed groups, from arbitrarily detaining civilians. Murder, cruel treatment and torture, as well as outrages upon personal dignity, in particular humiliating and degrading treatment, against detainees, as well as enforced disappearances, are also prohibited under IHL and may amount to war crimes. Moreover, M23’s detention of civilians to compel them or their family members to pay for their release may amount to the war crime of taking hostages.

“Congolese know all too well the cruelty of M23,” said Tigere Chagutah. “They continue to live in misery as international actors have become complacent, waiting patiently for a peace deal while M23 keeps brutalizing Congolese. Amnesty International demands that M23 immediately release all civilians and cease these unlawful, brutal practices.”

MIL OSI NGO –

May 27, 2025
MIL-OSI United Kingdom: Open Innovation Team’s AI work at the Department for Education
Source: United Kingdom – Executive Government & Departments

News story

Open Innovation Team’s AI work at the Department for Education

Secretary of State for Education highlights Open Innovation Team in Education World Forum speech
The Open Innovation Team (OIT) was highlighted by Secretary of State for Education Bridget Phillipson during her keynote address at the recent Education World Forum 2025.

In her speech, the Secretary of State emphasised the importance of evidence-based innovation in EdTech to improve educational outcomes globally. She announced new investments to test educational technologies, including AI tools, with support from the OIT.

She said:

Working with the Open Innovation Team, we’ll be engaging the sector to understand what works. We’ll look at how tools, including AI, can improve things like staff workload, pupil outcomes and inclusivity. Evidence must be at the heart of all we do, on EdTech and right across education.

This recognition underscores the OIT’s commitment to collaborating with the Department for Education and partners to develop and evaluate innovative solutions that enhance teaching and learning experiences across England, and beyond.

Read the full speech here.

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Published 27 May 2025
MIL OSI United Kingdom –
May 27, 2025
MIL-OSI Russia: HSE Oriental Studies students accompanied foreign delegations to the anniversary Victory Parade

Translation. Region: Russian Federal

Source: State University Higher School of Economics – State University Higher School of Economics –

In early May, official delegations from all over the world arrived in the Russian capital for the Victory Day celebrations. Volunteers were brought in to meet and accompany the distinguished guests, including students from the OP “Oriental Studies” Faculty of World Economy and World Politics (FMEiMP) HSE Natalia Kulakova (3rd year) and Polina Slobodenko (1st year), as well as Anton Klyuev, a 2024 graduate of the same program, visiting lecturer Schools of Oriental Studies HSE.

Volunteers acted as translators and assistants, ensuring the high-ranking guests had a comfortable stay in the capital.

Natalia Kulakova and Polina Slobodenko worked with the delegation from the People’s Republic of China, and Anton Klyuev joined in accompanying the Palestinian delegation. The HSE students not only provided language support, but also participated in a volunteer program, collaborating with liaison officers of the Russian Foreign Ministry.

“The HSE motto “Not for school, but for life” is not just words. It is our approach to relations with the world. The opportunity, as a student, to apply your knowledge, to feel professional life, to see how history is made, from the inside, and not in the news feed – this is not just interesting. Such moments allow you to better understand yourself, what you want to do, what inspires you,” commented Anastasia Likhacheva, Dean of the Faculty of World Economy and International Relations at HSE.

She also added that it is necessary to try professional life as early as possible and that HSE provides such opportunities. At the Faculty of World Economy and World Politics, this is considered one of the priority tasks.

“I learned about volunteering from friends, participation in such an event is professional experience for me, so I was happy to join the volunteer corps. I attended a planning meeting, passed an interview – and I was sent to accompany the delegation of the PRC,” shared Natalia Kulakova.

The student also said that she had to help representatives of the Ministry of Foreign Affairs accompany delegations, mainly at the hotel. “I was pleased with the opportunity to feel the kitchen from the inside. This is an invaluable experience of working with foreign delegations,” she believes.

Before participating in the volunteer project, Polina and Natalia were not acquainted. “We had no problems with work communication. Together with representatives of the embassy in Moscow, we followed the Victory Parade ceremony, we told foreign guests in detail what was happening on the screen,” shared Polina Slobodenko.

Polina has been studying Chinese for a long time and says that she was interested in observing the processes that took place inside the delegations. “What was the process of preparing the motorcades and the reaction of foreign students who were waiting for their country’s delegation to leave on the street worth,” Polina explained.

She is confident that such events can help students, especially juniors, to get in touch with the region they are studying during their studies at the university and gain excellent experience in intercultural communication at a high level. “In addition to achieving professional goals, participation in such events allows us to make a small contribution to the celebration of such an important memorable date for our country,” the student added.

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

MIL OSI Russia News –

May 27, 2025
MIL-OSI Russia: United Kingdom: Staff Concluding Statement of the 2025 Article IV Mission
Source: IMF – News in Russian

May 27, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
- An economic recovery is underway. Growth is projected at 1.2 percent in 2025 and will gain momentum next year, although weak productivity continues to weigh on medium-term growth prospects.
- The authorities’ fiscal plans strike a good balance between supporting growth and safeguarding fiscal sustainability. It will be important to stay the course and deliver the planned deficit reduction over the next five years to stabilize net debt and reduce vulnerability to gilt market pressures. Further refinements of the fiscal framework could help minimize the frequency of fiscal policy changes. In the longer term, the UK will face difficult choices to align spending with available resources, given ageing-related expenditure pressures.
- The Bank of England (BoE) should continue to ease monetary policy gradually, while remaining flexible in light of elevated uncertainty. Calibrating the monetary policy stance has become more complex, given the recent pickup in inflation, still fragile growth, and higher long-term interest rates.
- The authorities’ Growth Mission focuses on the right areas to lift productivity. Given the breadth of the agenda, prioritizing and sequencing of structural reforms, along with clear communication, will be key to success.
Washington, DC – May 27, 2025:

Economic Outlook

After a slowdown in the second half of 2024, an economic recovery is underway and is expected to gain momentum. Economic activity decelerated during 2024 H2, partly reflecting weaker export performance in the challenging global environment. In recent months, high frequency indicators have shown signs of improvement. Growth is projected at 1.2 percent in 2025 and 1.4 percent in 2026, as monetary easing, positive wealth effects, and an uptick in confidence bolster private consumption, while the boost to public spending in the October budget will also help support growth. The forecast assumes that global trade tensions lower the level of UK GDP by 0.3 percent by 2026, due to persistent uncertainty, slower activity in UK trading partners, and the direct impact of remaining US tariffs on the UK. The authorities’ structural reforms, including to planning, and the increase in infrastructure investment could increase potential growth if properly implemented. However, medium-term growth is still forecast to remain subdued relative to the pre-GFC trend, at 1.4 percent, given weak productivity.

Risks to growth remain to the downside. Tighter-than-expected financial conditions, combined with rising precautionary saving by households, would hinder the rebound in private consumption and slow the recovery. Persistent global trade uncertainty could further weigh on UK growth, by weakening global economic activity, disrupting supply chains, and undermining private investment.

Fiscal Policy

The authorities’ fiscal strategy for the next five years appropriately supports growth while safeguarding fiscal sustainability. The new spending plans are credible and growth-friendly, taking account of pressures on public services and investment needs. They are expected to provide an economic boost over the medium term that outweighs the impact of higher taxation. As revenue is projected to increase, deficits are set to decline and stabilize net debt.

It will be important to stay the course and reduce fiscal deficits as planned over the medium term. There are significant risks to the successful implementation of the fiscal strategy, from the high level of global uncertainty, volatile financial market conditions, and the challenge of containing day-to-day spending. Materialization of these risks could result in market pressures, put debt on an upward path, and make it harder to meet the fiscal rules, given limited headroom. To this end, staff recommends adhering to the current plans, and implementing additional revenue or expenditure measures as needed if shocks arise, to maintain compliance with the rules.

In the longer term, difficult fiscal choices will likely be needed to address spending pressures and rebuild fiscal buffers. Under current policies, staff analysis suggests spending to be around 8 percent of GDP higher by 2050, mainly due to additional outlays on health and pensions from population ageing. There is limited space to finance this spending through extra borrowing, given high debt and elevated borrowing costs. Unless revenue is increased, for which there is scope, tough policy decisions on spending priorities and the role of the state in certain areas will be needed to better align the coverage of public services with available resources.

While recent reforms of the fiscal framework enhance its credibility and effectiveness, further refinements could improve predictability and reduce pressure for frequent fiscal policy changes. The new current balance rule helps preserve space for investment, while the debt rule safeguards fiscal sustainability. The transition to a three-year rule horizon, aligned with the spending reviews, is expected to make the rules more credible, while allowing time to adjust gradually to shocks. Staff welcomes the authorities’ commitment to hold a single annual fiscal event, but notes that there is still significant pressure for frequent fiscal policy changes, given that small revisions to the economic outlook can erode the headroom within the rules, which is the subject of intense market and media scrutiny. Refinements to the fiscal framework could promote further policy stability. Options include (1) de-emphasizing point estimates of headroom in OBR assessments of rule compliance; (2) establishing a formal process so that small rule breaches do not trigger corrective fiscal action outside of the single fiscal event; or (3) assessing rules only once per year at the time of the fiscal event.

Monetary Policy and Operations

A gradual and flexible approach to monetary easing continues to be appropriate to support the economy and protect against inflationary risks. The pickup in inflation that began in 2024 is expected to last through the second half of this year, with a return to target later in 2026 as underlying inflationary pressures continue to recede. Although monetary policy calibration has become more difficult due to still-weak growth, the temporary rise in inflation and high long-term interest rates, staff sees the BoE’s gradual pace of easing as appropriate. Given the elevated uncertainty, the MPC is encouraged to retain flexibility to adjust the monetary stance in either direction if needed.

The BoE should continue to strengthen its forecasting capacity and communications. Staff welcomes the implementation of the Bernanke Review and the use of scenarios and conditional guidance in the BoE’s communications. The BoE will benefit from continuing to invest in modeling capacity, data and personnel, to be able to tailor scenarios promptly as economic conditions change. In the scenarios, interest rates should be allowed to adjust to economic developments, so that the scenarios are more informative and consistent, rather than assume that interest rates follow current market expectations. Lastly, MPC members could make greater use of the information from the central forecast and the alternative scenarios to justify the MPC decision and explain their personal views.

The BoE’s transition to a repo-based framework will mitigate balance sheet risks. QT continues to be conducted in a gradual and predictable manner. As the balance sheet normalizes, transitioning to a demand-driven approach, with reserves provided to banks mainly through repo operations, will reduce the market footprint of the BoE and limit its exposure to interest and credit risks. This will also maintain monetary control and the flexibility for new QE in the future, while providing sufficient reserves for financial stability reasons. The transition is being accompanied by a timely review of BoE instruments to consider the relative role of repo operations and asset purchases, as well as the balance between short and long-term repos.

Financial Sector Policies

The banking sector remains broadly resilient and macroprudential settings are appropriate, despite global financial stability risks increasing over the past year. The banking system is adequately capitalized and liquid with healthy levels of profitability, and the 2024 desk-based stress test showed that it can support households and businesses during times of severe stress. Macroprudential settings remain appropriate, as indicators of financial vulnerabilities are close to their long-term average, although global risks have risen in the past year given more volatile asset prices and credit spreads.

Significant progress has been made assessing and reducing vulnerabilities in the non-bank sector and work should continue at the domestic and international levels. Managing risks in the sector is critical, as it accounts for over half of UK financial assets. The system-wide exploratory scenario (SWES) has improved understanding of linkages with the banking sector and contagion risks, while the BoE’s new repo facility for non-banks is in line with previous AIV recommendations. The BoE could, in the future, consider expanding access to this facility so as to include a broader range of non-banks with a large gilt market footprint, provided they are adequately supervised and regulated. Ongoing work, including with the FSB, is essential to better monitor and manage non-bank leverage, concentration, and liquidity risks. Work should also continue on closing data gaps to enhance financial system surveillance.

Recent episodes of global bond market turbulence underscore the importance of enhancing gilt market resilience. Gilt market functioning has remained orderly. Vulnerabilities have nonetheless risen, given increased supply and the reduction in demand by more patient investors, with hedge funds and non-residents playing a greater role, and the BoE reducing its holdings as part of QT. Staff recommends close monitoring as well as regular stress testing and engagement with market participants to detect and manage future risks. In this regard, the shift of issuance toward shorter-dated securities for FY2025/26 has been well received by the market. The authorities are considering policies to enhance structural resilience, such as central clearing for gilt repo transactions, which is welcome.

Reforms to the financial sector and its regulation should balance promoting growth with preserving continuity and financial stability. While staff supports the government’s aim of enhancing the role of financial services as a driver of growth, risks will need to be carefully managed. Regulatory reforms should balance simplification and modernization with mitigating vulnerabilities, while being well-communicated. Consolidating pension funds has the potential to reduce fees and expand access to diverse asset classes, but it will be important to guard against possible unintended side-effects, including from reduced competition. Staff supports the FPC’s recommendation that the Pensions Regulator has the remit to take financial stability considerations into account. This would strengthen its ability to oversee the evolving pensions landscape and help manage potential risks from consolidation of funds and changes in investment strategies.

Structural Policies

Persistently weak productivity remains the UK’s primary obstacle to lifting growth and living standards. The UK has faced a decline in trend productivity growth since the Global Financial Crisis (GFC), further widening the gap with the US. Along with adverse shocks, including Brexit, the pandemic and the energy price crisis, the slowdown has left the level of UK GDP around one quarter below what the pre-GFC trend would imply. This slowdown has multiple causes, including chronic under-investment, low private R&D, limited access to finance for businesses to scale up, skill gaps, and a deterioration in health outcomes.

While the authorities’ Growth Mission focuses on the right areas, careful prioritizing and sequencing of policies will be key to success. The agenda is ambitious and impacts many parts of the economy. Reforms are broadly aligned with past IMF recommendations, although many of them are still at the formulation and consultation stage. Delivering on the Growth Mission involves significant challenges given limited fiscal space, the breadth of the reforms, and the volatile external environment. In refining their strategy, the authorities will thus need to carefully sequence reforms, ensure internal coherence among them, and prioritize early wins to build momentum and garner support for more complex initiatives. Continued clear communication with the public and markets will also be essential.

Stability, capital, and skills are the most important aspects of the Growth Mission. Staff recommends prioritizing the following three most binding constraints to growth. First, policy stability is critical to support business confidence in an increasingly uncertainty global environment. In this context, recent efforts to strike trade agreements with key partners, including the EU, India, and the US, demonstrate the authorities’ commitment to finding common ground and establishing a more predictable environment for UK exporters. Second, the planning reform and complementary public infrastructure projects can lift the chronically-low private investment, which has weighed on productivity. Finally, boosting people’s skills, enhancing their health, and incentivizing work will address shortages in sectors like construction and healthcare, while providing the productive workforce needed by growth industries. Reforms in these three areas are likely to deliver the largest growth benefits, while laying a strong foundation for progress on other fronts.

Industrial policy can play a complementary role to support particular sectors, but economy-wide reforms should remain the main tool to boost competitiveness and growth. Structural reforms that apply horizontally across the whole economy, such as easing planning restrictions, are likely to have the greatest impact. These reforms are prerequisites to realize the full potential of vertical interventions at the sectoral level, such as investments by the National Wealth Fund and initiatives under the new industrial strategy. Sectoral interventions should be focused on addressing market failures, identified using an evidence-based approach, and supported by rigorous appraisal processes, while being subject to strict budgetary limits, prudent risk management, and comprehensive risk reporting.

The mission thanks the authorities and other counterparts for open discussions, productive collaboration, and constructive policy dialogue.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/27/cs-uk-aiv-2025

MIL OSI
MIL OSI Russia News –
May 27, 2025
MIL-OSI Europe: Republic of Iceland Repurchases EUR 204 Million of Its 2026 Bonds

Source: Government of Iceland

The Republic of Iceland has successfully repurchased, for cancellation, EUR 203.7 million in nominal value of its outstanding 0.625% Eurobonds due 2026 (ISIN: XS2182399274), representing over 40% of the original EUR 500 million issue. The buyback was executed at a price of 98.81%, equivalent to approximately ISK 29 billion.

The tender offer was launched on Monday, 19 May 2025 and closed at 17:00 BST on Friday, 23 May 2025.

This transaction is part of the Treasury’s ongoing liquidity and debt management strategy, aimed at reducing near-term refinancing risk and improving the maturity profile of the Government’s debt portfolio. The buyback was financed from proceeds of the new EUR 750 million Eurobond issued earlier last week.

MIL OSI Europe News –

May 27, 2025
India will not tolerate terrorism or nuclear intimidation: Sanjay Jha-led delegation in Singapore

Source: Government of India

Source: Government of India (4)

An all-party parliamentary delegation led by Janata Dal (United) MP Sanjay Jha on Tuesday conveyed that India will give a fitting reply to any terrorist attack on its soil and will not tolerate any form of nuclear blackmail.

During their meeting with Sim Ann, Singapore’s Senior Minister of State for Foreign Affairs and Home Affairs, the parliamentarians emphasized the importance of Operation Sindoor and reiterated India’s stand against Pakistan-sponsored cross-border terrorism.

Condemning all acts of terrorism, Sim Ann extended Singapore’s support to India in its fight against terrorism. She affirmed that Singapore and India are close partners and will continue efforts to further strengthen bilateral cooperation, according to a statement from the Indian High Commission in Singapore.

During the engagement, Jha briefed the Singaporean side on India’s stance regarding the events following the April 22 Pahalgam terror attack, the subsequent launch of Operation Sindoor, and the country’s “new normal” strategy in counter-terrorism.

He underlined that the Indian delegation, comprising representatives from various political parties, reflects the nation’s united resolve against terrorism.

“The delegation members conveyed that the terrorist attack in Pahalgam was an attempt to disrupt the trajectory of peace, development, and normalcy in the Union Territory of Jammu and Kashmir. The Government of India deemed it essential that the perpetrators and planners of the April 22 terror attack be brought to justice. In response to this heinous act, India launched Operation Sindoor, specifically targeting terrorist infrastructure. India’s response was measured, non-escalatory, proportionate, and responsible,” the Indian High Commission said.

The delegation also sought Singapore’s support in combating terrorism at multilateral forums such as the United Nations and the Financial Action Task Force (FATF). As close partners, India and Singapore will continue to work together on regional and global issues, particularly on terrorism, the statement added.

Later in the day, the Jha-led delegation met senior representatives from the Singaporean government, academia, media, and businesses, briefing them on developments since the Pahalgam attack.

The delegates expressed appreciation for the presence of Singapore’s Senior Minister of State Janil Puthucheary and Members of Parliament Vikram Nair and Saktiandi Supaat, thanking them for their support in India’s fight against terrorism.

“Our all-party parliamentary delegation held wide-ranging discussions with senior representatives from the Singaporean government, academia, media, and business sectors. We briefed interlocutors on developments following the Pahalgam terror attack, Operation Sindoor, and India’s resolute ‘new normal’ in combating terrorism. We thank Senior Minister of State Janil Puthucheary and MPs Vikram Nair and Saktiandi Supaat for their support in strengthening bilateral cooperation in the global fight against terrorism,” Jha said in a post on X.

The delegation includes BJP MPs Aparajita Sarangi, Brij Lal, Hemang Joshi, and Pradan Baruah; Trinamool Congress MP Abhishek Banerjee; CPI(M) Rajya Sabha member John Barittas; senior Congress leader Salman Khurshid; and former Indian Ambassador to France Mohan Kumar.

IANS

May 27, 2025
Puducherry hosts 25-day countdown event to International Day of Yoga 2025

Source: Government of India

Source: Government of India (4)

The countdown to the International Day of Yoga (IDY), celebrated annually on June 21, officially began on Tuesday with a large-scale event in Puducherry.

Over 6,000 yoga enthusiasts gathered at the scenic Gandhi Thidal, a seafront open-air venue, as Union Minister of State for Health & Family Welfare, Prataprao Jadhav, inaugurated the 25-day countdown to IDY 2025.

This year’s theme, “Yoga for One Earth, One Health,” reflects a universal vision for a healthier planet and humanity.

Addressing the gathering, Jadhav emphasized the deep cultural roots of yoga in Puducherry, the spiritual home of Maharishi Aurobindo. He described yoga as more than a physical practice—an ancient art that connects the mind and body, promoting peace, power, and clarity.

Jadhav praised Prime Minister Narendra Modi for his global advocacy of yoga, attributing the worldwide recognition of June 21 as the International Day of Yoga to his efforts.

Lieutenant Governor Kailashnathan echoed these sentiments, calling Yoga an ancient science that integrates physical well-being and mental fortitude. He underlined its global reach and increasing adoption, not only in personal lives but across educational institutions, workplaces, and defence sectors. He also expressed national pride in PM Modi’s contribution to yoga’s global stature.

Chief Minister Rangasamy highlighted Puducherry’s unique environment of peace and spirituality, making it an ideal location for such an inspiring event. He described yoga as a journey of inner exploration and harmony with nature, noting that Puducherry stands as a global destination for spiritual seekers.

A notable outcome of the event was the surge in registrations on the Yoga Sangam Portal, launched earlier during the 50-day countdown event in Nashik. Over 12,000 people have registered so far, reflecting a nationwide surge in Yoga participation and interest.

The Puducherry event builds on a series of significant countdown celebrations leading to IDY 2025, preceded by the 100-day event in New Delhi, the 75-day celebration in Bhubaneswar, and the 50-day program in Nashik.

This year’s International Day of Yoga, marking its 11th edition, promises to be the most inclusive yet, with ten signature programs lined up to spread the message of holistic wellness. These include large-scale synchronized yoga demonstrations, community engagement initiatives like Yoga Parks, inclusive programs for vulnerable groups, sustainability campaigns, and the Global Online Yoga Summit that will connect experts, policymakers, and practitioners from around the world.

May 27, 2025
MIL-OSI Asia-Pac: President Lai meets and hosts luncheon for delegation led by Governor Lourdes A. Leon Guerrero of Guam

Source: Republic of China Taiwan

Details
2025-05-27
President Lai meets delegation from European Parliament
On the morning of May 27, President Lai Ching-te met with a delegation from the European Parliament. In remarks, President Lai thanked the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait and voice support for Taiwan. The president expressed hope for an even closer relationship and diversified cooperation between Taiwan and the European Union. The president said that Taiwan and the EU can work together in such areas as semiconductors, AI, and green energy to create more resilient supply chains for global democracies and contribute to global prosperity and development. A translation of President Lai’s remarks follows: I warmly welcome our guests to the Presidential Office. After being elected last year, MEPs Reinis Pozņaks and Beatrice Timgren are making their first visits to Taiwan, demonstrating support for Taiwan through concrete action. On behalf of the people of Taiwan, I extend my sincerest welcome and appreciation. I would also like to take this opportunity to thank the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait. Just last month, the European Parliament adopted resolutions with regard to annual reports on the implementation of the European Union’s Common Foreign and Security Policy and Common Security and Defence Policy. These resolutions reaffirmed the EU’s steadfast commitment to maintaining the status quo across the Taiwan Strait. The European Parliament also condemned China for continuing to take provocative military actions against Taiwan and emphasized that Taiwan is a key democratic partner in the Indo-Pacific region. It called on the EU and its member states to continue working closely with Taiwan to strengthen economic, trade, and investment ties. Once again, I thank the European Parliament for voicing support for Taiwan. Just as MEPs Pozņaks and Timgren are visiting Taiwan to strengthen Taiwan-EU exchanges, our Minister of Economic Affairs Kuo Jyh-huei (郭智輝) also led a delegation to Europe last year, marking the first in-person dialogue between high-ranking economic and trade officials of Taiwan and the EU. Moving ahead, we look forward to bringing Taiwan-EU ties even closer and to diversifying our cooperation. The EU is Taiwan’s largest source of foreign investment. Both sides are highly complementary in such areas as semiconductors, AI, and green energy. Through our joint efforts, we can create more resilient supply chains for global democracies and further contribute to global prosperity and development. Looking ahead, I hope that MEPs Pozņaks and Timgren will continue to make the case in the European Parliament for the signing of a Taiwan-EU economic partnership agreement. This would not only yield mutually beneficial development, but also consolidate economic security and boost international competitiveness for both sides. In closing, I am sure that you will gain a deeper understanding of Taiwan through this visit. Please feel welcome to come back as often as possible as we continue to elevate Taiwan-EU ties. MEP Pozņaks then delivered remarks, saying that it is a great honor to be here and thanking everybody involved in arranging this trip that allows them the opportunity to better know Taiwan. He added that it is definitely not the last time they will be here, as Taiwan is a very beautiful country. MEP Pozņaks mentioned that he comes from Latvia, and despite their being on the other side of the world, they know how the Taiwanese people feel, because they also have a big neighbor who is claiming that Latvia belongs to them. Unfortunately, he said, there is already war in Europe, but he is confident that their situation is similar to Taiwan’s, adding that they have a neighbor who uses disinformation attacks. MEP Pozņaks said that we live in very challenging times, and that our choices will define the future of the world, asking whether it will be a world where the rule of law prevails or where physical power and aggression succeeds. Coming from a small country, he said he clearly understands that for them there is no other possibility; they must protect the world where the rule of law prevails. That is why now, he emphasized, it is very crucial for all democracies around the world to stick together to protect our freedoms, values, and democracy. MEP Timgren then delivered remarks, thanking President Lai for meeting with them and saying it is a big honor. Noting that they arrived here two days ago and that while she really loves Taiwan, its food, and the good weather, she stated that the reason they are here is because of the values that we share, our good relationships, and solidarity with other democratic countries in the world, which is important for them in Europe and in Sweden. MEP Timgren, referring to MEP Pozņaks’s earlier remarks, said that they face a big threat from Russia that is discernible even in the European Parliament. Actually, she pointed out, there is a war inside Europe that shows us how important it is that we support one another. She said that the Russian people thought it would be easy to take over Ukraine, but it was not, because all European countries stepped up and provided weapons and support. And that is why, MEP Timgren said, it is important that democratic countries maintain good relationships and let China and Russia see that we have good relationships, because a part of defense is solidarity. In closing, she expressed her gratitude for having the honor to be here in this beautiful country.

Details
2025-05-20
President Lai hosts state banquet for President Surangel Whipps Jr. of Republic of Palau
On the evening of May 20, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, hosted a state banquet at the Presidential Office in honor of President Surangel Whipps Jr. of the Republic of Palau and his wife. In remarks, President Lai said that he looks forward to working closely with President Whipps to promote tourism exchanges and sports cooperation so that Taiwan and Palau shine brightly together on the international stage. A translation of President Lai’s remarks follows: It is a pleasure to host this banquet tonight at the Presidential Office for President Whipps, First Lady Valerie Whipps, and the esteemed members of their delegation. Welcome to Taiwan. During my trips to Palau in 2022 and last year, President and First Lady Whipps received me with great hospitality. Wearing my island shirt, I enjoyed a very friendly reception from the people of Palau. It felt warm and friendly, just like being welcomed back home. The first time I visited Palau, President Whipps and I piloted a boat to the Milky Way lagoon. We both tried volcanic mud facial masks. We also fished together and enjoyed the breeze as we walked on the beach. Last year, on my second visit to Palau, I was honored to be invited to address the National Congress. I also observed the results of the close bilateral cooperation between our two nations. Due to its world-famous ocean scenery, Palau is sometimes referred to as “God’s aquarium.” And it is even possible to snorkel with sharks. It leaves a deep impression. Nothing compares to seeing Palau firsthand. During the COVID-19 pandemic, Taiwan and Palau launched a travel bubble that created a safe means of travel. Now, with the pandemic behind us, I hope that even more Taiwanese can tour Palau and gain a greater understanding of our diplomatic ally. In addition to tourism exchanges, I mentioned on my visit to Palau last year that I hoped Taiwan and Palau could promote sports cooperation by providing training away from home. Next month, Palau will be holding the Pacific Mini Games. And right now, Palau’s national baseball and table tennis teams are holding training sessions here in Taiwan. We will do our utmost to support Palau’s national players and we hope they stand out and achieve outstanding results in the events. I look forward to working closely with President Whipps so that Taiwan and Palau shine brightly together on the international stage. Thank you! Mesulang! President Whipps then delivered remarks, saying that it is truly an honor to be here once again one year after President Lai’s inauguration. Mentioning that this is his first state visit after being reelected to a second term, he said that it is important to be here among friends, and that we are more than friends, we are family. He thanked President Lai for the generous words and, most importantly, Taiwan’s enduring support. He remarked that our relationship continues to get stronger in each passing year. President Whipps said that President Lai’s diplomacy initiative, leadership, and vision deeply resonate with them. Diplomacy must be rooted in our shared values, he said, and an unwavering support for our allies and a commitment to a sustainable, inclusive development are all deeply appreciated by their people. President Whipps emphasized that, as we look into the future and the challenges that we face, from security to climate change, it is so important that we are united. He added that it is important for the world, and especially important for them in Palau, that they stand up for Taiwan, so that Taiwan can participate on international fora that address climate change, security, and health, because they know the world is better when Taiwan has a seat at the table. Mentioning that Palau will host the Pacific Islands Forum next year, President Whipps said that Palau remains committed to working closely with Taiwan to ensure a successful event, and that they will continue to speak up for Taiwan’s indispensable contributions as we stand together against any efforts to silence or isolate democratic partners. President Whipps said that our nations have navigated challenges and emerged stronger, bound by a partnership that is built on trust, respect, and hope for a better world. Whether it is in clean energy, education, smart medicine, or tourism, our shared journey is just beginning, he said, and we are stronger together. Also in attendance at the banquet were Palauan Minister of State Gustav Aitaro, Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.

Details
2025-05-20
President Lai and President Surangel S. Whipps, Jr. of Palau hold bilateral talks and witness signing of cooperation agreements
On the afternoon of May 20, following a welcome ceremony with military honors for President Surangel S. Whipps, Jr. of the Republic of Palau and his wife, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Whipps at the Presidential Office. The two leaders also jointly witnessed the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation. In remarks, President Lai thanked Palau for standing firm in its backing of Taiwan’s international participation as geopolitical tensions continue to increase in the Pacific region. He added that he looks forward to the cooperative ties between Taiwan and Palau continuing to expand into even broader areas, allowing our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. A translation of President Lai’s remarks follows: I welcome our guests to Taiwan once again. Last year on May 20, President Whipps led a delegation to attend the inauguration ceremony for myself and Vice President Hsiao. I am delighted, on the anniversary of my first year in office, to meet with old friends of Taiwan again, as President Whipps returns for this visit. Taiwan-Palau relations have grown even closer in recent years thanks to the strong support of President Whipps. In 2022, during my term as vice president, I led a delegation to Palau as a demonstration of how our nations were together boosting tourism development as we jointly faced the challenges of the COVID-19 pandemic. Every time I visit Palau, and every time I meet with President Whipps, I feel very deeply that Taiwan and Palau are like family. We are both maritime nations and share a common Austronesian heritage and culture. We are also staunch partners in upholding such values as freedom, democracy, and respect for human rights. Last December, when I went on my first overseas trip since taking office, one of the nations I visited was Palau. We celebrated the 30th anniversary of Palau’s independence and 25 years of diplomatic relations, underscoring our friendly ties. Taiwan and Palau enjoy close exchanges and cooperation in a range of areas, including climate change, education, agriculture and fisheries, healthcare, humanitarian assistance, sports, and culture. After this meeting, President Whipps and I will witness the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation, demonstrating once again our diverse collaboration and strong friendship. I believe that by working together, Taiwan and Palau can contribute to each other’s development and overcome the regional and global challenges we currently face. In particular, as geopolitical tensions continue to increase in the Pacific region, Palau has wisely and courageously upheld democratic values and stood firm in its backing of Taiwan’s international participation. Palau has never stopped voicing support for Taiwan, including at the United Nations General Assembly, the World Health Organization, the UN Framework Convention on Climate Change Conference of the Parties, and the UN Ocean Conference. We have been deeply moved by this support. I thank President Whipps again for his high regard and support for Taiwan. I look forward to the cooperative ties between our nations continuing to expand into even broader areas. This will allow our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. President Whipps then delivered remarks, saying that it is a great honor for him to be here, standing in this historic place – a symbol of strength, resilience, and the democratic spirit of the Taiwanese people. On behalf of the government of Palau, President Whipps extended heartfelt gratitude to President Lai and the people of Taiwan for the warm welcome and gracious hospitality toward him and his delegation. President Whipps then extended sincere thanks for President Lai’s visit to Palau in December – his second visit to Palau – and for having Minister of Foreign Affairs Lin Chia-lung (林佳龍) attend his inauguration as a special envoy. He added that this also marks his third visit to Taiwan since President Lai took office, saying that this demonstrates the strength of our growing relationship. President Whipps indicated that the increased engagements and numerous entrepreneurs that President Lai has brought from Taiwan to Palau have resulted in fruitful visits, and that President Lai’s leadership represents hope, unity, and continued advancement of democracy and freedom, not only for Taiwan, but for the broader Indo-Pacific region. President Whipps went on to say that this visit to Taiwan reaffirms our deep friendship and shared values between our two nations. He emphasized that Palau and Taiwan are bound not by proximity, but by purpose, in that both are island nations and believe in human dignity, the rule of law, and the right of our people to determine their own futures. President Whipps stated that although we are celebrating 26 years of diplomatic relations, Taiwan has been a steadfast partner of Palau for decades, and that one of the MOUs they are signing further extends the relationship that began in December of 1984. From healthcare and medical missions, to education, agriculture, renewable energy, infrastructure, the private sector, tourism development, and climate resilience, he said, our cooperation has improved lives and strengthened our communities. The president also indicated that during the COVID-19 pandemic, Taiwan stood with Palau, noting that both sides began the tourism bubble, and that President Lai came to Palau to reopen the two weekly direct flights that have now been increased to four. That solidarity will never be forgotten, he said. As the world faces growing uncertainty and complex challenges from climate change to global tensions, President Whipps said, this friendship becomes even more vital. The president concluded his remarks by expressing hope that both nations continue to stand together, work together, and advocate together for peace, prosperity, and for the right of small nations to be seen, heard, and respected. After the bilateral talks, President Lai and President Whipps witnessed the signing of the technical cooperation agreement and the agreement on diplomatic staff training cooperation by Minister Lin and Palauan Minister of State Gustav Aitaro. The delegation also included Palauan Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.

Details
2025-05-20
President Lai interviewed by Nippon Television and Yomiuri TV
In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era. The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

Details
2025-05-13
President Lai interviewed by Japan’s Nikkei
In a recent interview with Japan’s Nikkei, President Lai Ching-te responded to questions regarding Taiwan-Japan and Taiwan-United States relations, cross-strait relations, the semiconductor industry, and the international economic and trade landscape. The interview was published by Nikkei on May 13. President Lai indicated that Nikkei, Inc. is a global news organization that has received significant recognition both domestically and internationally, and that he is deeply honored to be interviewed by Nikkei and grateful for their invitation. The president said that he would like to take this rare opportunity to thank Japan’s government, National Diet, society, and public for their longstanding support for Taiwan. Noting that current Prime Minister Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio have all strongly supported Taiwan, he said that the peoples of Taiwan and Japan also have a deep mutual affection, and that through the interview, he hopes to enhance the bilateral relationship between Taiwan and Japan, deepen the affection between our peoples, and foster more future cooperation to promote prosperity and development in both countries. In response to questions raised on the free trade system and the recent tariff war, President Lai indicated that over the past few decades, the free economy headed by the Western world and led by the US has brought economic prosperity and political stability to Taiwan and Japan. At the same time, he said, we have also learned or followed many Western values. The president said he believes that Taiwan and Japan are exemplary students, but some countries are not. Therefore, he said, the biggest crisis right now is China, which exploits the free trade system to engage in plagiarism and counterfeiting, infringe on intellectual property rights, and even provide massive government subsidies that facilitate the dumping of low-priced goods worldwide, which has a major impact on many countries including Japan and Taiwan. If this kind of unfair trade is not resolved, he said, the stable societies and economic prosperity we have painstakingly built over decades, as well as some of the values we pursue, could be destroyed. Therefore, President Lai said he thinks it is worthwhile for us to observe the recent willingness of the US to address unfair trade, and if necessary, offer assistance. President Lai emphasized that the national strategic plan for Taiwanese industries is for them to be rooted in Taiwan while expanding their global presence and marketing worldwide. Therefore, he said, while the 32 percent tariff increase imposed by the US on Taiwan is indeed a major challenge, we are willing to address it seriously and find opportunities within that challenge, making Taiwan’s strategic plan for industry even more comprehensive. When asked about Taiwan’s trade arrangements, President Lai indicated that in 2010 China accounted for 83.8 percent of Taiwan’s outbound investment, but last year it accounted for only 7.5 percent. In 2020, he went on, 43.9 percent of Taiwan’s exports went to China, but that figure dropped to 31.7 percent in 2024. The president said that we have systematically transferred investments from Taiwanese enterprises to Japan, Southeast Asia, Europe, and the US. Therefore, he said, last year Taiwan’s largest outbound investment was in the US, accounting for roughly 40 percent of the total. Nevertheless, only 23.4 percent of Taiwanese products were sold to the US, with 76.6 percent sold to places other than the US, he said. The president emphasized that we don’t want to put all our eggs in one basket, and hope to establish a global presence. Under these circumstances, he said, Taiwan is very eager to cooperate with Japan. President Lai stated that at this moment, the Indo-Pacific and international community really need Japan’s leadership, especially to make the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) excel in its functions, and also requested Japan to support Taiwan’s CPTPP accession. The president said that Taiwan hopes to sign an Economic Partnership Agreement (EPA) with Japan to build closer ties in economic trade and promote further investment, and that we also hope to strengthen relations with the European Union, and even other regions. Currently, he said, we are proposing an initiative on global semiconductor supply chain partnerships for democracies, because the semiconductor industry is an ecosystem. The president raised the example that Japan has materials, equipment, and technology; the US has IC design and marketing; Taiwan has production and manufacturing; and the Netherlands excels in equipment, saying we therefore hope to leverage Taiwan’s advantages in production and manufacturing to connect the democratic community and establish a global non-red supply chain for semiconductors, ensuring further world prosperity and development in the future, and ensuring that free trade can continue to function without being affected by dumping, which would undermine future prosperity and development. The president stated that as we want industries to expand their global presence and market internationally while staying rooted here in Taiwan, having industries rooted in Taiwan involves promoting pay raises for employees, tax cuts, and deregulation, as well as promoting enterprise investment tax credits. He said that we have also proposed Three Major Programs for Investing in Taiwan for Taiwanese enterprises and are actively resolving issues regarding access to water, electricity, land, human resources, and professional talent so that the business community can return to Taiwan to invest, or enterprises in Taiwan can increase their investments. He went on to say that we are also actively signing bilateral investment agreements with friends and allies so that when our companies invest and expand their presence abroad, their rights and interests as investors are ensured. President Lai mentioned that Taiwan hopes to sign an EPA with Japan, similar to the Taiwan-US Initiative on 21st-Century Trade and the Economic Prosperity Partnership Dialogue, or the Enhanced Trade Partnership arrangement with the United Kingdom, or similar agreements or memorandums of understanding with Canada and Australia that allow Taiwanese products to be marketed worldwide, concluding that those are our overall arrangements. Looking at the history of Taiwan’s industrial development, President Lai indicated, of course it began in Taiwan, and then moved west to China and south to Southeast Asia. He said that we hope to take this opportunity to strengthen cooperation with Japan to the north, across the Pacific Ocean to the east, and develop the North American market, making Taiwan’s industries even stronger. In other words, he said, while Taiwan sees the current reciprocal tariffs imposed by the US as a kind of challenge, it also views these changes positively. On the topic of pressure from China affecting Taiwan’s participation in international frameworks such as the CPTPP or its signing of an EPA with Japan, President Lai responded that the key point is what kind of attitude we should adopt in viewing China’s acts of oppression. If we act based on our belief in free trade, he said, or on the universal values we pursue – democracy, freedom, and respect for human rights – and also on the understanding that a bilateral trade agreement between Taiwan and Japan would contribute to the economic prosperity and development of both countries, or that Taiwan’s accession to the CPTPP would benefit progress and prosperity in the Indo-Pacific region, then he hopes that friends and allies will strongly support us. On the Trump administration’s intentions regarding the reciprocal tariff policy and the possibility of taxing semiconductors, as well as how Taiwan plans to respond, President Lai said that since President Trump took office, he has paid close attention to interviews with both him and his staff. The president said that several of President Trump’s main intentions are: First, he wants to address the US fiscal situation. For example, President Lai said, while the US GDP is about US$29 trillion annually, its national debt stands at US$36 trillion, which is roughly 124 percent of GDP. Second, he went on, annual government spending exceeds US$6.5 trillion, but revenues are only around US$4.5 trillion, resulting in a nearly US$2 trillion deficit each year, about 7 percent of GDP. Third, he said, the US pays nearly US$1.2 trillion in interest annually, which exceeds the US$1 trillion defense budget and accounts for more than 3 percent of GDP. Fourth, President Trump still wants to implement tax cuts, aiming to reduce taxes for 85 percent of Americans, he said, noting that this would cost between US$500 billion and US$1 trillion. These points, President Lai said, illustrate his first goal: solving the fiscal problem. President Lai went on to say that second, the US feels the threat of China and believes that reindustrialization is essential; without reindustrialization, the US risks a growing gap in industrial capacity compared to China. Third, he said, in this era of global smart technology, President Trump wants to lead the nation to become a world center of AI. Fourth, he aims to ensure world peace and prevent future wars, President Lai said. In regard to what the US seeks to achieve, he said he believes these four areas form the core of the Trump administration’s intentions, and that is why President Trump has raised tariffs, demanded that trading partners purchase more American goods, and encouraged friendly and allied nations to invest in the US, all in order to achieve these goals. President Lai indicated that the 32 percent reciprocal tariff poses a critical challenge for Taiwan, and we must treat it seriously. He said that our approach is not confrontation, but negotiation to reduce tariffs, and that we have also agreed to measures such as procurement, investment, resolving non-tariff trade barriers, and addressing origin washing in order to effectively reduce the trade deficit between Taiwan and the US. Of course, he said, through this negotiation process, we also hope to turn challenges into opportunities. The president said that first, we aim to start negotiations from the proposal of zero tariffs and seek to establish a bilateral trade agreement with the US. Second, he went on, we hope to support US reindustrialization and its aim to become a world AI hub through investment, while simultaneously upgrading and transforming Taiwan’s industries, which would help further integrate Taiwan’s industries into the US economic structure, ensuring Taiwan’s long-term development. President Lai emphasized again that Taiwan’s national industrial strategy is for industries to stay firmly rooted in Taiwan while expanding their global presence and marketing worldwide. He repeated that we have gone from moving westward across the Taiwan Strait, to shifting southbound, to working closer northward with Japan, and now the time is ripe for us to expand eastward by investing in North America. In other words, he said, while we take this challenge seriously to protect national interests and ensure that no industry is sacrificed, we also hope these negotiations will lead to deeper Taiwan-US trade relations through Taiwanese investment in the US, concluding that these are our expectations. The president stated that naturally, the reciprocal tariffs imposed by the US will have an impact on Taiwanese industries, so in response, the Taiwanese government has already proposed support measures for affected industries totaling NT$93 billion. In addition, he said, we have outlined broader needs for Taiwan’s long-term development, which will be covered by a special budget proposal of NT$410 billion, noting that this has already been approved by the Executive Yuan and will be submitted to the Legislative Yuan for review. He said that this special budget proposal addresses four main areas: supporting industries, stabilizing employment, protecting people’s livelihoods, and enhancing resilience. As for tariffs on semiconductors, President Lai said, Taiwan Semiconductor Manufacturing Company (TSMC) has committed to investing in the US at the request of its customers. He said he believes that TSMC’s industry chain will follow suit, and that these are concrete actions that are unrelated to tariffs. However, he said, if the US were to invoke Section 232 and impose tariffs on semiconductors or related industries, it would discourage Taiwanese semiconductor and ICT investments in the US, and that we will make this position clear to the US going forward. President Lai indicated that among Taiwan’s exports to the US, there are two main categories: ICT products and electronic components, which together account for 65.4 percent. These are essential to the US, he said, unlike final goods such as cups, tables, or mattresses. He went on to say that what Taiwan sells to the US are the technological products required by AI designers like NVIDIA, AMD, Amazon, Google, and Apple, and that therefore, we will make sure the US understands clearly that we are not exporting end products, but the high-tech components necessary for the US to reindustrialize and become a global AI center. Furthermore, the president said, Taiwan is also willing to increase its defense budget and military procurement. He stated that Taiwan is committed to defending itself and is strongly willing to cooperate with friends and allies to ensure regional peace and stability, and that this is also something President Trump hopes to see. Asked whether TSMC’s fabs overseas could weaken Taiwan’s strategic position as a key hub for semiconductor manufacturing, and whether that could then give other countries fewer incentives to protect Taiwan, President Lai responded by saying that political leaders around the world including Japan’s Prime Minister Ishiba and former Prime Ministers Abe, Suga, and Kishida have emphasized, at the G7 and other major international fora, that peace and stability in the Taiwan Strait are essential for global security and prosperity. In other words, he explained, the international community cares about Taiwan and supports peace and stability in the Taiwan Strait because Taiwan is located in the first island chain in the Indo-Pacific, directly facing China. He pointed out that if Taiwan is not protected, China’s expansionist ambitions will certainly grow, which would impact the current rules-based international order. Thus, he said, the international community willingly cares about Taiwan and supports stability in the Taiwan Strait – that is the reason, and it has no direct connection with TSMC. He noted that after all, TSMC has not made investments in that many countries, stressing that, on that point, it is clear. President Lai said that TSMC’s investments in Japan, Europe, and the US are all natural, normal economic and investment activities. He said that Taiwan is a democratic country whose society is based on the rule of law, so when Taiwanese companies need to invest around the world for business needs, the government will support those investments in principle so long as they do not harm national interests. President Lai said that after TSMC Chairman C.C. Wei (魏哲家) held a press conference with President Trump to announce the investment in the US, Chairman Wei returned to Taiwan to hold a press conference with him at the Presidential Office, where the chairman explained to the Taiwanese public that TSMC’s R&D center will remain in Taiwan and that the facilities it has already committed to investing in here will not change and will not be affected. So, the president explained, to put it another way, TSMC will not be weakened by its investment in the US. He further emphasized that Taiwan has strengths in semiconductor manufacturing and is very willing to work alongside other democratic countries to promote the next stage of global prosperity and development. A question was raised about which side should be chosen between the US and China, under the current perception of a return to the Cold War, with East and West facing off as two opposing blocs. President Lai responded by saying that some experts and scholars describe the current situation as entering a new Cold War era between democratic and authoritarian camps; others assert that the war has already begun, including information warfare, economic and trade wars, and the ongoing wars in Europe – the Russo-Ukrainian War – and the Middle East, and the Israel-Hamas conflict. The president said that these are all matters experts have cautioned about, noting that he is not a historian and so will not attempt to define today’s political situation from an academic standpoint. However, he said, he believes that every country has a choice, which is to say, Taiwan, Japan, or any other nation does not necessarily have to choose between the US and China. What we are deciding, he said, is whether our country will maintain a democratic constitutional system or regress into an authoritarian regime, and this is essentially a choice of values – not merely a choice between two major powers. President Lai said that Taiwan’s situation is different from other countries because we face a direct threat from China. He pointed out that we have experienced military conflicts such as the August 23 Artillery Battle and the Battle of Guningtou – actual wars between the Republic of China and the People’s Republic of China. He said that China’s ambition to annex Taiwan has never wavered, and that today, China’s political and military intimidation, as well as internal united front infiltration, are growing increasingly intense. Therefore, he underlined, to defend democracy and sovereignty, protect our free and democratic system, and ensure the safety of our people’s lives and property, Taiwan’s choice is clear. President Lai said that China’s military exercises are not limited to the Taiwan Strait, and include the East China Sea, South China Sea, and even the Sea of Japan, as well as areas around Korea and Australia. Emphasizing that Taiwan, Japan, Australia, and the Philippines are all democratic nations, the president said that Taiwan’s choice is clear, and that he believes Japan also has no other choice. We are all democratic countries, he said, whose people have long pursued the universal values of democracy, freedom, and respect for human rights, and that is what is most important. Regarding the intensifying tensions between the US and China, the president was asked what roles Taiwan and Japan can play. President Lai responded that in his view, Japan is a powerful nation, and he sincerely hopes that Japan can take a leading role amid these changes in the international landscape. He said he believes that countries in the Indo-Pacific region are also willing to respond. He suggested several areas where we can work together: first, democracy and peace; second, innovation and prosperity; and third, justice and sustainability. President Lai stated that in the face of authoritarian threats, we should let peace be our beacon and democracy our compass as we respond to the challenges posed by authoritarian states. Second, he added, as the world enters an era characterized by the comprehensive adoption of smart technologies, Japan and Taiwan should collaborate in the field of innovation to further drive regional prosperity and development. Third, he continued, is justice and sustainability. He explained that because international society still has many issues that need to be resolved, Taiwan and Japan can cooperate for the public good, helping countries in need around the world, and cooperating to address climate change and achieve net-zero transition by 2050. Asked whether he hopes that the US will continue to be a leader in the liberal democratic system, President Lai responded by saying that although the US severed diplomatic ties with the Republic of China, for the past few decades it has assisted Taiwan in various areas such as national defense, security, and countering threats from China, based on the Taiwan Relations Act and the Six Assurances. He pointed out that Taiwan has also benefited, directly and indirectly, in terms of politics, democracy, and economic prosperity thanks to the US, and so Taiwan naturally hopes that the US remains strong and continues to lead the world. President Lai said that when the US encounters difficulties, whether financial difficulties, reindustrialization issues, or becoming a global center for AI, and hopes to receive support from its friends and allies to jointly safeguard regional peace and stability, Taiwan is willing to stand together for a common cause. If the US remains strong, he said, that helps Taiwan, the Indo-Pacific region, and the world as a whole. Noting that while the vital role of the US on the global stage has not changed, the president said that after decades of shouldering global responsibilities, it has encountered some issues. Now, it has to make adjustments, he said, stating his firm belief that it will do so swiftly, and quickly resume its leadership role in the world. Asked to comment on remarks he made during his election campaign that he would like to invite China’s President Xi Jinping for bubble tea, President Lai responded that Taiwan is a peace-loving country, and Taiwanese society is inherently kind, and therefore we hope to get along peacefully with China, living in peace and mutual prosperity. So, during his term as vice president, he said, he was expressing the goodwill of Taiwanese society. Noting that while he of course understands that China’s President Xi would have certain difficulties in accepting this, he emphasized that the goodwill of Taiwanese society has always existed. If China reflects on the past two or three decades, he said, it will see that its economy was able to develop with Taiwan as its largest foreign investor. The president explained that every year, 1 to 2 million Taiwanese were starting businesses or investing in China, creating numerous job opportunities and stabilizing Chinese society. While many Taiwanese businesses have profited, he said, Chinese society has benefited even more. He added that every time a natural disaster occurs, if China is in need, Taiwanese always offer donations. Therefore, the president said, he hopes that China can face the reality of the Republic of China’s existence and understand that the people of Taiwan hope to continue living free and democratic lives with respect for human rights. He also expressed hope that China can pay attention to the goodwill of Taiwanese society. He underlined that we have not abandoned the notion that as long as there is parity, dignity, exchange, and cooperation, the goodwill of choosing dialogue over confrontation and exchange over containment will always exist. Asked for his view on the national security reforms in response to China’s espionage activities and infiltration attempts, President Lai said that China’s united front infiltration activities in Taiwan are indeed very serious. He said that China’s ambitions to annex Taiwan rely not only on the use of political and military intimidation, but also on its long-term united front and infiltration activities in Taiwanese society. Recently, he pointed out, the Taiwan High Prosecutors Office of the Ministry of Justice prosecuted 64 spies, which is three times the number in 2021, and in addition to active-duty military personnel, many retired military personnel were also indicted. Moreover, he added, Taiwan also has the Chinese Unification Promotion Party, which has a background in organized crime, Rehabilitation Alliance Party, which was established by retired military personnel, and Republic of China Taiwan Military Government, which is also composed of retired generals. He explained that these are all China’s front organizations, and they plan one day to engage in collaboration within Taiwan, which shows the seriousness of China’s infiltration in Taiwan. Therefore, the president said, in the recent past he convened a high-level national security meeting and proposed 17 response strategies across five areas. He then enumerated the five areas: first, to address China’s threat to Taiwan’s sovereignty; second, to respond to the threat of China’s obscuring the Taiwanese people’s sense of national identity; third, to respond to the threat of China’s infiltrating and recruiting members of the ROC Armed Forces as spies; fourth, to respond to the threat of China’s infiltration of Taiwanese society through societal exchanges and united front work; and fifth, to respond to the threat of China using “integration plans” to draw Taiwan’s young people and Taiwanese businesses into its united front activities. In response to these five major threats, he said, he has proposed 17 response strategies, one of which being to restore the military trial system. He explained that if active-duty military personnel commit military crimes, they must be subject to military trials, and said that this expresses the Taiwanese government’s determination to respond to China’s united front infiltration and the subversion of Taiwan. Responding to the question of which actions Taiwan can take to guard against China’s threats to regional security, President Lai said that many people are worried that the increasingly tense situation may lead to accidental conflict and the outbreak of war. He stated his own view that Taiwan is committed to facing China’s various threats with caution. Taiwan is never the source of these problems, he emphasized, and if there is an accidental conflict and it turns into a full-scale war, it will certainly be a deliberate act by China using an accidental conflict as a pretext. He said that when China expanded its military presence in the East China Sea and South China Sea, the international community did not stop it; when China conducted exercises in the Taiwan Strait, the international community did not take strong measures to prevent this from happening. Now, he continued, China is conducting gray-zone exercises, which are aggressions against not only the Taiwan Strait, the South China Sea, and the East China Sea, but also extending to the Sea of Japan and waters near South Korea. He said that at this moment, Taiwan, the Philippines, Japan, and even the US should face these developments candidly and seriously, and we must exhibit unity and cooperation to prevent China’s gray-zone aggression from continuing to expand and prevent China from shifting from a military exercise to combat. If no action is taken now, the president said, the situation may become increasingly serious. Asked about the view of some US analysts who point out that China will have the ability to invade Taiwan around 2027, President Lai responded that Taiwan, as the country on the receiving end of threats and aggression, must plan for the worst and make the best preparations. He recalled a famous saying from the armed forces: “Do not count on the enemy not showing up; count on being ready should it strike.” This is why, he said, he proposed the Four Pillars of Peace action plan. First, he said, we must strengthen our national defense. Second, he added, we must strengthen economic resilience, adding that not only must our economy remain strong, but it must also be resilient, and that we cannot put all our eggs in the same basket, in China, as we have done in the past. Third, he continued, we must stand shoulder to shoulder with friends and allies such as Japan and the US, as well as the democratic community, and we must demonstrate the strength of deterrence to prevent China from making the wrong judgment. Fourth, he emphasized, as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China and seek cross-strait peace and mutual prosperity through exchanges and cooperation. Regarding intensifying US-China confrontation, the president was asked in which areas he thinks Taiwan and Japan should strengthen cooperation; with Japan’s Ishiba administration also being a minority government, the president was asked for his expectations for the Ishiba administration. President Lai said that in the face of rapid and tremendous changes in the political situation, every government faces considerable challenges, especially for minority governments, but the Japanese government led by Prime Minister Ishiba has quite adequately responded with various strategies. Furthermore, he said, Japan is different from Taiwan, explaining that although Japan’s ruling party lacks a majority, political parties in Japan engage in competition domestically while exhibiting unity externally. He said that Taiwan’s situation is more challenging, because the ruling and opposition parties hold different views on the direction of the country, due to differences in national identity. The president expressed his hope that in the future Taiwan and Japan will enjoy even more comprehensive cooperation. He stated that he has always believed that deep historical bonds connect Taiwan and Japan. Over the past several decades, he said, when encountering natural disasters and tragedies, our two nations have assisted each other with mutual care and support. He said that the affection between the people of Taiwan and Japan is like that of a family. Pointing out that both countries face the threat of authoritarianism, he said that we share a mission to safeguard universal values such as democracy, freedom, and respect for human rights. The president said that our two countries should be more open to cooperation in various areas to maintain regional peace and stability as well as to strengthen cooperation in economic and industrial development, such as for semiconductor industry chains and everyday applications of AI, including robots and drones, adding that we can also cooperate on climate change response, such as in hydrogen energy and other strategies. He said our two countries should also continue to strengthen people-to-people exchanges. He then took the opportunity to once again invite our good friends from Japan to visit Taiwan for tourism and learn more about Taiwan, saying that the Taiwanese people wholeheartedly welcome our Japanese friends.

Details
2025-05-20
President Lai interviewed by Nippon Television and Yomiuri TV
In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era. The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

MIL OSI Asia Pacific News –

May 27, 2025

MIL-OSI: Golar LNG Limited Interim results for the period ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

Highlights and subsequent events

Golar LNG Limited (“Golar” or “the Company”) reports Q1 2025 net income attributable to Golar of $8 million, Adjusted EBITDA¹ of $41 million and Total Golar Cash¹ of $678 million.

Concluded the 20-year charter of FLNG Hilli for Southern Energy S.A. (“SESA”) in Argentina.

Signed definitive agreements for a 20-year charter for the MKII FLNG to SESA. Combined with the FLNG Hilli charter, the project will be for 5.95 mtpa of nameplate capacity – one of the world’s largest FLNG development projects.

FLNG Gimi in final stages of commissioning on the GTA field, Commercial Operations Date (“COD”) expected within Q2.

MKII FLNG conversion vessel Fuji LNG arrived at the shipyard for conversion works, conversion project on schedule for Q4 2027 delivery.

FLNG Hilli maintained market-leading operational track record and delivered its 132^nd LNG cargo since contract start-up.

Sold minority shareholding in Avenir LNG Limited.

Completed exit from LNG shipping segment with sale of Golar Arctic.

Declared dividend of $0.25 per share for the quarter.

Progressed FLNG growth opportunities with commercial leads, shipyard availability and long lead equipment timing.

FLNG Hilli: Maintained leading operational track record with 132 cargoes offloaded to date and over 9 million tons of LNG produced since operations commenced.

Final Investment Decision (“FID”) for the 20-year redeployment of FLNG Hilli to Southern Energy in Argentina concluded (further details provided in the SESA charter agreements section). A dedicated team has progressed detailed work on Hilli’s re-deployment scope, vessel upgrade and transit to her new location.

Following the conclusion of FLNG Hilli’s re-deployment contract, we will initiate discussions for debt optimization that reflects the strong earnings visibility for the FLNG unit.

FLNG Gimi: In January 2025, the bp operated FPSO provided feedgas from the GTA field allowing for full commissioning to commence, triggering the final upward adjustment to the commissioning rate under the commercial reset agreed in August 2024. First LNG was achieved in February and in April 2025, FLNG Gimi completed the offload of its first full LNG cargo. This introduced Mauritania and Senegal as LNG exporters to the international gas market and triggered the final pre-COD milestone bonus payment to Golar under the terms of the commercial reset. COD, which remains on schedule for Q2 2025, triggers the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog¹ (Golar’s share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement.

As of May 2025, Golar has invoiced $195.9 million of pre-COD fees under the commercial reset arrangements, with this amount currently recognized on the balance sheet.

On March 20, 2025, a $1.2 billion debt facility to refinance FLNG Gimi was signed with a consortium of leading Chinese leasing companies. The contemplated sale and leaseback facility features a tenor of 12 years and a 17-year amortization profile. Upon closing and repayment of the existing debt facility, Gimi MS Corporation is expected to generate net proceeds of approximately $530 million. This amount includes the release of existing interest rate swaps. Golar stands to benefit from 70% of these proceeds, equivalent to approximately $371 million. The transaction remains subject to customary closing conditions and third party stakeholder approvals. Golar has also progressed a rating process to further evaluate debt optimization alternatives for the vessel during the quarter.

MKII FLNG 3.5 MTPA conversion: Conversion work on the $2.2 billion MKII FLNG is proceeding to schedule. The conversion vessel Fuji LNG entered CIMC’s Yantai yard in February 2025 and in April the vessel was successfully separated into forward and aft sections. A mid-ship section housing the liquefaction unit will be inserted between and attached to the refurbished forward and aft sections later in the conversion process. Fabrication of the topsides for the mid-ship section is also underway. As of March 31, 2025, Golar has spent $0.7 billion on the MKII FLNG conversion, all of which is equity funded. The MKII FLNG is expected to be delivered in Q4 2027.

With a definitive agreement that contemplates a 2H 2025 FID now secured, Golar will consider alternatives for asset level MKII FLNG financing.

Southern Energy charter agreements: On May 2, 2025, Golar announced a FID for the 20-year charter of FLNG Hilli. The vessel will be chartered to SESA offshore Argentina. Golar and SESA also signed definitive agreements for a 20-year charter of the MKII FLNG. The MKII FLNG charter remains subject to FID and the same regulatory approvals as those granted to the FLNG Hilli project, expected within 2025.

Key commercial terms for the respective 20-year charter agreements include:

FLNG Hilli (nameplate capacity of 2.45mtpa): Expected contract start-up in 2027, expected Adjusted EBITDA¹ to Golar of $285 million per year, plus a commodity linked tariff component of 25% of Free on Board (“FOB”) prices in excess of $8/MMBtu; and,

MKII FLNG (nameplate capacity of 3.5mtpa): Expected contract start-up in 2028, expected Adjusted EBITDA¹ to Golar of $400 million per year, plus a commodity linked tariff component of 25% of FOB prices in excess of $8/MMBtu.

The two FLNG agreements are expected to add $13.7 billion in Adjusted EBITDA backlog¹ to Golar over 20 years, before inflationary adjustments (30% of U.S. CPI from year 6) to the charter hire, and before the commodity linked tariff upside. Where achieved FOB prices exceed the $8/MMBtu reference price, Golar will receive 25% of the excess amount (this reference price is subject to the same 30% US CPI adjustment from year 6). The commodity linked element in the FLNG charter provides an upside of $70 million per year to Golar for every $ 1/MMBtu the achieved FOB price is higher than the USD 8/MMBtu reference price. The upside calculation is based on monthly achieved FOB prices.

While the commodity linked tariff component is upside oriented, the Company has also agreed to a mechanism where the charter hire can be partially reduced for FOB prices below $7.5/MMBtu, down to a floor of $6/MMBtu. Under this mechanism, the maximum accumulated discount over the life of both contracts has a cap of $210 million, and any outstanding discounted charter hire amounts will be recovered through additional upside sharing if FOB prices return to levels above $7.5/MMBtu. Golar is not exposed to further downside in the commodity linked FLNG charter mechanism. The upside calculation is based on monthly achieved FOB prices, whilst the downside adjustment is based on annual average achieved FOB prices. The downside mechanism is based on annual average achieved FOB prices.

SESA, a company formed to export Argentinian LNG, is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar (10%). The four gas producers have committed to supply their pro-rata share of natural gas to the FLNGs under Gas Sales Agreements at a fixed price per MMBtu. Golar’s 10% shareholding in SESA provides additional commodity exposure. The 10% equity stake equates to approximately $28 million in annual additional commodity exposure to Golar for every $1/MMBtu change in achieved FOB prices versus SESA’s cash break even.

With the combination of the fixed charter hire with 30% of U.S. CPI inflation from year 6, operating expenses pass through, 25% commodity exposure in the FLNG tariff for FOB prices above $8/MMBtu and Golar’s 10% shareholding in SESA, Golar believes it has secured a highly attractive risk-reward in the SESA charters. For every $1 FOB price above $8/MMBtu, Golar’s total commodity upside is approximately $100 million, versus approximately $28 million in downside for every $1/MMBtu that realized FOB prices are below SESA’s cash break even.

Located offshore in close proximity of each other in Rio Negro’s Gulf of San Matias, the FLNG’s will monetize gas from the Vaca Muerta formation, the world’s second largest shale gas resource, located onshore in Argentina’s Neuquen province. FLNG Hilli will initially utilize spare volumes from the existing pipeline network. SESA intends to facilitate the construction of a dedicated pipeline from Vaca Muerta to the Gulf of San Matias to supply gas to the FLNGs and the project expects to benefit from significant operational efficiencies and synergies from two FLNGs in the same area.

The charters are also subject to strong legal and regulatory protections including:

both charter agreements are subject to English Law with dispute resolution pursuant to ICC arbitration in Paris, France;

hire and other payments under both contracts are fully paid in U.S. dollars;

SESA has obtained Argentina’s first ever 30-year non-interruptible LNG export license for FLNG Hilli, providing security of exports, necessary for the significant upstream and midstream investments, as well as securing offtake contracts; and

MKII FLNG is expected to obtain a similar term export license within 2025.

FLNG Hilli has been approved for adherence to the Large Investments Incentive Scheme (“RIGI”), as a Long-Term Strategic Export project. The RIGI was implemented by the current administration of President Milei to incentivize large investments in Argentina. Under the RIGI, there are incentives and protections granted to the project company (SESA), with Golar benefiting as an international asset provider and investor, mostly notably:

guaranteed legal certainty and regulatory stability for the duration of the project, covering taxes, customs, duties, and foreign exchange controls;

any new national, provincial, or municipal taxes or restrictions would not apply to RIGI projects beyond those existing when the project was approved; and

freedom to repatriate profits, dividends, and capital including exemption from potential Central Bank restrictions on access to foreign exchange for repatriation purposes.

If Argentina breaches the RIGI framework (e.g. by purporting to change the regime unilaterally), the beneficiary of the RIGI status can:

bring legal action against the National or Provincial Government (as applicable) under ICC arbitration, or elect to challenge the revocation through administrative channels; and

challenge the constitutionality of enacted law which breaches the RIGI protections.

Business development: Detailed discussions for FLNG opportunities continue. With limited yard capacity for FLNG delivery before the 2030s, and with the current Golar fleet committed, we see firming demand for the remaining available 2020s deliveries. Progress is being made on FLNG projects ranging from MKI, MKII and MKIII FLNG developments. We target FLNG opportunities with competitive wellhead gas to secure attractive base tariff and commodity upside participation. We are also in commercial negotiations with potential charterers seeking equity participation in the FLNG to align project stakeholders.

On the back of the recent commitments for the existing fleet and with ongoing detailed commercial discussions, we are working with shipyards and topside equipment providers to firm-up prices and schedules for potential ordering of additional unit(s) within 2025. Any growth initiatives are planned to be funded with recycled liquidity from debt optimization of the existing FLNG fleet on the back of their long term charters.

Corporate/Other: Operating revenues and costs under corporate and other items are comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG together with the Golar Arctic up to her point of sale in March 2025, for $24 million, and the Fuji LNG, up to the point she entered CIMC’s yard in February 2025 for FLNG conversion.

In February 2025, Golar also closed the sale of its non-core 23.4% interest in Avenir LNG Limited, for $39 million.

Shares and dividends: As of March 31, 2025, 104.7 million shares are issued and outstanding. Golar’s Board of Directors approved a total Q1 2025 dividend of $0.25 per share to be paid on or around June 10, 2025. The record date will be June 3, 2025.

Financial Summary

(in thousands of $)	Q1 2025	Q1 2024	% Change	Q4 2024	% Change
Net income	12,939	66,495	(81)%	15,037	(14)%
Net income attributable to Golar LNG Ltd	8,197	55,220	(85)%	4,494	82%
Total operating revenues	62,502	64,959	(4)%	65,917	(5)%
Adjusted EBITDA ¹	40,936	63,587	(36)%	59,168	(31)%
Golar’s share of Contractual Debt ¹	1,494,615	1,209,407	24%	1,515,357	(1)%

Financial Review

Business Performance:

	2025	2024
(in thousands of $)	Jan-Mar	Oct-Dec	Jan-Mar
Net income	12,939	15,037	66,495
Income taxes	179	(504)	138
Net income before income taxes	13,118	14,533	66,633
Depreciation and amortization	12,638	13,642	12,476
Impairment of long-term assets	—	22,933	—
Unrealized loss/(gain) on oil and gas derivative instruments	25,001	14,269	(2,148)
Other non-operating loss	—	7,000	—
Interest income	(8,699)	(9,866)	(10,026)
Loss/(gain) on derivative instruments, net	6,795	(8,711)	(6,202)
Other financial items, net	2,292	1,153	2,640
Net (income)/loss from equity method investments	(10,209)	4,215	214
Adjusted EBITDA ¹	40,936	59,168	63,587

	2025			2024
	Jan-Mar			Oct-Dec
(in thousands of $)	FLNG	Corporate and other	Total	FLNG	Corporate and other	Total
Total operating revenues	55,688	6,814	62,502	56,396	9,521	65,917
Vessel operating expenses	(18,785)	(9,685)	(28,470)	(19,788)	(8,121)	(27,909)
Voyage, charterhire & commission expenses	—	—	—	—	(446)	(446)
Administrative expenses	(588)	(8,999)	(9,587)	(264)	(7,241)	(7,505)
Project development expenses	(2,351)	(968)	(3,319)	(3,624)	(1,236)	(4,860)
Realized gain on oil and gas derivative instruments ⁽²⁾	21,213	—	21,213	33,502	—	33,502
Other operating income	—	(1,403)	(1,403)	469	—	469
Adjusted EBITDA ¹	55,177	(14,241)	40,936	66,691	(7,523)	59,168

(2) The line item “Realized and unrealized (loss)/gain on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gain on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.

	2024
	Jan-Mar
(in thousands of $)	FLNG	Corporate and other	Total
Total operating revenues	56,368	8,591	64,959
Vessel operating expenses	(18,784)	(7,078)	(25,862)
Voyage, charterhire & commission expenses	—	(1,770)	(1,770)
Administrative expenses	(471)	(6,604)	(7,075)
Project development expenses/(income)	(1,085)	273	(812)
Realized gain on oil and gas derivative instruments	34,147	—	34,147
Adjusted EBITDA ¹	70,175	(6,588)	63,587

Golar reports today Q1 2025 net income of $13 million, before non-controlling interests, inclusive of $32 million of non-cash items¹, comprised of:

TTF and Brent oil unrealized mark-to-market (“MTM”) losses of $25 million; and

A $7 million MTM loss on interest rate swaps.

The Brent oil linked component of FLNG Hilli’s fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q1 2025, we recognized a total of $21 million of realized gains on FLNG Hilli’s oil and gas derivative instruments, comprised of a:

$12 million realized gain on the Brent oil linked derivative instrument; and

$9 million realized gain in respect of fees for the TTF linked production.

We also recognized $25 million of non-cash losses in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in the fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows:

$13 million loss on the Brent oil linked derivative asset; and

$12 million loss on the TTF linked natural gas derivative asset.

Balance Sheet and Liquidity:

As of March 31, 2025, Total Golar Cash¹ was $678 million, comprised of $522 million of cash and cash equivalents and $156 million of restricted cash.

Golar’s share of Contractual Debt¹ as of March 31, 2025 is $1,495 million. Deducting Total Golar Cash¹ of $678 million from Golar’s share of Contractual Debt¹ leaves a net debt position of $817 million.

Assets under development amounts to $2.5 billion, comprised of $1.8 billion in respect of FLNG Gimi and $0.7 billion in respect of the MKII FLNG. The carrying value of LNG carrier Fuji LNG, previously included under Vessels and equipment, net in Q4 2024 was transferred to Assets under development in Q1 2025.

Non-GAAP measures

In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated financial statements.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at March 31, 2025 and for the three months ended March 31, 2025, from these results should be carefully evaluated.

Non-GAAP measure	Closest equivalent US GAAP measure	Adjustments to reconcile to primary financial statements prepared under US GAAP	Rationale for adjustments
Performance measures
*Adjusted EBITDA*	Net income/(loss)	+/- Income taxes + Depreciation and amortization + Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations	Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items and discontinued operations.
*Distributable Adjusted EBITDA*	Net income/(loss)	+/- Income taxes + Depreciation and amortization + Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations – Amortization of deferred commissioning period revenue – Amortization of Day 1 gains – Accrued overproduction revenue + Overproduction revenue received – Accrued underutilization adjustment	Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, the operating costs of the Gandria (prior to her disposal) and FLNG Gimi.
Liquidity measures
*Contractual debt ¹*	Total debt (current and non-current), net of deferred finance charges	+/-Variable Interest Entity (“VIE”) consolidation adjustments +/-Deferred finance charges	During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt. Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE. The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors.
*Adjusted net debt*	Adjusted net debt based on GAAP measures: -Total debt (current and non-current), net of deferred finance charges – Cash and cash equivalents – Restricted cash and short-term deposits (current and non-current) – Other current assets (Receivable from TTF linked commodity swap derivatives)	Total debt (current and non-current), net of: +Deferred finance charges +Cash and cash equivalents +Restricted cash and short-term deposits (current and non-current) +/-VIE consolidation adjustments +Receivable from TTF linked commodity swap derivatives	The measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our competitors.
*Total Golar Cash*	Golar cash based on GAAP measures: + Cash and cash equivalents + Restricted cash and short-term deposits (current and non-current)	-VIE restricted cash and short-term deposits	We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE. Total Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIE. Management believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.

(1) Please refer to reconciliation below for Golar’s share of contractual debt

Adjusted EBITDA backlog (also referred to as “earnings backlog”): This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts or definitive agreements less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.

Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, MTM movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations.

Abbreviations used:

FLNG: Floating Liquefaction Natural Gas vessel
FSRU: Floating Storage and Regasification Unit
MKII FLNG: Mark II FLNG
FPSO: Floating Production, Storage and Offloading unit

MMBtu: Million British Thermal Units
mtpa: Million Tons Per Annum

Reconciliations – Liquidity Measures

Total Golar Cash

(in thousands of $)	March 31, 2025	December 31, 2024	March 31, 2024
Cash and cash equivalents	521,434	566,384	547,868
Restricted cash and short-term deposits (current and non-current)	172,879	150,198	92,159
Less: VIE restricted cash and short-term deposits	(16,745)	(17,472)	(17,933)
Total Golar Cash	677,568	699,110	622,094

Contractual Debt and Adjusted Net Debt

(in thousands of $)	March 31, 2025	December 31, 2024	March 31, 2024
Total debt (current and non-current) net of deferred finance charges	1,418,816	1,452,255	1,195,063
VIE consolidation adjustments	251,728	241,666	213,042
Deferred finance charges	20,946	22,686	22,337
Total Contractual Debt	1,691,490	1,716,607	1,430,442
Less: Keppel’s and B&V’s share of the FLNG Hilli contractual debt	—	—	(32,035)
Less: Keppel’s share of the Gimi debt	(196,875)	(201,250)	(189,000)
Golar’s share of Contractual Debt	1,494,615	1,515,357	1,209,407

Please see Appendix A for a capital repayment profile for Golar’s Contractual Debt.

Forward Looking Statements

This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:

our ability and that of our counterparty to meet our respective obligations under the 20-year lease and operate agreement (the “LOA”) with BP Mauritania Investments Limited, a subsidiary of BP p.l.c. (“bp”), entered into in connection with the Greater Tortue Ahmeyim Project (the “GTA Project”), including the commissioning and start-up of various project infrastructure. Delays to FLNG commissioning works and the start of operations for our FLNG Gimi (“FLNG Gimi”) could result in incremental costs to both parties to the LOA;

our ability to meet our obligations under our commercial agreements, including the liquefaction tolling agreement (the “LTA”) entered into in connection with the FLNG Hilli Episeyo (“FLNG Hilli”);

our ability to meet our obligations to SESA in connection with the recently signed agreement to deploy FLNG Hilli in Argentina, and SESA’s ability to meet its obligations to us;

our ability to meet our obligations to SESA in connection with the recently signed definitive agreement to deploy our FLNG in conversion, MKII FLNG in Argentina, including reaching a final investment decision, and SESA’s ability to meet its obligations to us;

our ability to obtain additional financing or refinance existing debt on acceptable terms or at all including the satisfaction of the conditions precedent to the consummation of the FLNG Gimi sale leaseback transaction;

global economic trends, competition, and geopolitical risks, including U.S. government actions, trade tensions or conflicts such as between the U.S. and China, related sanctions, a potential Russia-Ukraine peace settlement and its potential impact on liquefied natural gas (“LNG”) supply and demand;

a material decline or prolonged weakness in tolling rates for FLNGs;

failure of shipyards to comply with schedules, performance specifications or agreed prices;

failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;

an increase in tax liabilities in the jurisdictions where we are currently operating, have previously operated, or expect to operate;

continuing volatility in the global financial markets, including commodity prices, foreign exchange rates and interest rates and global trade policy, particularly the recent imposition of tariffs by the U.S. government;

changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;

changes in our ability to retrofit vessels as FLNGs, including the availability of vessels to purchase and in the time it takes to build new vessels or convert existing vessels;

continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure under contractual arrangements, including our future projects and other contracts to which we are a party;

our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining equity method investments on a timely basis or at all;

increases in operating costs as a result of inflation or trade policy, including salaries and wages, insurance, crew provisions, repairs and maintenance, spares and redeployment related modification costs;

claims made or losses incurred in connection with our continuing obligations with regard to New Fortress Energy Inc. (“NFE”), Energos Infrastructure Holdings Finance LLC (“Energos”), Cool Company Ltd (“CoolCo”), and Snam S.p.A. (“Snam”);

the ability of NFE, Energos, CoolCo, and Snam to meet their respective obligations to us, including indemnification obligations;

changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain;

rules on climate-related disclosures promulgated by the European Union, including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions;

actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; and

other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on March 27, 2025 (the “2024 Annual Report”).

As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.

Responsibility Statement

We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the three months ended March 31, 2025, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the three months ended March 31, 2025, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.

May 27, 2025
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo – CEO
Eduardo Maranhão – CFO

Stuart Buchanan – Head of Investor Relations

Tor Olav Trøim (Chairman of the Board)
Benoît de la Fouchardiere (Director)
Carl Steen (Director)
Dan Rabun (Director)
Lori Wheeler Naess (Director)
Mi Hong Yoon (Director)
Niels Stolt-Nielsen (Director)

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

The MIL Network –

May 27, 2025

MIL-OSI: Republic of Iceland Repurchases EUR 204 Million of Its 2026 Bonds

Source: GlobeNewswire (MIL-OSI)

The Republic of Iceland has successfully repurchased, for cancellation, EUR 203.7 million in nominal value of its outstanding 0.625% Eurobonds due 2026 (ISIN: XS2182399274), representing over 40% of the original EUR 500 million issue. The buyback was executed at a price of 98.81%, equivalent to approximately ISK 29 billion.

The tender offer was launched on Monday, 19 May 2025 and closed at 17:00 BST on Friday, 23 May 2025.

This transaction is part of the Treasury’s ongoing liquidity and debt management strategy, aimed at reducing near-term refinancing risk and improving the maturity profile of the Government’s debt portfolio. The buyback was financed from proceeds of the new EUR 750 million Eurobond issued earlier last week.

The MIL Network –

May 27, 2025
MIL-OSI: Indonesia Energy Provides Update on its Strategic Vision and Dedication to the Future of Energy Development in Indonesia
Source: GlobeNewswire (MIL-OSI)

Follow IEC’s vision through its multi-weekly updates on LinkedIn and its website

JAKARTA, INDONESIA AND DANVILLE, CA, May 27, 2025 (GLOBE NEWSWIRE) — Indonesia Energy Corporation (NYSE American: INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, issued today a letter to shareholders from the company’s senior management outlining IEC’s strategic vision and dedication to playing a key role in energy development in Indonesia as well as the country’s future in general.

You can follow IEC’s vision through its multi-weekly updates on LinkedIn or at our website at the following link: https://ir.indo-energy.com/linkedin-updates/

“Dear Fellow Indonesia Energy Shareholders:

We are pleased to share an important update in the evolution of Indonesia Energy Corporation’s corporate vision, one that reaffirms our commitment to the future of Indonesia and complements our company’s role in supporting energy, resources, and sustainable growth for this dynamic region.

Since our inception, IEC has remained committed to delivering energy security through our oil and gas exploration and production activities. While these core operations will continue to be a fundamental part of our strategy, we recognize that the definition of energy must evolve to meet the demands of a changing world, particularly in Indonesia.

The time has come for IEC to expand our vision beyond traditional hydrocarbons and embrace a broader, more sustainable portfolio. This strategic focus will position IEC to unlock new value, enhance resilience, and capitalize on emerging opportunities in sectors that are inherently interconnected with energy.

INDONESIA ENERGY: The Energy Driving Indonesia’s Future

Indonesia, the world’s fourth most populous nation, is undergoing a demographic, economic, and technological transformation. With over 280 million people, nearly 70% under the age of 45, and an economy that has grown around 5% annually, the nation is on a clear path to becoming a growing force on the world stage.

The government of Indonesia’s “Golden Indonesia 2045” vision aspires to position Indonesia among the world’s top five economies. To achieve this, the country is focusing on three fundamental pillars: energy, technology, and food security—the very elements that define human civilization and economic success.

For IEC to play an important role in this transformation, we must recognize that energy is more than just oil and gas—it is the foundation of all progress. Throughout history, economies have grown, industries have thrived, and societies have advanced by harnessing energy in its many forms. But at its core, all energy that drives life and industry can be traced back to a single source—the Sun. From oil and gas to wind, hydropower, and even the food we eat, nearly all forms of energy originate from the Sun’s immense power. Fossil fuels are simply solar energy stored in organic matter over millions of years, while bioenergy, agriculture, and even wind patterns exist because of the Sun’s influence. Hydropower is made possible by the water cycle, driven by solar radiation. In essence, the energy that sustains economies, fuels innovation, and supports communities is a continuous transformation of sunlight into different usable forms.

There are few exceptions, including deep geothermal energy, nuclear power, and tidal forces, which arise from the Earth’s internal heat, atomic forces, and the gravitational pull of the Moon and Sun. Yet, for nearly everything else, it is the Sun that provides the energy that shapes our world.

This perspective reinforces IEC’s evolving mission. We are not just an oil and gas company; we are part of the larger system that transforms energy into progress, innovation, and prosperity in Indonesia. Our role is to harness and direct this energy—where it is needed most—to power Indonesia’s future. By embracing a new definition of energy, IEC is positioning itself at the heart of Indonesia’s transformation into a global economic power. As the country continues to grow, innovate, and secure its future, IEC will be there—as the energy that enables this progress.

This is just the beginning of an exciting new chapter for IEC. Our evolving corporate vision will seek to accomplish three main goals:
- First, our particular focus on supporting the future of Indonesia, which positions us as the purest U.S. public company play on Indonesia.
- Second, our continuing drive to efficiently, effectively and sustainably develop and capitalize on our current oil and gas assets in Indonesia, Kruh and Citarum, which efforts have the strong support of the Government of Indonesia.
- Finally, our passion for the future of Indonesia is leading us to explore other ways we can invest in the country’s infrastructure, whether that be energy related or other initiatives that we have the ability support given our management’s deep ties to Indonesia. We believe the potential to diversify our energy or other revenue streams will not only help Indonesia but also create the potential to drive value for our shareholders. We plan on sharing more details as this year unfolds and as our strategies solidify.
Meanwhile, even as we are contemplating our expansion, this week we will be providing important updates on our key oil and gas assets, including an approximate 60% increase in proved reserves in our Kruh Block and the exciting results from a just competed geochemical survey on our potential billion-barrel equivalent Citarum Block, where we have a path to potentially move directly to drilling operations.

We remain excited about our business and the future of Indonesia, so stay tuned for more details. Thank you as always for your continued trust and support,

Sincerely,

Dr Wirawan Jusuf, Chairman & CEO
Frank Ingriselli, President
James Huang, Director and Chief Investment Officer”

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release, and related statements of Indonesia Energy Corporation Limited (“IEC”) and its management that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, the words “potential,” “could,” “estimates,” “believes,” “hopes,” “expects,” “intends,” “future”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC’s future strategic plans, including its plans for drilling at Kruh Block at Citarum Block, as well as any future evolution in IEC’s business vision and strategies. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

The MIL Network –
May 27, 2025
MIL-OSI: RYVYL Receives Extension to Comply with Nasdaq Listing Rule 5550(b)

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, CA, May 27, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology, announced today that it has received an extension from The Nasdaq Stock Market LLC to regain compliance with Nasdaq Listing Rule 5550(b), which requires minimum stockholders’ equity of $2.5 million, $35 million market value of listed securities, or $500,000 net income from operations, for continued listing on the Nasdaq Capital Market.

On April 8, 2025, RYVYL received a notification from Nasdaq indicating that, based on the company’s reported stockholders’ equity of negative $1.5 million as of December 31, 2024, it was no longer in compliance with the minimum stockholders’ equity requirement. Following this, RYVYL submitted a compliance plan to Nasdaq outlining its strategy to address the deficiency.

Nasdaq has accepted this plan and granted the company an extension until October 6, 2025, to demonstrate compliance with the listing requirement.

About RYVYL

RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

Cautionary Note Regarding Forward-Looking Statements

This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

IR Contact:

David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

The MIL Network –

May 27, 2025
MIL-OSI: OTC Markets Group Welcomes Greenheart Gold Inc. to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 27, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Greenheart Gold Inc. (TSX-V: GHRT; OTCQX: GHRTF), an exploration company, has qualified to trade on the OTCQX® Best Market. Greenheart Gold Inc. upgraded to OTCQX from the OTCQB® Venture Market.

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

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

Justin van der Toorn, CEO of Greenheart Gold said, “We are pleased to be upgrading to the OTCQX market. We feel that OTCQX will provide a valuable platform to help us increase awareness of the company and attract new investors.”

About Greenheart Gold Inc.

Greenheart Gold is an exploration company that builds on a proven legacy of discoveries within the Guiana Shield, a highly prospective geologic terrain that hosts numerous gold deposits yet remains relatively under-explored. Greenheart Gold is led by former executives and exploration team of Reunion Gold, a team that was most recently noted for the discovery and delineation of the multi-million-ounce Oko West deposit in Guyana. Greenheart Gold intends to build on its technical knowledge, strong relationship base and success from exploring in the Guiana Shield to assemble, maintain and explore a portfolio of early-stage exploration projects in Guyana and Suriname that are prospective for orogenic gold deposits.

About OTC Markets Group Inc.

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

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

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

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

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Media Contact:

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

The MIL Network –

May 27, 2025
MIL-OSI: Northfield Capital Announces Agreements to Acquire Additional Interest in Juno Corp., Completion of Acquisition of Remaining Minority Interest of Northfield Aviation and Proposed Issuance of Class B Multiple Voting Shares

Source: GlobeNewswire (MIL-OSI)

Not for distribution to U.S. Newswire Services or for release, publication, distribution or dissemination directly or indirectly, in whole or in part, in or into the United States.

TORONTO, May 27, 2025 (GLOBE NEWSWIRE) — Northfield Capital Corporation (TSX-V: NFD.A) (the “Company”) announces that it has entered into binding share purchase agreements (the “Purchase Agreements”) with five shareholders of Juno Corp. (“Juno”) pursuant to which the Company has agreed to acquire an aggregate of 5,123,044 common shares of Juno (“Juno Shares”) in consideration for the issuance to such shareholders of an aggregate of 3,725,848 class A restricted voting shares in the capital of the Company (the “Class A Shares”). Pursuant to the transactions contemplated in the Purchase Agreements (collectively, the “Juno Share Acquisition”), each Juno Share will be exchanged for 0.727272727 of a Class A Share. The participation in the Juno Share Acquisition by Mr. Robert Cudney, the President, Chief Executive Officer and a director of the Company, as described below, constitutes a Non-Arm’s Length Transaction (as such term is defined in the policies of the TSX Venture Exchange (the “TSXV”)).

The Company also announces that, further to its news release of May 5, 2025, its wholly-owned subsidiary, Spruce Goose Aviation Inc. (“Spruce Goose”), has completed the acquisition (“Northfield Aviation Acquisition”) of all of the shares (the “Purchased Shares”) of Northfield Aviation Group Inc. (“Northfield Aviation”) not already owned by Spruce Goose.

Following the completion of the Northfield Aviation Acquisition, Spruce Goose holds a 100% ownership interest in Northfield Aviation. The Northfield Aviation Acquisition was completed in accordance with the terms of the share purchase agreement dated May 5, 2025, between Spruce Goose and Iain Hayden. In consideration for the Purchased Shares, the Company issued to Mr. Hayden 60,000 Class A Shares (which shares are not subject to resale restrictions under applicable Canadian securities laws).

Separately, the Company is pleased to announce the proposed issuance of an aggregate of 4,968 Class B multiple voting shares of the Company (the “Class B Shares”) to Mr. Robert Cudney, the President, Chief Executive Officer and a director of the Company, on a non-brokered private placement basis at a price of $6.00 per Class B Share, for aggregate gross proceeds of $29,808‬ (the “Class B Share Issue”) in order for Mr. Cudney to maintain his pro rata voting interest in respect of the Class B Shares following the completion of the Juno Share Acquisition and the Northfield Aviation Acquisition.

The Juno Share Acquisition

The Purchase Agreements contain customary representations, warranties and agreements, conditions to closing and other obligations of the parties. Closing of the Juno Share Acquisition is anticipated to be completed upon the Company obtaining disinterested shareholder approval in accordance with the policies of the TSXV. The Juno Share Acquisition will be exempt from prospectus requirements pursuant to Section 2.16 of National Instrument 45-106 – Prospectus Exemptions (the take-over bid and issuer bid transaction exemption).

MI 61-101 and TSXV Policy 5.9

Pursuant to Policy 5.9 – Protection of Minority Security Holders in Special Transactions of the TSXV and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the transactions contemplated by the Purchase Agreement entered into between the Company and Mr. Robert Cudney (the “Cudney Purchase Agreement”) constitutes a “related party transaction” due to the fact that Mr. Cudney is an insider of the Company and has beneficial ownership of, or control or direction over, securities of the Company carrying more than 10% of the voting rights attached to all the outstanding voting securities of the Company. However, the Company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 in respect of such transaction, as neither the fair market value of securities acquired from or issued to Mr. Cudney (individually or in the aggregate) pursuant to the Cudney Purchase Agreement, nor the fair market value of the transactions contemplated by the Cudney Purchase Agreement, exceeds 25% of the Company’s market capitalization as determined in accordance with MI 61-101. Disinterested shareholder approval will be required for the Juno Share Acquisition under the policies of the TSXV.

Class B Share Issue

As of the date hereof, Mr. Cudney beneficially owns, or exercises control and direction over, Class B Shares representing approximately 39.6% of the total voting power represented by the issued and outstanding voting securities of the Company. The Class B Share Issue is being undertaken to allow Mr. Cudney to maintain the total voting power represented by the Class B Shares held by Mr. Cudney immediately prior to the closing of the Juno Share Acquisition and the Northfield Aviation Acquisition. The Class B Shares are being issued in accordance with the resolutions of the shareholders of the Company passed at the meeting of shareholders of the Company held in December 1986, which authorized the board of directors of the Company (the “Board”) to issue additional Class B Shares to Mr. Cudney at an issue price equal to the market price of the Class A restricted voting shares of the Company on the day before the Board approves such issuance.

The Class B Share Issue remains subject to approval by the TSXV. All securities issued and issuable pursuant to the Class B Share Issue will be subject to a hold period of four months plus one day from the date of closing of the Class B Share Issue.

The Company intends to use the net proceeds of the Class B Share Issue for working capital and general corporate purposes.

TSXV Policy 5.9 and MI 61-101

Mr. Cudney is the President, Chief Executive Officer and a director of the Company, and accordingly, is a Non-Arm’s Length Party (as such term is defined in the policies of the TSXV) in relation to the Company and a “related party” of the Company pursuant to MI 61-101.

The participation in the Class B Share Issue by a related party of the Company constitutes a “related party transaction” as defined under MI 61-101 and Policy 5.9 – Protection of Minority Security Holders in Special Transactions of the TSXV. However, pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, the Company is exempt from obtaining a formal valuation and minority approval of the Company’s shareholders in respect of the Class B Share Issue due to the fair market value of the related party participation being below 25% of the Company’s market capitalization for the purposes of MI 61-101.

About Northfield Capital Corporation

The Company is a value-based investment and merchant banking company focused on the resource (critical minerals and precious metals) and transportation sectors.

For further information, please contact:

Michael G. Leskovec, CPA, CA
Chief Financial Officer
Telephone: (416) 628-5940

Forward-Looking Information and Other Disclaimers

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws including, but not limited to, statements with respect to the Juno Share Acquisition, the Class B Share Issue (including, the anticipated closing dates thereof and the securities laws expected to be applicable thereto) and the receipt of disinterested shareholder approval for the Juno Share Acquisition. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information. Forward-looking information is based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct.

Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors which could materially affect such forward-looking information are described in the risk factors in the Company’s most recent annual management’s discussion and analysis that is available on the Company’s profile on SEDAR+ at www.sedarplus.ca. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking information included in this news release are expressly qualified by this cautionary statement. The forward-looking information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The securities offered will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent a registration statement or an applicable exemption from the registration requirements. The news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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

The MIL Network –

May 27, 2025
MIL-OSI: nexxbuild Announces Strategic Merger with Investcorp Europe Acquisition Corp I (IVCBF:US)
Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Del., May 27, 2025 (GLOBE NEWSWIRE) — In a move aiming to change the construction materials distribution landscape, nexxbuild is thrilled to announce its strategic merger (the “Merger”) with Investcorp Europe Acquisition Corp I (IVCBF:US) (“IVCB”). This partnership signifies a step in nexxbuild’s mission to unify independent local distributors under a cohesive nationwide platform, enhancing their service capabilities and expanding their market reach.

“Today marks the beginning of an exciting future for local distributors across the country,” stated Nav Rau, CFO of nexxbuild. “As we launch nexxbuild, we are dedicated to revolutionizing the construction materials distribution sector through a ‘people first, tech forward’ vision.” This vision reflects a commitment to integrating cutting-edge technology while keeping the focus on the personal relationships, which are the cornerstones of nexxbuild’s approach.

Vikas Mittal, Director, Chief Executive, and Financial Officer of Investcorp European Acquisition Corp echoed this sentiment, emphasizing the unique advantages that come with the merger. “nexxbuild’s platform offers a compelling vision—one that respects the independence of local distributors while aiming to enhance their capabilities through shared resources, technology, and scale. The objective is for local distributors to maintain their unique identities while also benefiting from the support, strength, and reach of a nationwide network, allowing for each local distributor to thrive independently and at the same time to be a part of something much larger. If successful, the Merger could position nexxbuild to deliver greater operational efficiency and improved service across its markets, while creating long-term value for all stakeholders involved.”

The merger with IVCB will empower nexxbuild to significantly expand its offerings and enhance its service capabilities, positioning the company for growth.

Key Highlights:
- Empowerment of Local Distributors: nexxbuild is committed to fostering growth while preserving the identities, cultures, and relationships of local distributors.
- People-First, Technology-Forward: The company is dedicated to being both people-focused and technology-driven, providing access to innovative digital tools that enhance the growth and relevance of the nexxbuild family of brands.
- Elevated Service and Product Offerings: nexxbuild aims to elevate service and product offerings for vendors and customers alike, ensuring an enhanced experience across the board.
Advisors

Advisors to the transaction include Maxim Group LLC, which is serving as exclusive financial advisor to nexxbuild. Duane Morris is serving as counsel to nexxbuild. Edelman Legal Advisory PLLC is serving as counsel to Investcorp Europe Acquisition Corp I.

About nexxbuild:

Nexx HoldCo, LLC (“nexxbuild”) brings together the strengths of independent local distributors, forming a unified nationwide platform servicing the construction industry. Where personalized service and local expertise are vital, nexxbuild focuses on empowering these businesses, allowing them to thrive on their own terms while being supported by the comprehensive resources of a national network.

About Investcorp Europe Acquisition Corp I (IVCBF:US):

Investcorp Europe Acquisition Corp I (IVCBF:US) is a special purpose acquisition company that seeks to leverage its expertise to create value and drive growth in the construction materials sector.

Participants in Solicitation

IVCB, nexxbuild, and their respective directors, executive officers, other members of management and employees may be deemed participants in the solicitation of proxies from IVCB’s shareholders with respect to the Merger. Investors and securityholders may obtain more detailed information regarding the names and interests in the Merger of the directors and officers of each of IVCB and nexxbuild with respect to the Merger in the proxy statement/prospectus for the Merger when available and in such companies’ respective filings with the Securities and Exchange Commission (the “SEC”), the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, amendments and supplements, and other documents filed with the SEC. Such information with respect to nexxbuild’s managers and executive officers will also be included in the proxy statement/prospectus. You may obtain free copies of these documents as described below under the heading “Additional Information and Where to Find It.”

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Merger. The press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities of IVCB or nexxbuild in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between nexxbuild and IVCB. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “think,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “seeks,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i) the risk that the transactions may not be completed in a timely manner or at all; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (iii) the failure to achieve the minimum amount of cash available following any redemptions by IVCB’s stockholders; (iv) redemptions exceeding anticipated levels or the failure to meet initial listing standards in connection with the consummation of the transactions; (v) the effect of the announcement or pendency of the transactions on nexxbuild business relationships, operating results, and business generally; (vi) changes in the markets in which nexxbuild competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; (vii) changes in domestic and global general economic conditions; (viii) costs related to the transactions and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions; (ix) the ability to recognize the anticipated benefits of the transactions and to achieve its commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of nexxbuild to grow and manage growth economically and hire and retain key employees and to develop and acquire other construction supply platforms; (x) the risk that nexxbuild may fail to keep pace with rapid technological developments to provide new and innovative products and services; and (xi) those factors discussed in IVCB’s filings with the SEC and that that will be contained in the proxy statement/prospectus relating to the transactions.

The foregoing list of factors is not exhaustive. And forward-looking statements speak only as of the date of this press release. Accordingly, these forward-looking statements should not be relied upon as representing IVCB or nexxbuild assessments as of any date after the date of this press release. Further, readers are cautioned not to put undue reliance on forward-looking statements. While IVCB and nexxbuild may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Neither of IVCB nor nexxbuild gives any assurance that IVCB or nexxbuild, or the combined company, will achieve its expectations. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of IVCB and/or nexxbuild. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the proxy statement/prospectus and the amendments, the definitive proxy statement/prospectus to be filed in connection with the transactions, and other documents to be filed by IVCB from time to time with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on April 11, 2024 and any subsequent filings. All forward-looking statements are expressly qualified in their entirety by such factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Copies will be available on the SEC’s website, www.sec.gov.

All forward-looking statements are expressly qualified in their entirety by such factors. IVCB does not undertake any duty to update any forward-looking statement except as required by law.

Additional Information and Where to Find It

In connection with the Merger, IVCB intends to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will be both the proxy statement to be distributed to the shareholders of IVCB in connection with IVCB’s solicitation of proxies for the vote by its shareholders with respect to the proposed transaction and other matters as may be described in the definitive proxy statement/prospectus, as well as a prospectus relating to the offer and sale of the securities to be issued in the proposed transaction. Shareholders are encouraged to read the Registration Statement, when available, as it will contain important information.

This press release does not contain any information that should be considered by IVCB’s shareholders or nexxbuild’s members concerning the proposed transaction and is not intended to constitute the basis of any voting or investment decision in respect of the proposed transaction or the securities of the combined company. The respective shareholders of IVCB and nexxbuild and other interested persons are advised to read, when available, Registration Statement and documents incorporated by reference therein filed in connection with the Merger, as these materials will contain important information about IVCB, nexxbuild, and the Merger.

When available, the definitive proxy statement/prospectus and other relevant materials for the Merger will be mailed to shareholders of IVCB as of a record date to be established for voting on the Merger. Shareholders of IVCB will also be able to obtain copies of the Registration Statement, the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s web site at www.sec.gov or by directing a request to IVCB at Century Yard, Cricket Square, Elgin Avenue, P.O. Box 1111, George Town, Grand Cayman KY1-1102, Cayman Islands.

Contact

IVCB

Century Yard, Cricket Square, Elgin Avenue, P.O. Box 1111,
George Town, Grand Cayman KY1-1102, Cayman Islands
Attn: Vikas Mittal
212-207-0090

The MIL Network –
May 27, 2025
MIL-OSI: Xtract One Teams Up with MLB’s Colorado Rockies to Deploy SmartGateway at Coors Field, Bringing Frictionless Screening to Fans this Season

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 27, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”) today announced it has signed an agreement with the Colorado Rockies (“Rockies”) of Major League Baseball (MLB) to use SmartGateway at their home ballpark, Coors Field. This joint development project seeks to introduce frictionless, streamlined screening and entry to fans and patrons this baseball season.

“We are thrilled to work with the Colorado Rockies on this deployment to showcase how SmartGateway can help create a safe and secure environment for every fan, player, and ballpark personnel who enters the venue,” said Peter Evans, CEO of Xtract One. “This collaboration reflects our continued commitment to advancing stadium security across major organizations like MLB. We look forward to contributing to a positive, worry-free experience for everyone entering Coors Field all season long.”

With a capacity of 50,398 at Coors Field, the Colorado Rockies were seeking an advanced screening system to replace traditional walk-through metal detectors. SmartGateway reduces the time spent in long security lines, allowing individuals to walk through security checks up to seven times faster than the average walk-through metal detector allows. Aligning with the Rockies’ mission to conduct business with integrity, service, quality, and trust, the deployment of SmartGateway’s innovative system will enhance guests’ safety and overall game-day experience. This strategic deployment will introduce SmartGateway to Coors Field’s visitors, showcasing innovative technology that unobtrusively scans patrons with AI-powered sensors, minimizes entry line wait times, and contributes to optimized venue operations.

“As the world keeps innovating, we want to make sure we’re bringing fans the best possible experience,” said Kevin Kahn, Chief Customer Officer & Vice-President, Ballpark Operations of the Colorado Rockies. We look forward to showcasing SmartGateway to fans entering Coors Field, delivering frictionless screening and entry processes, and contributing to an overall better game-day experience.”

Xtract One’s SmartGateway unobtrusively scans patrons to detect prohibited items, enhancing safety without sacrificing experience. The system uses AI-powered sensors to quickly and accurately scan patrons, seamlessly detecting threats without invading guests’ privacy. SmartGateway reduces wait times and enables faster entry, while providing data-driven security insights that shift security operations from reactive to proactive. Each lane is equipped with the capacity to screen up to 2,400 patrons per hour. The Company’s Multi-Sensor Gateway portfolio has been awarded the U.S. Department of Homeland Security DHS SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT), highlighting the efficacy of Xtract One’s innovative security solutions in safeguarding public spaces against modern threats.

To learn more, visit www.xtractone.com.

About Xtract One
Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

About Threat Detection Systems
Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, but are not limited to, the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

For further information, please contact:
Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385
Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 212-206-1645

The MIL Network –

May 27, 2025
MIL-OSI: OTC Markets Group Welcomes Exail Technologies, a European defense company, to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 27, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Exail Technologies (Euronext Paris: EXA; OTCQX: EXALF), a world-leading player in the fields of maritime drone systems and navigation systems, has qualified to trade on the OTCQX® Best Market. Exail Technologies upgraded to OTCQX from the Pink® market and is the first European company active in the defense sector to join the OTCQX Market.

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

The company continues to be traded simultaneously on its home market, Euronext, as well as on the U.S. market, strengthening its global visibility and enhancing accessibility for international investors.

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

About Exail Technologies
Exail Technologies is a high-tech company specialized in advanced technologies in the fields of autonomous robotics and navigation, with a deep vertical integration. The group offers complex systems of drones navigation systems especially in the maritime field.

About OTC Markets Group Inc.

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

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

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

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

Subscribe to the OTC Markets RSS Feed

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

The MIL Network –

May 27, 2025
MIL-OSI: MEXC Announces the Listing of Sophon (SOPH) with $40,000 in SOPH and 50,000 USDT Prize Pool
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, May 27, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, will list Sophon (SOPH) on May 28, 2025(UTC).To celebrate the listing, MEXC is launching a special event for new and existing users, featuring a total prize pool of $40,000 in SOPH and 50,000 USDT.

Sophon Network (SOPH) bridges the gap in blockchain mainstream adoption by delivering user-friendly blockchain applications that seamlessly integrate into everyday digital life. As the ecosystem matures, the project leverages Validium technology within the ZKsync Elastic Chain to offer high performance and a smooth user experience, two essentials for widespread adoption.

SOPH is the native utility token of the Sophon Network ecosystem, used for gas fee payments and rewarding node operators. With a fixed total supply of 10 billion tokens, SOPH forms the core economic model of the platform, enabling users to engage with a variety of consumer-focused blockchain applications.

The Sophon (SOPH) Airdrop+ event runs from May 27, 2025, 11:00 (UTC) to June 6, 2025, 11:00 (UTC) and includes the following benefits:
- Benefit 1: New users who deposit SOPH will share $30,000 in SOPH.
- Benefit 2: All users can participate in the Futures Challenge to share 50,000 USDT in Futures bonuses.
- Benefit 3: All users can invite new users to share $10,000 in SOPH.
MEXC has established itself as an industry leader by consistently providing users with early access to promising crypto projects. According to the latest TokenInsight report, MEXC led the industry with an impressive 461 spot listings. During each bi-weekly period, MEXC maintained a high listing frequency, consistently ranking among the top six exchanges and demonstrating its ability to capture market trends quickly. To date, MEXC has listed more than 3,000 digital assets. MEXC will maintain its industry-leading listing efficiency, innovate, and expand its offerings, ensuring users can access the best opportunities in the ever-evolving crypto landscape.

For full event details and participation rules, please visit here.

About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Risk Disclaimer:
The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

Source

Contact:
Lucia Hu
lucia.hu@mexc.com

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

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aff4c8ac-321b-4bbf-bbb6-c7fcc0b36854

The MIL Network –
May 27, 2025
MIL-OSI: Gilat Receives Over $25 Million in Orders for its Multi-Orbit Satellite Solutions

Source: GlobeNewswire (MIL-OSI)

PETAH TIKVA, Israel, May 27, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that its Commercial Division received over $25 million in orders from leading global satellite operators. Deliveries are scheduled throughout 2025 and 2026.

The orders demonstrate continued confidence in Gilat’s powerful portfolio of products and services for multi-orbit constellations—GEO, MEO, and LEO—, including ground segment infrastructure, network management systems, and value-added services. Much of the current momentum is driven by increasing demand for high-quality broadband connectivity in the skies, reinforcing Gilat’s leadership in the IFC market.

Gilat’s technologies are built to meet the stringent requirements of mobility-driven services like IFC, where performance, efficiency, and reliability are paramount. At the same time, the company’s solutions continue to support a range of commercial satellite applications, helping operators maximize network value and customer satisfaction.

“We’re seeing accelerating demand for high-quality In-Flight Connectivity as satellite operators expand their service offerings to meet rising expectations from the aviation industry,” said Ron Levin, President of Gilat’s Commercial Division. “At the same time, these orders reflect the broader confidence in Gilat’s ability to deliver reliable, high-performance solutions across a range of satellite communications applications.”

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

Together with our wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the hostilities between Israel and Hamas. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:

Gilat Satellite Networks
Hagay Katz, Chief Product and Marketing Officer
hagayk@gilat.com

Alliance Advisors:
GilatIR@allianceadvisors.com
Phone: +1 212 838 3777

The MIL Network –

May 27, 2025
MIL-OSI NGOs: Complementing the knowledge and skills of the medical staff in Sierra Leone

Source: Médecins Sans Frontières –

In Sierra Leone, after the Ebola epidemic heavily affected the country’s healthcare workforce, the Médecins Sans Frontières (MSF) Academy for Healthcare was launched in 2018 to strengthen the skills and competencies of frontline healthcare workers, with the goal to have a long-term impact on the quality of care provided in healthcare facilities.

Sierra Leone remains one of the top ten countries with the highest maternal mortality rates in the world recording 354 deaths per 100,000 live births in 2023. With the objective to reduce these rates, MSF opened a hospital in Kenema district which started providing healthcare services to children in 2019 and pregnant and lactating mothers in 2022. The MSF Academy, through work-based learning programmes in clinical care, has refined the skills of healthcare workers in the hospital and clinics where our teams support, to foster a better quality of care for patients.

MSF Academy for Healthcare pedagogical manager, Randi Movich, observes a discussion on hand hygiene between two mentees following a bedside observation in the inpatient therapeutic feeding centre, inside the MSF Mother and Child hospital in Kenema district. Sierra Leone, May 2025.
Noor Ahmad Saleem/MSF

From 2018 to May 2025, the MSF Academy has trained 345 national healthcare staff in nursing care and ethical practices, infection prevention and control, patient assessment, supporting women during labour and delivery and surgical care. These curriculums were provided in broader programmes such as basic clinical nursing care, outpatient care, midwifery clinical care, operating theatre nursing care and community healthcare officer programmes. Theses trainings were done through competency-based curricula that are tailor-made using learning methodologies based on theoretical knowledge and workplace practice. The results of the assessments show an increase in participants’ competencies, confidence, decision-making abilities, and the quality of care provided to patients.

“Changing our gloves after every procedure was something that the Academy revised with us and reinforced,” says Gbassa Josphine Jinnah, a nurse working in the in-patient department of the MSF hospital. She has completed the basic clinical nursing care programme at the MSF Academy.

“It was one of my dreams to be a competent nurse. I am very happy and proud of myself to have fulfilled and completed this training,” says Jinnah.

Clinical mentor, Momoh Sao, and nurse aide, Aminata Koroma, examine 6-months-old Ogar Boima in the emergency room of the MSF Mother and Child hospital in Kenema district. Sierra Leone, May 2025.
Noor Ahmad Saleem/MSF

A unique approach that was implemented by the MSF Academy was the introduction of clinical mentors to coach the learners at a patient’s bedside. They observe the care deliverance given to the patients, assess knowledge gaps, as well as support the learners in delivering care. These mentors are often nurses and community health officers working in the hospital who were then upskilled to be trainers. This strategy proved to be very effective as both learners and clinical mentors are peers. The mentors deliver theoretical classroom sessions, bedside mentoring, competency gap assessments and teaching techniques that are often adapted for the learner.

“The clinical mentors and learners brought passion and desire to teach and learn,” says Randi Movich, MSF Academy pedagogical manager in Sierra Leone. “They work hand in hand, and it improved the learning environment.”

With the MSF Academy for Healthcare concluding its support in Sierra Leone, the 345 healthcare workers who upgraded their competencies will continue to play a key role in upholding high standards and delivering quality care to patients in Kenema district.

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MIL OSI NGO –

May 27, 2025
MIL-OSI United Kingdom: Safety upgrades due to start at Manchester College crossing
Source: City of Manchester

Pedestrian safety will be at the heart of improvement works due to start at the beginning of June.

From Monday 2 June, work will start to upgrade the junction of Trinity Way/Great Ducie Street providing a larger and improved crossing area for the public.

Adjacent to Manchester College, which will see an increased number of students in the coming years, and in proximity to the AO Arena and Victoria Station this junction is one of the key crossing locations in that part of the city centre.

Coupled with increased investment in the area as part of the Strangeways redevelopment and the more than 400 new homes built on the former Boddingtons site, it is only going to become a busier area which is why it has become clear that improvements to existing infrastructure are needed.

Between 2017 and 2021 there were a total of 15 accidents at this junction resulting in 21 people being injured – one of which was a serious injury.

Running until approximately mid-July the works will consist of:
- Improved controlled pedestrian crossing on the east side of the junction, opposite the Manchester College campus
- Redesigned controlled pedestrian crossing on the west side of the junction, opposite the Kickair trampoline centre
- Guard rails and bollards to prevent pavement parking on the kerb island near to New Bridge Street and Mirabel Street
- A left turn ban of northbound traffic on Great Ducie Street and a build out of the kerb to prevent left turns
- Road markings and signage will be updated to reflect the changes
Working hours for the scheme will be Monday to Friday between 8am and 5pm, with some overnight lane closures planned. For any lane closures during the day, they will only be in operation in off-peak hours between 9.30-15.30.

No work will take place during the weekend.

During the weekends of Parklife (June 14-15) and the Peter Kay and Pulp performances (June 21-22) overnight closures will not be in place.

A traffic management plan will be in place so that motorists will still be able to use this junction during the course of the works. However there will be a degree of disruption as the improvements are made, which is why we would encourage people to plan their journeys ahead and try alternative routes where possible.

For greater detail on the works visit manchester.gov.uk/improvements.

Councillor Tracey Rawlins, Executive Member for Clean Air, Environment and Transport said: “Safety will always be our number one priority which is why the improvement works planned for this junction are so important.

“Thousands of people – many of them attending the nearby college – use this crossing point every day and we must ensure that they can cross what is a very busy road safely.

“We hope to carry out this work as quickly as possible but I would like to thank motorists in advance for their patience as it is carried out.”
MIL OSI United Kingdom –
May 27, 2025
MIL-OSI United Kingdom: Cabinet Member joins podcast to discuss relationships and community

Source: City of Coventry

Cllr Patricia Seaman, Cabinet Member for Children and Young People, is the latest guest on the Relational Social Work Podcast.

Cllr Seaman joins hosts Matt Clayton and Hannah Bedford for an episode about the importance of relationships, community, and help being available for families when they are in need.

The three also discuss her journey into politics, the role that local politics plays in how Children’s Services is delivered, and the role of the Lead Member for Children’s Services.

You can listen to the episode via the podcast’s website – www.therelationalsocialworkpodcast.com.

The Relational Social Work Podcast is aimed at social workers and other professionals working within or in partnership with Children’s and Education Services, and it started here in Coventry!

The podcast is hosted by Matt Clayton, Strategic Lead for Children in Care, Children with Disabilities and Care Leavers, and Hannah Bedford, Family Valued Team Manager, and produced by Arin Sotoudeh, Improvement Officer.

Hannah, Matt and Arin launched the podcast in September 2024, with the aim of starting a conversation about the importance of relationships and love in social work, recognising the challenges faced by the sector, and influencing practice across the UK.

The Relational Social Work Podcast, now in its third series, has built a strong following, with over 8,000 listens, both in the UK and internationally, and has featured a wide variety of guests including Yvette Stanely, Ofsted’s National Director for Social Care, and Coventry City Council’s Director of Children’s and Education Services, Sukriti Sen.

The podcast is also now releasing one episode per series, in partnership with the Association of Directors of Children’s Services (ADCS) to share this platform with their President.

The podcast has a weekly newsletter which you can subscribe to through the website and provides updates and reflective questions based on each episode.

The podcast has teamed up with MADLUG (Make a difference luggage) for the latest series, to promote their mission to ensure that all care experienced young people are given value, dignity and worth, and that no child in care or leaving care should ever have to move their belongings in black bags or carrier bags. Not only is the podcast promoting this, but MADLUG have donated some of their bags as prizes for listeners and subscribers.

All episodes of the podcast can be found on all major podcast platforms or on the website: www.therelationalsocialworkpodcast.com

MIL OSI United Kingdom –

May 27, 2025
MIL-OSI Russia: 54 buildings built by individual entrepreneurs in Moscow in five years

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Since 2020, private investors have built 54 facilities in the capital. The buildings appeared in 11 administrative districts of the capital. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

“Over the past five years, individual entrepreneurs have built 54 buildings in Moscow with a total area of over 105 thousand square meters. Among them are two health and wellness centers, three sports facilities, six administrative and business facilities, and 17 retail and household facilities. Private investors have built the most real estate in TiNAO – since 2020, entrepreneurs have built 36 buildings here,” Vladimir Efimov noted.

Participation of individual entrepreneurs in the development of the city allows creating additional infrastructure for citizens and guests of the capital. Thanks to business, institutions appear in Moscow where you can spend your leisure time and make purchases, as well as receive medical and other services.

“In 2024, entrepreneurs built 14 new facilities in Moscow. Among them are a sports and fitness center with an area of about 6.4 thousand square meters, as well as a department store building in the Molzhaninovsky district with an area of almost 1.1 thousand square meters and a medical center in Khoroshevo-Mnevniki with an area of about a thousand square meters. At the moment, private investors are building a sports and fitness center in Troitsk and a large shopping center in Mitino with an area of 12.5 thousand square meters,” said the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy

Vladislav Ovchinsky.

Earlier Sergei Sobyanin told, how Moscow helps the capital’s business develop.

Get the latest news quickly official telegram channel the city of Moscow.

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/154357073/

MIL OSI Russia News –

May 27, 2025