Category: Economy

MIL-OSI Russia: Seminar on China’s Economic Development and Cooperation with Central Asian Countries Held

Translation. Region: Russian Federal

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

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

BEIJING, May 6 (Xinhua) — A seminar on China’s (Sichuan Province’s) economic development and cooperation with Central Asian countries was held online late last month, the Sichuan Zaixian (Sichuan Online) news portal reported.

More than 60 representatives from Kazakhstan, Kyrgyzstan and Uzbekistan took part in the event, dedicated to the analysis of the experience of developing county-level economy and new-type urbanization in Sichuan Province (Southwest China).

At the seminar, Qi Yiming, spokesperson for the Sichuan Provincial Development and Reform Commission, and Li Jiangbo, deputy mayor of Deyang City in the province, shared their views on urbanization, innovation in economic development and cooperation between China and Central Asia with their foreign counterparts, according to the Foreign Affairs Office of the Sichuan Provincial People’s Government.

According to Qi Yiming, in recent years, Sichuan Provincial Government has deeply implemented the new-type urbanization strategy, made great efforts to develop public services in a balanced manner, accelerated the construction of comfortable, sustainable and smart cities, and significantly improved the urbanization rate in the province, with the urbanization rate rising from 43.4 percent to 60 percent.

The seminar was organized in accordance with the agreement reached at the 5th meeting of the foreign ministers of China and Central Asian countries, which took place from November 30 to December 1 last year in Chengdu, the capital of this province. -0-

MIL OSI Russia News –

May 6, 2025
MIL-OSI Australia: Interview with Stephen Cenatiempo, Canberra Breakfast, 2CC

Source: Australian Parliamentary Secretary to the Minister for Industry

Stephen Cenatiempo:

The Member for Fenner, Assistant Minister for Competition, Charities and Treasury, Dr Andrew Leigh. Good morning Andrew.

Andrew Leigh:

Good morning Stephen, good to be with you.

Cenatiempo:

The factional situation in the Labor Party is a lot more formalised and a lot more disciplined, but you fall outside of that. How do you negotiate that?

Leigh:

Well, the ACT has always had a tradition of having non‑factional members, going back to people like Bob McMullan. Alicia Payne and I are outside the factional system, and it just means you need to have more friends, hang out with more people and get to know a broad cross section of the party. Now, I’ve got a lot of respect for many people within the left and the right, but the pre‑selectors that chose me wanted someone who’s non‑aligned, and that’s the way I chose.

Cenatiempo:

From the perspective of Cabinet – because there’s reports around this morning suggesting that the left faction have now got more members in the Caucus than they previously had, so that will entitle them to more seats at the Cabinet table, and I understand that system but if you’re non‑factional how do you get to the Cabinet table?

Leigh:

Well, it’s a matter of engaging with a range of different colleagues. But you know, I’m really very happy doing what I’m doing working as part of the economics team. I’m pretty proud of the competition reforms last time around that Jim Chalmers was able to get through parliament. Being a part of reform really matters. I would always rather be an assistant minister in government than a shadow cabinet member.

Cenatiempo:

That’s right. It’s certainly a lot easier, that’s for sure. So what are your priorities for this next term?

Leigh:

We talked a lot about bulk‑billing during the campaign. I think getting those bulk‑billing rates up is going to be very important to Canberra. The next piece of the energy transition, that’ll now continue apace. I think there’s a lot of work to be done around productivity. The Treasurer spoke on Sunday about how in the first term it was inflation first, and then a focus on productivity. Now it’ll be around focusing on productivity, but also keeping an eye on inflation. So that means a lot to do around evidence‑based policy, competition reform. We’ve got the non‑compete reforms going through the parliament hopefully. All of that is aiming to see a more dynamic and competitive economy.

Cenatiempo:

I want to talk about the bulk‑billing thing, because the promise of 9 out of 10 GP visits being bulk‑billed, it’s just simply not possible – certainly not the ACT anyway. So how do you manage the expectation, given that that was one of the tent poles of the election campaign?

Leigh:

Well, I’m not as pessimistic as you Stephen, but I acknowledge it’s a hard task. One of the things we’re doing is making bulk‑billing stack up for the pure bulk‑billing practices. Our calculations were that previously, a pure bulk‑billing practice would have doctors earning around $260,000. Now with our reforms, doctors in those practices will be able to earn $400,000. So that makes it significantly more financially attractive to be part of a bulk‑billing practice, and it means critically, that you’re not relying in setting up your bulk‑billing practice on the altruism of doctors. In those bulk‑billing practices doctors can now earn what their counterparts earn in other parts of the sector.

Cenatiempo:

The difficulty you’ve got here in Canberra though, is the cost of doing business. Because every GP clinic is a small business, and we know that small businesses here in Canberra struggle, and that’s really out of the hands of the federal government.

Leigh:

Certainly, some of the ACT government settings make a difference and we need to be looking at those as well. But there’s a lot we’ve done at the federal level. The fact that Katy Gallagher has come from the ACT to the federal level, that she’s got that experience as ACT Health Minister which means that she’s acutely aware of those issues, as of course Dave, Alicia and I are.

Cenatiempo:

But communication with the ACT government, and you know, in the lead up to the last ACT election as well, you know, we can deal with a Labor government better than we can with a Coalition government. But the results haven’t gone out that way because of a level of belligerence here locally that the federal government doesn’t seem to be able to break through regardless of what Labor it is.

Leigh:

Well look, I wouldn’t use that term Stephen. Certainly, we engage frequently with the ACT government. We recognise they’ve got different pressures and different opportunities. Having that constructive working relationship is important, and certainly the ACT government recognises as much as the federal level, the need to get bulk‑billing rates up in Canberra. They’re well below any other jurisdiction, and that makes it hard for middle income Canberrans to go and see a doctor.

Cenatiempo:

Yeah. The elephant in the room. Yourself and Alicia both increased your margins which, you know, I don’t think anybody is surprised by. But David Smith seems to be in the fight for his life for his seat. What’s different about the southern part of Canberra?

Leigh:

Well, the southern part of Canberra is the part of Canberra that once elected a Liberal member in Brendan Smyth in 1995. So it has been swingier than the rest of the city. We’ll find out how much money went into the independent campaign down there, but I would have a guess that it was more than David Smith spent.

Cenatiempo:

I think that’s a lay down misère, yeah.

Leigh:

Yeah, I also wouldn’t take for granted the results up in the north. We do see now, the ACT Liberal Party moving quite out of step from Canberrans. Far be it from me to be giving advice to my opponents, but I think the ACT Liberal party would benefit from coming back to that kind of Kate Carnell or Gary Humphries philosophy. You know, something epitomised by your 2CC predecessor, Mark Parton.

Cenatiempo:

Yeah look, I don’t know if that’s necessarily true. My argument has always been in my 5 years here is that local politics shouldn’t be about ideology at all. We focus too much on ideology here in Canberra rather than service delivery which I think is the biggest problem, but that’s not an issue for federal politics although we could probably have a conversation about this over a beer one day. But personally, what do you see as your priorities in Fenner?

Leigh:

I’m really keen to continue engaging with the electorate. I think we need to constantly be innovating around democratic engagements, whether that’s telephone town halls, whether it’s looking at more opportunities to do things online. Democratic disengagement is a real risk to the political system and we now have a mandate in order to do a lot of things, but that’s also a mandate in order to engage very deeply with the community. Then in terms of the economic reforms, there’s an awful lot that needs to be done around evidence‑based policy, competition policy, productivity – you know, that’s my sweet spot as a former economics professor. So I’m really looking forward to working on the productivity challenge that Australia faces.

Cenatiempo:

Let’s talk about it broader level at the moment. In the Lower House you’ve got an absolute majority, so it’s not going to be a problem getting legislation passed through the House. But in the Senate it appears – I know counting is still going, but it appears you’re not going to have that. Given that the Prime Minister was adamant there would be no deals with the Greens, it looks like you’re going to need Greens support to get things through the Senate. Do you bypass them all together and go to the rest of the crossbench and I guess, hold up that promise so to speak?

Leigh:

Well, there will be a number of configurations for any bit of legislation, and you would have seen at the end of last year that there were a whole suite of bills that went through with different configurations. So, for example the merger reforms went through with broad support across the parliament. The campaign finance reform – putting ACT style expenditure caps in place – went through with the support of the Coalition. Other bits of legislation went through with support of the crossbench, so that’ll be case by case. We’ll be making our argument to everyone, and of course every bit of legislation we bring to the parliament will be a bit of legislation we reckon everyone should vote for.

Cenatiempo:

Well, yeah it stands to reason you would think. Look, let’s hope that you know. I mean John Howard’s Opposition leading up to the 1996 election – his policy was ‘well look if it’s sensible policy that we can all agree on let’s just pass it through and not be obstructionist’. Let’s hope that the Opposition makes that decision moving forward. Andrew, good to talk to you. We’ll catch up in a couple of weeks’ time.

Leigh:

Look forward to it Stephen, thank you.

Cenatiempo:

Andrew Leigh, the Assistant Minister for Competition, Charities and Treasury and the re‑elected member for Fenner.

MIL OSI News –

May 6, 2025
MIL-OSI United Kingdom: Climate envoy visits Singapore to drive regional climate action
Source: United Kingdom – Government Statements

World news story

Climate envoy visits Singapore to drive regional climate action

The visit by UK Special Representative for Climate, Rachel Kyte, will strengthen UK-Singapore partnership and drive regional climate action and investment.
The UK’s Special Representative for Climate, Rachel Kyte, is in Singapore on 6-7 May to strengthen UK-Singapore partnership on climate and clean investment and support greater climate ambition across Southeast Asia.

As part of the two-day visit, Ms Kyte will speak at Ecosperity Week and the GenZero Climate Summit, where she will share lessons from the UK’s decarbonisation journey, engage on opportunities to catalyse investment and technical assistance in green growth across Southeast Asia, and together with partners drive development of carbon markets.

The visit underscores the UK’s renewed commitment to international climate leadership. While here, Ms Kyte will hold meetings with Climate Ambassador Ravi Menon, as well as representatives from GenZero, Temasek, and Singapore’s Energy Market Authority to deepen collaboration on areas such as energy connectivity and carbon markets under the UK-Singapore Green Economy Framework (UKSGEF).

Rachel Kyte, the UK’s Special Representative for Climate, said:

Increasingly vulnerable to climate impacts, Singapore has become one of the most important hubs for financing clean growth and climate action. From carbon markets to clean tech to building resilience Singapore, like London, is leading the way. Deepening collaboration and, together, encouraging others to join with us in our ambitions for greener growth benefits everyone in our two countries and in the wider region.

I hope that the UK-Singapore partnership can help drive demand for high integrity carbon markets that will support stronger financial flows into nature and support companies to move faster with their transition plans and managing their emissions.

British High Commissioner to Singapore, Nikesh (Nik) Mehta, said:

The UK and Singapore share not just a commitment to addressing climate change, but a recognition that environmental protection and economic ambition go hand in hand. Singapore is a vital strategic partner in our climate diplomacy across Southeast Asia.

Through our UK-Singapore Green Economy Framework, we are pioneering approaches that will spur the green transition across the region, unlocking significant investment and genuine climate benefits.

I’m confident that we will further cement our collaboration and identify exciting new areas for joint action on sustainable finance, carbon markets, and clean energy – areas where our combined expertise can make a real difference to the region’s green transition.

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Published 6 May 2025
MIL OSI United Kingdom –
May 6, 2025
MIL-OSI China: Property moves to get house in better order

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

In a tone-setting conference, China’s policymakers outlined specific property measures focused on risk prevention, stock optimization and supply improvement, which is key to the stable and healthy development of the real estate sector, said industry experts on Sunday.

Being an important pillar of the nation’s economy, the property market is closely associated with overall economic performance, including financial policies and capital markets. Therefore, bolstering real estate market stability calls for consistent efforts and further supportive measures, they said.

The Political Bureau of the Communist Party of China Central Committee held a meeting to analyze and study the current economic situation and overall economic work on April 25.

The meeting affirmed the positive changes observed in the real estate sector over the past two quarters. Thanks to a series of supportive housing policies, property sales, prices and land markets in major cities have shown signs of stabilizing after a period of gradual decline, laying a solid foundation for further recovery.

Two major strategic directions were highlighted — intensifying urban renewal initiatives, including the orderly advancement of urban villages and dilapidated housing renovations, and accelerating the establishment of a new real estate development model.

“The meeting further stressed the significance of urban regeneration, and urged greater efforts to promote the renovation of urban villages and dilapidated houses,” said Yan Yuejin, deputy head of the Shanghai-based E-House China R&D Institute.

“This is also one of the key tasks for the year, as the renovation of urban villages would not only improve people’s living environments, but also activate more market demand,” Yan said.

The meeting also highlighted that efforts should be made to establish a new model of property development at an accelerated pace, increase the supply of high-quality housing, optimize the purchase policy of existing commercial housing and continue to consolidate the stability of the market.

“It is evident that the meeting mentioned the positive changes seen in the real estate market in the past two quarters,” said Ma Hong, a senior researcher from Guangzhou, Guangdong province.

“Boosted by a series of supportive measures, the downward tendencies in sales, home prices and land have been checked, laying a solid foundation for market recovery. There will be great demand for high-quality housing as the nation’s urbanization continues, which means that there is still room for further growth in the property sector,” said Ma.

Chen Wenjing, director of research at the China Index Academy, said she was encouraged by the major meeting’s spirit in further consolidating property market stabilization.

“The conference has prioritized the establishment of a new real estate development pattern, which will have a positive impact on the stable and healthy development of the property market over the mid to long-term,” Chen said.

“We see a lot more policies to facilitate the creation of the new model and optimize the purchase of existing commercial housing in the pipeline, and tailored policies would be introduced in a timely manner according to the market’s status quo,” she added.

Since the beginning of the year, quite a few cities have released housing vouchers in relocation projects to stimulate buying sentiment, with more than 20 regions having optimized their housing voucher measures. These efforts are expected to integrate the new home and pre-owned market, as well as reduce market inventories.

Notably, the meeting for the first time called for “increasing the supply of high-quality housing”, which is expected to promote the property market’s transition from quantity to quality as a new driver for the sector’s future development, experts said.

“The real estate market is entering a new phase, where the focus is shifting from rapid construction and volume to improving housing quality and meeting evolving buyer expectations,” said Lu Wenxi, a market analyst with Centaline Shanghai.

Lu said consumers are now placing greater emphasis on location, property quality and affordability. Striking a balance between these factors has become essential for developers aiming to stay competitive in a changing market.

“As the market continues to evolve, developers who prioritize quality and tailor their products to meet these shifting demands are expected to find more opportunities,” Lu added.

“The policymakers’ call for higher-quality homes is already having an impact on consumer expectations, and it will further have an influence on market transactions over the mid to long-term,” said Xu Wei, a senior agent with Sinyi Realty in Shanghai.

Xu, a veteran in the realty brokerage business for 16 years, said finding high-quality homes within limited budgets has become a top priority for current homebuyers.

“Currently, the bestsellers in our region are quality school district homes, pre-owned apartments that are comparatively new and high-end residential properties with better quality,” Xu added.

It is widely believed that more cities are expected to introduce standards and regulations to support the construction of high-quality residences, leading to a notable increase in the supply of “good housing”.

MIL OSI China News –

May 6, 2025
MIL-Evening Report: As Warren Buffett prepares to retire, does his investing philosophy have a future?
Source: The Conversation (Au and NZ) – By Angel Zhong, Professor of Finance, RMIT University

Warren Buffett, the 94-year-old investing legend and chief executive of Berkshire Hathaway, has announced plans to step down at the end of this year.

His departure will mark the end of an era for value investing, an investment approach built on buying quality companies at reasonable prices and holding them for the long term.

Buffett’s approach transformed Berkshire Hathaway from a small textile business in the 1960s into a giant conglomerate now worth more than US$1.1 trillion (A$1.7 trillion).

He built his fortune backing US industry in energy and insurance and American brands, including big stakes in household names such as Coca-Cola, American Express and Apple.

At Berkshire’s annual meeting at the weekend, held in an arena with thousands of devoted investors, Buffett named Greg Abel as his successor.

Abel, 62, is currently chairman and chief executive of Berkshire Hathaway Energy, as well as vice chairman of Berkshire Hathaway’s vast non-insurance operations.

He’s known for his disciplined, no-nonsense management style. The company’s board has now voted unanimously to approve the move.

This changing of the guard comes at a pivotal moment. Donald Trump’s return to the US presidency has already delivered significant economic policy shifts.

Meanwhile, questions about US economic dominance grow louder against China’s continued rise.

The ‘Oracle of Omaha’

Few names command as much respect in the world of finance as Warren Buffett. Born in Omaha, Nebraska, in 1930, Buffett displayed an early genius for numbers and investing. He bought his first stock at age 11.

His investment philosophy – buying undervalued companies with strong fundamentals – would later earn him the nickname the “Oracle of Omaha” for his uncanny ability to predict market trends and identify winning investments years before others did.

Value investing

Buffett drew his investment approach from the value investment principles of British-born US economist Benjamin Graham.

He preferred businesses with lasting advantages and a clear value proposition. Some of his key investments included insurance company GEICO, railroad company BNSF, and more recently Chinese electric vehicle maker BYD.

He avoided speculative bubbles (such as the dotcom bubble of the late 1990s and, more recently, cryptocurrencies) and preached long-term patience to investors. As he famously wrote in a 1988 letter to shareholders:

In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.

Buffett’s guidance helped Berkshire navigate many economic booms and recessions. Over his six decades at the helm, the company delivered impressive compounded annual returns of almost 20% – virtually double those of the S&P 500 index.

Beyond financial success, Buffett championed ethical business practices and pledged to donate more than 99% of his wealth through the Giving Pledge, which he cofounded with Bill Gates and Melinda French Gates.

Read more:
How Warren Buffett’s enormous charitable gifts reflect the ‘inner scorecard’ that has guided him up to the billionaire’s planned retirement

Challenges to Buffett’s strategy in today’s world

In an op-ed for the New York Times in 2008, Buffett famously shared the maxim that guides his investment decisions:

Be fearful when others are greedy, and be greedy when others are fearful.

But his strategy thrived in an era of increasing globalisation, free trade, and US economic supremacy. The world has shifted since Buffett’s heyday.

There are concerns about the recent underperformance of value investing. Technology companies now dominate older industries.

This raises questions about whether those who succeed Buffett can spot the next major industry disruptors.

America first?

Trump’s return as US president heralds major changes in economic policy. Trade restrictions might hurt some of Berkshire’s international investments. However, these same policies might benefit Buffett’s US-focused investments.

The idea of US economic superiority also faces new questions. China may overtake the US economy in the 2030s. The US share of global economic output has fallen from about 22% in 1980 to about 15% today.

Buffett’s “never bet against America” mantra faces new scrutiny.

Warren Buffett discusses trade deficits and protectionism on May 3.

The challenges for Buffett’s successor

Abel inherits a company with about US$348 billion (A$539 billion) in cash. That’s a serious amount of capital to deploy wisely amid global economic uncertainty and Trump’s trade war.

Abel will likely maintain Berkshire’s core values while updating its approach. His challenges include:
1. Maintaining the “Buffett premium”: Abel lacks Buffett’s cult-like following among investors, which may gradually erode the additional value the market assigns to Berkshire due to Buffett’s leadership.
  
  Without Buffett’s reputation, Abel may face increased pressure to effectively deploy Berkshire’s massive cash pile in a still-expensive stock market, where valuations are high and finding bargains is harder than ever.
2. Technological adaptation: while Berkshire has increased its technology investments over the years (including positions in Apple and Amazon), balancing its legacy holdings (such as Coca-Cola and railroads) with growth sectors (AI, renewables) remains challenging.
3. Environmental concerns: Berkshire Hathaway’s heavy reliance on coal and gas-fired utilities has drawn growing criticism as investors and regulators demand cleaner energy solutions.
4. Replicating the “golden touch”: Buffett’s genius wasn’t just in picking stocks. It was also in capital allocation, deal-making, and crisis management (for example, buying into Goldman Sachs during the global financial crisis). Can Abel replicate that?
After Buffett

Buffett’s principles – patience, intrinsic value and betting on America – are timeless. But the world has moved on. His successor must navigate geopolitical risks, technological disruption, and the rise of passive investing while preserving Berkshire’s unique culture.

The post-Buffett era represents more than just a leadership change. It’s a test of whether Buffett’s principles can survive in an increasingly short-term, technology-dominated, and geopolitically complex world.

Abel’s leadership will reveal the enduring power – or limitations – of Buffett’s philosophy.

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

– ref. As Warren Buffett prepares to retire, does his investing philosophy have a future? – https://theconversation.com/as-warren-buffett-prepares-to-retire-does-his-investing-philosophy-have-a-future-255867
MIL OSI Analysis – EveningReport.nz –
May 6, 2025

MIL-OSI: International Petroleum Corporation Announces First Quarter 2025 Financial and Operational Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 06, 2025 (GLOBE NEWSWIRE) — William Lundin, IPC’s President and Chief Executive Officer, comments: “We are pleased to announce another strong quarter of operational and financial performance for Q1 2025. IPC achieved an average net daily production during the quarter of 44,400 barrels of oil equivalent per day (boepd). Our results during the quarter were in line with the 2025 guidance announced at our Capital Markets Day in February as we continue to execute according to plan across our operations in Canada, Malaysia and France. Notably, the transformational Blackrod Phase 1 development project in Canada has progressed substantially during the quarter and forecast first oil is maintained with the original project sanction guidance for late 2026. We also continued with purchases of IPC common shares under the normal course issuer bid, having completed approximately 60% of the current 2024/2025 program between December 2024 to March 2025.”

Q1 2025 Business Highlights

Average net production of approximately 44,400 boepd for the first quarter of 2025, within the guidance range for the period (52% heavy crude oil, 15% light and medium crude oil and 33% natural gas).⁽¹⁾
Continued progressing Phase 1 development activity as well as future phase resource maturation works at the Blackrod asset.
At Onion Lake Thermal, all four planned production infill wells and the final Pad L well pair have been successfully drilled.
3.9 million IPC common shares purchased and cancelled during Q1 2025 and continuing with target to complete the full 2024/2025 NCIB this year.

Q1 2025 Financial Highlights

Operating costs per boe of USD 17.3 for Q1 2025, in line with guidance.⁽³⁾
Operating cash flow (OCF) generation of MUSD 75 for Q1 2025, in line with guidance.⁽³⁾
Capital and decommissioning expenditures of MUSD 99 for Q1 2025, in line with guidance.
Free cash flow (FCF) generation for Q1 2025 amounted to MUSD -43 (MUSD 37 pre-Blackrod capital expenditure).⁽³⁾
Gross cash of MUSD 140 and net debt of MUSD 314 as at March 31, 2025.⁽³⁾
Net result of MUSD 16 for Q1 2025.

Reserves and Resources

Total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life index (RLI) of 31 years.⁽¹⁾⁽²⁾
Contingent resources (best estimate, unrisked) as at December 31, 2024 of 1,107 MMboe.⁽¹⁾⁽²⁾
2P reserves net asset value (NAV) as at December 31, 2024 of MUSD 3,083 (10% discount rate).⁽¹⁾⁽²⁾

2025 Annual Guidance

Full year 2025 average net production guidance range forecast maintained at 43,000 to 45,000 boepd.⁽¹⁾
Full year 2025 operating costs guidance range forecast maintained at USD 18 to 19 per boe.⁽³⁾
Full year 2025 OCF revised guidance estimated at between MUSD 240 and 270 (assuming Brent USD 60 to 75 per barrel for the remainder of 2025) from previous guidance of between MUSD 210 and 280 (assuming Brent USD 65 to 85 per barrel).⁽³⁾⁽⁴⁾
Full year 2025 capital and decommissioning expenditures guidance forecast maintained at MUSD 320.
Full year 2025 FCF revised guidance estimated at between MUSD -135 and -110 (assuming Brent USD 60 to 75 per barrel for the remainder of 2025) from previous guidance of between MUSD -150 and -80 (assuming Brent USD 65 to 85 per barrel), after taking into account MUSD 230 of forecast full year 2025 capital expenditures relating to the Blackrod asset.⁽³⁾⁽⁴⁾

	Three months ended March 31
USD Thousands	2025	2024
Revenue	178,492	206,419
Gross profit	44,149	55,184
Net result	16,231	33,719
Operating cash flow⁽³⁾	74,790	89,301
Free cash flow⁽³⁾	(43,172)	(43,311)
EBITDA⁽³⁾	70,946	87,020
Net cash/(debt)⁽³⁾	(314,255)	(60,572)

During the first quarter of 2025, oil prices were relatively stable, with Brent prices averaging just below USD 76 per barrel. Following the quarter, commodity prices pulled back with spot Brent rates falling to USD 60 per barrel in April 2025. The physical crude market remained tight throughout the first quarter, prompting OPEC and the OPEC+ group to increase supply ahead of expectations. The timing of the supply increases coincided with the United States proposing harsh tariffs to countries deemed in a trade surplus of US goods. These two events have impacted future crude supply and demand outlooks, in turn weighing on spot and future oil benchmark prices. Despite the poor market sentiment, global inventories remain below the 5-year average, high geopolitical tensions persist, non-OPEC 2025 oil production (namely, in the US) is unlikely to grow at current prices, and US Federal Reserve Bank rate cuts are likely to occur in the near future. IPC prudently supplemented downside protection measures at the beginning of the first quarter of 2025 through financial swap hedging arrangements which in total represent nearly 40% of our forecast 2025 oil production at around USD 76 and USD 71 per barrel for Dated Brent and West Texas Intermediate (WTI), respectively, for the remainder of 2025.

In Canada, WTI to Western Canadian Select (WCS) crude price differentials during the first quarter of 2025 averaged just under USD 13 per barrel, with spot differentials decreasing to around USD 9 per barrel in April 2025. The Western Canadian Sedimentary Basin (WCSB) petroleum producers have greatly benefited from the TMX pipeline expansion with differentials tightening to levels not seen since 2020. There are currently no tariffs on Canadian crude exports to the United States, which remain covered by the US Mexico Canada free trade agreement. IPC has hedged the WTI/WCS differential for approximately 50% of our forecast 2025 Canadian oil production at USD 14 per barrel for 2025.

Natural gas markets in Canada for the first quarter of 2025 remained weak, given the softer than average winter weather conditions and high natural gas storage levels. The average AECO gas price was CAD 2.1 per Mcf for the first quarter of 2025. The forward strip implies improved pricing for Canadian gas benchmark prices, driven by the pending startup of the West Coast LNG Canada project later this year. Approximately 50% of our net long exposure is hedged at CAD 2.4 per Mcf to end October 2025, dropping to around 15% for November and December at CAD 2.6 per mcf.

First Quarter 2025 Highlights and Full Year 2025 Guidance

During the first quarter of 2025, our portfolio delivered average net production of 44,400 boepd, in line with guidance. Operational performance from our producing assets was strong to start the year as high facility and well uptimes were achieved. Drilling activity commenced in the first quarter of 2025 at Onion Lake Thermal, which aims to sustain production levels at the asset for 2025. In Malaysia, drilling and well maintenance works are planned to start in the second quarter of 2025, in line with plan. We maintain the full year 2025 average net production guidance range of 43,000 to 45,000 boepd.⁽¹⁾

Our operating costs per boe for the first quarter of 2025 was USD 17.3, in line with guidance. Full year 2025 operating expenditure guidance of USD 18.0 to 19.0 per boe remains unchanged.⁽³⁾

Operating cash flow (OCF) generation for the first quarter of 2025 was MUSD 75. Full year 2025 OCF guidance is tightened to MUSD 240 to 270 (assuming Brent USD 60 to 75 per barrel for the remainder of 2025).⁽³⁾⁽⁴⁾

Capital and decommissioning expenditure for the first quarter of 2025 was MUSD 99 in line with guidance. Full year 2025 capital and decommissioning expenditure of MUSD 320 is maintained.

Free cash flow (FCF) generation was MUSD -43 (MUSD 37 pre-Blackrod capital expenditure) during the first quarter of 2025. Full year 2025 FCF guidance is tightened to MUSD -135 to -110 (assuming Brent USD 60 to 75 per barrel for the remainder of 2025) after taking into account MUSD 320 of forecast full year 2025 capital expenditures (including MUSD 230 relating to the Blackrod asset).⁽³⁾⁽⁴⁾

As at March 31, 2025, IPC’s net debt position was MUSD 314, from a net debt position of MUSD 209 as at December 31, 2024, mainly driven by the funding of forecast capital expenditures and the continuing share repurchase program (NCIB). Gross cash on the balance sheet as at March 31, 2025 amounts to MUSD 140 and IPC has access to an undrawn Canadian credit facility of greater than 130 MUSD. The access to liquidity supports IPC to follow through on its key strategic objectives of enhancing stakeholder value through organic growth, stakeholder returns, and pursuing value adding M&A.⁽³⁾

Blackrod

During the first quarter of 2025, IPC continued to advance the Phase 1 development of the Blackrod asset. Growth capital expenditure to first oil is maintained at MUSD 850. First oil of the Phase 1 development is estimated to be in late 2026, with forecast net production of 30,000 boepd by 2028. IPC forecasts capital expenditure in 2025 at the Blackrod asset of MUSD 230, of which MUSD 77 was invested in the Phase 1 development project during Q1 2025. Since the transformational organic growth project was sanctioned in early 2023, MUSD 669, or approximately 80% of the total multi-year project capital budget, has been incurred.⁽¹⁾

Project activities for the multi-year Blackrod Phase 1 development have progressed according to plan. Engineering, procurement and fabrication is substantially complete with greater than 90% of all facility modules delivered to site. Equipment installation, piping inter-connects, electrical and instrumentation are the key areas of focus for construction at the Central Processing Facility (CPF) and well pad facilities.

Resource maturation drilling for future phase expansion considerations took place during Q1 2025. Commercial operational readiness planning has ramped up in line with our progressive turnover strategy to ensure a seamless transition from build to start-up. IPC intends to fund the remaining Blackrod capital expenditure with forecast cash flow generated by its operations, cash on hand and drawing under the existing Canadian credit facility if needed.⁽³⁾

Stakeholder Returns: Normal Course Issuer Bid

In Q4 2024, IPC announced the renewal of the NCIB, with the ability to repurchase up to approximately 7.5 million common shares over the period of December 5, 2024 to December 4, 2025. Under the 2024/2025 NCIB, IPC repurchased and cancelled approximately 0.8 million common shares in December 2024, 3.7 million common shares during Q1 2025, and a further 0.2 million common shares purchased under other exemptions in Canada. The average price of common shares purchased under the 2024/2025 NCIB during Q1 2025 was SEK 146 / CAD 20 per share.

As at March 31, 2025, IPC had a total of 115,176,514 common shares issued and outstanding and IPC held no common shares in treasury. As at April 30, 2025, IPC had a total of 114,248,119 common shares issued and outstanding and IPC held no common shares in treasury.

Notwithstanding the final major capital investment year at Blackrod in 2025, IPC had purchased and cancelled 73% of the maximum 7.5 million common shares allowed under the 2024/2025 NCIB by the end of April 2025 and intends to purchase and cancel the remaining 2.0 million common shares under that program in 2025. This would result in the cancellation of 6.2% of common shares outstanding as at the beginning of December 2024. IPC continues to believe that reducing the number of shares outstanding in combination with investing in long-life production growth at the Blackrod project will prove to be a winning formula for our stakeholders.

Environmental, Social and Governance (ESG) Performance

During the first quarter of 2025, IPC recorded no material safety or environmental incidents.

As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. IPC has also made a commitment to maintain 2025 levels of 20 kg CO₂/boe through to the end of 2028.⁽⁵⁾

Notes:

	(1)	See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the annual information form for the year ended December 31, 2024 (AIF) available on IPC’s website at www.international-petroleum.com and under IPC’s profile on SEDAR+ at www.sedarplus.ca.
	(2)	See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of net present value (NPV), are described in the AIF. NAV is calculated as NPV less net debt of USD 209 million as at December 31, 2024.
	(3)	Non-IFRS measures, see “Non-IFRS Measures” below and in the MD&A.
	(4)	OCF and FCF forecasts at Brent USD 60 and 70 per barrel assume Brent to WTI differential of USD 3 and 5 per barrel, respectively, and WTI to WCS differential of USD 10 and 15 per barrel, respectively, for the remainder of 2025. OCF and FCF forecasts assume gas price on average of CAD 2.25 per Mcf for the remainder of 2025.
	(5)	Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.

International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

For further information, please contact:

Rebecca Gordon SVP Corporate Planning and Investor Relations rebecca.gordon@international-petroleum.com Tel: +41 22 595 10 50	Or	Robert Eriksson Media Manager reriksson@rive6.ch Tel: +46 701 11 26 15

This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CEST on May 6, 2025. The Corporation’s unaudited interim condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three months ended March 31, 2025 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

Forward-Looking Statements
This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

Forward-looking statements include, but are not limited to, statements with respect to:

2025 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
IPC’s financial and operational flexibility to navigate the Corporation through periods of volatile commodity prices;
The ability to fully fund future expenditures from cash flows and current borrowing capacity;
IPC’s intention and ability to continue to implement its strategies to build long-term shareholder value;
The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
The continued facility uptime and reservoir performance in IPC’s areas of operation;
Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven oil prices and net present values;
Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
The ability to maintain current and forecast production in France and Malaysia;
The intention and ability of IPC to acquire further Common Shares under the NCIB, including the timing of any such purchases;
The return of value to IPC’s shareholders as a result of the NCIB;
IPC’s ability to implement its greenhouse gas (GHG) emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
Estimates of reserves and contingent resources;
The ability to generate free cash flows and use that cash to repay debt;
IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
IPC’s ability to identify and complete future acquisitions;
Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, tariffs, and ongoing projects and their expected completion; and
Future drilling and other exploration and development activities.

Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: the potential impact of tariffs implemented in 2025 by the U.S. and Canadian governments and that other than the tariffs that have been implemented, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.

Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; political or economic developments, including, without limitation, the risk that (i) one or both of the U.S. and Canadian governments increases the rate or scope of tariffs implemented in 2025, or imposes new tariffs on the import of goods from one country to the other, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed by the U.S. on other countries and responses thereto could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Corporation; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory”), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2024, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

Estimated production and FCF generation are based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, less net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the AIF. IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts.

Non-IFRS Measures
References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

Operating cash flow
The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

	Three months ended March 31
USD Thousands	2025	2024
Revenue	178,492	206,419
Production costs and net sales of diluent to third party ¹	(103,188)	(115,745)
Current tax	(514)	(1,373)
Operating cash flow	74,790	89,301

¹Includes net sales of diluent to third party amounting to USD 191 thousand for the first quarter of 2025.

Free cash flow
The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

	Three months ended March 31
USD Thousands	2025	2024
Operating cash flow – see above	74,790	89,301
Capital expenditures	(98,886)	(125,256)
Abandonment and farm-in expenditures¹	(321)	(122)
General, administration and depreciation expenses before depreciation²	(4,358)	(3,653)
Cash financial items³	(14,397)	(3,581)
Free cash flow	(43,172)	(43,311)

¹ See note 16 to the Financial Statements
² Depreciation is not specifically disclosed in the Financial Statements
³ See notes 4 and 5 to the Financial Statements

EBITDA
The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

	Three months ended March 31
USD Thousands	2025	2024
Net result	16,231	33,719
Net financial items	18,855	9,770
Income tax	4,679	7,746
Depletion and decommissioning costs	29,016	33,153
Depreciation of other tangible fixed assets	1,917	2,262
Exploration and business development costs	31	75
Sale of assets ¹	(94)	–
Depreciation included in general, administration and depreciation expenses ²	311	295
EBITDA	70,946	87,020

¹ Sale of assets is included under “Other income/(expense)” but not specifically disclosed in the Financial Statements
² Item is not shown in the Financial Statements

Operating costs
The following table sets out how operating costs is calculated:

	Three months ended March 31
USD Thousands	2025	2024
Production costs	103,379	115,745
Cost of blending	(37,726)	(45,206)
Change in inventory position	3,500	5,277
Operating costs	69,153	75,816

Net cash/(debt)
The following table sets out how net cash / (debt) is calculated from figures shown in the Financial Statements:

USD Thousands	March 31, 2025	December 31, 2024
Bank loans	(4,449)	(5,121)
Bonds¹	(450,000)	(450,000)
Cash and cash equivalents	140,194	246,593
Net cash/(debt)	(314,255)	(208,528)

¹ The bond amount represents the redeemable value at maturity (February 2027).

Reserves and Resources Advisory
This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2024, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2024 price forecasts.

Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2024, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2024 price forecasts.

The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the AIF. These price forecasts are as at December 31, 2024 and may not be reflective of current and future forecast commodity prices.

The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd.

IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

Supplemental Information regarding Product Types

The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:


	Heavy Crude Oil (Mbopd)	Light and Medium Crude Oil (Mbopd)	Conventional Natural Gas (per day)	Total (Mboepd)
Three months ended
March 31, 2025	23.2	6.5	88.2 MMcf (14.7 Mboe)	44.4
March 31, 2024	24.9	7.9	96.0 MMcf (16.0 Mboe)	48.8
Year ended
December 31, 2024	23.9	7.7	95.1 MMcf (15.8 Mboe)	47.4

This press release also makes reference to IPC’s forecast total average daily production of 43,000 to 45,000 boepd for 2025. IPC estimates that approximately 52% of that production will be comprised of heavy oil, approximately 15% will be comprised of light and medium crude oil and approximately 33% will be comprised of conventional natural gas.

Currency
All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars and to MUSD mean millions of United States dollars. References herein to CAD mean Canadian dollars.

The MIL Network –

May 6, 2025

MIL-OSI: Report for the three months ended 31 March 2025

Source: GlobeNewswire (MIL-OSI)

Highlights

Power generation amounted to 251 GWh for the first quarter 2025, being at the lower end of the outlook range, mainly as a result of weather impact and production curtailments related to the provision of ancillary services, for which the Company receives compensation.
Reached the ready-to-permit milestone and launched a sales process for a 98 MW solar project in Germany.
Reached the ready-to-permit milestone on a second solar and battery project in the UK, bringing the total volume of ready-to-permit projects to 2.5 GW, with the sales process awaiting the conclusion of the ongoing grid connections reform.

Consolidated financials

Cash flows from operating activities amounted to MEUR 0.6.

Proportionate financials

Achieved electricity price amounted to EUR 40 per MWh, which resulted in a proportionate EBITDA of MEUR 0.4.
Proportionate net debt of MEUR 68.6, with significant liquidity headroom available through the MEUR 170 revolving credit facility.

Financial Summary

Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials in addition to the consolidated financial reporting under IFRS to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

Financial performance	Q1
MEUR	2025	2024
Revenue	9.3	12.3
EBITDA	– 0.9	3.1
Operating profit (EBIT)	– 5.2	– 1.0
Net result	– 4.0	– 2.6
Earnings per share – EUR	– 0.01	– 0.01
Earnings per share diluted – EUR	– 0.01	– 0.01
Alternative performance measures
Proportionate financials¹
Power generation (GWh)	251	274
Average price achieved per MWh – EUR	40	49
Operating expenses per MWh – EUR	20	15
Revenue	10.1	13.5
EBITDA	0.4	5.1
Operating profit (EBIT)	– 4.9	–
¹ Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures. For more details see section Key Financial Data in the Q1 Report 2025.

Comment from Daniel Fitzgerald, CEO of Orrön Energy
“Our greenfield platform is now well established after two years of investment, recruitment and project delivery. We have launched our first sales process in Germany for a 98 MW agri-PV project, and have around 2.5 GW of solar and battery projects in the UK at the ready-to-permit stage awaiting a final resolution from the ongoing grid connections reform. Over the course of 2025 and 2026, we expect to start monetising the first of these projects and I look forward to seeing the results of the hard work and dedication of the teams creating these opportunities. Our UK projects are amongst some of the largest solar projects in the country to date, and will make a significant contribution to the UK government’s ambition to reach net zero through renewable investment and decarbonisation of the power systems. The UK grid connections reform is still underway, and we expect to receive feedback during the fall of 2025, after which we expect to resume our sales process. It is unfortunate that the reform was launched mid-way through our sales process, and although we will see a delay, the value and interest from investors remains strong, as does the UK government’s support for projects such as ours. We expect to share more details on the outcome of the ongoing reform and our progress later this year.

Our proportionate power generation in the first quarter amounted to 251 GWh, which was at the lower end of our outlook range, primarily due to weather conditions and curtailments linked to the ancillary services provided at our MLK windfarm. We are actively working to qualify additional sites for ancillary services, where we receive compensation when activated. This, alongside voluntary curtailments during periods of low electricity pricing, forms part of a broader set of measures we introduced last year to optimise our revenues and mitigate the ongoing volatility in power markets. Nordic electricity markets remain challenging with low prices and high volatility, and we are seeing that impact not only in our business, but across the sector with very few new renewable energy projects sanctioned.

Financially resilient
We remain in a strong financial position, with MEUR 100 of liquidity headroom, and have the ability to manage the pace of our investments as markets evolve. Proportionate revenues and other income for the quarter amounted to MEUR 10.2, and proportionate EBITDA was MEUR 0.4, reflecting the impact of electricity prices during the quarter. Project sales from our greenfield portfolio are expected to commence during the course of this year which should lead to a positive impact on our financial results and EBITDA. Our cost base will further reduce following the conclusion of the Sudan trial in the second quarter of 2026, strengthening our financial position going forward. Electricity prices are set to remain volatile, and future revenues from power sales will remain subject to the underlying Nordic electricity prices, which have been at sustained low levels for the last quarters. I expect to see this improve in the medium term given the lack of new power generation being built, especially in Sweden.

Looking ahead
The Company is continuing to deliver in line with our strategy to build a portfolio of producing assets and a pipeline of large-scale greenfield projects. We are making good progress on all fronts with optimisation and consolidation in our producing asset base and continued maturation in our project pipeline. We are supported by a highly skilled and committed team in the Nordics, and a dynamic development team driving our greenfield growth in the UK, Germany and France.

The long-term outlook for renewable energy remains robust, underpinned by strong policy support, increasing electrification, and growing demand for low-carbon solutions across Europe. As we are investing in onshore technologies with the lowest breakeven price, I am confident that our portfolio is well positioned to deliver long-term value in this space and provide a much-needed new supply of low-cost energy to society. European electricity prices, especially in Germany and the UK, remain at elevated levels, well above the breakeven cost for new renewable projects to be sanctioned, which stands our greenfield portfolio in good shape for delivering long-term returns.

I would like to once again thank our shareholders for your continued support, and look forward to further updates during 2025.”

Webcast
Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy at a webcast today at 14.00 CEST. The presentation will be followed by a question-and-answer session.

Follow the presentation live on the below webcast link:
https://orron-energy.events.inderes.com/q1-report-2025

For further information, please contact:

Robert Eriksson
Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com

Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com

Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany, and France. With financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

Forward-looking statements
Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

Attachment

Orrön Energy Q1 Report 2025 English

The MIL Network –

May 6, 2025

MIL-OSI: Inbank unaudited financial results for Q1 2025

Source: GlobeNewswire (MIL-OSI)

In Q1 2025 Inbank earned a consolidated net profit of 4.5 million euros, increasing 14% year-on-year. The return on equity (ROE) in Q1 stood at 12.3%.

In Q1 2025, Inbank’s total net income reached 20.7 million euros, reflecting an 18% increase compared to the same period last year, driven by consistently improving margins and portfolio growth across both CEE and the Baltics regions. Total operating expenses amounted to 11.1 million euros, which is an 11% increase year-on-year. As a result, Inbank’s cost-income ratio improved to 53.5% for the quarter.
Inbank’s originated volume (OV) for the first quarter reached 166 million euros, which is 6% more than a year ago.
Green financing in Poland grew strongly by 67% compared to a year ago and reached 33 million euros during the quarter. Merchant solutions remained the largest segment with 59.3 million euros in originated volume, but declined 7% compared to a year ago due to a strategic exit from lower-margin partners in Poland. Car financing recorded a 4% decrease year-on-year to 40.2 million euros, impacted by the newly introduced car tax in Estonia, which also contributed to a 2% decrease year-on-year in rental volumes to 11.6 million euros. Direct lending continued on a growth path, increasing 9% to 21.8 million euros.
The loan and rental portfolio reached 1.18 billion euros increasing 11% year-on-year, while the deposit portfolio grew by 15% to 1.27 billion euros. As of the end of Q1, Inbank’s total assets stood at 1.5 billion euros growing 13% year-on-year.
Inbank’s impairments on loans and receivables remained within the company’s target range, accounting for 1.54% of the average loan and rental portfolio.
By the end of Q1, the number of active customer contracts reached 941,000 and 5,600 active partners, following the company’s strategic decision to exit lower-margin merchants.

Priit Põldoja, Chief Executive Officer, comments on the results:

“With a few challenging years behind us, Inbank is seeing steady improvement across its financial indicators. Key metrics such as return on equity, total income margin and cost-income ratio have shown consistent progress compared to the last three years and this positive trend is expected to continue. To improve profitability, we have found a better balance between the pace of growth and margin expansion. As of the end of Q1, Inbank’s total assets have surpassed 1.5 billion euros, and equity has exceeded 150 million euros. Remarkably, it was just nine quarters ago that we crossed the 1 billion euros and 100 million euro thresholds, respectively.

Looking ahead, our improving financial performance and stronger capital base enable us to focus more intently on delivering value to our partners and end-customers. Inbank’s key competitive advantage lies in our broad partner network accompanied by the fastest, most convenient and automated loan origination and credit underwriting capabilities. Going forward we continue to focus on building on our strengths to grow our market position and profitability.”

Key financial indicators as of 31.03.2025

Total assets EUR 1.52 billion
Loan and rental portfolio EUR 1.18 billion
Customer deposits EUR 1.13 billion
Total equity EUR 152 million
Net profit EUR 4.5 million
Return on equity 12.3%

Consolidated income statement (in thousands of euros)

	Q1 2025	Q1 2024	3 months 2025	3 months 2024
Interest income calculated using effective interest method	31,273	28,768	31,273	28,768
Interest expense	-13,313	-13,612	-13,313	-13,612
Net interest income	17,960	15,156	17,960	15,156

Fee and commission income	7	111	7	111
Fee and commission expenses	-1,232	-1,186	-1,232	-1,186
Net fee and commission income/expenses	-1,225	-1,075	-1,225	-1,075

Rental income	9,149	7,149	9,149	7,149
Sale of assets previously rented to customers	3,961	4,583	3,961	4,583
Other operating income	11	339	11	339
Depreciation of rental assets	-4,262	-3,331	-4,262	-3,331
Other operating expenses	-1,683	-1,458	-1,683	-1,458
Cost of assets sold previously rented to customers	-3,643	-4,350	-3,643	-4,350
Net rental income/expenses	3,533	2,932	3,533	2,932

Net gains/losses from financial assets measured at fair value	444	890	444	890
Foreign exchange rate gain/losses	19	-339	19	-339
Net gain/losses from financial items	463	551	463	551

Total net income	20,731	17,564	20,731	17,564

Personnel expenses	-5,610	-4,771	-5,610	-4,771
Marketing expenses	-853	-633	-853	-633
Administrative expenses	-2,962	-2,838	-2,962	-2,838
Depreciation, amortization	-1,663	-1,756	-1,663	-1,756
Total operating expenses	-11,088	-9,998	-11,088	-9,998

Share of profit from associates
Impairment losses on loans and receivables	-4,470	-3,199	-4,470	-3,199
Profit before income tax	5,173	4,367	5,173	4,367

Income tax expense	-642	-403	-642	-403
Profit for the period	4,531	3,964	4,531	3,964

Other comprehensive income that may be reclassified subsequently to profit or loss
Currency translation differences	-107	20	-107	20
Total comprehensive income for the period	4,424	3,984	4,424	3,984

Consolidated statement of financial position (in thousands of euros)

	31.03.2025	31.12.2024
Assets
Cash and cash equivalents	218,356	153,191
Mandatory reserves at central banks	26,042	25,156
Investments in debt securities	47,063	46,724
Financial assets measured at fair value through profit or loss	103	27
Loans and receivables	1,059,208	1,041,542
Other financial assets	5,309	4,569
Tangible fixed assets	100,263	98,069
Right of use assets	19,775	20,551
Intangible assets	32,022	31,560
Other assets	9,532	9,718
Deferred tax assets	4,973	4,707
Total assets	1,522,646	1,435,814

Liabilities
Customer deposits	1,267,247	1,171,359
Financial liabilities measured at fair value through profit or loss	120	503
Other financial liabilities	56,531	59,135
Current tax liability	320	62
Deferred tax liability	660	533
Other liabilities	4,798	4,620
Subordinated debt securities	40,896	52,046
Total liabilities	1,370,572	1,288,258

Equity
Share capital	1,152	1,152
Share premium	54,849	54,849
Statutory reserve	109	109
Other reserves	1,316	1,329
Retained earnings	94,648	90,117
Total equity	152,074	147,556

Total liabilities and equity	1,522,646	1,435,814

Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 5,600 merchants, Inbank has 941,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
styv.solovjov@inbank.ee

Attachments

The MIL Network –

May 6, 2025

MIL-OSI Global: Why Zelensky – not Trump – may have ‘won’ the US-Ukraine minerals deal

Source: The Conversation – Global Perspectives – By Eve Warburton, Research Fellow, Department of Political and Social Change, and Director, Indonesia Institute, Australian National University

Last week, the Trump administration signed a deal with Ukraine that gives it privileged access to Ukraine’s natural resources.

Some news outlets described the deal as Ukrainian President Volodymyr Zelensky “caving” to US President Donald Trump’s demands.

But we see the agreement as the result of clever bargaining on the part of Ukraine’s war-time president.

So, what does the deal mean for Ukraine? And will this be help strengthen America’s mineral supply chains?

Ukraine’s natural resource wealth

Ukraine is home to 5% of the world’s critical mineral wealth, including 22 of the 34 minerals identified by the European Union as vital for defence, construction and high-tech manufacturing.

However, there’s a big difference between resources (what’s in the ground) and reserves (what can be commercially exploited). Ukraine’s proven mineral reserves are limited.

Further, Ukraine has an estimated mineral wealth of around US$14.8 trillion (A$23 trillion), but more than half of this is in territories currently occupied by Russia.

What does the new deal mean for Ukraine?

American support for overseas conflict is usually about securing US economic interests — often in the form of resource exploitation. From the Middle East to Asia, US interventions abroad have enabled access for American firms to other countries’ oil, gas and minerals.

But the first iteration of the Ukraine mineral deal, which Zelensky rejected in February, had been an especially brazen resource grab by Trump’s government. It required Ukraine to cede sovereignty over its land and resources to one country (the US), in order to defend itself from attacks by another (Russia).

These terms were highly exploitative of a country fighting against a years-long military occupation. In addition, they violated Ukraine’s constitution, which puts the ownership of Ukraine’s natural resources in the hands of the Ukrainian people. Were Zelensky to accept this, he would have faced a tremendous backlash from the public.

In comparison, the new deal sounds like a strategic and (potentially) commercial win for Ukraine.

First, this agreement is more just, and it’s aligned with Ukraine’s short- and medium-term interests. Zelenksy describes it as an “equal partnership” that will modernise Ukraine.

Under the terms, Ukraine will set up a United States–Ukraine Reconstruction Investment Fund for foreign investments into the country’s economy, which will be jointly governed by both countries.

Ukraine will contribute 50% of the income from royalties and licenses to develop critical minerals, oil and gas reserves, while the US can make its contributions in-kind, such as through military assistance or technology transfers.

Ukraine maintains ownership over its natural resources and state enterprises. And the licensing agreements will not require substantial changes to the country’s laws, or disrupt its future integration with Europe.

Importantly, there is no mention of retroactive debts for the US military assistance already received by Ukraine. This would have created a dangerous precedent, allowing other nations to seek to claim similar debts from Ukraine.

Finally, the deal also signals the Trump administration’s commitment to “a free, sovereign and prosperous Ukraine” – albeit, still without any security guarantees.

Profits may be a long time coming

Unsurprisingly, the Trump administration and conservative media in the US are framing the deal as a win.

For too long, Trump argues, Ukraine has enjoyed US taxpayer-funded military assistance, and such assistance now has a price tag. The administration has described the deal to Americans as a profit-making endeavour that can recoup monies spent defending Ukrainian interests.

But in reality, profits are a long way off.

The terms of the agreement clearly state the fund’s investment will be directed at new resource projects. Existing operations and state-owned projects will fall outside the terms of the agreement.

Mining projects typically work within long time frames. The move from exploration to production is a slow, high-risk and enormously expensive process. It can often take over a decade.

Add to this complexity the fact that some experts are sceptical Ukraine even has enormously valuable reserves. And to bring any promising deposits to market will require major investments.

What’s perhaps more important

It’s possible, however, that profits are a secondary calculation for the US. Boxing out China is likely to be as – if not more – important.

Like other Western nations, the US is desperate to diversify its critical mineral supply chains.

China controls not just a large proportion of the world’s known rare earths deposits, it also has a monopoly on the processing of most critical minerals used in green energy and defence technologies.

The US fears China will weaponise its market dominance against strategic rivals. This is why Western governments increasingly make mineral supply chain resilience central to their foreign policy and defence strategies.

Given Beijing’s closeness to Moscow and their deepening cooperation on natural resources, the US-Ukraine deal may prevent Russia — and, by extension, China — from accessing Ukrainian minerals. The terms of the agreement are explicit: “states and persons who have acted adversely towards Ukraine must not benefit from its reconstruction”.

Finally, the performance of “the deal” matters just as much to Trump. Getting Zelensky to sign on the dotted line is progress in itself, plays well to Trump’s base at home, and puts pressure on Russian President Vladimir Putin to come to the table.

So, the deal is a win for Zelensky because it gives the US a stake in an independent Ukraine. But even if Ukraine’s critical mineral reserves turn out to be less valuable than expected, it may not matter to Trump.

Eve Warburton receives funding from the Australian Research Council and the Westpac Scholars Trust.

Olga Boichak is a director of the Foundation of Ukrainian Studies in Australia. She receives funding from the Australian Research Council and the Westpac Scholars Trust.

– ref. Why Zelensky – not Trump – may have ‘won’ the US-Ukraine minerals deal – https://theconversation.com/why-zelensky-not-trump-may-have-won-the-us-ukraine-minerals-deal-255875

MIL OSI – Global Reports –

May 6, 2025
MIL-OSI USA: House Foreign Affairs Committee Ranking Member Meeks Opening Remarks at Full Committee Hearing on Authorizing the State Department

Source: United States House of Representatives – Congressman Gregory W Meeks (5th District of New York)

Washington, D.C. – Representative Gregory W. Meeks, Ranking Member of the House Foreign Affairs Committee, delivered the following opening remarks – as prepared – before the full House Foreign Affairs Committee for a hearing on “The Need for an Authorized State Department”:

Thank you, Chairman Mast, and thank you to our witnesses for joining us today.

As members of this Committee, it is our duty to reauthorize the State Department regularly, just as Congress does with respect to the Department of Defense. As Chairman in the 117th Congress, I made it a priority to pass the first State Department reauthorization in 18 years, doing so in a bipartisan way with then-Chairman McCaul. That’s because both Democrats and Republicans believed that it was in the best interest of the American people and U.S. national security for Congress to ensure our diplomatic and development professionals have all the tools they need to succeed.

So, while I appreciate that this hearing was called and agree with the need for Congress to regularly authorize the State Department, Mr. Chairman, I am afraid this committee’s actions this Congress have run counter to that goal. Afterall, how can we engage in a serious, bipartisan conversation about strengthening the State Department and other agencies when Donald Trump, Elon Musk, and Secretary Rubio have eviscerated the very Department and instruments of national security we’re supposed to support, while not being called even once for a hearing before this Committee?

You can’t remodel a home after burning it to the ground. And Congress’ legislative role should not be to simply rubber-stamp the arsonists’ work.

This is a profound moment of shame for the Republican party, as its Members sit silently while Secretary Rubio allows Elon Musk and his army of teenagers – who have no foreign policy or even government expertise – to dismantle the very agencies they have supported in the past. The United States Agency for International Development, the US Agency for Global Media, the Millenium Challenge Corporation, just to name a few, have all been met with a hatchet job FOR NO REASON. Meanwhile Secretary Rubio and my Republican colleagues – who’ve in the past understood their value – fail to speak up or, worse, contort themselves to justify this administration’s actions. There is no greater demonstration of this incredible cowardice than Marco Rubio, who knows this is wrong, but would rather sit atop a kingdom of ash than defend the work he once praised.

I had hoped that Secretary Rubio would at least try to protect the Department, USAID and their workforces who’ve dedicated their lives to serving the American people. Instead, he stood by while Musk, Pete Marocco, and DOGE illegally gutted USAID – a statutory agency – and condemned millions of people around the world to disease, starvation, and death by slashing foreign assistance, forfeiting U.S. global leadership in the process.

The wanton destruction didn’t end with USAID or Pete Marocco’s exit. Most recently, Secretary Rubio gave this Committee just 25-minutes’ notice before announcing a sweeping dismantling of our soft power tools in the name of a State “reorganization.”

This is not reform, it’s abandoning decades of bipartisan support for centering human rights and democracy in our foreign policy – without consultation, without engagement, and without any regard for Congress’ constitutional role as a co-equal branch of government.

To this day, Secretary Rubio refuses to follow the law and consult with Congress. And we have no reason to believe that will change. In the weeks ahead, we fully expect him to endorse the next chapter of Project 2025: closing hundreds of critical offices and potentially dozens of overseas posts, gutting the Department’s workforce, and slashing the budget –all of which will leave America weaker and more isolated. China and Russia will continue to celebrate, as they have done every day of Donald Trump’s first 100 days.

So, while I am grateful to our witnesses for joining us today and for their many years of dedicated service to our country, I have to ask: why are we talking to private witnesses instead of demanding Secretary Rubio come before this Committee to defend his reckless actions?

And how can we expect any meaningful authorization process when my Republican colleagues have refused to speak out—even as this Administration destroys programs and policies they once championed?

I have a long track record of working with any Administration that wants to strengthen our national security and works in good faith towards that end. But this is not business as usual. Donald Trump has taken a wrecking ball to our foreign policy, treated our allies as adversaries and our adversaries as allies, threatened to invade some of those allies, and launched a trade war that is hurting our economy and constituents.

And in placating their would-be-king, my colleagues have abandoned all they’ve held sacred, whether for political expedience, fear of Donald Trump, or both.

I would love nothing more than a good-faith effort to reauthorize the State Department and I welcome discussions to that end. But to my Republican colleagues, you all must choose. Will you—as an independent branch of government—stand up to Donald Trump, Elon Musk and Marco Rubio? Or will you enable and support the most rapid, intentional dismantling of American soft power and influence in the history of this country?

If it’s the latter, then I fear this entire endeavor is meaningless.

MIL OSI USA News –

May 6, 2025
MIL-OSI USA: Rep. Gregory W. Meeks Votes No on Devastating Financial Services Reconciliation Bill

Source: United States House of Representatives – Congressman Gregory W Meeks (5th District of New York)

Washington, D.C. – Today, Congressman Gregory W. Meeks (NY-05) issued the following statement after the Financial Services Committee passed a Budget Reconciliation bill that defunds the Consumer Financial Protection Bureau and slashes vital federal services.

“Today, I voted no on the Budget Reconciliation bill in the Financial Services Committee. This measure makes dramatic funding cuts to the Consumer Financial Protection Bureau (CFPB), eliminates oversight of the auditors that review the books of Trump’s billionaire friends, and ends funding for energy efficient and climate resilient upgrades to America’s housing supply.

“The CFPB is responsible for protecting consumers in both red and blue districts on everything from surprise overdraft fees to banning excessive credit card late fees.

“Congress created the CFPB after the financial crisis to make sure that greed and corruption never again devastate families the way it did in 2008. Protecting the American people from bad actors like Trump and his billionaire buddies who want to scam hardworking families to make a profit.

“Since the agency’s inception, it has returned more than $21 billion back to servicemembers, veterans, students, and working families who’ve been ripped off. Sadly, by voting for today’s bill, my Republicans colleagues are telling their constituents loud and clear that they care more about protecting their friends on Wall Street than the people who voted to send them here.”

###

MIL OSI USA News –

May 6, 2025
MIL-OSI USA: House Foreign Affairs Committee Ranking Member Meeks, Cherfilus-McCormick Send Letter Responding to FTO Designations on Haitian Gangs, Call on Rubio to Develop a Comprehensive Strategy on Haiti

Source: United States House of Representatives – Congressman Gregory W Meeks (5th District of New York)

Washington, D.C. – Representative Gregory W. Meeks, Ranking Member of the House Foreign Affairs Committee, and Representative Sheila Cherfilus-McCormick, Co-Chair of the House Haiti Caucus, today sent a letter to Secretary of State Marco Rubio expressing concern over the State Department’s decision to designate gangs in Haiti as Foreign Terrorist Organizations (FTOs) without even a concept of a plan for Haiti. The Members expressed their alarm that absent a clear and comprehensive plan to defeat those gangs and their enablers, this designation will unintentionally exacerbate the suffering of innocent Haitians and help gangs consolidate further control. The letter demands answers from the Secretary regarding the administration’s rationale for the designation absent an actual strategy to address the urgent needs of the Haitian people.

The full text of the letter can be found below. A PDF copy can be found here.

Dear Secretary Rubio,

We write to express our grave concern with the State Department’s stated intent to designate gangs in Haiti as Foreign Terrorist Organizations (FTOs) without first having a comprehensive strategy to support Haitian authorities’ ability to counter the gangs. We call on you to develop an actual strategy that addresses the urgent needs of the Haitian people, support for stabilizing the security situation, and policies that support greater economic opportunity, including the HOPE/HELP trade preference agreement for Haitians. While we support efforts to target the financial support of violent gangs wreaking havoc on innocent Haitians, we are concerned that an FTO designation, absent a clear, comprehensive U.S. strategy to defeat the gangs and their enablers, is counterproductive and will only exacerbate Haitians’ suffering.

An FTO designation imposes broad legal and financial sanctions that deter non-governmental organizations (NGOs) and international agencies from operating due to fear of legal exposure—even when their work is purely humanitarian in nature. Humanitarian aid serves as an essential bulwark against the gangs and their control of local economic activity in Haiti, and an FTO designation risks creating a chilling effect on the delivery of this much needed assistance. The gangs exploit the security vacuum they helped create, recruiting young men and children with false promises of protection and pay. If an FTO designation undermines aid delivery across 85% of Port-au-Prince or in Haiti’s Artibonite department, it’s the Haitian people—not the gangs—who will be punished. As reports of cholera and scabies in Haiti are on the rise, and with your cutting of funds to programs like the Improved Health Service Delivery project, which provided health services for maternal, newborn, child and adolescent health, nutrition, HIV, tuberculosis, and water, sanitation and hygiene to over 3 million people, including 20,000 living with HIVAIDS, further cuts to humanitarian assistance will have devastating results.

We also believe the Department can make better use of sanctions authorities to levy targeted sanctions against individuals facilitating and benefitting from gang-fueled instability in Haiti. On August 20th, 2024, the Treasury Department sanctioned former President Michel Martelly for perpetuating the ongoing crisis in Haiti. If the State Department seeks more authorities to sanction enablers of Haiti’s crisis, we want to work with you to pass H.R. 2643, the Haiti Criminal Collusion Transparency Act of 2025, a bipartisan bill we have introduced that would levy sanctions on Haitian political and economic elites financing, arming, and benefitting from ongoing violence and the humanitarian crisis in Haiti. This legislation would enable a concerted effort against the gangs while keeping intact humanitarian assistance to Haitians enduring gang violence and instability. Prioritizing an FTO designation before taking full advantage of the other tools available to address the gang violence—like the use of additional unilateral or coordinated sanctions—or developing a strategy to make the Multilateral Support Mission effective is shortsighted. We remain concerned over the situation in Haiti and support a strong—and smart—U.S. response.

So, we urge you to reconsider any designation that would prove counterproductive in countering the gangs and further increase the suffering of innocent Haitians. Thank you for your attention to this matter.

MIL OSI USA News –

May 6, 2025
MIL-OSI New Zealand: Government Cuts – Government Rollback on Pay Equity is a Huge Step Backward for Women’s Rights, says ‘Mind the Gap’ co-founder – YWCA

Source: Auckland YWCA

The Government’s proposed amendments to the Equal Pay Act 1972 represent a major setback for pay equity and a breach of women’s fundamental rights, says leading gender advocate Dellwyn Stuart, co-founder of Mind the Gap and CEO of YWCA Auckland.

“This move takes us backwards, not forwards,” says Ms Stuart. “It remains a violation of women’s human rights to be paid unfairly, and this Government is dismantling decades of hard-won progress to close the gender pay gap.”

Female-dominated professions – including care work, nursing, and early childhood education – continue to be underpaid and undervalued compared to traditionally male-dominated sectors, despite their essential role in the wellbeing of Aotearoa.

“We saw during Covid-19 how vital these roles are to society. Nurses and carers were rightly recognised as essential. Now, those same workers are being told that fair pay is off the table – that their aspirations for financial security and dignity at work don’t count,” says Ms Stuart.

She warns that these changes will likely worsen the existing workforce crisis: “Skilled workers will continue to seek better opportunities overseas, leaving our health and social systems even more vulnerable.

“With many pay equity claims involving government-employed workforces, Ms Stuart points to the contradiction at the heart of current policymaking: “This coalition government is actively perpetuating pay discrimination. At the same time, the Minister for Women is travelling the country asking businesses to close their pay gaps. How can the Government expect the private sector to commit to pay equity when it is not leading by example?”

The gender pay gap remains a significant issue in Aotearoa New Zealand, particularly affecting Māori and Pacific women, who are already over-represented in lower-income statistics. While the national gender pay gap sits at 8.2%, it rises to 15% for Māori women and 17.3% for Pacific women (Source: Ministry for Women, 2024).

“If we’re serious about fairness and decency in this country, we need to properly value the work of those who contribute the most to the wellbeing of our society,” say Ms Stuart.

MIL OSI New Zealand News –

May 6, 2025
MIL-OSI Security: Utah County Man Sentenced to Prison for Affinity Fraud Scheme that Scammed Over $5M from Alpha Influence Investors

Source: Office of United States Attorneys

SALT LAKE CITY, Utah – Kole Glen Brimhall, 27, of Orem, Utah, was sentenced today to 12 months’ and one day imprisonment after he defrauded approximately 135 investors through the sale of a fraudulent investment offered through Alpha Influence, LLC, a registered Utah company. Brimhall was also sentenced to three years’ supervised release, and ordered to pay a forfeiture money judgement in the amount of $1,097,709.82 and $5,003,400 in restitution to the victims.

The sentence, imposed by U.S. District Court Judge David Sam, comes after Brimhall pleaded guilty on November 18, 2024, to fraud in the offer and sale of securities. See prior press release: Utah Sales Agent Admits to Defrauding Clients of More than $4.9M.

According to court documents and statements made at the defendant’s change of plea and sentencing hearings, from March 2020 to June 2022, Brimhall sold fraudulent investment security contracts for Alpha Influence. As part of the scheme, Brimhall and others aggressively promoted, primarily through social media, that purchasing the Alpha Influence investment would generate life-changing passive income for investors in a very short amount of time exclusively through the efforts of the “Alpha Influence Team.”

As team lead within the Alpha Influence sales structure, Brimhall was responsible for the sale of approximately 135 Alpha investments to individual investors and received $1,097,709.82 in verified commissions for those fraudulent sales.

“Brimhall’s participation in defrauding investors not only left investors in financial devastation, but with a loss of trust that can have a lifelong impact in their personal and professional life,” said Acting U.S. Attorney Felice John Viti of the U.S. Attorney’s Office for the District of Utah. “It is our hope that by prosecuting these crimes, we will deter others from participating in affinity fraud schemes in our communities.”

“This $20 million fraud, driven by bold displays and false promises shared on social media, caused significant harm to over 500 Utahns,” says Executive Director of the Utah Department of Commerce, Margaret Busse. “Today’s sentence sends a clear message: such predatory actions will not be tolerated, and we stand firmly committed to protecting Utah investors. Fraudulent activities like this erode public trust in legitimate investments and undermine the very foundations of our financial system. I’m proud of the hard work and collaboration between our Utah Division of Securities, the U.S. Attorney General’s Office, and the FBI that went into bringing these individuals to justice.”

“Many of the victims in this case are members of the working class who have the least margin for loss. Yet the defendant shamelessly used their hard-earned money on fancy cars and extravagant vacations,” said Special Agent in Charge Mehtab Syed of the Salt Lake City FBI. “While fraud schemes are not violent in nature, they can be financially and emotionally devastating. The FBI is dedicated to holding accountable those who profit through deception.”

The case was investigated jointly by the Utah Division of Securities and the FBI Salt Lake City Field Office.

Assistant United States Attorneys Mark E. Woolf, Jennifer E. Gully, and Brian Williams of the U.S. Attorney’s Office for the District of Utah prosecuted the case.

MIL Security OSI –

May 6, 2025
MIL-OSI: KH Group Plc’s Business Review January–March 2025: Moderate growth and improving profitability
Source: GlobeNewswire (MIL-OSI)

KH Group Plc
Stock Exchange Release 6 May 2025 at 8:00 am EEST

KH Group Plc’s Business Review January–March 2025: Moderate growth and improving profitability

This is the summary of the Business Review for January–March 2025. The full Half-Year Report is attached to this release and is also available on the company’s website at www.khgroup.com.

KH Group, January–March 2025 IFRS
- Net sales amounted to EUR 41.8 (40.4) million. HTJ and Indoor have been retrospectively classified as discontinued operations.
- Comparable operating profit was EUR 0.2 (-0.1) million.
- Operating profit was EUR -0.1 (-0.5) million.
- Net profit for the period from continuing operations was EUR -0.4 (-1.7) million.
- Earnings per share (undiluted and diluted) from continuing operations were EUR -0.01 (-0.03).
- Equity per share at the end of the review period was EUR 0.85 (1.30).
- Return on equity for rolling 12 months was -43.4% (-19.2%).
- The Group’s cash and cash equivalents amounted to EUR 4.5 million at the end of the review period.
- Gearing at the end of the review period was 291.3% (225.3%).
- Gearing excluding lease liabilities was 187.9% (141.6%).
CEO Ville Nikulainen:

“The Group’s net sales and operating profit from continuing operations increased moderately year-on-year during the January–March review period. KH-Koneet’s net sales and operating profit increased in both Finland and Sweden in spite of the weakened market situation. Sales of heavy crawler excavators in Finland, in particular, grew significantly year-on-year. Nordic Rescue Group’s net sales declined, but operating profit for the first quarter was on a par with the comparison period. The financial situation of the wellbeing services counties became clearer after the turn of the year and, as a result, the order book for Nordic Rescue Group’s operations in Finland strengthened during the review period. In Sweden, the demand for rescue vehicles has remained at a good level.

In Indoor Group, the general uncertainty in the market continued to have a negative impact on net sales and operating profit. The extensive operating model reform programme to improve Indoor Group’s profitability targets an annual improvement in operating profit of at least EUR 10 million by the end of 2026. A significant part of the targeted profitability improvement is estimated to be realised already during 2025. The change negotiations concluded in December 2024 will generate annual savings in wage costs of approximately EUR 6–7 million, which will improve the company’s result significantly already during the second quarter.

As a strategic measure, KH Group announced in March 2024 that it had initiated a sale process for Indoor Group. KH Group has engaged a financial advisor to explore various options for its Indoor Group shareholding. No final decision has been made on the sale of Indoor Group holdings and there is no certainty as to the timing, terms or completion of any such transaction. KH Group aims to complete the process during 2025. Another strategic step was completed in March 2025 as KH Group acquired the remaining KH-Koneet Group Oy minority shares in accordance with the shareholder agreement and KH-Koneet is now a fully-owned subsidiary of KH Group. The purchase price of the shares was EUR 2.0 million.

In 2025, the business areas will focus on securing net sales and operating profit as well as improving the efficiency of working capital. KH Group’s change in strategy is being advanced according to plan.”

Events after the review period

The Board of Directors of KH Group Plc decided to establish a performance-based share scheme for key employees of KH-Koneet. The plan replaces the performance-based matching share plan announced on 31 May 2024. The purpose of the new scheme is to align the goals of shareholders and key employees in order to increase the company’s shareholder value in the long term, guide the key employees to achieve the company’s strategic objectives, engage their commitment to the company and offer them a competitive incentive scheme based on the earning and accrual of KH Group shares. The performance-based share scheme has one (1) performance period of two (2) years, corresponding to the financial periods 2025–2026. The scheme provides key employees with the opportunity to earn KH Group shares based on performance

Financial objectives and future outlook

KH Group’s objective is to become an industrial group built around the KH-Koneet business and to divest other business areas in line with the Group’s strategy. At the same time, active developments will continue regarding other business areas. Exit planning and the assessment of exit opportunities for the other business areas will also continue.

During the next few years, the aim is to invest in the growth of the core business and pay dividends after significant exits within the limits established by the balance sheet structure and financing agreements.

The guidance with the current Group structure of continuing operations for 2025 is as follows: the company estimates that both the net sales (EUR 194.0 million) and the comparable operating profit (EUR 7.2 million) will remain approximately at the same level year-on-year.

KH GROUP PLC

Ville Nikulainen
CEO

FURTHER INFORMATION:
CEO Ville Nikulainen, tel. +358 400 459 343

DISTRIBUTION:
Nasdaq Helsinki Ltd
Major media
www.khgroup.com

KH Group Plc is a Nordic conglomerate operating in the business areas of KH-Koneet, Nordic Rescue Group and Indoor Group. We are a leading supplier of construction and earth-moving equipment, rescue vehicle manufacturer as well as furniture and interior decoration retailer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.

Attachment
- KH Group Plc – Business Review Q1_2025
The MIL Network –
May 6, 2025
MIL-OSI: 26/2025・Trifork Group: Interim report for the quarter ending 31 March 2025
Source: GlobeNewswire (MIL-OSI)

Trifork Group AG
Company announcement no. 26/2025
Schindellegi, Switzerland – 6 May 2025
Interim Financial Report for the first quarter ending 31 March 2025

Trifork Group reports revenue growth of 14.1% and EBITDA growth of 29.4% in Q1 2025

CEO Jørn Larsen comments on the first quarter:
“Q1 showed good progress toward our strategic ambition of becoming a more product- and solutions-led business. To support this direction, we revamped Trifork.com in Q1 to highlight our full range of products and platforms, and I invite you to explore our current offering. AI continues to break new ground, and we now discuss AI with most of our customers in one form or another. Our platforms Corax and AI Assist are seeing strong interest as they bring significant value to our customers very fast, in a very flexible, scalable, and secure way without customers needing to employ large data science teams.

In Q1, we began to see the impact of several larger deals initiated in 2024. In Denmark, the good trend from Q4 continued in Q1, with the activities in the public sector increasing the most. The US business doubled its revenue and became the second-largest in the Group in Q1, proving that our IP-anchored strategy, executed in close collaboration with our Labs companies and global tech partners, can unlock new avenues of growth in revenue and profits.

We have now completed most of the organizational changes announced last year and have identified cost-saving measures expected to deliver annual savings of EUR 10 million based on 2024 activity levels. For the remainder of 2025, we will continue to focus on further optimization and cost-efficiency across the Group, and I am encouraged by the strong and constructive cost savings efforts of our entire organization.”

First quarter 2025
- Trifork Group
  - In Q1 2025, Trifork Group revenue amounted to EURm 57.5, a net increase of 14.1% from Q1 2024, the combined result of an organic growth of 10.8% and an inorganic growth of 3.5%. In the quarter, Trifork had EURm 4.2 more revenue from hardware and third-party licenses compared to Q1 2024. Excluding these revenues, Group revenue growth was 5.9% in Q1 2025.
  - Trifork Group adjusted EBITDA amounted to EURm 6.9, corresponding to growth of 29.4% compared to Q1 2024. The margin was 11.9% (Q1 2024: 10.5%). No special items were recorded.
  - Trifork Group EBIT amounted to EURm 2.8, corresponding to growth of 95.5% compared to Q1 2024. The margin was 4.9% (Q1 2024: 2.8%).
- Trifork Segment
  - In Q1 2025, adjusted EBITDA in the Trifork Segment amounted to EURm 7.4 (Q1 2024: EURm 5.8), corresponding to growth of 26.3%. The margin was 12.8% (Q1 2024: 11.6%).
  - Sub-segments
    
    Inspire revenue increased by 25.0% to EURm 0.7 and realized an adjusted EBITDA of EURm -0.8 (Q1 2024: EURm -1.0).
    
    Build revenue declined by -1.2% to EURm 38.3 and realized an adjusted EBITDA margin of 15.2% (Q1 2024: 15.7%).
    
    Run revenue increased by 68.5% to EURm 18.5. Adjusted for hardware and third-party licenses, revenue growth was 33.9%. The adjusted EBITDA margin was 15.0% (Q1 2024: 13.1%).
- Trifork Labs
  - In Q1 2025, fair value adjustment of Trifork Labs investments was EURm -0.1 (Q1 2024: EURm 2.0).
  - At 31 March 2025, the book value of active Labs investments amounted to EURm 82.7 (31 March 2024: EURm 73.4).
The financial outlook for full-year 2025 provided on 28 February is maintained:
- Revenue is expected to be in the range of EURm 215-225, equal to 4.4-9.3% total growth
- Organic revenue growth is expected in the range of 2.9-7.8%
- Adjusted EBITDA in Trifork Segment is expected in the range of EURm 32.0-37.0
- EBIT in Trifork Group is expected to be in the range of EURm 14.5-19.5.
The guidance does not include potential effects from new acquisitions or divestments.

Main events in the first quarter of 2025
- Inspire
  Q1 is seasonally a quarter with low conference activity. With more than 2 million views in Q1, the online GOTO universe have reached 83 million video views in total. At the end of the quarter, we had 1.1 million video subscribers. We are continuously sharpening our planning of events and have optimized our cost structure. Our business development efforts are anchored in technology partnerships, where workshop and conference presentations are central to the efforts. We hosted multiple events, including our Observability day in Copenhagen, and attended NVIDIA GTC together with Lenovo, who also co-attended an industrial conference in Germany with us. We held multiple events focusing on SAP.
- Build
  Build revenue accounted for 66.6% of Group revenue in Q1 and declined by 1.2% compared to the same quarter last year. We spent the quarter focusing our Build activities closer to our own product offerings so that focus is more on implementation, integration, and customization of these and building individual extensions on top. Generally, corporates continued to take a cautious approach to IT spending in light of the global economic and geopolitical uncertainty, but our business development efforts made up for some of the private market weakness. Our public sector customer base primarily consists of Danish engagements. Danish public revenue grew 23.4% in Q1 compared to the same quarter last year and accounted for 47% of revenue in Denmark. In Q1, we announced new engagements with SBSYS (41 municipalities and two regions) and Aalborg University, and a new partnership with Cognizant focused on testing-as-a-service for implementation with KOMBIT (all Danish municipalities).
- Run
  Run revenue accounted for 32.2% of Group revenue in Q1 and increased by 68.5% in Q1 compared to the same quarter last year (33.9% growth excluding revenues from third-party licenses and hardware, which can be volatile on a quarterly basis). In Q1, we revamped our website Trifork.com to increase focus on our products and platforms, which are central to our growth strategy and which provide more stability to our revenues as the licenses are sold on a recurring basis. Our Cloud Operations business has built a good pipeline supported by our Contain product offering, and it seems that the interest in cloud hosting in our Danish data centers increased in Q1. This was driven by both public and private customers. Our managed services security business continues to be in discussion with potential strategic partners to accelerate growth and market share, and we look forward to updating the market on the progress. Any potential deconsolidation is not included in the current financial guidance for the year. Overall, revenue within Hosting and Security operations increased by 23.2% in Q1.
- Trifork Labs
  No new investments or exits were completed in Trifork Labs in Q1. Activities in the quarter primarily included reviewing investment proposals from new or existing investors in individual Labs companies in relation to upcoming financing rounds, including the announced EURm 11.5 financing round in Dawn Health led by existing investors Chr. Augustinus Fabrikker and the Export and Investment Fund of Denmark (EIFO). We see this as a testament to continued strong belief in the company’s potential after showing significant progress with large pharma partners such as Merck and Novartis. The investment is aimed at supporting Dawn Health’s strategy to deliver its platform and product suite through a SaaS model, while continuing to invest in further offerings within the Dawn Product Suite.
Results presentation
Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 6 May 2025 at 11:00 CEST in a live webcast that can be accessed via the following link, or via the investor website:

https://trifork.zoom.us/j/96719631909?pwd=sI6nAeNybYebaVXxyFn3Wp8tpU5BOL.1#success

A recording will be made available on our investor website. More information can be found at https://investor.trifork.com/events/.

Investor & Media contact
Frederik Svanholm, Group Investment Director
frsv@trifork.com, +41 79 357 7317

About Trifork Group
Trifork is a pioneering and global technology partner, empowering enterprise and public sector customers with innovative digital solutions. With 1,215 professionals across 71 business units in 16 countries, Trifork specializes in designing, building, and operating advanced software across sectors such as public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. The Group’s R&D arm, Trifork Labs, drives innovation by investing in and developing synergistic, high-potential technology companies. Trifork also owns GOTO, which inspires the global tech community through conferences and an online video channel with over 1.1 million subscribers and 83 million views. Trifork Group AG is publicly listed on Nasdaq Copenhagen. Learn more at trifork.com.

Attachments
- Trifork-25Q1-Interim-report
- CA_26_25 Q1 report
The MIL Network –
May 6, 2025
MIL-Evening Report: Labor settled the ‘funding wars’ just before the election. Here are 4 big issues schools still face

Source: The Conversation (Au and NZ) – By Stewart Riddle, Professor, School of Education, University of Southern Queensland

Days before Prime Minister Anthony Albanese called the federal election, the Labor government settled a long-running argument with the states over school funding.

This locked in a new 25%–75% split on federal and state funding for schools. It also committed to “fully funding” public schools by 2034, according to the requirements recommended by the Gonski report in 2011.

But apart from Peter Dutton’s criticism of the curriculum – suggesting students were being “indocrinated” – schools barely figured in the campaign.

In his victory speech, Albanese declared his new government would deliver on the values of “fairness, aspiration and opportunity for all”.

Education is the engine room for all three of these. Now Labor has been returned for a second term, what should the priorities be for schooling?

1. The teacher shortage

Teachers are burning out and leaving the profession at an alarming rate. We are due to have a shortage of 4,100 high school teachers in 2025.

There is a large body of research showing unsustainable workload is a key issue. Teachers have also lost professional autonomy and status, while facing increased scrutiny based on standardised test results and accountability metrics.

A study of 65,000 Australian media articles from 1996 to 2020 found overwhelmingly negative portrayals of teachers, who have been blamed for education failures.

There needs to be a national response to the teaching workforce crisis that goes beyond the piecemeal approach of previous plans, such as 2022’s National Teacher Workforce Action Plan.

We need a more coordinated and extensive campaign to attract and retain teachers. This will take substantial time and financial investment.

2. Student disengagement

Likewise, we need strategies to support and enable students to participate fully in schooling. Issues around school refusal and attendance are increasing across Australia. A comprehensive response is needed, which addresses the broad range of social, economic, health and wellbeing factors at play.

Simple policy “fixes” such as prepackaged lessons, mandated explicit teaching practices, or phonics screening will do little to re-engage marginalised young people.

Schools need to be able to provide inclusive and supportive learning environments, which cater to the diverse needs and interests of their students and communities.

This requires school-specific approaches to the curriculum, teaching methods and school climate (or the quality of school life), rather than further standardisation.

3. Educational inequality

Australia has one of the most unequal schooling systems in the OECD.
As the MySchool website notes, “there is a substantial body of research evidence that shows the educational performance of students […] is related to certain characteristics of their family […] and school”.

Put another way, there is a persistent link between postcodes and educational access and outcomes for Australian students.

Fully funding public schools in communities facing complex disadvantage is a start, but much more is needed to reverse the policy settings that have entrenched inequality in Australian schooling.

The combined effects of more than two decades of standardisation (including a focus on high-stakes tests) and marketisation (where schools compete for students) have hollowed out public education in Australia.

There needs to be a bold plan to reshape Australian schools as engines of equality.

4. Global uncertainty

Schools need to be places where young people can not only learn about the world, but also how to get along in the world. This need has arguably become even more pressing.

With the re-election of US President Donald Trump, the world has become more uncertain and more complex. We also know Australian students’ civics knowledge is at its lowest since testing began.

Making schools more welcoming and inclusive for students from diverse backgrounds is one way to help build a more democratic future in which difference is celebrated and lasting social bonds are formed.

Giving young people the opportunity to collaborate on problems that matter to their communities (for example, climate change) can also help make them more engaged and critical thinkers.

In collaborating on problems, schools use traditional curriculum resources as well as local knowledge and cultural wisdom, which helps to connect young people to their schools and communities.

The Australian Curriculum already provides the opportunity for schools to do this work, but is often pushed aside in the drive for increased literacy and numeracy test results.

Time for a bold vision

To deliver on Albanese’s promise of “fairness, aspiration and opportunity for all”, the Australian government must do much more than provide extra funding for schools.

Now is the time for a big, bold vision of education for all young Australians. This needs to involve the teaching workforce, students from all backgrounds, and a consideration of the skills and knowledge needed to meet the challenges of a complex and volatile world.

Stewart Riddle receives funding from the Australian Research Council.

– ref. Labor settled the ‘funding wars’ just before the election. Here are 4 big issues schools still face – https://theconversation.com/labor-settled-the-funding-wars-just-before-the-election-here-are-4-big-issues-schools-still-face-255870

MIL OSI Analysis – EveningReport.nz –

May 6, 2025
MIL-Evening Report: Office design isn’t keeping up with post-COVID work styles – here’s what workers really want
Source: The Conversation (Au and NZ) – By Ozgur Gocer, Senior Lecturer, University of Sydney

Flexible work has become the new norm, despite the best efforts of companies calling workers back to the office.

Some employers assume that a return to the old ways of working is both possible and desirable. But for many workers, their perception of the office environment has changed.

According to our new study, only 27% of surveyed office workers now spend more than 30 hours a week at their workplace — down from 69% before the pandemic. That was typical of a predominantly full-time office-based culture.

And one in four office workers spends fewer than ten hours a week at the office.

The study draws on the Building Occupants Survey System Australia (BOSSA), a large database that assesses worker satisfaction with the indoor environmental quality of their office building. It also considers the role of demographic and personal factors in shaping workplace experiences.

To understand changes in work patterns before and after COVID, we analysed 5,644 surveys pre- and post-COVID. They covered 157 Australian office buildings, mostly in Sydney (81), Melbourne (39) and Brisbane(21).

Who has cut their office hours the most?

The trend towards more flexible work reflects broader cultural changes in how Australians work. Flexibility has become essential – not just a pandemic-era necessity.

In our study, women and employees aged 30–50 reported the most substantial drop in weekly office hours, especially among those who had been working more than 30 hours a week in the office pre-COVID. This reduction likely reflects increased family responsibilities for those respondents – such as school drop-offs or being available during school holidays – alongside a broader pursuit of work-life balance.

Managers and women are among those most likely to work flexibly.
Ground Picture/Shutterstock

Many in this age group hold mid-career or leadership roles, where autonomy and adaptability in work schedules become crucial. The hybrid work model offers this flexibility. It enables employees to better navigate professional demands and care-giving duties.

This is especially important for women, who continue to do the majority of housework and caring responsibilities. Employees over 50 may return to the office due to lower technological confidence or a preference for face-to-face interaction.

Office design isn’t keeping up

Yet the return to the office hasn’t meant a return to the old ways of working. This research shows significant declines in satisfaction with key office factors, including:
- space functionality and aesthetic experience
- daylight and external view access
- personal control over office environment.
Privacy and disruption – relating to noise, interruptions and lack of visual privacy – emerged as the strongest predictor of productivity and workplace health. Employees said quiet, private spaces were vital for focused work and mental well-being.

Despite its challenges, working from home is often perceived as more conducive to work-life balance and more cost-effective for both workers and companies.

What needs to change in office design?

The contrast between the autonomy and comfort of home offices and the constraints of traditional office spaces may partially explain the decline in workplace satisfaction.

Better design: Office workers are asking for quiet areas and home-like comforts in the office.
Shutterstock

Notably, the shift towards working from home has reshaped employees’ expectations. This has led to a decline in satisfaction with traditional office environments.

Despite the prevalence of remote work, a substantial portion of employees still operate from the same pre-pandemic workplaces.

As flexible work schedules become the norm, a shift in the notion of the workplace is underway. Spaces need to be designed not just for individual tasks, but to foster collaboration, innovation and social connections.

Job flexibility has become an essential feature that drives employee satisfaction and engagement. Employees surveyed say they want updated spaces that support both privacy and social interactions:

I do my best thinking in inspiring spaces. Natural light, spacious meeting rooms, modern furniture, quiet areas, sit/stand desks.

Another survey respondent explained:

It would be good to have more private spaces for online meetings, and also to escape from noise.

This change in employee expectations calls for new office builds with environments that enhance employees’ wellbeing. Workers are asking for features such as comfortable home-like spaces and health-conscious amenities.

The survey results show workers’ key post-pandemic design priorities include reduced density, physical distancing, reconfigured layouts and better ventilation.

To improve indoor environmental quality, facilities teams should adopt a holistic approach that combines improved air movement with advanced filtration systems for better air quality, workplace acoustics and greater employee control over environmental settings.

The workplace is under pressure to evolve into a dynamic, human-centered environment that supports both productivity and personal fulfilment. Many workers surveyed said they would be willing to move to a new office for a better office environment.

Richard de Dear receives funding from the Australian Research Council.

Ozgur Gocer and Thomas Parkinson do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Office design isn’t keeping up with post-COVID work styles – here’s what workers really want – https://theconversation.com/office-design-isnt-keeping-up-with-post-covid-work-styles-heres-what-workers-really-want-254997
MIL OSI Analysis – EveningReport.nz –
May 6, 2025
MIL-OSI USA: CONGRESSWOMAN PLASKETT CELEBRATES FARMERS IN ACTION COMMUNITY PROJECT FUNDING WAIVER, GRANTED BY U.S. DEPARTMENT OF AGRICULTURE

Source: United States House of Representatives – Congresswoman Stacey E. Plaskett (USVI)

For Immediate Release Contact: Tionee Scotland
May 5, 2025 202-808-6129

PRESS RELEASE

CONGRESSWOMAN PLASKETT CELEBRATES FARMERS IN ACTION COMMUNITY PROJECT FUNDING WAIVER, GRANTED BY U.S. DEPARTMENT OF AGRICULTURE

Washington, D.C. – For the past two years, Congresswoman Stacey E. Plaskett and her team have actively worked with the St. Croix Farmers in Action (FIA) group to assist with the acquisition of funding for a sustainable water source for local farmers. During the Fiscal Year 2024 (FY24) appropriations process, FIA submitted a Community Project Funding (CPF) request to rehabilitate water infrastructure on Estate Bethlehem and were subsequently approved for $1 million dollars in community project funding, of which FIA would have to provide a non-federal match of $250,000.

FIA’s plans to rehabilitate Estate Bethlehem’s water infrastructure include an existing 1-million-gallon cistern on the Bethlehem Sugar Factory Site. This funding is critical as the cistern restoration would help fulfill the needs of farms and businesses whose economic success depends upon a consistent water source to maintain farmland. Within the past year, FIA faced significant challenges in providing the required funding match and requested assistance from the Congresswoman and her team.

Kareem Edwards, FIA board member shared, “FIA extends heartfelt gratitude for Congresswoman Plaskett’s unwavering advocacy and support of our organization and the broader agricultural community in the Virgin Islands. Thanks to Congresswoman Plaskett and her team’s dedicated efforts, we were able to secure the necessary USDA waiver to rehabilitate the million-gallon cistern on the island—a vital step toward strengthening our water infrastructure and enhancing the resilience of our farming operations. The Congresswoman’s commitment to championing the needs of St. Croix’s farmers continues to make a meaningful and lasting impact.”

Another FIA board member, Tahemah Edwards shared the following, “St. Croix Farmers in Action thanks the Honorable Congresswoman Stacey E. Plaskett and her staff for their vision, dedication, and collaboration in making the Bethlehem Sugar Factory Restoration site a reality. I would also like to thank Kareem Edwards, Tralice Bracy and the St. Croix Farmers in Action board of directors for their lobbying efforts.”

“This outcome is the result of true collaboration,” said Senator Angel Bolques, whose office provided a letter of support to the U.S. Department of Agriculture in pursuit of the waiver. “Our office worked closely with our Honorable Congresswoman Plaskett and her office, St. Croix Farmers in Action, USDA, and VIEDA—exploring every possible funding solution to help overcome the financial barriers to assist with securing this vital waiver. I’m so proud to have contributed to this effort and remain committed to supporting initiatives that strengthen our agricultural infrastructure and empower our farmers.”

“I am tremendously pleased that FIA has received a waiver of the match that USDA-Rural Development (USDA-RD) originally required to access the funding provided to rehabilitate existing cistern infrastructure to support the farmers of St. Croix,” said Congresswoman Plaskett. “I commend FIA and the board members, led by Tahemah Edwards and his nephew, Kareem Edwards, for their diligence and perseverance in pursuit of agricultural development and advocacy for St. Croix farmers. I would also like to thank the Senator Angel Bolques and his team for their advocacy and presence on FIA’s behalf.

“USDA-RD’s decision to waive the match, particularly during this political climate speaks well of our ability to galvanize our efforts in order to get things done for our territory.”

Pictured below, right to left: FIA Volunteer – Tralice Bracy, Congresswoman Stacey E. Plaskett, FIA Board Member – Paulette Edwards, FIA Board Member Tahemah Edwards, Representatives from Senator Angel Bolques’s office – Judy Torres and Marcellino Ventura

###

MIL OSI USA News –

May 6, 2025
MIL-OSI Russia: In January-March 2025, the volume of direct non-financial investments by Chinese companies in countries participating in the Belt and Road Initiative increased by 15.6 percent.

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian –

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

BEIJING, May 6 (Xinhua) — Non-financial direct investment by Chinese companies in countries participating in the Belt and Road Initiative increased by 15.6 percent in the first quarter of 2025 compared with the same period in 2024, data from the Ministry of Commerce shows.

According to the agency, the volume of direct non-financial investments in the above-mentioned countries during the reporting period in dollar terms amounted to USD 8.87 billion.

The volume of transactions under contracting projects implemented by Chinese companies in countries participating in the Belt and Road Initiative during the period amounted to US$27.52 billion, an increase of 4.1 percent year-on-year.

In addition, domestic enterprises concluded new contracting contracts worth USD 47.14 billion in these countries. The increase in this indicator was 16.3 percent.

Recall that last year, the volume of direct non-financial investments by Chinese companies in countries participating in the Belt and Road initiative increased by 5.4 percent year-on-year to USD 33.69 billion. -0-

MIL OSI Russia News –

May 6, 2025

MIL-OSI Economics: Money Market Operations as on May 05, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	6,16,544.88	5.73	0.01-6.00
I. Call Money	20,121.34	5.89	4.95-6.00
II. Triparty Repo	3,93,130.00	5.76	5.70-5.89
III. Market Repo	2,01,954.54	5.66	0.01-6.00
IV. Repo in Corporate Bond	1,339.00	5.95	5.95-5.96
B. Term Segment
I. Notice Money**	252.55	5.96	5.50-6.16
II. Term Money^@@	521.00	–	5.75-6.15
III. Triparty Repo	7,043.25	5.86	5.80-6.00
IV. Market Repo	0.00	–	–
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Mon, 05/05/2025	1	Tue, 06/05/2025	5,646.00	6.01
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo
(b) Reverse Repo
3. MSF^#	Mon, 05/05/2025	1	Tue, 06/05/2025	395.00	6.25
4. SDF^Δ#	Mon, 05/05/2025	1	Tue, 06/05/2025	1,62,616.00	5.75
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-1,56,575.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo	Fri, 02/05/2025	14	Fri, 16/05/2025	149.00	6.01
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo	Thu, 17/04/2025	43	Fri, 30/05/2025	25,731.00	6.01
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,479.16
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				35,359.16
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-1,21,215.84
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		May 05, 2025		9,51,672.77
(ii) Average daily cash reserve requirement for the fortnight ending		May 16, 2025		9,41,653.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		May 05, 2025		5,646.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		April 18, 2025		2,02,749.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^{^} As per the Press Release No. 2025-2026/91 dated April 11, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2025-2026/257

MIL OSI Economics –

May 6, 2025

MIL-OSI China: FIBA launches new initiative to reward 3×3 teams

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

Basketball’s world governing body FIBA announced Monday the launch of the FIBA 3×3 Team Performance Support Program to reward teams participating in the FIBA 3×3 Pro Tour circuit.

With a record-breaking 2024 in terms of digital engagement and fan growth of 3×3 basketball, FIBA provides financial support to eligible teams, based on consistent engagement in the Pro Circuit and adherence to program guidelines.

Ozawa Ryo (R) of Japan guards against Haribon Agbalo Espinosa of Singapore during the FIBA 3×3 Basketball Asia Cup men’s quarterfinal match between Japan and Singapore in Singapore, March 30, 2025. (Photo by Then Chih Wey/Xinhua)

“This program is a key step in our strategic development of the FIBA 3×3 Pro Circuit,” said Alex Sanchez, Managing Director of FIBA 3×3. “By supporting high-performing teams with additional resources, we are strengthening the overall competitiveness of the circuit and helping build the foundations for future Olympic success.”

Participating teams will have the opportunity to take part in a series of promotional and community engagement activities throughout the season, ranging from coaching clinics and media appearances to fan-focused events.

FIBA said the new Reward Program “underscores a long-term strategic vision: to build a sustainable and professional ecosystem where elite players are empowered to perform at the highest level, inspire new generations, and elevate the sport on the world’s biggest stage.”

“This is about more than just financial support,” added Sanchez. “It’s about giving the top teams the tools and recognition of their role as ambassadors of the game and leaders in the global 3×3 basketball movement.”

MIL OSI China News –

May 6, 2025
MIL-OSI: DMG Blockchain Solutions Announces Preliminary April Operational Results
Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 05, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces its preliminary operational results for April 2025:
- Bitcoin Mined: 30 BTC (vs 32 BTC in Mar 2025)
- Hashrate: 1.93 EH/s (vs 1.82 EH/s in Mar 2025)
- Bitcoin Holdings: 351 BTC (vs 458 BTC in Mar 2025)
DMG’s April results reflect stable mining operations alongside key strategic investments. The Company mined 30 BTC during the month, slightly down from 32 BTC in March due to increased network difficulty and one day shorter duration. Meanwhile, DMG increased its realized hashrate to 1.93 EH/s, supported by the deployment of additional Bitmain S21+ Hydro miners and has now reached its 2.1 EH/s target, which may be slightly trimmed on an ongoing operational basis, at least through the summer months, to best manage its fleet in a higher ambient temperature environment.

DMG liquidated a portion of its Bitcoin holdings, reducing its treasury from 458 BTC in March to 351 BTC in April. Proceeds were used mainly to fund the acquisition of 2 megawatts capacity of prefabricated artificial intelligence (AI) data center infrastructure as well to make the first material paydown on its Sygnum Bank loan, which had a $20 million balance at the end of March. These actions mark a significant step in executing DMG’s broader strategy to shift its data center capacity towards AI, while delevering its balance sheet.

Sheldon Bennett, DMG’s CEO, commented, “We remain focused on advancing our AI strategy while maintaining a cash generating Bitcoin operation. With the purchase of 2 megawatts of AI data center infrastructure, we have made a demonstrative shift to utilize the returns generated from Bitcoin mining to fund our initial AI capital expenditures, which we believe will accelerate our ability to secure off-take agreements. Our focus remains on high-value government and enterprise users seeking sovereign AI solutions for Canada.”

About DMG Blockchain Solutions Inc.

DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move Bitcoin in a sustainable and regulatory-compliant manner.

For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on X, LinkedIn and Facebook, and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.

For further information, please contact:

On behalf of the Board of Directors,

Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com

For Investor Relations:
investors@dmgblockchain.com

For Media Inquiries:
Chantelle Borrelli
Head of Communications
chantelle@dmgblockchain.com

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

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG’s strategies and plans, executing on DMG’s broader strategy to shift its data center capacity towards AI, securing high-value AI off-take agreements, the opportunity and plans to monetize bitcoin transactions and provide additional products and services to customers and users, the continued investment in Bitcoin network software infrastructure and applications, the expected allocation of capital, developing and executing on the Company’s products and services, increasing self-mining, increasing hashrate, efforts to improve the operation of its mining fleet, the potential trimming of self-mining due to higher ambient temperature environment, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate mining difficulty.

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; the demand and pricing of Gen AI data centers and usage; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain and Gen AI technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

The MIL Network –
May 6, 2025
MIL-Evening Report: Why Zelensky – not Trump – may have ‘won’ the US-Ukraine minerals deal

Source: The Conversation (Au and NZ) – By Eve Warburton, Research Fellow, Department of Political and Social Change, and Director, Indonesia Institute, Australian National University

Last week, the Trump administration signed a deal with Ukraine that gives it privileged access to Ukraine’s natural resources.

Some news outlets described the deal as Ukrainian President Volodymyr Zelensky “caving” to US President Donald Trump’s demands.

But we see the agreement as the result of clever bargaining on the part of Ukraine’s war-time president.

So, what does the deal mean for Ukraine? And will this be help strengthen America’s mineral supply chains?

Ukraine’s natural resource wealth

Ukraine is home to 5% of the world’s critical mineral wealth, including 22 of the 34 minerals identified by the European Union as vital for defence, construction and high-tech manufacturing.

However, there’s a big difference between resources (what’s in the ground) and reserves (what can be commercially exploited). Ukraine’s proven mineral reserves are limited.

Further, Ukraine has an estimated mineral wealth of around US$14.8 trillion (A$23 trillion), but more than half of this is in territories currently occupied by Russia.

What does the new deal mean for Ukraine?

American support for overseas conflict is usually about securing US economic interests — often in the form of resource exploitation. From the Middle East to Asia, US interventions abroad have enabled access for American firms to other countries’ oil, gas and minerals.

But the first iteration of the Ukraine mineral deal, which Zelensky rejected in February, had been an especially brazen resource grab by Trump’s government. It required Ukraine to cede sovereignty over its land and resources to one country (the US), in order to defend itself from attacks by another (Russia).

These terms were highly exploitative of a country fighting against a years-long military occupation. In addition, they violated Ukraine’s constitution, which puts the ownership of Ukraine’s natural resources in the hands of the Ukrainian people. Were Zelensky to accept this, he would have faced a tremendous backlash from the public.

In comparison, the new deal sounds like a strategic and (potentially) commercial win for Ukraine.

First, this agreement is more just, and it’s aligned with Ukraine’s short- and medium-term interests. Zelenksy describes it as an “equal partnership” that will modernise Ukraine.

Under the terms, Ukraine will set up a United States–Ukraine Reconstruction Investment Fund for foreign investments into the country’s economy, which will be jointly governed by both countries.

Ukraine will contribute 50% of the income from royalties and licenses to develop critical minerals, oil and gas reserves, while the US can make its contributions in-kind, such as through military assistance or technology transfers.

Ukraine maintains ownership over its natural resources and state enterprises. And the licensing agreements will not require substantial changes to the country’s laws, or disrupt its future integration with Europe.

Importantly, there is no mention of retroactive debts for the US military assistance already received by Ukraine. This would have created a dangerous precedent, allowing other nations to seek to claim similar debts from Ukraine.

Finally, the deal also signals the Trump administration’s commitment to “a free, sovereign and prosperous Ukraine” – albeit, still without any security guarantees.

Profits may be a long time coming

Unsurprisingly, the Trump administration and conservative media in the US are framing the deal as a win.

For too long, Trump argues, Ukraine has enjoyed US taxpayer-funded military assistance, and such assistance now has a price tag. The administration has described the deal to Americans as a profit-making endeavour that can recoup monies spent defending Ukrainian interests.

But in reality, profits are a long way off.

The terms of the agreement clearly state the fund’s investment will be directed at new resource projects. Existing operations and state-owned projects will fall outside the terms of the agreement.

Mining projects typically work within long time frames. The move from exploration to production is a slow, high-risk and enormously expensive process. It can often take over a decade.

Add to this complexity the fact that some experts are sceptical Ukraine even has enormously valuable reserves. And to bring any promising deposits to market will require major investments.

What’s perhaps more important

It’s possible, however, that profits are a secondary calculation for the US. Boxing out China is likely to be as – if not more – important.

Like other Western nations, the US is desperate to diversify its critical mineral supply chains.

China controls not just a large proportion of the world’s known rare earths deposits, it also has a monopoly on the processing of most critical minerals used in green energy and defence technologies.

The US fears China will weaponise its market dominance against strategic rivals. This is why Western governments increasingly make mineral supply chain resilience central to their foreign policy and defence strategies.

Given Beijing’s closeness to Moscow and their deepening cooperation on natural resources, the US-Ukraine deal may prevent Russia — and, by extension, China — from accessing Ukrainian minerals. The terms of the agreement are explicit: “states and persons who have acted adversely towards Ukraine must not benefit from its reconstruction”.

Finally, the performance of “the deal” matters just as much to Trump. Getting Zelensky to sign on the dotted line is progress in itself, plays well to Trump’s base at home, and puts pressure on Russian President Vladimir Putin to come to the table.

So, the deal is a win for Zelensky because it gives the US a stake in an independent Ukraine. But even if Ukraine’s critical mineral reserves turn out to be less valuable than expected, it may not matter to Trump.

Eve Warburton receives funding from the Australian Research Council and the Westpac Scholars Trust.

Olga Boichak is a director of the Foundation of Ukrainian Studies in Australia. She receives funding from the Australian Research Council and the Westpac Scholars Trust.

– ref. Why Zelensky – not Trump – may have ‘won’ the US-Ukraine minerals deal – https://theconversation.com/why-zelensky-not-trump-may-have-won-the-us-ukraine-minerals-deal-255875

MIL OSI Analysis – EveningReport.nz –

May 6, 2025
MIL-OSI China: Chinese box office exceeds 740M yuan during May Day holiday

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

People walk past movie posters at a cinema in Boxing County of Binzhou City, east China’s Shandong Province, May 3, 2025. [Photo/Xinhua]

China’s box office grossed more than 740 million yuan (about 102 million U.S. dollars) during the five-day May Day holiday, which ends on Monday, according to film data platform Maoyan.

Leading the holiday sales chart was Andrew Lau’s “The Dumpling Queen,” which earned over 190 million yuan. The film traces the journey of a Hong Kong street food vendor who founds a household frozen food brand.

Securing second place was the financial crime thriller “A Gilded Game.” Centered on high-stakes fraud and market manipulation, the movie has generated a revenue of over 133 million yuan.

Studio Ghibli’s “Princess Mononoke” claimed the third position with earnings of over 69 million yuan. Originally released in Japan in 1997, this environmental epic is widely regarded as Hayao Miyazaki’s breakout international hit.

MIL OSI China News –

May 6, 2025
MIL-Evening Report: Locked up then locked out: how NZ’s bank rules make life for ex-prisoners even harder

Source: The Conversation (Au and NZ) – By Victoria Stace, Senior Lecturer, Te Herenga Waka — Victoria University of Wellington

FotoDax/Shutterstock

People coming out of prison in New Zealand face multiple hurdles reintegrating into society – starting with one of the most fundamental elements of modern life: getting a bank account.

Not having a bank account can make it difficult to receive wages or a benefit, and to get a job or rent accommodation.

In our new research we spoke with financial mentors and others working with prisoners on release, along with the Department of Corrections and banks, to better understand the hurdles for ex-prisoners.

We found not having a bank account on release was common and that it hindered reintegration efforts. It also appears to directly increase the chance of an ex-prisoner returning to crime. As a representative from Māori social services organisation Te Pā explained,

It is really important to get them a bank account if we want them to stay on the right side of the law. It is a key part of being part of society. [They] need to be part of mainstream financial services. If not, then [they are] much more likely to go back into crime.

The relationship between not having access to banking and getting back into crime was also noted in a 2016 report from the Salvation Army. And a financial mentor told us the current situation was “making it hard for people to not re-offend”.

A fundamental need

Our research is spread over two reports commissioned by financial services organisation FinCap and includes 40 interviews with people in the banking industry, financial mentoring organisations, community groups and the Department of Corrections.

The first report outlining our data was released in 2023, and the second in April 2025. The latter outlined the steps Corrections and the banking sector need to take to remove the hurdles faced by ex-prisoners trying to access a bank account.

Approximately 10,000 individuals were held in a New Zealand prison in 2024 at any one time, and around half of these were sentenced prisoners with the rest on remand. New Zealand’s reimprisonment rate is high, with about 30% of first-time prisoners likely to return to prison.

The Reserve Bank has argued that broad financial inclusion is important for society as it helps promote prosperity and contributes to a productive economy. Part of this involves ensuring everyone has access to a bank account.

Without access to a bank account, ex-prisoners struggle to get a job, secure housing or receive a benefit.
Siriporn Pimpo/Shutterstock

Hurdles to access

There seem to be several things hindering ex-prisoners’ access to banking, with New Zealand’s anti-money laundering rules a major problem.

The law requires banks to complete certain checks before a person is allowed to open an account. Currently, banks require two forms of ID and a verifiable address.

People just out of prison often don’t have these. We found other hurdles include limited access to the internet, banks being unwilling to take on this group of customers, and ex-prisoners’ lack of confidence to engage with banks.

But there are ways we can make access to bank accounts easier for ex-prisoners.

Putting the onus on Corrections to proactively assist people due for release to get whatever documents the banks require, and to apply for the account to be set up before release, would be a good start. But it will likely require additional resourcing for the department.

A recent discussion paper from the Council of Financial Regulators has suggested the introduction of transactional accounts – a new type of bank account requiring less in the way of formal ID.

Basic transactional accounts could help ex-prisoners by making it easier to meet bank requirements. These would be a basic account that could receive wages and benefits and enable payments, but not provide credit.

It could also have limits on the amounts held in the account, which would minimise money laundering risks.

The major banks also have a key role to play in making change happen. Only one major bank – Westpac – has been willing to offer bank accounts to ex-prisoners so far, with a special programme that allows people in prison (both those still not due for release and those on their way out) to open an account. This has been very helpful for those who have had access to it.

During our research, Corrections emphasised the importance of major banks acting as default providers of banking services to prisoners and ex-prisoners (similar to default providers of KiwiSaver).

This approach would aim to ensure prisoners had the freedom to choose their banking provider. Encouraging participation in such a programme was seen as an opportunity for banks to demonstrate corporate social responsibility.

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

– ref. Locked up then locked out: how NZ’s bank rules make life for ex-prisoners even harder – https://theconversation.com/locked-up-then-locked-out-how-nzs-bank-rules-make-life-for-ex-prisoners-even-harder-255110

MIL OSI Analysis – EveningReport.nz –

May 6, 2025
MIL-OSI China: Robust performance of listed firms highlights vitality, resilience of Chinese economy

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

This photo taken on April 25, 2025 shows robot IRON of Xiaopeng at the 21st Shanghai International Automobile Industry Exhibition in east China’s Shanghai. [Photo/Xinhua]

Most companies listed on China’s A-share market delivered robust performance last year, underscoring the vitality and resilience of the world’s second-largest economy.

As of Tuesday, 5,304 firms listed on Shanghai and Shenzhen stock exchanges had released their financial reports for 2024, with 66.42 percent achieving profits, according to financial information provider Wind Info. Notably, 19.21 percent posted a year-on-year net profit increase of over 20 percent.

These reports reflect the underlying strength of the Chinese economy, buoyed by ongoing industrial transformation and a steady buildup in innovation capacity, said Zhu Keli, a researcher with the China Institute of New Economy.

New engines

Financial disclosures showed emerging sectors, from artificial intelligence and new energy to advanced manufacturing, are becoming fresh growth engines driving China’s economic development.

According to data from the main board of the Shanghai Stock Exchange, nearly half of China’s top 50 listed firms by market capitalization in 2024 came from emerging industries, a marked increase in both number and proportion.

The auto and electronics sectors stood out among emerging industries with stellar net profit growth. The auto industry posted an 11.16 percent year-on-year expansion in net profit while the electronics sector surged 35.18 percent from a year ago, underlining the strong momentum in tech-related manufacturing.

Auto parts supplier Shuanglin Group, for instance, reported a more than fivefold increase in net profit last year, driven by rising demand from electric vehicle (EV) makers including BYD and Changan Auto. The company has also secured new orders from EV brands like AVATR.

In the electronics sector, Will Semiconductor Co., Ltd. Shanghai, saw its business performance register marked growth last year, with operating revenue hitting a record high. The leading semiconductor producer credited its rapid expansion to a rebound in the semiconductor sector and surging demand for high-end smartphones and intelligent vehicles in the market.

Innovation-driven growth

Technological innovation emerged as a notable feature of corporate performance last year. China’s listed companies have been increasingly bets on frontier and disruptive technologies, playing a pivotal role in the country’s broader push for innovation-driven growth.

Data showed that in 2024, A-share firms accounted for more than half of corporate research and development (R&D) spending nationwide and held nearly one-third of all the country’s patents. The R&D intensity, measured by R&D expenditure as a share of operating revenue, gained 0.1 percentage points from a year ago to 2.6 percent.

Chongqing-based automaker Seres, which collaborates with Huawei on AITO cars, invested nearly 7 billion yuan (about 972 million U.S. dollars) in R&D last year, a surge of about 60 percent year on year. Its R&D crew also expanded by about a quarter from a year ago to over 6,200 people.

By maintaining a strong focus on R&D, the firm has tapped global frontier technologies and innovation resources, facilitating the integration of software and automotive technologies, said Zhang Xinghai, chairman of the company.

These financial reports underline the faster integration between traditional and emerging industries in the Chinese economy, with listed firms proactively sharpening competitive edges, Zhu said, adding that the country is fostering diversified growth engines amid the pursuit of high-quality development.

In the annual government work report released in March, China’s policymakers have pledged to make solid progress in high-quality development, outlining measures to modernize its industrial system and advance the integration of technological and industrial innovation, among others.

MIL OSI China News –

May 6, 2025
MIL-OSI New Zealand: Politics and Business – Pay equity improvement supported – BusinessNZ

Source: BusinessNZ

BusinessNZ supports amending the pay equity process to make it more transparent, evidence-based, and more able to achieve robust settlements.

BusinessNZ Chief Executive Katherine Rich says the current process is bringing large anomalies between the public and private sectors, in effect leading to new equity problems – between those employed in the public sector and those in the private sector.

“Increases in public health sector remuneration have created difficulties in the private sector where they can’t afford those pay rates. Where those private sector employers receive government funding for some services, it is not enough to cover the contracted services they provide. As a result, they are losing staff, suffering from industrial action and face problems in delivering their contracted work.

“These outcomes indicate that the pay equity process needs attention.

“Current problems include unclear evidence for some pay equity claims, a lack of transparency around choice of comparators for the pay equity process, and insufficient incentives for the bargaining parties to resolve pay equity claims themselves, without recourse to the government.

“BusinessNZ supports a review of the settings for pay equity claims, in the interests of fairness and a more balanced economy,” Mrs Rich said.

The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

MIL OSI New Zealand News –

May 6, 2025
MIL-OSI New Zealand: Government Cuts – “A national embarrassment” – Workers First on Government’s pay equity betrayal

Source: Workers First Union

Workers First Union has described today’s announcement that the Government will attempt to shut down existing pay equity claims and make it harder to file new ones as a “national embarrassment” that will worsen inequality in New Zealand and continue the flood of experienced professionals in historically female-dominated professions to countries overseas.

Sheryl Cadman, Workers First Central Region Secretary, said that the plan announced today by Minister Brooke Van Velden reneges on decades of bipartisan work on pay equity because the current Government cannot manage the economy ahead of Budget 2025/26.

“Minister Van Velden has decided to make tens of thousands of women pay for her Government’s next austerity budget,” said Ms Cadman.

“As a policy decision, it achieves the ambitious trifecta of worsening the long-term health of our economy, exacerbating worker shortages in health, education and other historically female-dominated industries, and embedding unfairness throughout our society.”

Ms Cadman said pay equity claims like Workers First’s case on behalf of veterinary nurses across the private sector could be jeopardised by the Government’s “fast-tracked” changes to the system that deals with pay equity claims.

“We’ll regroup and assess our options, but the problems do not go away just because the legislative pathway for change has been willingly broken by the Government,” said Ms Cadman.

“Entire industries rely on the pay equity claim process to have an expert court consider their historical underpayment and make recommendations for redress – not an ignorant Minister whose main experience of female workers is as people who bring her things.”

“Using parliamentary urgency to force a law change like this that demands careful scrutiny is especially foolish, short-sighted and authoritarian.”

Ms Cadman said she reserved particular disdain for Minister Brooke van Velden.

“Minister Van Velden is a politician who’s incapable of listening and barely capable of thinking clearly about the present moment, let alone considering the decades of unfairness in the past that has made pay equity a priority for anyone who wants to make New Zealand a better place to live.”

“The union movement has dealt with worse and we will fight this again.”

MIL OSI New Zealand News –

May 6, 2025
MIL-OSI New Zealand: Government Cuts – “A national embarrassment” – Workers First on Government’s pay equity betrayal

Source: Workers First Union

Workers First Union has described today’s announcement that the Government will attempt to shut down existing pay equity claims and make it harder to file new ones as a “national embarrassment” that will worsen inequality in New Zealand and continue the flood of experienced professionals in historically female-dominated professions to countries overseas.

Sheryl Cadman, Workers First Central Region Secretary, said that the plan announced today by Minister Brooke Van Velden reneges on decades of bipartisan work on pay equity because the current Government cannot manage the economy ahead of Budget 2025/26.

“Minister Van Velden has decided to make tens of thousands of women pay for her Government’s next austerity budget,” said Ms Cadman.

“As a policy decision, it achieves the ambitious trifecta of worsening the long-term health of our economy, exacerbating worker shortages in health, education and other historically female-dominated industries, and embedding unfairness throughout our society.”

Ms Cadman said pay equity claims like Workers First’s case on behalf of veterinary nurses across the private sector could be jeopardised by the Government’s “fast-tracked” changes to the system that deals with pay equity claims.

“We’ll regroup and assess our options, but the problems do not go away just because the legislative pathway for change has been willingly broken by the Government,” said Ms Cadman.

“Entire industries rely on the pay equity claim process to have an expert court consider their historical underpayment and make recommendations for redress – not an ignorant Minister whose main experience of female workers is as people who bring her things.”

“Using parliamentary urgency to force a law change like this that demands careful scrutiny is especially foolish, short-sighted and authoritarian.”

Ms Cadman said she reserved particular disdain for Minister Brooke van Velden.

“Minister Van Velden is a politician who’s incapable of listening and barely capable of thinking clearly about the present moment, let alone considering the decades of unfairness in the past that has made pay equity a priority for anyone who wants to make New Zealand a better place to live.”

“The union movement has dealt with worse and we will fight this again.”

MIL OSI New Zealand News –

May 6, 2025

Category: Economy

Climate envoy visits Singapore to drive regional climate action

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The ‘Oracle of Omaha’

Value investing

Challenges to Buffett’s strategy in today’s world

America first?

The challenges for Buffett’s successor

After Buffett

Ukraine’s natural resource wealth

What does the new deal mean for Ukraine?

Profits may be a long time coming

What’s perhaps more important

Source: Auckland YWCA

1. The teacher shortage

2. Student disengagement

3. Educational inequality

4. Global uncertainty

Time for a bold vision

Who has cut their office hours the most?

Office design isn’t keeping up

What needs to change in office design?

Ukraine’s natural resource wealth

What does the new deal mean for Ukraine?

Profits may be a long time coming

What’s perhaps more important

A fundamental need

Hurdles to access

Source: BusinessNZ

Source: Workers First Union

Source: Workers First Union