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Category: Economy

  • MIL-OSI: Oyster Solutions Unveils Expansive Product Updates

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., May 08, 2025 (GLOBE NEWSWIRE) — Oyster Solutions, the industry’s premier provider of governance, risk and compliance technology, revealed a rich set of new features and capabilities to its already robust operating system. With Oyster Solutions, financial services professionals can maximize their productivity, mitigate risk, and deliver exceptional service—all within Oyster Solutions’ centralized platform trusted by industry professionals.

    Click to watch a demo

    “This year, we have focused on helping organizations align around policies and procedures throughout our platform,” said Buddy Doyle, CEO and Founder of Oyster Solutions. “By creating more integration opportunities, trade reporting components, and dynamic reporting for broker-dealers and Registered Investment Advisors, our software provides the tools they need to save time, mitigate risk, and run a healthy, thriving firm. Each update is rooted in the desire to improve firms’ value and make Oyster Solutions work harder for them across one versatile platform.”

    Expanded Integrations and Connectivity

    Oyster Solutions now supports a broader range of data feed integrations, API connections, and bi-directional synchronization—providing financial services firms with a more connected and responsive platform. These expanded capabilities allow client data, trade activity, and compliance tasks to seamlessly flow between Oyster Solutions and other key business systems. Firms can centralize more operations, reduce manual processes, and ensure that data is accurate and always up to date—empowering teams to work more efficiently across functions.

    Trade Surveillance and Supervision

    Oyster Solutions’ Monitor module is specifically designed for requirements intrinsic to regulatory supervision and surveillance demands. Compliance and Trade Desk teams can leverage Oyster Solutions to compare client and household activity, profile and investment holdings to employee information and then identify conflicts of interest, compliance parameters and risk tolerance.

    The Oyster Solutions Monitor module can customize alerts tailored to specific risk parameters, enabling proactive identification and mitigation of potential compliance breaches. Tailored alerts mean fewer false positives, saving time spent running down issues. Trade exceptions are segmented and presented for supervision review, saving time and effort while reducing errors. Oyster Solutions allows supervisors to easily see patterns and context. Now, Oyster Solutions utilizes 75 alerts, including alerts related to Reg BI and AML.

    Oyster Solutions integrates data from multiple clearing firms and direct business, allowing users to quickly find conflicts of interest and other potential trade issues.

    This suite of features is designed to meet the needs of broker-dealers and investment advisors across the United States. It also allows Compliance and Operations professionals within larger firms that have multiple products and business lines to work seamlessly on a centralized, cloud-based platform.

    Regulation Best Interest Compliance

    The Oyster Solutions Fund Analyzer module provides a central location for analysis and documentation of compliance with FINRA’s Regulation Best Interest (Reg BI). Using MorningStar Data, Oyster Solutions compares fees and expenses, account types and returns of funds. The Oyster Solutions comprehensive platform identifies and documents the lowest cost share class that meets the selection criteria.

    With the Oyster Solutions portfolio fund analyzer pre-trade tool, advisers and reps can identify the lowest cost share class option and reasonably available alternatives when purchasing mutual funds. The Selection Wizard helps reps identify funds by multiple factors, including objective, equity sector, fixed income type, risk and maturity. The Selection Wizard then uses the client’s time horizon, portfolio holdings, and account type to find the appropriate share class when displaying the prioritized results of your search.

    Simplified Governance and Planning

    In addition to these areas of innovation and expansion, Oyster Solutions has also unveiled a series of powerful updates to its core products and features, providing organizational alignment around rules, regulations and risk.

    Governance

    GRC tools allow firms to manage and integrate policies, assess risk, enforce procedures, control user access and streamline processes. The Oyster Solutions Governance Module helps financial services firms define and quantify risk, match risks to controls, and monitor processes. Oyster Solutions keeps business and controls balanced while meeting regulatory requirements. Role-based permissions allow for visibility by user responsibility, assigned tasks, and supervision to guarantee efficient compliance program management.

    Oyster Solutions’ powerful integration tools bring firm policies, requirements, procedural steps, documentation and reporting together. New, dynamic risk reports and graphics allow firm leaders to present them in a concise, easy-to-understand format, increasing adoption while mitigating risk. 

    Automated Workflows & Calendar

    Financial services professionals can eliminate spreadsheets and multiple calendars to coordinate people and assignments. With the platform’s enhanced, automated calendar, you can schedule workflows, notify users of tasks and guide employees step-by-step through the process. 

    Now, firms can choose from our additional 130 ready-to-use compliance workflows. To date, Oyster Solutions clients have implemented thousands of workflows, allowing their users and supervisors to efficiently and effectively perform their tasks. Implementation is quick and easy with templates for common workflows that include Marketing Review, and attestations. You have visibility into each automated action that will occur, giving you control and peace of mind.

    Even with limited compliance experience or a small budget, broker-dealers and registered investment advisors can grow their impact by leveraging Oyster Solutions’ automation and integration.

    Documentation

    Centralized, WORM-compliant documentation allows compliance officers to easily find and retrieve documents, audit logs, test results and attestations.

    Questionnaires

    With Oyster Solutions, financial services professionals create and share questionnaires for documentation of attestations, certifications and to monitor Outside Business Activities. Responses are effortlessly mapped and stored in a centralized location for easy retrieval. With built-in review and approval features, the document automation process is simplified for users and supervisors. Oyster Solutions questionnaires minimize the back-and-forth correspondence when gathering information, creating a seamless process.

    About Oyster Solutions

    Oyster Solutions is transforming the compliance experience for broker-dealers, Registered Investment Advisors and exchanges by creating the industry’s leading GRC technologies for financial services firms—to keep firms and their clients better protected. Firms of all sizes use Oyster Solutions to manage firm operations, streamline compliance tasks, automate attestations and certifications, and improve trade surveillance and supervision. Oyster Solutions and Oyster Consulting LLC are subsidiaries to Oyster Holdings Ltd. Learn more at oysterconsultingllc.com.

    Contact:

    Buddy Doyle CEO
    communications@oysterllc.com 
    804.965.5400

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c94746a2-07df-4825-9cf5-4b7218b7cb54

    The MIL Network –

  • MIL-OSI: CLEAR Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Clear Secure, Inc. (NYSE: YOU), the secure identity platform, has posted a shareholder letter containing its 2025 first quarter financial results on its Investor Relations website at https://ir.clearme.com.

    CLEAR will host a conference call to discuss those results at 8:00 AM (ET) today. Investors and analysts can access the live teleconference call by dialing toll-free 888-645-4404 for U.S. participants and +1-862-298-0702 for international participants. Listeners can access the live webcast HERE. A webcast replay will be available after the event on the investor relations website at https://ir.clearme.com.

    About CLEAR
    CLEAR’s mission is to strengthen security and create frictionless experiences. With over 31 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

    Media Contact
    CLEAR
    media@clearme.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Katapult to Announce First Quarter 2025 Financial Results on May 15, 2025

    Source: GlobeNewswire (MIL-OSI)

    PLANO, Texas, May 08, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (NASDAQ: KPLT), an e-commerce-focused financial technology company, today announced it will release its first quarter 2025 financial results before the market opens on Thursday, May 15, 2025. The company will host a conference call and webcast to discuss these results at 8:00 AM ET that same day.

    A live audio webcast of the conference call will be available on the Katapult Investor Relations website at http://ir.katapultholdings.com/. A replay will be available on the investor relations website following the call.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omni-channel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay™, consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    For more information, visit www.katapult.com.

    Contact:

    Jennifer Kull
    VP of Investor Relations
    IR@katapult.com

    The MIL Network –

  • MIL-OSI: Cenovus announces first-quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its first-quarter 2025 financial and operating results. The company generated more than $1.3 billion in cash from operating activities, $2.2 billion of adjusted funds flow and $983 million of free funds flow. Operating results in the quarter were strong, with Upstream production increasing to 818,900 barrels of oil equivalent per day (BOE/d)1 while Downstream crude throughput was 665,400 barrels per day (bbls/d), representing an overall utilization rate of 92%.

    The Board of Directors has approved an 11% increase in the base dividend to $0.80 per share annually, beginning in the second quarter of 2025. Consistent with Cenovus’s financial framework, the base dividend is underpinned by our growth plan and resilience at a US$45 WTI oil price.

    Highlights

    • Upstream production of 818,900 BOE/d, maintaining near-record performance and exceeding the previous quarter.
    • Continued momentum in Downstream performance, including record utilization of 104% in Canadian Refining, with 90% utilization and adjusted market capture2,3 of 62% in U.S. Refining.
    • Returned $595 million to shareholders, including $62 million through share purchases, $333 million through common and preferred share dividends, and $200 million through the redemption of Cenovus’s Series 5 preferred shares on March 31, 2025. The company subsequently purchased 10.9 million common shares for $178 million between April 1 and May 5, 2025.
    • Progressed all Upstream growth projects as planned, including introduction of steam to the first two well pads at Narrows Lake with first oil expected early in the third quarter, as well as completing preparations for tow-out of the concrete gravity structure (CGS) and the topsides for the West White Rose project.

    “We delivered strong operational performance across our integrated portfolio, while significantly progressing our major growth projects toward completion,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Combined with our commitment to financial discipline and cost control, we are well positioned to effectively navigate market volatility and continue to grow shareholder returns.”

    Financial summary

    ($ millions, except per share amounts) 2025 Q1 2024 Q4 2024 Q1
    Cash from (used in) operating activities 1,315 2,029 1,925
    Adjusted funds flow2 2,212 1,601 2,242
    Per share (diluted)2 1.21 0.87 1.19
    Capital investment 1,229 1,478 1,036
    Free funds flow2 983 123 1,206
    Excess free funds flow2 373 (416) 832
    Net earnings (loss) 859 146 1,176
    Per share (diluted) 0.47 0.07 0.62
    Long-term debt, including current portion 7,524 7,534 7,227
    Net debt 5,079 4,614 4,827


    Production and throughput

    (before royalties, net to Cenovus) 2025 Q1 2024 Q4 2024 Q1
    Oil and NGLs (bbls/d)1 670,900 670,600 658,200
    Conventional natural gas (MMcf/d) 887.9 873.3 855.8
    Total upstream production (BOE/d)1 818,900 816,000 800,900
    Total downstream crude throughput (bbls/d) 665,400 666,700 655,200

    1See Advisory for production by product type.

    2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    3Adjusted Market Capture excludes the impact of inventory holding gains or losses. See Advisory for more details.


    First-quarter results

    Operating1

    Cenovus’s total revenues were $13.3 billion in the first quarter, up from $12.8 billion in the fourth quarter of 2024, primarily due to rising commodity prices. Upstream revenues were $8.3 billion, an increase from $7.3 billion in the previous quarter, while Downstream revenues were $7.7 billion compared with $7.8 billion in the prior quarter.

    Total operating margin4 was $2.8 billion, compared with $2.3 billion in the previous quarter. Upstream operating margin5 was $3.0 billion, an increase from $2.7 billion in the fourth quarter due to higher benchmark oil prices and favourable timing differences between production and sales. The company had a Downstream operating margin5 shortfall of $237 million compared with a shortfall of $396 million in the previous quarter, as adjusted market capture6 in U.S. Refining improved to 62%. Operating margin in the U.S. Refining segment included a $23 million inventory holding loss and $81 million of turnaround expenses.

    Total Upstream production was 818,900 BOE/d in the first quarter, up from 816,000 BOE/d in the fourth quarter. Christina Lake production was 237,800 bbls/d, compared with 251,400 bbls/d in the prior quarter, having benefited from higher production rates following its fall turnaround. Foster Creek production was 202,700 bbls/d compared with 195,200 bbls/d in the fourth quarter, reflecting a successful well optimization program and two new sustaining well pads being brought online. Sunrise production was 52,100 bbls/d compared with 53,100 bbls/d in the fourth quarter. Production from the Lloydminster thermal assets increased to 109,900 bbls/d from 108,900 bbls/d in the prior quarter, while Lloydminster conventional heavy oil output rose to 21,800 bbls/d from 18,000 bbls/d in the fourth quarter. Production in the Conventional segment was 123,900 BOE/d, up from 117,800 BOE/d in the previous quarter.

    In the Offshore segment, production was 68,800 BOE/d compared with 69,700 BOE/d in the fourth quarter. In Asia Pacific, production volumes were 57,200 BOE/d, lower than 62,200 BOE/d in the previous quarter, primarily due to timing of condensate lifting in Indonesia in the first quarter. In the Atlantic region, production was 11,600 bbls/d, an increase from 7,500 bbls/d in the prior quarter, due to increased output at the partner-operated Terra Nova field and the return to operations of the SeaRose floating production, storage and offloading (FPSO) vessel in the White Rose field.

    Total Downstream crude throughput in the first quarter was 665,400 bbls/d, in line with fourth quarter throughput of 666,700 bbls/d. Crude throughput in Canadian Refining was 111,900 bbls/d, representing a record utilization rate of 104%, compared with 104,400 bbls/d in the previous quarter.

    In U.S. Refining, crude throughput was 553,500 bbls/d, representing a utilization rate of 90%, compared with 562,300 bbls/d in the fourth quarter. U.S. Refining revenues were $6.4 billion, slightly lower than $6.6 billion in the previous quarter. Adjusted market capture6 in the U.S. was 62%, compared with 52% in the fourth quarter, benefiting from improved process unit reliability and the return of the Lima Refinery to full operations following a turnaround completed in the fourth quarter of 2024, while continuing to be impacted by a narrow heavy oil price differential.

    4Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    5Specified financial measure. See Advisory.
    6Contains a non-GAAP financial measure. See Advisory.


    Financial

    Cash from operating activities in the first quarter was $1.3 billion, compared with $2.0 billion in the fourth quarter. Adjusted funds flow was $2.2 billion, compared with $1.6 billion in the prior quarter, and excess free funds flow (EFFF) was $373 million, compared with a shortfall of $416 million in the fourth quarter. Net earnings in the first quarter were $859 million, compared with $146 million in the previous quarter. First-quarter financial results improved in part due to higher benchmark prices, higher Upstream sales volumes and improved Downstream market capture relative to the fourth quarter.

    Long-term debt, including the current portion, was $7.5 billion as at March 31, 2025. Net debt increased from December 31, 2024 to $5.1 billion as at March 31, 2025, as free funds flow of $983 million was more than offset by returns to shareholders of $595 million, including the redemption of $200 million of Cenovus’s Series 5 preferred shares on March 31, 2025, and a $861 million build of non-cash working capital. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time in accordance with its financial framework.

    In the first quarter of 2025, the company received a rating upgrade from Moody’s to Baa1 with a stable outlook. Cenovus remains committed to maintaining its investment grade credit ratings at S&P Global Ratings, Moody’s, Morningstar DBRS and Fitch Ratings.

    Growth projects

    In the Oil Sands segment, steaming of the first two well pads in the Narrows Lake field began in late April. The project remains on track for first oil early in the third quarter of 2025, as planned. At Sunrise, one well pad was brought online in April as the company continues to progress the facility’s growth plan to access higher-quality resource and fully utilize the asset’s steam capacity. The optimization project at Foster Creek is now approximately 75% complete and remains on schedule for startup in 2026. Preparations are being made to complete critical project tie-ins during the Foster Creek turnaround in the second quarter of 2025.

    The West White Rose project continues to progress toward installation and commissioning of the offshore platform later this year. Preparations are underway to tow the CGS to its field location in the second quarter, where it will be mated with the topsides in the third quarter. The West White Rose project is now approximately 90% complete and remains on-schedule for first oil in the second quarter of 2026.

    “These oil sands growth projects access some of the best resources in our portfolio,” McKenzie said. “At both Narrows Lake and Sunrise, we’re moving into new higher-quality development areas, which will drive lower steam-to-oil ratios and increased production without adding any new steam capacity and at a low capital cost. Once the West White Rose project is operating, we’ll be adding around 45,000 bbls/d of light sweet oil production tied to global pricing, generating significant free cash flow.”

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on June 30, 2025, to shareholders of record as of June 13, 2025.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2 and Series 7 – payable on June 30, 2025, to shareholders of record as of June 13, 2025, as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 4.568 0.28472
    Series 7 3.935 0.24594

    All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

    In the first quarter, the company returned $595 million to shareholders, composed of $62 million from its purchase of 3 million shares through its normal course issuer bid (NCIB), $333 million through common and preferred share dividends and $200 million through the redemption of Cenovus’s Series 5 preferred shares. Subsequent to the quarter, the company purchased 10.9 million common shares through May 5, 2025 for $178 million.

    2025 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

    Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

    (MBOE/d or Mbbls/d) Q2 Q3 Q4 Annualized impact
    Upstream
    Oil Sands 30 – 40 5 – 7 – 10 – 12
    Offshore – 4 – 6 – 1 – 2
    Conventional – – – –
    Downstream
    Canadian Refining – – – –
    U.S. Refining 35 – 45 2 – 4 6 – 10 13 – 17


    Potential turnaround expenses

    ($ millions) Q2 Q3 Q4 Annualized impact
    Downstream
    Canadian Refining – – – –
    U.S. Refining 240 – 295 80 – 95 40 – 50 440 – 520

    Conference call today

    Cenovus will host a conference call today, May 8, 2025, starting at 9 a.m. MT (11 a.m. ET).

    For analysts wanting to join the call, please register in advance at Conference call registration.

    To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    An audio webcast will also be available and archived for approximately 30 days.

    Cenovus will also host its Annual Meeting of Shareholders today, May 8, 2025, in a virtual format beginning at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is available under Shareholder information in the Investors section of cenovus.com.

    Advisory

    Basis of Presentation

    Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

    Barrels of Oil Equivalent

    Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

    Product types

    Product type by operating segment Three months ended
    March 31, 2025
    Oil Sands
    Bitumen (Mbbls/d) 602.5
    Heavy crude oil (Mbbls/d) 21.8
    Conventional natural gas (MMcf/d) 11.4
    Total Oil Sands segment production (MBOE/d) 626.2
    Conventional
    Light crude oil (Mbbls/d) 5.2
    Natural gas liquids (Mbbls/d) 20.5
    Conventional natural gas (MMcf/d) 589.3
    Total Conventional segment production (MBOE/d) 123.9
    Offshore
    Light crude oil (Mbbls/d) 11.6
    Natural gas liquids (Mbbls/d) 9.3
    Conventional natural gas (MMcf/d) 287.2
    Total Offshore segment production (MBOE/d) 68.8
    Total Upstream production (MBOE/d) 818.9


    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “drive”, “plan”, “position”, “progress”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt; returning Excess Free Funds Flow to shareholders; navigating market volatility and growing shareholder returns; financial discipline and cost control; growth plans and projects; delivering long-term shareholder value; production guidance; the optimization project and turnaround at Foster Creek; timing of first oil at Narrows Lake; timing of well pads and first oil at Sunrise; the installation and commissioning of, and timing of first oil from, the West White Rose project; free cash flow; 2025 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2025 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and March 31, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended March 31, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

    Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

    Total Operating Margin

    Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

      Upstream (7) Downstream (7) Total
    ($ millions) Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024
    Revenues
    Gross Sales 9,252 8,240 7,864 7,705 7,837 8,233 16,957 16,077 16,097
    Less: Royalties (906) (914) (747) — — — (906) (914) (747)
      8,346 7,326 7,117 7,705 7,837 8,233 16,051 15,163 15,350
    Expenses
    Purchased Product 1,167 1,000 771 7,082 7,364 6,885 8,249 8,364 7,656
    Transportation and Blending 3,247 2,816 2,811 — — — 3,247 2,816 2,811
    Operating 893 842 898 854 866 787 1,747 1,708 1,685
    Realized (Gain) Loss on Risk Management (9) (2) 6 6 3 1 (3) 1 7
    Operating Margin 3,048 2,670 2,631 (237) (396) 560 2,811 2,274 3,191

    7Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements. Revenues and purchased product for Q1 2024 Downstream operations were revised. See Note 21 of our March 31, 2025, interim Consolidated Financial Statements.


    Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

    The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

      Three Months Ended
    ($ millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Cash From (Used in) Operating Activities (8) 1,315 2,029 1,925
    (Add) Deduct:      
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Net Change in Non-Cash Working Capital (861) 492 (269)
    Adjusted Funds Flow 2,212 1,601 2,242
    Capital Investment 1,229 1,478 1,036
    Free Funds Flow 983 123 1,206
    Add (Deduct):      
    Base Dividends Paid on Common Shares (327) (330) (262)
    Purchase of Common Shares under Employee Benefit Plan (58) (43) —
    Dividends Paid on Preferred Shares (6) (18) (9)
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Principal Repayment of Leases (83) (80) (70)
    Acquisitions, Net of Cash Acquired (100) (3) (10)
    Proceeds From Divestitures — (1) 25
    Excess Free Funds Flow 373 (416) 832

    8Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Adjusted Market Capture

    Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

    The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

    ($ millions) Three months ended
    March 31, 2025    		 Three months ended
    December 31, 2024
    Revenues (9) 6,423 6,574
    Purchased Product (9) 6,006 6,296
    Gross Margin 417 278
    Inventory Holding (Gain) Loss 23 45
    Adjusted Gross Margin 440 323
    Total Processed Inputs (Mbbls/d) 581.0 588.4
    Adjusted Gross Margin ($/bbl) 8.41 5.98
    Operable Capacity (Mbbls/d) 612.3 612.3
    Operable Capacity by Regional Benchmark (percent)
    Chicago 3-2-1 Crack Spread Weighting 81 81
    Group 3 3-2-1 Crack Spread Weighting 19 19
    Benchmark Prices and Exchange Rate
    Chicago 3-2-1 Crack Spread (US$/bbl) 13.68 12.12
    Group 3 3-2-1 Crack Spread (US$/bbl) 16.48 12.66
    RINs (US$/bbl) 4.76 4.02
    US$ per C$1 – Average 0.697 0.715
    Weighted Average Crack Spread, Net of RINs ($/bbl) 13.58 11.47
    Adjusted Market Capture (percent) 62 52

    9Found in Note 1 of the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts

    Investors
    Investor Relations general line
    403-766-7711

    Media
    Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Enerflex Ltd. Announces First Quarter 2025 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    ADJUSTED EBITDA OF $113 MILLION AND FREE CASH FLOW OF $85 MILLION

    EI CONTRACT BACKLOG AND ES BACKLOG OF $1.5 BILLION AND $1.2 BILLION, RESPECTIVELY, PROVIDING SOLID OPERATIONAL VISIBILITY

    REDUCED BANK ADJUSTED NET DEBT-TO-EBITDA RATIO TO 1.3x1 AT THE END OF Q1/25

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three months ended March 31, 2025.

    All amounts presented are in U.S. Dollars unless otherwise stated.

    Q1/25 FINANCIAL AND OPERATIONAL OVERVIEW

    • Generated revenue of $552 million compared to $638 million in Q1/24 and $561 million in Q4/24.
      • Lower revenue compared with the prior year is primarily attributed to upfront revenue recognized in the Energy Infrastructure (“EI”) product line in Q1/24 on the extension and modification of an existing EI contract previously accounted for as an operating lease in the Eastern Hemisphere (“EH”) region.
    • Recorded gross margin before depreciation and amortization of $161 million, or 29% of revenue, compared to $119 million, or 19% of revenue in Q1/24 and $174 million, or 31% of revenue during Q4/24.
      • EI and After-Market Services (“AMS”) product lines generated 70% of consolidated gross margin before depreciation and amortization during Q1/25.
      • Engineered Systems (“ES”) gross margin before depreciation and amortization increased to 18% in Q1/25 compared to 5% in Q1/24 primarily due to costs recognized in Q1/24 related to an international ES project. ES gross margin before depreciation and amortization decreased compared to Q4/24 due to product mix.
    • Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $113 million compared to $69 million in Q1/24 and $121 million during Q4/24. The year-over-year increase in adjusted EBITDA was primarily due to costs recognized related to an international ES project in Q1/24.
    • SG&A was $57 million for the three months ended March 31, 2025, a decrease of $21 million from the same period in 2024, primarily due to decreased share-based compensation resulting from mark-to-market volatility on share prices in the first quarter of 2025, and lower costs and improved efficiencies, partially offset by executive transition costs.
    • Cash provided by operating activities was $96 million, which included net working capital recovery of $34 million. This compares to cash provided by operating activities of $101 million in Q1/24 and $113 million in Q4/24. Free cash flow increased to $85 million in Q1/25 compared to $72 million during Q1/24 and $76 million during Q4/24 primarily due to lower maintenance capital spend.
    • Return on capital employed (“ROCE”)2 increased to 14.2% in Q1/25 compared to 0.6% in Q1/24 and 10.3% in Q4/24. ROCE benefitted from an increase in trailing 12-month EBIT and lower average capital employed, predominantly due to a decline in net debt.
    • Invested $33 million in the business, consisting of $14 million in capital expenditures ($6 million for growth) and $19 million for expansion of an EI project in the EH region that will be accounted for as a finance lease.
    • Enerflex recorded ES bookings of $205 million during Q1/25, compared to $420 million during the same period of 2024. First quarter bookings were impacted by accelerated customer activity in the latter part of the fourth quarter of 2024, predominantly in the North America (“NAM”) segment, which resulted in select orders being pulled forward, and customers pausing some decisions on expenditures due to commodity price volatility and evolving market conditions. The Company continues to closely monitor activity levels and will adjust its business as appropriate. Enerflex’s backlog remains healthy at $1.2 billion at March 31, 2025.
    • Enerflex’s U.S. contract compression business continues to perform well, led by increasing natural gas production in the Permian.
      • This business generated revenue of $36 million and gross margin before depreciation and amortization of 72% during Q1/25 compared to $36 million and 75% in Q1/24 and $36 million and 78% during Q4/24.
      • Utilization remained stable at 94% across a fleet size of approximately 448,000 horsepower. Enerflex expects its North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025.
    • The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

    BALANCE SHEET AND LIQUIDITY

    • Enerflex exited Q1/25 with net debt of $564 million, which included $75 million of cash and cash equivalents, a reduction of $179 million compared to Q1/24 and $52 million lower than the fourth quarter of 2024.
    • Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 1.3x at the end of Q1/25, down from 2.2x at the end of Q1/24 and 1.5x at the end of Q4/24.

    MANAGEMENT COMMENTARY

    Preet S. Dhindsa, Enerflex’s President & Chief Executive Officer (Interim), stated: “We are pleased to report another strong quarter of financial and operational results. Our Energy Infrastructure and After-Market Services business lines continue to deliver steady performance and reinforce Enerflex’s ability to generate sustainable returns across our global platform. Visibility for the ES product line remains solid, with backlog exiting Q1/25 at $1.2 billion, although we continue to closely monitor evolving market conditions and will adjust this business as appropriate. Despite increasing near-term risk and uncertainty, the fundamental drivers behind our business remain intact, namely global energy security and the shift toward low-emissions natural gas. Each of our business lines are delivering solid results and we believe all are well positioned to benefit from these fundamental drivers.”

    Joe Ladouceur, Enerflex’s Chief Financial Officer (Interim), stated, “Enerflex repaid an additional $74 million of debt during Q1/25 and reduced our leverage ratio to 1.3 times, reflective of strong operational execution and disciplined capital allocation. Our priorities are generating sustainable free cash flow, solidifying our balance sheet health, and positioning the Company for long-term growth and value creation. We’re sharpening our focus on boosting profitability, strengthening the resilience of our core operations, and ensuring Enerflex generates sustained, attractive returns for shareholders.”

    SUMMARY RESULTS

        Three months ended March 31,  
    ($ millions, except percentages)   2025     2024  
    Revenue   $ 552     $ 638  
    Gross margin     128       87  
    Gross margin as a percentage of revenue     23.2 %     13.6 %
    Selling, general and administrative expenses (“SG&A”)     57       78  
    Foreign exchange loss     –       1  
    Operating income     71       8  
    EBITDA1     105       47  
    EBIT1     66       3  
    EBT1     43       (23 )
    Net earnings (loss)     24       (18 )
    Long-term debt     639       853  
    Net debt2     564       743  
    Cash provided by operating activities     96       101  
                 
    Key Financial Performance Indicators (“KPIs”)            
    ES bookings3   $ 205     $ 420  
    ES backlog3     1,206       1,266  
    EI contract backlog4     1,497       1,639  
    Gross margin before depreciation and amortization (“Gross margin before D&A”)5     161       119  
    Gross margin before D&A as a percentage of revenue5     29.2 %     18.7 %
    Adjusted EBITDA6     113       69  
    Free cash flow7     85       72  
    Bank-adjusted net debt to EBITDA ratio7   1.3x     2.2x  
    Return on capital employed (“ROCE”)7,8     14.2 %     0.6 %

    1EBITDA is defined as earnings before finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before finance costs and income taxes. EBT is defined as earnings before taxes.
    2Net debt is defined as total long-term debt less cash and cash equivalent as presented in the Financial Statements.
    3Refer to the “ES Bookings and Backlog” section of the MD&A for further details.
    4Refer to the “EI Contract Backlog” section of the MD&A for further details.
    5Refer to the “Gross Margin by Product line” section of the MD&A for further details.
    6Refer to the “Adjusted EBITDA” section of the MD&A for further details.
    7Refer to the “Non-IFRS Measures” section of the MD&A for further details.
    8Determined by using the trailing 12-month period.

    Enerflex’s interim consolidated financial statements and notes (the “financial statements”) and Management’s Discussion and Analysis (“MD&A”) as at March 31, 2025, can be accessed on the Company’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    OUTLOOK

    Industry Update

    Enerflex continues to expect operating results to be underpinned by the highly contracted EI product line and the recurring nature of AMS, which together are expected to account for approximately 65% of gross margin before depreciation and amortization during 2025. The EI product line is supported by customer contracts expected to generate approximately $1.5 billion of revenue over their remaining terms.

    Visibility for the ES product line remains solid, with a backlog of approximately $1.2 billion as at March 31, 2025, the majority of which is expected to convert into revenue over the next 12 months. During 2025, ES gross margins are expected to align more closely with historical averages, reflecting both weaker domestic natural gas prices through much of 2024 and a shift in project mix.

    While near-term ES revenue is expected to remain steady, Enerflex continues to closely monitor evolving market conditions and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices, and will adjust its business as appropriate. The Company expects to be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts. Enerflex’s operations in the USA, Canada and Mexico are largely distinct in the client partners and projects they serve. USA is Enerflex’s largest operating region, generating 45% of consolidated revenue on a trailing-twelve month basis by destination of sale, and we believe the Company is well positioned to benefit from growth in domestic energy production. Enerflex’s operations in Canada and Mexico generated 11% and 3% of consolidated revenue on a trailing twelve-month basis, respectively.

    Despite increased near-term risk and uncertainty for the ES product line, recent domestic natural gas prices have been constructive, and the medium-term outlook for ES products and services remains attractive, supported by anticipated growth in natural gas and produced water volumes across Enerflex’s global footprint.

    Capital Spending

    Enerflex continues to target a disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. This includes a total of approximately $70 million for maintenance and property, plant and equipment (“PP&E”) capital expenditures and growth spending of $40 million to $60 million. Disciplined capital spending will focus on customer supported opportunities primarily in the USA. Notably, the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants. Enerflex will continue to make selective customer supported growth investments in this business.

    Capital Allocation

    Providing meaningful direct shareholder returns is a priority for Enerflex, reflected through the 50% increase of the Company’s third quarter 2024 dividend, and implementation of the Normal Course Issuer Bid (“NCIB”).

    The NCIB commenced on April 1, 2025 and will terminate no later than March 31, 2026. Under the NCIB, the Company is authorized to acquire up to a maximum of 6,159,695 Common Shares or approximately 5% of its public float as at the application date, for cancellation. During the month of April 2025, Enerflex repurchased 690,500 Common Shares at an average price of CAD$10.15 per share.

    Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex’s ability to maintain balance sheet strength. In addition to increases in the Company’s dividend, share repurchases, and disciplined growth capital spending, Enerflex will also consider further debt reduction to strengthen its balance sheet and lower net finance costs. Unlocking greater financial flexibility positions the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack.

    DIVIDEND DECLARATION

    Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

    CONFERENCE CALL AND WEBCAST DETAILS

    Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, May 8, 2025 at 8:00 a.m. (MDT), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

    To participate, register at https://register-conf.media-server.com/register/BIbf48293aea6d4b518127ab7e050c6058. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/oqas9bdk.

    NON-IFRS MEASURES

    Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. Refer to “Non-IFRS Measures” of Enerflex’s MD&A for the three months ended March 31, 2025, for information which is incorporated by reference into this news release and can be accessed on Enerflex’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    ADJUSTED EBITDA

        Three months ended March 31, 2025  
    ($ millions)   NAM     LATAM     EH     Total  
    Net earnings1                     $ 24  
    Income taxes1                       19  
    Net finance costs1,2                       23  
    EBIT3   $ 38     $ 19     $ 12     $ 66  
    Depreciation and Amortization     16       11       12       39  
    EBITDA   $ 54     $ 30     $ 24     $ 105  
    Share-based compensation     (2 )     (1 )     –       (3 )
    Impact of finance leases                        
    Principal payments received     –       –       8       8  
    Loss on redemption options3                       3  
    Adjusted EBITDA   $ 52     $ 29     $ 32     $ 113  

    1The Company included net earnings (loss), income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
    3EBIT includes $3 million loss on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

        Three months ended March 31, 2024  
    ($ millions)   NAM     LATAM     EH     Total  
    Net loss1                     $ (18 )
    Income taxes1                       (5 )
    Net finance costs1,2                       26  
    EBIT   $ 33     $ 5     $ (35 )   $ 3  
    Depreciation and amortization     18       10       16       44  
    EBITDA   $ 51     $ 15     $ (19 )   $ 47  
    Restructuring, transaction and integration costs     3       2       1       6  
    Share-based compensation     3       1       2       6  
    Impact of finance leases                        
    Upfront gain     –       –       (3 )     (3 )
    Principal payments received     –       –       13       13  
    Adjusted EBITDA   $ 57     $ 18     $ (6 )   $ 69  

    1The Company included net earnings (loss), income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.

    FREE CASH FLOW

    The Company defines free cash flow as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for EI assets – operating leases and PP&E, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets – operating leases are added back. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management uses this non-IFRS measure to assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow is also used in calculating the dividend payout ratio.

        Three months ended March 31,  
    ($ millions, except percentages)   2025     2024  
    Cash provided by operating activities before changes in working capital and other1   $ 62     $ 18  
    Net change in working capital and other     34       83  
    Cash provided by operating activities2   $ 96     $ 101  
    Less:            
    Capital expenditures – Maintenance and PP&E     (8 )     (9 )
    Capital expenditures – Growth     (6 )     (8 )
    Mandatory debt repayments     –       (10 )
    Lease payments     (6 )     (4 )
    Add:            
    Proceeds on disposals of PP&E and EI assets – operating leases     9       2  
    Free cash flow   $ 85     $ 72  
    Dividends paid     6       2  
    Dividend payout ratio     7.1 %     2.8 %

    1Enerflex also refers to cash provided by operating activities before changes in working capital and other as “Funds from operations” or “FFO”.
    2Enerflex also refers to cash provided by operating activities as “Cashflow from operations” or “CFO”.

    BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

    The Company defines net debt as short- and long-term debt less cash and cash equivalents at period end, which is then divided by EBITDA for the trailing 12 months. In assessing whether the Company is compliant with the financial covenants related to its debt instruments, certain adjustments are made to net debt and EBITDA to determine Enerflex’s bank-adjusted net debt-to-EBITDA ratio. These adjustments and Enerflex’s bank-adjusted net-debt-to EBITDA ratio are calculated in accordance with, and derived from, the Company’s financing agreements.

    GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

    Gross margin before depreciation and amortization is a non-IFRS measure defined as gross margin excluding the impact of depreciation and amortization. The historical costs of assets may differ if they were acquired through acquisition or constructed, resulting in differing depreciation. Gross margin before depreciation and amortization is useful to present operating performance of the business before the impact of depreciation and amortization that may not be comparable across assets.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “expect”, “future”, “may”, “potential”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

    In particular, this news release includes (without limitation) FLI pertaining to:

    • expectations that the North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025;
    • Enerflex’s ability to generate sustainable free cash flow, solidify its balance sheet health, and position the Company for long-term growth and value creation, and the time required in connection therewith, if at all;
    • disclosures under the heading “Outlook” including:
      • the highly contracted EI product line and the recurring nature of AMS will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization during 2025;
      • customer contracts within Enerflex’s EI product line will generate approximately $1.5 billion of revenue over their remaining terms;
      • a majority of the ES product line backlog of approximately $1.2 billion as at March 31, 2025, will convert into revenue over the next 12 months;
      • ES gross margins are expected to align more closely with historical averages while near term ES revenue will remain steady;
      • expectations that the Company will be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts;
      • in respect of the USA, expectations that the Company is well positioned to benefit from growth in domestic energy production;
      • natural gas and produced water volumes are anticipated to grow across Enerflex’s global footprint, supporting an attractive medium-term outlook for ES products and services;
      • total capital expenditures in 2025 will be $110 million to $130 million which includes approximately $70 million for maintenance and PP&E capital expenditures and growth spending of $40 million to $60 million;
      • capital spending will focus on customer supported opportunities primarily in the USA;
      • the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants;
      • considerations to further reduce debt to strengthen our balance sheet and lower net financing costs and that doing so will position the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack;
    • the ability of Enerflex to continue to pay a sustainable quarterly cash dividend; and
    • using free cash generated to fund other non-operating activities including dividend payments, share repurchases, and non-mandatory debt repayments, if at all.

    FLI reflect management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

    • the ability of the Company to adjust the business as appropriate in response to ES activity levels, evolving market conditions, and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices;
    • market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s global footprint;
    • market conditions, customer activity, and industry fundamentals will support stable demand across Enerflex’s product lines and geographic regions throughout 2025;
    • the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
    • existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
    • the execution of projects within the ES product line will proceed as scheduled and the conversion to revenue will proceed without significant delays or cancellations;
    • no significant unforeseen cost overruns or project delays;
    • market conditions continuing to support the NCIB within the anticipated timeframe; and
    • Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

    As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

    ABOUT ENERFLEX

    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Preet S. Dhindsa
    President and Chief Executive Officer (Interim)
    E-mail: PDhindsa@enerflex.com

    Joe Ladouceur
    Chief Financial Officer (Interim)
    E-mail: JLadouceur@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Capital Markets
    E-mail: JFetterly@enerflex.com

    The MIL Network –

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    Source: GlobeNewswire (MIL-OSI)

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    This offer provides up to a 325% bonus up to CAD 10,800 plus 250 Free Spins across your first four deposits, giving you a significant boost to explore the platform. As a leading anonymous online casino, 7Bit Casino boasts over 7,000 real money games, lightning-fast payouts, and a no-KYC policy that prioritizes player privacy. From the best online pokies to immersive live dealer games and comprehensive sports betting options, 7Bit Casino is the ultimate destination among the best online casinos in Ontario.

    A Comprehensive Review of the Best Online Casinos in Ontario

    The online gambling landscape in Ontario is thriving, with new online casinos launching regularly to compete with industry stalwarts. However, not all platforms deliver the quality, security, and excitement players expect. To identify the best online casinos Ontario has to offer, a team of iGaming specialists conducted an exhaustive review, focusing on key criteria that matter most to players. These include:

    Criteria Description
    License Verifies operation under a reputable regulatory authority.
    Fairness Ensures games are audited for randomness and fairness by independent firms.
    Quality of Games Evaluates the variety, quality, and reputation of game providers.
    Bonuses and Promotions Assesses the generosity, fairness, and transparency of bonus terms.
    Payment Methods Checks speed, variety, and efficiency of deposit and withdrawal options.
    Online Security Confirms robust measures to protect player data and transactions.
    Mobile Experience Reviews usability, performance, and accessibility on mobile devices.
    Sportsbook Quality Evaluate the range, odds, and features of sports betting options.
    KYC Examines the ease and necessity of verification processes.
    Deposit/Withdrawal Limits Assess the flexibility and suitability of financial limits for all players.
    Customer Support Gauge responsiveness, professionalism, and availability of support channels.

    After analyzing dozens of platforms, 7Bit Casino emerged as the clear winner, securing its title as the best online casino in Ontario 2025. Its innovative approach, combining cryptocurrency support, a vast game library, and player-friendly policies, sets it apart from the competition.

    Why 7Bit Casino is the #1 Choice Among the Best Online Casinos in Ontario

    Operated by Dama N.V., a well-respected name in the iGaming industry, 7Bit Casino excels across all evaluation criteria, offering a seamless and rewarding experience that surpasses competitors. Its focus on cryptocurrency, privacy, and entertainment makes it a standout among new online casinos.

    Here’s a detailed breakdown of its strengths:

    1. License

    7Bit Casino operates under a Curacao iGaming License (Curacao eGaming), a globally recognized authority that enforces strict standards for fairness, security, and responsible gaming. Unlike some competitors with less reputable licenses, such as those from lesser-known jurisdictions, 7Bit’s Curacao certification provides players with confidence in its legitimacy and operational integrity. This regulatory oversight ensures that the casino adheres to industry best practices, making it a trusted choice among the best online casinos in Ontario.

    2. Fairness

    All games at 7Bit Casino are rigorously audited by independent third-party firms like eCOGRA and iTech Labs, ensuring randomness and fairness. This commitment to transparency surpasses competitors like Spin Casino, which has faced occasional scrutiny over game fairness.

    The use of provably fair mechanisms for certain games allows players to verify outcomes independently, a feature not widely offered by platforms like Betway. For players seeking the best online casinos in Ontario, 7Bit’s dedication to fair play is a significant advantage.

    3. Games Offered in 7Bit Casino

    Boasting over 7,000 real money games from nearly 100 top-tier providers, including NetEnt, Evolution, Microgaming, Habanero, BGaming, and Play’n GO, 7Bit Casino offers Ontario’s most diverse and high-quality game library. Competitors like Jackpot City (approximately 500 games) and LeoVegas (2,000+ games) fall short in both variety and volume. The selection includes:

    • Slots: Classics like Starburst, progressive jackpots like Mega Moolah, and themed titles like Book of Dead and Gonzo’s Quest. With thousands of slots, players seeking the best online pokies are spoiled for choice.
    • Table Games: Multiple variants of Blackjack, Roulette, Poker, and Baccarat, including European and American Roulette, and unique options like Multi-Hand Blackjack.
    • Live Dealer Games: High-definition streams of Blackjack, Roulette, Baccarat, and game shows like Crazy Time, powered by Evolution Gaming.
    • Jackpot Games: Opportunities for life-changing wins with titles like Hall of Gods and Divine Fortune.
    • Video Poker: Strategic games like Jacks or Better, Deuces Wild, and Aces & Faces.
    • Instant Wins: Quick-play options like scratch cards and keno for fast-paced fun.

    This extensive variety ensures that players, from casual gamers to high rollers, find entertainment tailored to their preferences, making 7Bit a leader among brand-new online casinos.

    4. Bonuses and Promotions

    7Bit Casino is celebrated for its generous and player-friendly bonuses, outpacing competitors like Betway, which offers a smaller welcome package with higher wagering requirements. Its promotions are designed to maximize value and enhance the gaming experience:

    • Welcome Bonus: New players can claim up to a 325% bonus up to CAD 10,800 plus 250 Free Spins across four deposits:
      • 1st Deposit: 100% bonus + 100 Free Spins
      • 2nd Deposit: 75% bonus + 100 Free Spins
      • 3rd Deposit: 50% bonus
      • 4th Deposit: 100% bonus + 50 Free Spins
      • New Game Offer: 45 FS
      • Telegram Offer: 50 FS
      • Monday Offer: 25% + 50 FS
      • Wednesday Offer: Up to 100 Free Spins
      • Weekly Cashback: Up to 20%
      • Telegram Friday Offer: 111 Free Spins
      • Telegram Sunday Offer: 66 Free Spins
    • Tournaments: Regular events with prize pools up to $50,000, offering cash prizes and free spins.
      • Titans` Arena: $8000
      • Platipus Rush: €2000
      • 10 Years of Platipus: € 100,000
      • Lucky Spin: $1500 + 1500 Free Spins

    Unlike competitors with restrictive terms, 7Bit’s bonuses come with low wagering requirements, making it easier to convert bonuses into real winnings. This generosity cements its position among the best online casinos Ontario.

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    5. Payment Methods and Banking Experience
    7Bit Casino supports a wide array of payment methods, offering flexibility and speed that surpass competitors like Spin Casino, which lacks cryptocurrency options:

    • Fiat Options: VISA, MasterCard, Neosurf, eZeeWallet, AstroPay, Online Banking.
    • Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Dogecoin, Tether USDT, Bitcoin Cash, and more.

    Deposits are instant across all methods, while withdrawals are processed swiftly, often within 24 hours for cryptocurrencies and 1-3 days for fiat options. This is significantly faster than LeoVegas’s 1-5 day withdrawal times. The absence of fees on crypto transactions enhances cost-effectiveness, making 7Bit a top Pay ID casino and a leader among the best online casinos in Ontario. Players can also benefit from low minimum deposit thresholds, starting at $10 for most methods, ensuring accessibility for all budgets.

    6. Online Security

    Security is a cornerstone of 7Bit Casino’s operations. The platform employs military-grade SSL encryption to protect player data and financial transactions, complemented by secure servers and a clean record of no data breaches.

    Compared to competitors like Betway, which faced minor security concerns in 2023, 7Bit’s robust framework ensures a safe gaming environment. Regular security audits and compliance with Curacao regulations further enhance trust, making it a reliable choice among the best online casinos Ontario.

    7. Mobile Experience

    In today’s fast-paced world, mobile compatibility is essential for any online casino Ontario player. 7Bit Casino excels with a fully optimized mobile website that performs seamlessly on all browsers and devices, including Android and iOS.

    Unlike Jackpot City, which relies on a downloadable app, 7Bit requires no downloads, offering instant access to its full game library, account management, and bonus claims. The mobile platform maintains high-quality graphics, smooth gameplay, and intuitive navigation, ensuring a consistent experience across devices.

    8. Quality of Sportsbook

    While competitors like LeoVegas emphasize sports betting, 7Bit Casino offers a competitive sportsbook covering over 35 sports and esports, including football, basketball, tennis, hockey, and emerging markets like eSports (e.g., Dota 2, CS: GO). Features include live betting, competitive odds, and exclusive bonuses like free bets and cashback. This versatility makes 7Bit a well-rounded option among new online casinos, catering to players who enjoy both casino games and sports wagering.

    9. KYC (Know Your Customer)

    As an anonymous online casino, 7Bit Casino eliminates KYC requirements, unlike Jackpot City and Betway, which mandate extensive verification processes. This privacy-focused approach allows players to sign up and play without submitting personal documents, appealing to those who value discretion. The no-KYC policy is a significant differentiator, setting 7Bit apart among the best online casinos in Ontario.

    10. Customer Support Service

    7Bit Casino provides 24/7 customer support through multiple channels, outshining competitors like Betway, which lacks phone support:

    • Live Chat: Instant assistance directly on the website.
    • Email: support@7bit.com for detailed inquiries.

    The professional support team resolves issues quickly, from account setup to payment queries, enhancing the player experience and reinforcing 7Bit’s status as a top online casino in Ontario.

    How to Get Started at 7Bit Casino

    Joining 7Bit Casino is quick and straightforward, even for newcomers to online casinos Ontario:

    1. Visit the Website: Go to 7Bit Casino on your desktop or mobile device.
    2. Sign Up: Enter your email, choose a password, and select your preferred currency. No KYC verification is required, ensuring a hassle-free start.
    3. Make a Deposit: Choose from fiat or crypto options to fund your account instantly. Minimum deposits start at $10.
    4. Claim Your Welcome Bonus: Activate the 325% bonus plus 250 Free Spins across your first four deposits.
    5. Start Playing: Explore the 7,000+ game library, from pokies to live dealer games, and enjoy your gaming journey.

    The intuitive interface and mobile compatibility make it easy to navigate and enjoy, whether you’re at home or on the go.

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    VIP Programs and Rewards: Loyalty Pays Off

    7Bit Casino rewards loyalty through a tiered VIP program, offering escalating benefits as players climb levels:

    • Higher cashback percentages (up to 20%).
    • Dedicated account managers for personalized support.
    • Exclusive tournaments and quests with rare rewards.
    • Personalized bonuses tailored to player preferences.

    Compared to LeoVegas’s less structured loyalty program, 7Bit’s system provides tangible incentives, enhancing its appeal among new online casinos. Regular players also gain access to special events and limited-time offers, ensuring long-term engagement.

    Security and Trust: A Safe Gaming Environment

    Security is paramount at 7Bit Casino, which uses military-grade SSL encryption, secure servers, and has no history of data breaches. Its Curacao license ensures compliance with strict regulatory standards, surpassing competitors like Betway, which faced minor security issues in 2023. Regular audits and transparent policies further enhance trust, making 7Bit a reliable choice among the best online casinos Ontario.

    Responsible Gambling: Prioritizing Player Well-Being

    7Bit Casino is committed to promoting responsible gambling, offering a suite of tools to help players manage their gaming habits:

    • Deposit Limits: Set daily, weekly, or monthly caps to control spending.
    • Loss Limits: Prevent excessive losses by capping spending over a set period.
    • Cool-off Periods: Temporarily suspend accounts for short breaks.
    • Self-Exclusion: Opt out for extended periods, with reactivation requiring direct contact.
    • Account Closure: Permanently close accounts for those needing a complete break.

    Additionally, 7Bit provides resources and links to organizations like Gamblers Anonymous and Gambling Therapy, ensuring players have access to professional support. This commitment surpasses competitors with less robust measures, solidifying 7Bit’s status among the best online casinos in Ontario.

    The Rise of 7Bit Casino: A Global Leader

    Since its launch in 2014, 7Bit Casino, operated by Dama N.V., has grown into a global powerhouse in the iGaming industry. Its early adoption of cryptocurrency, focus on anonymous gaming, and expansive game library have earned it a stellar reputation. Positive reviews on platforms like AskGamblers and CasinoGuru praise its reliability, fast payouts, and player-friendly policies. This global success translates to Ontario, where 7Bit has become a top pick among new online casinos.

    Player Testimonials: Real Experiences

    Players consistently praise 7Bit Casino for its exceptional features:

    • “The no-KYC policy and instant crypto payouts make 7Bit my go-to casino.” – Alex M., Toronto
    • “The welcome bonus was a game-changer, and the variety of pokies is unreal.” – Emma L., Ottawa
    • “Customer support is quick and professional, unlike other casinos I’ve tried.” – Ryan T., London

    These testimonials highlight why 7Bit is a favorite among online casinos Ontario, reflecting its ability to deliver a superior player experience.

    Game Provider Partnerships: Powering a World-Class Gaming Experience

    The quality and diversity of game provider partnerships are pivotal in distinguishing the best online casinos in Ontario from their peers, as they directly influence the gaming experience. 7Bit Casino excels in this area by collaborating with nearly 100 top-tier software providers, including industry giants like NetEnt, Microgaming, Evolution Gaming, Play’n GO, BGaming, and Habanero, as well as innovative studios like Yggdrasil, Pragmatic Play, and Red Tiger.

    This extensive network enables 7Bit to offer over 7,000 high-quality games, far surpassing competitors like Jackpot City, which partners with fewer providers (primarily Microgaming) and offers a limited 500-game catalog.

    These partnerships also guarantee technical excellence, with games optimized for fast loading, high-definition graphics, and seamless performance across devices. 7Bit Casino further benefits from providers’ commitment to fairness, as many integrate provably fair technology and undergo regular audits by firms like eCOGRA.

    By fostering robust and diverse game provider partnerships, 7Bit ensures a dynamic, engaging, and reliable gaming experience, solidifying its position as a leader among brand new online casinos in Ontario.

    The Future of Online Gambling in Ontario

    Ontario’s online gambling market is poised for significant growth, driven by trends like cryptocurrency adoption, virtual reality (VR) gaming, and privacy-focused platforms. 7Bit Casino is well-positioned to lead this evolution, with its crypto support, no-KYC policy, and forward-thinking approach.

    Emerging technologies like VR and augmented reality (AR) may soon enhance gaming experiences, but for now, 7Bit remains the gold standard among brand-new online casinos. Its ability to adapt to market trends ensures it will remain a top contender in 2026 and beyond.

    Community Engagement and Social Presence

    7Bit Casino actively engages its community through social media platforms like Twitter, Telegram, and Instagram, where it shares updates on bonuses, tournaments, and new game releases. Regular giveaways and interactive campaigns foster a sense of community, unlike competitors with limited online presence. This transparency and engagement build trust, further cementing 7Bit’s status among new online casinos.

    Industry Recognition and Awards

    7Bit Casino has received many awards from reputable platforms like AskGamblers, CasinoGuru, and iGaming Business, recognizing its excellence in game variety, bonuses, and player satisfaction. These achievements underscore its position as the best online casino in Ontario, setting a benchmark for competitors to follow.

    Strategies for Winning at 7Bit Casino

    To maximize your experience at 7Bit Casino, consider these tips:

    • Leverage Bonuses: Use the welcome bonus and daily offers to extend your playtime, but always read the terms to understand wagering requirements.
    • Choose High-RTP Games: Opt for slots like Mega Joker (99% RTP) or video poker for better long-term returns.
    • Participate in Tournaments: Compete in regular tournaments for a chance at cash prizes and free spins.
    • Set a Budget: Use responsible gambling tools to manage spending and avoid chasing losses.
    • Explore Crypto Payments: Crypto withdrawals are faster and fee-free, ideal for quick access to winnings.

    These strategies, combined with 7Bit’s player-friendly features, enhance your chances of success at one of the best online casinos Ontario.

    Customer Support: Reliable Assistance

    7Bit Casino offers 24/7 customer support through multiple channels, ensuring players receive prompt assistance:

    • Live Chat: Instant help directly on the website, with response times under a minute.
    • Email: Contact support@7bit.com for detailed inquiries, with replies typically within a few hours.

    The professional and multilingual support team handles everything from account setup to payment disputes, enhancing the player experience and reinforcing 7Bit’s status as a top online casino in Ontario.

    Final Words About 7Bit: The Best Online Casino in Ontario

    In a competitive landscape filled with brand-new online casinos, 7Bit Casino shines as the best online casino in Ontario 2025. Its vast game library of over 7,000 titles, generous bonuses, rapid payouts, privacy-focused no-KYC policy, and robust security measures make it the ideal choice for all players.

    Whether you’re chasing the best online pokies, immersive live dealer experiences, or competitive sports betting, 7Bit Casino delivers on every front. Its commitment to responsible gambling, community engagement, and industry innovation further solidifies its leadership.

    Don’t miss the opportunity to join Ontario’s premier online casino. Sign up today and claim your welcome bonus to experience why 7Bit Casino is the top choice among the best online casinos in Ontario!

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    Email: Support@7bitCasino.com

    Disclaimer and Affiliate Disclosure

    This article is for informational and promotional purposes only and does not constitute legal, financial, or professional advice. Readers should verify information independently before acting on it. Affiliate links may generate commissions at no additional cost to users. Gambling is intended for individuals of legal age (19 in Ontario) and should be conducted responsibly. Seek help from certified organizations like Gamblers Anonymous for gambling addiction. All trademarks and brand names are the property of their respective owners. By reading this article, you acknowledge that you do so at your own risk and agree to hold the publisher, affiliates, and contributors harmless from any liability arising from its use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a46ab4c-dc1e-452b-b7c9-48abff55ce3b

    The MIL Network –

  • MIL-OSI: Best Online Casinos 2025: 7Bit Ranked Top Real Money Online Casino With Exclusive Bonuses & Secure Payment Methods

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., May 08, 2025 (GLOBE NEWSWIRE) — After A Thorough Review By Our Expert Team, 7Bit Casino Is Recognized As The Best Online Casino For 2025, Offering An Extensive Collection Of Over 7,000 Games, Exciting Bonuses, And Seamless Payouts, All While Ensuring A Secure And Player-Friendly Environment.

    In the bustling world of online gambling, finding the best online casino can feel overwhelming with so many options. After diving deep into reviews and player feedback, 7Bit Casino stands out as our top choice for 2025. It’s packed with over 7,000 games, from slots to live dealer tables, and offers juicy bonuses like a 325% match up to 5.25 BTC plus 250 free spins. Whether you’re spinning reels or betting on blackjack, 7Bit delivers a real money experience that’s hard to beat.

    Ready to jump in? Click here to join 7Bit Casino and grab your welcome bonus today!

    Why 7Bit Casino?

    7Bit Casino, around for over a decade, nails what players want: privacy, speed, and fun. It’s a no KYC casino for crypto users, meaning you can play without sharing tons of personal info, which is a big plus for privacy lovers. Plus, payouts are lightning-fast, especially with crypto, often hitting your wallet in minutes. It’s not just about the games; it’s about the whole experience, from easy sign-ups to 24/7 help if you need it.

    A Closer Look at the Best Online Casino: 7Bit Casino

    7Bit Casino has earned its spot as the best online casino for 2025, and here’s why it’s our favorite. With more than 10 years under its belt, it knows how to keep players happy, especially those chasing the best online casino real money vibes.

    Standout Features

    First off, the welcome bonus is a game-changer. New players get a 325% match up to 5.25 BTC plus 250 free spins spread over four deposits. Imagine boosting your bankroll right off the bat—that’s what 7Bit does, making it the best online casino sign-up bonus around. For example, a $100 deposit could net you extra funds and spins to try out slots like Book of Dead.

    But wait, there’s more! 7Bit keeps the excitement going with ongoing deals like reload bonuses, free spins, and cashback offers. They’ve got tournaments too, like Pragmatic Play’s Drops and Wins with big prize pools, so there’s always something to chase.

    Game Galore

    Games? Oh, they’ve got over 7,000, from classic slots to live dealer blackjack. Whether you’re into fast-paced action or strategic play, 7Bit’s got you covered. Top providers like NetEnt, Microgaming, and Evolution Gaming power these games, ensuring they’re fair and fun. It’s like having a casino in your pocket, perfect for online gambling for real money.

    Payments and Privacy

    Paying in and out is a breeze. You can use crypto like Bitcoin or stick with regular options like Visa or Pay ID. Crypto payouts are super quick, sometimes in minutes, which is why 7Bit’s a top pick for those wanting the best online casino payouts. And if you value privacy, it’s a no KYC casino for crypto, meaning less hassle and more play.

    Support That’s Always On

    Need help? 7Bit’s customer support is there 24/7 via live chat or email. They’re quick to fix issues, making your time at one of the best online casinos stress-free. It’s all about making sure you enjoy the ride, whether you’re new or a seasoned player.

    In short, 7Bit Casino’s mix of big bonuses, tons of games, fast payouts, and player-friendly features makes it our go-to real money casino for 2025.

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    Pros and Cons

    Here’s a quick rundown of what’s great and what could use a tweak at 7Bit Casino:

    Pros:

    • Big Welcome Bonus: 325% up to 5.25 BTC + 250 free spins over four deposits.
    • Huge Game Library: Over 7,000 games, from slots to live dealer tables.
    • Lightning-Fast Payouts: Crypto withdrawals in minutes, perfect for real cash online casino fans.
    • Always There Help: 24/7 support via chat or email.
    • Privacy First: No KYC for crypto, making it a safe online casino.
    • Play Anywhere: Mobile site works great on phones and tablets.

    Cons:

    • Tricky Bonus Rules: Some bonuses need 40-45x wagering, which can be tough.
    • Bonus Limits: Some deals only work on slots, not table games like poker.

    How To Join 7Bit Casino

    Getting started at 7Bit, one of the best online casinos, is super easy. Even if you’re new, you’ll be playing in minutes. Here’s how:

    1. Visit 7Bit Casino: Click here to go straight to the sign-up page.
    2. Make an Account: Hit “Sign Up,” enter your email, password, and currency. It’s quick, especially for crypto users with no KYC.
    3. Add Some Money: Go to the cashier, pick crypto (like Bitcoin) or regular options (Pay ID, Visa), and deposit enough for the bonus.
    4. Use the Bonus Code: If needed, type in the promo code (check the site for current ones, like “2DEP” for your second deposit).
    5. Get Your Bonus: After depositing and entering the code, 7Bit adds bonus cash and spins to your account.
    6. Start Playing for Real Money: Use your funds and bonuses to dive into games and chase those wins.

    Pro Tip: Double-check your email and promo code to avoid missing out. Wrong entries won’t get you the bonus, so visit 7Bit’s promotions page for details.

    How We Picked The Best Online Casino

    We didn’t just pick 7Bit out of a hat. We looked at what really matters to make sure it’s the best online casino for real money play. Here’s how it stacked up:

    • License and Safety: 7Bit’s got a Curacao eGaming license, a trusted name in online gambling. It uses top-notch SSL encryption to keep your data safe and games are provably fair, so you know it’s legit.
    • Bonuses and Deals: The 325% welcome bonus up to 5.25 BTC + 250 free spins is huge, and they’ve got ongoing offers like cashback and free spins. It’s all about giving you more value.
    • Available Games: Over 7,000 games mean you’ll never run out of options, from slots to live dealer tables. It’s a playground for all tastes.
    • Game Makers: Top providers like NetEnt, Microgaming, and Evolution Gaming ensure games are fair, look great, and play smoothly.
    • Payment Options: You can use crypto for instant payouts or stick with Visa, Pay ID, and more. It’s flexible and fast, perfect for top online casinos real money players.
    • Help When You Need It: 24/7 live chat and email support mean help’s always a click away, making it a reliable real money online casino.

    7Bit’s strong across the board, making it our pick for the best online casino in 2025.

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    Top Casino Games At The Best Online Casino

    7Bit Casino’s game lineup is a big reason it’s the best online casino. Here’s what you can dive into:

    Online Slots

    Slots are the star here, with thousands to choose from. From simple 3-reel classics to flashy video slots with bonuses and big jackpots, there’s something for everyone. Try hits like Starburst or Mega Moolah for a shot at huge wins, making it ideal for casino games that pay real money.

    Blackjack

    Love a challenge? Blackjack lets you beat the dealer to 21, mixing luck and strategy. 7Bit’s got classic, multi-hand, and live dealer versions, so you can play your way at this top online casino.

    Roulette

    Roulette’s all about chance, betting on where the ball lands. 7Bit offers American, European, and French styles, plus live tables for that real casino feel. It’s simple and thrilling, perfect for online gambling for real money.

    Poker

    Poker fans can enjoy video poker or live tables like Texas Hold’em and Caribbean Stud. It’s all about strategy and big payouts, fitting right into the best real money online casino vibe.

    Live Dealer Games

    Want the real deal? 7Bit’s live dealer section, powered by Evolution Gaming, brings blackjack, roulette, and baccarat to your screen with real dealers. It’s like being at a fancy casino, and it’s a highlight of top online casinos.

    With so many options, 7Bit ensures every player finds their favorite way to win real money online instantly.

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    Secure Payment Methods At Real Money Casinos

    7Bit Casino makes paying easy and safe, which is key for the best online casinos for real money. Here’s what you can use:

    Bitcoin (BTC)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Notes: Fast, private, fee-free

    Ethereum (ETH)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Notes: Secure, quick transactions

    Litecoin (LTC)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Notes: Low fees, speedy

    Visa/Mastercard

    • Type: Traditional
    • Processing Time: Instant (deposits), 1-3 days (withdrawals)
    • Notes: Familiar, widely accepted

    Pay ID

    • Type: E-Wallet
    • Processing Time: Instant
    • Notes: Fast, secure, no bank details

    Skrill

    • Type: E-Wallet
    • Processing Time: Instant
    • Notes: Privacy-focused, quick

    Bank Transfer

    • Type: Traditional
    • Processing Time: 3-5 days
    • Notes: Secure for large sums, slower
    • Cryptocurrencies: Use Bitcoin, Ethereum, or Litecoin for instant deposits and withdrawals, keeping things private and fast. It’s a big reason 7Bit’s a top pick for online casinos that pay real cash.
    • Debit/Credit Cards: Visa and Mastercard are great for quick deposits, though withdrawals take a few days, standard for real money casinos.
    • E-Wallets: Pay ID, Skrill, and Neteller let you pay without sharing bank details, perfect for privacy at a safe online casino.
    • Bank Transfers: Good for big transactions, but expect a wait of 3-5 days.

    7Bit’s payment options ensure you can manage funds easily, making it one of the best paying online casinos.

    Playing Smart At Online Casinos

    Gambling at 7Bit Casino should be fun, not stressful. They’ve got tools to help you stay in control:

    • Deposit Limits: Set how much you can add daily, weekly, or monthly to keep spending in check.
    • Loss Limits: Cap how much you can lose over a set time to avoid chasing losses.
    • Wagering Limits: Limit your bets to stay disciplined, perfect for online gambling for real money.
    • Session Time Limits: Track and cap how long you play to balance gaming with life.
    • Cooling-off Periods: Take a break by pausing your account for a while.
    • Reality Checks: Get pop-up reminders of how long you’ve been playing to stay mindful.

    7Bit also links to support organizations for problem gambling, ensuring a safe experience at this best online casino. Remember, only wager what you can afford to lose.

    Conclusion: The Best Online Casino For 2025

    After checking out tons of platforms, we’re calling it: 7Bit Casino is the best online casino for 2025. With over 7,000 games—from slots like Mega Moolah to live blackjack—it’s a playground for all. The 325% welcome bonus up to 5.25 BTC is a huge kickstart, and crypto payouts are lightning-fast. As a no KYC casino, it’s perfect for privacy, and options like Pay ID make regular payments smooth. Sure, some bonus rules are tricky, and bank transfers are slow, but those are small compared to what 7Bit brings.

    With a solid Curacao license and tight security, 7Bit’s the real deal. Ready to play? Sign up, grab your bonus, and see why it’s the best online casino out there at 7Bit Casino.

    Common Inquiries About The Best Online Casinos

    What makes 7Bit Casino the best online casino for 2025?

    7Bit stands out with over 7,000 games, a 325% bonus up to 5.25 BTC + 250 spins, fast payouts, and no KYC for crypto, making it top for real money play.

    Is 7Bit Casino safe and legit?

    Yes, it’s licensed by Curacao, uses SSL encryption, and offers provably fair games, ensuring a secure and fair experience at a legit online casino.

    What payment methods does 7Bit Casino accept?

    7Bit accepts cryptocurrencies like Bitcoin, Ethereum, and traditional options like Visa, Pay ID, Skrill, ensuring flexibility for real money casinos.

    Can I play on 7Bit Casino from my mobile device?

    Absolutely, 7Bit’s mobile-optimized site works great on phones and tablets, offering seamless access to games and bonuses at the best online casino.

    What are the wagering requirements for bonuses at 7Bit Casino?

    Bonuses typically require 40-45x wagering, so check the terms. It’s standard for top online casinos, but can be challenging for some players.

    Email: support@7bitcasino.com

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    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/1df27c57-fc29-4385-b7fb-0f16b6d505d9

    The MIL Network –

  • MIL-OSI Economics: Pål Longva: Policy rate kept unchanged

    Source: Bank for International Settlements

    Presentation accompanying the speech

    Chart 1: Policy rate kept unchanged at 4.5 percent

    Norges Bank is tasked with keeping inflation low and stable. The operational target is inflation of close to 2 percent over time. We are also mandated to help keep employment as high as possible and to promote economic stability. 

    When inflation surged three years ago, we raised the policy rate sharply and rapidly. The policy rate has been held at 4.5 percent for more than a year. Inflation has fallen markedly from the peak but is still above target. Unemployment has edged up in recent years, albeit from a low level.

    At yesterday’s monetary policy meeting, the Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.5 percent.

    There is uncertainty about future economic developments, but the Committee’s current assessment of the outlook implies that the policy rate will most likely be reduced in the course of 2025.

    We have not made new forecasts for this monetary policy meeting but have assessed new information about economic developments against the forecasts presented in March. I will now provide an account of these assessments, starting with international developments.

    The global economy is marked by uncertainty about future trade policies. The US has raised tariffs on a range of goods, and some countries have responded with counter-measures. Trade barriers are now more extensive, and the global growth outlook appears to be weaker than assumed in the March Monetary Policy Report. While higher tariffs alone could push up inflation, lower global growth could dampen inflation.

    Interest rate expectations have fallen internationally since March. Oil and gas prices and prices for a number of other commodities have fallen.

    Global trade uncertainty has led to large movements in financial markets. Major equity indices fell sharply at the beginning of April but have since largely been reversed. Increased market stress and the fall in oil prices coincided with the krone weakening somewhat.

    Tariffs have also risen for Norway. The US has imposed a tariff of 10 percent on many Norwegian goods and has announced an increase to 15 percent. The direct effect on growth in the Norwegian economy is likely limited, but global trade uncertainty could dampen activity.

    Chart 2: Registered unemployment is little changed

    So far, activity in the Norwegian economy has been broadly as expected. Activity in the primary housing market appears to have picked up a little recently but is still at a low level. House prices have been lower than projected. The employment rate is high, and employment is somewhat higher than expected. In recent months, registered unemployment has shown little change.

    Chart 3: Inflation is still above target

    Since the end of 2024, inflation in Norway has risen somewhat. In March, consumer price inflation fell to 2.6 percent. Inflation adjusted for tax changes and excluding energy products was stable at 3.4 percent. This was in line with our expectations. Overall inflation is primarily being driven by the rise in prices for food and services. The wage norm for manufacturing in 2025 is close to the Bank’s projection of overall annual wage growth. High growth in business costs is likely to stoke inflation ahead. Since the March Report, the krone has been weaker than expected. A weaker krone means higher prices for imported goods.

    In summary, our assessment is that a restrictive monetary policy is still needed to bring inflation down to target within a reasonable time horizon. If the policy rate is lowered prematurely, prices may continue to rise rapidly. On the other hand, an overly tight monetary policy could restrict the economy more than needed to bring inflation down to target.

    Since March, developments in the Norwegian economy have been broadly as expected. Trade barriers have, however, become more extensive, and there is uncertainty about future trade policies. This may pull the interest rate outlook in different directions. On the one hand, the global growth outlook appears to be weaker, and oil prices have fallen. Norway’s main trading partners are now expected to make more rate cuts than previously. On the other hand, the krone has weakened somewhat and been weaker than assumed.

    The uncertainty surrounding the outlook is greater than normal, and the future path of the policy rate will depend on economic developments. The Committee will have received more information ahead of its next monetary policy meeting in June when new forecasts will also be presented.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Advanced tech boosts fight against animal and plant disease

    Source: United Kingdom – Government Statements

    Press release

    Advanced tech boosts fight against animal and plant disease

    £10 million in new Government funding for surveillance programme will further strengthen the country’s biosecurity to protect animals, plants, people and trade.

    The fight against pests and diseases, which can cost the UK economy billions of pounds, has been stepped up today (Thursday 8 May) with £10m of new funding announced for surveillance projects.

    The Genomics for Animal and Plant Disease Consortium (GAP-DC) project led by the Animal and Plant Health Agency will undertake surveillance across animal, plant and aquatic environments, using advanced genome sequencing technologies – a method that reads the complete genetic code of a living organism, including viruses, bacteria, fungi, or animals – to detect, identify and track pathogens with precision.

    For example, when avian influenza is found in UK poultry, genome sequencing can help confirm the virus type, trace its spread, and detect any mutations, supporting disease control measures.

    The UK faces significant and growing economic threats from pests and diseases affecting agriculture, livestock, and the environment. Invasive species alone cost the UK economy an estimated £4 billion annually, while plant pathogens and pests contribute to substantial crop losses.

    Ash dieback is predicated to cost £15 billion to the UK over coming decades and livestock disease such as avian influenza can have devastating financial and societal consequences, and has been estimated to cost the poultry meat sector more than £100m over a two-year period.

    APHA Interim Chief Executive Dr Jenny Stewart said:

    “Disease presents a significant risk to our farmers, global trade and human health.

    “This vital funding and collaboration with world leading experts will help APHA identify and tackle disease risk more effectively.

    “This research will lead to significantly advanced surveillance capabilities to protect UK borders from new and existing threats.”

    Research to be undertaken in collaboration with seven expert partners will include a focus on increasing the speed of pathogen detection at our borders, addressing new and re-emerging disease outbreaks, developing new strategies to control and mitigate endemic disease, and an improved approach to working with stakeholders and the community. It will also investigate disease spillover from wild animals and plants – when a virus moves from one species to other, such as the transmission of the COVID-19 virus from bats to humans.

    The £10 million of new funding provided by Defra and UK Research and Innovation (UKRI) will strengthen pathogen detection across the UK over the next two years and help protect the UK economy, as part of the Government’s Plan for Change.

    The announcement comes during National Plant Health Week (5-12 May 2025), an annual designated week of action to raise public awareness and engagement on how to keep our plants healthy, led by Defra in partnership with 32 organisations, including the Royal Horticultural Society, the Woodland Trust and the Horticultural Trades Association.

    Additional information:

    • APHA is an executive agency, sponsored by the Department for Environment, Food & Rural Affairs, the Welsh Government, and the Scottish Government, which employs around 3,600 staff, based at various sites across the UK.
    • The GAP-DC project will help APHA to get a better understanding of new sequencing technologies and platforms available in genomic surveillance so that we can test more effectively.
    • The project is supported by £7 million of funding from Defra and £3m from UKRI.
    • A full list of partners involved in the project is below:

    -Animal and Plant Health Agency (lead)

    • Defra

    • UKRI

    • Forest Research

    • Centre for Environment, Fisheries and Aquaculture Science (Cefas)

    • The Pirbright Institute

    • Fera Science

    • Royal Veterinary College

    • Forest Research Head of Pathology Dr Lisa Ward said:

    “Forest Research is internationally renowned for the provision of science, research, evidence, data and services for the support of sustainable forestry.

    “The genomic methods being developed under the GAP DC project are essential to future proof Forest Research’s work on monitoring the health of our trees by enhancing early pathogen detection, allowing rapid response and more effective disease control.”

    • Royal Veterinary College Vice Principal for Research and Innovation Professor Oliver Pybus said:

    “The Royal Veterinary College is pleased to contribute its expertise in infectious disease genomics and animal health to GAP-DC.

    “The consortium will further strengthen the UK’s position as a world-leader in genomic surveillance for animal and plant pathogens”

    • Cefas Animal and Human Health Science Lead Professor David Bass said:

    “Cefas, an Executive Agency of Defra, has diverse expertise in marine and freshwater science, working for healthy and productive oceans, seas, and rivers, and safe and sustainable seafood.

    “Genomic methods for pathogen surveillance and understanding the health of aquatic organisms are central to this mission, so we greatly value our participation in GAP-DC, and contributing to the UK’s excellence and innovation in pathogen genomics.”

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Seafarer cadets funding secured for extra 12 months by Maritime and Coastguard Agency

    Source: United Kingdom – Executive Government & Departments

    Press release

    Seafarer cadets funding secured for extra 12 months by Maritime and Coastguard Agency

    Seafarer cadets can continue to benefit from financial support for their training up until spring 2026 thanks to a 12-month funding extension unlocked through the Maritime and Coastguard Agency (MCA).

    Cadets training in a classroom. Image courtesy of Fleetwood Nautical Campus.

    A multi-million-pound budget, awarded to the Support for Maritime Training (SMarT) fund, gives support to cadets as well as additional help for junior officers.  

    Under SMarT, sponsoring companies can continue to claim up to half of the total training costs for eligible trainees.

    A six-month extension to the original September 2024 deadline guaranteed increased funding until the end of March 2025.

    Now, inspired by the initiative’s ongoing success, funding has been secured for a further 12-month period and will be available until 31 March 2026.

    The funds provide further financial support to those who want to progress in the maritime industry by, for example, supporting self-funded UK junior officers to complete a Management Level Certificate of Competency.

    The aim is to increase UK seafarers, drive recruitment by encouraging men and women to consider a career in maritime, and to create opportunities for new companies to access the scheme.   

    Ajit Jacob, MCA Chief Examiner and Head of Seafarer Technical Delivery, said:

    SMarT funding provides strong support both for the careers of seafarer cadets and vital skills for the maritime industry, so this extension is very welcome.

    We hope this extra support continues to attract men and women who might not have considered a maritime career. Unlocking access to comprehensive, thorough training benefits everyone, and I hope even more people take advantage.

    For more information visit MIN 678 Amendment 2

    Press office

    Email public.relations@mcga.gov.uk

    Press enquiries (Monday to Friday, 9am-5pm) 0203 817 2222

    Outside these hours or on bank holidays and weekends, for media enquiries ONLY, please send an email outlining your query and putting #Urgent in the subject title.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: ACM Research Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., May 08, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced packaging applications, today reported financial results for its first quarter ended March 31, 2025.

    “Our first quarter results mark a good start to 2025. We delivered 13% year-over-year revenue growth, solid profitability, and positive cash flow from operations,” said Dr. David Wang, President and Chief Executive Officer of ACM. “We achieved several strategic milestones: including the qualification of our high-temperature SPM tool by a leading logic customer in China, customer acceptance for our backside/bevel etch tool from a U.S. customer, and we received the 2025 3D InCites Technology Enablement Award for our proprietary Ultra ECP ap-p tool, which we believe is the world’s first to utilize horizontal plating for panel applications. These achievements highlight ACM’s technology leadership in both front-end processing and advanced packaging applications, which we believe will allow us to play a key role as the global industry demands innovation to advance the ever-evolving semiconductor requirements for AI.”

    “For 2025, we expect incremental revenue contribution from Tahoe, SPM, and furnace tools; and progress in customer evaluations of Track, PECVD, and panel-level packaging platforms. We believe ACM’s focused effort on developing world-class tools across our customer base will also support our efforts for additional major customer wins in global markets. We are also investing in our Oregon facility to serve as a base for customer evaluations, technology development and initial production for our global customers.”

      Three Months Ended March 31,
      GAAP   Non-GAAP(1)
      2025   2024   2025   2024
      (dollars in thousands, except EPS)
    Revenue $ 172,347     $ 152,191     $ 172,347     $ 152,191  
    Gross margin   47.9%       52.0%       48.2%       52.5%  
    Income from operations $ 25,777     $ 25,232     $ 35,594     $ 39,801  
    Net income attributable to ACM Research, Inc. $ 20,380     $ 17,433     $ 31,279     $ 34,597  
    Basic EPS $ 0.32     $ 0.28     $ 0.49     $ 0.56  
    Diluted EPS $ 0.30     $ 0.26     $ 0.46     $ 0.52  

    (1)   Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments.

    Outlook

    ACM is maintaining its revenue guidance range of $850 million to $950 million for fiscal year 2025. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.

    Operating Highlights and Recent Announcements

    • Shipments. Total shipments in the first quarter of 2025 were $157 million, compared to $245 million for the first quarter of 2024. This decrease is due in part to customer pull-ins in the fourth quarter of 2024, which contributed to stronger total shipments for that period. For reference, combined total shipments for the fourth quarter of 2024 and the first quarter of 2025 grew by 8.9% versus the prior year periods. We anticipate a return to year-on-year growth in total shipments for the second quarter of 2025. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
    • Qualification of High-Temp SPM Tool in China. ACM’s single-wafer high-temperature SPM tool was qualified by a key logic device manufacturer in mainland China. Featuring a proprietary nozzle that reduces acid mist and maintenance needs, the tool enhances particle control and system uptime. It supports wet etching and wafer cleaning for technology nodes at 28nm and below. ACM has now delivered SPM tools to 13 customers.
    • Recognized for Innovation in High-Volume Fan-Out Panel-Level Packaging Solutions. ACM won the 2025 3D InCites Technology Enablement Award for its Ultra ECP ap-p tool, the first commercially available high-volume copper deposition system for the large panel market. This innovative system supports advanced panel sizes and delivers high uniformity through ACM’s proprietary horizontal plating approach, which we expect to help address integration challenges in advanced semiconductor packaging.
    • Appointment of New Board Member. ACM appointed Charlie Pappis to its Board of Directors, effective March 15, 2025.

    First Quarter 2025 Financial Summary

    Unless otherwise noted, the following figures refer to the first quarter of 2025 and comparisons are with the first quarter of 2024.

    • Revenue was $172.3 million, up 13.2%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies.
    • Gross margin was 47.9% versus 52.0%. Non-GAAP gross margin, which excludes stock-based compensation, was 48.2% versus 52.5%. Gross margin exceeded ACM’s previously disclosed long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
    • Operating expenses were $56.8 million, up 5.4%. Operating expenses as a percentage of revenue decreased to 32.9% from 35.4%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $47.5 million, up 18.4%. Non-GAAP operating expenses as a percentage of revenue increased to 27.6% from 26.3%.
    • Operating income was $25.8 million, up 2.2%. Operating margin was 15.0% compared to 16.6%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $35.6 million, a decrease of 10.6%. Non-GAAP operating margin, which excludes stock-based compensation, was 20.7% compared to 26.2%.
    • Unrealized loss on short-term investments was $1.1 million, compared to $2.6 million. Unrealized loss reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
    • Income tax expense was $2.2 million, compared to $4.4 million.
    • Net income attributable to ACM Research, Inc. was $20.4 million, compared to $17.4 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $31.3 million, compared to $34.6 million.
    • Net income per diluted share attributable to ACM Research, Inc. was $0.30, compared to $0.26. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.46, compared to $0.52.
    • Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $498.4 million at March 31, 2025, compared to $441.9 million at December 31, 2024.

    Conference Call Details

    A conference call to discuss results will be held on Thursday, May 8, 2025, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

    Online Registration: https://register-conf.media-server.com/register/BI300a7bc629bd43d98fcb1268d481b156

    Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.

    A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com.

    Use of Non-GAAP Financial Measures

    ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

    ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

    While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

    Forward-Looking Statements

    Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

    About ACM Research, Inc.

    ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

    © ACM Research, Inc. ULTRA ECP ap and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

    For investor and media inquiries, please contact:

    In the United States: The Blueshirt Group
      Steven C. Pelayo, CFA
      (360)808-5154
      steven@blueshirtgroup.co
       
    In China: The Blueshirt Group Asia
      Gary Dvorchak, CFA
      +86 (138) 1079-1480
      gary@blueshirtgroup.co
    ACM RESEARCH, INC.
    Condensed Consolidated Balance Sheets
     
      March 31, 2025   December 31, 2024
      (Unaudited)    
      (In thousands)
    Assets      
    Current assets:      
    Cash and cash equivalents $ 457,240     $ 407,445  
    Restricted cash   10,586       3,865  
    Short-term time deposits   17,202       17,277  
    Short-term investment   18,319       19,373  
    Accounts receivable, net   387,849       387,045  
    Other receivables   35,050       41,859  
    Inventories, net   609,567       597,984  
    Advances to related party   1,384       1,024  
    Prepaid expenses and other current assets   10,677       7,507  
    Total current assets   1,547,874       1,483,379  
    Property, plant and equipment, net   277,065       269,272  
    Operating lease right-of-use assets, net   17,747       14,038  
    Intangible assets, net   2,997       3,461  
    Long-term time deposits   13,393       13,275  
    Deferred tax assets   16,457       14,781  
    Long-term investments   54,814       37,063  
    Other long-term assets   3,421       20,452  
    Total assets $ 1,933,768     $ 1,855,721  
    Liabilities and Equity      
    Current liabilities:      
    Short-term borrowings $ 24,951     $ 32,814  
    Current portion of long-term borrowings   67,935       44,472  
    Related party accounts payable   19,285       16,133  
    Accounts payable   116,441       139,294  
    Advances from customers   241,456       243,949  
    Deferred revenue   10,781       8,537  
    Income taxes payable   6,168       12,779  
    FIN-48 payable   19,483       19,466  
    Other payables and accrued expenses   118,814       121,657  
    Current portion of operating lease liability   3,564       2,132  
    Total current liabilities   628,878       641,233  
    Long-term borrowings   134,540       105,525  
    Long-term operating lease liability   6,149       3,840  
    Other long-term liabilities   8,848       9,217  
    Total liabilities   778,415       759,815  
    Commitments and contingencies      
    Equity:      
    Stockholders’ equity:      
    Class A Common stock   6       6  
    Class B Common stock   1       1  
    Additional paid-in capital   700,191       677,476  
    Retained earnings   280,380       260,000  
    Statutory surplus reserve   30,514       30,514  
    Accumulated other comprehensive loss   (61,946 )     (63,372 )
    Total ACM Research, Inc. stockholders’ equity   949,146       904,625  
    Non-controlling interests   206,207       191,281  
    Total equity   1,155,353       1,095,906  
    Total liabilities and equity $ 1,933,768     $ 1,855,721  
    ACM RESEARCH, INC.
    Condensed Consolidated Statements of Operations and Comprehensive Income
     
      Three Months Ended March 31,
      2025   2024
      (Unaudited)
    		        
      (In thousands, except share and per share data)
    Revenue $ 172,347     $ 152,191  
    Cost of revenue   89,797       73,070  
    Gross profit   82,550       79,121  
    Operating expenses:      
    Sales and marketing   16,343       14,173  
    Research and development   27,503       23,918  
    General and administrative   12,927       15,798  
    Total operating expenses   56,773       53,889  
    Income from operations   25,777       25,232  
    Interest income   3,339       1,774  
    Interest expense   (1,558 )     (783 )
    Realized gain from sale of short-term investments   –       273  
    Unrealized loss on short-term investments   (1,082 )     (2,595 )
    Other (expense) income, net   (262 )     3,080  
    Income (loss) from equity method investments   952       (520 )
    Income before income taxes   27,166       26,461  
    Income tax expense   (2,153 )     (4,369 )
    Net income   25,013       22,092  
    Less: Net income attributable to non-controlling interests   4,633       4,659  
    Net income attributable to ACM Research, Inc. $ 20,380     $ 17,433  
    Comprehensive income (loss):      
    Net income   25,013       22,092  
    Foreign currency translation adjustment, net of tax of nil   1,750       (6,829 )
    Comprehensive Income   26,763       15,263  
    Less: Comprehensive income attributable to non-controlling interests   4,957       3,406  
    Comprehensive income attributable to ACM Research, Inc. $ 21,806     $ 11,857  
           
    Net income attributable to ACM Research, Inc. per common share:      
    Basic $ 0.32     $ 0.28  
    Diluted $ 0.30     $ 0.26  
           
    Weighted average common shares outstanding used in computing per share amounts:    
    Basic   63,267,834       61,367,184  
    Diluted   66,952,774       66,242,321  
    ACM RESEARCH, INC.
    Total Revenue by Product Category and by Region
     
      Three Months Ended March 31,
      2025 2024
      (Unaudited)
    		    
      ($ in thousands)
    Single wafer cleaning, Tahoe and semi-critical cleaning equipment $ 129,569 $ 109,470
    ECP (front-end and packaging), furnace and other technologies   27,630   25,800
    Advanced packaging (excluding ECP), services & spares   15,148   16,921
    Total Revenue by Product Category $ 172,347 $ 152,191
         
      Three Months Ended March 31,
       2025  2024
    Mainland China $ 169,053 $ 152,135
    Other Regions   3,294   56
    Total Revenue by Region $ 172,347 $ 152,191
    ACM RESEARCH, INC.
    Reconciliation of GAAP to Non-GAAP Financial Measures

    As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

      Three Months Ended March 31,
      2025 2024
      Actual SBC Other non-operating adjustments Adjusted Actual SBC Other non-operating adjustments Adjusted
    (GAAP) (Non-GAAP) (GAAP) (Non-GAAP)
       
      (In thousands)
       
    Revenue $ 172,347   $ –   $ –   $ 172,347   $ 152,191   $ –   $ –   $ 152,191  
    Cost of revenue   (89,797 )   (529 )   –     (89,268 )   (73,070 )   (781 )   –     (72,289 )
    Gross profit   82,550     (529 )   –     83,079     79,121     (781 )   –     79,902  
    Gross margin   47.9%     0.3%     –     48.2%     52.0%     0.5%     –     52.5%  
    Operating expenses:                
    Sales and marketing   (16,343 )   (2,157 )   –     (14,186 )   (14,173 )   (3,027 )   –     (11,146 )
    Research and development   (27,503 )   (2,775 )   –     (24,728 )   (23,918 )   (4,503 )   –     (19,415 )
    General and administrative   (12,927 )   (4,356 )   –     (8,571 )   (15,798 )   (6,258 )   –     (9,540 )
    Total operating expenses   (56,773 )   (9,288 )   –     (47,485 )   (53,889 )   (13,788 )   –     (40,101 )
    Income (loss) from operations $ 25,777   $ (9,817 ) $ –   $ 35,594   $ 25,232   $ (14,569 ) $ –   $ 39,801  
    Unrealized loss on short-term investments   (1,082 )   –     (1,082 )   –     (2,595 )   –     (2,595 )   –  
    Net income (loss) attributable to ACM Research, Inc. $ 20,380   $ (9,817 ) $ (1,082 ) $ 31,279   $ 17,433   $ (14,569 ) $ (2,595 ) $ 34,597  
    Basic EPS $ 0.32       $ 0.49   $ 0.28       $ 0.56  
    Diluted EPS $ 0.30       $ 0.46   $ 0.26       $ 0.52  

    The MIL Network –

  • MIL-OSI: Himax Technologies, Inc. Declares Cash Dividend for FY2024

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan, May 08, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today declared a cash dividend of 37.0 cents per ADS, equivalent to 18.5 cents per ordinary share, for the year of 2024.

    The cash dividend will be payable on July 11, 2025 to all the shareholders of record as of June 30, 2025. The ADS book will be closed for issuance and cancellation from June 23, 2025 to June 30, 2025. Typically, Himax pays out its yearly dividend at approximately the middle of its current calendar year based on the Company’s previous year financial performance.

    “Since our IPO in 2006, we have consistently rewarded shareholders for their ongoing commitment with our dividend policy,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax. “This year we are pleased to declare an annual cash dividend of 37.0 cents per ADS, representing a payout ratio of 81.1% of last year’s profit. Himax will continue to focus on maintaining a healthy balance sheet while driving sustainable long-term growth to deliver value for our shareholders through high dividends and share repurchases,” concluded Mr. Wu.

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Company Contacts:
      
    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    The MIL Network –

  • MIL-OSI Economics: Roong Mallikamas: From open finance to an inclusive digital society

    Source: Bank for International Settlements

    Introduction: ASEAN’s Fintech Potential

    President of Money20/20 (Tracey Davies)
    Distinguished guests

    I’m honored to be here today at Money20/20 to discuss a topic that’s crucial to the future of finance in ASEAN: “From Open Finance to an Inclusive Digital Society.”

    Our region, a vibrant mosaic of economies, presents an unparalleled opportunity for fintech innovation. With a combined population exceeding 650 million and a rapidly growing digital consumer base, the potential is immense.

    ASEAN’s digital economy is projected to reach over $360 billion by 2025.1 Yet, a significant portion of our population remains unbanked or underbanked. For instance, studies indicate that over 60% of adults in some ASEAN nations lack access to formal financial services.2  This substantial underbanked segment represents a critical opportunity for fintech to provide relevant and accessible solutions.

    The reasons for this underbanking are multifaceted, often stemming from limited data availability for credit assessment, a lack of transparency in financial product offerings, and poor interoperability between existing systems. These factors collectively contribute to a high cost of customer acquisition for traditional banks, hindering their ability to effectively serve these populations. Fintech, with its agility and data-driven approaches, is uniquely positioned to overcome these barriers, fostering greater financial inclusion and driving economic growth by empowering our communities with seamless access to tailored financial tools and services.

    Thailand’s Context and the BOT’s 3 Opens

    Ladies and Gentlemen.

    Policy objectives for driving inclusive digital finance often involve balancing the trilemma of stability/safety, efficiency, and inclusion. And to clarify what we mean by inclusion, it goes beyond simply having a bank account. It’s about ensuring that everyone – individuals, small businesses, and marginalized communities – can access and utilize appropriate financial services like payments, savings, credit, and insurance in a convenient and affordable way. This is the vision we strive for in ASEAN, and each country prioritizes these elements of the trilemma with its own context and evolving needs.

    Initially when developing PromptPay which is our national real-time payment system, Thailand focused on driving inclusion and maintaining stability,. Now, we emphasize competition and efficiency, recognizing that smaller, agile players – fintechs and new entrants – are often better positioned to innovate and address the diverse, unmet needs of specific customer segments due to their nimbler structures and specialized focus. This competition, while maintaining system safety, can lead to more tailored and accessible financial solutions that larger, established institutions may find challenging to deliver efficiently across all demographics. Thailand’s journey provides some lessons learned on how policy objectives have shifted and henceforth led us to pursue the ‘3 Opens’ as our strategic priorities-Open Competition, Open Infrastructure, and Open Data.

    • Open Infrastructure: Promotes interoperability and seamless connectivity, enabling efficient financial transactions.
    • Open Data: Facilitates data sharing and collaboration, driving the development of personalized financial solutions.
    • Open Competition: Encourages new players, fostering innovation and enhancing consumer choice.

    Let’s delve deeper into each of these “3 Opens”.

    Analyzing the 3 Opens: Rationale and Way Forward

    [1 From PromptPay to Open Infrastructure]

    In 2015, we aimed to promote inclusion through digital payments, leading to the development of PromptPay with the following regulatory constructs at that time with banks only: welfare and tax refunds, low fee, standardization, safety/stability.

    Economically, a payment infrastructure is a natural monopoly, which is amplified by economies of scale, network effects, and data accumulation. Therefore, key infrastructure needs to be regulated, especially for fair access, pricing, etc. to ensure cost efficiency of the payment flows through the infrastructure. The initial restriction on non-banks participating in the infrastructure was a lesson learned. Although this strategy led to high adoption rates and a stable system, it inadvertently stifled innovation among existing players, who faced less competitive pressure to evolve their offerings. This is a key factor driving our current emphasis on opening up the infrastructure.

    Currently, we aim to place more emphasis on efficiency, enabling Open Infrastructure by allowing non-banks to play a role in providing services that enhance access to digital finance for underserved groups. Therefore, the BOT will enhance the oversight of Systemically Important Retail Payment Systems (SIRPS), aligning with central bank practices abroad, such as the European Central Bank. Key regulatory criteria include membership and access rules, and fee structure. Thailand’s broad payment strategy is that”payment should be broader than payment”. BOT hence focuses on Open payment infrastructure and Open payment data for better access to finance.

    [2 Leveraging data and technology with Open Data]

    Having witnessed the transformative impact of PromptPay’s widespread adoption in retail fast payments, We are now strategically focusing on the next critical layer of digital infrastructure. Our priority is to put in place data sharing infrastructure, recognizing its pivotal role in driving further innovation and efficiency within the financial ecosystem.

    Open Data is not just about technology. it’s a catalyst for financial inclusion. Currently, customer data is scattered across various service providers and agencies. If there is a mechanism allowing customers to easily request their service providers and agencies to share their data to other service providers and agencies, it will enable customers to better utilize their data to receive improved financial services.

    BOT pursues Project ‘Your Data’ to empower customers to have their own financial information and non-financial data portable to another service provider based on customer consent. Our priority use cases are access to credit and personal financial management as they still pose significant gaps in our financial system. Therefore, the data that serve such use cases include payment history, account balance, investment holdings, and government data such as tax filing information and utilities usage. By enabling secure and seamless data sharing, we’re empowering individuals and SMEs, particularly those traditionally underserved, to access tailored financial services and participate fully in the digital economy.

    [3 Open Infrastructure and Open Data as foundation for Open Competition]

    With the imminent launch of Project Your Data, we are establishing a robust supply of data within the financial ecosystem. Simultaneously, the Bank of Thailand is actively fostering demand by enabling financial service providers to innovate and compete on offering enhanced loan products and personal financial management solutions. The introduction of the new virtual banking license will empower digital-native players with tech-focused solutions to fully capitalize on this data sharing infrastructure. Furthermore, the soon-to-be-established National Credit Guarantee Agency will integrate this very data sharing mechanism to enhance its operations and support broader access to credit, especially for underserved SMEs.

    With robust infrastructure and data sharing as the bedrock, all players – banks, fintechs, and virtual banks – can operate at their full capacity in an Open Competition, driving innovation and enhancing financial services for underserved communities. Fintechs, leveraging technology with greater agility and often a higher risk appetite than traditional institutions, can better cater to specific customer needs within these segments. For example, they can utilize alternative data for credit scoring individuals with limited traditional credit history, create tailored digital platforms for efficient invoice financing and supply chain management solutions, or offer integrated accounting and payment systems that streamline operations and improve cash flow for small businesses.

    As we encourage new players to drive competition and expand financial inclusion, including these fintechs with their enhanced technological capabilities and willingness to navigate higher risk for underserved segments, we acknowledge the inherent risks associated with novel technologies. Beyond foundational technologies like digital assets and tokenization, fintechs are pioneering areas such as blockchain-based trade finance platforms that can reduce costs and increase transparency for SME cross-border transactions, and data analytics tools that provide SMEs with valuable insights for better financial planning and access to tailored financial products. Our regulatory approach must therefore truly consider both the transformative potential and the evolving risks these innovations present, ensuring a balance between fostering access and maintaining stability.

    [4 Regulatory approach to embrace the new technology by collaboration]

    Building on this foundation of open infrastructure and data, which empowers a diverse ecosystem of players, including agile fintechs uniquely positioned to serve underserved segments, our journey is one of continuous learning and adaptation. We recognize that the financial technology landscape is rapidly evolving, and no single entity holds all the answers. Therefore, our approach moving forward is deeply rooted in collaboration. We are committed to working hand-in-hand with the industry, including our fintech community, to refine our policies and navigate the complexities of this dynamic environment. Furthermore, we actively seek to learn from the experiences and best practices of both regulators and innovative fintech companies across the ASEAN region and beyond, fostering a collective understanding that will shape a resilient and inclusive financial future for all.

    [Collaborative Learning and Adaptive Guardrails]

    Drawing upon our internal explorations with cutting-edge technologies like CBDC, we are now extending this spirit of learning and adaptation to the wider financial industry. Recognizing that innovation, especially from new players, can yield unpredictable outcomes, our approach centers on establishing clear ‘guardrails’ – collaboratively defining the boundaries to prevent systemic risks while allowing for experimentation. This ensures a resilient financial system that can safely accommodate novel solutions.

    [Enticing Innovation through an Evolving Regulatory Sandbox]

    A key element of our collaborative strategy is our Enhanced Regulatory Sandbox. This controlled environment is specifically designed to attract fintechs and innovators to Thailand, offering a safe space to test ideas where risks are still being understood. Our initial focus includes Programmable Payments, demonstrated by the ‘Tourist Wallet’ application enabling USD stablecoin conversion to THB stablecoin for limited tourist spending, and ‘Programmable Escrow Payments’ designed to enhance trust and transparency in online commerce by automating fund release upon condition fulfillment. These real-world examples showcase the tangible opportunities within our sandbox.

    [A Streamlined Sandbox for Agile Collaboration]

    We understand that a cumbersome sandbox can stifle innovation. Therefore, we are actively transforming our Enhanced Regulatory Sandbox to be more agile and accessible, with expanded scope, reduced compliance burdens, and significantly faster processing times – aiming for a 6-to-12-month timeframe for projects like Programmable Payments. By opening our sandbox to both regulated and unregulated entities, we aim to foster a vibrant collaborative space where knowledge sharing and rapid iteration can occur. The valuable lessons learned within this sandbox will directly inform our evolving regulations, ensuring they remain relevant and supportive of a dynamic digital finance ecosystem in Thailand.

    Conclusion: Building a Future-Ready and Inclusive ASEAN Fintech Ecosystem

    In closing, the journey we’ve outlined today underscores the Bank of Thailand’s unwavering commitment to fostering a dynamic and inclusive digital financial landscape within ASEAN. We firmly believe that by strategically embracing the ‘3 Opens’ – Open Competition, Open Infrastructure, and Open Data – we can unlock the immense potential of digital finance to address the unique needs of our diverse populations, particularly the underserved.

    Our experience, from the foundational success of PromptPay to the ongoing development of Project Your Data and our cautious exploration of new technologies within our enhanced Regulatory Sandbox, represents our attempt to learn and adapt. We understand that real progress requires not only innovation but also a continuous focus on resiliency, security, and responsible growth.

    The path ahead necessitates continued collaboration – between regulators, financial institutions, fintech pioneers, and the very communities we aim to serve. By working together, sharing insights, and learning from each other’s experiences, we can collectively build a future-ready ASEAN fintech ecosystem that is not only innovative and efficient but also truly inclusive, empowering individuals and businesses across our vibrant region to thrive in the digital age.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Eli M Remolona: Welcome remarks – Presidential and National Anti-Money Laundering, Counter-Terrorism Financing, Counter Proliferation Financing Coordinating Committee (NACC) Recognition Ceremony

    Source: Bank for International Settlements

    Intro​duction

    Colleagues from the government, partners in the private sector, esteemed guests, good afternoon. Magandang hapon po.

    I am pleased to welcome you to this recognition ceremony where we honor the champions behind our exit from the FATF grey list. Our sincere thanks to the Office of the President for hosting this occasion in the revered halls of Malacañang.

    Over a decade of challenge

    We were placed on the grey list in 2021. But the real story stretches back 10 years before that. Starting in 2010, global banks were already doing something called de-risking-where they started cutting off their relationships with our banks.

    This means, this exit ends not just three years on the grey list, but more than a decade of doing business with a handicap. We spent more than a decade wandering in the wilderness.

    A study of grey-listed countries shows that grey listing results in deep declines in foreign direct investments, capital inflows, inward payments, and external loans. This reduced our access to global markets, which limited our growth potential.

    Grey listing imposed enhanced monitoring while we address gaps on anti-money laundering, counterterrorism and proliferation financing frameworks.

    That is real pressure because failure will mean something much worse. It could mean going to the blacklist. We had three years to work on it, but we came together, we made our way out of the wilderness.

    Getting off the grey list was not easy. It was critical that the President (Ferdinand R.) Marcos (Jr.) made it a priority and Executive Secretary (Lucas) Bersamin steered our efforts.

    Through concerted reforms, government agencies fortified our financial system and reaffirmed our commitment to combating financial crimes.

    Closing

    Today, we honor our public and private sector champions who made this happen. Many of you work quietly behind the scenes but today, we give you the recognition and gratitude you deserve.

    Maraming salamat sa inyong lahat. Mabuhay tayong lahat!

    MIL OSI Economics –

  • MIL-OSI Economics: Lesetja Kganyago: The role of ethical leadership amid threats to academic freedom

    Source: Bank for International Settlements

    Good morning graduates and members of the university community.

    It is my distinct honour to be recognised by Walter Sisulu University (WSU), an institution that bears the name of such an influential figure in South Africa’s history.

    Incidentally, just over four years ago, I was conferred an honorary doctorate by a university named after Walter Sisulu’s lifelong friend, Nelson Mandela. I consider it a profound privilege for my name to be attached, albeit indirectly, to these two great men through the universities that stand as monuments to their legacies.

    Today I would like to take the opportunity to reflect on the importance of safeguarding institutions such as WSU, tied as they are to our country’s past and – more critically – its future.

    During apartheid, South Africa’s universities became key sites of political activity. In an effort to curtail any political mobilisation, the government clamped down on progressive academics and student organisations.

    In the 1980s, for example, five lecturers at the University of Transkei, the institution that would later become WSU, were deported. Hundreds of students were arrested and more were banned from campus.1

    But this campaign against academic freedom went beyond the hard power tactics displayed in the 1980s. The government also exacted its influence by meddling in appointments and creating obstacles to certain areas of research.2

    What happened at our universities during apartheid was not a one-off, and history has repeated itself in a number of different contexts since.

    Most recently, universities in the United States (US) have also come under undue pressure. And US universities are not the only ones under strain, with research suggesting that academic freedom has declined in several other democracies in recent years.

    In spite of our own recent history, today some South African universities face intense pressure to bend on their principles in relation to their academic boycotts of certain countries.3

    Having led the South African Reserve Bank for just over a decade now, I have come to understand that institutions often comes under attack when they shed light on some or other dereliction of duty elsewhere.

    Whether it be a government’s failure to uphold the rights of its citizens or its stated democratic ideals, or a financial institution’s neglect to safeguard people’s money, the attacker’s response is often the same: a strike at the target’s independence.

    As we know, independence is sacred, especially for those institutions that hold a mirror up to power, as universities so often do.

    To paraphrase Albert Einstein, academic freedom means having the right to seek the truth and to uncover that truth. Naturally this right comes with the duty not to withhold a part of what is believed to be true.4

    It is no secret that South Africa’s universities have had their fair share of challenges over the years. Many of these have been the growing pains of a young democracy – and, while our universities have been bruised, they have not been broken.

    However, there are likely more perils in store for our maturing democracy, one of which reared its head during the country’s last election. I am of course referring to the rise of anti-constitutionalism and populism, which have targeted parts of South Africa’s accountability ecosystem.

    In the wake of this looming threat, and the other crises that have torn at the fabric of society, ethical leadership and strong governance are crucial to ensuring our universities can continue to deliver quality higher education.

    Every leader, lecturer and graduate of this university will forever have Walter Sisulu’s name on their CVs. This comes with an immense responsibility.

    Former President Nelson Mandela once described his comrade’s life as one of “absolute selflessness”.5

    Indeed, Sisulu was known for embodying servant leadership, prioritising collective good over personal gain. He also fostered collaboration among his peers, helping build an organisation that would withstand some of history’s greatest tests.

    As I stand before you today, now a member of this university community, I urge you all to model a type of leadership that will defend against threats to academic freedom and uphold accountability, thus safeguarding our country’s future.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: UKSPF funding unlocks skills, confidence and opportunity for Oxford people

    Source: City of Oxford

    Thursday, 8 May 2025

    Oxford residents have gained new skills, qualifications, and life-changing opportunities thanks to projects funded through the government’s UK Shared Prosperity Fund (UKSPF).

    From helping people into jobs and training to supporting new businesses and improving the city’s public spaces, the funding has boosted opportunity, community pride and economic growth across the city. 

    In December 2022, Oxford City Council secured £1 million in UKSPF funding as part of the government’s Levelling Up agenda. Since then, it has focused the funding on local priorities identified in the Oxford Economic Strategy and City Centre Action Plan, including tackling inequality, supporting the economy’s shift to net zero, and enhancing the experience of the city centre. 

    Results 

    Delivered in collaboration with local partners, UKSPF funding has already made a measurable difference across Oxford by helping local people build skills and confidence, supporting businesses to grow, and enhancing public spaces. Highlights include: 

    • over 100 residents gained qualifications, 
    • 84 people directly helped into employment, 
    • 58 people funded onto courses 

    UKSPF-funded projects have also provided a boost to local businesses and high streets: 

    • 648m2 of public realm created or improved
    • 158m of new or improved cycleways or footpaths 
    • 14 businesses received direct support  

    2025/26 funding 

    The Council has successfully secured an additional £327,146 to fund a year-long programme of activity for 2025/26. The programme will be split into city centre, capital and economic development activity.  

    One of the requirements of the fund means all projects must be delivered within 12 months. Given this timeframe, the Council has predominantly extended projects already underway to maximise results.  Some of the projects identified include:  

    • support the visitor economy by collecting and utilising better data about footfall and spending in the city centre
    • explore ways the city can maximise the benefits of its successful visitor industry
    • develop better wayfinding through the introduction of an app
    • support people to progress towards and into employment through Enterprise Oxfordshire’s No Limits Programme 
    • restarting a Social Economy Business Support Programme to support start-ups and the wider social economy
    • developing a city-wide skills framework to improve opportunities for local people into certain trades, including green skills. 

    Comment 

    “Whether it’s new qualifications, support for businesses, or an improved city centre, the UK Shared Prosperity Fund has brought real change to Oxford and the people who live here.  

    “By supporting local projects, we’ve given people the tools, confidence and support to thrive and every project has helped to make the local economy fairer.” 

    Councillor Alex Hollingsworth, Cabinet Member for Business, Culture and Inclusive Economy at Oxford City Council 

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Chinese-Russian Twin Cities: New Trends in Cultural Tourism

    Translation. Region: Russian Federal

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

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

    Heihe City (Heilongjiang Province) and Blagoveshchensk City (Russia) are located on opposite sides of the Heilongjiang River and are in close proximity to each other. Due to their geographical proximity, active economic and cultural exchanges, and close human ties, they are called the “twin cities of China and Russia.”

    In recent years, Heihe’s morning and night markets have become a popular destination for Russian tourists. The opportunity to try a hot Chinese breakfast in the morning and dishes from all over China in the evening has become a favorite holiday option for many Russians, which contributes to both the growth of the local economy and the strengthening of friendship between the peoples of the two countries.

    In Heihe, in addition to gastronomy and shopping, Chinese massage has become a way for Russian guests to relax and recuperate.

    During the May holidays in 2025, the passenger flow through Heihe is expected to reach 9,500 people/time, with a peak of 2,200 people per day.

    MIL OSI Russia News –

  • MIL-OSI China: China ramps up efforts to promote private sector

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

    The State Council Information Office holds a press conference on the Private Sector Promotion Law of the People’s Republic of China, in Beijing, capital of China, May 8, 2025. [Photo/Xinhua]

    China is rolling out a series of measures to boost the development of its private sector, officials said at a press conference held by the State Council Information Office on Thursday.

    The newly passed private sector promotion law reinforces development certainty through legal stability, offering reassurance to private enterprises as they pursue growth with greater confidence, Zheng Bei, deputy head of the National Development and Reform Commission (NDRC), said at the press conference.

    In terms of ensuring fair participation in market competition, the law stipulates that China will implement a unified nationwide negative list system for market access, Zheng added.

    Regarding equal access to factors of production, the law mandates that private economic entities are guaranteed equal rights to utilize capital, technology, human resources, data, land, and public service resources in accordance with the law, ensuring a level playing field for all stakeholders, Zheng noted.

    According to Zheng, the NDRC has launched a series of flagship projects across sectors such as nuclear power and railways. Private capital holds a 20 percent stake in certain nuclear power projects, while in areas like industrial equipment renewal and resource recycling and reuse, private enterprises contribute over 80 percent of the investment, he explained.

    Zheng revealed that this year, premium projects worth approximately 3 trillion yuan (about 416.2 billion U.S. dollars) will be launched across sectors such as transportation, energy, water conservancy, and new types of infrastructure.

    From January to April this year, the bid-winning rate for private enterprises increased by 5 percentage points compared to the same period last year, Zheng said, adding that for projects under 100 million yuan, private enterprises accounted for over 80 percent of the total bid-winning number.

    Addressing the presser, Cong Lin, deputy head of the National Financial Regulatory Administration, said that loans from banking financial institutions to private enterprises have maintained steady growth.

    Over the past five years, loans to private enterprises have grown at an average annual rate of 1.1 percentage points higher than the overall loan growth rate across all categories, according to Cong.

    As of the end of the first quarter this year, the outstanding balance of loans to private enterprises reached 76.07 trillion yuan, a year-on-year increase of 7.41 percent, Cong said, adding that the outstanding balance of inclusive financing loans for small and micro enterprises stood at 35.3 trillion yuan, up 12.5 percent year on year.

    The law, which will take effect on May 20 this year, stipulates that the promotion of the sustainable, healthy and high-quality development of the private economy is a significant and long-term policy of China. 

    MIL OSI China News –

  • MIL-OSI China: 27th China Beijing International High-Tech Expo kicks off

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

    The 27th China Beijing International High-Tech Expo opened Thursday at the National Convention Center and will run through May 11. 

    This year’s event features over 600 new products across six themed exhibition zones of information technology, smart manufacturing, healthcare, green development, the digital economy, and regional innovation. 

    More than 800 enterprises and organizations from home and abroad are participating, with the total exhibition area reaching about 50,000 square meters – more than doubled that of last year. 

    International exhibitors from countries including Russia, France, Japan, the U.S., and ASEAN nations occupy over 3,000 square meters, according to a Beijing municipal official responsible for promoting international trade. 

    Headline exhibits include China’s first 1,000-qubit coherent optical quantum computer, capable of accelerating tasks like drug discovery; AI-powered orthopedic surgical robots already in clinical use at over 100 hospitals; wall-climbing robots for infrastructure inspections; and a new generation of humanoid robots. 

    The expo also showcases key breakthroughs driving emerging industries. Highlights include a domestically developed fuel cell air compressor that lowers hydrogen fuel costs, a turboshaft engine built for unmanned helicopters and eVTOL aircraft, and the first bioengineered heart valve product developed specifically for infants.

    In parallel with the exhibition, a series of trade and investment promotion events are being held, covering themes such as international investment, Beijing-Tianjin-Hebei trade cooperation, and international business law.

    MIL OSI China News –

  • MIL-OSI China: ‘First stores’ in Beijing sub-center to receive financial support

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

    The Beijing Tongzhou District Municipal Commerce Bureau recently released a guideline to support the first-store economy in the capital’s sub-center.

    The “first-store economy” refers to an economic model in which a region leverages its unique resource advantages to attract domestic and international brands to open their first stores in the area. This creates an optimal synergy between brand value and regional resources, thereby generating a positive impact on the region’s economic development.

    According to the guideline, brands that open their first stores in the Beijing sub-center and receive municipal-level first-store policy support may be eligible for up to 1.5 million yuan (US$210,000) in funding from Tongzhou district.

    Domestic and international brands that open flagship stores or first stores in Asia, Chinese mainland, or Beijing can receive a one-time support fund of 500,000 yuan from Tongzhou district, as long as they are recognized by the Beijing Municipal Commerce Bureau and showcasing stable performance and strong growth potential.

    Commercial operation and management enterprises can also receive a one-time support fund of 100,000 yuan for each new brand first store they introduce that is recognized by the Beijing Municipal Commerce Bureau, with total support capped at 500,000 yuan per enterprise.

    Beijing’s sub-center also supports the upgrading and renovation of traditional shopping malls and commercial districts. Business entities that operate such shopping areas can received up to 1 million yuan in funding from the local government. 

    As of now, the Beijing sub-center is home to 11 large-scale commercial facilities, with 14 more projects under construction.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Delivering our Plan for Change for workers

    Source: United Kingdom – Government Statements

    Speech

    Delivering our Plan for Change for workers

    The Health and Social Care Secretary Wes Streeting spoke at the Union of Shop, Distributive and Allied Workers (Usdaw) Annual Conference in Blackpool.

    It’s great to be here in Blackpool.

    Paddy (Lillis), you stood in the tradition of the greatest leaders of our movement, who believed it was not enough to walk through the streets demanding change, but that we had to walk through the corridors of power to deliver it.

    I also want to say thank you to Dave (McCrossen) for his leadership as Deputy General Secretary.

    Paddy, Dave, what you and your team have achieved in Usdaw is truly remarkable.

    Given the challenges facing retail and food distribution and the high turnover rates in the sector, maintaining your membership is a tough enough challenge, but with your leadership, Usdaw has grown. 

    With the switch to online shopping and the decline of our high streets, accelerated by the pandemic, others would have thrown in the towel. 

    Instead, your Retail Recovery Plan is helping the sector to come back stronger.

    Usdaw is an example to the trade union and labour movement:

    • to focus on the issues that matter most in the workplace
    • to keep our heads screwed on and our feet on the ground
    • to always champion the interests of working people

    Paddy, Dave, on behalf of everyone here and on behalf of the Prime Minister and the government, thank you for everything you’ve done for Usdaw and for our country.

    I’m also delighted to welcome Joanne as Usdaw’s new General Secretary. Joanne, you made history as Usdaw’s youngest regional secretary and now you’ve made history as the first woman to become general secretary – and the youngest, too!

    It’s clear the whole conference is excited to see what you do in the role. Congratulations and good luck! 

    I owe so much to Usdaw.

    [Redacted political content.]

    And having had my life saved by the NHS when I had kidney cancer at the age of 38, I can think of no better way of repaying the debt I owe to the NHS than by saving our National Health Service. 

    We should be in no doubt about the threat to our NHS.

    When we came into government, we took over an NHS going through the worst crisis in history:

    • waiting lists at historic highs
    • patient satisfaction at record lows
    • people struggling to see a GP
    • dental deserts in huge swathes of the country
    • ambulances not turning up on time
    • A&E departments full to bursting
    • doctors on picket lines, instead of the front line
    • that founding promise, that the NHS would always be there for us when we needed it, broken

    The NHS was broken.

    [Redacted political content.]

    Broken, but not beaten. Because every day there are amazing people delivering outstanding and compassionate care, despite all those challenges.

    Not beaten, because as Nye Bevan is often quoted as saying: “The NHS will last as long as there’s folk with faith left to fight for it.”

    Well, every day since I became Health Secretary, I’ve gone into work fighting for our NHS.

    To restore that basic founding principle that the NHS should always be there for us when we need it.

    With our Plan for Change, we’ve hit the ground running.

    As our first step, we promised 2 million more appointments in our first year.

    Promise made, promise kept:

    • we delivered our promise 7 months early and we’ve smashed our target – delivering not 2, but 3 million extra appointments since July and rising
    • we’ve got waiting lists down 6 months on the trot, including during peak winter pressures
    • we ended the strikes within 3 weeks and delivered an above-inflation pay rise for NHS staff
    • we’ve invested an extra £26 billion in health and care
    • we’ve recruited 1,500 more GPs – and agreed a GP contract for the first time since the pandemic
    • we’ve delivered the biggest investment to hospices in a generation
    • the biggest expansion of Carer’s Allowance since the 1970s
    • a massive boost for older and disabled people through the Disabled Facilities Grant
    • the biggest real-terms increase to the Public Health Grant in nearly a decade
    • we’ve given pharmacies the biggest funding uplift in a generation
    • and last week we froze prescription charges for the first time in years

    A lot done, but there is more to do:

    • our bill on smoking and vapes will protect children and the most vulnerable and make this generation of kids the first smoke-free generation
    • our Mental Health Bill will stop the disgraceful incarceration of learning disabled adults
    • the ban on junk food advertising targeted at children will be a first step in addressing the growing problem of childhood obesity
    • we are working with health unions, councils and employers to deliver the first ever fair pay agreement for social care staff
    • and Louise Casey is leading a Commission on Social Care which will finally get a grip on a system that is broken for too many families

    [Redacted political content.]

    We will always defend our NHS as a publicly funded, public service, free at the point of use, so that when you fall ill you never have to worry about the bill. 

    Our job is twofold.

    First, to get the NHS back on its feet and treating patients on time again.

    And second, to reform the service for the long-term, so it is fit for the future.

    This summer we will publish our 10 Year Plan for Health:

    • shifting the focus of healthcare out of hospital and into the community, with more investment in primary and community care  
    • bringing our analogue health service into the digital age, arming staff with modern equipment and cutting-edge technology
    • turning our sickness service into a preventative health service, to help people live well for longer and tackle the biggest killers

    This cannot be done by one man sat behind a desk in Whitehall. We will only succeed if this is a team effort, from the Prime Minister to the 1.5 million people who work in the health service. And the millions of us who use it taking the decisions needed to live healthier, more active lives.

    Mental health

    I know Usdaw have long campaigned on the impact poor mental health and stress can have at work. And your ‘It’s good to talk’ campaign is helping to overcome stigma and offering practical support to members who may be struggling.

    Failing to take mental health seriously doesn’t just have an enormous impact on people. Absences take their toll on businesses, our NHS and our economy as a whole. 

    In the NHS, we’re expanding talking therapies. Last year, we provided almost 70,000 people with the support they need at work, up more than 60% on the year before. 

    We know a timely intervention on mental health can save anguish and distress further down the line, and to deliver this we need to expand the mental health workforce so everyone can access the right people, with the right support, at the right time. 

    That’s why our manifesto promised an extra 8,500 mental health staff: tackling mental ill-health and the causes of mental ill-health. 

    New deal for working people

    Central to good health and good mental health are good jobs.

    So while I’m focused on fixing the foundations of our NHS, the whole government is working hard to deliver our manifesto promise to deliver the new deal for working people.

    [Redacted political content.]

    Last month, our landmark Plan to Make Work Pay passed the House of Commons. It will mean: 

    • jobs that are more secure and family friendly 
    • a real living wage people can live on 
    • going further and faster to close the gender pay gap 
    • sick pay for the lowest earners 
    • day one rights from unfair dismissal 
    • ending fire and rehire  
    • and banning exploitative zero-hour contracts once and for all 

    Conference, this will be the biggest upgrade of workers’ rights in a generation.  

    Campaigned for by Usdaw, delivered by this government. 

    Of course change – real change – takes time. As I said to Laura Kuenssberg on the BBC over the weekend, I’m pretty sure when I talk about falling waiting lists, there are people shouting at the telly: “What are you talking about? I’m still waiting!”

    Both things are true. Waiting lists are falling and are over 200,000 lower today than they were when we came into office. But if you’re one of 7 million cases still on the list, you’re not feeling it yet.

    Similarly, the decisions I took within weeks of taking office that allowed us to employ 1,500 GPs are making a difference, but there will still be people going bananas trying to get through at 8am tomorrow morning after the bank holiday.

    If the Chancellor were standing here today, she’d also report that interest rates have fallen 3 times and wages are finally rising above inflation. But that doesn’t wash away the cost of living crisis.

    People are really struggling at the moment.

    Not living, just surviving.

    It’s not good for our health and it’s not good for our country.

    We were elected with a simple promise: change.

    It won’t be enough for people to see it in the statistics – you need to feel it in your lives.

    Is my family better off?

    Is the NHS there for me when I need it?

    Do my kids attend good schools?

    Are my streets safe?

    Am I getting a fair wage for a hard day at work?

    [Redacted political content.]

    Those are the questions we as politicians need to help you as union reps answer. 

    I want all of you to know that, in government, all of us feel that pressure to deliver the change people voted for. We don’t want to let you or our country down. 

    [Redacted political content.]

    At the weekend, I asked people to give us the time we need to deliver as we grapple with an enormous breadth and depth of challenges.

    [Redacted political content.]

    But day by day, week by week, step by step, we will rebuild our economy, rebuild our public services and rebuild trust in politics.

    There’ll be bumps in the road and we won’t get everything right.

    [Redacted political content.]

    This government has already:

    • increased the National Living Wage and National Minimum Wage, giving over 3 million workers a pay rise
    • delivered breakfast clubs at 750 primary schools, so that they start the day with hungry minds instead of hungry bellies
    • scrapped the wasteful Rwanda scheme and launched our Border Security Command
    • overhauled apprenticeships through a new Growth and Skills Levy
    • and switched on Great British Energy

    We’re:

    • bringing the UK’s railways back into public ownership
    • banning no-fault evictions and introducing new protections for renters
    • delivering the New Deal for Working People
    • and cutting NHS waiting lists

    Lots done, so much more to do. 

    [Redacted political content.]

    Change has begun and the best is still to come.

    Thank you.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Best Online Roulette Casinos: 7Bit Casino, Rated Top Online Roulette Casino For Real Money

    Source: GlobeNewswire (MIL-OSI)

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    7Bit is not only the best online casino for roulette. It is also renowned for the generous bonuses and promotions with clear terms. Here’s a breakdown of the various bonuses offered at 7Bit:

    Welcome Bonus Overview Of Best Online Live Roulette Casino

    7Bit Casino offers a multi-tiered welcome bonus package for new players, including up to 5.25 BTC plus free spins. While the bonus is generous, roulette contributes very little (typically 5% or less) toward the

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    • Welcome Pack of 325% up to 5.25 BTC + 250 Free Spins.
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    Reload Bonuses

    One of 7Bit’s standout features is its regular crypto reload offers. Players who deposit with cryptocurrencies or other fiat money can unlock reload bonuses every Monday and Wednesday. While not roulette-specific, these promotions can give extra funds to use across the site.

    Cashback and Weekend Promotions

    7Bit, the best online casino for roulette, also runs weekend cashback deals, offering up to 20% back based on your losses. Although cashback applies broadly, it’s one of the few promotions where roulette players actually benefit.

    VIP and Loyalty Perks

    Frequent players can join 7Bit’s VIP program, which unlocks personalized rewards, faster withdrawals, and exclusive offers. The more you play, the more loyalty points you earn. This is also applicable to a wide range of online roulette games. These points can be exchanged for bonuses, making it a long-term win for roulette fans.

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    7Bit- The Best Online Roulette Casino Payment Methods: Fast Deposits & Secure Withdrawals

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    Overall, 7Bit Casino is one of the best roulette casinos with a straightforward and efficient banking system. Thanks to the wide range of crypto support, you can play your favorite roulette titles anonymously, without any ID checks.

    Live Dealer vs. Online Roulette at 7Bit: A Quick Comparison

    If you’re wondering whether to go with live dealer or online roulette at 7Bit Casino, here’s a side-by-side comparison to help you decide:

    Feature Live Dealer Roulette Online (Virtual) Roulette
    Game Type Real-time roulette streamed with a professional dealer. RNG-based, software-driven game.
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    Interaction Live chat is available with dealers and sometimes players. No social interaction.
    Availability Depends on the schedule and table limits. Available 24/7 with no waiting.
    Mobile Experience May experience lag depending on internet connection speed. Lightweight and faster on mobile devices.
    Bonus Contribution Often low or excluded from wagering requirements. Usually contributes more towards wagering.
    Best For Players who enjoy atmosphere and human presence. Players who like to play on the go.


    How To Register & Start Playing Roulette At 7Bit

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    7. Spin the Wheel

    In online roulette, hit the “spin” button to start the wheel spinning. In live dealer games, once you click the button, the dealer spins it for you.

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    The ball lands on a number, and winnings (if any) are paid out automatically. You can repeat your bet or start a new one.

    Types Of Bets In Online Roulette Casino

    Here’s a list of bets you can place in online roulette real money:

    Inside Bets (Higher Risk, Higher Payout)

    • Straight-Up: Bet on a single number.
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    • Red or Black: Bet on the color of the winning number.
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    Is 7Bit Casino Safe and Fair for Roulette Games?

    7Bit Casino is one of the top online roulette casino sites that is safe and fair, and here’s why.

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    FAQ:

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    Disclaimer and Affiliate Disclosure

    Disclaimer: 7Bit Casino promotes responsible gambling. Verify local laws before playing, as it may not be licensed for New Jersey. Gamble only with funds you can afford to lose.

    Gambling online comes with financial risks. Make sure you meet the legal age requirement (19+) in your region and follow local laws. Always engage in responsible gambling and check 7Bit’s official site for the latest terms, as promotions and payment methods may be updated.

    General Disclaimer

    This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

    Casino and Gambling Disclaimer

    Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

    Affiliate Disclosure

    This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8204d670-de00-4906-acc4-5118dcde3ed5

    The MIL Network –

  • MIL-OSI: Best Online Casinos Ireland – JACKBIT Ranked #1 Irish Casino Site of 2025

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, May 08, 2025 (GLOBE NEWSWIRE) — JACKBIT, a globally acclaimed platform with a strong presence across Europe, Australia, New Zealand, and beyond, has been named the “Best Online Casino in Ireland 2025” following a rigorous review of the Irish online gambling industry. Conducted by experienced iGaming specialists, this evaluation highlights why JACKBIT stands out as the premier choice among the best online casinos in Ireland, delivering an exceptional gaming experience tailored to Irish players.

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    • KYC: Minimal or no identity verification requirements.
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    Why JACKBIT Is the Best Online Casino in Ireland 2025

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    Game Category Examples Providers
    Slots Starburst, Mega Moolah NetEnt, Microgaming
    Table Games Blackjack, Roulette Evolution, Pragmatic Play
    Live Dealer Live Poker, Baccarat Evolution, Ezugi
    Sportsbook GAA, Soccer, Rugby Proprietary
    • Quality of Bonuses and Promotions

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    • Payment Methods and Banking Experience

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    For those preferring traditional methods, JACKBIT accepts fiat options like Visa, MasterCard, Google Pay, Apple Pay, and bank transfers. This flexibility enhances JACKBIT’s appeal in the best online casinos Ireland.

    Payment Method Type Processing Time Fees
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    Ethereum (ETH) Crypto Instant None
    Tether (USDT) Crypto Instant None
    Visa/MasterCard Fiat Instant None
    Google Pay/Apple Pay Fiat Instant None
    Bank Transfer Fiat 1-3 Days None
    • Online Security

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    • Mobile Experience

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    • Quality of Sportsbook

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    • Customer Support

    JACKBIT provides 24/7 customer support via live chat, email, and phone, with multilingual assistance in English, German, French, and more. The professional support team ensures rapid resolutions, making JACKBIT a reliable choice in the online casinos Ireland.

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    JACKBIT’s Commitment to Responsible Gambling

    Responsible gambling is a cornerstone of JACKBIT’s operations, setting it apart from the best online casinos Ireland. The platform employs advanced technology to detect problematic gambling patterns, offering affected players immediate support and resources. Tools like deposit limits, session timers, and self-exclusion options empower players to manage their gaming responsibly.

    JACKBIT’s 24/7 support team is trained to handle responsible gambling concerns, ensuring players can access assistance at any time. This dedication to player welfare underscores why JACKBIT is a trusted new online casino in the best online casinos Ireland.

    “Safety and enjoyment are inseparable,” said the review team. “JACKBIT’s proactive approach to responsible gambling makes it a standout in the best online casinos in Ireland.”

    Steps to Join JACKBIT Crypto Casino:

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    Why JACKBIT Excels in 2025

    JACKBIT’s blend of a vast game library, generous bonuses, and player-centric features makes it the undisputed leader in the best online casinos Ireland. Its anonymous online casino model, with no KYC requirements, appeals to privacy-conscious players, while its pay ID casino capabilities ensure seamless transactions.

    The platform’s sportsbook, with extensive coverage of Irish sports, adds a local touch that resonates with players. Combined with a user-friendly mobile experience, robust security, and a commitment to fairness, JACKBIT delivers everything Irish players need for a thrilling and secure gaming experience.

    Exploring JACKBIT’s Unique Features

    • Multilingual Platform

    JACKBIT supports multiple languages, including English, German, and French, ensuring accessibility for Ireland’s diverse population. This inclusivity enhances its appeal in the best online casinos in Ireland, catering to both native and international players.

    • Rakeback VIP Club

    The Rakeback VIP Club rewards loyal players with up to 30% Rakeback, based on their activity level. This program adds significant value, particularly for high rollers, making JACKBIT a top choice in the best online casinos in Ireland.

    • Crypto-Based Mini-Games

    JACKBIT offers a selection of crypto-based mini-games, adding a modern twist to its offerings. These games appeal to tech-savvy players, further solidifying JACKBIT’s reputation as a new online casino in the best online casinos Ireland.

    • Social Media Engagement

    JACKBIT’s Free Social Media Bonuses encourage players to interact with the platform online, offering rewards like free spins and cashback. This innovative approach boosts player engagement, making JACKBIT a standout in the best online casinos Ireland.

    • Tournaments and Leaderboards

    JACKBIT hosts regular tournaments and leaderboards, allowing players to compete for cash prizes, free spins, and exclusive rewards. These events add an extra layer of excitement, reinforcing JACKBIT’s position as the best online casinos in Ireland.

    • Fast Payouts

    JACKBIT’s commitment to fast payouts ensures players receive their winnings promptly, whether using cryptocurrencies or fiat methods. This efficiency is a key reason JACKBIT ranks among the best online casinos Ireland.

    • Community Focus

    JACKBIT fosters a sense of community through its social media presence and player-focused initiatives. By engaging with players online and offering tailored promotions, JACKBIT builds loyalty, making it a top contender in the best online casinos Ireland.

    The Irish Gaming Experience with JACKBIT

    JACKBIT’s appeal to Irish players extends beyond its technical features. The platform’s inclusion of sports like Gaelic football and hurling in its sportsbook reflects an understanding of Ireland’s cultural passions. Its best online pokies feature themes inspired by Irish folklore, such as leprechauns, Celtic knots, and shamrocks, adding a local flavor to the gaming experience.

    The absence of KYC requirements aligns with the preferences of many Irish players who value privacy, making JACKBIT a leading anonymous online casino in the best online casinos Ireland. Additionally, the platform’s support for Google Pay and Apple Pay caters to the growing popularity of mobile payments in Ireland, enhancing its status as a pay ID casino.

    JACKBIT’s multilingual support ensures that players from Ireland’s diverse communities, including those in Dublin, Cork, Galway, and beyond, can navigate the platform with ease. This tailored experience feels both global and distinctly Irish, making JACKBIT a standout in the best online casinos in Ireland.

    JACKBIT’s Role in Ireland’s Online Gambling Evolution

    Ireland’s online gambling scene has grown rapidly, with players demanding platforms that offer convenience, variety, and security. JACKBIT has emerged as a trailblazer in this space, redefining what it means to be a new online casino in the best online casinos Ireland. Its innovative features, such as crypto-based gaming and no-KYC policies, align with the preferences of modern Irish players who seek flexibility and privacy.

    The platform’s Pragmatic Drops & Wins promotion, with a €2,000,000 prize pool, has captured the attention of Irish players, offering opportunities to win big while playing the best online pokies. JACKBIT’s regular tournaments and leaderboards further enhance its appeal, creating a competitive yet fun environment that keeps players engaged.

    JACKBIT also contributes to the local economy by partnering with Irish payment providers and supporting local sports betting markets. Its commitment to offering odds on GAA and horse racing events strengthens its connection to Ireland’s cultural heritage, making it a beloved choice in the best online casinos in Ireland.

    How JACKBIT Supports Irish Players

    JACKBIT goes beyond gaming to provide a holistic experience for Irish players. Its 24/7 customer support team is trained to address the unique needs of Irish users, offering assistance in English and other languages. Whether you’re troubleshooting a payment issue or seeking advice on responsible gambling, JACKBIT’s support team is always ready to help, reinforcing its position of the best online casinos in Ireland.

    The platform’s VIP Rakeback Club is particularly appealing to Irish high rollers, offering tailored rewards that enhance the gaming experience. By providing up to 30% Rakeback, JACKBIT ensures that loyal players are recognized and rewarded, making it a top pay ID casino in the best online casinos Ireland.

    JACKBIT’s social media engagement strategy also resonates with Ireland’s tech-savvy population. By offering Free Social Media Bonuses, the platform encourages players to stay connected, fostering a sense of community that is rare among online casinos. This approach makes JACKBIT a leader in the best online casinos Ireland.

    Comparing JACKBIT to Other Platforms

    While many platforms compete for a spot in the best online casinos Ireland, JACKBIT’s comprehensive offerings set it apart. Unlike competitors that may impose lengthy KYC processes, JACKBIT’s anonymous online casino model prioritizes player privacy. It’s 7,000+ games surpass the libraries of most rivals, and its sportsbook offers more betting options, particularly for Irish sports.

    JACKBIT’s bonuses, with low wagering requirements and high value, outshine those of other platforms. The 30% Rakeback + 100 Free Spins welcome offer is more generous than standard deposit matches, and the Pragmatic Drops & Wins promotion adds a competitive edge. These factors make JACKBIT the top new online casino in the best online casinos Ireland.

    Tips for Maximizing Your JACKBIT Experience

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    JACKBIT’s Future in Ireland

    As Ireland’s online gambling market continues to evolve, JACKBIT is well-positioned to maintain its leadership in the best online casinos in Ireland. Its commitment to innovation, from crypto-based mini-games to a no-KYC model, ensures it remains ahead of the curve. The platform’s focus on Irish sports and cultural themes further strengthens its appeal, making it a beloved choice for players across the country.

    JACKBIT’s ongoing investment in technology, such as enhanced mobile features and AI-driven responsible gambling tools, signals its dedication to improving the player experience. By continuing to offer competitive bonuses and a diverse game library, JACKBIT is poised to remain a top pay ID casino in the best online casinos Ireland.

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    Final Words About The Best Online Casinos Ireland

    JACKBIT Casino is the definitive choice for Irish players seeking the best online casinos Ireland in 2025. With its expansive game library, generous bonuses, secure payment options, and unwavering commitment to responsible gambling, JACKBIT delivers a gaming experience that is both thrilling and trustworthy. As a new online casino and anonymous online casino, it blends innovation with player-focused features, making it the premier pay ID casino for Irish players.

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    Email: support@jackbit.com

    Disclaimer & Affiliate Disclosure

    This article is for general information and promotional purposes only and shouldn’t be taken as legal, financial, or professional advice. While we aim for accuracy, we can’t guarantee everything is up-to-date or complete. Please double-check details before acting. Some links may be affiliate links, meaning we could earn a commission at no extra cost to you, but this doesn’t affect our content or opinions. Online gambling is for adults of legal age (typically 19+ in Ireland) and carries financial risk. Play responsibly and seek help if needed. Brand names mentioned belong to their respective owners. By reading this, you accept full responsibility for how you use the information.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9a494bed-945b-4b42-8b9d-25f7f239b9f2

    The MIL Network –

  • MIL-OSI China: Private sector promotion law to take effect on May 20

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

    The private sector promotion law, which was recently passed at a session of the Standing Committee of the National People’s Congress, the country’s top legislature, will take effect on May 20, according to a press conference held by the State Council Information Office on Thursday. It is the country’s first fundamental law dedicated to promoting the private economy.

    MIL OSI China News –

  • MIL-OSI: 74% of U.S. Homeowners Say Tariffs Will Make Their Financial Situation Worse

    Source: GlobeNewswire (MIL-OSI)

    Palo Alto, California, May 08, 2025 (GLOBE NEWSWIRE) — Homeowners are bracing for economic turbulence, according to a new report from Point, a leading home equity investment platform. Uncertainties about the broader economy are impacting homeowners’ personal financial health, as nearly three out of four homeowners (74%) say they think tariffs will make their financial situation worse in the next 12 months, while 82% are worried about a potential recession in that timeframe.

    More homeowners are fearful about their finances than in 2024

    Financial anxiety is surging, with 42% of homeowners saying they feel unsure about their personal finances for the next 12 months, up from 36% who said the same in 2024. Additionally, 39% of homeowners say they feel less financially secure than they did 12 months ago.

    “Despite having net worth on paper, many homeowners may feel concerned about their long-term financial future,” said Aaron Terrazas, an economist for Point. “Rising home prices over the past decade have given homeowners lots of home equity, but that wealth isn’t accessible to most homeowners when they need it for big-ticket expenses, let alone if they need it to help with a financial emergency.”

    Baby boomers feel the most uncertain about their finances

    Homeowners over 60, who are retired or near retirement, report being particularly concerned about their finances in the coming year. Nearly half (47%) of homeowners over 60 say they feel less financially secure than they did a year ago, and 48% expressed uncertainty about their financial situation in the next 12 months.

    Uncertainty around social security benefits is one major reason homeowners at or near retirement age may be worried about their finances. Among homeowners who are currently collecting or plan to collect social security benefits within the next 12 months, 73% are concerned about the potential of benefit cuts that could further erode their finances.

    Many homeowners do not feel prepared to weather a financial storm

    The rising costs of consumer goods continue to squeeze household budgets across the U.S. More than half of homeowners (54%) say their expenses have increased in the last 12 months, and a similar share (52%) said the same thing in 2024. Many homeowners are expecting this to get worse: 71% of homeowners anticipate their grocery costs will rise in the next year, while more than half (54%) expect to spend more on general consumer goods and utilities.

    After multiple years of rising expenses, homeowners may feel less equipped to weather a potential storm. Many homeowners said they don’t have the liquid savings they might need in times of emergency. A quarter (25%) of homeowners have less than a month’s worth of expenses saved in an emergency fund, and more than two-thirds of homeowners (68%) have six months or less in savings. For those with less than a month of savings, 90% are concerned about the possibility of a recession in the next 12 months.

    “There’s a perception that people who own their homes, even those who bought recently, have a lot of money in the bank – but banked home equity is a far cry from cash in an ATM,” Terrazas said. “Even homeowners who have been in their homes for years can struggle to keep up with rising property taxes, utility costs, and household maintenance expenses – all while managing an increasingly uncertain labor market or living on a fixed income.”

    For more details, visit Point.com.

    (1) Point asked 1,004 homeowners about their monthly expenses and financial situation using Survey Monkey’s online panel. The survey was conducted on April 18-19, 2025.

    About Point
    Point is the leading home equity platform making homeownership more valuable and accessible. Point’s flagship product, the Home Equity Investment (HEI), empowers homeowners to unlock their equity to eliminate debt, get through periods of financial hardship, and diversify their wealth – without adding to their monthly expenses. Point has worked with more than 15,000 homeowners, unlocking $1 billion in home equity. Point’s HEI enables investors to access a previously untapped asset class – owner-occupied residential real estate. Founded in 2015 by Eddie Lim, Eoin Matthews, and Alex Rampell, Point is backed by top investors, including Westcap, Andreessen Horowitz, Ribbit Capital, Greylock Partners, Bloomberg Beta, Atalaya Capital Management, Alpaca VC, and Prudential. The company is headquartered in Palo Alto, CA. For more information, please visit www.point.com

    The MIL Network –

  • MIL-OSI Australia: Commissioner’s address at the ATAX International Conference

    Source: New places to play in Gungahlin

    Rob Heferen, Commissioner of Taxation
    Address at the UNSW 16th ATAX International Conference on Tax Administration
    Sydney, 8 April 2025
    (Check against delivery)

    Introduction

    Thank you for the introduction. 

    I’d like to acknowledge the Traditional Owners of the land on which we meet, the Gadigal people, and pay respects to Elders past and present, and extend that to First Nations people present today. 

    I would also like to say thank you to Michael Walpole and Jennie Granger for inviting me to speak today. 

    It is indeed a privilege to be invited, and I hope I can get a recurring invite.

    The theme of this year’s ATAX conference is ‘Tax Administration: Getting it right’.  

    Before I get underway, some of my own housekeeping is important to note. Given the House of Representatives has been dissolved, we have a caretaker government, and so public servants, even we statutory officers, need to exercise appropriate discretion about what we say, and what we comment on.

    Which I will, of course, do.

    So, while I might be a little bland, I hope that doesn’t rule me out for the future.

    But returning to the topic at hand, what ought we mean by ‘getting tax administration right’. 

    Before I step through my perspective on this issue, which some of you will have heard before (I do apologise for that, but I think they are messages worth repeating) I’d like to reflect a bit on the crucial role tax has in the social contract – Australian style. 

    As the famous American Supreme Court Judge Oliver Wendell Holmes Jr said, ‘tax is the price we pay for a civilised society’.  

    I’d like to expand on that to posit that the tax we pay is a vital element of our social contract; the citizenry pay tax and in return the government provides the services the community, collectively, demands.  

    This notion recognises that as individuals there is little we can deliver on our own, but collectively our ‘contribution rules’ set out our obligations for how we can mutually contribute to fund things the country needs and the community demands.  

    Thomas Hobbes, one of the founders of modern political philosophy, had his memorable take on the social contract. Writing during the English civil war, he noted in the Leviathan that, without any ruler, our ‘state of nature’ would result in…

    such condition, there is no place for industry; because the fruit thereof is uncertain: and consequently no culture of the earth; no navigation, nor the use of commodities that may be imported by sea; no commodious buildings; no instruments of moving, and removing, such things as require much force; no knowledge of the face of the earth; no account of time; no arts; no letters; no society; and which is worst of all; continual fear, and danger of violent death; and the life of man, solitary, poor, nasty, brutish and short. 

    He may well have been over-influenced by England’s challenges at the time, but I think a moderated application can be seen to ring true today. Hence his view that to correct for this, society needs a strong powerful ruler – in Hobbes’ time, perhaps a sovereign, in our time and our place, a government. Perhaps not necessarily ‘strong and powerful’ as Hobbes’ may have imagined it, but definitely one with authority.

    Without a government, there will be little peace, prosperity or freedom.  

    And without tax, at least in the Australian context, very hard to imagine a government.  

    But digging a fraction deeper, does Australia’s tax system reflect Australia’s social contract and does the Australian Taxation Office’s (ATO’s) administration reflect this?  

    I think there’s a strong argument to be made that a country’s tax system, provided there are strong democratic foundations and processes, reflects its aspirations, its underpinnings and how the country has chosen its ‘rules of contribution’.

    The Australian tax system, or at least the policy to be implemented, has at least 2 elements:

    1. First, as a federation, do we have the right balance between taxes levied by the Commonwealth as compared to that by the states? 
    2. Second, do we have the right ‘tax mix’. That is, the right balance between direct taxes (such as income tax) and indirect taxes (such as the GST and excise)? 

    Of course, both of these are core policy questions not appropriate for me to comment on.

    But then the question of whether we get the tax administration right can be assessed by whether, given the first 2 elements, do we have the right administrative machinery and people in place to deliver the desired revenue for the government to deliver the services the community demands – that is, to deliver on the social contract? 

    The ‘right’ administration of taxes 

    The ATO is governed by legislation, passed by those who represent the broader community.  

    Much responsibility is vested in the Commissioner, and the parliament has provided me with significant authority, but has carefully constrained the Commissioner’s discretion to depart from the job at hand.

    To deliver on our purpose, successive governments have ensured we are appropriately resourced, with both technology and people, and from this resourcing expect us to deliver on our role.

    So what’s our role?

    To collect the right amount of tax, in accordance with the law, in the most efficient way for the government and the taxpayer. And in doing this, treat taxpayers with courtesy and respect.

    The law, of course, changes over time, both through explicit parliamentary action, and also through the court’s interpretation of the ‘hard cases’ that come before it.  

    The administrator then needs to ensure that their administration of the law is kept contemporary and is seen as fair and reasonable. 

    Does the ATO meet these benchmarks? 

    As I hope you would expect, we strive to, but of course, given none of us are perfect, in specific instances we may well fall short. 

    So, what are some useful metrics we can look to, to assess whether we are getting our administration right? That demonstrate we are meeting our Public Governance, Performance and Accountability Act 2013 (the ‘bible’ that governs the way we in the APS act) requirements to be effective, efficient, economical and ethical?

    Let’s start with the most important one – are we effective at our job?

    Our purpose, or the reason we exist, is clear: We collect tax so that government can deliver services for the Australian community.

    Being the nation’s principal tax collector is not always an easy job, but it’s an important one. One that’s fundamental to Australia’s strong economy and society.  

    Without the ATO doing its role, the rest of the government suffers (both Commonwealth and state), and accordingly, as does our broader society. 

    The ATO makes up a bit under 10% of the APS, but the more than 190,000 other federal public servants rely on us to do our job, so they can do theirs, that is so that the government has the money it needs to provide the services the community demands.  

    And given Australia’s vertical fiscal imbalance, a significant proportion of revenue the states and territories use to fund their public services is collected by us as well. 

    If our purpose is our guiding light, then our roadmap is our vision as an agency.

    Our vision is an Australia where every taxpayer meets their obligations because:

    • complying is easy
    • help is tailored
    • deliberate non-compliance has consequences.

    We are confident that where these conditions are met, voluntary compliance will be optimised.

    But our purpose drives what we do, day in and day out. It reinforces that our role is fundamental to making government work. At the end of the day, being that part of the government that collects tax revenue, so that other parts of government can deliver services for citizens, is our most fundamental function.

    We definitely collect a lot of tax – in this year’s budget papersExternal Link our Treasury colleagues estimate that we will collect $676.1 billion in the current financial year.

    But how does that compare with what we should collect?

    It’s tricky to get a firm handle on this, but our best estimates stem from our ATO Tax Gap measurement.

    Tax gap

    The tax gap is an estimate of the difference between the estimate of what we expect to collect, and what would have been collected if every taxpayer was fully compliant with the law.

    For the most recent tax gap data available, 2021–22, we estimate that we will collect $545.8 billion of the total $590.3 billion tax due.

    That is, the amount of tax not collected, the net tax gap, is $44.5 billion, or 7.5% of the total amount of the tax.

    The $545.8 billion, the amount we have or will collect, is made up of 2 parts:

    • $531.4 billion that is reported correctly when taxpayers lodge their tax statements, and
    • $14.3 billion which represents any difference between that first return and the final corrected return.

    So, the $14.3 billion collected following a revised tax return is influenced by ATO action – typically our post lodgment compliance action like reviews and audits.

    In the context of the performance of our tax system, the tax gap data indicates that we have 90.1% voluntary performance. This adjusts to 92.5% when we factor in our compliance action.

    Tax gap components

    But not all taxes are created equal, and the overall gap is made up of varying gaps or components across different taxation types. Based on the most recent verified data:

    • The gap for personal income taxes (both salary and business income) account for $25.8 billion of the $44.5 billion tax gap.
    • Given the size of the population for collections, it’s not surprising that this is the biggest. This group has a net tax gap of 8.5%.
    • Company income taxes (large, medium and small companies) account for $8.7 billion of the $44.5 billion tax gap. This group has a net tax gap of 6.3%.
    • GST – $4.4 billion and a net gap of 5.5%.
    • Excise and all other gaps – $5.6 billion or a net tax gap of 8.1%.

    Comparisons to other jurisdictions

    So how does this compare to other countries?

    This is a tricky question to answer mainly because of the countries who attempt to calculate their tax gap, each have their own unique features of measurement. The variation between jurisdictions means we can find ourselves comparing apples to oranges in many cases.

    But if we look at the trends in our respective data, perhaps there is something to glean.

    In Australia, since 2016–17, the net gap has decreased from 7.8% to 7.5%. Over the same period, the UK’s net gap decreased from 5.4% to 5.2% (noting the parameters of their gap calculations vary slightly from Australia’s).

    In both instances, the overall net gap decreased. And it’s important to remember, that this represents an estimate of what we are not collecting and what is not being reported. Being an estimate, they are often revised over time as more information becomes available.

    Suffice to say, in our international engagement, we are confident that our methodology is good practice, and our measured gaps are amongst the smallest.

    So, I think we are quite effective.

    Administrative performance

    Then, do we do this in the most efficient way for the government and the taxpayer?

    Our costs of collection are, in the main, very low. For the 2023–24 year the cost to collect $100 of tax was 56 cents.

    Unfortunately, good, robust information on compliance costs for all taxpayers is not collected and produced.

    Do we treat taxpayers with courtesy and respect?

    Our Charter outlines our commitments to the community in their interactions with us and includes a number of stated commitments around the behaviours expected from ATO officers when they engage with the community.

    We have a range of metrics that provide valuable insights into how this is working in practice:

    • For service commitments: The ATO has 12 publicly stated service commitments that are reported every month on the ATO website. The last published results were for March 2025, and show all 12 were met.
    • Highlights included that
      • 97% of electronic taxpayer requests were finalised in 15 days, against a target of 90%
      • 99% of electronic tax returns and activity statements were finalised in 12 business days, against a target of 94%, and
      • 100% of employee referrals for unpaid super were escalated with employers within 28 days, against a target of 90%.
    • Regarding complaints, they continue to represent a very small portion of our interactions with taxpayers, around 0.1%.
      • Our service commitment is that we will resolve 85% of complaints within 15 days or within a date negotiated with the taxpayer. And, pleasingly, our March 2025 (YTD) result showed we have finalised 99% of complaints within our service commitment.

    To further ensure confidence in our administration, the ATO is fortunate to have fairly comprehensive scrutiny from a broad set of scrutineers.

    Like any Commonwealth government funded agency or department we are subject to the thrice-yearly scrutiny on our appropriation by the relevant senate legislation committee – commonly known as our Senate Estimates process.

    Again, like any other similarly funded agency we are subject to both financial audits and performance audits by the Australian National Audit Office.

    And we have our own dedicated scrutineer – the Tax Ombudsman, Ruth Owen, who is speaking this afternoon.

    Each of these processes provide us food for thought and often specific recommendations to improve our administration to which we attempt to respond to in a timely way.

    A further step this year was the Australian Public Service Commission initiating a capability reviewExternal Link to seek some external assurance that we are well placed for the future. And it showed that we are.

    Importantly, and as far as I am aware – all of our scrutineers are broadly happy that we are collecting the right amount of tax.

    But often the biggest critics of an organisation sit within it.

    And one of our shortcomings brought to my attention by my staff early on was the size of the debt book.

    The broader debt book – that is, stock of the tax debt that is owed to the Commonwealth Government at the current point in time – is currently over $105 billion (compared to the 2024-25 total revenue of around $650 billion). It’s the largest it’s ever been, and it is money that could be benefitting all Australians.  

    We estimate that just under half of that $105.1 billion is made up of collectable debt. That $46.4 billion is almost double the $26.5 billion of collectable debt owed in 2019. 

    I’ll have more to say on this shortly.

    Our vision

    We have recently spent time on sharpening our focus for the future by committing to a very clear vision for tax administration.

    Our vision is an Australia where every taxpayer meets their obligations because:

    • complying is easy
    • help is tailored
    • deliberate non-compliance has consequences. 

    I think there’s value in stepping this through in more detail today.

    Firstly, every taxpayer meets their obligations because complying is easy.

    • As an administrator, part of our role is to take the complexity of the system and do what we can to make it as easy to use as we can. That is, be a ‘complexity broker’.
    • In all aspects of life we need complexity brokers. Some of us know how to fix our cars and are happy to rely on our own expertise. Others are content to know how to put in the petrol and steer the wheel and are happy to rely on those with the expertise.
    • The ATO’s role as a complexity broker is complemented by the role of the tax profession in our system – those who help Australians to meet and understand their tax obligations.
    • Focusing on the tax profession, strengthening that relationship continues to be one of our core priorities.
    • It is vital that we work closely with the tax profession to ensure they are properly equipped to be complexity brokers for their clients.

    Secondly, every taxpayer meets their obligations because help is tailored.

    • While it’s important that all taxpayers have a clear digital pathway to resolve their interactions with the ATO, there will always be members of the community who need direct assistance from an ATO officer. While digital systems can enable a fast and seamless experience in some instances, it cannot be a substitute for human judgment.
    • Only human intervention can determine what constitutes fairness and reasonableness in those taxpayer circumstances where complex communication, compassion or empathy are needed to make decisions with the taxpayer.
    • We are currently developing our Future Interactions Strategy, which will further refine the how and when of our tailored approaches.
    • And within this strategy, our objectives will be laid out
      • to provide unassisted digital options to resolve tax matters where possible
      • to provide efficient human-assisted channels to assist in resolving more complex matters, or where the circumstances of the taxpayer require it
      • to provide secure, integrated digital platforms.
    • Alongside this is our focus on helping those experiencing vulnerability to meet their obligations.
    • To support this, the ATO is implementing a Vulnerability Capability that will strengthen and coordinate the way the ATO supports those who need it most. And in doing this we are grateful to the Tax Ombudsman for her recent reportExternal Link on this issue, particularly regarding financial abuse.
    • This program of work will include the development of a framework, together with specific actions and activities to support people experiencing vulnerability, including financial abuse.

    And finally, every taxpayer meets their obligations because deliberate non-compliance has consequences.

    • In the tax system, we think about non-compliance against a wide set of obligations, including failure to lodge, false registration and deliberate incorrect reporting. And of course, it also considers not paying the appropriate amount of tax.
    • While all tax owed to the government is a priority – from individuals, and from small and large business – we are conscious of our duty to collect priority debt such as unpaid superannuation guarantee, PAYGW – that is, tax that is withheld from employees’ pay but not passed on to the government – and GST that is collected from customers but not passed on to the government, and from the small group of taxpayers who exhibit the most non-compliant behaviour in avoiding their obligations.
    • It is important to note that only 22,000 taxpayers are responsible for $11 billion of the total tax collectable debt value. In context, that’s about 1% of the total debtors responsible for 20% of what’s owed.
    • To be clear, I’m not talking about just the largest taxpayers – this 1% are taxpayers of varying sizes. And it is this group where our focus lies.
    • This approach we are taking to collect the tax owed to the government is deliberate and targeted, with action being taken for those who repeatedly refuse to engage with us and continue to ignore our reminders.
    • For these taxpayers, we are moving more urgently to deploy the full powers available to us and we are beginning to see some positive impacts of this work, through reduction in the amount of debt owed to the government.

    Conclusion

    So, are we getting tax administration right? We, of course, have a few critics.

    But we all need to keep reminding ourselves that the tax system is not an end in itself; it’s only ever an instrument for the government to get the money it needs to deliver the services the community desires.

    Many of us, both internally and externally, can get caught up in the intricacies of various seemingly contradictory tax policies, the finer points of a court outcome, and the time it takes for us to finalise a complex ruling. Missing the reality of our tax system’s overall performance.

    But total taxes largely meet society’s spending demands. Our tax gap is low and our service commitments largely met.

    So, the conditions of tax administration doing its bit to deliver on our social contract are largely, or mainly, met.

    Is our tax administration perfect? Of course not.

    Is it about right? I am obviously biased, but I would say definitely.

    Can we improve? Of course.

    We’ve got work to do to achieve this. But that’s our aim.

    Thank you.

    MIL OSI News –

  • MIL-OSI: Real Money Online Casinos: 7Bit Ranked The Top Choice For Real Money Online Casino Players

    Source: GlobeNewswire (MIL-OSI)

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    Legal Disclaimer
    This content is for informational and entertainment purposes only and does not constitute legal, financial, or gambling advice. Verify local gambling laws before playing. Gamble responsibly, only wagering what you can afford to lose. Seek help from the National Council on Problem Gambling if needed.

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    Affiliate Disclosure
    Some links may be affiliate links, earning a commission at no cost to you. Recommendations are based on objective evaluations, and partnerships do not influence content.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/030bbbc7-ff1d-4d56-b85e-90fe1f2a8b5b

    The MIL Network –

  • MIL-OSI: Columbus Interim Report Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 5/2025

    Solid operational performance in Q1 2025

    Columbus delivered a solid start to 2025, driven by improved earnings, confirming the robustness of the strategy and business model. Despite a slight decline in revenue of 2%, a 32% improvement in EBITDA was achieved, significantly strengthening profitability and increasing the EBITDA margin to 10.7% compared to 7.9% in Q1 2024, adjusted for the extraordinary gain of DKK 20m from the M3CS legal case. Overall, a satisfactory start to the year.

    “Despite global uncertainty, Q1 2025 reflects steady execution – confirming that our strategy supports both resilience and improved profitability.” CEO & President Søren Krogh Knudsen.

    Q1 2025 highlights

    • Revenue declined by 2%, amounting to DKK 434m.
    • EBITDA amounted to DKK 46m, up 32% compared with the adjusted EBITDA in Q1 2024.
    • EBITDA margin was 10.7%, compared to 7.9% in Q1 2024 when adjusted for the M3CS legal case.
    • Efficiency of 62% in Q1 2025, compared to 62% in Q1 2024.
    • Consistent solid cash flow achieved with DKK 17m from operating activities.

    Service revenue split on Business Lines

           
    DKK ´000 Q1 2025 Q1 2024 ∆%
           
    Dynamics 365 253,059 257,433 -2%
    M3 84,814 93,074 -9%
    Digital Commerce 47,242 53,379 -11%
    Data & AI 23,950 18,707 28%
    Other Local Business 4,958 6,249 -21%
    Total sale of services 414,023 428,842 -3%
           
    Total sale of products 19,932 15,398 29%
           
    Total net revenue 433,955 444,240 -2%

    Service revenue split on Market Units

           
    DKK ´000 Q1 2025 Q1 2024 ∆%
           
    Sweden 130,943 147,946 -11%
    Denmark 102,318 108,318 -6%
    Norway 54,217 66,115 -18%
    UK 88,369 75,534 17%
    US 29,336 19,555 50%
    Other 8,575 10,104 -15%
    GDC 265 1,270 -79%
    Total sale of services 414,023 428,842 -3%
           
    Total sale of products 19,932 15,398 29%
           
    Total net revenue 433,955 444,240 -2%

    Outlook for 2025
    Based on the financial performance in Q1 2025 and the current order book and pipeline forecast, we maintain our full year guidance for 2025, as announced in Company release no. 1/2025 of 17 January 2025:

    • Organic revenue growth of 7-9%
    • EBITDA margin of 10-12%

    Live webcast and conference call
    Columbus is hosting a live webcast and conference call on 8 May 2025 at 13:00 CET. The webcast is hosted by CEO & President Søren Krogh Knudsen and CFO Brian Iversen.

    Webcast: Please log in to the webcast via Columbus’ investor site where you can follow the presentation and submit your written questions during the call: https://ir.columbusglobal.com/calendar-and-events

    Conference call:

    1. Participants are required to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.

    2. In the 10 minutes prior to call start time, Participants will need to use the conference access information provided in the e-mail received at the point of registering. Participants may also use the call me feature instead of dialling the nearest dial in number.

    Online Registration to the call: https://register.vevent.com/register/BI4a2761164a604663a705eed93a1f9f7c

    Live presentation on 12 May 2025
    HC Andersen Capital will host a live presentation of Q1 2025 results on 12 May 2025 at 11:00 CET. Presenters from Columbus A/S will be CEO & President Søren Krogh Knudsen and CFO Brian Iversen.

    You can already now submit questions and sign up for the event via this link: https://www.inderes.dk/videos/columbus-q1-2025-report-presentation

    A recording of the presentation will be available via the same link.

    For further information, please contact:

    • Søren Krogh Knudsen, CEO & President, Tel.: +45 7020 5000

    About Columbus 
    Columbus is a consultancy company helping organisations drive business value by defining, executing, and evolving their entire business. We deliver digital value through human intelligence, enabling our customers to innovate and grow. Our more than 1,500 digital explorers guide our customers through their digital transformation, delivering lasting value in Manufacturing, Retail & Distribution, Food & Beverage, and Life Science.

    We advise, implement and manage business critical solutions within Cloud Services, Data & AI, Sales, Marketing, Customer & Field Service, Digital Commerce, Managed Services, Business Process Automation & Apps, Finance & Supply Chain, Enterprise Information Management, Cybersecurity and Transformation Strategy. Headquartered in Denmark, we have offices and partners worldwide – delivering locally on a global scale.

    Attachment

    The MIL Network –

  • MIL-OSI Video: Advocate Lebeya briefs the media to give an update on successes and progress on high profile cases

    Source: Republic of South Africa (video statements-2)

    Advocate Lebeya briefs the media to give an update on successes and progress on high profile cases for the 4th Quarter financial year 2024/2025

    https://www.youtube.com/watch?v=YSDBJJp1Pec

    MIL OSI Video –

  • MIL-OSI Russia: Continue to create a favorable investment climate for foreign investors

    Translation. Region: Russian Federal

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

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

    Foreign-invested enterprises are important participants in China’s modernization, key driving forces of reform and opening up, innovation and creation, and an important link in China’s integration into world economic globalization. Since the beginning of the new era, China has consistently promoted high-quality development, steadily expanded high-level opening up to the outside world, shared opportunities for common development with other countries, and created a favorable investment environment for foreign enterprises in China.

    A large platform for entrepreneurial activity

    As a result of long-term sustainable development, China has become the world’s second-largest economy. Its economic growth has demonstrated strong resilience and huge potential. China has provided enterprises from all over the world with a huge arena for investment and long-term development. China has consistently pursued scientific and technological innovation to promote industrial upgrading, and actively formed and developed productive forces of new quality, which has greatly increased China’s importance and weight in the global economic arena and created broad investment and profit opportunities for enterprises with foreign capital.

    Broad market prospects.

    Since the global financial crisis in 2008, the overall growth rate of the global economy has slowed down, and market demand has become the scarcest and most sought-after resource in a globally competitive environment. For businesses, a large market means more application scenarios for new technologies and lower average costs, which allows for higher profits and creates a greater incentive for technological innovation.

    China is a super-large market with a population of 1.4 billion and a middle-income population of over 400 million. In addition, China is the fastest growing market in the world. In 2024, China’s overall consumer market achieved stable growth, with total retail sales of consumer goods exceeding 48 trillion yuan, an increase of 3.5% year on year. At the same time, China has taken a series of effective measures to enhance the advantages of a super-large market. By investing in China and doing business in China, foreign enterprises are finding a “golden opportunity” to benefit from the growth of China’s super-large market.

    Political expectations are stable

    Expectations are a key factor influencing economic development. The stability of political expectations directly affects the investment decisions of enterprises and the consumption decisions of the population. Under the leadership of the Communist Party of China, the country’s policies are scientifically sound and highly stable. For example, China has consistently implemented the basic national policy of opening up to the outside world, and has consistently adhered to the strategy of opening up based on mutual benefit and win-win. In the face of significant changes in the current international economic environment, China has taken a series of measures to stabilize foreign investment, consistently strengthening the “Invest in China” brand. This has not only stabilized the political expectations of foreign-invested enterprises, but also strengthened the attractiveness of the “Invest in China” brand, which is conducive to attracting more high-quality foreign investment projects.

    Favorable security situation

    Security is the prerequisite for development, and development is the guarantee of security. China has maintained political stability and social peace for many years. Since the beginning of the reform and opening-up policy, China has achieved two miracles – rapid economic growth and long-term social stability, becoming one of the safest countries in the world. In the face of risks and challenges, China has steadily followed the path of peaceful development. China strives for its own development while firmly ensuring world peace and development. At the same time, the country contributes to more effective peace and development on the planet through its own development.

    MIL OSI Russia News –