Source: People’s Republic of China – State Council News
The Premier League will be transported to the Basque region of northern Spain on Wednesday when Manchester United face Tottenham Hotspur in the Europa League final in Athletic Club Bilbao’s impressive San Mames Stadium.
The match offers the winner the chance to qualify for next season’s Champions League and to salvage something from what has been a dreadful domestic season for both teams.
Tottenham Hotspur’s Richarlison (R) shoots during the UEFA Europa League semifinals 1st leg match between Tottenham Hotspur and Bodo/Glimt in London, Britain, May 1, 2025. (Xinhua/Li Ying)
Manchester United are 16th in the Premier League, with 10 wins and 18 defeats in the club’s worst ever season since the competition began in 1988. The season saw Erik ten Hag sacked at the end of October with Ruben Amorim brought in to turn things around.
Amorim has failed to do that in the Premier League, but his side has progressed unbeaten to the final, beating hosts Athletic Club Bilbao in the semi-final after several controversial refereeing decisions all went its way.
Tottenham’s campaign has been even worse, with speculation that coach Ange Postecoglou will leave in the summer even if his team lifts the trophy.
Spurs are 17th in the table with 21 defeats from 37 games, and although 63 goals scored points to a laudable commitment to attack, the 61 goals conceded also highlights chaotic defending.
Postecoglou is without the influential duo of James Maddison and Dejan Kulusevski for the final, while Manchester United will probably be without Joshua Zirkzee, Matthijs de Ligt and with question marks over the impressive Leny Yoro and Diogo Dalot.
Tottenham’s main task on Wednesday will be to try and control Bruno Fernandez, who is at the heart of most of Manchester United’s attacking play, while Alejandro Garnacho offers trickery in the United attack.
Wednesday’s match is about more than just football, it is about financial survival: last season saw Tottenham record a loss of 26 million pounds (35 million US dollars), Manchester United lost 113 million pounds (151 million US dollars), taking losses for the past three years to over 300 million pounds and prompting the club to respond with a series of cutbacks to staff and with increased ticket prices.
If United wins on Wednesday, qualification for the Champions League will generate around 100 million pounds in income and help steady the ship, but defeat would mean failure to qualify for any European competition, further cuts in revenue, more belt-tightening at Old Trafford and further decline.
It would also mean UEFA loses one of its big box-office draws for at least a year. Wednesday’s match has a lot at stake.
Source: United States Senator Reverend Raphael Warnock – Georgia
Senator Reverend Warnock Encourages Atlanta Business, Civic Leaders to Continue Putting Service Over Self in Remarks to Rotary Club of Atlanta
Senator Reverend Warnock encouraged over 100 Georgia business and civic leaders to continue living out their motto of “service above self” in this moment of political and economic uncertainty
The Georgia Rotarians held a luncheon at the Loudermilk Center in Atlanta, Georgia, including leaders and representatives from various non-profit and small business leaders across the Atlanta region
Established in 1913, the Rotary Club of Atlanta has grown to be one of the most influential business and civic clubs in the world
ICYMI from Saporta Report: U.S. Sen. Raphael Warnock: ‘Uncertainty is never a friend of business’
Watch Senator Reverend Warnock’s remarks to the Rotary Club of Atlanta HERE
Atlanta, GA – In remarks to the Rotary Club of Atlanta yesterday, U.S. Senator Reverend Raphael Warnock (D-GA)encouraged over 100 Georgia business and civic leaders to continue living out their motto of “service above self” in this moment of political and economic uncertainty.
“As an alum of Head Start, as an alum of Upward Bound, another federal program called Trio that put a kid in housing projects on a college campus every summer so that I could know that I belonged there, as someone who’s been a beneficiary of Pell grants and low-interest student loans. I’m fighting for that kid on Cape Street, and every variation of that kid in rural communities all across our state. And so in this moral moment, I hope that we will recommit ourselves to standing in the best of the Rotarian spirit of service over self. It’s the reason why I’m deeply concerned about much of what is happening right now. I am worried about our country,” said Senator Reverend Warnock.
The Georgia Rotarians held a luncheon at the Loudermilk Center in Atlanta, Georgia, including leaders and representatives from Centers for Disease Control and Prevention (CDC), the Metro Chamber, YMCA of Metro Atlanta, Ideas United, and various non-profit and small business leaders representing industries across the Atlanta region.
Above: Senator Reverend Warnock greeting constituents and local business and civic leaders
After greeting constituents, the Senator was recognized by the Club’s Board Chair John Yates with a personalized poem he authored highlighting Senator Warnock’s commitment to service for all Georgians. The Senator was introduced by Program Chair and CEO of Ideas United David Roemer ahead of his keynote remarks, where the Senator discussed the detrimental effects of policy unpredictability on businesses and his concerns about tariffs impacts on Georgia small businesses and consumers. Senator Warnock encouraged business leaders to advocate for common-sense leadership and to be unafraid in using their voices to call out the danger and damage Washington politicians pose to Georgia workers and families.
“Like many of you, I’m very concerned about these tariffs. I haven’t met anybody yet who’s excited about it. I talked to business leaders. They are worried. I was down in my hometown of Savannah, Georgia a couple of weeks ago meeting with leaders at the port. […] And while there I was talking to leaders and farmers and small businesses, and they feel the uncertainty. One gentleman involved with beekeeping and honey paid more than $25,000 in tariffs on his last import. He’s a small business owner. He doesn’t get to just move something around and be okay for the next quarter. He could lose his business. He does not know what he is going to do. He does not want to pass that cost on to the consumer, but understandably, he does not want to eat those costs himself. We’re hearing stories like that across Metro Atlanta, where business owners and leaders are left scratching their heads because the math ain’t mathing,” said Senator Reverend Warnock.
“They cannot plan in this uncertain, unpredictable environment. […] And so this is such an important moment for business leaders to stand up, to raise your voices, to use your influence in the ways that you can. Now, I’m not naive. I know that when you’re running a business, you want to stay as far from politics as you can. I don’t blame you. But there comes a moment when that which is so fundamental to opportunity and possibility is at stake that we have to raise our voices. We have to use our influence in the same way to stand up and fight for tax cuts, stand up and fight for immigration policy that makes good business sense,” Senator Reverend Warnock continued.
Above: Senator Reverend Warnock gives remarks to the Rotary Club of Atlanta
Additionally, Senator Warnock reflected on his new report that uplifts the success of the clean energy tax credits he helped put into law and propelled Georgia to the forefront of our nation’s clean energy economy, but which are now under threat as Washington Republicans seek to scale back these clean energy jobs and investments.
“According to my report, in Georgia, nearly all the new [clean energy] investments and the new jobs are in counties outside of Metro Atlanta. Nationwide analyzes show that the vast majority of projects announced following the passage of these clean energy tax credits. Over three and four projects have gone to House districts currently held by Republicans. But this is especially true in Georgia. […] This is good news for Georgia, and to undermine it does not make good sense, it’s hard to defend that. The data is clear, and so my colleagues have a decision to make about who they will fight for and what they believe in. Who will they support? But this I do know: uncertainty is never a friend of business, right? It’s hard to know where they invest. You’re not certain about what’s going to happen along the supply chain, it’s hard to know that you should continue to lean in and invest in a clean energy future in Georgia if the Congress can simply undo two years later what it decided to do two years ago, right at the moment that we’re beginning to make progress,”said Senator Reverend Warnock.
Above: Senator Reverend Warnock participates in a fireside chat with Program Chair and Ideas United CEO David Roemer
Following his remarks, the Senator participated in a fireside chat conversation with David Roemer and fielded questions from members of the Rotary Club of Atlanta. Senator Warnock closed by reiterating his service to all Georgians is rooted in his mission to see America win by making sure every child has a chance, and the next kid growing up in public housing or relying on low-interest loans for an education knows that anything is possible in America.
“It’s our job to tell our children that in America anything is possible,” Senator Reverend Warnock said in closing.
Source: United States Senator for Rhode Island Jack Reed
“In the wake of the Bybit hack, it is essential that the United States redouble its efforts to prevent North Korean crypto theft.”
WASHINGTON, DC – Today, U.S. Senators Elizabeth Warren (D-MA), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and Jack Reed (D-RI), a senior member of the committee, sent a letter to Secretary of the Treasury Scott Bessent and Attorney General Pam Bondi requesting information on efforts to combat increasingly aggressive and frequent cyber-attacks by ransomware groups based in North Korea.
In February, the Lazarus Group, a hacker syndicate backed by the North Korean government, stole approximately $1.5 billion in digital currency from Bybit, a popular cryptocurrency exchange. In the letter, the senators warn the attack marks a dangerous escalation in North Korea’s use of crypto theft to evade sanctions and fund its weapons programs — a direct threat to U.S. national security and global stability.
“In the wake of this attack—the ‘largest crypto theft of all time’—we write to request information regarding your efforts to combat increasingly aggressive and frequent cyber-attacks by ransomware groups based in North Korea,” wrote the senators.
They continued: “North Korea relies on cryptocurrency theft to subvert U.S.-led international sanctions and to undermine the security of the United States and our Indo-Pacific allies… These stolen assets have helped keep the regime afloat and supported continued investments in its nuclear and conventional weapons programs. Reports suggest there are potentially thousands of North Korean-affiliated crypto hackers around the globe.”
The senators press the agencies on how they are responding to the evolving tactics of North Korean hackers and what tools they need to prevent future attacks. This comes as Senate Republicans attempt to advance the GENIUS Act — legislation that, as currently drafted, would dramatically expand the stablecoin market with few guardrails and inadequate national security protections. A vote on the bill could come as early as later today.
Full text of the letter follows:
Dear Secretary Bessent and Attorney General Bondi:
On February 21, 2025, the Lazarus Group, a hacker syndicate backed by the Democratic People’s Republic of Korea (North Korea), stole approximately $1.5 billion in digital currency from Bybit, a popular cryptocurrency exchange. In the wake of this attack—the “largest crypto theft of all time”—we write to request information regarding your efforts to combat increasingly aggressive and frequent cyber-attacks by ransomware groups based in North Korea.
North Korea relies on cryptocurrency theft to subvert U.S.-led international sanctions and to undermine the security of the United States and our Indo-Pacific allies. The Annual Threat Assessment of the U.S. Intelligence Community for 2025 states that “North Korea is funding its military development—allowing it to pose greater risks to the United States—and economic initiatives by stealing hundreds of millions of dollars per year in cryptocurrency from the United States and other victims.” Between 2017 and 2023, North Korea stole an estimated $3 billion in crypto hacks, laundering tokens through crypto mixers to effectively mask their origins before funneling the proceeds back to Pyongyang. These stolen assets have helped keep the regime afloat and supported continued investments in its nuclear and conventional weapons programs. Reports suggest there are potentially thousands of North Korean-affiliated crypto hackers around the globe.
In recent years, North Korean hackers have shifted from simplistic crypto theft schemes to more sophisticated tactics. Typically, these attacks center around variations of social engineering schemes, designed to exploit vulnerabilities in tech and crypto companies. Hackers have increasingly found ways to infiltrate crypto firms, often faking credentials, resumes, and documents and disguising themselves as American or foreign nationals eligible for work. According to reports, “[t]hey have pretended to be Canadian IT workers, government officials and freelance Japanese blockchain developers. They will conduct video interviews to get a job, or …masquerade as potential employers.” In addition, hackers have relied on “phishing and supply chain attacks, and…infrastructure hacks which involve private key or seed phrase compromises.”
The Bybit hack reflects a further escalation in North Korea’s ability to execute complex crypto theft schemes. In the attack, hackers pulled approximately $1.5 billion from a “cold” crypto storage wallet—a “piece of hardware…kept mostly isolated from online networks” that, prior to the attack, were “considered to be almost impervious to attacks.”10 According to experts, the attack suggests that “North Korea has either expanded its money laundering infrastructure or that underground financial networks, particularly in China, have enhanced their capacity to absorb and process illicit funds.”11 The hack is expected to have significant impacts on the crypto industry and leaves companies scrambling to bolster cybersecurity. Specifically, “staving off North Korean thefts will likely require much higher spending by crypto exchanges.”
In the wake of the Bybit hack, it is essential that the United States redouble its efforts to prevent North Korean crypto theft. To better understand the scope of North Korea’s reliance on the theft of crypto to evade sanctions and finance its weapons programs and the steps the administration is taking to address this urgent national security concern, we ask that you respond to the following questions by June 2, 2025:
1. Please describe the steps your agency is taking to address threats to U.S. national security posed by North Korea’s theft of cryptocurrency to earn revenue and bypass sanctions.
2. What additional steps, if any, does your agency plan to take in the wake of the Bybit attack to bolster efforts to prevent North Korean cryptocurrency theft?
3. What are the biggest challenges your agency faces in combatting North Korean cryptocurrency theft? What steps can Congress take to bolster and support enforcement efforts to prevent future crypto theft?
Sincerely,
Source: People’s Republic of China – State Council News
China’s first fundamental law dedicated to promoting the private sector came into effect Tuesday, strengthening legal protections and injecting fresh momentum into a key driver of the world’s second-largest economy.
The Private Sector Promotion Law, passed in late April, aims to optimize the development environment for the sector, ensure fair market competition, and promote the growth of both the private economy and private entrepreneurs.
It clearly states that the private sector is “an important part of the socialist market economy,” and promoting its sustained, healthy and high-quality development is a significant and long-term policy.
This legislation marks a milestone in the development of the sector, which contributes more than 60 percent of China’s GDP.
“The law demonstrates the country’s long-term commitment to the private sector, and is expected to further unlock its innovation potential and reinforce the confidence of private entrepreneurs,” said Wen Bin, chief economist at China Minsheng Bank.
From ensuring fair market access and financing support to enhancing services and protection of original innovation, the 78-article law cements efforts to encourage, support and guide the growth of the private sector.
The private sector has become a prominent part of China’s economy thanks to a nurturing policy environment, which has led to it driving innovation, employment and overall economic growth.
Private firms make up more than 90 percent of the country’s total enterprises and more than 80 percent of urban employment. They have also become key players in China’s push for innovation-driven growth, contributing to more than 70 percent of the country’s technological innovation achievements.
Experts and business leaders view the law as “highly timely and absolutely essential.” It comes as China revs up efforts to bolster the private sector and the broader economy, as the country tries to navigate external shocks and domestic development challenges.
Private firms are facing mounting pressures, including international trade barriers, weak domestic demand and the pressing need for industrial transformation and upgrading, but opportunities coexist alongside these challenges, said Cheng Xiaobo, chairman of Lifang Group, a vision tech firm headquartered in Shanghai.
With the legal safeguards and a focus on core tech breakthroughs, and by capitalizing on China’s emerging new consumption scenarios, private firms are better positioned to turn the headwinds into tailwinds, Cheng added.
“The rule of law is the best business environment,” said Qi Xiangdong, chairman of cybersecurity firm Qi-Anxin and vice chairman of the All-China Federation of Industry and Commerce, noting that the law transforms policy support into legal guarantees.
The legislation follows a series of pro-business measures rolled out this year. In February, China held a high-level symposium on private enterprises, which was widely viewed as a strong signal to boost the confidence and growth of the private sector.
A month later, at the “two sessions,” the country reiterated support for private enterprises, vowing to take effective moves to stimulate the vitality of all market entities.
China is also beefing up financial support for the private sector, and working to level the playing field. Last month, a new version of the market access negative list was unveiled, specifying fields that are off-limits to both domestic and overseas business entities. The new negative list reduced the number of items on it from 117 to 106.
Executives of high-tech private firms particularly welcomed the law’s focus on tech innovation and enhanced protection for original innovation and intellectual property rights.
Han Dongcheng, chairman of Anhui Easpeed Technology Co., Ltd., a firm focusing on holographic imaging technology, said the law served not only as an incentive for tech firms like his, but also as a strong institutional safeguard, enabling firms to focus on research and development with greater confidence in defending their achievements.
Similarly, Tan Limin, chairman of Westwell, a Chinese tech firm that develops AI applications and autonomous driving solutions, highlighted the law’s broader significance. From ensuring a more level playing field, enabling fairer market competition, to encouraging innovation and enhancing intellectual property protection, “the law delivers concrete safeguards for private businesses and bolsters confidence for both their daily operation and long-term growth,” Tan said.
Backed by follow-up policies and stricter enforcement, the law will further improve the business environment, unleash private-sector vitality, and promote the forging of a new development paradigm, cementing its role as a legal cornerstone for high-quality development of the private economy, said Wen of China Minsheng Bank.
QUEBEC CITY, Canada, May 20, 2025 (GLOBE NEWSWIRE) — LeddarTech®Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an AI-powered software company recognized for its innovation in advanced driver assistance systems (ADAS) and autonomous driving (AD), today provided an update regarding its discussions with its lenders under the amended and restated financing offer dated as of April 5, 2023 with Fédération des caisses Desjardins du Québec (“Desjardins” and the financing offer, as amended, the “Desjardins Credit Facility”) and the bridge financing offer dated as of August 16, 2024 with the initial bridge lenders and certain members of management and the board of directors (collectively, the “Bridge Lenders”, and the financing offer, the “Bridge Facility”). While the Company continues to be in active discussions with Desjardins and its Bridge Lenders, it has not reached an agreement providing for additional financing for the Company or relief from the minimum cash, equity financing and process plan covenants contained in the Desjardins Credit Facility and Bridge Facility.
In an effort to preserve cash and afford the Company additional time to pursue discussions with its lenders, the Company also announced a reduction of its workforce through temporary layoffs of approximately 138 individuals, in all of its locations and across all departments within the organization, representing approximately 95% of the Company’s total workforce. Such measure will provide the Company with additional time to continue to actively evaluate potential alternatives relating to a restructuring of its obligations, a sale of the business or certain of its assets, strategic investments and/or any other alternatives, including seeking creditor protection under the Companies’ Credit Arrangement Act. There can be no assurance that the Company will be successful in pursuing and implementing any such alternatives, nor any assurance as to the outcome or timing of any such alternatives.
About LeddarTech
A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.
LeddarTech is responsible for several remote-sensing innovations, with over 190 patent applications (112 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.
Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics, as well as expectations regarding the anticipated performance, adoption and commercialization of its products. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc. Tel.: + 1-514-427-0858, chris.stewart@leddartech.com
Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”
Source: United Kingdom – Executive Government & Departments
Press release
Grangemouth workers receive ‘training guarantee’
Grangemouth workers receive ‘training guarantee’ to benefit from clean energy jobs.
Over 260 workers have received 1:1 skills support from Forth Valley College to support their transition into new, high-skilled jobs, with 184 workers already beginning training
signals swift delivery of the Prime Minister’s commitment to a ‘training guarantee’ to secure a future for workers, as part of the Plan for Change
Energy Secretary and Energy Minister join Scottish Cabinet Secretary for Net Zero and Energy in first Grangemouth Investment Taskforce meeting today to discuss securing private investment and a long-term future for Grangemouth – backed by £200 million from the UK government, and £25 million from the Scottish Government
Petroineos refinery workers at Grangemouth are being actively supported through the Prime Minister’s commitment to a ‘training guarantee’ to help secure new well-paid work, as part of the UK and Scottish Governments’ pledge to secure a future for those affected by the closure of the oil refinery.
The government took swift action to protect workers after Petroineos confirmed their plans to close the refinery, including announcing up to £10 million to provide new skills support that will help the site’s workers into good clean energy jobs, as well as supporting new energy projects in the region. This also included a commitment from the Prime Minister in February to deliver a “training guarantee”.
This guarantee is now being delivered, with 184 out of 300 workers having now engaged in retraining activity with the majority of the remaining workforce registered for training.
Workers have been offered a wide range of training opportunities, including renewable energy upskilling courses and wind turbine engineering courses, paid for and supported by the UK and Scottish Governments. This will provide them with the vital skills needed to secure new jobs, including in the clean energy sector – which currently supports more than 42,000 jobs in Scotland.
Every Petroineos worker affected by the decision to close the oil refinery has now been provided the opportunity for 1:1 interviews with careers specialists at Forth Valley College.
These will help identify their skills, qualifications and training needs to create a programme of bespoke courses that will ensure their smooth transition into new roles – supporting the next generation of good jobs and driving economic growth as part of the government’s Plan for Change.
It comes as the Energy Secretary Ed Miliband, Scottish Cabinet Secretary for Net Zero and Energy Gillian Martin and Energy Minister Michael Shanks join the Office for Investment, Scottish Enterprise, National Wealth Fund and Scottish National Investment Bank for the inaugural Grangemouth Investment Taskforce meeting today where they will discuss securing private investment in the future of the site – with 66 enquiries received so far.
Minister for Energy Michael Shanks said:
The workforce at Grangemouth is highly skilled with significant transferrable experience which our training commitment recognises by providing tailored support for workers into new employment opportunities.
As well as continuing to work to secure the site’s long-term industrial future, we want to ensure no worker is left behind and that they are equipped with the skills they need to secure good jobs. This is our Plan for Change in action.
Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said:
The Scottish Government’s immediate focus has rightly been on supporting workers who have lost their jobs. We committed up to £450,000 to ensure that they are supported and assisted to secure other employment and to contribute their valuable skills to Scotland’s green economy.
That is why we are also working to secure Grangemouth’s role in that future and create an investible industrial strategy for the site. It’s clear that real progress is being made on the findings from Project Willow. We are working closely with Scottish Enterprise – who are already assessing nearly 70 inquiries aligned to the full range of technologies set out in the report – and we are determined to ensure we realise the full potential for the site’s transformation.
Scottish Secretary Ian Murray said:
We know this is a worrying time for workers and their families at Grangemouth. I am pleased more than 260 highly skilled workers have already received support from Forth Valley College thanks to funding from the UK government as part of the £100 million Falkirk and Grangemouth Growth Deal package.
By offering bespoke training in renewable energy and wind turbine engineering, we’re not just supporting individual workers but also helping Scotland lead the way in clean energy jobs. We are determined that Grangemouth will have a green energy future and have committed £200 million through the National Wealth Fund toward that.
Kenny MacInnes, Principal of Forth Valley College, said:
The College continues to work extremely hard to make sure that all the Petroineos employees affected by the refinery closure, are able to access the support they need as they begin their transition into new training, careers and jobs.
We are making learning work in our Forth Valley communities and beyond, and we want to assure everyone that we will continue to be there for them as they take the next steps in their careers and their studies.
Steven Bell, former Hazardous Areas Technician at Petroineos Grangemouth Refinery, said:
The support I received from Forth Valley College with retraining during the redundancy process has been exceptional.
From my 1:1 meetings discussing courses that I would be interested in and what my future career path might be, right through to getting booked onto the courses I had selected, nothing was too much trouble.
All in all, I can say I am absolutely delighted with what Forth Valley College have provided for me during this process.
The training support has helped workers enter new employment. For example, former Hazardous Areas Technician Steven Bell took part in a range of courses that enabled him to renew his Electricians Grade Card, as well as courses in working in hazardous areas which will support him in his new role as a Compliance Supervisor with a company involved in the pharmaceutical and distillery sector.
It follows the publication of a feasibility report ‘Project Willow’ that provided nine proposals for Grangemouth, backed by £200 million from the UK government and £25 million from the Scottish Government, which will support jobs, unlock investment and drive growth.
The report sets out various options for the site, including plastics recycling, hydrogen production and other projects that could create up to 800 jobs by 2040. This will help to grow the economy and deliver on both governments’ shared ambition to secure a long-term future for Grangemouth – with Scottish Enterprise already receiving a high level of interest from potential investors.
The UK government is unlocking Scotland’s clean energy potential and recently awarded £55.7 million to the Port of Cromarty Firth to develop and manufacture new floating offshore wind farms in Scotland. It has also launched a Skills Passport to support oil and gas workers to identify routes into several roles in offshore wind including construction and maintenance.
Source: United Kingdom – Executive Government & Departments
Press release
Homes England and West of England Mayoral Combined Authority announce Strategic Place Partnership
New partnership reinforces the Agency’s commitment to housing and regeneration across the South West
Eamonn Boylan, CEO of Homes England and Helen Godwin, Mayor of the West of England Mayoral Combined Authority
Homes England and West of England Mayoral Combined Authority (MCA) have today signed a Strategic Place Partnership (SPP) in support of delivering locally-led housing and regeneration ambitions in the region.
The partnership, announced today at UKREiiF, a national investment conference, signals a long-term commitment to deliver locally-led goals and unlocks new opportunities for investment and delivery across the Mayoral Combined Authority region. Homes England and the MCA will work on a shared plan to accelerate growth in the West of England while advancing their existing partnership projects, like Bristol Temple Quarter, with a renewed focus.
Bristol Temple Quarter is one of the UK’s largest regeneration projects, centred around a revitalised Bristol Temple Meads station, a grade I listed building. The ambitious programme aims to deliver 10,000 new homes, 22,000 new jobs, and improved sustainable infrastructure and public spaces across 135 hectares of brownfield land in central Bristol. It’s already an example of a project that thrives through public sector partnerships: jointly led by Bristol City Council, Homes England, the MCA, and chair Lyn Garner, the development is backed by £95 million of government support.
During the last financial year, Homes England provided £700,000 of funding support to schemes across the MCA and its constituent authorities, with future funding for new projects planned following the announcement of the Strategic Place Partnership.
Eamonn Boylan, Chief Executive of Homes England, said:
Our new Strategic Place Partnership with the West of England Mayoral Combined Authority demonstrates our long-term commitment to the region. We’ll work side-by-side with the Mayoral Combined Authority through our strengthened partnership to deliver ambitious housing and regeneration programmes that speak to regional priorities.
The Agency now has eight Strategic Place Partnerships with various Mayoral Authorities across England, with each partnership clearly focused on the goal of empowering local leaders to drive growth in their own communities, supported by Homes England.
Helen Godwin, the Mayor of the West of England, said:
Across the West of England, we must invest to tackle the housing crisis and regenerate brownfield land. This new Strategic Place Partnership will ultimately help us build more affordable homes for local people.
Working with Homes England and local council leaders to deliver the right homes in the right places, with the services and infrastructure that people need and deserve.
I am determined to improve our transport links to help get the West of England moving – whether it’s better buses or five new train stations in three years – and connect new homes to jobs and opportunities, culture and leisure, and nature.
Alongside Bristol Temple Quarter, Homes England and the MCA will accelerate delivery on key projects including the West Innovation Arc, with South Gloucestershire Council. The Arc will be integral to the emerging West of England Local Growth Plan.
Working alongside Bath & North East Somerset Council, Homes England and the MCA are already supporting the acquisition of strategic land and planning work to unlock up to 6,000 new homes along the Bristol to Bath strategic growth corridor. Following £8 million of initial investment from the MCA, Homes England has committed £36 million into brownfield sites in central Bath to deliver a further 1,000 homes.
Notes to editors:
The strengthened relationship between Homes England and the Mayoral Combined Authority follows the publication of the government’s English Devolution White Paper in December 2024, which details the plan to empower local leaders and deepen devolution across England.
The white paper highlights Homes England’s work on SPPs and the important part they play in devolution.
About Homes England
We are the government’s housing and regeneration Agency, and we’re here to drive the creation of more affordable, quality homes and thriving places so that everyone has a place to live and grow.
We make this happen by working in partnership with thousands of organisations of all sizes, using our powers, expertise, land, capital and influence to bring investment to communities and get more quality homes built.
TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of May 2025 for its open-end exchange traded funds and closed-end funds (“the Funds”).
The ex-distribution date for all Open-End Funds is May 28, 2025. The ex-distribution date for all closed-end funds is May 30, 2025.
Open-End Funds
Ticker Symbol
Distribution per share/unit
Record Date
Payable Date
Distribution Frequency
Apple (AAPL) Yield Shares Purpose ETF – ETF Units
APLY
$0.1667
05/28/2025
06/03/2025
Monthly
Purpose Canadian Financial Income Fund – ETF Series
BNC
$0.1225¹
05/28/2025
06/03/2025
Monthly
Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units
BRKY
$0.1000
05/28/2025
06/03/2025
Monthly
Purpose Bitcoin Yield ETF – ETF Units
BTCY
$0.0850
05/28/2025
06/03/2025
Monthly
Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units
BTCY.B
$0.0970
05/28/2025
06/03/2025
Monthly
Purpose Bitcoin Yield ETF – ETF USD Units
BTCY.U
US $0.0815
05/28/2025
06/03/2025
Monthly
Purpose Credit Opportunities Fund – ETF Units
CROP
$0.0875
05/28/2025
06/03/2025
Monthly
Purpose Credit Opportunities Fund – ETF USD Units
CROP.U
US $0.0975
05/28/2025
06/03/2025
Monthly
Purpose Ether Yield – ETF Units
ETHY
$0.0405
05/28/2025
06/03/2025
Monthly
Purpose Ether Yield ETF – ETF Non-Currency Hedged Units
ETHY.B
$0.0500
05/28/2025
06/03/2025
Monthly
Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units
ETHY.U
US $0.0395
05/28/2025
06/03/2025
Monthly
Purpose Global Flexible Credit Fund – ETF Units
FLX
$0.0461
05/28/2025
06/03/2025
Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units
FLX.B
$0.0551
05/28/2025
06/03/2025
Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units
FLX.U
US $0.0385
05/28/2025
06/03/2025
Monthly
Purpose Global Bond Class – ETF Units
IGB
$0.0860¹
05/28/2025
06/03/2025
Monthly
Microsoft (MSFT) Yield Shares Purpose ETF – ETF units
MSFY
$0.1100
05/28/2025
06/03/2025
Monthly
Purpose Enhanced Premium Yield Fund – ETF Series
PAYF
$0.1375¹
05/28/2025
06/03/2025
Monthly
Purpose Total Return Bond Fund – ETF Series
PBD
$0.0590¹
05/28/2025
06/03/2025
Monthly
Purpose Core Dividend Fund – ETF Series
PDF
$0.1050¹
05/28/2025
06/03/2025
Monthly
Purpose Enhanced Dividend Fund – ETF Series
PDIV
$0.0950¹
05/28/2025
06/03/2025
Monthly
Purpose Real Estate Income Fund – ETF Series
PHR
$0.0720¹
05/28/2025
06/03/2025
Monthly
Purpose International Dividend Fund – ETF Series
PID
$0.0780
05/28/2025
06/03/2025
Monthly
Purpose Monthly Income Fund – ETF Series
PIN
$0.0830¹
05/28/2025
06/03/2025
Monthly
Purpose Multi-Asset Income Fund – ETF Units
PINC
$0.0840
05/28/2025
06/03/2025
Monthly
Purpose Conservative Income Fund – ETF Series
PRP
$0.0600¹
05/28/2025
06/03/2025
Monthly
Purpose Premium Yield Fund – ETF Series
PYF
$0.1100¹
05/28/2025
06/03/2025
Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF Series
PYF.B
$0.1230¹
05/28/2025
06/03/2025
Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series
PYF.U
US $0.1200¹
05/28/2025
06/03/2025
Monthly
Purpose Core Equity Income Fund – ETF Series
RDE
$0.0875¹
05/28/2025
06/03/2025
Monthly
Purpose Emerging Markets Dividend Fund – ETF Units
REM
$0.0950
05/28/2025
06/03/2025
Monthly
Purpose Canadian Preferred Share Fund – ETF Units
RPS
$0.0950
05/28/2025
06/03/2025
Monthly
Purpose US Preferred Share Fund – ETF Series
RPU
$0.0940
05/28/2025
06/03/2025
Monthly
Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units2
RPU.B / RPU.U
$0.0940
05/28/2025
06/03/2025
Monthly
Purpose Strategic Yield Fund – ETF Units
SYLD
$0.0970
05/28/2025
06/03/2025
Monthly
AMD (AMD) Yield Shares Purpose ETF – ETF Series
YAMD
$0.2000
05/28/2025
06/03/2025
Monthly
Amazon (AMZN) Yield Shares Purpose ETF- ETF Units
YAMZ
$0.4000
05/28/2025
06/03/2025
Monthly
Broadcom (AVGO) Yield Shares Purpose ETF – ETF Series
YAVG
$0.1500
05/28/2025
06/03/2025
Monthly
Coinbase (COIN) Yield Shares Purpose ETF – ETF Series
YCON
$0.3000
05/28/2025
06/03/2025
Monthly
Costco (COST) Yield Shares Purpose ETF – ETF Series
YCST
$0.1000
05/28/2025
06/03/2025
Monthly
Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units
YGOG
$0.2500
05/28/2025
06/03/2025
Monthly
Tech Innovators Yield Shares Purpose ETF – ETF Series
YMAG
$0.2000
05/28/2025
06/03/2025
Monthly
META (META) Yield Shares Purpose ETF – ETF Series
YMET
$0.1600
05/28/2025
06/03/2025
Monthly
Netflix (NFLX) Yield Shares Purpose ETF – ETF Series
YNET
$0.1100
05/28/2025
06/03/2025
Monthly
NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units
YNVD
$0.7500
05/28/2025
06/03/2025
Monthly
Palantir (PLTR) Yield Shares Purpose ETF – ETF Series
YPLT
$0.2500
05/28/2025
06/03/2025
Monthly
Tesla (TSLA) Yield Shares Purpose ETF – ETF Units
YTSL
$0.5500
05/28/2025
06/03/2025
Monthly
UnitedHealth Group (UHN) Yield Shares Purpose ETF – ETF Series
YUNH
$0.1100
05/28/2025
06/03/2025
Monthly
Closed-End Funds
Ticker Symbol
Distribution per share/unit
Record Date
Payable Date
Distribution Frequency
Big Banc Split Corp, Class A
BNK
$0.1200¹
05/30/2025
06/13/2025
Monthly
Big Banc Split Corp – Preferred Shares
BNK.PR.A
$0.0700¹
05/30/2025
06/13/2025
Monthly
Estimated May 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund
The May 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:
Open-End Fund
Ticker Symbol
Final distribution per unit
Record Date
Payable Date
Distribution Frequency
Purpose USD Cash Management Fund – ETF Units
MNU.U
US $ 0.3528
05/28/2025
06/03/2025
Monthly
Purpose Cash Management Fund – ETF Units
MNY
$0.2370
05/28/2025
06/03/2025
Monthly
Purpose High Interest Savings Fund – ETF Units
PSA
$0.1068
05/28/2025
06/03/2025
Monthly
Purpose US Cash Fund – ETF Units
PSU.U
US $ 0.3495
05/28/2025
06/03/2025
Monthly
Purpose expects to issue a press release on or about May 27, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be May 28, 2025.
(1)
Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
(2)
Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.
About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.
For further information please contact: Keera Hart Keera.Hart@kaiserpartners.com 905-580-1257
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Source: The Conversation (Au and NZ) – By Nicola Gaston, Director of the MacDiarmid Institute for Advanced Materials and Nanotechnology, University of Auckland, Waipapa Taumata Rau
A lack of strategy and research funding – by both the current and previous governments – has been well documented, most comprehensively in the first report by the Science System Advisory Group (SSAG), released late last year.
If there is one word that sums up the current state of New Zealan’s research sector, it is scarcity. As the report summarises:
We have an underfunded system by any international comparison. This parsimony has led to harmful inter-institutional competition in a manner that is both wastefully expensive in terms of process and scarce researcher time, and is known to inhibit the most intellectually innovative ideas coming forward, and of course it is these that can drive a productive innovation economy.
The latest example is last week’s cancellation of the 2026 grant application round of the NZ$55 million Endeavour Fund “as we transition to the science, innovation and technology system of the future”. Interrupting New Zealand’s largest contestable source of science funding limits opportunities for researchers looking for support for new and emerging ideas.
Changes to the Marsden Fund, set up 30 years ago to support fundamental research, removed all funding for social science and the humanities and shifted focus to applied research. This is despite fundamental research in all fields underpinning innovation and the international ranking of our universities.
New Zealand has an opportunity to change its economy based on the potential of emerging sectors such as artificial intelligence, cleantech and quantum technologies. Other countries, including Australia and the United Kingdom, already consider quantum technologies a priority and fund them accordingly.
But when it comes to strategy, the composition of the boards of new Public Research Organisations, set up as part of the government’s science sector reform, are skewed towards business experience. Where there is scientific expertise, it tends to be in established industries. The governance of the proposed new entity to focus on emerging and advanced technologies is yet to be announced.
Critical mass requires funding and strategy
Scientists have been calling for a science investment target of 2% of GDP for a long time. It was once – roughly a decade ago – the average expenditure within the OECD; this has since increased to 2.7% of GDP, while New Zealand’s investment remains at 1.5%.
The SSAG report repeatedly refers to the lack of funding, and it would be the obvious thing to see addressed in this year’s budget. But expectations have already been lowered by the government’s insistence there will be no new money.
The report’s second high-level theme is the engagement of government with scientific strategy. Government announcements to date seem focused on attracting international investment through changes to tax settings and regulation. I would argue this is a matter of focusing on the wrapping rather than the present: the system itself needs to be attractive to investors.
Creating a thriving research sector is also a matter of scale. International cooperation is one way for New Zealand to access efficiencies of scale. And work on building international partnerships is one area of positive intent. But we need to look at our connectivity nationally as well, and use investment to build this further.
Countries with greater GDPs than New Zealand’s invest much more in research as a proportion of GDP. It means the size of these other countries’ scientific ecosystems – if measured by total expenditure – is three to four times New Zealand’s on a per capita basis.
A matter of scale
Per-capita scale matters because it tells us how easy it is for researchers to find someone else with the right skillset or necessary equipment. It tells us how likely it is for a student to find an expert in New Zealand to teach them, rather than needing to go overseas.
And it tells us how quickly start-up companies in emerging technologies will be able to find the skilled employees they need. A thriving university system that attracts young people to develop the research skills needed by advanced technology companies is a key part of this challenge.
The government’s science sector reform aims to increase its contribution to economic growth. But research contributes to economic growth when scientists can really “lean in” with confidence to commercialising and translating their science.
That can’t happen if budgets don’t fund the critical mass, connectivity and resources to stimulate the transition to a thriving science system.
Nicola Gaston receives funding from the Tertiary Education Commission as the Director of the MacDiarmid Institute for Advanced Materials and Nanotechnology. She also receives funding from the Marsden Fund. All research funding goes to the University of Auckland to pay the costs of the research she is employed to do.
Source: United Kingdom – Executive Government & Departments
A study published in BMJ Open looks at the association between herpes simplex virus type 1 and the risk of Alzheimer’s disease.
Dr Sheona Scales, Director of Research at Alzheimer’s Research UK:
“There’s an increasing amount of evidence that suggests our body’s response to certain viruses could put us at an increased risk of developing Alzheimer’s disease in later life.
“These recent findings from a large study using US health records propose that infection with HSV-1 – a common virus that causes cold sores – may be associated with an increased risk of Alzheimer’s disease. The researchers also state that taking medicines to treat HSV-1 infections could reduce the risk, but this is still very early work and needs more investigation.
“Despite the large sample size, this research has limitations partly due to only using health records and administrative claims data. Most people infected with HSV-1 don’t have any symptoms so some infections might not have been recorded. Infections predating the information recorded are also not available. Although cases were matched with controls, diagnosing Alzheimer’s disease, especially in the early stages, remains a challenge.
“The study authors found that some people receiving medicines to treat HSV-1 infections had a lower risk of Alzheimer’s disease, however a lot more work is needed to unpick this.
“We know there are 14 established risk factors for dementia, and there’s not enough evidence to include infections in this list. This study doesn’t tell us if infections are causing the risk, it only shows an association. Further research is needed to understand what the underlying biology around this is.”
Prof Cornelia van Duijn, Professor of Epidemiology at the Nuffield Department of Population Health, University of Oxford, said:
“Again a carefully conducted study adding to the growing evidence that various common viruses may determine the risk of Alzheimer’s disease, in particular in the elderly (70+ years).
“Matching Alzheimer’s patients carefully with controls in the IQVIA PharMetrics Plus claims database, the study further shows that treating those with an active herpes simplex 1 (HSV-1) infection with antiherpetic medication reduces the risk and postpones the onset of Alzheimer’s disease.
“Smaller but significant effects are also seen for HSV-2 and varicella zoster virus (VZV). With many GPs and the population being unaware of the dementia related benefits of treating HSV infections and preventing VZV activation through vaccination, it is time to call for actions informing those working in primary care as well as the population at large.”
Dr David Vickers, Cumming School of Medicine, University of Calgary, Canada, said:
“Declining HSV-1 rates in the U.S. since the late-70’s challenge the authors’ claim that Alzheimer’s disease (AD) will surge without intervention. This pharma-funded research exaggerates the role of HSV-1, failing to appreciate its absence in 99.56% of AD cases. The observed 17% hazard reduction with antiherpetic drugs translates to a mere nine-month delay in AD onset, offering no meaningful relief to the US$305 billion costs for treatment.
“The study’s data source makes its findings ungeneralisable, and it overstates a minor infection as a ‘public health priority’ to justify unnecessary treatment.”
Prof Tara Spires-Jones, Director of the Centre for Discovery Brain Sciences at the University of Edinburgh, said:
“This study reports that diagnosis of herpes simplex virus type 1 (HSV-1) infection is associated with increased risk of diagnosis of Alzheimer’s disease-related dementia. Scientists examined data from almost 700,000 people in a medical insurance claims database and found that in addition to an increased proportion of people with Alzheimer’s disease having a diagnosis of HSV-1, people with HSV-1 who were treated for the viral infection with “antiherpetic” medication were less likely to develop Alzheimer’s than those who did not have treatment.
“This is a well-conducted study adding to strong data in the field linking HSV-1 and other viral infections to increased risk of developing Alzheimer’s disease, but it is important to note that HSV-1 infection, which is extremely common in the population, is by no means a guarantee that someone will develop Alzheimer’s.
“Why viral infections may increase risk of dementia is not fully understood, but the most likely explanation is that infections increase inflammation in the body and contribute to age-related brain inflammation. More research is needed to understand the best way to protect our brains from Alzheimer’s disease as we age, including a better understanding of links between viral infection and Alzheimer’s risk.”
Dr Richard Oakley, Director of Research and Innovation at Alzheimer’s Society, said:
“This study adds to the growing interest in a possible link between the virus that causes cold sores and Alzheimer’s disease. Results from this observational study suggested that people with recorded cold sore infections were more likely to develop Alzheimer’s disease, and interestingly those prescribed antiviral drugs had a slightly lower risk.
“But this doesn’t prove that cold sores cause Alzheimer’s disease, or that antivirals prevent it. The data came from insurance records, often based on self-reported symptoms which may miss or misclassify infections, and didn’t track how often people had cold sores or how consistently they took medication.
“Much more research is needed to explore exactly how viruses might be involved and before we can draw firm conclusions. It is critical we explore every avenue to understand the complex causes of the diseases which cause dementia – infections are a growing area of interest.
“If you are worried about a cold sore or your general health, be sure to seek the appropriate help from a health professional.”
From the Spanish SMC:
Prof Alberto Ascherio, Professor of Epidemiology and Nutrition at the Harvard T.H. Chan School of Public Health (United States) and Professor of Medicine at Harvard Medical School, said:
“This is a high-quality study that stands out mainly for its sample size. The results confirm previous findings that people with a history of cold sores have a higher risk of developing Alzheimer’s disease and that this risk appears to be reduced in people who receive antiviral treatment.
“This is an observational study based on electronic data of varying quality, so the conclusions cannot be considered definitive. For example, the vast majority of cold sore episodes are not reported in medical records, so the study’s conclusions apply to a highly selected subgroup of individuals with clinical episodes of cold sores, perhaps due to clinical severity or the presence of other factors. For this reason, it would be premature for people with cold sores to worry about having an increased risk of Alzheimer’s disease. However, there is growing evidence that viral infections may affect the risk of Alzheimer’s disease, and it is important to initiate more definitive research.”
From the Australian SMC:
Prof Ashley Bush, Clinical Lead Mental Health Mission at The Florey, Australia, said:
“This is an important, large, case-control epidemiology study that shows that people suffering with Alzheimer’s disease or with other Alzheimer-like dementia (e.g. fronto-temporal dementia) are substantially (about 80%) more likely to have been infected with the viruses that cause cold sores, genital herpes, chicken pox or shingles. Further, people who were taking antivirals for cold sores were 17% less likely to develop Alzheimer’s disease over a 15 year period.
“These findings come in the wake of another recent report1 that showed that shingles vaccination decreased the probability of a new dementia diagnosis during the follow-up period of 7 years by 2%. Some scientists like Prof Ruth Itzhaki in Manchester and the late Rob Moir at Harvard have proposed that dementias like Alzheimer’s are provoked by viral infection. Herpes virus lives dormant in nerve cells, and it is thought that the pathology of the dementia is brought about by a defence to these infection gone wrong.
“It is unlikely that viral infection can explain all causes of dementia, but these recent papers implicate the infections are playing a role in accelerating these diseases. It certainly encourages more research in this direction and as to whether lifelong antivirals should be considered as preventive therapy for people who have had one of these infections.”
1(Pomirchy M, Bommer C, Pradella F, Michalik F, Peters R, Geldsetzer P. Herpes Zoster Vaccination and Dementia Occurrence. JAMA. 2025 Apr 23; Epub 2025 Apr 23)
Prof Brenda Gannon, Professor of the Health Economics of Ageing at the University of Queensland, said:
“This research provides further evidence for the link between the common cold sores from HSV1 and Alzheimer’s Disease. The study now proposes that people with HSV who are treated with anti-viral medicine are less likely to develop AD. Using large scale administrative data from the US, the findings are suggestive of a protective effect of anti-viral treatment. This could be beneficial for Australians who suffer from the common cold sores and who would benefit from anti-viral treatment for their cold sores. It does not mean it could reduce the probability of AD.
“Further research would be required to ensure the study is more widely representative, since the authors note that not all populations are included in the data, e.g. those over 65 who receive free health care (Medicare). The study does not provide detail on who may benefit, for example does it help disadvantaged groups more, and who does it work together with other non-pharmacological treatments for lifestyle improvement.
“Overall, the study indicates some potential, but much more research would be required to determine if the anti-viral therapies for people with cold cores, is in fact going to reduce their probability of getting Alzheimer’s disease.
“As the authors state, it does not indicate cause and effect, but they do find it a potential avenue to explore further.
“The study did not include public involvement – but inclusion of the public, even on an advisory capacity would be useful, to help design the research questions and relevant factors included in the study.
“From a health economics perspective, it is unlikely that anti-viral therapy would be funded for the Australian population, until further evidence on effectiveness in prevention and then cost-effectiveness overall, including additional use of health care resources, is provided. More details on the health and socio-economics status of individuals are also warranted, to help determine who may benefit from the therapy.”
‘Association between herpes simplex virus type 1 and the risk of Alzheimer’s disease: a retrospective case control study’ by Yunhao Liu et al. was published in BMJ Open at 23.30 on Tuesday 20 May.
DOI: 10.1136/bmjopen-2024-093946
Declared interests
Cornelia van Duijn: “I receive funding from GSK (related to VZV vaccination) and NovoNordisk (unrelated to virus treatment/prevention), and have received funding from JNJ/Jansen Pharmaceutics (unrelated to virus treatment/prevention).”
David Vickers: “I have no interests or conflicts, financial or otherwise, to declare.”
Tara Spires-Jones: “I have no conflicts with this study but have received payments for consulting, scientific talks, or collaborative research over the past 10 years from AbbVie, Sanofi, Merck, Scottish Brain Sciences, Jay Therapeutics, Cognition Therapeutics, Ono, and Eisai. I am also Charity trustee for the British Neuroscience Association and the Guarantors of Brain and serve as scientific advisor to several charities and non-profit institutions.”
Ashley Bush: “I have no relevant conflicts.”
Brenda Gannon: “No COI”
For all other experts, no reply to our request for DOIs was received.
With Budget 2025 being released tomorrow, businesses across Canterbury will be watching closely to see what’s on the table. With clear signals from the Government that this year’s budget has been signalled as a tight one, the focus for business will be on how the initiatives, continued or added, can support economic growth and create the right conditions for them to invest and grow.
Business Canterbury will be releasing a response to Budget 2025 by 3:00pm tomorrow, and Leeann Watson will be available for comment following.
On pre-Budget expectations, Business Canterbury Chief Executive Leeann Watson says, “The key area businesses will be looking at is continued investment in infrastructure, careful spending to continue the downward trend in inflation and interest rates, and initiatives that enable and help boost investment in R&D and growth.
“Two key areas are top of mind for our business community, and this starts with the Government having a long-term plan that focuses on infrastructure investment. New Zealand’s infrastructure deficit continues to grow, and here in the South Island, strong connections to ports, airports, and across the supply chain are essential for the connectivity of our exports, imports and people.
“Investment in critical transport links, including the Interislander replacements and roading projects, needs to remain a priority, even in a fiscally constrained environment. When the economy turns a corner, we need the infrastructure in place to support it.
“Our latest Quarterly Canterbury Business Survey results showed increasing confidence, but this optimism hasn’t yet translated into investment. The right policy settings could shift that.
“Targeted business support that enables innovation and investment, especially among SMEs, will be hugely important as we look ahead at a better economy, but with intentions around investment and creating jobs remaining subdued. Practical and efficient support for research and development, such as accelerated depreciation for R&D activities, for example, would give businesses the confidence to invest now in future growth.
About Business Canterbury
Business Canterbury, formerly Canterbury Employers’ Chamber of Commerce, is the largest business support agency in the South Island and advocates on behalf of its members for an environment more favourable to innovation, productivity and sustainable growth.
61% of New Zealand workers would be compelled to change jobs for a higher salary
20% is the most common pay rise that would compel workers to leave
Only 40% of workers say their current salary is an accurate reflection of their expertise, experience and/or level of responsibility
Only 16% of workers believe pay is more important than job security in the current labour market.
Auckland, 21 May 2025 – Money talks for the majority of Kiwi employees with 61% of workers who say they would feel compelled to change jobs if they came across another position with a higher salary, new independent research by specialised recruiter Robert Half finds.
Meanwhile, 39% of workers say they would not be lured away from their current position by another job with a higher salary: About a quarter (24%) of workers admit they would change jobs without an increase in salary if it was the right opportunity, and 15% are content in their current role and would not move regardless of the salary offered.
How much more money do office workers want?
When asked what percentage salary increase would compel them to change jobs right now, 20% was the most common pay rise cited by workers.
The % increase that would compel workers to change jobs
% of workers who would be compelled at this increase
5%
2%
10%
9%
15%
9%
20%
13%
25%
9%
30%
8%
35%
5%
40% or above
7%
Independent survey commissioned by Robert Half among 500 full-time office workers in New Zealand.
“Money continues to be a powerful influence,” says Ronil Singh, Director at Robert Half. “But even when pay is a primary concern, many employees are weighing financial desires against the need for job security, especially as organisations focus on efficiency and streamlining operations. The balancing act between meeting immediate financial needs and building a sustainable career can be challenging in an uncertain job market.”
Workers don’t feel they are paid what they are worth
When workers were asked if they felt their current salary reflected their expertise, experience and level of responsibility, less than half (40%) agreed that they were paid appropriately.
The remaining 60% of workers state an increased salary would better reflect what they bring to their role and the work required of them. Most workers (30%) believe their salary needs to increase by 10%-20% to be an accurate reflection of their expertise, experience and/or level of responsibility.
The % salary increase required to accurately reflect the worker’s ability and position
% of workers
5%
2%
10%
10%
15%
9%
20%
11%
25%
9%
30% or above
19%
Independent survey commissioned by Robert Half among 500 full-time office workers in New Zealand.
“The research shows that many workers feel their pay doesn’t reflect their worth, revealing a disconnect between what employees expect and what they currently earn,” Singh says. “This sentiment can be due to stagnant wages despite increased responsibilities or a perception, whether accurate or not, that their compensation lags behind industry standards for similar roles.”
“To counter these sentiments, employers must offer competitive salaries that reflect the value employees bring and transparently communicate the specifics of their compensation packages to each individual. Leveraging tools such as the Robert Half’s 2025 Salary Guide will ensure employees are paid at the prevailing market rate for their roles, which can mitigate dissatisfaction and resignations.”
Job security is still important for workers
When asked whether job security is more important than salary, less than one in five (16%) workers are prepared to prioritise money ahead of having a secure job. Most workers (47%) state that both are equally important, while a similar proportion (37%) prioritise job security over their salary.
“While salary remains a key consideration, job security is also a number one priority for many workers, especially in the current economic climate. Companies that can offer both competitive compensation and a stable work environment will be best positioned to secure and retain their workforce,” concludes Singh.
Notes
About the research
The study is developed by Robert Half and was conducted online in November 2024 by an independent research company among 500 full-time office workers in finance, accounting, and IT and technology. Respondents are drawn from a sample of SMEs as well as large private, publicly-listed and public sector organisations across New Zealand. This survey is part of the international workplace survey, a questionnaire about job trends, talent management, and trends in the workplace.
About Robert Half
Robert Half is the global, specialised talent solutions provider that helps employers find their next great hire and jobseekers uncover their next opportunity. Robert Half offers both contract and permanent placement services, and is the parent company of Protiviti, a global consulting firm. Robert Half New Zealand has an office in Auckland. More information on roberthalf.com/nz.
Source: United States Senator for Nevada Cortez Masto
Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) celebrated the Senate passage of her bipartisan bill to exempt tipped wages from federal income tax. Thanks to the state’s world class service and hospitality industries, Nevada has the highest concentration of tipped workers in the country, and the No Tax on Tips Act will allow these workers to keep more of their hard-earned money. Cortez Masto encourages her colleagues in the House of Representatives to move forward with a clean version of this legislation, instead of attaching it to their harmful billionaire tax plan that cuts Medicaid and raises taxes on the working class.
“I’m happy to work with anyone on legislation that’s going to improve Nevadans’ lives, and I’m pleased that my bipartisan bill to put more money in the pockets of hardworking Nevadans has passed the Senate,” said Senator Cortez Masto. “Tipped workers are the backbone of Nevada’s economy, and with prices skyrocketing, working families deserve this break. I hope the House of Representatives passes this bill that permanently ends federal taxes on tips, instead of House Republicans’ unserious version that sunsets no taxes on tips in just four years while gutting health care for the very working families they say they are standing with.”
The bill exempts “cash tips” – cash, credit and debit card charges, and checks – from federal income tax by allowing taxpayers to claim a 100% deduction at filing for tipped wages. The updated text includes guardrails and income limits to ensure only traditionally tipped employees will benefit from No Tax on Tips. The legislation is cosponsored by Ted Cruz (R-Texas), Jacky Rosen (D-Nev.), Steve Daines (R-Mont.), and Pete Ricketts (R-Neb.).
This bill is just a piece of Senator Cortez Masto’s robust efforts to cut taxes and lower costs for hardworking Nevadans. Senator Cortez Masto helped introduce the Working Families Tax Relief Act to lower taxes for Nevada families by expanding the Child Tax Credit and Earned Income Tax Credit. Additionally, she supports raising the federal minimum wage and eliminating the minimum wage gap for tipped workers nationally. Nevada is one of seven states that already requires employers to pay tipped workers the full minimum wage rather than a sub-minimum wage.
Source: United States Senator John Kennedy (Louisiana)
WASHINGTON – The U.S. House of Representatives today passed Sen. John Kennedy’s (R-La.) joint resolution of disapproval under Congressional Review Act (CRA) procedures to block an Office of Comptroller of the Currency (OCC) rule that delays the bank merger approval process by adding more red tape that could lead to consumer uncertainty. It now moves to the president’s desk for signing.
“When the Biden administration decided to tinker with bank merger rules for no good reason, they threw a gut punch to small community banks just trying to offer their customers a good service. I’m grateful to the U.S. House of Representatives for doing the right thing, and I look forward to President Trump signing my resolution to undo this cumbersome regulation,” said Kennedy.
Rep. Andy Barr (R-Ky.), chairman of the Financial Institutions Subcommittee on the House Financial Services Committee, introduced the companion resolution in the House of Representatives.
“Bank mergers create competition and efficiency in the banking system. By eliminating this rule, we will remove unnecessary guardrails on the bank merger process that make smaller and medium-sized banks less competitive. This is another win for President Trump, who is making our economy stronger by cutting government red-tape and unleashing the free market,” said Barr.
The Biden administration’s rule, which went into effect on Jan. 1, 2025, amended the Bank Merger Act of 1960 to make it harder for the OCC to approve healthy bank mergers quickly. Kennedy’s resolution would reverse the Biden administration’s misguided rule so that banks can stay in business and serve hardworking Americans.
Background:
Historically, the OCC assumed that a potential merger passed muster if the agency took no action on a merger application within 15 days. The burden of showing that a merger would harm business and consumers fell on the OCC and bank regulators.
The Biden administration’s rule shifted the burden of proof to individual banks, making it harder for banks—particularly community banks—to fulfill their obligations by making smart, strategic mergers.
In Feb. 2025, Kennedy introduced his resolution to undo the Biden administration’s rule.
On May 8, 2025, the Senate passed Kennedy’s resolution of disapproval. Sens. Bill Hagerty (R-Tenn.), Thom Tillis (R-N.C.), Tim Scott (R-S.C.), Steve Daines (R-Mont.) and Bernie Moreno (R-Ohio) were cosponsors.
The American Bankers Association (ABA) supports Kennedy’s resolution.
“We applaud today’s House passage of the Congressional Review Act resolution nullifying the OCC’s flawed bank merger rule, and we thank Rep. Andy Barr for leading this effort. This action, along with the companion resolution led by Sen. John Kennedy and passed by the Senate, will provide regulators with the opportunity to reenvision the framework governing bank mergers so that it more effectively promotes competition while allowing banks to better serve their customers. We look forward to President Trump signing this important resolution into law,” said Rob Nichols, President and CEO of the ABA.
Text of the resolution is available here.
Artificial intelligence (AI) is increasingly being used in human resources (HR) to streamline processes and enhance decision-making by helping employers efficiently sift through large volumes of job applications.
However, relying on AI tools alone to screen candidates isn’t enough to improve diversity outcomes in workplaces, according to new research by the University of South Australia.
Human resource management expert Associate Professor Connie Zheng, co-director of UniSA’s Centre for Workplace Excellence, has conducted research into how AI can affect hiring decisions when it comes to improving diversity and inclusion by reaching gender quotas, having racially diverse teams and recruiting LGBTIQA+ employees or people with disabilities.
AI tools are being used by some HR professionals to assist in the recruitment process by screening job candidates, responding to applicant emails, or focusing on specialised tasks such as CV screening, job matching or voice and video analysis.
Assoc Prof Zheng says two separate studies into the use of AI to enhance diversity and inclusion in hiring decisions looked beyond whether humans or AI make better choices.
“We explored what conditions help AI tools to actually support more diverse hiring as we found that simply having a reliable AI tool isn’t enough to improve diversity in workplace recruitment,” she says.
“Diversity only improves when the AI system can explain its decisions in terms of diversity, when hiring focuses on qualitative goals and not just numbers, and when an organisation has clear diversity guidelines.
“These factors encourage HR professionals and decision-makers to reflect more carefully on their choices. In short, AI can help improve diversity in hiring, but only when used under the right conditions and organisational support for the application of new technology, as well as clear diversity, equity and inclusion guidelines.”
Despite the growing popularity of AI in many fields including education, health care, manufacturing and finance, many HR professionals are hesitant to adopt the tools.
Assoc Prof Zheng says some companies have several concerns and are reluctant to invest in AI for hiring decisions because they’re apprehensive about the limitations of the technology, particularly in terms of biased data.
She says many also feel their existing HR teams are competent enough to manage recruitment without AI, despite these concerns shifting if HR departments face staffing reductions, increased workloads or heightened demands for efficiency.
“Despite these reservations, many organisations view AI as a way to significantly save costs by streamlining manual processes. Some companies have the mindset that using AI in HR is efficiency driven – it will make them work faster. The main goal of using AI is to expedite the process, particularly when dealing with large volumes of job applications,” Assoc Prof Zheng says.
“With AI, a hirer can use the technology to filter appropriate applicants rather than sifting through hundreds of CVs and job applications manually. The problem when the main goal is efficiency is that diversity issues often then take a backseat.”
Whether the use of AI tools in recruiting helps reduce discrimination or instead intensifies the problem remains a subject of controversial debate. Assoc Prof Zheng’s ongoing collaborative research with HUMAINE – Human Centred AI Network led by Professor Uta Wilkens at Ruhr University Bochum, Germany – has revealed that simply providing a reliable, AI support tool that is considerate of diversity needs doesn’t automatically lead to diversity enhancement.
“Unless the organisation and its hirers are conscious about diversity and justice issues, using AI for talent acquisition isn’t going to lead to more diverse and inclusive outcomes,” Assoc Prof Zheng says.
To access the research papers:
Wilkens, U., Lutzeyer, I., Zheng, C., Beser, A., & Prilla, M. (2025). Augmenting diversity in hiring decisions with artificial intelligence tools. The International Journal of Human Resource Management, 1–38. https://doi.org/10.1080/09585192.2025.2492867
Zheng, C., Wilkens, U. (2025). Antecedents of Enhancing Diversity and Inclusion with AI Tools—An HR Perspective. In: Moussa, M., McMurray, A. (eds) The Palgrave Handbook of Breakthrough Technologies in Contemporary Organisations. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-96-2516-1_12
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Contact for interview: Connie Zheng, Associate Professor in Human Resource Management, Co-Director, Centre for Workplace Excellence, UniSA, E:Connie.Zheng@unisa.edu.au Media contact: Melissa Keogh, Communications Officer, UniSA M: +61 403 659 154 E:melissa.keogh@unisa.edu.au
Source: United States House of Representatives – Congresswoman Dina Titus (1st District of Nevada)
Congresswoman Dina Titus (D-NV) and Congresswoman Nancy Mace (R-SC) introduced bipartisan legislation today to close a loophole that allows taxpayer dollars to be used to subsidize lobbying by large agricultural interests at the expense of smaller producers and consumers.
The Opportunities for Fairness in Farming (OFF) Act refines the U.S. Department of Agriculture (USDA)’s checkoff programs by closing a loophole that allows taxpayer dollars to be used for lobbying. The programs were established by the federal government and are funded through compulsory fees on producers of milk, eggs, beef, and other agricultural products so that members of the agricultural industry could pool their financial resources for promotional and research purposes. But lax oversight at the federal level has allowed harmful collusion between the boards governing these programs and the agriculture lobby.
“This system has been abused by big agricultural interests,” Congresswoman Titus said. “Their lobbyists have pushed Congress to enact laws that benefit only them. With too many Nevadans bearing the brunt of higher food prices, big ag corporations should be working to keep costs low, not lining their own pockets by promoting anticompetitive practices. I’m pushing this bipartisan legislation to increase federal oversight, prevent conflicts of interest, and stop ag lobbyists from squeezing small producers out of business.”
The OFF Act targets the influence of agriculture lobbyists and prohibits anticompetitive behavior by preventing USDA checkoff programs from paying organizations that lobby on agricultural issues, banning activities that involve a conflict of interest, and requiring audits to ensure compliance.
“We applaud the Members of Congress for their long-term leadership and for introducing the bipartisan, bicameral OFF Act and call on both the House and Senate Agriculture Committee leaders to stand up for American family farmers by moving this legislation swiftly through their committees,” said Taylor Haynes, President of the Organization for Competitive Markets. “If we’re going to be forced to pay into USDA’s checkoff programs then the very least we should expect is transparency, accountability, and oversight of our hard-earned dollars, and the OFF Act accomplishes just that.”
“Scandal after scandal has proven the long-term corruption in the beef, dairy, and pork checkoff programs that continue to utilize our own tax dollars against us and the day of reckoning is here,” said Mike Schultz, Founder of the Kansas Cattlemen’s Association and Vice-President at the Organization for Competitive Markets. “American family farmers are up in arms and are determined to see justice in the 119th Congress with the enactment of the OFF Act. Clean up decades of corruption.”
“America’s farmers and ranchers are fed up with their hard-earned money landing in the hands of corporate lobbyists,” said Farm Action Fund President and Missouri farmer Joe Maxwell. “We face enough hurdles as it is; the last thing we need is our own dollars extracted against our will and then used to illegally lobby on behalf of the largest corporations that are already squeezing us out of the market. It’s the USDA’s job to prevent this abuse, and they continue to fail us. The OFF Act’s common-sense reforms would ensure USDA performs stringent oversight so that farmers know exactly where their money is going.”
At this year’s Western Premiers’ Conference, Premier Smith will champion Alberta’s priorities and work alongside fellow leaders to advance shared goals, including economic growth, job creation and the development of new economic corridors in every direction, including oil and gas pipelines, to secure long-term prosperity for all Canadians.
The Premiers will also discuss the state of Canada’s federation and set a clear path forward with the new federal government. Key topics will include expanding markets in the face of global uncertainty, accelerating nation-building projects, advancing economic and energy corridors, strengthening and fortifying the Arctic and improving access to affordable housing.
“This is a critical moment for Alberta and for the West. We cannot afford federal overreach into provincial jurisdiction to continue, or damaging federal policies to impact the upward trajectory of our economies. I will be at the table to advocate for Alberta’s interests, particularly the importance of new pipelines, in an effort to put the power of our economy back in the hands of western Canadians.”
The Western Premiers’ Conference is held annually and gathers Premiers and governments from Canada’s four western provinces (British Columbia, Alberta, Saskatchewan, Manitoba) and three territorial governments (Northwest Territories, Yukon, Nunavut) to work together on advancing western interests in the Canadian federation.
The Western Premiers’ Conference operates by consensus and the chair rotates on an annual basis. This year’s conference will be hosted by Premier of Northwest Territories R.J. Simpson.
Media are invited to a press conference following the conclusion of the Western Premiers’ Conference.
Western Premiers’ Conference Media Availability:
WHEN: Thursday, May 22, 2025, 3-3:30 MST
WHERE: Caribou Room, Chateau Nova, Yellowknife
Media are required to RSVP. Local media will be provided accreditation at the venue. Out of town media will be provided a meeting link.
To RSVP, please contact: Cabinet Communications Government of the Northwest Territories [email protected]
Source: United States Senator Jacky Rosen (D-NV)
Senator Rosen Asked For And Received Unanimous Consent To Pass Her Bill To Eliminate Federal Income Tax On Tips
Watch Senator Rosen’s remarks on the Senate floor HERE.
WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) took to the Senate floor to ask for unanimous consent to pass her bipartisan No Tax on Tips Act, which would exempt American workers’ tipped wages from federal income tax. Senator Rosen successfully passed the bipartisan legislation after receiving no objections on the Senate floor. The bill now heads to the U.S. House of Representatives to be considered.
Nevada has the highest concentration of tipped workers in the nation, and the bipartisan No Tax on Tips Act would allow workers to keep their tips without paying federal income tax on them. This legislation also includes guardrails to ensure that it benefits Nevadans who need it most, and not CEOs and wealthy individuals.
Below are excerpts from Senator Rosen’s remarks:
“No tax on tips” was one of President Trump’s key promises to the American people, which he unveiled in my state of Nevada.
And, I am not afraid to embrace a good idea, wherever it comes from.
So I agreed we need to get this done. It’s not a time for politics, it’s a time for progress for hard-working Americans.
This bipartisan bill is a good idea. It has support from Democrats and Republicans, so we should pass it, well, as soon as possible, without any poison pills.
The problem is that House Republicans have included a version of the No Tax on Tips Act in their bigger budget bill, a bill that cuts Medicaid, SNAP, and other programs families rely on to give more tax breaks for billionaires and the ultra-wealthy.
We shouldn’t be forcing working families to choose between keeping their health care or keeping their tips, which is why we want this bipartisan bill on its own – on its own – not part of a harmful, extreme budget bill.
If we are serious about providing service employees with financial relief, let’s do it now, let’s do it today!
The American people, they get sick and tired of Washington games.
Let’s pass this bill without playing politics or taking away health care and food assistance from families who need it most.
Let’s pass it by itself.
And so that’s why I’m calling on the Senate to pass the bipartisan No Tax on Tips Act right here, right now, as a standalone bill.
We’re going to cut taxes for real hard-working Americans, for Nevadans, for everyone – not just for billionaires.
We’re going to cut taxes on service workers’ tips without cutting Medicaid or SNAP.
And let’s get this done with strong guardrails so CEOs and the ultra-wealthy don’t exploit loopholes meant to help working people. And let’s pass it today.
Nevadans sent me here to fight for them – and I’m going to keep working to lower costs, raise wages, and make sure the people who power our economy, our working families, can keep more of what they earn.
And through this bipartisan bill, it shows that I am not going to allow Washington gridlock and partisanship to block a bill without a fight. That’s why we’re going to pass it today.
I’m taking matters into my own hands with the support of my colleagues on both sides of the aisle to pass our bipartisan No Tax on Tips Act by unanimous consent.
Source: United States Senator for Virginia Tim Kaine
WASHINGTON, D.C. — Today, U.S. Senators Mark R. Warner (D-VA), a member of the Senate Committee on Banking, Housing, and Urban Affairs, Tim Kaine (D-VA), Chris Van Hollen (D-MD), Angela Alsobrooks (D-MD), Adam Schiff (D-CA), Ben Ray Luján (D-NM), and Peter Welch (D-VT) introduced the Defending Our Government’s Electronic data: Bolstering Responsible Oversight & Safeguards (DOGE BROS) Act, legislation to hold Elon Musk and the Department of Government Efficiency (DOGE) accountable for their continued efforts to improperly access, and retain, individuals’ personally identifiable information (PII) including names, addresses, phone numbers, email addresses, Social Security numbers, and other financial information.
“As unvetted and unqualified DOGE employees continue to recklessly access the sensitive personal information of millions of Americans, it’s important that we take steps to better protect this data,” Warner said. “For too long, our privacy laws have sat outdated, barely serving as a deterrent for improper handling or potential release of information. This legislation would enforce that privacy must be a priority when handling the data of the American public.”
“Elon Musk and his ‘Department of Government Efficiency’ are wreaking havoc across the government and gaining access to Americans’ sensitive information without proper authorization, which poses significant privacy and national security concerns,” Kaine said. “That’s why I’m introducing this bill to increase the penalties for violating privacy laws and help safeguard Americans’ personal information.”
“Elon Musk and his DOGE cronies have been illegally ransacking federal agencies to gain access to troves of Americans’ sensitive personal data – from Social Security numbers to medical records to bank account information. Strengthening penalties for the theft of this data will help further deter these illegal abuses and keep Americans’ private information safe,” Van Hollen said.
“The American people do not want Elon Musk knowing their Social Security numbers and sifting through their financial information. Musk and his team of wildly unqualified DOGE employees have gone too far – and we are sick of it. The Senate needs to prove we care more about those we serve than Elon Musk. Let’s immediately pass this legislation to protect the data and privacy of the American people,” Alsobrooks said.
“From day one, Elon Musk’s DOGE has taken a wrecking ball to the federal government and critical services for the American people, all while carelessly pursuing their sensitive personal data,” Luján said. “Congress must do more to protect that information and keep it out of the wrong hands. That’s why I’m proud to join my colleagues in introducing legislation to strengthen our privacy laws and put Americans’ privacy first.”
“Elon Musk’s so-called ‘Department of Government Efficiency’ and his DOGE agents are wreaking havoc on the federal government and the programs millions of Americans rely on. There’s no reason DOGE should gain access to Vermonters’ personal information, and I’m working with my colleagues to hold DOGE accountable and protect peoples’ privacy and data,” Welch said.
The United States has existing laws that are designed to protect personal information held by the government. However, the penalties established in these various laws have not been properly adjusted or increased to account for inflation, making them far less impactful today. The DOGE BROS Act would increase five penalties for violation of federal privacy laws to better protect the sensitive information that DOGE is accessing in their reckless purge of the federal government. Specifically, the DOGE BROS Act would increase the following existing penalties for the unauthorized release of the following information:
Individually Identifiable Information Contained Within Any Agency Record
Code Section: 5 U.S.C. §552a(i)(i, ii, iii)
Current Penalty: up to $5,000
Proposed Penalty: up to $30,000
Information from Any Department or Agency of the United States Obtained Using a Computer Without Authorization
Code Section: 18 U.S.C. 1030(a)(2)(B)
Current Penalty: up to $250,000
Proposed Penalty: up to $750,000
Social Security and Medicare Data
Code Sections: 42 U.S.C. §1306
Current Penalty: up to $10,000
Proposed Penalty: up to $25,000
Tax Return Information
Code Section: 26 U.S.C. §7213
Current Penalty: up to $5,000
Proposed Penalty: up to $25,000
Census Data
Code Section: 13 U.S.C. §214
Current Penalty: up to $5,000
Proposed Penalty: up to $25,000
embers of Oregon’s intellectual and developmental disabilities (I/DD) community gathered at the Breaking Barriers: Life Beyond Labels conference in late April. The Central Oregon Disability Support Network (CODSN) hosts the annual event in Redmond. The network’s executive director, Dianna Hansen, said, “It’s important for us as families, people with disabilities, service providers and educators to come together and learn from each other.”
I went with coworkers from the Office of Developmental Disabilities Services (ODDS). We enjoyed learning from 58 presenters. They included self-advocates, family members, care professionals and other allies of the I/DD community. They shared their experiences at 32 sessions. Seventy-five vendors had exhibition tables. Twelve vendors were self-advocates who sold their art.
Hansen said attendance was at full capacity: 600 attendees! The top four words people used on their evaluations to describe their experience were encouraged, connected, excited and inspired. If you want to go next year, save the date for April 21, 2026.
Here are 10 takeaways from the conference:
1. Words matter.
Ramonda Olaloye is the assistant superintendent of the Oregon Department of Education’s Office of Enhancing Student Opportunities (OESO). She opened the conference with a speech. Olaloye works to create an education system where every child reaches their full potential.
Olaloye spoke about some challenges of I/DD service system. She has two daughters. Her youngest has autism. One day at school, a teacher asked her, “Why can’t you be like your older sister?” After that, Olaloye noticed her daughter acting out at school. A self-described “ferocious advocate” for her daughters, Olaloye spoke to the teacher. Reflecting on this experience, she said:
“Educators shape experiences with their words. Because their words — our words — carry weight. Our children deserve to be recognized as individuals, not compared and not dismissed. Breaking barriers means challenging the way we communicate, the assumptions we make and the systems we uphold. And, it starts with seeing each child for who they are, not who we expect them to be.”
2. Presume competence in everyone you meet.
Hansen spoke to me about a similar experience. Her daughter has Down syndrome. When they’re out at a restaurant, servers often ignore her daughter and ask Hansen, “What does she want?”
Her daughter is a second-year culinary student. She cooks her own meals. She graduated high school with honors.
People often presume someone who experiences I/DD can’t speak for themselves. Hansen encourages everyone to presume competence in people. This is one of the main values she hopes people took from the conference: “Giving that dignity to people — that they are able to answer and make their own decisions.”
3. Forget the traditional meaning of independence.
Keynote speaker Alva Gardner challenged people’s understanding of independence. “Independence doesn’t always mean doing everything yourself,” she said. “We, as a system, need to forget about that traditional definition of independence. No one lives a life that is 100 percent independent of other people 100 percent of the time. We are all interdependent in some way throughout our life.”
Gardner has been a public speaker since she was 8 years old. She runs her own company, The 4*3 Perspective LLC. She works with organizations to make systemic changes that support all people, especially people with disabilities. She was the first person with a developmental disability to become a certified person-centered thinking (PCT) trainer.
Gardner has cerebral palsy. She spoke about the supports she gets. She works with personal attendants for 100 percent of her personal care. The supports that she uses free her to go about her day, care for her family, and run her business. She asked attendees what kind of supports they use in their lives: haircuts, car services, childcare, doctor visits, etc. Then, she redefined independence.
“Independence comes from living a self-directed life and utilizing the supports that are available to you in order to do that,” she said. “In the person-centered thinking training, we ask people to identify what is important to them and how they want to be best supported, and get really specific on how they define supports for themselves. As a system, when truly taking a person-centered approach, I believe we need to start by being intentional about how people define independence for themselves. What does independence look like and mean for that person?”
4. Teach self-advocacy at a young age.
Both keynote speakers encouraged parents to teach independence and self-advocacy to their children.
Olaloye gave her daughter age appropriate roles in her Individual Support Planning (ISP) meetings. This is a meeting where individuals plan their services and supports each year. In elementary school, her daughter was part of a conversation about moving from one-on-one instruction into a classroom where an aide helped the entire class. Olaloye has been using the ISP process to help her daughter learn to express her needs. She has given her daughter bigger roles in her ISP meetings as she aged. Now a sophomore in high school, Olaloye’s daughter is prepared to manage her own supports when she goes to college.
5. Make advocating for yourself easier. This takes preparation.
Gardner spoke about the challenge of constantly advocating for oneself: “Having to share our preferences with all of the various DSPs [direct support professionals], case managers, personal care attendants, etc. that come in and out of our lives … It gets incredibly tiring and incredibly draining, and frankly boring. I don’t want to have to repeat the same thing over and over again. I have better things to do.”
One way she eases this burden is by creating one-page descriptions for each aspect of her life. She has different versions for home, work, and other situations. On them, she describes her support needs, preferences and what’s important to her about that aspect of her life. She said that doing this “is especially important when you might just be learning what those [preferences and desires] are and how to communicate those for the first time.” She recommends updating this information as one’s needs change.
6. Use the new Self-Advocate Guide to Intellectual and Developmental Disabilities (I/DD) Services to help plan your services.
ODDS and the Oregon Self-Advocacy Coalition (OSAC) shared a new tool: the Self-Advocate Guide for I/DD Services. They created it to make planning easier.
The guide is a workbook. It takes self-advocates through the service planning process. It asks questions to help people communicate their desires, needs and goals. It helps people lead their service planning.
OSAC Executive Director Gabrielle Guedon spoke about the planning process: “It’s about looking at what you really want or don’t want in your life. We’re going to continuously change. Every year you have an opportunity to change. I know it’s a hard process that we have to do, but there are opportunities to put in what you want and don’t want. Be honest and clear.”
Find the guide on the ODDS website. You can download it. It’s available in a number of languages. Parents, family members and case managers can also use the guide to improve their support of self-advocates.
7. Don’t let the bullies stop you from pursuing your goals and dreams.
Felicity Woods, a self-advocate and CODSN board member, also spoke about the Self-Advocate Guide. Woods shared how some at her school misunderstood disability. She, like many children with I/DD, was bullied in elementary school. She said learning to share one’s story — the successes and barriers one faces — is an important part of self-advocacy. She encouraged people to use the Self-Advocate Guide.
“I want to make my own choices and decisions about what I want,” Woods said. “It’s up to me and you, individuals, to make the choices for what we want.”
Speaking of bullies, Guedon added, “Don’t let a bad experience stop you. Let it fuel you.”
8. Help organize other self-advocates.
Felicity Woods and Jordan Ohlde are members of High Desert Self Advocacy. This is a peer group of self-advocates in the Bend/Redmond area. They presented, “Growing Stronger and Time to Thrive.” ODDS employee Ryley Newport joined them. They spoke about how to expand and empower self-advocacy. To do this, High Desert Self Advocacy created a Planning Alternative Tomorrows with Hope (PATH) plan.
PATH is a creative planning tool. Two trained facilitators from ODDS led the group through the PATH process. They used graphics and discussion to help the group envision their future. Then, they worked backwards from that vision to form a plan to reach their goals.
As a result, High Desert Self Advocacy spoke at Breaking Barriers. They will also be at the Oregon State Capital on June 12 to lobby for disability rights. They are presenting at The Arc Oregon’s Self-Advocacy Convention that week.
Woods and Ohlde encouraged self-advocates to reach out to them at High Desert Self Advocacy. They want to help their peers form self-advocacy groups around the state. Connect with them via their Facebook page.
9. Model accessibility.
CODSN modeled accessibility at the conference. Hansen said CODSN made the conference accessible to people of all financial means. CODSN provided scholarships for 176 self-advocates and 130 families. They also made the space physically accessible to all. A sensory room gave people a space free from the noise and crowd. A changing room gave attendees a private space for personal care.
The conference also modeled how to provide language access for Spanish speakers. Interpreters Isabel Ramirez and Joy Christian, a team from Grapevine Aliados, provided Spanish and English interpretation for the last three conferences. They said the conference offers a full track of sessions in Spanish. Attendees can sign up for the Spanish track when they register. They can also request Spanish interpretation for English-language sessions.
10. Self-advocacy never stops.
Self-advocate Jordan Ohlde was one of eight individuals that sued the Oregon Department of Transportation. They wanted to make a crosswalk in their neighborhood accessible to all, including those who use wheelchairs. It took time and perseverance, but in the end, they won. The street is now passable to all.
“Self-advocacy never stops. There’s aways a different start, another path. Your job never stops,” Ohlde said. “A lot of kids are told, your voice doesn’t matter, when really, your voice does matter. You just have to figure out how it matters to you.”
Buy NZ Made is calling on the Government to deliver meaningful support for New Zealand’s small businesses, the backbone of the economy and the heart of our local communities.
With small businesses making up over 97% of all enterprises in New Zealand and employing more than 600,000 Kiwis, Buy NZ Made Executive Director Dane Ambler says it is essential that the 2025 Budget includes targeted initiatives to ease cost pressures, encourage innovation, and drive local consumer confidence.
“Small businesses are facing a tough economic climate – rising costs, uncertain demand, and global competition. What they need now is a Government that steps up with strategic, long-term investment in local enterprise.
“Ideally, we would like to see increased access to low-interest loans, grants, and tax relief for small businesses, especially those recovering from the impacts of inflation and global supply chain disruptions.”
Ambler says the government’s recent move to a “local-first” approach in procurement to ensure New Zealand-made products and services are given fair consideration in public spending decisions was a good start.
“Backing small businesses is not just good economics – it’s good nation-building.
“When the Government supports local, it sends a powerful message to every New Zealander that choosing Kiwi-made products and services creates jobs, strengthens communities, and keeps money circulating within our own economy.”
Buy NZ Made is encouraging the public and policymakers alike to think local, buy local, and back the businesses that make New Zealand unique.
Source: United States Senator for New York Charles E Schumer
SENATOR SAYS THIS WEEK IS PIVOTAL AS HOUSE RUSHES TO PASS DEVASTATING CUTS; DEMANDS NY HOUSE REPUBLICANS WITHHOLD VOTES & REJECT CUTS TO TAKE AWAY HEALTHCARE FROM THOUSANDS OF THEIR CONSTITUENTS
This Week House Republicans Are Planning Vote To Pass The Largest Cut To Medicaid In American History To Fund Trump’s Tax Breaks For Corporations & Billionaires; Terminating Health Insurance For 1.5 Million NY-ers, Decimating Local Hospitals, Nursing Homes, & Rural Health Clinics From Long Island To The North Country
Schumer Says $13.5 Billion Would Crater NY Healthcare, Leading To Layoffs & Closures – With Margins So Tight In House, Senator Says NY GOP Reps Can Stop This – And Should Because Thousands Of Their Constituents Will Be First To Suffer
Schumer: This Is THE Week. We Are In The Fight Of Our Lives To Save Healthcare For 1.5 Million New Yorkers
With the House planning to vote this week to pass the largest Medicaid cut in American history and gut the healthcare system – all to fund Trump’s tax breaks for billionaires and wealthy corporations – U.S. Senator Chuck Schumer broke down shocking new district-by-district data revealing this cruel GOP plan could rip away health insurance for 1.5 million New Yorkers and lead to a $13.5 billion funding crater that could cripple NY’s hospitals and healthcare economy.
“This is as cruel and heartless as it gets. Trump and House Republicans want to kick 1.5 million New Yorkers off their health insurance and rip away $13.5 billion from NY’s hospitals and healthcare economy so they can have bigger tax breaks for billionaires & corporations. NY House Republicans promised for months they would protect Medicaid, but now New Yorkers know the truth: they never intended to keep that promise, and this confirms it,” said Senator Schumer. “We cannot let this plan go under the radar. From Long Island to the North Country, people will lose their healthcare, hospitals and nursing homes will shutter, premiums will go up, and health care workers will lose their jobs. This week is when House Republicans plan to vote on these cuts and NY House Republicans have the votes to stop it. We need everyone to make their voices heard and tell NY’s House Republicans to stand up to Trump, and stop the largest cut to healthcare in American history, because thousands of their constituents will be the first to suffer.”
Schumer said the proposed $900+ billion cut from Medicaid and the ACA would directly impact healthcare for nearly 14 million Americans. The bill would shift billions of dollars in Medicaid costs to New York State, while simultaneously changing rules that would result in thousands of New Yorkers losing health coverage.
A new report from NY State shows just how devastating the GOP healthcare cuts would be for local hospitals in NY and the thousands of New Yorkers in every Congressional District, which can be found below:
NY Congressional District
Projected Losses For Local Hospitals
People At Risk Of Losing Health Insurance Coverage
NY-1
$29,066,244
47,515
NY-2
$35,322,184
47,935
NY-3
$49,612,361
37,435
NY-4
$39,079,356
44,065
NY-5
$22,378,442
79,316
NY-6
$161,956,005
89,975
NY-7
$26,071,884
81,082
NY-8
$22,474,403
79,672
NY-9
$120,606,309
88,530
NY-10
$82,240,122
64,165
NY-11
$19,435,181
51,984
NY-12
$311,229,420
28,520
NY-13
$16,583,715
96,741
NY-14
$24,655,008
92,929
NY-15
$108,472,912
106,903
NY-16
$30,239,334
54,798
NY-17
$32,088,650
31,189
NY-18
$21,668,362
38,392
NY-19
$24,813,186
37,453
NY-20
$30,149,640
32,224
NY-21
$25,343,510
44,082
NY-22
$34,359,346
38,000
NY-23
$13,483,095
34,672
NY-24
$11,949,091
31,388
NY-25
$45,044,227
40,542
NY-26
$32,225,707
45,232
NY Total
$1,370,547,694
1,464,739
Overall, New York State estimates that the state will lose $13.5 billion if House Republicans’ proposed cuts go through. That includes:
More than $7.5 billion due to cuts to Essential Plan funding.
Nearly $3 billion due to the federal government shifting costs to the state.
Over $3 billion due to new administrative burdens for running the Medicaid program, including burdensome work reporting requirements.
Schumer warned that Medicaid serves as a lifeline for more than 7 million New Yorkers and provides care to seniors, children, people with disabilities, and veterans across the state. Medicaid is the primary payer for long-term care in the United States, including at nursing homes and for people living at home. Medicaid pays for services for 2 in 3 nursing home residents. Almost half of all kids in the country rely on Medicaid, and 1 in 3 people with disabilities look to Medicaid for their insurance coverage. Cutting this program will leave families with nowhere to turn when they need care.
Schumer said while some Congressional Republicans claim this plan won’t cut Medicaid, this new data proves otherwise and there is no way to protect Medicaid benefits if Republicans pass these cuts. These cuts will not only hurt people who get their health insurance through Medicaid, but create new challenges for the state’s entire healthcare system. Costs will go up for everyone, with higher premiums a result of the new strain on providers like hospitals and community health centers. This bill creates burdensome red tape requirements not only for people with Medicaid, but also for people who buy insurance themselves in the marketplace.
Schumer added, “This isn’t targeting waste and fraud, this is a rushed plan to bankroll Trump’s tax breaks for the ultra-rich paid for by ripping away healthcare for New Yorkers.”
GOP cuts include hundreds of billions from the Affordable Care Act, terminating coverage for Americans who purchase their own health insurance like small business owners and family caregivers, as well as taking away tax credits that help them afford this coverage.
GOP healthcare cuts will hit rural hospitals in the North Country and Southern Tier particularly hard. The bill will end provider taxes, which allows New York to directly fund providers like rural emergency departments, and limits state-directed payments which allow hospitals to provide maternity, emergency, and behavioral health care, which is especially helpful in rural areas where these services can be more difficult to find.
Schumer said the GOP healthcare cuts would inevitably shift the costs of care to local governments, resulting in agonizing decisions with county executives and state legislators forced to decide where to make up for the huge budget hole caused by the staggering loss in federal funding. Counties could be forced to shoulder the burden of increased costs in Medicaid, using more local dollars to manage people’s coverage with less federal funding will be coming in. This will squeeze budgets across the state, meaning the possibility of higher taxes or cuts to other programs that communities rely on, like education or public safety.
Schumer concluded, “This is as backwards as it gets. Stealing from Medicaid, taking resources away from our hospitals to pay for Trump’s tax cuts for wealthy corporations and billionaires. It is just plain wrong. NY Republicans are tying themselves in knots to try to justify these cuts, but the data shows this will hurt our seniors, kids, families, and healthcare providers who rely on Medicaid.”
An overview of the various healthcare cuts included in the current GOP bill can be found HERE.
overnor Kathy Hochul today announced awards for a total of 30 transformational projects for the Capital Region as part of two economic development programs: the Downtown Revitalization Initiative and NY Forward. Thirteen projects were announced for Lake George, the Round 7 winner of a $10 million DRI award; 11 projects were announced for Hoosick Falls, a Round 2 winner of a $4.5 million NY Forward award; and six projects were announced for Schuylerville, also a Round 2 winner of a $4.5 million NY Forward award.
“Through the Downtown Revitalization Initiative and NY Forward, we are empowering local leaders, driving smart growth, and creating vibrant, resilient downtowns where people want to live, work, and visit. This is how we build a stronger New York — one community at a time,” Governor Hochul said. “These 30 transformative projects are a testament to our commitment to strengthening communities across the Capitol Region.”
Town/Village of Lake George
The Town and Village of Lake George’s vision focuses on improving the quality of life and sense of place for the Canada Street corridor and adjacent waterfront. The DRI projects will create a more vibrant and prosperous downtown, assist a growing population and enhance the “visitor experience.”
The 13 Lake George DRI projects, totaling $9.7 million, include:
Construct the Shepard Park Amphitheater ($1,500,000): Redesign and reconstruct the Shepard’s Park bandstand and amphitheater, restoring its status as a regional music and events destination. The scope includes necessary site-works, landscape accessibility improvements and facility upgrades such as performance space build-out, AV/lighting equipment and a designated basement storage space.
Winterize & Enhance The Lagoon and The Village Mall ($1,252,000): Upgrade, modernize and winterize the Village Mall including the Lagoon restaurant, by enclosing both ends and conducting extensive interior and facade renovation works. This would allow for year-round operation of 16 retail/commercial spaces.
Develop the Shepard’s Park Lakewalk & Build an Accessible Observation Deck ($2,300,000): Enhance an underutilized portion of the public Shepard’s Park beach through urban and landscape design enhancements, improved stormwater management practices and accessibility improvements. Create an accessible observation atop the public bathroom.
Re-inter Historic Remains at the LG Battlefield Park ($519,000): Implement the commemorative project at the Lake George Battlefield State Park, which features columbaria, educational signage, plaza space and memorials related to the over 40 remains discovered on Courtland Street in 2019.
Improve Accessibility at Caldwell Library ($433,000): Construct a 350 sq. ft. rear addition to the Caldwell Library, aimed at improving accessibility through the installation of a lift and reconfiguring the interior layout to enhance circulation. Includes ADA-compliant bathroom renovations and the reorganization of spaces to facilitate better navigation.
Enhance Music/Entertainment Productions in the DRI Area ($600,000): Acquire specialized music, audio-visual and lighting equipment to enhance year-round entertainment, product capacity and programming within the DRI Area.
Accessibility, Efficiency and Aesthetic Upgrades at the Old County Courthouse ($450,000): Rehabilitate the Old County Courthouse through a series of interventions, including: building an accessible ramp near the main entrance, replacing and/or rehabilitating windows and lighting, interior museum casework upgrades and a sculptural bateaux addition on the front lawn.
Create a Lake George Art & Canoe Trail ($375,000): Design, siting and installation of 18 uniquely painted canoes and paddles, as well as three murals throughout the DRI area, showcasing and cultivating regional talent while beautifying the area.
Renovate & Expand 267 Canada into a Mixed-Use Building for Students & Hospitality Workers ($266,000): Revitalize a deteriorating property into a mixed-use building with an upgraded restaurant and ADA accessible patio space on the ground floor, five fully furnished student or workforce housing units on the 2nd floor and parking lot improvements.
Create a Downtown Heritage Wayfinding Project ($350,000): Install dual-sided wayfinding signs throughout the downtown to aid navigation, highlight local points of interest and promote Lake George’s history. The project also includes the design and installation of two new Gateway signs for the Town and Village.
Enhance South Canada’s Streetscape through Pedestrian Oriented Design ($780,000): Enhance South Canada’s streetscape by improving pedestrian amenities and increasing safety features, while connecting to the Town Gateway. Upgrades include expanding accessible sidewalks, new benches, intersection improvements, stormwater management and new LED streetlights.
Expand the DT Circulator Trolley & Enhance Bus Stops ($275,000): Install up to six new bus shelters with bike racks and reconfigure the downtown Lake George Circulator Trolley to improve service and connectivity for residents, tourists and the workforce.
Establish a Small Projects Fund for Winterization & Building Improvements ($600,000): Establish a locally managed matching small project fund to undertake a range of smaller downtown projects such as facade enhancements, building renovation improvements to commercial or mixed-use spaces and winterization efforts.
Village of Hoosick Falls
The Village of Hoosick Falls’ vision focuses on creating safe, walkable and accessible corridors that will serve as transformative connectors among past and future public, private and non-profit projects. Connecting these projects will transform Hoosick Falls into a cohesive economic generator to grow the job and population base locally, with positive ripple effects for the Capital Region’s vision and strategies.
The 11 Hoosick Falls NY Forward Projects, totaling $4.5 Million, include:
Unlock the Full Potential of the HoosArt Center by Making the Wood Block Fully Accessibility ($850,000): Restore the Wood Block Building into a mixed-use building with commercial tenants on the first floor and a community center for creativity on the upper floors ideal for performing arts, public event space, poetry readings and workshops.
Revitalize the Commercial and Residential Spaces in the Saluzzo Building ($558,000): Revitalize the mixed-use building on Classic Street, renovating and upgrading the existing eight apartments and three commercial spaces while adding four additional apartments. A commercial kitchen will also be installed as an amenity to the commercial spaces.
Upgrade the Town Skating Rink to Expand Recreational Opportunities ($1,000,000): Upgrade the cooling systems and enclose the existing structure of the Town of Hoosick Skating Rink to expand recreation, generate revenue and accommodate regional hockey teams.
Develop the STAY ApARTments at 9-15 John Street ($470,000): Redevelop the top floor of the historic building on John Street into four residential units and improve the overall building’s energy efficiency, which already contains a pizza shop, art gallery and four popular short-term rentals.
Redevelop the Former Firehouse into a Restaurant ($209,000): Redevelop the old firehouse and adjacent vacant lot into a functional and inviting restaurant space with outdoor patio seating. The second floor will be transformed into an event space accommodating 80-120 people.
Rehabilitate 114 Church Street to Return Vacant Residential Units into Service ($300,000): Renovate the building at 114 Church Street to provide seven new apartment units for the Village. This process will include new roofing, framing and full apartment rehabilitation.
Enhance the Sand Bar Through Expanded Outdoor Dining and Volleyball Court Facilities ($112,000): Add a third outdoor volleyball court to the Sand Bar, as well as expand outdoor dining for the restaurant by constructing two new decks and replacing some fences and sidewalks.
Transform the Abandoned Warehouse at 1 Center Street into a Mixed-Used Building ($438,000): Rehabilitate and transform an abandoned warehouse at 1 Center Street into a mixed-use building with two (out of an eventual 18) residential rental units and three commercial spaces, including a fitness facility, brewery and woodworking shop.
Improve and Expand Pedestrian Infrastructure Downtown ($301,000): Improve pedestrian infrastructure in the Village by replacing sidewalks and curb ramps, adding lighting and new signage and partially reconfiguring lower Classic Street with a wider sidewalk and improved stormwater management.
Improve the Hoosic River Greenway Trail Connections ($190,000): Improve the Hoosic River Greenway Trail by unifying the disjointed parts, connecting it with other recreational assets, beautifying the area around it and marketing it to attract visitors.
Create a Game Store and Community Space at 72 Main Street ($72,000): Renovate the commercial space at 72 Main Street to create a game store and community-gathering space for all ages that can hold various events in collaboration with the senior center, school and youth center.
Village of Schuylerville
The Village of Schuylerville’s vision focuses on building upon previous investments and partnerships to increase housing opportunities that will attract more residents; offer new public park and event amenities; create more commercial tourist attractions and overnight lodging; and improve historic signage and wayfinding.
The 6 Schuylerville NY Forward Projects, totaling $4.5 Million, include:
Build a New Village Community Center ($2,248,000): Build a new community center to house the Schuylerville Youth Program and Olde Saratoga Seniors group, as well as serve as an event space for public and private events. The community center will include public restrooms, office space and a kitchen. The Canal Mosaic Landmark will also be installed in the exterior public space.
Reconnect the Old Champlain Canal under Ferry Street ($1,050,000): Build a clear span bridge (or large box culvert) with two lanes of traffic and a pedestrian and bike path over the Champlain Canal on Route 29, allowing water and small watercrafts to travel between the Old Champlain Canal and Turning Basin.
Construct a New Mixed-Use Building at the Hotel Schuyler Site ($750,000): Develop a new, three-story, mixed-use building that will provide space for up to three businesses and between 8 and 14 rental housing units. The building would be constructed on a vacant lot along Broad Street, contributing to the commercial corridor’s streetscape.
Renovate the Canal Square Building ($179,000): Renovate the existing building to expand commercial capacity, improve the exterior façade and pave the parking lot. Additional work will be done to reduce the impact of flooding.
Expand Kickstart Café ($187,000): Expand the interior of Kickstart Café to incorporate additional cooperative use garage space. These additions will require new foundation, exterior walls, relocation of the kitchen and bar area and an outdoor deck area for seating.
Enhance Signage and Wayfinding around the Village ($86,000): Improve signage and wayfinding within the Village, specifically for visitors, pedestrians, bicyclists and users of the Empire State Trail. The signage will also present historical information in Fort Hardy Park and promote various businesses within the main business district.
In the FY2025 Enacted Budget, Governor Hochul made the “Pro-Housing Community” designation a requirement for cities, towns and villages to access up to $650 million in State discretionary programs, including the Downtown Revitalization Initiative and New York Forward. To date, more than 300 municipalities across the State have become certified. To further support localities that are doing their part to address the housing crisis, Governor Hochul secured $100 million in the FY2026 Enacted Budget to create a Pro-Housing Supply fund to assist certified Pro-Housing Communities with critical infrastructure projects necessary to create new housing, such as sewer and water infrastructure upgrades.
New York Secretary of State Walter T. Mosley said, “When we invest in our downtowns, we’re investing in the heart of our communities. Through the Downtown Revitalization Initiative and NY Forward program, we’re not just funding projects – we’re fostering vibrant, walkable neighborhoods that spur economic growth, enhance quality of life for residents and preserve the unique character of each municipality and region. These signature programs exemplify our commitment to ensuring that every New Yorker, in every corner of our State, has the opportunity to succeed and thrive.”
Empire State Development President, CEO, and Commissioner Hope Knight said, “The Downtown Revitalization Initiative and NY Forward programs are transforming communities across New York State by turning local visions into bold investments to generate place-based economic development. These projects will create new opportunities for businesses, support vibrant public spaces, and attract residents and visitors alike – laying the foundation for sustainable growth and stronger regional economies.”
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “All across this State, the Downtown Revitalization Initiative and NY Forward programs are strategically prioritizing communities, growing economies with targeted awards, creating more housing opportunities that improve affordability for New Yorkers where it is most needed, and building on the diverse character of our neighborhoods. By working with local and municipal partners, these awards continue Governor Hochul’s commitment to developing the full potential of our downtowns as economic drivers and attractive places to live.”
CREDC Co-Chairs Ruth Mahoney and Dr. Havidán Rodríguez said, “The 30 regionally informed and strategic DRI and NY Forward projects will make Lake George, Hoosick Falls and Schuylerville even more vibrant for residents and visitors alike. Whether it’s adding housing, increasing recreational opportunities, or creating spaces for more businesses to grow and thrive, the entire Capital Region will benefit from the vision these initiatives are supporting and making a reality, both now and for a sustainable future.”
Assemblymember Scott Bendett said, “The allocation of $4.5 million for development, and redevelopment in the Village of Hoosick Falls is welcome news for residents who have gone through so much in recent years. This year already brought the good news of a new water supply to the village, and with 11 new, state-funded projects on the horizon, there is even more to look forward to. I appreciate the state taking notice of opportunities in our smaller municipalities, and taking action to see them through.”
Assemblymember Carrie Woerner said, “The Village of Schuylerville is on the rise! I applaud the vision of the Schuylerville Village Mayor and Trustees, and the community members who contributed to this plan to move the Village forward. With thanks to Governor Hochul for her leadership in supporting the re-investment in historic downtowns across the state.”
Village of Lake George Mayor Ray Perry said, “We at the Village of Lake George and the entire Lake George community are ecstatic to see these projects move forward! We are extremely thankful to the Governor and her team to be able to improve upon the Lake George experience for our residents as well as our visitors! I’m happy to say that there are great things to come!”
Town of Lake George Supervisor Vincent Crocitto said, “We would like to thank the state for believing in Lake George. This initiative represents a shared vision of revitalization that honors the unique character of Lake George while embracing innovation and economic opportunity, with the support of our town, village, county, local business partners and leadership from the state, we’re ready to make meaningful progress for our community.”
Village of Hoosick Falls Mayor Dan Schuttig said, “The New York Forward program will provide an incredible, transformative opportunity for the Village of Hoosick Falls. I would like to thank Governor Kathy Hochul for leading the effort to revitalize upstate communities. I would also like to thank the local committee for their hard work putting together such incredible projects that will forever improve the lives of Village residents. This is the first step of many towards the revitalization of our beautiful village here on the Hoosic River!!”
Village of Schuylerville Mayor Dan Carpenter said, “We are incredibly grateful to Governor Hochul for her continued commitment to the economic revitalization of small upstate communities like ours. This $4.5 million investment through the NY Forward program will allow Schuylerville to build on our historic charm and community spirit by creating new housing opportunities, enhancing our parks and public spaces, and expanding our commercial and cultural attractions. From the long-awaited Village Community Center to the reconnection of the Old Champlain Canal, these transformative projects will benefit residents and visitors alike. We are excited to get to work and bring these visions to life.”
DRI and NY Forward communities developed Strategic Implementation Plans (SIPs), which create a vision for the future of their downtown and identify and recommend a slate of complementary, transformative and implementable projects that support that vision. The SIPs are guided by a Local Planning Committee (LPC) comprised of local and regional leaders, stakeholders and community representatives, with the assistance of an assigned consultant and DOS staff, all of whom conduct extensive community outreach and engagement when determining projects. The projects selected for funding from the SIP were identified as having the greatest potential to jumpstart revitalization and generate new opportunities for long-term growth.
About the Downtown Revitalization Initiative
The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all ten regions of the state to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State strengthen its economy, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through nine rounds, the DRI has awarded a total of $900 million to 91 communities across every region of the State.
About the NY Forward Program
First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The program works in concert with the DRI to accelerate and expand the revitalization of smaller and rural downtowns throughout the State so that all communities can benefit from the State’s revitalization efforts, regardless of size, character, needs and challenges.
NY Forward communities are supported by a professional planning consultant and team of State agency experts led by DOS to develop a Strategic Investment Plan that includes a slate of transformative, complementary and readily implementable projects. NY Forward projects are appropriately scaled to the size of each community; projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that enhance specific cultural and historical qualities that define and distinguish the small-town charm that defines these municipalities. Through three rounds, the NY Forward program has awarded a total of $300 million to 60 communities across every region of the State.
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Yuri Trutnev held a meeting of the co-chairs of the Intergovernmental Russian-Chinese Commission on Cooperation and Development of the Russian Far East and the Northeast of China
May 20, 2025
Yuri Trutnev held a meeting of the co-chairs of the Intergovernmental Russian-Chinese Commission on Cooperation and Development of the Russian Far East and the Northeast of China
May 20, 2025
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Yuri Trutnev held a meeting of the co-chairs of the Intergovernmental Russian-Chinese Commission on Cooperation and Development of the Russian Far East and the Northeast of China
A meeting of the co-chairs of the Intergovernmental Russian-Chinese Commission on Cooperation and Development of the Russian Far East and the Northeast of the People’s Republic of China was held in Moscow. The Russian part of the commission is headed by Deputy Prime Minister – Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yuri Trutnev. The head of the Chinese part of the commission is Vice Chairman of the State Council of the People’s Republic of China Zhang Guoqing.
“Our meeting is taking place immediately after an important political event – the official visit of the Chairman of the People’s Republic of China Xi Jinping to Russia and his participation in the celebrations of the 80th anniversary of Victory in the Great Patriotic War. The leaders of our countries confirmed their course to strengthen good-neighborliness and cooperation. In late August – early September, Russian President Vladimir Vladimirovich Putin plans to visit China to participate in the summit of the Shanghai Cooperation Organization and the celebrations of the anniversary of the victory over Japan and the end of World War II. Relations between Russia and China are an important stabilizing factor in global politics and economics. I am confident that the work of our commission as one of the bridges of cooperation between Russia and China is of particular importance today. In recent years, our countries have faced unprecedented challenges, destabilization of international relations and the global economy. At the same time, Russian-Chinese ties continue to strengthen. In 2024, mutual trade turnover once again set a record, reaching almost 245 billion US dollars. “I am confident that our meeting today will contribute to the implementation of the agreements of the heads of state and government, primarily in the development of cooperation between the Russian Far East and Northeast China,” Yuri Trutnev opened the meeting.
“In recent years, under the strategic leadership of the Chairman of the People’s Republic of China, Xi Jinping and the President of the Russian Federation Vladimir Vladimirovich Putin, Sino-Russian relations reached the highest level in their history and have become the standard of cooperation between world powers and neighboring countries. Our leaders set a course and direction for our further interaction, sent the whole world a clear signal about the stable and healthy development of Sino-Russian relations at a high level, which introduced stability and positive to a complex international situation. The key task of today’s meeting is to implement agreements between our leaders and conduct appropriate preparations for the upcoming meeting between them, as well as for regular meetings of the heads of government. Currently, individual countries under various pretexts abuse tariff measures, which grossly violating the laws, rights and interests of other states and seriously contradicts the Rules of the WTO, damages the multilateral trading system, undermines the stability of the global economic order. Such actions have a negative impact on the world supplies and production chains. In these conditions, it is important for us to consistently deepen cooperation in all areas, including the interaction of the north-east of the People’s Republic of China and the Far East of the Russian Federation in order to make an even greater contribution to the development of our countries, ”said Zhang Gotsin.
The results and promising areas of joint work in the Russian Far East and the North-East of the People’s Republic of China were discussed. Over 6 years (from 2018 to 2023), the trade turnover of the Russian Far East with the People’s Republic of China increased by almost 2.5 times and exceeded 1.9 trillion rubles in 2023.
In the territories of advanced development and in the free port of Vladivostok, 65 investment projects with a total investment volume of 1 trillion rubles are being implemented with the participation of Chinese capital. Projects with the participation of Chinese companies in the total investment volume in the Far East make up 10%. In a number of large projects, Chinese companies are technological partners, carry out work on the construction of new enterprises, and participate in start-up work.
Work on the creation of a new preferential regime – an international territory of advanced development – is being completed. The regime was developed in cooperation with representatives of China and other countries. The draft law on international territories of advanced development was adopted in the first reading by the State Duma of the Russian Federation. The regime will be created by the end of this year. Chinese companies are showing interest in interaction within the new legal framework. Five companies from China have already applied as residents.
The development of transport infrastructure was discussed. In 2024, the volume of bilateral foreign trade cargo transportation through border crossings and seaports of Russia and China increased by 9% to almost 176 million tons. In 2024, land checkpoints on the border with China increased cargo turnover from 40.4 to 45.9 million tons. A significant contribution to the growth was made by the opening of two new bridge crossings in 2022: Blagoveshchensk – Heihe and Nizhneleninskoye – Tongjiang. In 2024, 6.2 million tons of cargo were transported through them.
The construction of a bridge in the area of the settlements of Jalinda (Russia) and Mohe (China) can contribute to the increase in freight traffic. Amur Region and Heilongjiang Province have formed a promising freight base. The location of the bridge has been agreed upon. On the Russian side, key participants in the project and the main technical parameters have been determined.
The Russian side invited Chinese partners to further develop the Northern Sea Route. In 2024, the number of voyages carried out by Chinese companies in the NSR waters doubled and amounted to 14 voyages.
On the instructions of Russian President Vladimir Putin, a project to create an innovative scientific and technological center on Russky Island is being implemented. Research and development centers in the fields of biotechnology, pharmaceuticals, biomedicine, marine engineering, artificial intelligence and big data are being created. The construction of a pilot building is nearing completion. Chinese organizations and departments, representatives of scientific communities have been invited to participate in the implementation of joint projects in these areas.
“This September, the anniversary, tenth Eastern Economic Forum will be held in Vladivostok with the participation of the President of the Russian Federation. This event is invariably an important platform for developing cooperation with the countries of the Asia-Pacific region. China is traditionally one of the main guests of the Eastern Economic Forum. We invite our Chinese colleagues to take part in the work of the tenth Eastern Economic Forum in September this year,” said Yuri Trutnev.
Summing up the meeting, Yuri Trutnev once again emphasized: “The Russian government is open to dialogue and is ready to provide support to Chinese partners in the Far East.”
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.
Defendant allegedly embezzled hundreds of thousands of dollars from relatives with disabilities
BOSTON – A Lexington, Mass. attorney has been charged and agreed to plead guilty in connection with alleged schemes to defraud Massachusetts victims, including two of his own relatives.
David Smerling, 75, has agreed to plead guilty to a Superseding Information charging him with four counts of wire fraud, two counts of money laundering and one count of aggravated identity theft. Smerling was previously indicted in January 2025 on charges of embezzling from a business partner.
“The alleged multi-million-dollar embezzlement that Mr. Smerling was originally charged with was, unfortunately, just the tip of the iceberg. Today’s charges allege that Mr. Smerling also preyed on a family member with special needs and another with dementia, allegedly stealing money these victims needed for their own care,” said United States Attorney Leah B. Foley.
“For anyone with elderly and vulnerable loved ones, these are frightening allegations,” said Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “David Smerling allegedly betrayed the trust of his victims and took full advantage – embezzling from them to line his own pockets while trying to cover up his crimes. The FBI will never stop working to protect the public from criminals like this, and we’re gratified to see him brought to justice.”
According to court filings, between January 2016 and May 2020, Smerling embezzled more than $2.5 million from three Massachusetts companies for whom he worked as a bookkeeper. Specifically, it is alleged that Smerling transferred funds from the victim companies into a separate bank account that he controlled, before moving the money to bank accounts in his own name or directly from the companies’ accounts to bank accounts in his own name. Smerling allegedly concealed his scheme by changing the mailing address on victims’ bank statements to his home address and refusing to share the online banking password for the victims’ accounts.
Court filings further allege that, between May 2020 and August 2021, Smerling embezzled more than $470,000 from a trust established for the benefit of a relative with special needs for which Smerling served as the trustee. Smerling allegedly transferred trust funds to bank accounts he controlled before sending the funds to bank accounts in his wife’s name or using the funds to pay for personal expenses. It is alleged that Smerling concealed his scheme by making lulling payments to the beneficiary so he would not discover the trust had been depleted.
Court filings also allege that, between May 2023 and April 2025, Smerling embezzled more than $150,000 from a relative with dementia for whom Smerling served as the financial power of attorney. Specifically, Smerling allegedly transferred funds from the victim’s accounts to accounts he controlled, used a credit card in the victim’s name for personal purchases and took out a loan in the victim’s name. To conceal this scheme, Smerling allegedly misrepresented the purpose of the transfers to the financial institutions in which the victim’s accounts were held.
The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater. The charge of money laundering provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $500,000 or twice the value of the property involved in the transaction, whichever is greater. The charge of aggravated identity theft provides for a mandatory sentence of two years in prison to be served consecutive to any sentence imposed on the wire fraud and money laundering charges. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
U.S. Attorney Leah B. Foley and FBI Acting SAC Milka made the announcement today. Assistant U.S. Attorney Kristen A. Kearney of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.
The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
KANSAS CITY, Mo. – A Kansas City, Mo., man pleaded guilty to bank fraud involving a scheme to alter and forge stolen United States Treasury checks.
According to court documents, Jevon P. Crudup, Jr., 28, schemed to defraud financial institutions by passing stolen United States Treasury checks that had been altered and forged. The defendant deposited the altered and forged Treasury checks at ATMs using the bank accounts of other persons he met online. These persons provided the defendant with their account information including debit cards and PIN numbers because they believed Crudup would help them make money.
Crudup would then use these individuals’ debit cards to withdraw funds from the account or the defendant would require these individuals to make cash withdrawals and electronic funds transfers to him using various online payment systems.
On April 12, 2023, Crudup made an ATM deposit on a Treasury check worth $18,348.72 that had been altered and forged into the bank account of an individual he met online. Approximately one week after the deposit, the account holder withdrew $5,550 cash from his account and provided the defendant with $5,050. Over the next two months, proceeds from the altered and forged check were disbursed to Crudup in cash withdrawals and transfers via various online payment systems.
In this manner, Crudup passed at least fifteen stolen and forged United States Treasury checks resulting in a loss in excess of $95,000.
Crudup faces up to 30 years in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentence of the defendant will be determined by the court based upon the advisory sentencing guidelines and other factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.
This case is being prosecuted by Assistant U.S. Attorney Brent Venneman. It was investigated by Treasury Inspector General for Tax Administration (TIGTA).
Source: United States House of Representatives – Reprepsentative Kathy Castor (FL14)
WASHINGTON, D.C. – U.S. Rep. Kathy Castor (FL-14) released the following statement regarding President Donald Trump’s rescission of Temporary Protected Status (TPS) for hundreds of thousands of Venezuelans, including many living and working in Florida, that was upheld by the U.S. Supreme Court late yesterday:
“Hundreds of thousands of Venezuelans who fled political and economic oppression are now condemned to an uncertain and unstable future due to President Trump’s decision to revoke TPS. Venezuela is still a dangerous country where many are persecuted for their commitment to democratic ideals. The cruel and costly Trump policy will uproot families, destabilize communities and endanger the lives of people who fled a brutal dictatorship and sought refuge in the United States. These are hardworking men and women who came to the U.S.legally to contribute to our economy, raise families and worship alongside us. They are part of the fabric of our state.
“Instead of cruelly targeting them for deportation, we should provide stability and a tough but fair pathway to citizenship. That’s why I am cosponsoring legislation to provide our Venezuelan neighbors with a pathway to work and residency—so they can build a future in the country they have contributed so much to.
“I call on my colleagues in Congress to support this pathway and reject President Trump’s cruel and shortsighted agenda, and join me in standing up for our Venezuelan neighbors. America’s strength lies in our compassion and our commitment to freedom, not in tearing families apart to score political points.”
Rep. Castor has consistently championed TPS protections for Venezuelans and others fleeing violence and oppression, and she continues to advocate for permanent solutions that uphold American values of dignity, safety and opportunity.
TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Partners Value Investments L.P. (the “Partnership”, TSX: PVF.UN TSX:PVF.PR.U) announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars.
The Partnership recorded net income of $24.6 million for the three months ended March 31, 2025, compared to net income of $26.3 million in the prior year quarter. Net income was in line with the prior year quarter as higher investment income and valuation gains were offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter. Income of $22.2 million was attributable to the Equity Limited Partners ($0.32 per Equity LP unit) and income of $2.4 million was attributable to Preferred Limited Partners.
As at March 31, 2025, the market prices of a Brookfield Corporation (“BN”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (“BAM”, NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively.
Consolidated Statements of Operations
(Unaudited) For thethree monthsended March 31 (Thousands, US dollars)
2025
2024
Investment income
Dividends
$
26,559
$
24,027
Other investment income
7,179
4,035
33,738
28,062
Expenses
Operating expenses
(1,352
)
(2,437
)
Financing costs
(2,417
)
(2,481
)
Retractable preferred share dividends
(10,041
)
(9,736
)
(13,810
)
(14,654
)
Other items
Investment valuation gains
7,212
924
Amortization of deferred financing costs
(912
)
(884
)
Foreign currency (losses) gains
(124
)
8,899
Current taxes (expense) recovery
(361
)
8,069
Deferred taxes expense
(1,102
)
(4,158
)
Net income
$
24,641
$
26,258
The information in the following table shows the changes in net book value:
(Unaudited) For the three months ended March 31 (Thousands, except per unit amounts)
2025
2024
Total
Per Unit
Total
Per Unit
Net book value, beginning of period1
$
8,375,682
$
102.80
$
5,783,620
$
70.74
Net income2
22,220
24,714
Other comprehensive (loss) income2
(828,447
)
290,050
Adjustment for impact of warrants1
(173
)
(6,120
)
Equity LP repurchases
(2,438
)
(3,617
)
Net book value, end of period3
$
7,566,844
$
96.32
$
6,088,647
$
74.52
Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners’ equity, non-controlling interests’ equity plus the value of consideration to be received on exercising of warrants, which as at March 31, 2025, was $114 million (December 31, 2024 – $114 million).
Attributable to Equity Limited Partners.
At the end of the period, the diluted Equity LP units outstanding were 78,560,143 (December 31, 2024 – 81,474,610); this includes 2,702,321 (December 31, 2024 – 5,640,600) Equity LP units exchangeable on a one-for-one basis with shares of a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2024 – 585,938) warrants held by partially-owned subsidiaries of the Partnership.
Financial Profile
The Partnership’s principal investments are its interest in approximately 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests.
The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position:
Consolidated Statements of Financial Position
(Unaudited) As at (Thousands, US dollars)
March 31, 2025
December 31, 2024
Assets
Cash and cash equivalents
$
308,077
$
156,977
Accounts receivable and other assets
54,375
48,924
Investment in Brookfield Corporation1
6,339,885
6,949,656
Investment in Brookfield Asset Management Ltd.2
1,492,635
1,669,488
Investment in Brookfield Wealth Solutions Ltd.3
428,584
471,787
Other investments carried at fair value
346,818
343,090
$
8,970,374
$
9,639,922
Liabilities and equity
Accounts payable and other liabilities
$
44,194
$
42,055
Corporate borrowings
208,094
208,168
Preferred shares4
1,074,573
939,057
Deferred tax liability
9,469
7,933
1,336,330
1,197,213
Equity
Equity Limited Partners
7,452,974
8,261,639
Preferred Limited Partners
152,040
152,040
Non-controlling interests
29,030
29,030
7,634,044
8,442,709
$
8,970,374
$
9,639,922
The investment in Brookfield Corporation (“BN”) consists of 121 million BN shares with a quoted market value of $52.41 per share as at March 31, 2025 (December 31, 2024 – $57.45).
The investment in Brookfield Asset Management Ltd. (“BAM”) consists of 31 million BAM shares with a quoted market value of $48.45 per share as at March 31, 2025 (December 31, 2024 – $54.19).
Brookfield Wealth Solutions Ltd. (“BWS”) Class A shares are exchangeable into BN Class A shares on a one-for-one basis.
Represents $851 million of retractable preferred shares less $12 million of unamortized issue costs as atMarch 31, 2025 (December 31, 2024 – $712 million less $9 million) and $236 million of three series of preferred shares (December 31, 2024 – $236 million).
For further information, contact Investor Relations at ir@pvii.ca or 416-643-7621.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.
Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.
The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.
TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Partners Value Investments Inc. (the “Company”, TSX: PVF.WT, PVF.PR.V, PVF.A) announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars.
The Company recorded net income of $972 million for the three months ended March 31, 2025, compared to a net loss of $175 million in the prior year quarter. The increase in income was primarily due to current period remeasurement gains of $953 million associated with the retractable common shares compared to remeasurement losses of $214 million in the prior year quarter. The Company’s retractable common shares are classified as liabilities due to their cash retraction feature. The remeasurement gains or losses in a given period are driven by the respective depreciation or appreciation of the Partnership unit price as the retractable shares are recognized at fair value based on the quoted price of the Partnership’s Equity LP units. During the quarter, the Partnership unit price decreased by $13.71 compared to an increase of $3.11 in the prior year quarter.
Excluding retractable share and warrant liability remeasurement gains and losses, and dividends paid on retractable shares, Adjusted Earnings for the Company was $30 million for the three months ended March 31, 2025, compared to Adjusted Earnings of $34 million in the prior year quarter. Adjusted Earnings were lower in the current quarter as higher investment income and valuations gains were more than offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter.
As at March 31, 2025, the market prices of a Brookfield Corporation (“BN”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (“BAM”, NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively.
Consolidated Statements of Operations
(Unaudited) For the three months ended March 31 (Thousands, US dollars)
2025
2024
Investment income
Dividends
$
30,125
$
26,685
Other investment income
7,177
4,035
37,302
30,720
Expenses
Operating expenses
(1,131
)
(2,150
)
Financing costs
(10,062
)
(8,179
)
Retractable preferred share dividends
(8,380
)
(8,240
)
(19,573
)
(18,569
)
Other items
Investment valuation gains
7,212
924
Retractable share remeasurement gains (losses)
952,569
(213,630
)
Warrant liability remeasurement (losses) gains
(3,267
)
9,926
Amortization of deferred financing costs
(912
)
(884
)
Foreign currency gain
115
12,453
Current tax (expense) recovery
(361
)
8,069
Deferred tax expense
(1,102
)
(4,158
)
Net income (loss)
$
971,983
$
(175,149
)
Financial Profile
The Company’s principal investments are its interest in 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Company owns a diversified investment portfolio of marketable securities and private fund interests.
The information in the following table has been extracted from the Company’s Consolidated Statements of Financial Position:
Consolidated Statements of Financial Position
(Unaudited) As at (Thousands, US dollars)
March 31, 2025
December 31, 2024
Assets
Cash and cash equivalents
$
308,044
$
156,952
Accounts receivable and other assets
77,882
69,776
Investment in Brookfield Corporation 1
6,339,885
6,949,656
Investment in Brookfield Asset Management Ltd.2
1,492,635
1,669,488
Investment in Brookfield Wealth Solutions Ltd.3
428,460
471,651
Other investments carried at fair value
655,069
669,397
$
9,301,975
$
9,986,920
Liabilities and Equity
Accounts payable and other liabilities
$
44,964
$
42,824
Corporate borrowings
208,094
208,168
Preferred shares4
838,560
703,044
Retractable common shares
6,360,356
7,312,467
Exchangeable shares
282,186
—
Warrant liability
497,252
494,710
Deferred tax liability
9,469
7,933
8,240,881
8,769,146
Equity
Accumulated deficit
(6,130,077
)
(6,821,786
)
Accumulated other comprehensive income
7,181,112
8,027,580
Non-controlling interests
10,059
11,980
$
9,301,975
$
9,986,920
The investment in Brookfield Corporation (“BN”) consists of 121 million BN shares with a quoted market value of $52.41 per share as at March 31, 2025 (December 31, 2024 – $57.45).
The investment in Brookfield Asset Management Ltd. (“BAM”) consists of 31 million BAM shares with a quoted market value of $48.45 per share as at March 31, 2025 (December 31, 2024 – $54.19).
Brookfield Wealth Solutions Ltd. (“BWS”) Class A shares are exchangeable into BN Class A shares on a one-for-one basis.
Represents $851 million of retractable preferred shares less $12 million of unamortized issue costs as at March 31, 2025 (December 31, 2024 – $712 million less $9 million).
For further information, contact Investor Relations at ir@pvii.ca.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.
Although the Company believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Company’s documents filed with the securities regulators in Canada.
The Company cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Company’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
An IMF team, led by Mr. Fabian Bornhorst, visited the Netherlands during May 7–20 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the visit:
The Dutch economy is among the most developed countries globally and has drawn strength from integration in global value chains. In recent years, it has weathered shocks well, yet its resilience is being tested, again—this time by trade tensions and geoeconomic fragmentation. Fiscal buffers are ample, and the financial system is well-positioned to absorb shocks. At the same time, the economy is operating at capacity and inflation is elevated. And increasingly binding constraints—in the labor market, housing, emissions space, and the electricity grid—are limiting the ability to grow and adapt. Futureproofing the economy will therefore require policies that both tackle bottlenecks and expand supply capacity, and align with a long-term vision for sustainable growth. Reforms, complementary to EU initiatives, should aim to increase labor input and firm productivity, expand the availability of SME financing, and effectively manage the green and demographic transitions.
Outlook
After a weak start, domestic demand is projected to drive growth in 2025 even as trade tensions affect momentum. Real GDP growth is projected to reach 1.1 percent this year. Fundamentals remain strong: unemployment is low, wage growth is robust, and real household purchasing power is solid—supporting private consumption. However, tariffs, trade tensions, and lower trading partner growth are expected to dampen external demand. Combined with uncertainty over future trade policies and less favorable financial conditions, these factors hold back investment and weaken consumer confidence. With a cooling economy, the small positive output gap is expected to close next year; medium-term growth will converge to its estimated potential of 1.2 percent.
Elevated inflation is projected to decline gradually and reach the 2 percent target in late 2026. Inflation is projected at 3 percent in 2025. Wage growth has been robust, although real wages have not reached pre-pandemic levels. Going forward, wage growth is projected to moderate as indicated by recent collective wage agreements and early signs of easing labor market tightness. Fiscal measures, on net, will contribute positively to inflation in 2025 and 2026, as the roll-back of some reduced VAT rates and the increase in excise rates are partly offset by energy subsidies and the freeze on social housing rents. As the trade shock reverberates through the global economy, deflationary forces are expected to arise from lower global growth and energy prices, and appreciation of the euro.
Risks
Downside risks to growth dominate and arise mainly from trade tensions. Possible direct effects from new/higher U.S. tariffs on currently exempt items (e.g., pharmaceuticals) would lower exports. More generally, rising geoeconomic fragmentation and stronger-than-expected indirect effects from global trade disruptions pose downside risks to growth. The disruption to supply chains could be more severe than expected, leading to upward price pressures even in the context of subdued growth. Policy makers should stay vigilant and nimble. Barring more extreme scenarios, automatic stabilizers in the fiscal framework are sufficient to weather shocks. Domestically, uncertainties in economic policy and the extent to which growth bottlenecks are binding represent risks to the outlook. These can be addressed by implementing consistent, forward-looking, and confidence-building measures.
Fiscal Policy
Fiscal policy is geared to supporting households in the near term, while aiming to keep the deficit below 3 percent of GDP by 2030. In view of many, and competing, demands, it is welcome that revised plans in the Spring Memorandum adhere to the trend-based fiscal policy (the Dutch Medium-Term Fiscal Framework) and are in line with national fiscal rules. Key measures in 2025 to support household purchasing power include income tax relief, extending reduced fuel excise duties, energy subsidies, and rent support. To meet the deficit target by 2030, spending cuts in public administration, international cooperation, education, and asylum are proposed. The plans, however, are more backloaded than before, and, in many cases, specific measures have yet to be formulated.
Pivoting fiscal policy from stimulating demand to expanding supply would help the economy grow and adapt. Fiscal policy is set to provide an impulse of around 1 percent of GDP in 2025-26. As household real incomes now exceed pre-pandemic levels and the economy is operating at capacity with elevated inflation, broad fiscal support is no longer needed. Scaling back demand support is timely and advisable. While underspending and revenue overperformance could deliver a neutral fiscal stance—as in 2024—proactively identifying and implementing measures would allow for steering the adjustment. To boost the supply capacity of the economy, the government should invest in infrastructure, education, and R&D, foster investment to increase the housing supply and productivity, implement growth-enhancing tax reforms, and tackle bottlenecks from nitrogen and electricity grid congestion. Fostering private and increasing public investment will also contribute to reducing the high external current account surplus.
Better aligning policies with long-term goals would improve the effectiveness of fiscal policy. For example, while freezing social rents provides immediate support to some households, it weakens the financial health of housing associations and limits investment to expand and upgrade the housing stock—key to addressing shortages. Extending the reduction of fuel excises disincentivizes the clean energy transition, countering efforts to reduce implicit fuel subsidies and foster EV adoption through subsidies. Limited inflation adjustment of income tax brackets—including to finance reduced VAT rates—offsets previous income tax relief, disproportionately affects poorer households, and disincentivizes labor supply. Education and R&D spending cuts are at odds with fostering high levels of human capital and innovation. In this context, the announced tax and benefits system reform is welcome, offering an opportunity to simplify and align policies.
Tackling medium-term spending pressures through structural fiscal reforms will increase fiscal room to maneuver. With a low debt-to-GDP ratio of 43.4 percent, the fiscal position is strong. Moreover, deficits and debt are projected to remain structurally below 3 and 60 percent of GDP through 2030. However, projections also indicate that, by 2050, spending on health, ageing, and climate change will increase by about 4 percent of GDP. Ambitions to scale up defense spending beyond 2 percent of GDP adds to these pressures. Addressing cost drivers early would free fiscal room to maneuver, including: (i) reversing the reduction of health deductibles, increasing health care co-payments, and adjusting the basic policy package while supporting solidarity; (ii) linking the retirement age one-to-one to greater life expectancy for tax-funded old-age pensions; and (iii) moving away from fuel subsidies to revenue-generating carbon pricing and taxation.
Implementing the planned tax reforms would support growth. The Building Blocks Tax report rightly recommends streamlining inefficient and ineffective tax expenditures, including abolishing reduced VAT rates. This would lower compliance costs, broaden the tax base, and may open the door to a lower tax rate. Speedy implementation of the proposed capital income taxation reform (‘Box 3’) would align investment incentives by taxing capital income more consistently. and encouraging better resource allocation. Together, the reforms will foster higher investment, productivity, and growth.
Financial Sector Policies
Risks to financial stability are elevated and have risen, warranting continued close monitoring. Trade policy tensions and uncertainty have increased financial market volatility and weighed on investor confidence in recent months. More volatility in asset prices could trigger periodic margin calls, particularly on pension funds’ derivatives. Elevated inflation still poses non-negligible risks for insurers. While household and corporate indebtedness is declining, it remains well above the euro area average. In real estate, developments in the commercial sector signal reduced risks. However, the residential market shows renewed signs of overheating. Nominal and real house prices, as well as sales, have picked up again, and housing valuations remain among the highest in Europe.
Even so, the financial sector remains resilient to shocks as buffers are ample and commensurate to risks, and the macroprudential policy stance is broadly appropriate. Banking, insurance, and pension fund (PF) fundamentals remain sound. Banks are well capitalized and liquid. Bank profits remain robust and loan delinquencies low, despite a pick-up in corporate bankruptcies, which reflects normalization following phasing out of pandemic support. The countercyclical capital buffer has been maintained at the 2 percent positive neutral rate since May 2024. Other buffers for the largest banks remain in a 0.25‑2 percent CET1-to-risk-weighted-assets ratio range. The insurance sector is profitable and solvent. Funding ratios of occupational PFs have declined as interest rates fell but are rebounding ahead of the system’s transition to defined-contribution schemes and stood comfortably at 120 percent, on average, at end-2025Q1. PFs are resilient to liquidity risks in adverse stress scenarios and can raise cash at short notice if needed from repo or other money markets to meet margin calls on interest derivatives.
Addressing access to homeownership through policies that increase housing supply would allow recalibrating borrower-based macroprudential measures towards minimizing financial risks. Housing market risks continue to be mitigated by structural factors including rising real disposable incomes, the large share of fixed-rate mortgages, and full legal recourse in case of default. The maximum LTV limit was lowered to 100 percent in 2018. Eligibility for, and duration of the mortgage interest deductibility were tightened, and the maximum rate reduced. Mortgage risks are further mitigated by the recent extension of risk-weight floors until November 2026. Efforts to ensure a clear legal basis for supervisory authorities’ regular access to granular transaction and loan-level data for risk monitoring and analysis—to identify pockets of vulnerability as they emerge—should continue. Still, as recommended in the 2024 IMF Financial Stability Assessment Program (FSAP) report, to cool the housing market, maximum LTV limits should be progressively lowered even more, to 90 percent, mortgage interest deductibility gradually removed, and borrowers further incentivized to lower exposures to interest-only mortgages. A significant increase in housing supply is needed to boost housing affordability, facilitate broad access to the property ladder, and to reduce banking and insurance risks from residential mortgage exposures. This will require reconsideration of the roles of housing associations and private investors, revisiting rent controls, revising land-use policies and streamlining building regulations.
The pension reform will strengthen PFs financial sustainability, and offers an opportunity to improve intergenerational fairness, and rebalance portfolios. Most defined-benefit schemes (DBs) have faced financial pressure since 2008. Many have struggled to index benefits in the low-interest-rate environment, and some were forced to cut benefits. Also, DBs asset allocations do not reflect age-related risk preferences. This has raised concerns about intergenerational fairness. Together, these factors weakened confidence in the system. The transition to defined-contribution schemes will alleviate pressures from ageing on PFs sustainability. It will also allow for portfolio allocations that better align with risk preferences of age cohorts, including more investments in equity, while maintaining a high degree of solidarity and collective risk-sharing. Notably, about 80 percent of plans are expected to combine individual investment accounts with collective investments that bundle assets and distribute returns across individual accounts.
Addressing Growth Bottlenecks
A legally-robust and future-oriented nitrogen strategy is urgently needed. Developers now face permit uncertainty, investors lack confidence, and farmers remain in limbo, as environmental targets slip further out of reach. Recognizing the urgency, the government is developing a strategy that includes shifting from deposition to direct emission measurement and extending the timeline to halve emissions by 5 years. More details on possible measures are paramount. Economic considerations suggest that fees on emitters are the most cost-effective and efficient way to reduce emissions. To avoid tax increases for the average farmer, a system of feebates—where emissions-intensive farming pays fees that fund rebates for lower emission practices—offers a balanced approach. Socially-acceptable solutions and emission reductions have been achieved through a combination of taxation, regulation, subsidies, and science-based guidance.
Plans to relieve electricity grid bottlenecks and ready the grid for the green transition should be accelerated and paired with dynamic pricing. The government’s strategy focuses on expediting high-voltage grid extensions and streamlining permitting. There are plans to guarantee debt issuance by the grid operator of about 4.4 percent of GDP to facilitate grid expansion. However, in the meantime, connection wait-times remain too long. Efforts to manage grid pressures should also include increasing storage capacity and incentivizing energy efficiency of households and industry, while helping the energy-poor adapt. To better manage demand, energy savings could be further incentivized by promoting greater use of dynamic metering and pricing. These are effective in shifting consumption to off-peak periods, help consumers save money, and reduce the need for extra capacity to meet peak demand.
Strengthening Labor and Firm Productivity
Labor market reforms should continue to focus on enhancing human capital. Given the aging population and labor shortages, it is critical to fully utilize the potential of workers across all generations and smaller firms. Reforms should improve educational outcomes and vocational training to address skill shortages and enhance lifelong learning. Recent progress to address labor market duality, such as reducing false self-employment, are welcome. Introducing mandatory disability insurance and strengthening pension arrangements for the self-employed are important measures to be implemented.. Additionally, better integration of workers with a migratory background would be facilitated by stepped-up language training, job search support, and recognition of qualifications acquired abroad.
Policies to support firm productivityshould address several key areas. First, business dynamism should be promoted by reducing entry/exit barriers to enhance firm-level allocative efficiency. Second, productivity-enhancing investment should be increased by improving the investment climate and addressing growth bottlenecks, advancing digitalization, and encouraging R&D. Third, productivity spillovers should be fostered by investments with large spillover effects (e.g., research parks and networks) to build connections among firms, research institutions, and regions. Fourth, efforts are needed to support firms to grow from start-ups to scale-ups and beyond. Plans to equalize tax treatment of stock options for small firms are welcome and should be expanded to include eliminating the reduced profit tax rate for SMEs as well as providing a menu of financing options along a firm’s development stages.
Domestic Capital MarketReforms
Capital market reforms would help expand SME financing by improving valuations, stimulating investor demand for both equity and debt instruments, and simplifying debt issuances.
Improving valuations—thereby increasing the amount of capital firms can raise when they issue stocks or bonds—will require increasing the size and liquidity of secondary markets. This should be combined with measures to narrow information gaps, such as easing investor benchmarking, to help reduce investor risk, and with reforming the Bankruptcy Act and securities laws to help investors shorten the settlement cycle for transferable securities and reallocate capital from failed startups more quickly. The authorities should also continue to push forward EU-level reforms, as integration into a larger, EU-wide capital market would also improve liquidity, and hence valuations.
Increasing PFs’ and insurers’ investments in domestic venture capital and other equity funds would also increase equity market size and raise valuations. The pension reform offers such an opportunity. Higher pension investment, including from abroad, in domestic equity may also be supported at the EU level by revised legal and supervisory requirements for pan-European private pension products that allow for more venture capital investment.
Standardizing and simplifying procedures for smaller-denomination corporate debt securities issuance, lowering the minimum denomination, making pricing more transparent, and leveraging online platforms and other dealer markets would help increase retail investor participation and make more debt capital available to firms.
Managing the Green Transition
To meet national and European climate goals, stronger policies will be needed, including to reduce uncertainty and build public support. The current policy settings are projected to fall short of the 2030 goals. Clear and consistent policies are required to provide investment certainty for the private sector. The EU climate agenda—including introduction of CBAM and phasing out of free ETS allowances and expansion of ETS coverage—will facilitate progress. These measures may impact purchasing power. Lower-income households may struggle to adapt even though the burdens of ETS reforms across different income groups are estimated to be uniform relative to consumption. To manage these challenges, implementing compensatory funds and other targeted fiscal tools can help balance policy trade-offs and enhance public support.
Recalibrating transport policies can prevent a decline in fiscal revenues and address congestion, while meeting climate targets and managing electricity demand. By 2035, revenue from transport is projected to decline by 0.5 percent of GDP, while electricity demand could rise by 20 percent with electrification of the vehicle fleet. These challenges would be best addressed with congestion pricing in urban areas and distance-based charges.
Supporting EU Reforms
The authorities should continue to push for rapid implementation of EU-wide reforms, including as the Netherlands stands to gain from these initiatives. With its mature markets, enhancing EU-wide competition by cutting intra-EU trade barriers would complement national efforts to boost business dynamism and productivity. EU-level actions to foster intra-EU labor mobility—recognition of professional qualifications, pension portability—are complementary to addressing labor and skill shortages at home. A European Savings and Investment Union (SIU) would broaden investment opportunities for Dutch savers and allow Dutch firms to more easily tap a wider pool of European savings. Finally, completing the EU energy market would ensure better connectivity and energy security, lower prices, and also lower investment needs to match increasing demand.
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The IMF team thanks the authorities and other counterparts for the constructive policy dialogue and productive collaboration.