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Category: CTF

  • MIL-OSI USA: Honoring the Lives of Victims in Tops Shooting

    Source: US State of New York

    overnor Kathy Hochul, City of Buffalo Mayor Christopher P. Scanlon and members of the 5/14 Memorial Commission announced a major milestone for the permanent and living memorial to honor the lives taken and those impacted by the racially motivated mass shooting at Tops on Jefferson Avenue on May 14, 2022. The 5/14 Memorial Commission identified 18 city-owned and privately-owned lots required for the construction of a permanent memorial. The City’s discussions with private property owners have successfully concluded, with three owners willing to donate or sell the remaining four parcels needed for the memorial. As a result, all 18 lots required for the memorial have now been designated for a unified site, and the acquisition of all parcels marks a critical step forward for the 5/14 Memorial Foundation Inc. to enter detailed phases of design, engineering, permitting, and fundraising.

    “The 5/14 Memorial will stand not only as a tribute to the lives lost and forever changed on May 14, 2022, but also as a powerful symbol of resilience, remembrance, and justice,” Governor Hochul said. “Today marks a profound and pivotal moment in our shared journey toward healing the pain caused on that tragic day and ensuring the legacy of those lost endures for generations to come.”

    Buffalo Mayor Christopher P. Scanlon said, “As we approach three years since the horrific racially motivated attack on May 14th, today’s announcement isn’t just about transferring property — it’s about the next step creating a permanent and living space that reflects the strength of the East Side community and ensures that the lives we lost are never forgotten. I want to thank Governor Hochul, the 5/14 Memorial Foundation Inc., the Buffalo Common Council, and all stakeholders for coming together to make this possible.”

    5/14 Memorial Foundation Inc. Chairman Rev. Mark Blue said, “This moment represents a significant milestone in our collective journey to push forward as a community and honor the lives taken from us on May 14th, 2022. We are deeply grateful to Governor Hochul, Mayor Scanlon, the Common Council, and the members of this community who have worked in partnership with us to achieve site control. This brings us one step closer to creating a permanent space for healing, reflection, and education.”

    Buffalo Common Council Majority Leader, Ellicott District Councilmember Leah M. Halton-Pope said, “This moment represents more than a transfer of land — it is a transfer of purpose, of collective will, and of deep resolve to remember those we lost on May 14th and the community that continues to rise in their honor. The establishment of a permanent and living memorial affirms that Black lives matter, that the East Side of Buffalo matters, and that the legacy of those ten beautiful souls will forever be etched not only in stone, but in our city’s conscience. I’m proud to stand with my colleagues, Governor Hochul, Mayor Scanlon, and the 5/14 Memorial Commission as we take this next step forward — grounded in remembrance and committed to healing.”

    Today, the Common Council approved the sale of 14 city-owned parcels at the designated memorial site to the 5/14 Memorial Foundation. The City of Buffalo submitted a Designated Developer Agreement, which was approved by the Buffalo Common Council, to establish site control at the corner of Jefferson Avenue and Best Street, the future site for the 5/14 permanent and living memorial. The agreement outlines the sale of city-owned parcels to the 5/14 Memorial Foundation Inc. and sets forth land use conditions and long-term responsibilities for the Foundation to develop and maintain the site as a public memorial space.

    About the 5/14 Memorial

    The 5/14 Memorial Commission, established in October 2022 by Governor Kathy Hochul and then-Mayor Byron W. Brown, unveiled the final design for the memorial, titled “Seeing Us,” on May 13, 2024. Designed by Jin Young Song and Douglass Alligood, the memorial features ten interconnected stone pillars inscribed with the names of the lives taken and survivors, each with a unique arc and height. A sweeping support building will serve as a central hub for education, exhibitions, community activities, and events, with an elevated Memorial Walk on its roof. The design was selected through a comprehensive public engagement process, including community meetings and surveys.

    The estimated cost for the memorial is approximately $15 million. To date, New York State has committed $5 million, and the City of Buffalo has pledged $1 million toward the project. The 5/14 Memorial Commission has designated the newly created 5/14 Memorial Foundation to initiate a yearlong fundraising campaign to secure the remaining funds necessary to commence construction.

    Representative Tim Kennedy said, “Our community was permanently scarred by the events of May 14, 2022. While that pain will never go away, the new permanent site for this memorial will create a place of comfort and healing where Western New Yorkers can come together in love and unity. I thank the members of the 5/14 Memorial Commission, Mayor Scanlon, and the Common Council for their collaborative work to identify and secure this site. The City of Good Neighbors will respond to hatred and violence with hope and unity.”

    Assembly Majority Leader Crystal Peoples-Stokes said, “The acquisition of land is another positive step towards creating a lasting memorial honoring the lives lost, the lives forever changed, and the community that stood together in the face of anti-Black racism. We have more hills to climb and we will climb them. I want to thank Governor Kathy Hochul, City of Buffalo Mayor Christopher Scanlon, the City of Buffalo Common Council, community leaders and the 5/14 Memorial Foundation, Inc for helping to bring the memorial one step closer to reality.”

    State Senator April N.M. Baskin said, “May 14, 2022, is a tragic day that will live in infamy throughout Buffalo, Western New York, and beyond. We lovingly remember our 10 neighbors who were senselessly murdered that day as well as the individuals injured and those who face irreversible trauma from the attack on our community. As we work on many initiatives to improve the societal conditions that made East Buffalo a vulnerable target on 5/14, I am pleased that we are making strides to establish a tangible Memorial that will stand as a timeless symbol of that fateful day.”

    State Senator Sean Ryan said, “Three years after the racist attack on 5/14, the memories of that horrible day are still fresh in all of our minds. The anger, sorrow, and grief we felt that day are still inside, but we have begun to build our lives around them. This memorial will be a solemn tribute to the friends, loved ones, and neighbors lost that day, celebrating them and memorializing them for all time. It will also serve as a reminder of our community’s resilience in the wake of tragedy. Thank you to Governor Hochul and our partners in government who have worked together to make this tribute possible.”

    Buffalo Common Council President Bryan Bollman said, “The land transfer for the 5/14 Memorial marks a vital step forward in honoring the 10 lives lost, the families forever changed, and the community that continues to heal. We will never forget the pain of that day, but we move forward with purpose, committed to remembrance, justice, and unity. I commend Governor Hochul, Mayor Scanlon, former Mayor Brown, and the 5/14 Memorial Commission for their leadership in ensuring this sacred space will stand as a permanent reminder that love will always triumph over hate.”

    Masten District Council Woman and 5/14 Commission Member Zeneta B. Everhart said, “It has been an honor to serve on the 5/14 Memorial Commission and Foundation for nearly three years. As we approach the 3rd memorial anniversary I am reminded of the 10 lives stolen from us, the survivors including my son Zaire Goodman, and the dozens of residents impacted by the hate fueled massacre on 5/14/2022. I want to thank the Mayor and my colleagues on the Council for making the process for acquiring these properties seamless so that we can begin building an honor space in remembrance of 5/14. I would also like to thank the donors who selflessly gave their properties and those who were so willing to sell their properties so that we could make this memorial a reality. This memorial will be a living breathing entity that will not only teach the community about the horrific events of 5/14, but it will be a space that teaches the history of African Americans for generations to come.”

    MIL OSI USA News –

  • MIL-OSI: Westport Fuel Systems Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport“) (TSX:WPRT / Nasdaq:WPRT) reported financial results for the first quarter ended March 31, 2025, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

    “We continue to make significant strides in transforming Westport and sharpening our strategic focus. Our priorities remain clear: driving success through Cespira, our HPDI joint venture with Volvo Group; pursuing operational excellence through initiatives to streamline processes and reduce costs; and positioning Westport at the forefront of the alternative fuel shift.

    These priorities are guiding us as we work towards a brighter future. We’re seeing the impact of our efforts in our recent results – we significantly improved our net loss to $2.5 million in Q1 of 2025 from a net loss of $13.6 million in Q1 of 2024. This was supported by a $3.5 million increase in gross profit and an $8.1 million decrease in operating expenses. We also reported a substantial improvement in adjusted EBITDA as compared to the same period of the prior year.

    Looking to the future, with the announcement of the proposed sale of our light-duty business, Westport is realigning to focus on the hard-to-decarbonize applications primarily in long-haul and heavy-duty trucking where our unique HPDI and high-pressure technologies offer significant growth potential. Critically, this transaction is designed to provide immediate cash proceeds that bolster our balance sheet and fund growth opportunities in Cespira and the High-Pressure Controls & Systems business.

    Now, the conversation has changed. Our attendance at the Advanced Clean Transportation Expo or ACT Expo, the largest showcase of clean transportation technologies in North America, validated our view that the market recognizes that the internal combustion engine utilizing alternative fuels is an affordable solution that also decarbonizes long-haul, heavy-duty transport. Westport is the clean-tech innovation company to help drive this change. Through Cespira, the HPDI fuel system does the on-engine work to our High Pressure Controls and Systems business where our components do the off-engine work we are providing OEMs with simplified solutions to decarbonize.

    Volvo recently highlighted that demand for their gas-powered trucks that utilize HPDI technology has been increasing, with sales up more than 25% in 2024, a trend that we saw continue into Q1 with Cespira delivering improved revenue driven by increased volumes as compared to Q1 of 2024. While we remain focused on scaling our alternative fuel solutions, including LNG, CNG, RNG, and hydrogen systems, we are matching the cleanest gaseous fuels with the most efficient engine technologies. We are committed to delivering practical, commercially viable low-carbon solutions today and providing sustainable, high-performance solutions that help our customers achieve their goals now and for years to come.”

    Dan Sceli, Chief Executive Officer

    Q1 2025 Highlights

    • Revenues decreased 9% to $71.0 million compared to the same period in 2024, primarily driven by decreased sales volumes in our Heavy-Duty OEM and High-Pressure Controls & Systems segments. This was partially offset by increased sales in our Light-Duty segment in the quarter. In Q1 2024, our Heavy-Duty OEM segment included the financial results of the HPDI business which are now accounted for as part of the Cespira joint venture.
    • Net loss of $2.5 million for the quarter compared to net loss of $13.6 million for the same quarter last year. The decrease in net loss was driven by a $3.5 million increase in gross profit, decrease in operating expenditures by $8.1 million; change in foreign exchange gain or loss by $2.3 million and an increase in loss from investments accounted for by the equity method of $3.8 million.
    • Adjusted EBITDA[1] of nil  compared to negative $6.6 million for the same period in 2024.
    • Cash and cash equivalents were $32.6 million at the end of the first quarter. Cash used in operating activities during the quarter was $4.9 million with net cash used by working capital of $8.1 million, partially offset by operating income of $1.7 million. Investing activities included the collection of $10.5 million in a holdback receivable related to our previous sale of CWI to Cummins in 2022, capital contribution into Cespira of $4.7 million and purchase of capital assets of $3.1 million. Cash used in financing activities was attributed to net debt repayments of $3.9 million in the quarter.

    [1] Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to NON-GAAP FINANCIAL MEASURES in Westport’s Management Discussion and Analysis for the reconciliation.

    Consolidated Results      Over /   
    ($ in millions, except per share amounts)     (Under)   
      1Q25 1Q24 %  
    Revenue $ 71.0   $ 77.6   (9 )%
    Gross Profit(2)   15.2     11.7   30 %
    Gross Margin(2)   21 %   15 %  
    Income (loss) from Investments Accounted for by the Equity Method(1)   (3.8 )   —   (100 )%
    Net Loss   (2.5 )   (13.6 ) 82 %
    Net Loss per Share – Basic   (0.14 )   (0.79 ) 82 %
    Net Loss per Share – Diluted   (0.14 )   (0.79 ) 82 %
    EBITDA (2)   (0.1 )   (9.2 ) 99 %
    Adjusted EBITDA (2)   —     (6.6 ) 100 %

    (1) This includes income or loss primarily from our investments in Cespira and Minda Westport Technologies Limited
    (2) Gross margins, EBITDA and Adjusted EBITDA are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation to equivalent GAAP measures and limitations on the use of such measures.

    Segment Information

    Light-Duty

    Revenue for the three months ended March 31, 2025 was $64.2 million compared with $63.3 million for the three months ended March 31, 2024. Light-Duty revenue increased by $0.9 million compared to the prior year and was primarily driven by increase in sales in our light-duty OEM and DOEM businesses. The light-duty OEM business had an increase in sales from its Euro 6 program compared to the prior year. In the first quarter of 2024, DOEM had a significant decrease in sales to a customer. This was partially offset by lower sales in our IAM, electronics and fuel storage businesses compared to the prior year.

    Gross profit for the three months ended March 31, 2025 increased by $1.6 million to $14.0 million, or 22% of revenue, compared to $12.4 million, or 20% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions.

    High Pressure Controls & Systems

    Revenue for the three months ended March 31, 2025 was $1.4 million compared with $2.4 million for the three months ended March 31, 2024. The decrease in revenue for the three months ended March 31, 2025 compared to the prior year was primarily driven by the hydrogen industry slowdown impacting demand for hydrogen components.

    Gross profit for the three months ended March 31, 2025 decreased by $0.2 million to $0.2 million, or 14% of revenue, compared to $0.4 million, or 17% of revenue, for the same prior year period. This was primarily driven by lower sales volumes increasing the per unit manufacturing costs in the quarter.

    Heavy-Duty Original Equipment Manufacturer (“OEM”)

    Revenue for the three months ended March 31, 2025 was $5.4 million, compared to $11.9 million for the prior year. The decrease in revenue for the three months ended March 31, 2025 is a result of the continuation of the business in Cespira. The revenue earned in the current quarter was from our services provided under the transitional service agreement with Cespira that is expected to end by Q2 2026.

    Gross profit for the three months ended March 31, 2025 increased by $2.1 million to $1.0 million, or 19% of revenue, compared to negative $1.1 million or negative 9% of revenue, for the same prior year period. The Heavy-Duty OEM segment received $0.9million in credits from component suppliers for inventory sold in the quarter.

    Selected Cespira Statements of Operations Data

    We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain Cespira’s financial information in notes 7 and 17 of our interim financial statements for the three months ended March 31, 2025.

    The following table sets forth a summary of the financial results of Cespira for the three months ended March 31, 2025 .

    (in millions of U.S. dollars)   Three months ended March 31,   Change
          2025       2024     $   %
    Total revenue   $ 16.7     $ —     $ 16.7     — %
    Gross profit   $ 0.5     $ —     $ 0.5     — %
    Gross margin1     3 %     — %        
    Operating loss   $ (7.1 )   $ —     $ (7.1 )   — %
    Net loss attributable to the Company   $ (3.9 )   $ —     $ (3.9 )   — %

    1Gross margin is non-GAAP financial measure. See the section ‘Non-GAAP Financial Measures’ for explanations and discussions of these non-GAAP financial measures or ratios.

    Revenue

    Cespira revenues for the three months ended March 31, 2025 were $16.7 million. In the prior year, the Heavy-Duty OEM segment, which included our HPDI business, had revenues of $11.9 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.

    Gross Profit

    Gross profit was $0.5 million for the three months ended March 31, 2025. In the prior year, the Heavy-Duty OEM segment had negative $1.1 million in gross profit primarily driven by the increase in sales volumes compared to the prior year and reductions in manufacturing cost.

    Operating loss

    Cespira incurred operating losses of $7.1 million for the three months ended March 31, 2025. Cespira continues to incur operating losses as it scales its operations and expand into other markets.

    Q1 2025 Conference Call
    Westport has scheduled a conference call for May 14, 2025, at 7:00 am Pacific Time (10:00 pm Eastern Time) to discuss these results. To access the conference call please register at
    https://register-conf.media-server.com/register/BI73bcac200e5f4652873668cf803d72ed

    The live webcast of the conference call can be accessed through the Westport website at
    https://investors.wfsinc.com/.

    Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

    The webcast will be archived on Westport’s website at https://investors.wfsinc.com.

    Financial Statements and Management’s Discussion and Analysis

    To view Westport financials for the first quarter ended March 31st, 2025, please visit https://investors.wfsinc.com/financials/

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward Looking Statements
    This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen), our expectations for 2024 and beyond, including the demand for our products, and the future success of our business and technology strategies. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, solvency, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas and hydrogen, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles,fuel emission standards, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102.

    Contact Information
    Investor Relations
    Westport Fuel Systems
    T: +1 604-718-2046

    GAAP and Non-GAAP Financial Measures

    Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports’ EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.

    Segment Information

    EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.

    Segment earnings or losses before income taxes, interest, depreciation, and amortization (“Segment EBITDA”) is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company’s reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. Reconciliations of reportable segment information to consolidated statement of operations can be found in section “NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS” within this press release.

      Three months ended March 31, 2025
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Cespira   Total Segment
    Revenue $ 64.2   $ 1.4     $ 5.4   $ 16.7     $ 87.7
    Cost of revenue   50.2     1.2       4.4     16.2       72.0
    Gross profit   14.0     0.2       1.0     0.5       15.7
    Operating expenses:
    Research & development   3.0     1.0       0.1     3.1       7.2
    General & administrative   4.1     0.3       0.1     2.7       7.2
    Sales & marketing   2.3     0.1       —     0.3       2.7
    Depreciation & amortization   0.7     0.1       —     0.7       1.5
        10.1     1.5       0.2     6.8       18.6
    Equity income (note 8)   0.1     —       —     —       0.1
    Add back: Depreciation & amortization   1.9     0.1       —     1.6       3.6
    Segment EBITDA $ 5.9   $ (1.2 )   $ 0.8   $ (4.7 )   $ 0.8
      Three months ended March 31, 2024
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Total Segment
    Revenue $ 63.3   $ 2.4     $ 11.9     $ 77.6  
    Cost of revenue   50.9     2.0       13.0       65.9  
    Gross profit   12.4     0.4       (1.1 )     11.7  
    Operating expenses:              
    Research & development   3.6     1.3       2.8       7.7  
    General & administrative   3.7     0.2       1.8       5.7  
    Sales & marketing   2.1     0.2       0.5       2.8  
    Depreciation & amortization   0.6     0.1       0.1       0.8  
        10.0     1.8       5.2       17.0  
    Equity income   —     —       —       —  
    Add back: Depreciation & amortization   1.5     0.1       1.4       3.0  
    Segment EBITDA $ 3.9   $ (1.3 )   $ (4.9 )   $ (2.3 )
    Gross Profit    
    (expressed in millions of U.S. dollars) 1Q25   1Q24
    Three months ended  
    Revenue $ 71.0     $ 77.6  
    Less: Cost of revenue   55.8       65.9  
    Gross profit   15.2       11.7  
    Gross margin %   21.4 %     15.1 %
      Three months ended March 31, 2025
      Total Segment   Less: Cespira   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 87.7   $ 16.7   $ —     $ 71.0  
    Cost of revenue   72.0     16.2     —       55.8  
    Gross profit   15.7     0.5     —       15.2  
    Operating expenses:
    Research & development   7.2     3.1     —       4.1  
    General & administrative   7.2     2.7     1.9       6.4  
    Sales & marketing   2.7     0.3     0.3       2.7  
    Depreciation & amortization   1.5     0.7     —       0.8  
        18.6     6.8     2.2       14.0  
    Equity income (loss)   0.1     —     (3.9 )     (3.8 )
      Three months ended March 31, 2024
      Total Segment   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 77.6   $ —   $ 77.6
    Cost of revenue   65.9     —     65.9
    Gross profit   11.7     —     11.7
    Operating expenses:
    Research & development   7.7     —     7.7
    General & administrative   5.7     4.7     10.4
    Sales & marketing   2.8     0.4     3.2
    Depreciation & amortization   0.8     0.2     1.0
        17.0     5.3     22.3
    Equity income   —     —     —
    Reconciliation of Segment EBITDA to Loss before income taxes   Three months ended March 31,
        2025       2024  
    Total Segment EBITDA   $ 0.8     $ (2.3 )
    Adjustments:
    Depreciation & amortization     2.0       3.0  
    Cespira’s Segment EBITDA     (4.7 )     —  
    Cespira’s equity loss     3.9       —  
    Corporate and unallocated operating expenses     2.2       5.3  
    Foreign exchange loss     (0.5 )     1.8  
    Interest on long-term debt and accretion of royalty payable     0.7       0.8  
    Interest and other income, net of bank charges     (0.9 )     (0.3 )
    Loss before income taxes   $ (1.9 )   $ (12.9 )
    EBITDA and Adjusted EBITDA        
    (expressed in millions of U.S. dollars)   1Q25   1Q24
    Three months ended    
    Loss before income taxes   $ (1.9 )   $ (12.9 )
    Interest expense (income), net     (0.2 )     0.5  
    Depreciation and amortization     2.0       3.2  
    EBITDA     (0.1 )     (9.2 )
    Stock based compensation (recovery)     0.3       0.3  
    Unrealized foreign exchange (gain) loss     (0.5 )     1.8  
    Severance costs     —       0.5  
    Restructuring costs     0.3       —  
    Adjusted EBITDA   $ —     $ (6.6 )
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Balance Sheets (unaudited)
    (Expressed in thousands of United States dollars, except share amounts)
    March 31, 2025 and December 31, 2024
     
        March 31, 2025   December 31, 2024
    Assets        
    Current assets:        
    Cash and cash equivalents (including restricted cash)   $ 32,637     $ 37,646  
    Accounts receivable     66,634       73,054  
    Inventories     63,214       53,526  
    Prepaid expenses     6,551       5,660  
    Total current assets     169,036       169,886  
    Long-term investments     40,052       39,732  
    Property, plant and equipment     45,314       41,956  
    Operating lease right-of-use assets     19,249       19,019  
    Intangible assets     5,174       5,277  
    Deferred income tax assets     10,261       9,695  
    Goodwill     2,996       2,876  
    Other long-term assets     3,163       3,180  
    Total assets   $ 295,245     $ 291,621  
    Liabilities and shareholders’ equity        
    Current liabilities:        
    Accounts payable and accrued liabilities   $ 93,127     $ 88,123  
    Current portion of operating lease liabilities     2,750       2,624  
    Current portion of long-term debt     13,225       14,660  
    Current portion of warranty liability     4,013       3,861  
    Total current liabilities     113,115       109,268  
    Long-term operating lease liabilities     16,560       16,433  
    Long-term debt     17,915       19,067  
    Warranty liability     1,603       1,456  
    Deferred income tax liabilities     4,063       4,029  
    Other long-term liabilities     4,391       4,343  
    Total liabilities     157,647       154,596  
    Shareholders’ equity:        
    Share capital:        
    Unlimited common and preferred shares, no par value        
    17,326,732 (2024 – 17,282,934) common shares issued and outstanding     1,246,408       1,245,805  
    Other equity instruments     9,081       9,472  
    Additional paid in capital     11,516       11,516  
    Accumulated deficit     (1,098,726 )     (1,096,275 )
    Accumulated other comprehensive loss     (30,681 )     (33,493 )
    Total shareholders’ equity     137,598       137,025  
    Total liabilities and shareholders’ equity   $ 295,245     $ 291,621  
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited)
    (Expressed in thousands of United States dollars, except share and per share amounts)
    Three months ended March 31, 2025 and 2024
     
        Three months ended March 31,
          2025       2024  
    Revenue   $ 70,955     $ 77,574  
    Cost of revenue     55,730       65,851  
    Gross profit     15,225       11,723  
    Operating expenses:        
    Research and development     4,052       7,693  
    General and administrative     6,397       10,353  
    Sales and marketing     2,758       3,287  
    Foreign exchange (gain) loss     (456 )     1,820  
    Depreciation and amortization     740       1,043  
          13,491       24,196  
    Income (loss) from operations     1,734       (12,473 )
             
    Income (loss) from investments accounted for by the equity method     (3,799 )     31  
    Interest on long-term debt     (676 )     (812 )
    Interest and other income, net of bank charges     869       341  
    Loss before income taxes     (1,872 )     (12,913 )
    Income tax expense     579       735  
    Net loss for the period     (2,451 )     (13,648 )
    Other comprehensive income (loss):        
    Cumulative translation adjustment     3,641       (430 )
    Ownership share of equity method investments’ other comprehensive loss     (829 )     —  
          2,812       (430 )
    Comprehensive income (loss)   $ 361     $ (14,078 )
             
    Loss per share:        
    Net loss per share – basic and diluted   $ (0.14 )     (0.79 )
    Weighted average common shares outstanding:        
    Basic and diluted     17,322,681       17,220,540  
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Expressed in thousands of United States dollars)
    Three months ended March 31, 2025 and 2024
     
        Three months ended March 31,
          2025       2024  
    Operating activities:        
    Net loss for the period   $ (2,451 )   $ (13,648 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization     1,930       3,247  
    Stock-based compensation expense     212       331  
    Unrealized foreign exchange (gain) loss     (456 )     1,820  
    Deferred income tax (recovery)     (33 )     (40 )
    Loss (income) from investments accounted for by the equity method     3,799       (31 )
    Interest on long-term debt     22       22  
    Change in inventory write-downs     223       413  
    Change in bad debt expense     (33 )     (121 )
    Other     —       (248 )
    Changes in operating assets and liabilities:        
    Accounts receivable     (2,072 )     12,526  
    Inventories     (7,502 )     (7,434 )
    Prepaid expenses     (415 )     (400 )
    Accounts payable and accrued liabilities     2,840       4,725  
    Warranty liability     (963 )     (1,020 )
    Net cash provided by (used in) operating activities     (4,899 )     142  
    Investing activities:        
    Purchase of property, plant and equipment     (3,142 )     (4,893 )
    Proceeds on sale of assets     82       135  
    Proceeds from holdback receivable     10,450       —  
    Capital contributions to investments accounted for by the equity method (note 7)     (4,686 )     —  
    Net cash used in investing activities     2,704       (4,758 )
    Financing activities:        
    Repayments of operating lines of credit and long-term facilities     (3,918 )     (17,689 )
    Drawings on operating lines of credit and long-term facilities     —       11,848  
    Net cash used in financing activities     (3,918 )     (5,841 )
    Effect of foreign exchange on cash and cash equivalents     1,104       (494 )
    Net decrease in cash and cash equivalents     (5,009 )     (10,951 )
    Cash and cash equivalents, beginning of period (including restricted cash)     37,646       54,853  
    Cash and cash equivalents, end of period (including restricted cash)   $ 32,637     $ 43,902  

    The MIL Network –

  • MIL-OSI USA: Ezell, Nehls, Rutherford Introduce Bipartisan Resolution Supporting America’s Law Enforcement Professionals

    Source: United States House of Representatives – Congressman Mike Ezell (Mississippi 4th District)

    Congressmen Mike Ezell (MS-04), Troy Nehls (TX-22), and John Rutherford (FL-05) have introduced a bipartisan concurrent resolution in the House expressing strong support for America’s law enforcement professionals.

    Original co-sponsors of the resolution are representatives Barry Moore (AL-01), Ken Calvert (CA-41), Nicole Malliotakis (NY-11), Bill Huizenga (MI-04), Mike Rogers (AL-03), Dusty Johnson (SD-At Large), Amata Radewagen (AS-At Large), Mike Collins (GA-10), and Josh Riley (NY-19).

    The resolution recognizes the dedication, sacrifice, and service of over 800,000 law enforcement officers across the country who risk their lives every day to protect and serve their communities. It also highlights the rising dangers faced by officers, including increased assaults, traumatic stress, and staffing shortages, and calls on all levels of government to ensure officers receive the tools, resources, and respect they need.

    “As a former sheriff with four decades in law enforcement, I know firsthand what it means to put on the badge and serve your community,” Ezell said. “This resolution is about showing our law enforcement professionals that Congress stands with them, not just in words, but through meaningful support. We honor their service, we mourn those we’ve lost, and we commit to making sure every officer has what they need to do their job safely and effectively.”

    “As a former law enforcement officer and Texas Sheriff, I know all too well the sacrifices our men and women in blue make to protect and serve our communities,” Nehls said. “I’m proud to join my colleague, Congressman Ezell, in introducing a resolution that demonstrates our unwavering support for our nation’s law enforcement officers. Our brave police officers deserve our support. In Congress, I will always back the blue.”

    “As a law enforcement officer for 40 years, including 12 years as Jacksonville Sheriff, I dedicated my life to protecting and serving my Northeast Florida community alongside our finest men and women,” Rutherford said. “I understand the dangers our officers face every day they put their uniforms on and kiss their families goodbye. That’s why I am proud to stand with Representative Ezell and Senator Cassidy to recognize the service and sacrifice of America’s law enforcement officers. We must pass strong bills in Congress that back our law enforcement officers and provide them with the tools they need to safely do their jobs. Anything less than that is not good enough for those putting their lives on the line each and every day.”

    “I would like to express my sincere appreciation to Congressman Mike Ezell for his support of law enforcement across the country,” said Mathew Silverman, National President of the Federal Law Enforcement Officers Association. “As a nation facing many challenges, we need more legislators to step forward and support law enforcement at all levels of government so we can best serve the American people, together.”

    “Congressman Ezell’s resolution is a powerful affirmation of the service, sacrifice, and daily challenges faced by law enforcement. It sends a clear message that our Officers and their families are not forgotten, and that their well-being and safety remain a national priority,” Sheriff Kieran Donahue, Canyon County, ID President, National Sheriffs’ Association said.

    The resolution calls for:

    • Greater investment in officer safety and wellness,
    • Increased penalties for violence against police,
    • Expanded mental health resources for officers, and
    • Renewed support for training, equipment, and staffing needs, particularly in underserved and rural areas.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Luke Letlow Post Office Established in Rayville, Louisiana

    Source: United States House of Representatives – Congresswoman Julia Letlow (LA-05)

    RAYVILLE, LA – Today in Richland Parish, the Rayville Post Office was officially renamed the “Luke Letlow Post Office Building” in honor of the late Congressman-elect Luke Letlow.

    Congresswoman Letlow lost her husband Luke to COVID-19 on December 29, 2020, following his election to Congress and after years of service in both the federal and state governments.

    The recognition in Letlow’s home parish was made possible by legislation carried by House Majority Leader Steve Scalise and signed into law late last year.

    Congresswoman Julia Letlow, former Congressman Ralph Abraham, and a large crowd of family and friends gathered at the post office today to celebrate the recognition.

    “The Luke Letlow Post Office will stand as a monument to Luke’s servant’s heart and his dedication to the rural communities in north Louisiana,” said Congresswoman Julia Letlow. “Luke was passionate about bringing people together – especially in places like Richland Parish. He never met a stranger, and he considered helping others through public service to be his highest calling. With this recognition, his legacy will live on in the place he called home.”

    MIL OSI USA News –

  • MIL-OSI USA: Strickland, Salazar Reintroduce Bipartisan Effort to Eliminate 90-Day State Residency Requirement for Military Spouses Applying for Citizenship

    Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)

    Washington, D.C. – Today, following Military Spouse Appreciation Day, U.S. Representatives Marilyn Strickland (WA-10) and Maria Salazar (FL-27) reintroduced the Ensuring Security for Military Spouses Act, a bipartisan effort to eliminate the 90-day state residency requirement for spouses of servicemembers on active duty who apply for naturalization.

    “Military spouses are the backbone of our nation’s military, serving the nation right alongside our servicemembers,” said Strickland. “To ensure national security, address recruitment and retention issues, and maintain readiness, we must support green card-holding military spouses who want to become citizens.”

    “Our active duty servicemembers and their families make an enormous sacrifice to keep us safe,” said Salazar. “This bill ensures fairness for the spouses of servicemen seeking U.S. citizenship by updating state residency requirements for green-card holders. In doing so, these aspiring Americans are not penalized due to the orders they receive while serving our nation.”

    The Immigration and Nationality Act (INA) requires lawful permanent residents – i.e. green card holders – to reside for at least 90 days within the state in which they file their naturalization application. This can adversely impact military spouses, who are sometimes required to move on short notice when their servicemember spouse receives orders.

    Currently, lawful permanent resident spouses of servicemembers stationed abroad are not subject to a single state residency requirement. The Ensuring Security for Military Spouses Act would create parity for spouses of active-duty servicemembers stationed at home and abroad, and provide flexibility in meeting the demands of military service and the requirements of U.S. Citizenship and Immigration policy.

    The Ensuring Security for Military Spouses Act has the support of the National Immigration Forum.

    You can read the full bill text here.

    Congresswoman Marilyn Strickland (WA-10) serves on the House Armed Services Committee and the House Transportation and Infrastructure Committee. She is Whip of the New Democrat Coalition, Secretary of the Congressional Black Caucus, and is one of the first Korean-American women elected to Congress.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Alford Honors Life and Legacy of Christopher S. “Kit” Bond on the House Floor

    Source: United States House of Representatives – Representative Mark Alford (Missouri 4th District)

    Alford Honors Life and Legacy of Christopher S. “Kit” Bond on the House Floor

    Washington, May 13, 2025

    Today, Congressman Mark Alford (MO-04) honored the life and legacy of Christopher S. “Kit” Bond on the House floor. This follows Governor Mike Kehoe announcing former Missouri Governor and Senator Bond’s passing earlier today.

    Watch Congressman Alford’s remarks here or by clicking the image above.

    Read Congressman Alford’s remarks as prepared for delivery:

    “Mr. Speaker,

    “It’s with deep sadness that I rise today to honor the life and legacy of former Christopher S. ‘Kit’ Bond.

    “Leslie and I join the Bond family, the Show Me State, and a grateful nation in mourning the loss of one of Missouri’s favorite sons.

    “Kit was a true statesman and a mentor to many, including myself. He represented the highest ideal of public service.

    “Having served for more than forty years, including as Missouri’s youngest ever Governor and later as United States Senator, Kit’s impact can be felt all over Missouri and across America.

    “Through various roles, Senator Bond prioritized improving care for our nation’s veterans, providing support for a strong and well-equipped U.S. military, and delivering for the residents of his beloved Missouri.

    “We’re proud to continue his legacy of service on the Appropriations Committee today.

    “It brings me hope to know Kit now rests with his heavenly father, and we are eternally grateful for his lifetime of service.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Kean Launches Second Annual Law Enforcement Hometown Heroes Initiative during National Police Week

    Source: US Representative Tom Kean, Jr. (NJ-07)

    Contact: Riley Pingree

    (May 13, 2025) LEBANON BOROUGH, NJ – Today, Congressman Tom Kean, Jr. (NJ-07) launched his second annual Law Enforcement Hometown Heroes initiative in conjunction with the start of National Police Week (May 11–17, 2025). This initiative recognizes exceptional law enforcement officers serving communities across New Jersey’s 7th Congressional District.  

    “Every day, the brave men and women of law enforcement put themselves in harm’s way to protect our families, neighborhoods, and communities,” said Congressman Tom Kean, Jr.“Here in New Jersey, we are fortunate to be served by officers who lead with integrity, compassion, and an unwavering sense of duty. I am honored to recognize many of these individuals through my annual Law Enforcement Hometown Heroes initiative. These officers are not only protectors of public safety—they are mentors, lifesavers, and community leaders. Thanks to these officers’ courage and commitment, the families in our district are safer and our towns stronger.”

    Local officers were nominated by their department chiefs or supervisors and will be recognized by Congressman Kean throughout the year for their dedication and service.

    Congressman Kean invited nominations from police departments throughout the district to spotlight outstanding individuals in law enforcement. Each Hometown Hero was selected by leadership within their department for going above and beyond in their duty to protect and serve.

    National Police Week, observed each May, is a time to honor the service and sacrifice of America’s law enforcement officers. In the U.S. House of Representatives, Congressman Kean has cosponsored multiple pieces of legislation to support the law enforcement community. Most recently, Congressman Kean joined as an original cosponsor on the Establishing Accreditation Grants for Law Enforcement (EAGLE) Act of 2025. This bipartisan bill would provide critical funding for small and mid-sized police departments to improve training, raise standards, and implement best practices through the accreditation process. The EAGLE Act is endorsed by the National Fraternal Order of Police, the Law Enforcement Action Partnership, and the Small and Rural Law Enforcement Executives Association.

    To kick off the 2025 Law Enforcement Hometown Heroes initiative, Congressman Kean recognized Detective Andrew Chuisano from the Watchung Police Department. View the post HERE.

    ###

     

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Young Kim Leads Bipartisan Bill to Support Small Businesses

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Today, U.S. Representatives Young Kim (CA-40) and Josh Gottheimer (NJ-05) introduced the Improving Access to Small Business Information Act, a bipartisan bill to reduce red tape and streamline the process to gather timely information at the Securities and Exchanges Commission (SEC) Office of the Advocate for Small Business Capital Formation. 

    The Improving Access to Small Business Information Act would amend the Securities Exchange Act of 1934 to specify that actions—like conducting field surveys—of the Advocate for Small Business Capital Formation are not a collection of information under the Paper Reduction Act (PRA).  

    “The better information the federal government can gather, the better Congress and the public can identify policy gaps and help small businesses access capital they need,” said Congresswoman Young Kim. “I’m proud to lead a bipartisan bill to streamline small business information gathering so our policies can keep up with economic growth and help entrepreneurs across the nation. This simple bill can hopefully make a big difference in helping our government work better for entrepreneurs who keep our economies running.”  

    “Small businesses are the backbone of our communities in Jersey. That’s why I’m proud to help lead the bipartisan Improving Access to Small Business Information Act, which cuts outdated red tape and ensures that the federal government can better understand how to support small business owners from all backgrounds,” said Congressman Josh Gottheimer (NJ-5). “In Congress, I’m dedicated to making our government more efficient so that we can improve access to capital for small businesses, create good-paying jobs, and unleash more economic opportunity.” 

    Read the bill HERE.

    MIL OSI USA News –

  • MIL-OSI: Atlanticus Announces Approval of Quarterly Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, May 13, 2025 (GLOBE NEWSWIRE) — Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” the “Company,” “we” or “our”), a financial technology company that enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans, today announced that its Board of Directors approved a quarterly dividend of $0.476563 per share to Series B Cumulative Perpetual Preferred shareholders. The cash dividend will be paid on or about June 16, 2025 to holders of record of Atlanticus’ Series B Cumulative Perpetual Preferred Stock on the close of business on June 1, 2025.

    About Atlanticus Holdings Corporation

    Empowering Better Financial Outcomes for Everyday Americans

    AtlanticusTM technology enables bank, retail, and healthcare partners to offer more inclusive financial services to everyday Americans through the use of proprietary analytics. We apply the experience gained and infrastructure built from servicing over 20 million customers and over $43 billion in consumer loans over more than 25 years of operating history to support lenders that originate a range of consumer loan products. These products include retail and healthcare private label credit and general purpose credit cards marketed through our omnichannel platform, including retail point-of-sale, healthcare point-of-care, direct mail solicitation, internet-based marketing, and partnerships with third parties. Additionally, through our Auto Finance subsidiary, Atlanticus serves the individual needs of automotive dealers and automotive non-prime financial organizations with multiple financing and service programs.

    Forward-Looking Statements

    This press release contains forward-looking statements that reflect the Company’s current views with respect to the payment of dividends in the future. You generally can identify these statements by the use of words such as “outlook,” “potential,” “continue,” “may,” “seek,” “approximately,” “predict,” “believe,” “expect,” “plan,” “intend,” “estimate” or “anticipate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in the Company’s filings with the Securities and Exchange Commission and include, but are not limited to, risks related to the Company’s ability to retain existing, and attract new, merchant partners and funding sources; changes in market interest rates; increases in loan delinquencies; its ability to operate successfully in a highly regulated industry; the outcome of litigation and regulatory matters; the effect of management changes; cyberattacks and security vulnerabilities in its products and services; and the Company’s ability to compete successfully in highly competitive markets. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Contact:
    Investor Relations
    (770) 828-2000
    investors@atlanticus.com

    The MIL Network –

  • MIL-OSI: Dundee Corporation Delivers on Strategy With Strong Q1 Execution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — “The first quarter of 2025 was an important step forward for us – a period where we continued to execute on our long-term strategy and strengthen the business for the future,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “We’ve been steadily working to simplify our portfolio, reduce leverage, and sharpen our focus on our core mining strategy. This quarter, we delivered on that plan. In February, we announced the pending sale of our interest in Android Industries to a strategic buyer – a transaction that once closed, will mark a significant milestone in our efforts to simplify the business and recycle capital into our core mining strategy. We also realized proceeds from the sale of G Mining Ventures, which we received in connection with G Mining’s acquisition of Reunion Gold last year. This outcome is a clear example of our approach in action: identifying high-quality assets early, backing strong teams, and exiting when value has been crystallized. The monetization of our original investment in Reunion, realized through the sale of G Mining Ventures shares, allowed us to fully repay our corporate loan facility. As a result, we ended the quarter with no debt at the parent level – a key strategic achievement that enhances our financial flexibility going forward.”  

    “Against a backdrop of rising gold prices, solid mining equity performance, and heightened macro uncertainty, we saw a timely opportunity to increase our exposure to high conviction investments. We participated in Magna Mining’s convertible debenture to support the integration of a producing copper-nickel-PGM asset in Sudbury. We also initiated a new position in Revival Gold through a strategic placement. Revival is advancing a portfolio of gold projects in the U.S. with scale, quality, and potential – and we are excited to support their progress as a new partner. Each of these investments reflects the kinds of assets and teams we want to align with: technically strong, well-managed, and positioned to deliver meaningful long-term value.”

    Mr. Goodman concluded: “We ended the quarter with a strong cash position, no parent-level debt, and a royalty that will deliver cash flow to Dundee in the second half of 2025. We are operating from a position of strength and focus. We are proud of what we have accomplished this quarter and remain energized by the opportunity ahead. None of this progress would be possible without the dedication, focus, and sharp execution of our team – they continue to be the driving force behind everything we achieve.”

    FIRST QUARTER 2025 RESULTS

    • The Corporation sold its remaining 2.9 million shares of G Mining Ventures Corp. (“G Mining”) for net proceeds of $45.3 million, after registering an additional $14.2 million investment gain during the quarter.
    • In February, Dundee repaid the remaining $5.0 million of loan principal outstanding with Earlston Investments Corp.
    • In February, Dundee announced the sale of its interest in Android Industries, LLC (“Android”) for cash proceeds of approximately $24.5 million at closing, with additional proceeds payable contingent upon the release of all escrows. The transaction is now expected to close in the second quarter of 2025, subject to customary closing conditions and obtaining necessary regulatory approvals.
    • Reported net income from all portfolio investments for the first quarter of 2025 of $28.1 million (2024 – $12.6 million). Other than G Mining, the key drivers of performance during the quarter included investment gains of $4.5 million and $3.8 million in the Corporation’s investments in Ausgold Limited and Greenheart Gold Inc., respectively.
    • Reported consolidated general and administrative expenses for the first quarter of 2025 of $4.5 million (2024 – $4.1 million).
    • Reported net earnings attributable to owners of the Corporation for the first quarter of 2025 of $24.5 million (2024 – $7.2 million), or earnings per share on a diluted basis of $0.25 (2024 – $0.07 per share).

    SEGMENTED FINANCIAL RESULTS  

    Mining Investments

    In the first quarter of 2025, the Corporation reported net earnings before taxes from the mining investments segment of $29.8 million (2024 – $9.3 million). Drivers of performance are described in the highlights above. The share of income from equity accounted mining investments during the first quarter of 2025 was $0.2 million (2024 – loss of $0.5 million).

    Corporate and others

    The Corporation reported a pre-tax loss from the corporate and others segment, including non-core subsidiaries, of $4.1 million (2024 – $0.4 million) during the three months ended March 31, 2025.

    The fair value of non-mining portfolio investments in the corporate and others segment decreased by $1.4 million (2024 – increased by $2.8 million) during the first quarter of the current year and was driven almost exclusively by the investment revaluation of Dundee’s ownership in TauRx Pharmaceuticals Ltd., owing to an increase to the discount rate used to value this investment at March 31, 2025.

    During the same period, the segment’s non-mining equity accounted investments reported pre-tax earnings of $0.03 million (2024 – $0.1 million). Also, the segment’s subsidiaries reported pre-tax losses of $0.1 million (2024 – $0.6 million).

    Mining Services

    During the first quarter of 2025, the mining services segment, comprised of the Corporation’s 78%-owned subsidiary, Dundee Sustainable Technologies Inc., reported a pre-tax loss of $1.7 million (2024 – $1.2 million).

    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS

             
    Carrying value as at March 31, 2025     December 31, 2024  
    Mining Investments      
    Portfolio investments $ 93,649     $ 95,490  
    Equity accounted investments   31,273       30,013  
    Royalty   18,921       18,921  
          143,843       144,424  
    Corporate and Others      
    Corporate   64,253       32,976  
    Portfolio investments ‒ other   68,721       70,495  
    Equity accounted investments ‒ other   –       30,240  
    Real estate joint ventures   2,291       2,364  
    Subsidiaries   (106 )     3,403  
    Equity accounted investments ‒ Held-for-Sale   30,414       –  
          165,573       139,478  
    Mining Services      
    Subsidiaries   (535 )     (208 )
          (535 )     (208 )
    SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO CLASS A SUBORDINATE SHARES      
    AND CLASS B SHARES OF THE CORPORATION $ 308,881     $ 283,694  
             
    Number of shares of the Corporation issued and outstanding:      
      Class A Subordinate Shares   86,305,197       86,269,735  
      Class B Shares   3,114,491       3,114,491  
    Total number of shares issued and outstanding   89,419,688       89,384,226  
             
    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS $ 3.45     $ 3.17  
                   

    The Corporation’s unaudited interim consolidated financial statements as at and for the three months ended March 31, 2025 and 2024, along with the accompanying management’s discussion and analysis, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedarplus.ca or the Corporation’s website at www.dundeecorporation.com.

    ABOUT DUNDEE CORPORATION:

    Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.

    FORWARD-LOOKING STATEMENTS:

    This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Investor and Media Relations
    T: (416) 864-3584
    E: ir@dundeecorporation.com

    The MIL Network –

  • MIL-OSI Security: ICYMI-Deputy Secretary Edgar: “An Illegal Immigrant Killed Two Teenagers In My Community. Under The Trump Administration, He Will Face Justice”

    Source: US Department of Homeland Security

    ICYMI-Deputy Secretary Edgar: “An Illegal Immigrant Killed Two Teenagers In My Community. Under The Trump Administration, He Will Face Justice” 

    Oscar Ortega-Anguiano is set to be released from prison after serving just three-and-a-half years of his 10-year sentence for the killing of Anya Varfolomeev and Nikolay Osokin 

    WASHINGTON – Today, the Washington Examiner published Homeland Security Deputy Secretary Troy Edgar’s Op-Ed in the Washington Examiner titled, “An Illegal Immigrant Killed Two Teenagers In My Community. Under the Trump Administration, He Will Face Justice.”  

    The Op-Ed highlights the story of Anya Varfolomeev and Nikolay Osokin, two 19-year-olds that were killed in 2021 by an illegal alien who was driving under the influence in the Deputy Secretary’s home state of California.  

    Recently, it was revealed that Oscar Ortega-Anguiano—the teens’ killer—is set to be released from a California state prison after serving just three-and-a-half years of a 10-year sentence. However, the Trump administration is intervening to ensure Ortega-Anguiano does not walk free.  

    The worst call you could ever receive as a parent is one telling you that your teenage son or daughter has been in a car accident. It’s a lifechanging call that would go down as one of the worst days of your life. It could be even worse though: What if you also found out that the driver that caused the accident was in our country illegally? This tragic circumstance is a reality for the parents of Anya Varfolomeev and Nikolay Osokin. 

    At just 19 years old, these two young people from Orange County, California had their whole lives ahead of them. Varfolomeev was a bright young woman, who was a dedicated ballerina and scout. Osokin was a gifted student at Pepperdine University who excelled in both music and academics. But in November 2021, their lives were senselessly stolen in a fiery crash caused by a criminal illegal alien who should have never been in this country in the first place.  

    Oscar Eduardo Ortega-Anguiano was driving drunk, high on drugs, and speeding at nearly 100 mph on the 405 freeway when he crashed into a vehicle carrying Varfolomeev and Osokin. Even worse, Ortega-Anguiano was a repeat criminal, with a track record that includes multiple felonies and convictions for driving without a license. Despite being deported, he re-entered our country illegally twice.  

    Now, four years later, Ortega-Anguiano is set to be released from California state prison after serving just 3.5 years of his 10-year sentence. I’ve spoken to Anya’s father, and he is outraged. So am I.  

    This story hits especially close to home because I served as mayor and city council member of Los Alamitos for over a decade, and this tragic incident happened in our community. It also represents so much that is wrong with our broken immigration system. As Deputy Secretary of Homeland Security, I work relentlessly under the leadership of President Donald Trump and Secretary Kristi Noem to carry out their priorities to protect our communities from brutal criminals who should not be loose on American streets.  

    Under the Trump administration, DHS is enforcing our nation’s immigration laws and seeking to punish criminals to the fullest extent of the law, and this has my direct attention. Immigration and Customs Enforcement has placed a detainer for Ortega-Anguiano with the California Department of Corrections. If state authorities do not honor the ICE detainer, federal agents will take custody of Ortega-Anguiano and deport him immediately upon release. The U.S. Attorney for the Central District of California has also filed a felony immigration charge against Ortega-Anguiano, which could put him behind bars for an additional 20 years.  

    Under the secretary’s leadership, the department is also giving support to victims by reopening the ICE’s Victims of Immigration Crime Engagement office. VOICE was first launched in 2017 by the Trump administration as a dedicated resource for those who have been victimized by crime that has a nexus to immigration. The Biden administration shuttered the office, leaving victims and their families without access to key resources and support services–but we will not allow their stories to be silenced any longer.  

    Every day, the Trump Administration is working to prevent these tragedies from happening in another town, to another family. We owe it to Anya and Nikolay, and every family like theirs, to never stop fighting for justice and safety. That starts with removing the worst of the worst– and making sure they never return.  

    Not in my town. Not in any American town.  

    MIL Security OSI –

  • MIL-OSI Security: Gloucester Police Officer Charged with Child Pornography Offense

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    BOSTON – A police officer with the Gloucester Police Department has been charged with receipt of child sexual abuse material (CSAM).  

    Alexander Aiello, 34, of Gloucester, was charged with one count of receipt of child pornography. Aiello will appear in federal court in Boston at a later date.

    According to the charging documents, Aiello is a patrol officer employed with the Gloucester Police Department. It is alleged that Aiello was identified as a user with a registered account for a dark website, which provided a platform for users to download, view, advertise and distribute CSAM. Searches of Aiello’s person and residence on April 28, 2025, resulted in the seizure of the defendant’s cell phone and laptop as well as a USB thumb drive, which was found in Aiello’s nightstand in his bedroom.

    It is alleged that a preliminary examination of the devices revealed that a TOR Browser – an application that provides anonymous web access and access to dark web hidden services – was installed and actively running on Aiello’s laptop. It is further alleged that the application had evidence of downloaded files consistent with recent use. Additionally, the preliminary examination allegedly located encrypted folders on the USB drive and laptop computer.

    “As a law enforcement officer, Mr. Aiello was entrusted with safeguarding the community – and that includes protecting children from exploitation and abuse. Instead, he allegedly participated in one of the most reprehensible forms of exploitation,” said United States Attorney Leah B. Foley. “This case underscores our unwavering commitment to combating child exploitation in all its forms. Whether the offender is a private citizen or a public official, our mission remains the same: to protect children and pursue justice for victims.”

    “As a police officer, Alexander Aiello was sworn to protect and serve, but today, the FBI charged him for receiving images of children being sexually abused,” said James Crowley, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “Those who seek out this despicable material are perpetuating the victimization of innocent children. That’s why the FBI Boston’s Child Exploitation – Human Trafficking Task Force diligently pursues these cases. Protecting kids from this physical and emotional trauma is our priority.”

    The charge of receipt of child pornography provides for a sentence of at least five years and up to 20 years in prison, at least five years and up to a lifetime of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    Members of the public who have questions, concerns or information regarding this case should call 617-748-3274 or contact USAMA.VictimAssistance@usdoj.gov.

    U.S. Attorney Foley and FBI Acting SAC Crowley made the announcement today. Valuable assistance was provided by the Gloucester Police Department. Assistant U.S. Attorney Luke A. Goldworm, Project Safe Childhood Coordinator and a member of the Major Crimes Unit is prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to locate, apprehend and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    CORRECTION: The defendant is 34, not 24 as the original release stated. In addition there is a updated FBI quote.

    MIL Security OSI –

  • MIL-OSI USA: Risch, Luján Introduce Legislation to Improve AI Testing and Evaluation Systems

    US Senate News:

    Source: United States Senator for Idaho James E Risch

    WASHINGTON – U.S. Senators Jim Risch (R-Idaho) and Ben Ray Luján (D-N.M.) introduced the Testing and Evaluation Systems for Trusted Artificial Intelligence (TEST) AI Act of 2025.

    This legislation would improve the federal government’s ability to test and evaluate Artificial Intelligence (AI) systems to drive innovation, protect national security, and build trust in these technologies.

    “While AI offers an opportunity to revolutionize American research and innovation, we must be cognizant of bad actors and potential threats to privacy and national security,” said Risch. “The Idaho National Laboratory is already a leader in AI, national security, and cybersecurity, and the TEST AI Act will use the National Labs’ capabilities to establish safeguards to prevent misuse of this growing technology.”

    “AI has reached every sector in our country and driven innovation, but we cannot ignore the vulnerabilities and risks that come with it. While these systems have the power to change lives, they can also fall short – providing inaccurate or biased data – and are at risk of malicious attacks or misuse by our adversaries,” said Luján. “The TEST AI Actaddresses these shortcomings by creating government testbeds to better evaluate AI systems. This will help leverage the talent of our National Laboratories and strengthen the federal government’s ability to implement responsible guardrails that protect our national security and the American people.”

    Risch and Luján were joined by U.S. Senators Marsha Blackburn (R-Tenn.), Dick Durbin (D-Ill.), and Peter Welch (D-V.T.) in introducing the TEST AI Act.

    The TEST AI Act directs the National Institute for Standards and Technology (NIST) to collaborate with the Department of Energy (DOE) to establish a testbed pilot program to develop and refine standards for evaluating AI systems. By laying the groundwork for broader national evaluation standards through a transparent and collaborative approach, the TEST AI Act would ensure that AI systems used by federal agencies are trustworthy, secure, and objective.

    The TEST AI Act would:

    • Codify collaboration between NIST and DOE to evaluate AI models;

    • Improve public-private partnerships through an AI Testing Working Group to develop standards for performance, reliability, security, privacy, and bias; and  

    • Create a public strategy for testing and the construction of testbeds, and a report to Congress on the results and recommendations for future standards development.

    Senators Risch, Luján, Blackburn, and Durbin co-lead the Senate National Labs Caucus, which identifies legislative opportunities to elevate the National Labs’ visibility and meet national energy and security objectives while solidifying U.S. leadership in critical scientific sectors. ?

    MIL OSI USA News –

  • MIL-OSI: Best VPNs U.S.A. 2025: NordVPN Ranked Top of VPN Services

    Source: GlobeNewswire (MIL-OSI)

    Chicago, May 13, 2025 (GLOBE NEWSWIRE) —

    Following a comprehensive evaluation, NordVPN, a VPN service that encrypts internet connections, hides IP addresses, and keeps online activities private, has outpaced its competitors and emerged as the clear leader among the crowded field of virtual private networks.

    CLICK HERE TO GET THE BEST VPN IN THE UNITED STATES: NORDVPN

    In recent times, internet users across the United States have become increasingly conscious of online security, data privacy, and the growing threat of surveillance, making the use of VPN move from just another niche tool to a digital utility. And with a swarm of VPNs available in the market now, a coalition of privacy advocates, technology journalists, and cybersecurity experts has come to a common ground regarding NordVPN being the ultimate VPN for the American user.

    CLICK HERE TO GET THE BEST VPN IN THE UNITED STATES: NORDVPN

    NordVPN has distinguished itself from the rest of the VPNs available in the U.S. by having a combination of technology and relentless focus on user empowerment. The effect of putting these two together, as noted by most users, is that the VPN gets better with time. By having users give feedback and, in turn, implementing the same by utilizing cutting-edge technologies to solve any issue, NordVPN has soared above the rest of its competitors, allowing it to clinch the top spot.

    Getting started with NordVPN is as easy as following the steps below:

    Another aspect that has gone a long way in the top ranking of NordVPN as the best VPN service in the U.S., as seen by the experts, is its technical superiority. This is evident from the platform’s proprietary NordLynx protocol, which leverages WireGuard’s technology to ensure that the speed of connections is maintained without compromising security. For this reason, users have highlighted that they can stream, play online games, and even browse without any delays, which has long plagued the VPN services in the country.

    In addition to its technical superiority, NordVPN has an unwavering commitment to transparency, which has significantly affected its ranking. Concerning this, NordVPN has implemented a no-logs policy, which independent parties frequently audit. By doing so, many users have reported that they are guaranteed their privacy, which they hold so precious. And, since data breaches and unauthorized tracking have become disturbingly common, such guarantees offer invaluable peace of mind to the users.

    When it comes to its infrastructure, NordVPN still leads the field. With over 7,000 servers spread across 118 countries worldwide, including hundreds spread across major cities in the U.S., NordVPN has continually provided its users with fast, stable, and secure connections no matter where they are located. Also, courtesy of the broad coverage, data from users reveals that American users can bypass regional restrictions, access global content, and maintain consistent speeds even during peak usage times. Experts have also observed that this is possible since, by distributing traffic across its vast infrastructure, NordVPN minimizes congestion and latency.

    Another cornerstone of NordVPN’s success is its exceptional user interface that makes advanced online privacy accessible to everyone, from newcomers to the tech world to seasoned professionals. First-hand experiences describe the platform as sleek and easy to maneuver across all major devices, including Windows, macOS, iOS, Android, and even smart TVs. This is evident through some of its features, such as Quick Connect, which automatically selects the fastest and most secure server, and clear navigation menus, which make it easy to explore the platform. By incorporating all these, NordVPN has balanced simplicity and prowess, making it the best VPN service in the U.S. in 2025.

    Another differentiator that has seen NordVPN cling to the top ranking as the best VPN service in the U.S. is its customer support team. Looking at the platform, it is clear that it offers a 24/7 live chat service that offers not only a detailed knowledge base but also rapid response times. With all these in play, users and industry experts agreed that this is part of NordVPN’s winning formula. With this ability to maintain high customer satisfaction while extending its user base, NordVPN displays its operational excellence, making it the best in the virtual private network space.

    As digital threats evolve, NordVPN has also demonstrated leadership in proactive security measures. For instance, over the past year, NordVPN launched a new feature, which includes, but is not limited to, Threat Protection Pro, an advanced tool that blocks malware, trackers, and intrusive ads even when users are not connected to the VPN.

    Another security measure that NordVPN has incorporated into its platform is the Double VPN (multi-hop) option, which has proved useful to people who demand the highest level of anonymity. It functions by routing internet traffic through two separate servers, adding an extra layer of security that makes it even harder for anyone to trace online activity. With these, among other features such as the Onion Over VPN, American users and industry experts agree that NordVPN is the best VPN service in the U.S.

    With this latest ranking, NordVPN reaffirms its position as the leading VPN choice for American users in 2025 and beyond. As online privacy becomes more essential than ever, NordVPN remains committed to delivering secure, fast, and user-friendly solutions that empower people to take control of their digital lives.

     NordVPN Support:

    • https://support.nordvpn.com/hc/en-us
    • support@nordaccount.com

    Disclaimer & Affiliate Disclosure

    The information provided in this article is for general informational and promotional purposes only. While every effort has been made to ensure the accuracy and reliability of the content, no guarantees are made regarding its completeness, timeliness, or factual accuracy. Any opinions expressed are those of independent analysts and contributors, not necessarily reflective of any official position or endorsement by the publisher or its syndication partners.

    This article may contain references to products or services for which compensation is received through affiliate partnerships. This means that, at no additional cost to the reader, the publisher may earn a commission if a purchase is made through a featured link. These affiliate relationships do not influence the objectivity of the content, which is intended to offer insight based on publicly available data and user feedback.

    All product names, logos, brands, and trademarks featured are the property of their respective owners. Any mention of third-party trademarks or brand names does not imply endorsement by or affiliation with those entities.

    Readers are encouraged to conduct their own due diligence before making any purchasing decisions. Neither the publisher, contributors, nor syndication partners accept responsibility for any loss or damage resulting directly or indirectly from the use of the information or reliance upon the content presented herein. Furthermore, this content is not intended as a substitute for professional advice, including but not limited to legal, financial, or cybersecurity guidance.

    Should there be any inadvertent typographical errors, omissions, or factual inaccuracies, they are unintentional, and appropriate corrections will be made upon verification.

    This release may be syndicated or republished by third-party distribution channels, all of whom are held harmless and are not responsible for the article’s original content or any conclusions drawn therefrom.

    The MIL Network –

  • MIL-OSI: NowVertical Named Qlik Latin America Channel Growth Partner of the Year 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NowVertical” or the “Company”), a leading data and AI solutions provider, today announced it has been awarded the Qlik Channel Growth Partner of the Year for 2024 in Latin America.

    This achievement follows NowVertical’s recent 2025 Google Cloud Data Analytics Partner of the Year award for Latin America, The recognition highlights NowVertical ‘s leadership in delivering outstanding customer outcomes through impactful data and analytics solutions tailored to the unique demands of customers.

    The annual Qlik Regional Partner Awards recognize select partners for demonstrating exceptional expertise and innovation in their respective markets. Winners deliver measurable business outcomes and strategic value, enabling customers in key regions to harness their data effectively and achieve rapid success.

    “Partners like NowVertical are what makes our regional ecosystem so powerful—deep local knowledge, trusted customer relationships, and a relentless focus on delivering real results,” said David Zember, Senior Vice President, WW Channels and Alliances at Qlik. “Their ability to move quickly and solve complex challenges close to home is what drives lasting impact. We’re proud to celebrate this success and excited for what we’ll achieve together next.”

    “Being recognised by Qlik reflects the strength of our global partnerships and our shared commitment to delivering high-impact, enterprise-level outcomes,” said Sandeep Mendiratta, CEO of NowVertical. “We’re proud to work with hyperscaling technologies to solve our customers’ most complex data challenges with speed, precision, and scale.”

    This award marks another milestone in NowVertical’s deep, trusted relationships with the world’s most advanced data and cloud platforms. Through these partnerships, NowVertical is uniquely positioned to deliver integrated, scalable solutions that help enterprise clients unlock data, AI and accelerate transformation.

    About NowVertical Group Inc.
    The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions.

    For further details about NowVertical, please visit www.nowvertical.com.

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

    For further information, please contact:

    Andre Garber, CDO
    IR@nowvertical.com

    Investor Relations: Bristol Capital Ltd.
    Stefan Eftychiou
    stefan@bristolir.com
    (905) 326-1888 x60

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (together “forward-looking statements”). Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2024. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI Economics: STATEMENT: CanREA eager to work with new federal Cabinet to advance wind energy, solar energy and energy storage 

    Source: – Press Release/Statement:

    Headline: STATEMENT: CanREA eager to work with new federal Cabinet to advance wind energy, solar energy and energy storage 

    CanREA ready to help Canada’s newly appointed Ministers deliver on key election promises that will advance clean-energy initiatives nationwide. 

    Ottawa, Ontario, May 13, 2025—The Canadian Renewable Energy Association (CanREA) congratulates Canada’s new federal Cabinet Ministers and Secretaries of State on their appointment to Cabinet. The Ministers were sworn in today by Her Excellency the Right Honourable Mary Simon, C.C., C.M.M., C.O.M, C.D., Governor General of Canada.  

    CanREA looks forward to supporting their delivery of an ambitious agenda for the clean-energy industry, helping Canada meet its economic and environmental goals.    

    Specifically, CanREA would like to congratulate: 

    The Hon. François-Philippe Champagne P.C. M.P., Minister of Finance and National Revenue 
    The Hon. Dominic LeBlanc P.C., M.P., President of the King’s Privy Council for Canada and Minister Responsible for Canada-U.S. Trade, Intergovernmental Affairs and One Canadian Economy  
    The Hon. Shafqat Ali P.C. M.P., President of the Treasury Board  
    The Hon. Tim Hodgson P.C. M.P., Minister of Energy and Natural Resources 
    The Hon. Julie Dabrusin P.C. M.P., Minister of Environment and Climate Change 
    The Hon. Mélanie Joly, P.C., M.P., Minister of Industry 
    The Hon. Rebecca Ally P.C., M.P. Minister of Crown-Indigenous Relations  
    The Hon. Mandy Gull-Masty P.C., M.P., Minister of Indigenous Services 

    “Over the past number of years, the CanREA team has developed a strong working relationship with the federal government,” said Vittoria Bellissimo, CanREA’s President and CEO. “My team and I are committed to advancing wind, solar and energy storage and we will work closely with Canada’s newly appointed ministers to shape and support federal policies that will be essential to our industry as we plan, finance and build clean-energy projects that benefit Canadians.”  

    During the recent election campaign, the Liberal Party committed to a suite of proposals that support the rapid deployment of clean energy, as described in this recent CanREA statement. These policies include:  

    Finalizing the Clean Economy Investment Tax Credits (ITCs), policies that have already galvanized private sector investment in Canada’s renewable energy and energy storage industry. Getting the remaining ITCs passed into law, particularly the Clean Electricity ITC, will secure Canada’s position as a competitive and safe place for the private sector to invest. These will also help lower the cost of electricity to Canadian ratepayers. 
    Reducing the barriers to accessing capital faced by Indigenous companies and communities, by expanding the kinds of projects the Canada Infrastructure Bank can support to be more in line with First Nation, Inuit and Métis priorities. The Liberals also committed to exploring options for an Indigenous Infrastructure Bank to further address this gap. 
    Offering support for Canadians entering the trades, while also helping to reduce barriers that these skilled workers face when working in another province. 
    Creating a new First and Last Mile Fund that will move more electricity and goods from where they are produced to where they are needed, creating a more integrated and accessible Canadian economy. 
    Signing new Cooperation and Substitution Agreements with all willing provinces, territories and Indigenous Governing Bodies within six months, ensuring that projects go through only one review that upholds environmental standards and Indigenous consultation. 
    Cementing the signal for electrification by maintaining the industrial carbon price. During his leadership campaign, Mr. Carney even promised to set a pricing schedule out to 2035—this would be a strong signal upon which Canada’s renewable energy and energy storage industry could rely. 

    Across the country, more than 18,000 MW of clean-energy procurements, representing more than $34 B, are being planned or currently taking place, all of which will benefit from these federal policies.   

    “The federal ITCs, along with increased Indigenous access to capital and new interprovincial interconnections, will allow Canada to maintain its competitive edge in the global race for renewable energy and energy storage investment,” said Fernando Melo, CanREA’s Federal Director of Policy and Government Affairs.  

    “Putting these in place will be no small feat, but CanREA is committed to collaborating with the federal government to get these groundbreaking policies across the finish line.” 

    Quotes

    “Over the past number of years, the CanREA team has developed a strong working relationship with the federal government. My team and I are committed to advancing wind, solar and energy storage and we will work closely with Canada’s newly appointed ministers to shape and support federal policies that will be essential to our industry as we plan, finance and build clean-energy projects that benefit Canadians.” 
    —Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA) 

    “The federal ITCs, along with increased Indigenous access to capital and new interprovincial interconnections, will allow Canada to maintain its competitive edge in the global race for renewable energy and energy storage investment. Putting these in place will be no small feat, but CanREA is committed to collaborating with the federal government to get these groundbreaking policies across the finish line.”  
    —Fernando Melo, Federal Director, Canadian Renewable Energy Association (CanREA) 

    For interview opportunities, please contact: 

    Bridget Wayland, Senior Director of Communications  Canadian Renewable Energy Association communications@renewablesassociation.ca 

    About CanREA 

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn. Subscribe to our newsletter here. Learn more at renewablesassociation.ca.    

    The post STATEMENT: CanREA eager to work with new federal Cabinet to advance wind energy, solar energy and energy storage  appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Peters Urges Fiscal Responsibility and Against Healthcare Cuts in Republican Tax Plan Committee Consideration

    Source: United States House of Representatives – Congressman Scott Peters (52nd District of California)

     

    [embedded content]

    Washington D.C. – Today, at an Energy & Commerce Committee meeting on the Republican tax plan, Representative Scott Peters (CA-50) urged his colleagues to not go through with their extreme cuts to Medicaid and the Affordable Care Act to pay for tax cuts to wealthy individuals and corporations that do not need them. The Republican plan, which will not reduce the federal debt or deficit, would kick 13.7 million people off of their health insurance according to a new analysis by the non-partisan Congressional Budget Office.

    During his remarks, Rep. Peters also shared the story of his constituent, Jesus Acosta, who is an in-home care provider for his mother who was disabled after being hit by a car. Without Medicaid funding, Jesus would no longer be able to provide this care and pay the bills that keep their family together in their home.

    Rep. Peters began his remarks by stating, “This Committee has no jurisdiction over taxes, but let’s be honest with the American people. Taxes are the real reason we’re here. Over in the Ways & Means Committee, they are marking up what will be one of the most expensive tax bills in history. When Republicans originally passed the 2017 Tax Cuts and Jobs Act, they designed many of the individual and some business tax provisions to expire this year. That’s because even back then, Republicans knew making the tax cuts permanent would cost the United States trillions in revenue we desperately need to pay our expenses. Making those tax cuts permanent now is no less costly.

    He continued, “The bill before us will decimate Medicaid, which provides health insurance to nearly 72 million people nationwide. In every congressional district across the country, Medicaid supports health care for children, Americans with disabilities, and working people who are already struggling to keep up. Cutting health coverage for our most vulnerable neighbors will not make America healthier, it will make us sicker.”

    And he concluded, “Don’t buy their fiscal responsibility act. Republicans are proposing these painful cuts to programs that help everyday Americans not to lower our debt but just so President Trump can follow through on his campaign promise to give his donors, who he himself said were already “rich as hell,” even more money in tax cuts. When the government borrows more, inflation goes up and working people suffer at the grocery store, gas pump, and when they pay for utilities. Higher federal borrowing drives up interest rates and makes it harder for people to buy a home, start a business, or pay down credit cards.  All this now in addition to depriving so many Americans of basic health care.”

    CA-50 Medicaid Facts:

    • 156,100 people in the district rely on Medicaid for health coverage—that’s 20 percent of all district residents.
      • 34,700 children in the district are covered by Medicaid.
      • 17,700 seniors in the district are covered by Medicaid.
      • 64,900 adults in the district have Medicaid coverage through Medicaid expansion—that includes pregnant women who are able to access prenatal care sooner because of Medicaid expansion, parents, caretakers, veterans, people with substance use disorder and mental health treatment needs, and people with chronic conditions and disabilities.
    • At least five hospitals in the district had negative operating margins in 2022. These hospitals would be especially hard-hit by cuts to Medicaid. For example:
      • Scripps Mercy Hospital had a negative 25.3 percent operating margin—and nearly 22 percent of its revenue came from Medicaid.
      • Sharp Coronado Hospital had a negative 3.5 percent operating margin—and over 36 percent of its revenue came from Medicaid.
      • University of California San Diego Medical Center had a negative 2.4 percent operating margin—and nearly 19 percent of its revenue came from Medicaid.
    • There are 54 health center delivery sites in the district that serve 529,944 patients.
    • Those health centers and patients rely on Medicaid—statewide, 69 percent of health center patients rely on Medicaid for coverage.
    • Health centers will not be able to stay open and provide the same care that they do today, with more uninsured and underinsured patients. They are already operating on thin margins—in 2023, nationally, nearly half of health centers had negative operating margins.
    • Medicaid cuts put health centers at risk, including:
      • Family Health Centers of San Diego
      • Neighborhood Healthcare
      • North County Health Project
      • San Diego American Indian Health Centers
      • St. Vincent De Paul Village

     Jesus’s Story:

    Jesus Acosta is a home care provider and member of United Domestic Workers, UDW/AFSCME, in San Diego. Jesus became a care provider after his mother was tragically hit by a car, leaving her disabled. She was a single mother who worked hard to provide for Jesus and his siblings. After her accident, Jesus felt it was his responsibility to care for the woman who always cared for him — and he’s proud to do it.

    Jesus became his mother’s full time care provider in 2016. The responsibilities that come with her care — medication management, feeding her, bathing her, taking her to doctor’s appointments, helping her with her physical therapy and to live a fulfilling life with her family — has made it difficult for Jesus to maintain full-time employment. But he is able to take care of himself and pay the bills for his family thanks to Medicaid. The program also pays for his mother’s wheelchair and doctors’ visits. Without Medicaid funding, Jesus and his family would likely have to move out of their home and they would be separated

    Rep. Peters’ Full Remarks as Prepared for Delivery:

    Jesus is one of my constituents from San Diego. His mother was tragically hit by a car, leaving her disabled.

    Jesus became his mother’s full time care provider in 2016. He manages her medications, feeds her, bathes her, takes her to doctor appointments, and helps with her physical therapy.

    If these Medicaid cuts take effect, this work – this very had work — will not meet the so-called work requirements Republicans want to impose. Jesus and his family would likely have to move out of their home and live separated, and they will lose their health care.

    Mr. Chairman, this Committee has no jurisdiction over taxes, but let’s be honest with the American people. Taxes are the real reason we’re here.

    Over in the Ways & Means Committee, they are marking up what will be one of the most expensive tax bills in history.

    When Republicans originally passed the 2017 Tax Cuts and Jobs Act, they designed many of the individual and some business tax provisions to expire this year.

    That’s because even back then, Republicans knew making the tax cuts permanent would cost the United States trillions in revenue we desperately need to pay our expenses. Making those tax cuts permanent now is no less costly.

    Yet, that’s what we are being asked to do today.  The Budget Committee instructed the Ways and Means Committee to cut taxes by $4.5 trillion and has asked our committee to come up with $880 billion in cuts to make up the shortfall.  That’s it. That’s what this is about.

    To do that, the bill before us will decimate Medicaid, which provides health insurance to nearly 72 million people nationwide.

    In every congressional district across the country, Medicaid supports health care for children, Americans with disabilities, and working people who are already struggling to keep up.

    Cutting health coverage for our most vulnerable neighbors will not make America healthier, it will make us sicker.

    At home I hear from people concerned about national debt and deficits and they say to me, “hey Scott we have to make cuts to address the deficit.”  But that is not what is happening here.  Because Republicans will continue to run $2 trillion annual budget deficits and we will see the national debt grow from 36 to 38 to 40 to 42 trillion.  And they will vote for a $5 trillion increase in the debt limit to make this borrowing possible, even though many of them swore a blood oath that they’d never vote to increase the debt.  They will enact a budget that according to the Committee for a Responsible Federal Budget will increase the federal debt by $37 trillion over 30 years. 

    Don’t buy their fiscal responsibility act. Republicans are proposing these painful cuts to programs that help everyday Americans not to lower our debt but just so President Trump can follow through on his campaign promise to give his donors, who he himself said were already “rich as hell,” even more money in tax cuts.

    When the government borrows more, inflation goes up and working people suffer at the grocery store, gas pump, and when they pay for utilities. Higher federal borrowing drives up interest rates and makes it harder for people to buy a home, start a business, or pay down credit cards.  All this now in addition to depriving so many Americans of basic health care.

    I urge my colleagues to vote no.

    Thank you, I yield back.

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Security News: U.S. Attorneys for Southwestern Border Districts Charge More than 1400 Illegal Aliens with Immigration-Related Crimes During the Second week in May as part of Operation Take Back America

    Source: United States Department of Justice 2

    Since the inauguration of President Trump, the Department of Justice is playing a critical role in Operation Take back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    Last week, the U.S. Attorneys for Arizona, Central California, Southern California, New Mexico, Southern Texas, and Western Texas charged more than 1400 defendants with Criminal violations of U.S. immigration laws.

    The Southern District of California filed 176 border-related cases this week, including charges of assault on a federal officer, bringing in aliens for financial gain, reentering the U.S. after deportation, and importation of controlled substances. These included Two complaints which charged five people with participating in a human smuggling event that led to the deaths of at least three migrants, including a 14-year-old boy from India. His 10-year-old sister is still missing at sea and presumed dead; their father is in a coma and mother is also hospitalized.

    The Central District of California filed criminal charges against 34 defendants this week who allegedly were found in the U.S. following removal. Many of the defendants charged were previously convicted of felonies before they were removed from the United States.

    The District of New Mexico charged approximately 300 defendants with border-related crimes, including 91 defendants charged with Illegal Reentry After Deportation (8 U.S.C. 1326). In addition, 209 individuals charged with Illegal Entry (8 U.S.C. 1325) were also charged with violation of a military security regulation (50 U.S.C. 797) because they unlawfully entered the National Defense Area in New Mexico.

    The Southern District of Texas filed a total of 300 cases, charging 302 people from May 2-8 in continuing efforts to secure the southern border. As part of the cases, 93 face allegations of illegally reentering the country. The majority have prior felony convictions for narcotics, prior immigration crimes and more. A total of 193 people face charges of illegally entering the country, while 11 cases allege various instances of human smuggling with the remainder involving other immigration-related crimes.

    The Western District of Texas filed 316 new immigration and immigration-related criminal cases from May 2 through May 8. Among the new cases, Cirilo Delgado-Alderete, Dilan Karim Valenzuela-Baca, and Antelmo Eligio Ramirez-Bernardo were arrested at an alleged stash house in Anthony, New Mexico. According to an affidavit, U.S. Border Patrol and Homeland Security Investigations agents observed three vehicles that had been identified as being used to smuggle illegal aliens to Albuquerque, New Mexico, parked at the residence. When agents questioned Ramirez-Bernardo, a Guatemalan national, they allegedly discovered he possessed a key to the residence on his keychain. Agents then located 25 individuals inside the residence who admitted to being citizens of Mexico, Peru, Honduras, Guatemala, Dominican Republic, and Pakistan without documentation to be in the U.S. Two of the individuals, Delgado-Alderete and Valenzuela-Baca, were identified as alleged stash house caretakes and drivers to harbor and transport the illegal aliens. Delgado-Alderete, Valenzuela-Baca, and Ramirez-Bernardo are charged with one count of conspiracy to transport illegal aliens and one count of conspiracy to harbor illegal aliens.  The drivers allegedly picked up aliens in El Paso before transporting them to New Mexico.

    The District of Arizona brought immigration-related criminal charges against 314 defendants. Specifically, the United States filed 117 cases in which aliens illegally re-entered the United States, and the United States also charged 166 aliens for illegally entering the United States.  In its ongoing effort to deter unlawful immigration, the United States filed 25 cases against 31 individuals responsible for smuggling illegal aliens into and within the District of Arizona.

    We are grateful for the hard work of our border prosecutors in bringing these cases and helping to make our border safe again.

    MIL Security OSI –

  • MIL-OSI Security: Security News: Delaware Man Convicted of Sex Trafficking and Forced Labor

    Source: United States Department of Justice 2

    A federal jury in the District of Delaware convicted Clifton H. Gibbs, 68, of Sussex County today on multiple counts of sex trafficking and forced labor. Specifically, the jury convicted Gibbs of seven counts of sex trafficking seven adult victims, five counts of forced labor, and one count of interstate transportation for purposes of prostitution.

    According to the evidence at trial, Gibbs exploited the victims’ heroin addiction and fears of withdrawal sickness to compel the victims to engage in commercial sex, panhandle, perform demanding manual labor on his property, and to steal goods for him to resell. Gibbs’ co-defendant, Brooke Waters, 46, previously pled guilty to sex trafficking, forced labor, and interstate transportation for purposes of prostitution charges.

    “Today’s conviction vindicates the rights of multiple victims who the defendant trafficked over several years within the District of Delaware,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “This defendant preyed on individuals suffering from opiate addiction and cruelly exploited them for his own profit. The Justice Department is committed to aggressively fighting human trafficking and seeking justice for its victims.”

    “I hope that today’s verdict brings some measure of closure for the victims in this case,” said Acting U.S. Attorney Shannon T. Hanson for the District of Delaware. “I commend the victims’ bravery and willingness to testify to bring this defendant to justice. Our communities are much safer, and this verdict should serve as a warning to other individuals who exploit victims for personal gain.”  

    “The conviction of Clifton H. Gibbs highlights the strong partnership between Homeland Security Investigations and the Department of Justice in the fight against human trafficking,” said Special Agent in Charge Edward V. Owens of HSI Philadelphia. “Gibbs preyed on vulnerable individuals, feeding their addiction for profit through forced labor and commercial sex. HSI remains committed to working alongside our federal partners to dismantle trafficking networks, bring perpetrators to justice, and through our victim centered approach, support victims as they reclaim their lives.”

    “The crimes uncovered in this case are among the most egregious that Homeland Security Investigations encounters,” said Special Agent in Charge Michael McCarthy of HSI Maryland. “Exploiting vulnerable individuals through coercion, abuse, and manipulation is nothing short of reprehensible. This kind of predatory behavior destroys lives and undermines the fundamental values of human dignity and freedom. HSI remains unwavering in its mission to dismantle criminal networks, bring perpetrators to justice, and protect the safety and well-being of our communities, especially those who are unable to protect themselves.”

    The evidence presented at the seven-day trial demonstrated that Gibbs sought out individuals, often young women, who were addicted to heroin, and without any money or a stable place to live, promising to take care of them by giving them housing, food, clothing, and easy access to drugs. He then provided many of them with heroin for free to ease their withdrawal sickness. He allowed them to live in trailers or campers on his two rural properties in Sussex County. He then instructed the women to engage in commercial sex, instructing his co-defendant to take photos of them and post online advertisements for them to do “dates” with commercial sex buyers. Gibbs kept all the proceeds from the commercial sex acts and provided the women with small amounts of heroin and cocaine to avoid withdrawal sickness. Gibbs positioned himself to control the victims’ access to heroin and thereby controlled the onset of withdrawal sickness. Exploiting the victims’ fear of withdrawal sickness, Gibbs profited from the commercial sex acts in which he compelled the women to engage. Gibbs and his co-defendant also recruited heroin-addicted individuals to “boost” or steal goods for him to re-sell, panhandle, and do manual labor on his properties. In the same way he did with the young women he compelled to engage in commercial sex, Gibbs exploited the victims’ fear of withdrawal sickness to coerce this labor for his profit.

    Gibbs also used physical force with some of his victims by hitting, kicking, or threatening to shoot those who disobeyed his orders or talked back.

    A sentencing hearing will be scheduled at a later date. Gibbs faces a minimum penalty of 15 years in prison and a maximum penalty of life in prison as well as mandatory restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Homeland Security Investigations investigated the case. Assistant United States Attorney Briana Knox for the District of Delaware and Trial Attorneys Christina Randall-James and Leah Branch of the Civil Rights Division’s Human Trafficking Prosecution Unit prosecuted the case.

    Anyone who has information about human trafficking should report that information to the National Human Trafficking Hotline toll-free at 1-888-373-7888, which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.

    MIL Security OSI –

  • MIL-OSI Europe: Minister welcomes Zelenskyy-Putin meeting to end fighting in Ukraine

    Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

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    Published on May 13, 2025

    Statements to the press by M. Jean-Noël Barrot, Minister for Europe and Foreign Affairs, on the sidelines of his visit to Calvados department (Caen, May 12, 2025)

    Can you confirm that you had a call today with Marco Rubio and other foreign-minister counterparts? And what was the nature of these discussions?

    THE MINISTER – Yes, at President Macron’s request, I spoke to my counterpart the US Secretary of State [and] the foreign ministers of the European countries present in Kyiv at the weekend, then the Ukrainian minister. We reiterated our desire to see an immediate, unconditional 30-day ceasefire. And then we signalled our support for the idea of a meeting on Thursday between President Zelenskyy of Ukraine and President Putin of Russia.

    Vladimir Putin declared today that any ultimatum was unacceptable. What do you say to him?

    THE MINISTER – I say that Vladimir Putin proposed a direct meeting with Volodymyr Zelenskyy. Volodymyr Zelenskyy agreed to it. Vladimir Putin must now keep to his part of the bargain. He must turn up in Istanbul on Thursday for a meeting with Volodymyr Zelenskyy. Then, in order for discussions to take place calmly and lead to peace, there absolutely must be a ceasefire, because you can’t negotiate while under attack from bombs or drones.

    If this doesn’t happen, what sanctions could there be?

    THE MINISTER – We’re preparing to put in place particularly powerful, massive sanctions that would force Vladimir Putin to observe a ceasefire if he didn’t move towards one. These sanctions would be coordinated with the American sanctions that the American senators have prepared, with 500% tariffs on oil imports and on countries importing Russian oil today.

    And France, specifically?

    THE MINISTER – We adopt sanctions at European level. We’ve adopted 17 sanctions packages targeting Russian entities and individuals helping to circumvent the sanctions, helping to destabilize European public opinion, and also the financial institutions, the energy institutions. What we’re preparing are additional sanctions that will be massive and target the energy and financial sectors.

    Can you give details of these sanctions on the oil sectors, for example?

    THE MINISTER – A number of sanctions have already been adopted, and at the weekend, following the discussions that took place in Kyiv, we asked the European Commission to prepare further, even more substantial sanctions to force Vladimir Putin to begin a peace process.

    On gas and oil?

    THE MINISTER – On oil, in particular, which now accounts for 25% of Russia’s budget.

    Donald Trump said he’s ready to join the negotiations. Is that a good thing?

    THE MINISTER – He’s obviously welcome. He was the one from the outset who proposed an unconditional 30-day ceasefire in the air, at sea and on land – a proposal accepted by the Ukrainians two months ago now, and which Vladimir Putin must now in turn accept./.

    MIL OSI Europe News –

  • MIL-OSI New Zealand: Our Response Framework for Educational Delivery and Performance

    Source:

    Download a PDF version of our Response Framework for Educational Delivery and Performance (PDF 191 KB)
    What is our Response Framework?
    The Response Framework describes how we manage educational delivery and performance where it needs to improve. It provides an overview of the types of responses the TEC uses to manage delivery and performance, and broad factors that affect whether a response is taken and what type of response.
    The framework is designed to endure over time, so it focuses on responses and factors that will not change over multiple funding rounds. It does not include specific expectations of delivery and performance (eg, specific levels or measures of these factors, rankings of their importance, or mappings between factors and responses) because these vary over time and in different contexts.
    Instead, specific expectations are laid out in a range of regularly published sources including Plan Guidance, funding conditions, funding mechanisms and technical guidance. Tertiary education organisations (TEOs) should refer to these sources to understand what specific levels and/or circumstances are likely to evoke a response.
    Decisions about responses to delivery and performance result from on-balance assessments, not bright-line tests
    Decisions involve many factors and depend on us having as much information as possible. For this reason, we rely on engagement as the first response when an indicator occurs, to enable a “no surprises” approach if a further response is required. We aim to understand the reasons underlying the indicator and what is already happening to address it.
    The Response Framework covers how we respond to educational delivery and/or performance that needs to improve. It does not cover:

    responses to delivery or performance that exceeds expectations
    other types of assessments we make such as tertiary education institution (TEI) risk and private training establishment (PTE) financial viability
    other types of decisions we make, such as those about investment (although both our investment and response frameworks are relevant where responses relate to funding, such as reducing investment when performance is not improving). 

    Fundamental to our decision-making are our legislative functions and obligations under the Education and Training Act 2020, including giving effect to the Tertiary Education Strategy. An ongoing focus on learner success is embedded throughout the framework: as a potential indicator that improvement is necessary, a way to improve outcomes, a contextual factor considered in decisions, and a principle underpinning all decisions.
    We use three broad types of responses
    This list is not exhaustive.
    Information, monitoring and engagement
    Our business-as-usual methods for understanding provider performance include regular data reporting and communicating expectations through Plan Guidance, other publications and engagement.
    Our first choice of response, when a need to improve outcomes is indicated, may include requesting further information, or changing the frequency, intensity, method, attendees or content of engagements.
    Dedicated and/or specialist engagement (eg, a Relationship Manager) is likely when there is more risk (eg, total funding envelope >$5m), or delivery or performance needs to improve.
    Requirements and conditions
    When more structure is required than engagement alone, TEC may:

    require a full Investment Plan
    change the Plan length
    require a significant Plan amendment
    require an improvement plan
    apply organisation-specific funding conditions
    impose a new condition on subsequent Plan funding approval.

    Funding
    In situations where performance is not improving even with requirements or conditions, TEC may:

    remove access to additional funding
    revoke approval for a qualification to be accessible for student loans and allowances
    amend, revoke and/or recover existing funding
    reduce further investment or part-fund only (including signalling this through indicative allocations)
    cease investment.

    Proposed funding decisions made as part of annual Plan rounds are always subject to a Right of Response process.
    We consider many factors in making a response decision
    We generally (although not always) use responses in a graduated manner, with engagement continuing throughout.
    Context
    Context is crucial to which responses we use, how quickly we do so, and the importance of various indicators and mitigations at different points in time. For example:

    at a system level: fiscal environment, overall availability of funding and government risk appetite can affect how quickly we strengthen responses or which ones we apply
    at a sub-sector level: the type of provider, including size, legislated autonomy, business model, and alternatives in the network of provision, affects what responses we use
    at a provider level: specific concerns (eg, low educational outcomes for specific learner groups) can have specific associated responses, or responses might only be applied to pockets of provision or to provision with outcomes that are not improving. We also consider a provider’s existing compliance requirements.

    Indicators
    Indicators are signs that performance may need to improve, to minimise potential risk to learner outcomes and/or to government investment. They increase the likelihood that we will use more or stronger responses. Indicators include:

    low or declining educational performance
    low educational outcomes for specific learner groups
    unfavourable quality assurance reports
    unsatisfactory Plan quality (or components of a Plan), including learner success milestones
    under- or over-delivery
    unsatisfactory progress following previous responses
    breach of funding conditions
    non-compliance with criteria for significant Plan amendments or replacement Plans
    adverse audit and investigation findings.

    Mitigations
    Mitigations are factors or actions that (where satisfactory) can lower risk and increase our confidence that expectations will be met. Satisfactory mitigations decrease the likelihood of further responses and/or the severity of those applied. Mitigations can include:

    proactive communication about indicators
    improved educational performance
    improving educational outcomes for specific learner groups
    proactive actions taken (eg, collaboration with other providers)
    demonstrable outcomes other than educational (eg, community impact)
    improved quality assurance reports.

    Key principles underpin every response decision
    Evidence-based
    We make informed decisions based on best available data, information and intelligence. We understand and apply knowledge of the sector, learner demand, stakeholder needs and best practice.
    Fair, transparent and consistent
    We use engagement to maintain transparency with providers and understand the context that makes our decisions fair. Our methods and processes build trust and confidence in the system for learners, industry, communities and government. We balance costs and risks in proportion to outcomes.
    Learners at the centre
    We incentivise, promote and enable improved educational outcomes for everyone by making providers accountable for how they deliver education and the outcomes they achieve. We expect providers to recognise learner diversity and meet learners’ needs and aspirations.
    Continuously improving the system
    We improve the system’s effectiveness through reviewing and updating internal processes for deciding and applying responses, as necessary. We improve the system through the tools and guidance we provide to the sector and the network of provision we invest in.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Rosen Joins Bipartisan Bill to Increase Support to Law Enforcement, First Responders Suffering from Service-Related Cancers

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – During National Police Week, U.S. Senator Jacky Rosen (D-NV) announced she has joined the bipartisan Honoring Our Fallen Heroes Act to expand access to federal support for the families of firefighters, law enforcement officers, and other first responders who pass away or become permanently disabled from service-related cancers. Currently, these heroic men and women are only eligible for support under the Public Safety Officer Benefits (PSOB) program for physical injuries sustained in the line of duty, or for deaths from duty-related heart attacks, strokes, mental health conditions such as post-traumatic stress disorder, and 9/11 related illnesses.
    “Nevada’s police officers, firefighters, and first responders put their health at risk to keep our communities safe, sometimes developing cancer from exposure to toxic chemicals during their service,” said Senator Rosen. “That’s why it’s critical that these public safety officers and their families can access all the federal support they need. I’m proud to support this bill to do just that, and will keep pushing to make sure we take the best care of our first responders.”
    Senator Rosen has fought to support Nevada’s first responders. Last year, she helped secure nearly $1 million in federal funding to provide mental health training and support to thousands of firefighters, law enforcement officers, and first responders. Senator Rosen also announced that more than $6 million in funding they secured for Nevada law enforcement, criminal justice, and public safety projects is being delivered. Last Congress, Senator Rosen introduced bipartisan legislation to improve federal mental health support programs for firefighters, law enforcement officers, and other emergency response personnel.

    MIL OSI USA News –

  • MIL-OSI USA: Graham Arrives in Turkey

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham
    WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today arrived in Turkey. Senator Graham traveled to the nation to meet with Turkish and U.S. officials to assess the situation in Syria. 
    “I have traveled to Turkey this week for the express purpose of assessing the situation in Syria. I am very inclined to support sanctions relief for Syria under the right conditions. However, we must remember that the current leadership in Syria achieved its position through force of arms, not through the will of its people. 
    “I know the Trump Administration has provided guidance to Syrian officials about conditions that need to be met before any sanctions can be relieved. I fully understand the role that Congress plays in this process, having supported Syrian sanctions that passed Congress during the 2020 National Defense Authorization Act.  
    “Currently, Syria is also listed as a state sponsor of terrorism under U.S. law. In order for that designation to be lifted, the administration must submit a report to Congress on how circumstances have changed. That report has not been received and Congress has the opportunity to review this action if it chooses. The designation of Syria as a state sponsor of terrorism has tremendous ramifications apart from the sanctions. I am certain that Congress would need to be informed of changes in conditions placed on Syria and how they have met those conditions before Congress can make an informed decision on whether or not it should approve the change in designation. 
    “I have also been in close contact with Israel, as they are extremely concerned about the state of play in Syria. During this trip, I will be discussing this matter with our allies in Turkey and will maintain extremely close coordination with our allies in Israel so that we can fully understand the implications of sanctions waivers.
    “Waiving congressionally-passed sanctions is a complicated process. While I would like to empower the new players in Syria, it has to be done in a coordinated fashion with our allies – especially our friends in Israel – so that numerous security concerns can be addressed. Over the past decades, locations in Syria have been used to attack Israel.
    “This newly formed government in Syria may be a good investment and could be the pathway to unifying Syria, making it a stable part of the region. However, there is a lot that must be learned before making that determination. 
    “A stable Syria would be a game changer for the region, but given its past, their progress must be evaluated closely.”

    MIL OSI USA News –

  • MIL-OSI Canada: Prime Minister Carney to attend the inaugural Mass of His Holiness Pope Leo XIV

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, announced that he will travel to Rome, Italy, from May 16 to 19, 2025, to attend the inaugural Mass of His Holiness Pope Leo XIV.

    A longstanding tradition of the Catholic Church, and a defining moment in Pope Leo XIV’s pontificate, the Mass will take place on Sunday, May 18, at St. Peter’s Square.

    While in Rome, the Prime Minister will also meet with other international leaders to discuss deepening trade, commerce, and cultural ties.

    Associated Links

    MIL OSI Canada News –

  • Justice B.R. Gavai to take oath as 52nd Chief Justice of India tomorrow

    Source: Government of India

    Source: Government of India (4)

    Justice B.R. Gavai will be sworn in as the 52nd Chief Justice of India (CJI) on Wednesday, becoming the first Buddhist to head the country’s judiciary.
     
    President Droupadi Murmu will administer the oath of office to Justice Gavai, who succeeds outgoing CJI Sanjiv Khanna.
     
    The appointment was made by President Murmu under Article 124(2) of the Constitution, and the Ministry of Law and Justice subsequently issued a notification confirming the decision. Justice Gavai, currently the seniormost judge of the Supreme Court, was elevated to the apex court on May 24, 2019.
     
    Over the past six years, Justice Gavai has been part of around 700 Benches and has adjudicated matters across a wide range of legal domains, including constitutional and administrative law, civil and criminal law, commercial disputes, arbitration, electricity, education, and environmental law. He has authored nearly 300 judgments, including those delivered by Constitution Benches, upholding the rule of law and protecting fundamental, human, and legal rights.
     
    Justice Gavai was appointed as a permanent judge of the Bombay High Court on November 12, 2005. During his tenure, he presided over a variety of assignments at the Principal Bench in Mumbai and at the benches in Nagpur, Aurangabad, and Panaji.
     
     
    —IANS

  • India launches first 3nm chip design centres in Noida and Bengaluru

    Source: Government of India

    Source: Government of India (4)

    Union Minister for Electronics and Information Technology Ashwini Vaishnaw on Tuesday inaugurated India’s first 3-nanometre (3nm) chip design centres in Noida and Bengaluru, marking a key milestone in the country’s push towards advanced semiconductor innovation. The centres have been set up by Renesas Electronics India Private Limited and are poised to place India among a select group of nations working at the cutting edge of chip technology.
     
    Vaishnaw said, “Designing at 3nm is truly next-generation. We’ve done 7nm and 5nm earlier, but this marks a new frontier.” He added that the launch reaffirms India’s growing presence in the global semiconductor space and reflects increasing industry confidence, witnessed at global platforms such as the World Economic Forum in Davos.
     
    The new centres are part of a broader strategy by the government to build a robust semiconductor ecosystem, spanning design, fabrication, ATMP (Assembly, Testing, Marking, and Packaging), and the supply of associated equipment, chemicals, and gases. The government has also been focusing on nurturing a skilled workforce to meet the growing demand in the semiconductor industry.
     
    Vaishnaw also announced the launch of a new semiconductor learning kit designed to strengthen practical hardware skills among engineering students. Over 270 academic institutions, which have already received access to advanced EDA (Electronic Design Automation) software tools through the India Semiconductor Mission, will also receive these hands-on kits. “This integration of software and hardware learning will create truly industry-ready engineers. We are not just building infrastructure but investing in long-term talent development,” he said, lauding the efforts of CDAC and the ISM team for their efficient execution.
     
    Renesas Electronics CEO and Managing Director Hidetoshi Shibata, who was present at the event, described India as a strategic cornerstone for the company. He said Renesas is expanding its end-to-end semiconductor capabilities in India, from architecture to testing, while actively supporting over 250 academic institutions and a range of startups through government-backed initiatives such as the India Semiconductor Mission and the Production Linked Incentive (PLI) scheme. He also underscored the importance of Indo-Japan collaboration in redefining the global semiconductor lifecycle.

  • Coal imports fall by 9.2% in April–February period, saving nearly $7 billion in forex

    Source: Government of India

    Source: Government of India (4)

    India’s coal imports fell sharply by 9.2% during the April 2024 to February 2025 period, amounting to 220.3 million tonnes (MT) compared to 242.6 MT in the same period of the previous financial year. This decline translated into foreign exchange savings of approximately $6.93 billion (₹53,137.82 crore), according to data released by the Ministry of Coal.
     
    The drop was more pronounced in the Non-Regulated Sector, which excludes the power sector, where imports declined by 15.3% year-on-year. Even as coal-based power generation registered a growth of 2.87% during the same period, imports for blending by thermal power plants saw a steep reduction of 38.8%. The trend underscores India’s efforts to reduce dependence on imported coal and strengthen domestic supply.
     
    The Ministry attributed the drop in imports to a series of policy initiatives, including Commercial Coal Mining and Mission Coking Coal, which are aimed at enhancing self-sufficiency in coal production. These measures have also helped domestic coal output grow by 5.45% during the April 2024 to February 2025 period compared to the same stretch in the previous fiscal.
     
    Coal continues to be a cornerstone of India’s energy needs, particularly for core sectors such as power, steel, and cement. However, challenges remain in meeting demand for coking coal and high-grade thermal coal, which are not adequately available in India’s reserves. Imports have therefore played a crucial role, especially for the steel industry.

  • MIL-OSI New Zealand: Asbestos-containing material washing up on some east Auckland beaches

    Source: Secondary teachers question rationale for changes to relationship education guidelines

    Auckland Council is aware that pieces of asbestos-containing material (ACM) have been washing up along Auckland’s eastern coastline. While the risk posed to the public is low, the council is taking all necessary precautions and removing the material from affected beaches.  

    The largest amounts of ACM have been found at Glendowie Bay and, to a lesser extent, neighbouring Karaka Bay. Very small amounts have also been found further up the Tāmaki River towards Panmure.

    Signage is in place at Glendowie and Karaka Bay and the council has conducted several clean-ups to remove the material from these beaches. 

    Manager of Licensing & Environmental Health, Mervyn Chetty, says there is no need for the public to avoid beaches where ACM is present, but if material is spotted it should be left undisturbed and reported to healthenforcement@aucklandcouncil.govt.nz or by phoning 09 301 0101.

    “We are asking people to take a common-sense approach and to simply leave ACM alone for the council to collect. Dogs and children should also be prevented from picking up the material,” he says.

    Health risk low

    The recent washed-up pieces of ACM are 5-10cm pieces of fibre cement board, likely to be from historic construction waste. Asbestos in this form is considered non-friable, meaning it cannot be broken up and inhaled under normal circumstances.

    Health New Zealand Medical Officer of Health, Dr David Sinclair, says the riskiest situation is where dust is being generated from Asbestos Containing Materials (ACM) being cut or damaged.

    “In outdoor settings such as the affected beaches, we’d expect the level of asbestos dust to be minimal, especially when the material is below the high tide mark and damp. However, people should inform Auckland Council if they find ACM so it can be removed, and not disturb the ACM pieces or collect them.”

    Further health advice on asbestos containing materials is available at: info.health.nz/asbestos-and-your-health 

    Source still a mystery

    Pinpointing the source of ACM material is difficult, says Mervyn Chetty, especially given the likely age of the material and ability for it to have moved over time. 

    “Unfortunately, waste disposal practices were not always what they are today. The ACM we’re finding now is likely to be decades-old construction waste that was dumped near the shoreline, which over time has fragmented and dispersed along beaches due to natural processes like tides and weather.” 

    The council has not identified a likely single source of the material but is continuing to conduct investigations. If any members of the public have information that would assist, they are encouraged to report this to  healthenforcement@aucklandcouncil.govt.nz.

    In addition to responding to reports of ACM, the council will continue to inspect and monitor beaches in the area to determine the scale of the issue. Regular clean-ups will be carried out and signage erected at sites where pieces of ACM are more commonly being found.

    While it is likely that these fragments are historic deposits, it is also a good reminder to Aucklanders to responsibly secure and dispose of construction and household waste, as these can end up making their way to waterways and beaches, particularly following storm events.

    We thank the community for their cooperation as we work to manage this issue responsibly.

    For further updates, check back here on OurAuckland.

    Asbestos FAQs 

    What is asbestos?

    Asbestos is a naturally occurring mineral made up of fine, durable fibres. It was widely used in construction materials in New Zealand between the 1940s and mid-1980s due to its fire resistance, insulation properties, and strength. It was phased out in construction materials during the late 1980s and banned completely from importation in 2016.

    What is the difference between asbestos and ACM?

    Asbestos refers to the mineral itself, while ACM stands for asbestos-containing Material, which means any material or product that contains more than 1 per cent asbestos. For example, insulation boards, vinyl flooring, or roofing tiles may be ACMs as they contain asbestos mixed with other materials.

    Is all asbestos or ACM dangerous?

    Asbestos is considered a health hazard when it is “friable”. That means that it can easily be broken up or crumbled by hand when dry, and the fibres can therefore be inhaled into the lungs. Generally, ACM is non-friable as it is mixed with other hard materials like cement or resin, making it more stable.

    Most asbestos found in construction materials in New Zealand is in the less hazardous ACM form, however pure asbestos may be found in places like pipe insulation or sprayed-on ceiling coatings. Even in this form, the material would only become hazardous if broken up or damaged.

    What are the health risks associated with asbestos?
    Inhaling significant amounts of airborne asbestos can lead to respiratory problems, including lung cancer, with greater levels of exposure over longer periods of time leading to increased risk. Those most likely to be affected are people who work regularly with asbestos or are exposed to it during construction, renovation, or demolition work.

    More information

    Visit info.health.nz for health advice on ACM

    Visit WorkSafe for information about asbestos in the home and safe removal practices.    

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Watercare upgrades water network to support future growth in Pukekohe and Buckland

    Source: Secondary teachers question rationale for changes to relationship education guidelines

    Watercare has completed a $2m project to ultimately increase the capacity of the water network in Pukekohe and Buckland.

    Over the past two months crews installed two new bulk supply points on Pukekohe East Road which will allow more water to be distributed through the network, supporting current and future growth in Pukekohe and Buckland.

    The bulk supply points will allow Watercare to manage the flows, regulate pressure in the network and test the quality of the water.

    Although both bulk supply points are complete, only one will be brought into service once the rest of the infrastructure is installed, says Watercare project manager Veluppillai Thavarajah.

    Watercare project manager Veluppillai Thavarajah.

    “Once the infrastructure is ready, we’ll bring one of the bulk supply points into service to supply water to around 1500 houses planned for construction in the area.

    “To connect the bulk supply points to the existing network, Watercare is planning to undertake connection works in early June. This will involve a temporary shutdown of the large water main supplying Pukekohe.

     “It will take our team about 16 hours to carry out this work, but all our customers will continue to have water because the team will ensure that the reservoir suppling the area will have enough water storage for the duration of the work.

    “The other bulk supply point will be brought into service at a later date when it’s needed to supply water to future developments.”

    Thavarajah says Watercare opted to install both bulk supply points at the same time to reduce costs and disruptions.

    “We appreciate people’s patience with us as our crews worked to install pipework, valves and fittings needed to bring these bulk supply points to fruition.”

    Franklin ward councillor Andy Baker says it’s great to see Watercare stepping up to support growth in the area.

    “The new bulk supply points get things moving for early development, and with plans in place for extra infrastructure, it shows Watercare is serious about enabling growth in the area.”

    MIL OSI New Zealand News –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement with Cabo Verde on the Sixth Review under the Extended Credit Facility (ECF) and the Third Review under the Resilience and Sustainability Facility (RSF) Arrangement

    Source: IMF – News in Russian

    May 13, 2025

    • IMF staff and Cabo Verdean authorities reached a staff-level agreement on the sixth ECF review and third RSF review, and a fifteen-month extension of both arrangements with an augmentation equivalent to thirty percent of quota under the extended ECF.
    • The ECF-supported program aims to strengthen public finances, ensure debt sustainability, minimize fiscal risks from public enterprises, modernize monetary policy, and raise potential growth. The RSF supports government climate reforms and catalyzes private climate finance. Extension to December 2026 supports the continued success of the authorities’ economic policy and reform agenda.
    • All end-December 2024 ECF structural benchmarks (SB) and quantitative performance criteria (PCs) were met. The implementation of reform measures (RMs) under the RSF has been progressing, but some reforms will take more time than expected.

    Praia, Cabo Verde: An International Monetary Fund (IMF) team led by Mr. Martin Schindler held meetings with the Cabo Verdean authorities during May 5 – 13, 2025, to discuss the sixth review under the Extended Credit Facility (ECF) arrangement, the third review under the Resilience and Sustainability Facility (RSF) arrangement, and economic policies and reforms to be supported under an extension of both arrangements. Access under the existing ECF is 190 percent of quota (SDR 45.03 million, approximately US$ 63.3 million) and access under the RSF is 100 percent of quota (SDR 23.69 million, approximately US$ 31.69 million). The augmentation of 30 percent of quota (SDR 7.11 million) will bring the total ECF arrangement to SDR 52.14 million.

    At the conclusion of the mission, Mr. Schindler issued the following statement:

    “I am pleased to announce that the IMF team and the Cabo Verdean authorities reached staff-level agreements on the policies needed to complete the sixth review under the ECF-supported program and the third review of the RSF arrangement as well as on economic policies and reforms that could be supported by an extension. Upon approval by the IMF’s Executive Board, completion of the sixth ECF review will allow disbursement of SDR 4.51 million (approximately US$ 6.09 million), while the completion of the third RSF review will allow disbursement of up to SDR 7.896 million (approximately US$ 10.66 million), depending on reform progress under the RSF.

    “Cabo Verde’s economy continues to perform well, underpinned by tourism, robust export performance and private consumption growth. Increasing the execution of the government’s capital budget would enhance potential growth. Economic growth in 2024 was strong at 7.3 percent, with 1.0 percent inflation and a current account surplus. The 2024 fiscal balance exceeded program targets, driven by lower primary expenditures and strong tax revenue growth. The public debt-to-GDP ratio continues to decline.

    “All end-December 2024 structural benchmarks (SB) and quantitative performance criteria (PCs) were met. The implementation of reform measures (RMs) under the RSF has been progressing, but some reforms will take more time than expected.

    “Cabo Verde’s economic outlook remains solid. GDP growth in 2025 is projected at 5.2 percent, while inflation is expected to converge to about 2 percent in 2025 and over the medium-term, broadly in line with euro area inflation. The current account balance is projected to gradually return to a deficit of 1.3 percent of GDP in 2025, and then stabilize at around -3.5 percent over the medium term.

    “Fiscal performance is forecast to be strong in 2025. Cabo Verde aims to maintain a fiscal path aligned with debt reduction goals, targeting a higher primary balance than foreseen under the previous review. Tax revenue is expected to increase reflecting ongoing tax reforms.

    “The mission welcomed the BCV’s Monetary Policy Committee (MPC) decision to raise the deposit rate by 30 basis points to 2.25 percent to fully close the gap with the ECB. Continued data-driven adjustments in monetary policy may be needed to protect the exchange rate peg and appropriate reserves buffers. Data for end-March 2025 suggests that the financial system is liquid, profitable, and well capitalized.

    “The macroeconomic outlook remains favorable but is subject to substantial downside risks. Cabo Verde is vulnerable to external shocks, including in energy, food prices, and tourism, especially in the context of heightened uncertainties in global trade frameworks. A global growth slowdown and supply chain disruptions would have a negative impact on tourism, inflation, and growth. Climate-related risks, such as rising sea levels and extreme weather events, pose long-term threats to infrastructure and economic stability. Delays in SOE reforms and increasing public debt could undermine fiscal sustainability. On the upside, continued strength in tourist arrivals could lift growth. Legislative and Presidential elections will take place in 2026.

    “The IMF team is grateful to the Cabo Verdean authorities and other stakeholders for the productive discussions, hospitality, and candid discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    https://www.imf.org/en/News/Articles/2025/05/13/pr25144-cabo-verde-imf-reaches-sla-on-the-6th-rev-under-the-ecf-and-3rd-rev-under-the-rsf-arr

    MIL OSI

    MIL OSI Russia News –