NewzIntel.com

Category: Economy

  • MIL-OSI: Baltic Horizon Fund announces a change in the financial calendar

    Source: GlobeNewswire (MIL-OSI)

    The Annual General Meeting of Baltic Horizon Fund investors will be held on 9 September 2025. Previously the planned time of the general meeting was 2 June 2025. Updated financial calendar is available on Baltic Horizon Fund webpage.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    The MIL Network –

  • MIL-OSI: Charleswood Limited Navigates Shifting Market Dynamics with Strategic Focus

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, May 23, 2025 (GLOBE NEWSWIRE) — Charleswood Limited today released a market commentary in light of the latest financial developments, highlighting both risk and opportunity amid shifting macroeconomic signals.

    Global markets remain broadly supported despite a mixed economic outlook. While rate cuts anticipated in early 2025 have been delayed, strong corporate earnings and robust consumer demand are providing a floor for investor confidence.

    “Staying agile in this environment is critical,” said a Charleswood Limited spokesperson. “Our strategies are evolving to reflect the growing bifurcation between high-growth sectors and more interest-sensitive areas.”

    Charleswood emphasized its commitment to long-term value creation through disciplined capital deployment and active engagement with portfolio companies. Areas of current focus include next-generation infrastructure, digital assets, and private credit.

    About Charleswood Limited:

    Charleswood Limited is an investment and advisory firm focused on delivering sustainable value through strategic allocation across global public and private markets.

    Financial Assets Manager: Fernando McNaughton

    Website: https://charleswoodlimited.com
    Phone: +852 5803 0608
    Email: info@charleswoodlimited.com
    Address: #8 Finance Street, Central, Hong Kong

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/90e8a66c-f703-424d-9926-06a311cda23d

    The MIL Network –

  • MIL-OSI: Hola Prime Plans to Enter Futures Trading to Solve One of Finance’s Most Persistent Problems: Complexity

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, May 23, 2025 (GLOBE NEWSWIRE) — Hola Prime, a leading proprietary trading firm, has announced its expansion into futures trading with a clear and ambitious goal: to simplify one of the most complicated and inaccessible segments of the financial markets.

    While interest in futures trading is steadily rising among both retail and professional traders, the industry remains riddled with barriers that discourage newcomers and frustrate even experienced participants. Complexities like sophisticated trading platforms, use of leverage, complex margin requirements, and confusing expiry structures, the current futures market has long been a space reserved for the few.

    “The futures market has long been defined by its complexity, and that complexity has often acted as a barrier to broader participation,” said Somesh Kapuria, CEO and Founder of Hola Prime. “At Hola Prime, we believe access to powerful financial instruments shouldn’t be limited by jargon or structural opacity. Our mission is to strip away unnecessary layers, provide clarity through education, simplify this industry, and offer a trading experience that is both sophisticated and accessible. Futures trading should be seen as an opportunity, not a test of endurance.”

    Despite the strategic leverage and diversification that futures trading offers, the industry remains difficult. The language is opaque – terms like “contango”, “convergence” and “backwardation” leave beginners alienated. Expiry dates and rollovers require precise management, while trading demands advanced tools and precise decisions.

    Most firms don’t offer much guidance or onboarding. They expect traders to already know how everything works. This makes it hard for new traders to get started, and when combined with the stress of fast-moving markets, it often leads to burnout or losses.

    Hola Prime plans to completely reimagine the trading experience by putting education at the core. The vision includes creating simple, easy-to-understand resources, such as visual guides, relatable analogies, and clear comparisons with forex, to help simplify complex trading concepts. To ensure traders receive personalized support, Hola Prime aims to launch one-on-one coaching sessions covering everything from technical strategies to emotional resilience.

    With all of these steps, Hola Prime Academy is set to have a rapid and high-scale expansion.

    Furthermore, Hola Prime TV is set to become a dedicated platform for live market insights, live trading sessions, expert interviews, and step-by-step strategy breakdowns, helping traders stay informed. Additionally, Hola Prime plans to offer global accessibility, industry-first 1-hour payouts, and a transparent trading environment, breaking down the traditional entry barriers often associated with futures prop trading.

    Besides this, Hola Prime has removed the unnecessary complexity and created clear, straightforward rules for successful trading. Their straightforward rulebook simplifies futures trading, making it easy to understand and apply.

    “There’s a fundamental design flaw in how this industry has been built – too much noise, too little clarity,” said Sumedha Sharma, CFO of Hola Prime. “We’re reengineering the trader’s journey to be simple, supportive, and scalable. Futures shouldn’t be a specialist’s game – they should be open to anyone willing to learn.”

    By rethinking how futures trading is taught, executed, and experienced, Hola Prime is positioning itself not just as a futures prop trading firm but as a problem-solver in an industry overdue for change. In doing so, it’s not simply launching a product. It’s setting a new standard for what trader-first futures trading can look like.

    About Hola Prime

    Hola Prime is a global proprietary trading firm with offices in the UK, Hong Kong, Cyprus, Dubai, and India. It supports a diverse community of traders across 175+ countries, offering access to over 150 financial instruments across multiple trading platforms. The firm is known for its structured approach to risk management, transparency, and trader-centric operations. Learn more at holaprime.com.

    Social Links

    Instagram: https://www.instagram.com/holaprime_global/

    YouTube: https://www.youtube.com/channel/UCtVEJa1Ml132Be7tnk-DjeQ

    LinkedIn: https://www.linkedin.com/company/hola-prime/?viewAsMember=true

    X: https://x.com/HolaPrimeGlobal

    Discord: https://discord.gg/TJ7TcHPXBf

    Quora: https://www.quora.com/profile/HolaPrime/

    Reddit: https://www.reddit.com/user/HolaPrime/

    Medium: https://medium.com/@social_46267

    Media Contact

    Company: Hola Prime

    Contact: Media Team

    Email: marketing@holaprime.com

    Website: https://holaprime.com/

    The MIL Network –

  • MIL-OSI United Kingdom: UKSPF adds £39 million to local economy

    Source: City of York

    City of York Council is celebrating the success of its UK Shared Prosperity Fund (UKSPF) investment programme, which has delivered significant benefits to businesses, communities, and residents.

    The funding has added £6.30 to York’s economy for every £1 invested – a total of £39 million. 

    City of York Council invested £5,507,510 from the Government through the UK Shared Prosperity Fund, in addition to £384,817 from the Rural England Prosperity Fund. The funds aimed to boost productivity and living standards, increase pride in place and build strong communities.

    The funding has been invested through a wide-ranging programme of grant and support schemes, aimed at supporting businesses and local communities.

    You can find out more about the achievements of the fund by watching our video.

    Cllr Pete Kilbane, Executive Member at City of York Council for Economy and Culture, said:

    The impacts of this investment have touched all parts of our city – from supporting entrepreneurs to turn their dreams into reality and enabling people to gain employable skills, to regenerating Acomb’s Front Street and bringing diverse cultural opportunities to York. 

    “I’m extremely proud to see that 125 jobs have been created or safeguarded as a direct result of this funding, with hundreds more people benefiting from opportunities to build the skills and confidence they need to secure rewarding, well-paid employment. 

    “The fact that this investment has contributed £39 million to York’s economy, is due in no small part to the energy and passion that I’ve seen demonstrated time and again by the people and organisations, who we’ve worked with throughout this programme and who have turned this funding into real change and opportunity for our people, places and communities.”

    One of the 41 providers funded through the UKSPF programme was Next Door But One, which has delivered new and accessible performances for all ages, and offered free career development support for early-career creatives in York.

    Matt Harper-Hardcastle, CEO and Artistic Director of Next Door But One, said: 

    As a small but rapidly growing theatre company in York, the UK Shared Prosperity Fund has been central to our ability to strengthen the infrastructure of our work, respond to local need and take brave steps forward with initiatives that make the arts accessible, meaningful and relevant to the diverse communities we serve. 

    “Through this funding, we’ve been able to reach new audiences and support early-career performing arts professionals to develop their businesses and practice.”

    Since the launch of the programme in 2022, City of York Council has supported 41 programmes across three priority investment areas: Communities and Place, People and Skills and Supporting Local Businesses.

    The Fund provided £2.6 billion of new funding for local investment between April 2022 and March 2025, and allowed Local Authorities to target funding where it was needed most, building pride in place, supporting high quality skills training, supporting pay, employment and productivity growth and increasing life chances.

    A single-year UKSPF extension has been announced by Government, covering the 2025 to 2026 financial year. Due to changes in the way government funding is allocated, the UKSPF programme will now be delivered at the wider York and North Yorkshire level, via the York and North Yorkshire Combined Authority.  

    York and North Yorkshire Combined Authority will receive £8,782,899 (£2,914,393 capital and £5,868,506 revenue) of investment to be committed in the 2025 to 2026 financial year, and the Combined Authority is currently working to allocate the funding to projects spread across the region.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Fitch affirms HK’s credit rating

    Source: Hong Kong Information Services

    The Hong Kong Special Administrative Region Government today said that Fitch recognised Hong Kong’s strong credit fundamentals, including large fiscal buffers, robust external finances and a low level of fiscal debt.

    The statement was made in response to the Fitch report today on maintaining Hong Kong’s  AA- credit rating and stable outlook.

    The Hong Kong SAR Government pointed out that the city’s banking sector is resilient, with solid funding and liquidity.

    Hong Kong’s financial system remains robust, with a consistently healthy level of overall asset quality in the banking sector according to international standards. Bank deposits have continued to grow.

    As of the end of March this year, the total amount of bank deposits in Hong Kong was near $18 trillion, marking an 11% year-on-year increase.

    The capital markets in the city are active. For the stock market, the Hang Seng Index rose 18% last year and has increased by over 15% since the beginning of this year.

    The total market capitalisation of Hong Kong stocks has exceeded $41 trillion. The average daily turnover in the first four months of 2025 surpassed $250 billion, representing a 144% increase compared to the same period last year.

    The initial public offering (IPO) market is also thriving, with cumulative funds raised exceeding $60 billion. This week, Hong Kong Exchanges & Clearing welcomed the world’s largest IPO activity so far this year.

    The fiscal situation of the Hong Kong SAR Government has remained robust. In the 2025-26 Budget, reinforced fiscal consolidation was set out.

    The Operating Account is expected to be largely balanced in this financial year and will return to surplus in the next financial year, ie 2026-27.

    The Capital Account mainly involves capital works expenditure, which represents investments for the future, such as the development of the Northern Metropolis. Therefore, the Government will make flexible use of market resources, including increasing the scale of bond issuance, to fast-track the related projects.

    Even if so, the level of deficit in the Capital Account will gradually decrease starting from the 2026-27 financial year.

    Overall, after counting the proceeds from bond issuance, the Consolidated Accounts will return to surplus in the 2028-29 financial year.

    The tariff war has increased global economic uncertainty and the world economy is facing broad challenges. However, international trade tensions have recently eased to a certain extent, and the Mainland’s economy has continued to grow steadily, supported by more proactive fiscal policies and moderate expansionary monetary policies. These will benefit the trade performance in Hong Kong and the region.

    Meanwhile, the Mainland’s high-level two-way opening up, as well as its pursuit of green transition, innovation and technology, and digital economy, will continue to create business and investment opportunities for Hong Kong.

    Leveraging its unique advantages of connecting with both the Mainland and the rest of the world under the “one country, two systems” arrangement, Hong Kong attracted more Mainland and international companies to establish international headquarters, research and development centres and regional offices in the city to expand their global business. In 2024, the number of companies in Hong Kong with parent companies located outside the city increased to nearly 10,000, reaching a new historical high.

    As a “super connector” and “super value-adder”, Hong Kong will continue to actively link the Mainland with the world. While reinforcing connections with traditional markets, Hong Kong will also forge more economic and investment networks with new markets, particularly those in the Global South.

    Furthermore, Hong Kong will deepen integration with the Guangdong-Hong Kong-Macao Greater Bay Area, enabling the city to open up new growth points and inject greater impetus into its economy.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: OLAF Launches Enforcement Group to Tackle Illegal Waste Shipments

    Source: European Anti-Fraud Offfice

    Press release no. 13
    PDF version 

    The European Anti-Fraud Office (OLAF) organised the inaugural meeting of the Waste Shipment Enforcement Group (WSEG) on 22-23 May in Warsaw, Poland. The event brought together over 50 stakeholders from across the EU and beyond – including environmental, customs and police authorities, carriers and judicial authorities – in a joint effort to thwart the growing threat of illicit trade of waste. 

    The discussion in Warsaw, held with the support of the Chief Inspectorate of Environmental Protection of Poland, focused on the latest trends, international flows of illicit trade, strengthening inspections and enforcement measures as well as the use of IT tools to collect information and alert partners. Participants shared practical experience from inspections, outlined common challenges and analysed the modus operandi detected in the illicit trade of waste. 

    Illegal shipments of waste pose a serious risk to the public health, legitimate businesses and global security. Hazardous or improperly managed waste can contaminate the soil, water and air and its unchecked movement across borders undermines EU’s transition toward greener, more sustainable economy. Furthermore, waste trafficking distorts fair competition and burdens compliant businesses.  

    Ernesto Bianchi, OLAF’s Director for Revenue and international Operations – Investigations and Strategy, welcomed the group’s launch by saying: “The Waste Shipment Enforcement Group is a practical platform for action, dialogue and cooperation. OLAF is proud to support this effort, helping to turn shared intelligence into concrete investigations.”

    The Waste Shipment Enforcement Group was set up by the recently adopted Regulation on waste shipments with a mandate to improve enforcement and operational cooperation within the EU and with third countries. The regulation empowers OLAF to support Member States in uncovering and investigating illegal waste shipments and to coordinate joint actions. 

    Speaking on OLAF’s wider role, the Director-General of OLAF Ville Itälä said: “Environmental crime knows no borders. Waste trafficking harms our environment, our health and our economy – and it undermines the rules that protect European citizens. By supporting this enforcement group, OLAF aims to unite operational minds to turn information into action and stop this crime at its source.”

    Background

    OLAF exchanges real-time information on suspicious waste shipments with customs and environmental authorities of EU countries of origin and non-EU countries of destination. OLAF monitors both the original shipments and the returns of refused containers to make sure they are not diverted on their way back to the EU source country. 

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    https://anti-fraud.ec.europa.eu
    LinkedIn: European Anti-Fraud Office (OLAF)
    Bluesky: euantifraud.bsky.social

    If you’re a journalist and you wish to receive our press releases in your inbox, please leave us your contact data.
     

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Statement on behalf of the thirteenth Tata Steel / Port Talbot Transition Board

    Source: United Kingdom – Government Statements

    News story

    Statement on behalf of the thirteenth Tata Steel / Port Talbot Transition Board

    The thirteenth Tata Steel / Port Talbot Transition Board met on 22nd May 2025.

    The Secretary of State for Wales, Rt Hon Jo Stevens MP, in her role as Chair of the Transition Board sought endorsement from the Board for three regeneration projects, which will be supported with over £21.2million of Transition Board funding. These projects include:

    • Advanced Manufacturing Production Facility/National Net Zero Centre of Excellence
    • Redevelopment of business premises at Metal Box and Sandfields Business Centre

    Today’s release of money is the sixth announcement from the UK Government’s £80m Tata Steel / Port Talbot Transition Board fund and should support over 270 jobs and add a total of over £119m Gross Value Added to the local economy over the next decade. This latest major investment means more than £70 million has been announced by the Transition Board in the last nine months.  

    Investment from the Transition Board compliments UK Government’s action to secure new trade deals with the US and India, including seeking agreement to eradicate tariffs on core steel products imported into the US. This will protect tens of millions of pounds worth of steel exports from Wales every year.

    The Board also received updates on:

    • Tata Steel UK’s decarbonisation programme;
    • The Department of Business and Trade’s plans for a steel strategy;
    • Mental health and well-being interventions;
    • The Transition Board funds that have already been announced, including applications received for the Supply Chain fund, and support being provided from the Employment and Skills fund.

    Those in attendance included: Rt Hon Jo Stevens MP, Secretary of State for Wales; Rebecca Evans MS, Cabinet Secretary for Economy, Energy & Planning in the Welsh Government; Cllr Alun Llewelyn, Deputy Leader of Neath Port Talbot Council; Frances O’Brien, CEO of Neath Port Talbot Council; Stephen Kinnock, MP for Aberafan Maesteg; David Rees, MS for Aberavon; Anne Jessopp CBE & Katherine Bennett CBE, independent members of the Board; Alun Davies, National Officer for Steel & Metals, Community Union; Tom Hoyles, Politics, Press and Research Officer, GMB Wales & Jason Bartlett Regional Officer of Unite the Union Wales.

    -ends-

    Updates to this page

    Published 23 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI China: Trade booms, investment accelerates as China, Latin America deepen ties

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

    NANJING, May 23 — In the early hours of last Saturday morning, the international express parcel supervision center at Wuxi Shuofang Airport in east China’s Jiangsu Province buzzed with activity, with customs officers swiftly clearing parcels bound for Mexico.

    The cargo plane carrying these cross-border e-commerce parcels, packed with apparel and small furnishings, was the 164th trans-Pacific flight since the route’s launch in April last year. Over the past 12 months, the service has delivered Chinese goods worth around 2 billion yuan (about 278.1 million U.S. dollars) to Latin America.

    The route epitomizes the deepening economic ties between China and Latin America. Surging demand for Chinese products is fueling a boom in cross-border e-commerce, which is now a new driver of foreign trade.

    “The route offers three flights weekly and goods can arrive in Latin America within two days. It has established an ‘air bridge’ connecting Jiangsu to Latin America,” said Wang Weihua, a Wuxi Customs official.

    China and Latin America are highly complementary in economy. China is Latin America’s second-largest trading partner and the top trading partner for countries like Chile, Brazil and Peru.

    According to China’s Ministry of Commerce, the bilateral trade hit a record high of 518.47 billion U.S. dollars in 2024, surpassing China’s 10-year target of 500 billion U.S. dollars that was set a decade ago.

    However, trade is only part of the story, with direct investment also growing as industrial collaboration booms.

    In 2024, China’s direct investment in Latin America reached 14.71 billion U.S. dollars, while Latin American companies had established 37,000 enterprises in China as of March this year, according to the ministry. China and Latin America have strengthened industrial cooperation in sectors like high-end manufacturing and the green economy.

    A prime example of industrial collaboration is the XCMG Brazil Industrial Park in the city of Pouso Alegre in Brazil, where rows of yellow engineering machinery vehicles stand out against the backdrop of the tropical rainforest.

    As China’s first overseas economic and trade cooperation zone for engineering machinery, the park produces over 10,000 units of machinery annually and serves as a core supplier to global mining giant Vale.

    “In recent years, we have invested heavily in R&D for new energy and smart equipment to meet local demand for green mining transformation,” said Gu Chong, chief culture officer of XCMG Brazil Industrial Park.

    A leading Chinese heavy machinery manufacturer, XCMG established its wholly-owned Brazilian production base in Pouso Alegre in 2014, expanding it into an industrial park later in 2019.

    “By strengthening localization, XCMG Brazil is accelerating green transformation and digital innovation to build high-value-added supply chains tailored to local demand,” said Gu.

    He added that XCMG is forging an integrated industrial ecosystem spanning R&D, manufacturing, service and finance, aiming to deepen cooperation with the whole Latin America region with Brazil serving as the regional hub.

    While Chinese firms go global, Latin American companies are also deepening their presence in China.

    At the production facility of WEG (Jiangsu) Electric Equipment Co., Ltd., robotic arms deftly assemble motor equipment with precision on automated assembly lines, blending Chinese automation with Brazilian engineering.

    The products will soon be transported to Europe and Oceania. “We invested over 2 million yuan in this robotic line, boosting per-worker productivity by about 40 percent,” said Zhang Pengfei, an engineer at WEG Jiangsu.

    WEG Jiangsu, as a key China-based subsidiary of Brazilian company WEG, has rapidly expanded since its establishment in 2014.

    “Our factory’s production capacity doubles every five years, making China a core of WEG’s global supply chain,” said Zong Xin, general manager of WEG Jiangsu, adding that WEG’s development in China has far exceeded expectations, with a total of six factories and about 3,000 employees.

    Zong highlighted that amid global economic volatility, China’s stable market environment and healthy competition environment can help Latin American firms mitigate risks and strengthen innovation.

    “China offers consistent policies, a skilled workforce, robust industrial chains and well-developed infrastructure,” he said, noting that WEG plans to invest an additional 1 billion yuan in new facilities to meet booming Chinese demand.

    “China will remain a pivotal hub for WEG’s production expansion, innovation and global competitiveness,” Zong added.

    MIL OSI China News –

  • MIL-OSI Global: Like many populist leaders, Trump accuses judges of being illegitimate obstacles to safety and democracy

    Source: The Conversation – USA – By Michael Gregory, Assistant Professor of Philosophy, Clemson University

    The front entrance of the E. Barrett Prettyman United States Court House, the workplace of Judge James Boasberg, along with other federal and appeals court judges, is seen in Washington, D.C. Philip Yabut/Getty Images

    Federal judges and at times Supreme Court justices have repeatedly challenged – and blocked – President Donald Trump’s attempts to reshape fundamental aspects of American government.

    Many of Trump’s more than 150 executive orders, including one aimed at eliminating the Department of Education, have been blocked by injunctions and lawsuits.

    When a majority of Supreme Court justices ruled on May 16, 2025, that the Trump administration could not deport a group of Venezuelan immigrants without first giving them the right to due process in court, Trump attacked the court.

    “The Supreme Court of the United States is not allowing me to do what I was elected to do,” Trump wrote on Truth Social. “This is a bad and dangerous day for America!” he continued in the post.

    As the Trump administration faces other orders blocking its plans, the president and his team are framing judges not just as political opponents but as enemies of democracy.

    Trump, for example, has called for the impeachment of James Boasberg, a federal judge who also issued orders blocking the deportation of immigrants in the U.S. to El Salvador. Attorney General Pam Bondi has said that Boasberg was “trying to protect terrorists who invaded our country over American citizens,” and Trump has also called Boasberg and other judges who ruled against him or his administration “left-wing activists.”

    “We cannot allow a handful of communist, radical-left judges to obstruct the enforcement of our laws and assume the duties that belong solely to the president of the United States,” Trump said at a rally in April 2025. “Judges are trying to take away the power given to the president to keep our country safe.”

    As a scholar of legal and political theory, I believe this kind of talk about judges and the judicial system is not just misleading, it’s dangerous. It mirrors a pattern seen across many populist movements worldwide, where leaders cast independent courts and judges as illegitimate obstacles to what they see as the will of the people.

    By confusing the idea that the people’s will must prevail with what the law actually says, these leaders justify intimidating judges and their sound legal rulings, a move that ultimately undermines democracy.

    President Donald Trump shakes hands with Supreme Court Chief Justice John Roberts at his inauguration on Jan. 20, 2025, in Washington, D.C.
    Chip Somodevilla/Getty Images

    Thwarting ‘the will of the American people’?

    In the face of judicial rulings against them, Trump and other administration officials have suggested on multiple occasions that judges are antagonistic to what the American people voted for.

    Yet these rulings are merely a reflection of the rule of law.

    Trump and supporters such as Elon Musk have characterized the rulings as a sign that a group of elite judges are abusing their power and acting against the will of the American people. The rulings that enforce the law, according to this argument, stand in opposition to the popular mandate American voters give to elected officials like the president.

    “If ANY judge ANYWHERE can stop EVERY Presidential action EVERYWHERE, we do NOT live in a democracy,” Elon Musk posted on X in February 2025. “When judges egregiously undermine the democratic will of the people, they must be fired,” Musk added.

    And U.S. Rep. Mike Johnson, the Republican speaker of the House of Representatives, said in March 2025, “We do have the authority over the federal courts, as you know. We can eliminate an entire district court.”

    Framing judges as enemies of democracy or as obstacles to the people’s will departs sharply from the traditional view – held across political lines – that the judiciary is an essential, nonpartisan part of the American constitutional system.

    While previous presidents have expressed frustration with specific court decisions or judges’ political leanings, their critiques mostly focused on specific legal reasoning.

    Supreme Court Justice Ketanji Brown Jackson warned against the Trump administration’s charge that judges were actively undermining democracy. In late April 2025, she said during a conference for judges that “relentless attacks on judges are an attack on democracy.”

    So, are judges obstructing democracy – or protecting it?

    Are unelected judges a sign of democracy?

    The U.S. Constitution established an independent judiciary as a coequal branch of government, alongside the legislative and executive branches. Federal judges are appointed for life and cannot be removed for political reasons. The country’s founders thought this protection could insulate judges from political pressures and ensure that courts uphold the Constitution, not the popularity of a given policy.

    Yet as the federal judiciary has expanded in size and power, the arguments about the relationship between democracy and judicial independence have become louder among some political scientists and legal philosophers.

    Some critics take issue with the fact that federal judges are appointed by politicians, not elected to their positions – a fact that others argue contributes to their independence.

    Federal judges often serve longer on the bench than many elected officials.

    Why, some critics argue, should a small group of unelected experts be allowed to overturn decisions made by elected officials?

    Other democratic theorists, however, say that federal judges can act as a check on elected leaders who may misuse or abuse their power, or pass laws that violate people’s legal rights. This indirectly strengthens democracy by giving people a meaningful way to have recourse against laws that go against their rights and what they actually voted for.

    A common story across countries

    The argument that judges are an enemy to democracy is not unique to the U.S.

    Authoritarian leaders from across the world have used similar language to justify undermining the courts.

    In the Philippines, then-President Rodrigo Duterte in 2018 told Maria Lourdes Sereno, a top judge who was an outspoken critic of Duterte’s war on drugs, “I am now your enemy.” Shortly after, the Philippines Supreme Court voted to oust Sereno from the court. These judges cited Sereno’s failure to disclose personal financial information when she was first appointed to the court as the reason for her removal.

    Filipino protesters and outside critics alike viewed Sereno’s removal as politically motivated and said it undermined the country’s judicial independence.

    El Salvador President Nayib Bukele’s allies in the legislative assembly similarly voted in May 2021 to remove the government’s attorney general as well all five top judges for obstructing Bukele’s plans to imprison, without proper due process, large numbers of people. Bukele replaced the attorney general and judges with political loyalists, violating constitutional procedure.

    Kamala Harris, then vice president of the U.S., was among the international observers who said the removal of judges in El Salvador made her concerned about El Salvador’s democracy. Bukele justified the judges’ removal by saying he was right and that he refused to “listen to the enemies of the people” who wanted him to do otherwise.

    And in April 2024, a minister in Israeli Prime Minister Benjamin Netanyahu’s Cabinet called Attorney General Gali Baharav-Miara an “enemy of the people,” blaming her for protests outside Netanyahu’s home. This disparagement was part of Netanyahu’s broader efforts to weaken judges’ role and independence and to remove judicial constraints on executive power.

    Judge James Boasberg is one example of a judge who was personally attacked by President Donald Trump for issuing various rulings on the administration’s plans to deport Venezuelan immigrants.
    Drew Angerer/AFP via Getty Images

    Pushing against democracy

    In the name of weakening what they call undemocratic institutions, these and other leaders try to discredit independent judges. This attempt helps these leaders gain power and silence dissent.

    Their attempts to disparage and discredit judges misrepresent judges’ work by asserting that it is political in nature – and thus subject to political criticism and even intimidation. But in the U.S., judges’ constitutionally mandated work takes place in the realm of law, not politics.

    By confusing the idea that the people’s will must prevail with what the law actually says, these leaders justify intimidating judges and their rulings, a move that ultimately undermines democracy.

    Independent judges may not always make perfect decisions, and concerns about their interpretations or potential biases are legitimate. Judges sometimes make decisions that are objectionable from a moral and legal standpoint.

    But when political leaders portray judges as the problem, I believe it’s crucial to ask: Who truly benefits from silencing judges?

    Michael Gregory does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Like many populist leaders, Trump accuses judges of being illegitimate obstacles to safety and democracy – https://theconversation.com/like-many-populist-leaders-trump-accuses-judges-of-being-illegitimate-obstacles-to-safety-and-democracy-255472

    MIL OSI – Global Reports –

  • MIL-OSI USA: Hinson Named Co-Chair of Biofuels Caucus, Will Use Position to Advocate for Iowa Biofuels

    Source: United States House of Representatives – Congresswoman Ashley Hinson (IA-01)

    Washington, D.C. – Today, Congresswoman Ashley Hinson was announced as a co-chair for the Congressional Biofuels Caucus alongside Representatives Angie Craig (D-MN), Adrian Smith (R-NE), Mark Pocan (D-WI), Julie Fedorchak (R-ND), and Nikki Budzinski (D-IL).

    “Biofuels are key to Iowa’s economy and key to American energy dominance,” said Co-chair Hinson. “Since coming to Congress, I have worked tirelessly to expand access to Iowa biofuels and support Iowa’s biofuels producers by fighting to secure permanent year-round E15, increase biofuels blending targets, and replace foreign energy with homegrown biofuels. I’m honored to co-lead the biofuels caucus and will continue working with President Trump and other caucus members to increase domestic energy production and support Iowa agriculture.”

    “Increasing the production and availability of homegrown biofuels is a critical piece of the puzzle when it comes to the all-of-the-above energy policy we need to stay ahead,” said Co-chair Craig. “I’m proud to be relaunching the Biofuels Caucus alongside my bipartisan colleagues this Congress so we can continue our work to lower prices at the pump, create opportunities for local producers and strengthen our energy security.”

    “American biofuel producers have an untapped ability to power the future of liquid fuels, whether ethanol blends, biodiesel, or sustainable aviation fuel,” said Co-chair Smith. “Advancing sound policy can unlock billions of dollars in savings at the pump and hundreds of thousands of added jobs for the American people. I thank Co-chairs Craig and Pocan and congratulate Co-chairs Hinson, Fedorchak, and Budzinski for joining me to strengthen this bipartisan caucus and continue working to inform our colleagues in the House of the value of biofuels for American energy abundance.”

    “I am glad to join my colleagues in the Congressional Biofuels Caucus,” said Co-chair Pocan. “Corn growers in Wisconsin deserve to have an even playing field in the market dominated by the oil and gas industry. This Caucus will showcase how biofuels can help us reach our emissions reduction goals while investing in rural jobs and infrastructure.”

    “Biofuels are a growing part of America’s energy strategy and another way North Dakota is helping fuel the world,” said Co-chair Fedorchak. “It’s an honor to serve as a co-chair of this bipartisan caucus to advance policies that will help expand domestic energy production, empower rural America, and deliver practical solutions for North Dakotans.”

    “I came to Congress to be a strong voice for the people of Central and Southern Illinois—especially our hardworking farmers. Few issues are more critical to their success than strengthening the biofuels industry and expanding market opportunities,” said Co-chair Budzinski. “That’s why promoting the use of homegrown, sustainable biofuels has been a central focus of my work in Congress, and I’m looking forward to continuing that commitment as co-chair of this bipartisan caucus.

    The Congressional Biofuels Caucus advocates for policies which reflect the capacity of American biofuels producers to meet the demand for reliable and affordable liquid fuels while growing rural economies, high-paying jobs, and value-added markets for agricultural commodities. The caucus recognizes biofuels are key to American energy independence and responsible stewardship of our resources.

    Additional members of the caucus include: Reps. Dusty Johnson (R-SD), Darin LaHood (R-IL), Jim Baird (R-IN), Scott Peters (D-CA), Tom Emmer (R-MN), Andre Carson (D-IN), Ann Wagner (R-MO), Emanuel Cleaver (D-MO), James Comer (R-KY), Brett Guthrie (R-KY), Marcy Kaptur (D-OH), Suzanne Bonamici (D-OR), Sam Graves (R-MO), Don Bacon (R-NE), Mike Bost (R-IL), Pete Stauber (R-MN), Michelle Fischbach (R-MN), Randy Feenstra (R-IA), Marianette Miller Meeks (R-IA), Zach Nunn (R-IA), Mike Flood (R-NE), Eric Sorensen (D-IL), Brad Finstad (R-MN), Tracey Mann (R-KS), Derrick Van Orden (R-WI), Mark Alford (R-MO), Sharice Davids (D-KS), Kristen McDonald Rivet (D-MI), Brian Jack (R-GA), and Mark Messmer (R-IN).

    ###

    MIL OSI USA News –

  • MIL-OSI United Kingdom: A Reset Relationship and New Opportunities for Northern Ireland

    Source: United Kingdom – Executive Government & Departments

    Press release

    A Reset Relationship and New Opportunities for Northern Ireland

    Secretary of State Hilary Benn MP underlines the benefits for Northern Ireland of recent trade deals, and a new intended partnership agreement with the European Union.

    Secretary of State for Northern Ireland, Hilary Benn.

    It has been a momentous month – both for Northern Ireland and for the entire United Kingdom. First came the Government’s trade deals with India and the USA which will open up new opportunities for Northern Ireland exporters. 

    Next, on Monday, the UK played host to the first-ever UK-EU summit at Lancaster House in London as we set out to build a new partnership with the European Union. In recent years, our relationship with the EU has – at times – been strained, but in an era in which global instability is rising, it makes sense to build stronger ties with our European friends and neighbours.

    And then, on Thursday, we marked the anniversary of the referenda on the 1998 Good Friday Agreement held in Northern Ireland and Ireland. By voting ‘yes’, the people chose and secured a chance for peace in Northern Ireland; a peace which has lasted in the almost three decades since and helped pave the way for Northern Ireland’s transformation. It was an agreement which remains to this day proof of the power of courageous political leadership, and people’s willingness to compromise in hope of a better future.

    The agreement with the European Union will help to create growth and lower household bills across the UK as a whole. 

    It is a particularly good deal for Northern Ireland. Our economy is already vibrant – think of our aerospace, life sciences, manufacturing, and film and television industries – and this agreement will further help Northern Ireland which experienced stronger growth than the United Kingdom as a whole last year. Peace has delivered real economic benefits.

    Of particular significance will be the deal we reached on agrifood and plants, which will smooth flows of trade, ease the frictions for businesses and protect the UK internal market. Applying the same rules across the UK will give businesses greater certainty, and mean we can eliminate paperwork and mandatory identity and physical checks on goods moving under these arrangements. 

    All of this will save up to £1 million a month for those firms using the ‘red lane’ and we’ll see a real difference in garden centres, with bans on so-called ‘high risk’ plants being eliminated – a commitment made in Safeguarding the Union – and plants being able to move within the UK without barriers. 

    This deal will also maintain Northern Ireland’s unique access to both the UK and EU markets and the advantages that the Windsor Framework offers to businesses and the economy. So, it’s no surprise that businesses have welcomed it. The Ulster Farmers Union called it ‘a major step forward for Northern Ireland’s agri-food industry’. The Horticultural Trades Association have said that their sector will save millions. And big name retailers such as Asda and M&S have praised the removal of frictions too. The message is clear from business – this is good news for Northern Ireland and good news for you.

    The other outcomes of Monday’s summit are also good for Northern Ireland. Our new security and defence partnership with the EU will support our national security and the aerospace, defence and space industry which is already home to more than 9,000 jobs in Northern Ireland. Our closer law enforcement relationship with the EU will help prevent crime. Closer cooperation on decarbonisation and energy will lower prices and make our country greener and more resilient. And it’ll become easier to travel to mainland Europe through e-Gates. 

    Northern Ireland’s prosperity is intrinsically linked to its strong relationship with the rest of the UK, and it can only benefit further from our new partnership with the EU. The steps we are taking will bring practical benefits, and Monday’s summit makes me even more confident that Northern Ireland’s economy will continue to flourish as a thriving and growing part of the UK.

    This article also featured in the Belfast Telegraph.

    Updates to this page

    Published 23 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Vice Chairman of China Meets with Chairman of Turkmenistan’s Mejlis

    Translation. Region: Russian Federal

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

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

    BEIJING, May 23 (Xinhua) — Chinese Vice President Han Zheng met with Turkmen Parliament (Mejlis) Chairwoman Dunyagozel Gulmanova in Beijing on Friday.

    Han Zheng noted that in recent years, under the strategic guidance of the leaders of the two countries, China-Turkmenistan relations have been elevated to the level of a comprehensive strategic partnership, and a community of shared destiny has been realized at the bilateral level.

    China is willing to work with Turkmenistan to implement the important consensus reached by the leaders of the two countries, firmly support each other and accelerate cooperation in areas such as natural gas, digital economy, green development and new energy, Han Zheng said.

    According to him, China is ready to work with Turkmenistan to expand humanitarian exchanges, strengthen international cooperation and promote sustainable and long-term development of bilateral relations.

    D. Gulmanova, in turn, stated that the friendship between Turkmenistan and China has its roots in the distant past. Turkmenistan is ready to further increase exchanges and cooperation with China in such areas as legislation, environmental protection, youth, economy and trade, as well as in the cultural and humanitarian sphere, to achieve common development. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement with São Tomé and Príncipe on the First Review under the Extended Credit Facility Arrangement and Completes 2025 Article IV Mission

    Source: IMF – News in Russian

    May 23, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the São Toméan authorities have reached a staff-level agreement on the first review of the economic policies underpinned by the 40-month ECF-supported program. Most quantitative targets for the first review have been met and significant progress was made on a range of macro-structural issues.
    • The authorities have made progress in re-building macroeconomic stability, improving the fiscal position, and advancing the government’s reform agenda. Inflation has declined from recent highs, due to global disinflation and a tight monetary stance. Growth is expected to pick up and inflation to further decelerate over the medium term.
    • The authorities remain committed to the objectives established in the ECF-supported program approved by the IMF Executive Board in December 2024.

    Washington, DC: An International Monetary Fund (IMF) staff team, led by Mr. Slavi Slavov, Mission Chief for São Tomé and Príncipe, held meetings in São Tomé during May 8-21, 2025, to discuss progress on the authorities’ reforms and policy priorities in the context of the first review of São Tomé and Príncipe’s 40-month program supported by the Extended Credit Facility (ECF). The arrangement was approved by the IMF Executive Board for a total amount of SDR18.5 million (around US$25 million) on December 19, 2024. The team also conducted discussions on the 2025 Article IV consultation.

    At the conclusion of the visit, Mr. Slavov issued the following statement:

    “The São Toméan authorities and IMF staff team have reached a staff-level agreement on the first review of São Tomé and Príncipe’s economic program supported by the ECF arrangement. Subject to approval by the IMF’s Executive Board, São Tomé and Príncipe would have access to about SDR 4 million (US$5.3 million), bringing the total IMF financial support disbursed under the current arrangement to around SDR 8 million (about US$10.6 million).

    “Against an increasingly challenging global economic backdrop, the São Toméan economy remains relatively resilient, with growth of 1.1 percent in 2024 despite stubbornly high inflation, a tight policy mix, and the country’s vulnerability to climate change and natural disasters. Inflation remains in the low double digits, while core inflation has declined significantly. The pegged exchange rate has served as an anchor to support domestic stability, but the inflation differential with the Euro Area has put pressures on the fragile external position of the country.

    “Growth is expected to reach 2.9 percent in 2025, accelerate further to 4.7 percent in 2026, and remain at around 3.5 percent over the medium term. This reflects the recovery of the agriculture sector and tourism, while private and public investments are expected to boost growth going forward. The IMF-supported program plays a catalytic role in mobilizing financial support and technical assistance from the country’s main development partners. Declining international oil prices are expected to reduce fiscal and external sector pressures, improving reserves accumulation and macroeconomic stability. Reforming the energy sector remains key to unlocking growth and alleviating pressures on public debt and foreign exchange reserves. The government has made significant strides in fiscal consolidation, reaching a domestic primary balance of zero in 2024, better than the targeted deficit of 0.5 percent of GDP.

    “Discussions on the 2025 Article IV consultation focused on the importance of investing in resilient infrastructure and improving public investment management to reduce the country’s vulnerability to climate change and natural disasters. Discussions also covered improving inflation forecasting, liquidity management, and strengthening financial inclusion.

    “The IMF staff team met President Carlos Vila Nova; Prime Minister Américo d’Oliveira dos Ramos; Minister of State for Economy and Finance Gareth Haddad do Espírito Santo Guadalupe; Acting Governor of the Central Bank Lara Simone Beirão; other government officials; representatives of the private sector including banks; and development partners. The mission expresses its deep appreciation to the authorities for their cooperation, hospitality, and constructive policy discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

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

    https://www.imf.org/en/News/Articles/2025/05/22/pr25157-sao-tome-and-principe-imf-reaches-sla-1st-rev-under-ecf-completes-2025-aiv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: ALRMiner Launches Smarter System to Boost Returns and Cut Energy Use

    Source: GlobeNewswire (MIL-OSI)

    Monmouth, Monmouthshire, May 23, 2025 (GLOBE NEWSWIRE) —

    The platform has evolved to accommodate the needs of its growing customer base throughout the years. ALRMiner introduced their revolutionary Mining Optimization System to enhance operational consistency and decrease  electricity use throughout their global mining operations. The platform of ALR Miner reached 7.9 million users  in 180 countries which represents a major growth milestone.

    This strategic rollout addresses long-standing inefficiencies in cloud mining by enabling real-time resource allocation based on blockchain load, network demand, and power availability. By continually adjusting its operations to match market and environmental dynamics, the platform now delivers greater reward stability without increasing hardware strain or energy consumption.

    The new system evaluates variables such as network congestion, mining difficulty, and local energy cost patterns, rerouting computing capacity accordingly. The impact is immediate: more consistent returns for users and reduced energy draw during low-efficiency cycles.

    “This launch is the result of years of disciplined engineering and field testing,” said Olivia Miller, Director of Communications at ALR Miner. “We’re not just scaling infrastructure—we’re refining the very core of how mining works. Our users expect reliable, transparent results. This system delivers just that, with smarter energy use and more predictable rewards.”

    During the multi-region trial phase, ALR Miner observed a 22% improvement in daily yield accuracy and a 30% reduction in unnecessary power usage across its Canada, Nordic, and Eastern European operations. The company’s design and energy teams coordinated across five time zones to ensure the update seamlessly integrates with every active contract.

    This latest development supports ALR Miner’s overarching commitment to responsible and sustainable growth. Each of its facilities runs on clean energy—predominantly solar, hydroelectric, and wind. The optimization system really enhances this eco-friendly model by adjusting to changes in renewable energy availability on the fly. So when there’s more stress on the grid or whenever the solar energy production drops, the system quickly adapts to keep everything running efficiently without losing any output.

    Here’s What ALR Miner Users Can Expect: 

    • Payouts every day that are more reliable: The system is set up to handle tasks quickly, so returns will stay steady no matter what level of contract you choose. 
    • Aligning with the environment: The platform also runs on renewable energy, which is good for the environment because it means less reliance on fossil fuels.
    • Hassle-Free Integration: Users don’t have to lift a finger; everything runs smoothly on the platform itself. 

    ALR Miner simplifies the mining process for both newcomers and experienced miners alike. There are no hidden fees, no need for personal equipment, and everything is transparent. With its optimization system now launched, ALR Miner is committed to technical integrity, environmental care, and user satisfaction. 

    To get more details or check out contract options, https://alrminer.com

    Media Contact:
     Olivia Miller
    Director of Communications
    media@alrminer.com
    +44 7514 226545

    Company Address:
     ALR Miner Headquarters
    78 Queen Street, Monmouthshire, UK

    Disclaimer: This press release is for informational purposes only and does not constitute financial advice, legal advice, or investment recommendations. Cryptocurrency involves risk and market volatility. Please research or consult a licensed financial advisor before making investment decisions. Alrminer.com and associated parties are not liable for any financial loss incurred.

    Attachment

    The MIL Network –

  • MIL-OSI: TerraVest Industries Inc. Announces Closing of Upsized Bought Deal Offering of Common Shares and Concurrent Closing of the Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

    TORONTO, May 23, 2025 (GLOBE NEWSWIRE) — TerraVest Industries Inc. (TSX:TVK) (“TerraVest” or the “Company”) is pleased to announce that it has closed its previously announced bought deal treasury offering (the “Offering”) and concurrent closing of the exercise in full of the over-allotment option granted to a syndicate of underwriters (the “Underwriters”) with National Bank Financial Markets, Canaccord Genuity, and Desjardins Capital Markets acting as Co-Bookrunners. Pursuant to the Offering, the Company issued an aggregate 2,001,000 common shares (the “Shares”) at a price of $160.30 per share (the “Offer Price”) for gross proceeds of $320,760,300. The gross proceeds include 261,000 Shares issued at the same Offer Price for gross proceeds of $41,838,300 on the exercise in full of the over-allotment option granted to the Underwriters.

    The net proceeds from the Offering will be initially allocated towards repaying existing debt and supporting general corporate activities, until required for future acquisitions or growth opportunities.

    ABOUT TERRAVEST INDUSTRIES INC.:

    TerraVest is a diversified industrial company that manufactures and sells goods and services to a variety of end-markets. The Company is a market-leading manufacturer of home heating products, propane, anhydrous ammonia (“NH3”) and natural gas liquids (“NGL”) transport vehicles and storage vessels, energy processing equipment and fiberglass storage tanks. TerraVest is focused on acquiring and operating market-leading businesses that will benefit from TerraVest’s financial and operational support. For more information on the Company, please visit https://terravestindustries.com/. Additional information relating to the Company, including all public filings, is available on SEDAR+ (www.sedarplus.ca).

    FOR FURTHER INFORMATION, PLEASE CONTACT:
    Dustin Haw         
    Chief Executive Officer         
    TerraVest Industries Inc.         
    ir@terravestindustries.com

    Caution Concerning Forward-Looking Statements

    This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding the use of proceeds of the Offering, potential for future acquisitions by TerraVest, our strategic direction and evaluation of the business segments and TerraVest as a whole, TerraVest’s plans with respect to its existing portfolio businesses and long-term acquisition strategy and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as “expects” and “will” or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

    By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.

    Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.

    The MIL Network –

  • MIL-OSI: XRP News: Buy $XDX, An XRP-Backed Token on XenDex As CME Group Launches XRP Futures

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, May 23, 2025 (GLOBE NEWSWIRE) — As global crypto momentum surges around XRP, the launch of CME Group’s XRP Futures has sent bullish waves through the market. At the heart of this renewed interest lies XenDex, the first all-in-one decentralized exchange (DEX) on the XRP Ledger and its $XDX presale ends in just 5 days.

    Early investors are rushing in to lock down $XDX at pre-launch pricing before listings go live on Binance, Gate.io, MEXC, BitMart, MagneticX, and FirstLedger. With the presale soft cap filled and the hard cap nearly complete, this is the final chance to buy before demand and price skyrocket.

    Buy $XDX Before Listing On Binance

    What is XenDex on XRP Blockchain?

    XenDex is a DeFi powerhouse being built natively on XRPL, designed for both beginners and professional traders. It merges DeFi functionalities into a seamless interface backed by XRPL’s unmatched speed and low transaction fees.

    Features and Problems XenDex Aims to Solve on XRP Ledger

    While XRP excels in speed and cost, it lacks native DeFi solutions. XenDex solves this with:

    • Lending & Borrowing – Lend or borrow XRP tokens on XenDex
    • AI Copy Trading – Mirror top traders automatically
    • Cross-Chain Trading – Swap XDX across Ethereum, BNB, and Solana
    • DAO Governance – Community-driven decision-making

    Buy $XDX on XenDex At Discount

    Advantages of Holding $XDX

    $XDX unlocks major benefits for holders:

    • Voting rights for platform proposals
    • Staking and yield farming rewards
    • Trading fee discounts
    • Early access to launches and airdrops

    Where Can I Trade $XDX?

    After the presale, $XDX will list on Binance, Gate.io, BitMart, MEXC, MagneticX, and FirstLedger, ensuring high liquidity and global reach.

    Is XenDex a Legit Project on XRP?

    Absolutely. XenDex is a transparent, community-first project, backed by XRPL integrations and a skilled team with prior experience on Cardano and SUI. The platform is currently undergoing smart contract audits and has formed strategic partnerships with Xaman, XRP Toolkit, Gitbook, Github, and Namecheap.

    Purchase $XDX At A low Price & Earn Rewards

    How Do I Buy $XDX?

    Visit: https://xendex.net/presale
    Set up a trustline-compatible wallet (e.g., Xaman)
    Minimum buy: 150 XRP
    Rate: 1.25 XRP = 10 XDX
    More info: https://xdxdocs.gitbook.io/xendex/buy-usdxdx-token-presale

    XenDex Presale Details

    • Soft Cap: Filled
    • Hard Cap: Almost Reached
    • Price: 1.25 XRP = 10 XDX
    • Presale Rate: 150 XRP = 1200 $XDX
    • Time Remaining: 5 Days

    Buy Now Before the Presale Ends: https://xendex.net/presale

    Join XenDex Community

    Website: xendex.net
    Presale: xendex.net/presale
    Telegram: t.me/xendexcommunity
    Twitter: x.com/xendex_xrp
    Docs: xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4bbf962f-fa01-438e-828a-51e87891082a

    The MIL Network –

  • MIL-OSI: Imperial Petroleum Inc. Reports First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    ATHENS, Greece, May 23, 2025 (GLOBE NEWSWIRE) — IMPERIAL PETROLEUM INC. (NASDAQ: IMPP; the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the first quarter ended March 31, 2025.

    OPERATIONAL AND FINANCIAL HIGHLIGHTS

    • Fleet operational utilization of 83.8% in Q1 25’ versus 86% in Q4 24’ and 80.6% in Q1 24’.
    • About 47% of fleet calendar days were dedicated to time charter activity while 53% to spot activity.
    • Delivery of the dry bulk carrier, Supra Pasha (2012 built) on April 26th 2025; the remaining six contracted dry bulk carriers will be delivered by June 2025.
    • Revenues of $32.1 million in Q1 25’ compared to $41.2 million in Q1 24’- a 22.1% decline as market rates were stronger during Q1 24’.
    • Net income of $11.3 million in Q1 25’ versus $16.7 million in Q1 24’, corresponding to an EPS, basic of $0.32.
    • EBITDA1 of $14.7 million for Q1 25’.
    • Revenues and net income increased by $5.9 million (or 22.5%) and $7.4 million (or 189.7%), respectively, in Q1 25’ compared to Q4 24’.
    • Cash and cash equivalents including time deposits of $227.4 million as of March 31, 2025 which is 167.5% higher than our current market capitalization of about $85 million.
    • Recurring profitability and debt free capital structure facilitate robust cash flow generation.

    First Quarter 2025 Results:

    • Revenues for the three months ended March 31, 2025 amounted to $32.1 million, a decrease of $9.1 million, or 22.1%, compared to revenues of $41.2 million for the three months ended March 31, 2024, primarily due to a decrease in the spot market tanker rates. During the three months ended March 31, 2024 average spot rates for product and suezmax tankers were 26.9% and 24.2% higher than average spot rates during the three months ended March 31, 2025.
    • Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2025 were $10.5 million and $7.1 million, respectively, compared to $13.5 million and $6.0 million, respectively, for the three months ended March 31, 2024. The $3.0 million decrease in voyage expenses is mainly attributed to increased time charter activity leading to a decline in spot days by 16.1%. The decline in spot days along with the decrease in the Suez Canal transits compared to the same period of last year, led to decreased bunker consumption by 21.2% and lower port expenses by 30.8%. The $1.1 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 2.1 vessels between the two periods.
    • Drydocking costs for the three months ended March 31, 2025 and 2024 were nil and $0.6 million, respectively. This decrease is due to the fact that during the three months ended March 31, 2025, no vessel underwent drydocking whereas during the three months ended March 31, 2024 our aframax tanker commenced its drydocking which was concluded within April 2024.
    • General and administrative costs for both the three months ended March 31, 2025 and 2024 were $1.2 million.
    • Depreciation for the three months ended March 31, 2025 and 2024 was $5.0 million and $4.0 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
    • Management fees for the three months ended March 31, 2025 and 2024 were $0.5 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
    • Interest and finance costs for the three months ended March 31, 2025 and 2024 were $0.6 million and $0.002 million, respectively. The $0.6 million of costs for the three months ended March 31, 2025 relate mainly to accrued interest expense – related party in connection with the $14.0 million and $24.0 million part of the acquisition prices of our bulk carriers, Neptulus and Clean Imperial, respectively. These balances were completely settled in April 2025. For accounting purposes, the outstanding balances payable on the two vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amounts ultimately paid remained consistent with the originally agreed purchase prices.
    • Interest income for the three months ended March 31, 2025 was $2.2 million as compared to $1.0 million for the three months ended March 31, 2024. The $1.2 million increase is mainly attributed to a higher amount of funds placed under time deposits.
    • Interest income – related party for the three months ended March 31, 2025 was nil as compared to $0.8 million for the three months ended March 31, 2024. The decrease is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended March 31, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024, thus the balance for the three months ended March 31, 2025 was nil.
    • Foreign exchange (loss)/gain for the three months ended March 31, 2025 was a gain of $1.7 million as compared to a loss of $0.8 million for the three months ended March 31, 2024. The $1.7 million foreign exchange gain for the three months ended March 31, 2025, is mainly attributed the strengthening of the euro currency against the dollar at the end of the three months ended March 31, 2025 when compared to the respective currency values at the end of year 2024.
    • As a result of the above, for the three months ended March 31, 2025, the Company reported net income of $11.3 million, compared to net income of $16.7 million for the three months ended March 31, 2024. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended March 31, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2025 was 32.9 million. Earnings per share, basic and diluted, for the three months ended March 31, 2025 amounted to $0.32 and $0.30, respectively, compared to earnings per share, basic and diluted, of $0.56 and $0.50, respectively, for the three months ended March 31, 2024.
    • Adjusted net income1 was $12.2 million corresponding to an Adjusted EPS1, basic of $0.34 for the three months ended March 31, 2025 compared to an Adjusted net income of $17.5 million corresponding to an Adjusted EPS, basic, of $0.59 for the same period of last year.
    • EBITDA1 for the three months ended March 31, 2025 amounted to $14.7 million, while Adjusted EBITDA1 for the three months ended March 31, 2025 amounted to $15.6 million.
    • An average of 11.90 vessels were owned by the Company during the three months ended March 31, 2025 compared to 9.84 vessels for the same period of 2024.

    1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

    Fleet Employment Table

    As of May 23, 2025, the profile and deployment of our fleet is the following:

                           
    Name Year
    Built    		    Country
    Built    		    Vessel Size
    (dwt)    		    Vessel
    Type    		    Employment
    Status    		    Expiration of
    Charter(1)
    Tankers                           
    Magic Wand 2008    Korea    47,000    MR product tanker    Time Charter   October 2025
    Clean Thrasher 2008    Korea    47,000    MR product tanker    Time Charter    May 2025
    Clean Sanctuary (ex. Falcon Maryam) 2009    Korea    46,000    MR product tanker    Spot     
    Clean Nirvana 2008    Korea    50,000    MR product tanker    Spot     
    Clean Justice 2011    Japan    46,000    MR product tanker    Time Charter    September 2027
    Aquadisiac 2008   Korea   51,000   MR product tanker   Spot    
    Clean Imperial 2009   Korea   40,000   MR product tanker   Time Charter   January 2026
    Suez Enchanted 2007    Korea    160,000    Suezmax tanker    Spot     
    Suez Protopia 2008    Korea    160,000    Suezmax tanker    Spot     
    Drybulk Carriers(2)                           
    Eco Wildfire 2013    Japan    33,000    Handysize drybulk    Time Charter    May 2025
    Glorieuse 2012    Japan    38,000    Handysize drybulk    Time Charter    June 2025
    Neptulus 2012   Japan   33,000   Handysize drybulk   Time Charter   June 2025
    Supra Pasha 2012   Japan   56,000   Supramax drybulk   Spot    
    Fleet Total           807,000 dwt               
    (1)
    (2)    		 Earliest date charters could expire.
    We have contracted to acquire six Japanese built drybulk carriers, aggregating approximately 387,000 dwt, which are
    expected to be delivered to us by June 2025.
       

    CEO Harry Vafias Commented

    Another year commenced with a positive momentum for Imperial Petroleum. We are happy as we consider the $11.3 million of net income generated in Q1 25’ a very good result given the eventful but softish market. This is a busy period for our Company but at the same time exciting as we are taking on delivery of another six drybulk vessels. Within the short life of Imperial Petroleum, we are expanding our fleet from four vessels to nineteen by the second quarter of 2025; our goal of growing fast and transforming a small company to medium sized was achieved. We feel confident that the diversified quality non- Chinese fleet we have created will pay off. Imperial Petroleum enjoys fast growth, recurring profits, zero bank debt and liquidity as of March 31, 2025 in excess of $220 million and as per our view ticks all the boxes that define a successful operation.

    Conference Call details:

    On May 23, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

    Online Registration:

    Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

    https://register-conf.media-server.com/register/BIaef045aa9f5b46a7b5e8eb48c2e56115

    Slides and audio webcast:

    There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

    About IMPERIAL PETROLEUM INC.        

    IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of thirteen vessels on the water – seven M.R. product tankers, two suezmax tankers and four handysize drybulk carriers – with a total capacity of 807,000 deadweight tons (dwt), and has contracted to acquire an additional six drybulk carriers of 387,000 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 19 vessels with an aggregate capacity of 1.2 million dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

    Forward-Looking Statements

    Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or  other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.

    Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

    Fleet List and Fleet Deployment        
    For information on our fleet and further information:
    Visit our website at www.ImperialPetro.com

    Company Contact:
    Fenia Sakellaris
    IMPERIAL PETROLEUM INC.
    E-mail: info@ImperialPetro.com

    Fleet Data:
    The following key indicators highlight the Company’s operating performance during the three month periods ended March 31, 2024 and 2025.

    FLEET DATA Q1 2024 Q1 2025
    Average number of vessels (1) 9.84 11.90
    Period end number of owned vessels in fleet 11 12
    Total calendar days for fleet (2) 895 1,071
    Total voyage days for fleet (3) 878 1,067
    Fleet utilization (4) 98.1% 99.6%
    Total charter days for fleet (5) 207 504
    Total spot market days for fleet (6) 671 563
    Fleet operational utilization (7) 80.6% 83.8%
         

    1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
    2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
    3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
    4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
    5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
    6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
    7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period.

    Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

    Adjusted net income represents net income before share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and share based compensation.
    Adjusted EPS represents Adjusted net income attributable to common shareholders divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

    EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

    (Expressed in United States Dollars,
    except number of shares)    		 Third Quarter Ended March 31st,
      2024   2025
    Net Income – Adjusted Net Income      
    Net income 16,654,604   11,290,986
    Plus share based compensation 858,810   889,076
    Adjusted Net Income 17,513,414   12,180,062
           
    Net income – EBITDA      
    Net income 16,654,604   11,290,986
    Plus interest and finance costs 2,430   606,383
    Less interest income (1,785,878)   (2,184,394)
    Plus depreciation 4,027,061   5,002,837
    EBITDA 18,898,217   14,715,812
           
    Net income – Adjusted EBITDA      
    Net income 16,654,604   11,290,986
    Plus share based compensation 858,810   889,076
    Plus interest and finance costs 2,430   606,383
    Less interest income (1,785,878)   (2,184,394)
    Plus depreciation 4,027,061   5,002,837
    Adjusted EBITDA 19,757,027   15,604,888
           
    EPS      
    Numerator      
    Net income 16,654,604   11,290,986
    Less: Cumulative dividends on preferred shares (435,246)   (435,246)
    Less: Undistributed earnings allocated to non-vested shares (856,950)   (453,265)
    Net income attributable to common shareholders, basic 15,362,408   10,402,475
    Denominator      
    Weighted average number of shares 27,613,661   32,944,925
    EPS – Basic 0.56   0.32
           
    Adjusted EPS      
    Numerator      
    Adjusted net income 17,513,414   12,180,062
    Less: Cumulative dividends on preferred shares (435,246)   (435,246)
    Less: Undistributed earnings allocated to non-vested shares (902,326)   (490,387)
    Adjusted net income attributable to common shareholders, basic 16,175,842   11,254,429
           
    Denominator      
    Weighted average number of shares 27,613,661   32,944,925
    Adjusted EPS, Basic 0.59   0.34
           

    Imperial Petroleum Inc.
    Unaudited Consolidated Statements of Income
    (Expressed in United States Dollars, except for number of shares)

        Quarters Ended March 31,
        2024   2025
             
    Revenues      
      Revenues 41,203,281   32,091,626
             
    Expenses      
      Voyage expenses 12,963,607   10,054,114
      Voyage expenses – related party 514,414   401,753
      Vessels’ operating expenses 5,951,561   7,021,928
      Vessels’ operating expenses – related party 82,000   98,500
      Drydocking costs 625,457   —
      Management fees – related party 393,800   471,240
      General and administrative expenses 1,207,168   1,217,977
      Depreciation 4,027,061   5,002,837
    Total expenses 25,765,068   24,268,349
             
    Income from operations 15,438,213   7,823,277
             
    Other (expenses)/income      
      Interest and finance costs (2,430)   (3,607)
      Interest expense – related party —   (602,776)
      Interest income 1,035,261   2,184,394
      Interest income – related party 750,617   —
      Dividend income from related party 189,583   187,500
      Foreign exchange (loss)/gain (756,640)   1,702,198
    Other income, net 1,216,391   3,467,709
             
    Net Income 16,654,604   11,290,986
             
    Earnings per share      
    – Basic 0.56   0.32
    – Diluted 0.50   0.30
             
    Weighted average number of shares      
    -Basic 27,613,661   32,944,925
    -Diluted 30,951,012   34,258,803
             

    Imperial Petroleum Inc.
    Unaudited Consolidated Balance Sheets
    (Expressed in United States Dollars)

        December 31,   March 31,
        2024   2025
             
    Assets      
    Current assets      
      Cash and cash equivalents 67,783,531   126,520,450
      Time deposits 138,948,481   100,900,500
      Trade and other receivables 13,456,083   8,772,549
      Other current assets 652,769   67,374
      Inventories 7,306,356   6,705,115
      Advances and prepayments 250,562   209,858
    Total current assets 228,397,782   243,175,846
             
    Non current assets      
      Operating lease right-of-use asset 78,761   60,239
      Vessels, net 208,230,018   227,015,031
      Investment in related party 12,798,500   12,794,333
    Total non current assets 221,107,279   239,869,603
    Total assets 449,505,061   483,045,449
             
    Liabilities and Stockholders’ Equity      
    Current liabilities      
      Trade accounts payable 5,243,872   5,923,098
      Payable to related parties 18,725,514   39,232,604
      Accrued liabilities 3,370,020   3,604,467
      Operating lease liability, current portion 1,419,226   60,239
      Deferred income 78,761   1,812,557
    Total current liabilities 28,837,393   50,632,965
             
    Total liabilities 28,837,393   50,632,965
             
    Commitments and contingencies      
             
    Stockholders’ equity      
      Common stock 382,755   386,671
      Preferred Stock, Series A 7,959   7,959
      Preferred Stock, Series B 160   160
      Treasury stock (8,390,225)   (8,390,225)
      Additional paid-in capital 282,642,357   283,527,517
      Retained earnings 146,024,662   156,880,402
    Total stockholders’ equity 420,667,668   432,412,484
    Total liabilities and stockholders’ equity 449,505,061   483,045,449
           

    Imperial Petroleum Inc.
    Unaudited Consolidated Statements of Cash Flows
    (Expressed in United States Dollars

        Three Month Periods Ended March 31,
        2024   2025
         
    Cash flows from operating activities      
      Net income for the period 16,654,604   11,290,986
             
    Adjustments to reconcile net income to net cash      
      provided by operating activities:      
      Depreciation 4,027,061   5,002,837
      Non – cash lease expense 17,550   18,522
      Share based compensation 858,810   889,076
      Unrealized foreign exchange loss/(gain) on time deposits 799,150   (358,420)
      Dividend income from related party (189,583)   —
             
    Changes in operating assets and liabilities:      
      (Increase)/decrease in      
      Trade and other receivables (3,249,129)   4,683,534
      Other current assets (532,029)   585,395
      Inventories (574,256)   601,241
      Changes in operating lease liabilities (17,550)   (18,522)
      Advances and prepayments (45,536)   40,704
      Due from related parties (879,732)   4,167
      Increase/(decrease) in      
      Trade accounts payable (1,100,028)   679,226
      Due to related parties 2,839,227   (3,369,040)
      Accrued liabilities 903,784   234,447
      Deferred income (869,166)   393,331
    Net cash provided by operating activities 18,643,177   20,677,484
             
    Cash flows from investing activities      
      Dividends income received 191,667   —
      Acquisition and improvement of vessels (72,257,190)   (4,350)
      Increase in bank time deposits (31,695,420)   (57,958,390)
      Maturity of bank time deposits 31,368,080   96,364,791
    Net cash (used in)/provided by investing activities (72,392,863)   38,402,051
             
    Cash flows from financing activities      
      Stock issuance costs (2,504,498)   —
      Dividends paid on preferred shares (341,947)   (342,616)
    Net cash used in financing activities (2,846,445)   (342,616)
             
    Net (decrease)/increase in cash and cash equivalents (56,596,131)   58,736,919
    Cash and cash equivalents at beginning of period 91,927,512   67,783,531
    Cash and cash equivalents at end of period 35,331,381   126,520,450
    Cash breakdown       
      Cash and cash equivalents 35,331,381   126,520,450
    Total cash and cash equivalents shown in the statements of cash flows 35,331,381   126,520,450

    The MIL Network –

  • MIL-OSI: Bulletin from the Annual General Meeting of Terranet AB on May 23, 2025

    Source: GlobeNewswire (MIL-OSI)

    The annual general meeting of Terranet AB (the “Company”) was held today, May 23, 2025, in Lund. The meeting resolved, with the required majority and in accordance with the board’s proposal, on the following main resolutions.

    Adoption of the profit and loss account and balance sheet
    The annual general meeting resolved to adopt the income statement and balance sheet of the Company and the consolidated income statement and consolidated balance sheet.

    Allocation of profits
    The annual general meeting decided to allocate the result in accordance with the board’s proposal in the annual report, i.e. that the result be carried forward.

    Discharge from liability
    The members of the board of directors and the CEO were discharged from liability for the financial year 2024.

    Election of Board of Directors, auditor and remuneration
    The annual general meeting resolved that the board of directors shall consist of five (5) members without deputies. It was further resolved that the Company shall have a registered accounting firm as auditor.

    Torgny Hellström, Anders Blom, Magnus Edman and Mats Fägerhag were re-elected as board members. Uwe Brandenburg was also elected as a new board member. Torgny Hellström was re-elected chairman of the board.

    The registered accounting firm Ernst & Young AB (“EY“) was elected as the Company’s auditor. EY has announced that the authorized public accountant Martin Henriksson will be the auditor in charge.

    It was resolved that a fee of SEK 185,000 shall be paid to each of the members elected by the annual general meeting who are not employed by the Company or the Group, and SEK 495,000 to the chairman of the board. A fee of SEK 27,500 shall be paid to each of the members of the
    remuneration committee (maximum three members) and a fee of SEK 65,000 shall be paid to each of the members of the audit committee (maximum two members), and SEK 110,000 to its chairman. It was resolved that fees to the auditor shall be paid according to approved invoices.

    Decision to amend the articles of association
    The annual general meeting decided to amend the articles of association as follows.

    Previous wording New wording
    § 4 Share capital

    The share capital shall be not less than SEK 3,300,000 and not more than SEK 13,200,000.

    		 § 4 Share capital

    The share capital shall be not less than SEK 14,500,000 and not more than SEK 58,000,000.
    § 5 Number of shares

    The number of shares shall be not less than 330 000 000 and not more than 1 320 000 000.

    		 § 5 Number of shares

    The number of shares shall be not less than 1 450 000 000 and not more than 5 800 000 000.

    Approval of the Board’s decision on a directed share issue
    The meeting resolved to approve the board of directors’ resolution of April 16, 2025 on a new share issue of up to 5,461,210 units (the “Directed Issue“). The new series B shares and warrants shall be issued in units. Each unit contains 33 series B shares and five (5) warrants of series TO9 B. The Company’s share capital may, through the Directed Issue, be increased by a maximum of SEK 1,802,199.30 through the issuance of a maximum of 180,219,930 series B shares. The subscription price per unit amounts to SEK 2.97, corresponding to a subscription price per share of SEK 0.09.

    The right to subscribe for shares in the Directed Issue is, with deviation from the shareholders’ preferential rights, granted to a number of pre-announced investors, existing shareholders and members of the Company’s management and board of directors.

    Through the Directed Issue, a maximum of 27,306,050 warrants of series TO9 B are issued, entailing an increase of the share capital upon full exercise by a maximum of SEK 273,060.50. Each warrant of series TO9 B entitles the holder to subscribe for one (1) series B share at a subscription price corresponding to SEK 0.18. The subscription price may not be less than the share’s quota value applicable at any given time. Subscription for new shares by exercising the warrants of series TO9 B can take place during the period from December 1, 2025 up to and including December 15, 2025.

    Approval of the Board’s decision on a rights issue of units
    The annual general meeting also resolved to approve the board of directors’ resolution of April 16, 2025 on a new issue of a maximum of 13,880,714 units with preferential rights for existing shareholders (the “Rights Issue”). The new shares and warrants shall be issued in units (so-called units). Each unit shall contain twelve (12) series B shares and three (3) warrants of series TO9 B. The Company’s share capital may, through the Rights Issue, be increased by a maximum of SEK 1,665,685.68 through the issue of a maximum of 166,568,568 series B shares. The subscription price amounts to SEK 1.08 per unit, corresponding to a subscription price of SEK 0.09 per share. The warrants are issued without consideration.

    The right to subscribe for units in the Rights Issue shall, with preferential rights, be granted to those who are registered as shareholders in the Company on the record date for the Rights Issue, whereby the holding of one (1) series B share entitles to one (1) unit right. Eighty-six (86) unit rights entitle to subscription of one (1) unit. Subscription of units shall take place during the period from May 27, 2025 up to and including June 11, 2025.

    Through the Rights Issue, a maximum of 41,642,142 warrants of series TO9 B are issued, entailing an increase in the share capital upon full exercise by a maximum of SEK 416,421.42. Each warrant of series TO9 B entitles the holder to subscribe for one (1) series B share at a subscription price corresponding to SEK 0.18. The subscription price may not be less than the share’s quota value applicable at any given time. Subscription for new shares by exercising the warrants of series TO9 B can take place during the period from December 1, 2025 up to and including December 15, 2025.

    Resolution to authorize the Board of Directors to resolve new issues of shares, warrants and convertibles
    The annual general meeting resolved to authorize the board of directors to decide, on one or more occasions up until the next annual general meeting, on the issue of series B shares, warrants and/or convertibles with the right to subscribe for or convert series B shares, with or without deviation from the shareholders’ preferential rights, within the limits of the articles of association applicable at any given time, to be paid in cash, in kind and/or by set-off.

    The main reason for the board of directors to be able to decide on a new share issue without preferential rights for shareholders as described above is to be able to raise new capital to increase the Company’s flexibility for financing.

    Resolution authorizing the Board of Directors to make minor adjustments to the resolutions adopted by the General Meeting
    The meeting resolved to authorize the board of directors, the CEO or the person otherwise appointed by the board of directors to make such minor adjustments and clarifications to the resolutions adopted at the annual general meeting as are necessary for the registration of the resolutions.

    _______________

    Lund in May 2025
    Terranet AB
    The Board of Directors

    For more information, please contact:        
    Lars Lindell, CEO
    E-mail: lars.lindell@terranet.se

    About Terranet AB (publ)
    Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.

    The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B). Follow our journey at: www.terranet.se

    Attachment

    The MIL Network –

  • MIL-OSI Security: Omaha Men Sentenced for Conspiracy to Commit Bank Fraud

    Source: US FBI

    United States Attorney Lesley A. Woods announced that Calvin J. Carter, 22, and Malik M. Washington, 28, both of Omaha, Nebraska, were sentenced on May 15, 2025, in federal court in Omaha for conspiracy to commit bank fraud. Chief United States District Judge Robert F. Rossiter, Jr. sentenced Carter and Washington to 18 months’ imprisonment. There is no parole in the federal system. After Carter and Washington are released from prison, they each will begin a 3-year term of supervised release. Chief Judge Rossiter also ordered both to pay restitution in the amount of $180,315.54.

    From April 2021 through December 2022, Carter and Washington recruited and obtained bank account information from individuals that owned personal bank accounts at various financial institutions in the District of Nebraska and elsewhere.  Through investigative techniques, law enforcement learned that Carter and Washington created counterfeit checks making it appear as though the checks were legitimately issued by businesses to those individuals.  They then presented the counterfeit checks to financial institutions, falsely represented the checks to be legitimate.  Carter and Washington would then withdraw cash from bank accounts into which the counterfeit checks were deposited.

    During the duration of this conspiracy, Carter and Washington caused, and attempted to cause, counterfeit checks to be deposited into bank accounts at various financial institutions resulting in the loss of $180,315.54.

    This case was investigated by the Douglas County Sheriff’s Office and the Federal Bureau of Investigation.

    MIL Security OSI –

  • US and Iran to resume nuclear talks amid clashing red lines

    Source: Government of India

    Source: Government of India (4)

    Iranian and U.S. negotiators will resume talks on Friday in Rome to resolve a decades-long dispute over Iran’s nuclear ambitions, despite Tehran’s supreme leader warning that clinching a new deal might be insurmountable amid clashing red lines.

    The stakes are high for both sides. President Donald Trump wants to curtail Tehran’s potential to produce a nuclear weapon that could trigger a regional nuclear arms race. The Islamic Republic, for its part, wants to be rid of devastating sanctions on its oil-based economy.

    Iranian Foreign Minister Abbas Araqchi and Trump’s Middle East envoySteve Witkoff will hold a fifth round of talks, through Omani mediators, despite both Washington and Tehran taking a tough stance in public over Iran’s uranium enrichment.

    Although Iran insists the talks are indirect, U.S. officials have said the discussions – including the latest roundon May 11 in Oman- have been both “direct and indirect”.

    Araqchi, who arrived in Rome with his two deputies, wrote

    on X: “…Zero nuclear weapons = we Do have a deal. Zero enrichment = we do NOT have a deal. Time to decide”.

    White House press secretary Karoline Leavitt told reporters on Thursday that Trump believes negotiations with Iran are “moving in the right direction”.

    Tehran and Washington have both said they prefer diplomacy to settle the impasse, but remain deeply split on several red lines that negotiators will have to circumvent to reach a new nuclear deal and avert future military action.

    U.S. Secretary of State Marco Rubio said on Tuesday that Washington is working to reach an accord that would allow Iran to have a civil nuclear energy programme but not enrich uranium, while admitting that achieving such a deal “will not be easy”.

    Supreme Leader Ayatollah Ali Khamenei, who has the last say on Iran’s state matters, rejected Washington’s demands that Tehran stop refining uranium as “excessive and outrageous”, warning that the talks are unlikely to yield results.

    Among remaining stumbling blocks is Tehran’s refusal to ship abroad all of its highly enriched uranium stockpile – possible raw material for nuclear bombs – or engage in discussions over its ballistic missile programme.

    Iran says it is ready to accept some limits on enrichment, which it maintains is for civilian nuclear energy uses only – but needs watertight guaranteesthat Washington would not renege on a future nuclear accord.

    Trump, who has restored a “maximum pressure” campaign on Tehran since February, ditched the 2015 nuclear pact in 2018 during his first term and reimposed sweeping U.S. sanctions that continue to hobble the Iranian economy.

    Iran responded by escalating enrichment far beyond the 2015 pact’s limits.

    Wendy Sherman, a former U.S. Undersecretary for Political Affairs who led the U.S. negotiating team that reached the 2015 agreement, said it was impossible to convince Iran to scrap enrichment – which Tehran touts as a matter of sovereignty.

    “I don’t think it is possible to get a deal with Iran where they literally dismantle their programme, give up their enrichment, even though that would be ideal,” she told Reuters.

    The cost of failure of the talks could be high. While Tehran says its nuclear activity is for peaceful ends, Iran’s arch-foe Israel discounts this,saying it would never allow Iran’s clerical establishment to obtain nuclear weapons.

    Israel’s strategic affairs minister and the head of its foreign intelligence service Mossad will also be in Rome for talks with the U.S. team that is negotiating with Iran, a source aware of the matter told Reuters.

    Araqchi said on Thursday Washington would bear legal responsibility if Israel attacked Iranian nuclear installations, following a CNN report that Israel might be preparing strikes.

    While rising U.S.-Iran tensions over enrichment have put the nuclear talks in doubt, three Iranian sources said on Tuesday that the clerical leadership lacks a clear fallback plan if efforts to overcome the standoff collapse.

    (Reuters)

  • MIL-OSI: No KYC. 100x Leverage. Double Deposit Bonus. Crypto Futures Trading for Everyone on BexBack.

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 23, 2025 (GLOBE NEWSWIRE) — With Bitcoin surging past $110,000 for the first time in history, the cryptocurrency market is officially back in a bull run. But while the headlines celebrate new all-time highs, seasoned traders know that the real opportunity lies not in holding — but in leveraged futures trading.

    In high-volatility conditions like these, spot traders often struggle to generate short-term profits. That’s why more and more investors are turning to 100x leverage crypto futures to amplify gains and capitalize on market swings.

    BexBack Exchange is at the forefront of this shift, offering powerful tools and unmatched promotions to help users seize the moment. The platform now features:

    Why Trade with 100x Leverage?

    1. Amplified Profits – Control large positions with a small capital base, turning small moves into major wins.
    2. Low Entry Barrier – Enter high-value trades without locking up massive funds.
    3. Trade Volatility with Precision – Profit in both bullish and bearish markets.
    4. Maximize Capital Efficiency – Free up your assets for multiple strategies.
    5. Profit in Any Direction – Long or short, leveraged futures let you adapt instantly.

    What Is 100x Leverage — and Why It Works

    Imagine BTC is at $110,000.
    You go long with 1 BTC using 100x leverage — meaning you’re trading as if you had 100 BTC.
    If BTC rises just 5%, to $115,500, you gain 5 BTC in profit — a 500% ROI.

    And with BexBack’s 100% deposit bonus, if you started with 2 BTC, your margin becomes 4 BTC. That 5% move would now return up to 10 BTC — a 1000% ROI.
    (Note: While leverage multiplies gains, it also increases risk. Manage carefully.)

    How the 100% Deposit Bonus Works

    • Bonus is automatically credited after your qualifying deposit.
    • It can’t be withdrawn directly — but can be used to increase position size or reduce liquidation risk.
    • Works as “extra margin” in volatile markets — helping you stay in the trade longer.

    Why More Traders Are Switching to BexBack

    BexBack is licensed as a U.S. MSB (Money Services Business) and serves over 500,000 users across North America, Europe, and Asia. Unlike many competitors, BexBack removes friction — with no identity checks and instant onboarding.

    Platform Highlights:

    • No KYC Required – Start trading instantly with just an email
    • 100% Deposit Bonus – Double your capital instantly
    • 100x Leverage – Maximize your trading power
    • Zero Slippage & No Spread – What you see is what you get
    • 10 BTC Demo Account – Practice risk-free before going live
    • Web + Mobile Support – Trade anywhere, anytime
    • 24/7 Global Support – Professional customer service at your side
    • Affiliate Program – Earn up to 50% commission as a BexBack partner

    The Bull Market Has Returned. Are You Ready?

    If you missed the last crypto wave, this is your chance. Don’t sit on the sidelines.
    With 100x leverage, up to $50 in welcome rewards, and no KYC barriers, BexBack empowers you to trade faster, smarter, and with full control.

    Sign Up Now on BexBack — Break the 100x Leverage and KYC Barriers, Get Double Deposit Bonus and $50 Welcome Bonus Instantly.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

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

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

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6fdaff9f-4cae-46a2-a812-4114a2de423a

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c87e3bc2-0234-4dae-9cab-ef7cb9e4ed5c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/20663241-4d43-4208-9102-0818dbb3daaa

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d36a9ea9-3ab7-4114-9d6d-6471435f56c4

    The MIL Network –

  • MIL-OSI United Kingdom: UK Government must ignore Trump’s call for North Sea oil drilling

    Source: Scottish Greens

    23 May 2025 Climate Energy

    The UK’s energy strategy must not cost people and planet.

    More in Climate

    The UK Government must ignore Donald Trump’s ‘century of drilling left’ comments and listen to climate experts, warn Scottish Greens. 

    The US president claims that more oil and gas exploration by drilling in the North Sea is the only way to bring energy prices down. 

    His remarks on the UK Government’s energy strategy come as Ofgem announced that the energy price cap would decrease by £129 per year from £1,849 to £1,720 per household.

    Trump has a long history of promoting climate conspiracy theories, and his support for more fossil fuel extraction comes despite the warnings of climate and energy experts globally.

    Scottish Greens co-leader and spokesperson for net zero, Patrick Harvie MSP, is calling for the Labour government to ignore Trump’s remarks and end our reliance on fossil fuels for good. 

    Mr Harvie said:

    “Household energy bills have been volatile because of our over-reliance on fossil fuels, and it’s critical that both governments cut fossil fuel consumption, increase investment in clean energy, and break the artificial link between gas prices and electricity so that bills come down faster.

    “Scotland’s renewable industry is generating cheap, clean, abundant power, but households are not getting the benefit in the bills they pay. 

    “Donald Trump’s dangerous ideas must be ignored. Climate breakdown already costs the average Scottish household over £3,000 a year. Failure to tackle the climate emergency would accelerate the damage, and keep people dependent on volatile energy prices.

    “There’s no surprise that a corrupt billionaire politician is putting the profits of fossil fuel multinationals ahead of the common good. 

    “We must stick to our net zero targets. We cannot backtrack any further or pander to a climate change denier like Trump, who ignores the extreme harm the fossil fuel industry has caused.

    “This Labour government has already shown they will make decisions that harm people; cutting winter fuel payment for pensioners and making disabled people struggle financially. I urge them to do the right thing and ignore the calls of billionaires like Trump who don’t accept scientific reality. 

    “What households and businesses need are bills that come down and stay down, and that means breaking our dependence on fossil fuels. Household bills are already far too high, with too many people being forced to freeze all winter so they can feed themselves.”

    Mr Harvie added:

    “Scotland is lucky to have such a vast amount of renewable energy. Jobs in renewables have surpassed oil and gas jobs both in Scotland and across the globe. Climate science experts are providing us with the information to reach net zero. This is the future and we must be ready to welcome it.”

    MIL OSI United Kingdom –

  • MIL-OSI USA: Rep. French Hill Applauds House Passage of the One Big Beautiful Bill Act

    Source: United States House of Representatives – Congressman French Hill (AR-02)

    Rep. French Hill Applauds House Passage of the One Big Beautiful Bill Act

    WASHINGTON, D.C., May 22, 2025

    WASHINGTON, D.C. — Today, Rep. French Hill (AR-02) voted to pass the “One Big Beautiful Bill” Act, a major legislative victory that delivers real results for central Arkansas and includes two of his own bills focused on helping Arkansans save, invest, and build a stronger future.

    “This bill is a critical win for families and small businesses in central Arkansas. It prevents the largest tax hike in American history and puts us back on the path to smart, sustainable economic policy. It reflects tried and true conservative, pro-growth principles — spending discipline, tax relief, and restoring the integrity of programs that many Arkansans rely on like Medicaid and SNAP. It also sends a clear signal that House Republicans are serious about governing and delivering results for our constituents and for the American people.

    “I am proud that two of my legislative priorities are included in the reconciliation bill that passed the House today. One helps Arkansas families save for health care, and the other provides tax relief for Americans wrongfully detained abroad.”

    The One Big Beautiful Bill Act includes two bills authored by Rep. Hill:

    • The Catch-Up Act – Allows married Americans over age 55 to make catch-up contributions to their spouse’s Health Savings Account (HSA), giving families more flexibility and financial security to plan for health care costs.
    • The Stop Tax Penalties on American Hostages Act – Provides tax relief for Americans held hostage or wrongfully detained abroad by postponing deadlines and authorizes the IRS to revoke tax-exempt status from nonprofits that materially support terrorist organizations.

    The One Big Beautiful Bill Act also:

    • Secures America’s Southwest border through increased enforcement and infrastructure
    • Strengthens national defense readiness and military investment
    • Reduces burdensome regulations that stifled growth and harm small businesses
    • Unlocks domestic energy production that will result in lower prices for Americans
    • Protects programs that vulnerable Americans rely on, including Medicaid and SNAP, by reducing waste and abuse
    • Makes President Trump’s tax cuts permanent for working families and small businesses

    MIL OSI USA News –

  • MIL-OSI Canada: Premier’s statement on the anniversary of the Komagata Maru incident

    Premier David Eby has issued the following statement on the 111th anniversary of the Komagata Maru incident:

    “On May 23, 1914, a chartered steamer named the Komagata Maru arrived in Vancouver harbour after a long transoceanic voyage from Asia. The 376 Sikh, Muslim and Hindu passengers on board came to Canada in search of opportunity and a better life, like so many others. Instead, they were met with rejection and discrimination.

    “Only a handful of the passengers on board were allowed to disembark. The remainder were confined to the ship, where they endured harsh and deteriorating conditions. Necessities like food and water were restricted, while legal access and communication with supporters on shore was refused by authorities. After two months, the Komagata Maru was escorted by a warship from Vancouver harbour and forced to return to Asia.

    “While the issue has faded from public view, the injustice faced by the passengers and their treatment by Canadian officials remains a dark chapter, especially for South Asian communities in British Columbia.

    “In 2008, the Government of B.C. apologized for the treatment of the passengers. Eight years later, the prime minister delivered an apology in the House of Commons. In 2022, the Government of B.C. funded the South Asian Canadian Legacy Project to raise awareness about the many contributions South Asian Canadians have made to our province’s culture, heritage and economy.

    “We continue to learn from the mistakes of the past. It is our duty to make sure through education and advocacy that we never repeat them.”

    MIL OSI Canada News –

  • MIL-OSI USA: City of Miami Police Officer Pleads Guilty to COVID-19 Relief Fraud

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

    Yesterday, Tramaine Liptrot, 43, a police officer with the City of Miami Police Department (MPD) who has been relieved of duty, pleaded guilty to wire fraud in connection with fraudulent applications for two Paycheck Protection Program (PPP) loans totaling over $200,000. Liptrot entered his guilty plea in Miami before U.S. District Judge Beth Bloom.

    According to the facts admitted at the change of plea hearing, Liptrot, along with being an MPD Police Officer, was the owner and President of Liptrots Tax Services L.L.C (Liptrots Tax). With the assistance of an associate, Liptrot fraudulently obtained two PPP loans in the name of Liptrots Tax.

    On June 22, 2020, working with the associate, Liptrot caused the submission of a false and fraudulent PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $36,700 for four employees, and a fraudulent IRS Form 944 in support thereof, falsely claiming that Liptrots Tax paid its employees $440,397 during 2019. As a result of this fraudulent PPP application, Liptrots Tax obtained approximately $91,750 in PPP loan proceeds from an SBA approved PPP lender.

    On March 3, 2021, again working with the associate, Liptrot caused the submission of a false and fraudulent second-draw PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $43,369, and including as part of the application process, a fraudulent IRS Form 944, falsely claiming that Liptrots Tax paid $496,428 in wages and other compensation in 2020. As a result of this fraudulent second-draw PPP application, Liptrots Tax obtained approximately $108,422 in PPP loan proceeds from a different SBA approved PPP lender.

    Liptrot is scheduled for sentencing on August 6, 2025, at 10:30 a.m., where he faces a possible maximum sentence of up to 20 years in prison.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, acting Special Agent in Charge Brett D. Skiles of FBI Miami and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA-OIG), Eastern Region, announced the guilty plea.

    FBI Miami’s Area Corruption Task Force, which includes task force officers from the City of Miami Police Department’s Internal Affairs Section, and SBA-OIG investigated the case. Assistant U.S. Attorney Edward N. Stamm is prosecuting the case and Assistant U.S. Attorney Gabrielle Raemy Charest-Turken is handling asset forfeiture.

    In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide Economic Injury Disaster Loans (EIDLs) to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred.  EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 23-cr-20155.

    MIL OSI USA News –

  • MIL-OSI USA: Former Solon-based Manufacturer to Pay $6M to Resolve False Claims Act Allegations Relating to Paycheck Protection Program

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

    The Justice Department has announced that Cosmax USA, a corporation having previously done business as two separate entities, Cosmax USA and Nu-World Corporation, has agreed to pay $6 million, of which $3 million is restitution, to resolve allegations under the False Claims Act (FCA) that they knowingly provided false information to obtain Paycheck Protection Program (PPP) loans and loan forgiveness. The companies are part of a global conglomerate that supplies cosmetics and nutritional supplements. Nu-World was merged into Cosmax USA in 2023.

    Cosmax USA operated a manufacturing facility in Solon, Ohio up until 2023. This settlement resolves a lawsuit filed by a former employee who worked at that location. Under the whistleblower provisions of the FCA, an individual, known in legal terms as the “relator,” may file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The relator in this case, Alexander Novik, served as Cosmax USA’s controller and also in its human resources department.

    The PPP was launched through the Small Business Administration (SBA), with the enactment of the Coronavirus Aid, Relief and Economic Security (CARES) Act in 2020. The program provided eligible companies with financial support as businesses faced unprecedented challenges brought on by the COVID-19 pandemic. This resolution addresses two alleged violations in which the United States contended that Cosmax USA and Nu-World submitted false information to be eligible to receive PPP funds.

    First, the resolution addresses allegations that Nu-World submitted an application in April 2020 for a First-Draw PPP loan, and an application for forgiveness of that loan in 2021, based on a calculated loan amount that was partially based on payments to temporary employees who were not employees of Nu-World.

    Second, the resolution addresses allegations that Cosmax USA falsely certified that it was a small business with fewer than 300 employees (including employees at affiliated companies) when it submitted its Second-Draw PPP loan application. In reality, the number of Cosmax USA’s employees, when combined with the number of employees working at its affiliate Nu-World, exceeded the PPP program’s 300-employee limit.

    The resolution obtained in this matter was the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Ohio, with assistance from the SBA’s Office of General Counsel (SBA-OGC) and Office of Inspector General (SBA-OIG).

    Trial Attorney Graham D. Welch of the Justice Department’s Civil Division and Assistant U.S. Attorney J. Jackson Froliklong for the Northern District of Ohio handled the matter, with assistance from Thomas W. Rigby and Arlene P. Messinger Lerner of the SBA.

    Anyone with information about allegations of CARES Act fraud may submit a report with the Justice Department’s National Center for Disaster Fraud Hotline at 866-720-5721 or online at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    The claims resolved by the settlement are allegations only. There has been no determination of liability.

    executed_settlement_agreement-cosmax_0.pdf

    MIL OSI USA News –

  • MIL-OSI USA: Mooresville Man Sentenced To Prison For Defrauding Investors And Stealing Millions in COVID Relief Funds

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

    Steven Andiloro, 53, of Mooresville, N.C., was sentenced today to 45 months in prison followed by three years of supervised release for orchestrating a $6.1 million investment fraud scheme and fraudulently obtaining over $2.6 million in COVID relief funds, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina. U.S. District Judge Kenneth D. Bell also ordered Andiloro to pay $5,341.155 in restitution the victims of his fraud.

    Jason Byrnes, Special Agent in Charge of the United States Secret Service, Charlotte Field Office, and James C. Barnacle, Jr., Acting Agent in Charge of the Federal Bureau of Investigation (FBI) in North Carolina, and Amelaka McCall-Brathwaite, Special Agent in Charge of the Small Business Administration, Office of Inspector General, join U.S. Attorney Ferguson in making today’s announcement.

    According to documents filed in the case and the sentencing hearing, from 2018 to 2021, Andiloro operated an investment fraud scheme where he induced victims to invest in businesses, both real and fictitious, by making false representations about where and how the investors’ money would be invested. For example, some of Andiloro’s victims were told their money would be invested into his car service business, while others believed they were investing into a non-existent marijuana dispensary business. Contrary to representations made to victims, Andiloro did not invest the money as promised. Instead, he used the funds to pay for personal expenses and to operate a Ponzi scheme, where he used money from new investors to pay earlier investors purporting that the returns were the result of profitable investments.

    In addition to the investment scheme, Andiloro also engaged in COVID fraud. Court records show that, from April 2020 to March 2021, Andiloro obtained funds from the Paycheck Protection Program (PPP) by submitting fraudulent applications for disaster relief loans intended for businesses that suffered economic hardship due to the pandemic. To obtain the PPP funds, Andiloro submitted applications that contained false financial information about his businesses, including fake employment data and inflated revenues, costs, and payroll expenses. Andiloro received more than $2.6 million in disaster relief funds, which he used to fund his personal lifestyle and to make payments in furtherance of the investment scheme.

    Andiloro remains released on bond. He will be ordered to report to the Federal Bureau of Prisons upon designation of a federal facility.

    In making today’s announcement, U.S. Attorney Ferguson thanked the U.S. Secret Service, the FBI, and the SBA-OIG for their investigation of the case.

    Assistant U.S. Attorneys Graham Billings and Katherine Armstrong with the U.S. Attorney’s Office in Charlotte prosecuted the case.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. 

    MIL OSI USA News –

  • MIL-OSI Russia: Capital for the development of universities: the Russian Ministry of Education and Science held a strategic session at the Polytechnic University dedicated to endowments

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Ministry of Science and Higher Education of the Russian Federation held a strategic session at Peter the Great St. Petersburg Polytechnic University dedicated to endowment funds in science and higher education.

    The event was attended by over three hundred participants: heads of universities and research organizations supervising the creation and development of endowment funds, representatives of government bodies and alumni associations. The plenary session was opened by the first vice-rector of SPbPU Vitaly Sergeev.

    “Working with endowment capital today is a new mentality, the formation of which requires both time and constant interaction with business and government bodies,” Vitaly Vladimirovich said in his welcoming speech. “Therefore, today’s strategic session is important and useful, and the exchange of experience, I am sure, will lead to the fact that we will be able to build a systematic work with endowment funds, especially since much has already been done in this direction. I hope that the Polytechnic University is a good platform with strong energy, and we are also very interested in this topic.”

    Deputy Minister of Science and Higher Education of Russia Andrey Omelchuk recorded a video message for the participants of the strategy session, in which, in particular, he noted: Russian President Vladimir Putin and the Government of the Russian Federation pay special attention to the development of endowment funds for universities and scientific organizations. Important changes have already been made to the legislation, concepts and methodological recommendations for the development of endowment funds for universities have been developed. The session plans to discuss the formation of endowment funds, the structure of fundraising and its relationship with the strategy of the university. We hope that the participants will gain an understanding of the need to create funds and new ideas for their development.

    Director of the Department of Economic Policy of the Ministry of Science and Higher Education of the Russian Federation Aslan Kanukoev thanked the Polytechnic University for organizing the event and spoke about the results and prospects of the activities of the interdepartmental working group of the Ministry of Education and Science of Russia on the development of endowment funds in the field of higher education and science.

    Aslan Sultanovich noted that the topic of endowment capital has become significantly more relevant and popular in recent years. A specially created interdepartmental working group of the Ministry of Education and Science of Russia, the Ministry of Economic Development and the Ministry of Finance developed and approved concepts for the development of endowment funds in universities and research organizations until 2035 in 2023–2024, the main areas of which are defined as: interaction with graduates, with the business community, formation of a pool of partners, information support, increasing the efficiency of capital management and the formation of transparency standards. An educational course has also been created and is planned to be launched in the near future, which will provide a complete understanding of the creation, formation, development and management of endowment capital, including the legal aspects of working with this topic, and will also introduce fundraising technologies and building relationships with endowment donors.

    According to monitoring data from the Ministry of Education and Science of Russia, as of January 1, 2024, 94 endowment funds were created in subordinate universities.

    The Russian Ministry of Education and Science believes that endowment funds are a long-term strategic instrument for the sustainable development of educational, scientific, healthcare and cultural organizations, emphasized Aslan Kanukoev.

    Chairperson of the Board of the National Endowment Association Svetlana Lavrova presented a report entitled “Understanding and Culture of Endowment Themes: History, Modernity, and Focus on Eternity.”

    Svetlana Nikolaevna explained what an endowment is, what are the origins of this phenomenon, why it has been so important in the world for many centuries, and what place Russia occupies in it. By the way, the Russian Empire had its own history of endowments, only before 1918 they were called “eternal contribution”, “eternal capital” or “untouchable capital”, and the entire social sphere was based on them.

    According to Svetlana Lavrova, the educational organization has several sources of funding: state (in the future, not direct, but aimed at supporting individual programs), tuition fees, research orders, contracts, short-term projects, and an endowment fund.

    The purpose of the existence of science and the university goes into eternity, and the sources of funding on which this activity relies are usually short-lived. The endowment fund is a super-stable source that gives the university independence. It is long-term, and it is the university’s money that ensures sustainability, – Svetlana Lavrova believes.

    An endowment consists of three components: fundraising, or seeking donations, investing funds through a management company, and finally receiving and using income from investments.

    The university is interested in the income from the endowment, and the Ministry of Finance is interested in it, because endowments are the largest institutional investors worldwide. This is a unique system that works simultaneously to develop different aspects of the state, so the state is extremely interested in them, Svetlana Lavrova emphasized.

    First Vice-Rector for Economics and Strategic Development of the Ural Federal University named after the first President of Russia B. N. Yeltsin Daniil Sandler shared an interesting experience of the university in the formation of endowments. As of May 1, 277 million had been collected for the UrFU endowment — these are funds from 18 endowments created by more than 12 thousand donors. Each of the funds, according to Daniil Sandler, “has its own face.” The endowment for the 100th anniversary of the Ural Federal University in the amount of 75 million rubles was created on the initiative of the Students’ Union. If you ask artificial intelligence what to do with the fact that in Russia there is no tradition of forming and donating endowments, it will write: “Start with the students,” and in practice it is clear that it was the Students’ Union that took the initiative, and now this is our largest endowment. Although they say that a student has no money, he has time, energy and desire, says Daniil Sandler.

    The second endowment — “Sports Programming at UrFU” — was created by a group of enthusiasts who wanted sports programming to develop in the Urals. They got a serious business interested in their idea and collected 51 million rubles. There is a personal endowment of Maslakov — a graduate of the history department, who donated 16 million rubles so that the interest from this endowment would be used to pay financial assistance to elderly teachers of the history department every year. The endowment of the Institute of New Materials and Technologies in the amount of 11.6 million rubles was created to establish a scholarship named after a respected university professor who passed away to perpetuate his memory.

    The speech by the executive director of the MGIMO Development Fund (over 2 billion rubles) Marina Petrova was devoted to the Russian and international experience of financing science through the endowment mechanism.

    Oksana Oracheva, CEO of the Vladimir Potanin Charitable Foundation, spoke about the role of transparency and accountability in working with stakeholders.

    Irina Tolmacheva, Deputy Director of the Foundation for the Formation of Endowment Capital of the Foundation for the Development of Social and Economic Sciences and Education, highlighted the legal aspects of the activities of endowment funds.

    Thus, the speakers at the plenary session outlined the main problems of endowment development: insufficient awareness of the funds’ activities among businesses and university graduates, the need to increase motivation among philanthropists, a decrease in the funds’ profitability during periods of high economic volatility, the need to provide additional tax preferences and other benefits. How to interest donors, how to popularize endowment funds and make them socially significant, how to fulfill and exceed the “Priority-2030” program indicator in terms of endowment – these and many other issues were to be discussed in more detail by the participants of the strategy session in sections, mechanisms for their solution were to be developed and discussed at the final joint session.

    As a result, representatives of all five sections identified problems and proposed approaches to solving them, which demonstrated deep immersion in the topic, mutual understanding and interaction in the community. Participants of the strategy session came to the conclusion that it is necessary to concentrate efforts on developing fundraising as a specific work on finding donations, to conduct educational work so that the endowment becomes a socially approved mechanism and an indicator of the effectiveness of universities, to expand opportunities for investment and to legislatively enshrine incentive measures – tax preferences and motivating co-financing.

    The results of the strategic session were summed up by the Director of the Department of Economic Policy of the Ministry of Science and Higher Education of Russia Aslan Kanukoev: Today there are more like-minded people among us. Visiting all the sections, I was convinced that, despite the differences in issues and challenges, the mechanisms for solving them were close. Today we had the first introductory strategic session. It is important that you feel each other, feel the shoulder of the Ministry of Education and Science of Russia. We will develop endowment funds, we believe in this tool and promise that we will not abandon anyone on this path and will help everyone.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Visit of the First Secretary of the Embassy of Vietnam Mai Nguyen Tuyen Hoa to SPbPU

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The First Secretary of the Embassy of Vietnam for Education Affairs Mai Nguyen Tuyen Hoa visited Peter the Great St. Petersburg Polytechnic University. As part of the visit, aimed at strengthening educational and scientific ties, she learned about the 126-year history and modern achievements of the Polytechnic University, and discussed current projects and prospects for cooperation.

    A special place in the activities of our university is occupied by cooperation with Vietnam, which has lasted for more than half a century. The key partners were the Hanoi University of Science and Technology, Binh Duong University and Le Qu Don Technical University. Joint projects included the creation of laboratories, training of teachers in digital technologies and scientific research in the field of logistics and ecology. Among the key achievements are the creation of joint laboratories, Russian language centers and participation in the project of the Vietnam-Russian Technological University in Hanoi. Today, 73 people study at the Polytechnic University, most of whom have chosen engineering and IT areas. This year, for the first time in the history of the university, a gold medal was received by a foreign student – a graduate of the Institute of Electronics and Telecommunications of SPbPU from Vietnam Do The Manh.

    During the negotiations, the Vice-Rector for International Affairs of SPbPU Dmitry Arsenyev emphasized: Over half a century of cooperation, we have trained more than 600 specialists for Vietnam. Today, 73 Vietnamese students study at the university in the areas of telecommunications, mechanical engineering, computer science, biomedicine and economics.

    Mai Nguyen Tuyen Hoa emphasized the importance of research activities as a key element of cooperation between the universities of the two countries. She noted that Russian universities retain the status of classical academic centers, actively developing scientific areas: professors and researchers participate in international projects, create joint laboratories, publish works with foreign colleagues. Particular attention is paid to “mirror laboratories” and engineering centers, where the efforts of scientists from different countries are combined. However, according to Mai Nguyen Tuyen Hoa, the interest of Vietnamese youth in education in Russia is declining.

    Despite this, Mai Nguyen Tuyen Hoa noted: The successes of Vietnamese graduates of the Polytechnic University inspire new applicants to choose Russia. During a meeting with students from Vietnam, she expressed admiration for the educational conditions and scientific base of the university: It is better to see once than to hear a hundred times. I am sure that this visit will become an impetus for new joint initiatives.

    Students who choose Russia demonstrate high adaptability — they quickly master the language and integrate into the academic environment. In order to strengthen the position of Russian education, Mai Nguyen Tuyen Hoa proposed expanding information support: disseminating information about exchange programs, summer schools, English-language courses and joint scientific initiatives. She sees particular potential in the creation of a Russian-Vietnamese university, similar to the existing “Slavic universities” project. Such a university could focus on engineering, natural sciences and IT areas, where the demand for cooperation is especially high.

    Dmitry Arsenyev expressed hope that the visit of the Vietnamese delegation would open a new chapter of cooperation. He noted that the Polytechnic is ready to accept more students, support internships for teachers and create interdisciplinary projects.

    “Our doors are always open,” the vice-rector emphasized. “It is important that the initiative comes from both sides: from the search for common scientific interests to attracting industrial partners.”

    The Polytechnic University sees potential in reviving target groups of students from Vietnam, who have shown outstanding results in their studies in the past. Today, when SPbPU is among the top 10 technological universities in the country, this cooperation can become a bridge between academic traditions and the challenges of the digital age.

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

    MIL OSI Russia News –

  • MIL-OSI: Announcement of the final result of Nykredit’s recommended voluntary public tender offer for Spar Nord Bank A/S – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Announcement of the final result of Nykredit’s recommended voluntary public tender offer for Spar Nord Bank A/S

    23 May 2025

    Nykredit announces the final result of the recommended voluntary public tender offer for Spar Nord Bank A/S

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public takeover offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion. As stated in a supplement dated 2 April 2025, the offer price has subsequently been increased to DKK 210.50 per share.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order. The Offer Document was most recently supplemented in a supplement of 23 April 2025.

    The offer period expired on 20 May 2025 at 23:59 (CEST), and on 21 May 2025 Nykredit announced the preliminary result of the Offer in accordance with section 21(3) of the Danish Takeover Order. The preliminary result of the Offer showed that Nykredit had obtained acceptances which, combined Spar Nord Bank shares held by Nykredit, represent 96.54 per cent of the total share capital and voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of treasury shares.

    Final result

    In accordance with section 21(3) of the Danish Takeover Order, Nykredit hereby announces the final result of the Offer.

    The final summation of acceptances shows that Nykredit has obtained acceptances for 72,169,763 shares, equal to 62.87 per cent of the share capital and the associated voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of 2,918,044 treasury shares. The acceptances correspond to 61.32 per cent of the total share capital and voting rights in Spar Nord Bank.

    The acceptances received combined with the total of 38,646,475 Spar Nord Bank shares owned by Nykredit represent 96.54 per cent of the total share capital and voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of treasury shares. The acceptances received and Nykredit’s holding of Spar Nord Bank shares correspond in total to 94.15 per cent of the total share capital and the total number of voting rights in Spar Nord Bank.

    The relevant regulatory approvals have been obtained, and the final summation of acceptances confirms that the minimum condition for acceptance is also fulfilled. Nykredit therefore considers that all conditions for completion of the Offer have been fulfilled, and Nykredit intends to complete the Offer on the terms and conditions set out in the Offer Document.

    Settlement

    The Offer is expected to be completed on 28 May 2025, on which date the cash consideration will be paid to the designated account of each Spar Nord Bank shareholder who has validly accepted the Offer and who has not validly withdrawn the acceptance of the Offer.

    Compulsory acquisition, delisting and changes to the management and articles of association

    As Nykredit stands to obtain an ownership interest corresponding to more than 90 per cent of the share capital and the associated voting rights in Spar Nord Bank (excluding treasury shares) upon completion of the Offer, it is Nykredit’s intention, as described in section 7.8 of the Offer Document, to initiate and complete a compulsory acquisition of the shares held by the remaining Spar Nord Bank shareholders in pursuance of sections 70-72 of the Danish Companies Act.

    Nykredit furthermore intends to seek to have the Spar Nord Bank shares removed from trading and official listing on Nasdaq Copenhagen A/S as described in section 7.9 of the Offer Document.

    In this connection, Nykredit will request Spar Nord Bank to convene an extraordinary general meeting at which Nykredit, as described in sections 7.4 and 7.5 of the Offer Document, will propose changes to the board of directors of Spar Nord Bank and changes to Spar Nord Bank’s articles of association.

    Detailed information on compulsory acquisition and delisting will be published in separate announcements.

    Additional information

    Contact persons:

    Investor contact:

    Morten Bækmand, Head of Investor Relations, Nykredit (+45 4455 1521)

    Media contact:

    Orhan Gökcen, Head of Press, Nykredit (+45 3121 0639)

    For further information about the Offer, please see: https://www.nykredit.com/en-gb/offer-spar-nord/

    This announcement and the Offer Document (with supplements) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with supplements) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Offer Document, supplements or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction, including securities laws. It is the responsibility of all Persons obtaining this announcement, the Offer Document, supplements, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Offer Document or supplements to shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachment

    The MIL Network –