Category: Economy

  • MIL-OSI: Draganfly Announces Pricing of US$3.6 Million Underwritten Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Saskatoon, SK., May 02, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a drone solutions, and systems developer, today announced the pricing of its previously announced underwritten public offering (the “Offering”) of 1,715,000 units, with each unit consisting of one common share and one warrant to purchase one common share. Each unit is to be sold at a public offering price of US$2.10, for gross proceeds of approximately US$3.6 million, before deducting underwriting discounts and offering expenses. The warrants will have an exercise price of CA$3.9779 (or US$2.875) per share, are exercisable immediately and will expire five years following the date of issuance. In addition, the Company granted the underwriter a 45-day over-allotment option to purchase up to an additional 15 percent of the number of common shares and/or warrants offered in the Offering.

    Maxim Group LLC is acting as sole book-running manager for the Offering.

    Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core products, potential acquisitions and research and development. The Offering is expected to close on or about May 5, 2025, subject to the satisfaction of customary closing conditions.

    The Offering is subject to customary closing conditions including receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange and notification to the Nasdaq Stock Market.

    The Offering is being made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly will offer and sell the securities in the United States only. No securities will be offered or sold to Canadian purchasers.

    A preliminary prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof has been filed with the applicable securities commissions in Canada and with the SEC in the United States and is available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. A final prospectus supplement with the final terms will be filed with the securities regulatory authorities in the Canadian provinces of British Columbia, Saskatchewan and Ontario and the SEC. Copies of the preliminary prospectus supplements, accompanying Base Shelf Prospectus, and final prospectus supplement, when available, relating to the Offering may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

    Media Contact
    media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the timing, size and expected gross proceeds of the Offering, the satisfaction of customary closing conditions related to the Offering and sale of securities, the intended use of proceeds, and Draganfly’s ability to complete the Offering. Closing of the Offering is subject to numerous factors, many of which are beyond Draganfly’s control, including but not limited to, the failure of the parties to satisfy certain closing conditions, and other important factors disclosed previously and from time to time in Draganfly’s filings with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and with the SEC. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

    The MIL Network

  • MIL-OSI: Arbor Realty Trust Reports First Quarter 2025 Results and Declares Dividend of $0.30 per Share

    Source: GlobeNewswire (MIL-OSI)

    Company Highlights:

    • GAAP net income of $0.16 per diluted common share
    • Distributable earnings1 of $0.28, or $0.31 per diluted common share, excluding $7.1 million of realized losses from the sale of two real estate owned properties that were previously reserved
    • Declares cash dividend on common stock of $0.30 per share
    • Closed on a new $1.15 billion repurchase facility to unwind in full two CLO vehicles; enhancing leverage, reducing pricing and generated ~$80 million of additional liquidity
    • Servicing portfolio of ~$33.48 billion, agency loan originations of $605.9 million
    • Structured loan portfolio of ~$11.49 billion, originations of $747.1 million and runoff of $421.9 million
    • Foreclosed on seven non-performing loans as real estate owned assets totaling $196.7 million

    UNIONDALE, N.Y., May 02, 2025 (GLOBE NEWSWIRE) — Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the first quarter ended March 31, 2025. Arbor reported net income for the quarter of $30.4 million, or $0.16 per diluted common share, compared to net income of $57.9 million, or $0.31 per diluted common share for the quarter ended March 31, 2024. Distributable earnings for the quarter was $57.3 million, or $0.28 per diluted common share, compared to $96.7 million, or $0.47 per diluted common share for the quarter ended March 31, 2024.

    Agency Business

    Loan Origination Platform

      Agency Loan Volume (in thousands)
      Quarter Ended
      March 31, 2025   December 31, 2024
    Fannie Mae $ 357,811     $ 556,676  
    Freddie Mac   178,020       675,244  
    Private Label   44,925       27,650  
    FHA   16,041       119,050  
    SFR-Fixed Rate   9,111        
    Total Originations $ 605,908     $ 1,378,620  
           
    Total Loan Sales $ 730,854     $ 1,270,048  
           
    Total Loan Commitments $ 645,401     $ 1,353,527  
                   

    For the quarter ended March 31, 2025, the Agency Business generated revenues of $62.9 million, compared to $78.7 million for the fourth quarter of 2024. Gain on sales, including fee-based services, net was $12.8 million for the quarter, reflecting a margin of 1.75%, compared to $22.2 million and 1.75% for the fourth quarter of 2024. Income from mortgage servicing rights was $8.1 million for the quarter, reflecting a rate of 1.26% as a percentage of loan commitments, compared to $13.3 million and 0.99% for the fourth quarter of 2024.

    At March 31, 2025, loans held-for-sale was $314.6 million, with financing associated with these loans totaling $279.4 million.

    Fee-Based Servicing Portfolio

    The Company’s fee-based servicing portfolio totaled $33.48 billion at March 31, 2025. Servicing revenue, net was $25.6 million for the quarter and consisted of servicing revenue of $43.4 million, net of amortization of mortgage servicing rights totaling $17.8 million.

      Fee-Based Servicing Portfolio ($ in thousands)
      March 31, 2025   December 31, 2024
      UPB   Wtd. Avg. Fee (bps)   Wtd. Avg. Life (years)   UPB   Wtd. Avg. Fee (bps)   Wtd. Avg. Life (years)
    Fannie Mae $ 22,683,885     46.2   6.2   $ 22,730,056     46.4   6.4
    Freddie Mac   6,123,074     21.4   6.6     6,077,020     21.5   6.8
    Private Label   2,603,122     18.7   5.3     2,605,980     18.7   5.5
    FHA   1,519,675     14.0   19.0     1,506,948     14.1   19.2
    Bridge   278,293     10.4   2.8     278,494     10.4   3.0
    SFR-Fixed Rate   276,839     20.1   4.1     271,859     20.1   4.4
    Total $ 33,484,888     37.5   6.7   $ 33,470,357     37.8   6.9
                                   

    Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $34.7 million for the fair value of the guarantee obligation undertaken at March 31, 2025. The Company recorded a $1.9 million net provision for loss sharing associated with CECL for the first quarter of 2025. At March 31, 2025, the Company’s total CECL allowance for loss-sharing obligations was $50.8 million, representing 0.22% of the Fannie Mae servicing portfolio.

    Structured Business

    Portfolio and Investment Activity

      Structured Portfolio Activity ($ in thousands)
      Quarter Ended
      March 31, 2025   December 31, 2024
      UPB   %   UPB   %
    Bridge:              
    Multifamily $ 367,750       49 %   $ 371,250       54 %
    SFR   356,294       48 %     273,087       40 %
        724,044       97 %     644,337       94 %
              .    
    Mezzanine/Preferred Equity   4,440       1 %     35,592       5 %
    Construction – Multifamily   18,637       2 %     4,368       1 %
    Total Originations $ 747,121       100 %   $ 684,297       100 %
                   
    Number of Loans Originated   20           28      
                   
    Commitments:              
    SFR $ 162,400         $ 375,894      
    Construction – Multifamily   92,000           54,000      
    Total Commitments $ 254,400         $ 429,894      
                   
    Loan Runoff $ 421,941         $ 900,583      
                           
      Structured Portfolio ($ in thousands)
      March 31, 2025   December 31, 2024
      UPB   %   UPB   %
    Bridge:              
    Multifamily $ 8,637,773       75 %   $ 8,725,429       76 %
    SFR   2,247,817       20 %     1,993,890       18 %
    Other   171,952       1 %     173,787       2 %
        11,057,542       96 %     10,893,106       96 %
                   
    Mezzanine/Preferred Equity   405,770       4 %     404,401       3 %
    Construction – Multifamily   23,005       <1 %     4,367       <1 %
    SFR Permanent   3,076       <1 %     3,082       <1 %
    Total Portfolio $ 11,489,393       100 %   $ 11,304,956       100 %
                                   

    At March 31, 2025, the loan and investment portfolio’s unpaid principal balance (“UPB”), excluding loan loss reserves, was $11.49 billion, with a weighted average interest rate of 6.94%, compared to $11.30 billion and 6.90% at December 31, 2024. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average interest rate was 7.85% at March 31, 2025, compared to 7.80% at December 31, 2024.

    The average balance of the Company’s loan and investment portfolio during the first quarter of 2025, excluding loan loss reserves, was $11.39 billion with a weighted average yield of 8.15%, compared to $11.46 billion and 8.52% for the fourth quarter of 2024. The decrease in yield was primarily due to a decrease in the average SOFR rate in the first quarter of 2025.

    During the first quarter of 2025, the Company recorded an $8.4 million net provision for loan losses associated with CECL. At March 31, 2025, the Company’s total allowance for loan losses was $240.9 million. The Company had twenty-three non-performing loans with a UPB of $511.1 million, before related loan loss reserves of $35.3 million, compared to twenty-six loans with a UPB of $651.8 million, before loan loss reserves of $23.8 million at December 31, 2024.

    In addition, at March 31, 2025, the Company had five loans with a total UPB of $142.8 million (before related loan loss reserves of $7.3 million) that were less than 60 days past due classified as non-accrual, compared to nine loans with a total UPB of $167.4 million at December 31, 2024. Interest income on these loans is only being recorded to the extent cash is received.

    During the first quarter of 2025, the Company modified twenty-one loans with a total UPB of $949.8 million, most of which had borrowers investing additional capital to recapitalize their deals. Nineteen of these loans with a total UPB of $849.4 million, contained interest rates based on pricing over SOFR ranging from 3.10% to 4.25% and were modified to provide temporary rate relief through a pay and accrual feature. At March 31, 2025, these modified loans had a weighted average pay rate of 5.18% and a weighted average accrual rate of 2.56%. In addition, of the total modified loans for the first quarter, $16.5 million were less than 60 days past due and $38.3 million were non-performing at December 31, 2024, and are now current in accordance with their modified terms.

    Financing Activity

    The balance of debt that finances the Company’s loan and investment portfolio at March 31, 2025 was $9.49 billion with a weighted average interest rate including fees of 6.82%, as compared to $9.46 billion and a rate of 6.88% at December 31, 2024.

    The average balance of debt that finances the Company’s loan and investment portfolio for the first quarter of 2025 was $9.42 billion, as compared to $9.67 billion for the fourth quarter of 2024. The average cost of borrowings for the first quarter of 2025 was 6.96%, compared to 7.10% for the fourth quarter of 2024.

    In March 2025, the Company closed a $1.15 billion repurchase facility and transferred approximately $1.43 billion of assets into this facility, $1.34 billion of which were from two of the Company’s existing CLO vehicles that were redeemed in full and at par. The facility is match funded with 80% leverage and pricing of SOFR plus 1.85%, well below the pricing of SOFR plus 2.24% and 77% leverage of the CLOs replaced at the time of redemption. Additionally, this facility is 88% non-recourse to the Company and has a 24-month reinvestment period. As a result of these transactions, the Company created approximately $80 million of additional liquidity and has increased the returns on these assets through enhanced leverage and reduced pricing.

    Dividend

    The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.30 per share of common stock for the quarter ended March 31, 2025. The dividend is payable on May 30, 2025 to common stockholders of record on May 16, 2025.

    Earnings Conference Call

    The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast and replay of the conference call will be available at www.arbor.com in the investor relations section of the Company’s website, or you can access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 579-2543 for domestic callers and (785) 424-1789 for international callers. Please use participant passcode ABRQ125 when prompted by the operator.

    A telephonic replay of the call will be available until May 9, 2025. The replay dial-in numbers are (800) 934-2127 for domestic callers and (402) 220-1139 for international callers.

    About Arbor Realty Trust, Inc.

    Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender and Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

    Safe Harbor Statement

    Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2024 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

    Notes

    1. During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on the last two pages of this release.
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Consolidated Statements of Income – (Unaudited)
    ($ in thousands—except share and per share data)
     
      Quarter Ended March 31,
        2025       2024  
    Interest income $ 240,693     $ 321,292  
    Interest expense   165,251       217,676  
    Net interest income   75,442       103,616  
    Other revenue:      
    Gain on sales, including fee-based services, net   12,781       16,666  
    Mortgage servicing rights   8,131       10,199  
    Servicing revenue, net   25,603       31,526  
    Property operating income   4,387       1,570  
    Gain (loss) on derivative instruments, net   3,400       (5,257 )
    Other income, net   4,419       2,333  
    Total other revenue   58,721       57,037  
    Other expenses:      
    Employee compensation and benefits   46,036       47,694  
    Selling and administrative   16,312       13,933  
    Property operating expenses   3,474       1,678  
    Depreciation and amortization   3,744       2,571  
    Provision for loss sharing (net of recoveries)   1,786       273  
    Provision for credit losses (net of recoveries)   9,075       19,118  
    Total other expenses   80,427       85,267  
    Income before extinguishment of debt, loss on real estate, (loss) income from equity affiliates and income taxes   53,736       75,386  
    Loss on extinguishment of debt   (2,319 )      
    Loss on real estate   (2,810 )      
    (Loss) income from equity affiliates   (1,634 )     1,418  
    Provision for income taxes   (3,591 )     (3,592 )
    Net income   43,382       73,212  
    Preferred stock dividends   10,342       10,342  
    Net income attributable to noncontrolling interest   2,602       4,997  
    Net income attributable to common stockholders $ 30,438     $ 57,873  
           
    Basic earnings per common share $ 0.16     $ 0.31  
    Diluted earnings per common share $ 0.16     $ 0.31  
           
    Weighted average shares outstanding:      
    Basic   190,060,776       188,710,390  
    Diluted   206,862,320       222,926,076  
           
    Dividends declared per common share $ 0.43     $ 0.43  
                   
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets
    ($ in thousands—except share and per share data)
     
      March 31, 2025
    (Unaudited)
      December 31, 2024
    Assets:      
    Cash and cash equivalents $ 308,842     $ 503,803  
    Restricted cash   40,563       156,376  
    Loans and investments, net (allowance for credit losses of $240,937 and $238,967)   11,215,625       11,033,997  
    Loans held-for-sale, net   314,635       435,759  
    Capitalized mortgage servicing rights, net   357,220       368,678  
    Securities held-to-maturity, net (allowance for credit losses of $10,767 and $10,846)   158,658       157,154  
    Investments in equity affiliates   77,095       76,312  
    Real estate owned, net   302,158       176,543  
    Due from related party   9,605       12,792  
    Goodwill and other intangible assets   87,727       88,119  
    Other assets   495,221       481,448  
    Total assets $ 13,367,349     $ 13,490,981  
           
    Liabilities and Equity:      
    Credit and repurchase facilities $ 4,780,753     $ 3,559,490  
    Securitized debt   3,286,395       4,622,489  
    Senior unsecured notes   1,237,160       1,236,147  
    Convertible senior unsecured notes   286,555       285,853  
    Junior subordinated notes to subsidiary trust issuing preferred securities   144,890       144,686  
    Mortgage notes payable — real estate owned   123,851       74,897  
    Due to related party   1,458       4,474  
    Due to borrowers   52,062       47,627  
    Allowance for loss-sharing obligations   85,515       83,150  
    Other liabilities   239,251       280,198  
    Total liabilities   10,237,890       10,339,011  
           
    Equity:      
    Arbor Realty Trust, Inc. stockholders’ equity:      
    Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period:   633,682       633,684  
    Special voting preferred shares – 16,173,761 shares      
    6.375% Series D – 9,200,000 shares      
    6.25% Series E – 5,750,000 shares      
    6.25% Series F – 11,342,000 shares      
    Common stock, $0.01 par value: 500,000,000 shares authorized – 192,161,707 and 189,259,435 shares issued and outstanding   1,922       1,893  
    Additional paid-in capital   2,410,499       2,375,469  
    (Accumulated deficit) retained earnings   (38,600 )     13,039  
    Total Arbor Realty Trust, Inc. stockholders’ equity   3,007,503       3,024,085  
    Noncontrolling interest   121,956       127,885  
    Total equity   3,129,459       3,151,970  
    Total liabilities and equity $ 13,367,349     $ 13,490,981  
                   
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Statement of Income Segment Information – (Unaudited)
    (in thousands)
     
      Quarter Ended March 31, 2025
      Structured
    Business
      Agency
    Business
      Other (1)   Consolidated
    Interest income $ 230,087     $ 10,606     $     $ 240,693  
    Interest expense   161,579       3,672             165,251  
    Net interest income   68,508       6,934             75,442  
    Other revenue:              
    Gain on sales, including fee-based services, net         12,781             12,781  
    Mortgage servicing rights         8,131             8,131  
    Servicing revenue         43,361             43,361  
    Amortization of MSRs         (17,758 )           (17,758 )
    Property operating income   4,387                   4,387  
    Gain on derivative instruments, net         3,400             3,400  
    Other income, net   2,078       2,341             4,419  
    Total other revenue   6,465       52,256             58,721  
    Other expenses:              
    Employee compensation and benefits   18,157       27,879             46,036  
    Selling and administrative   8,932       7,380             16,312  
    Property operating expenses   3,474                   3,474  
    Depreciation and amortization   3,352       392             3,744  
    Provision for loss sharing         1,786             1,786  
    Provision for credit losses (net of recoveries)   9,154       (79 )           9,075  
    Total other expenses   43,069       37,358             80,427  
    Income before extinguishment of debt, loss on real estate, loss from equity affiliates and income taxes   31,904       21,832             53,736  
    Loss on extinguishment of debt   (2,319 )                 (2,319 )
    Loss on real estate   (2,810 )                 (2,810 )
    Loss from equity affiliates   (1,634 )                 (1,634 )
    Benefit from (provision for) income taxes   639       (4,230 )           (3,591 )
    Net income   25,780       17,602             43,382  
    Preferred stock dividends   10,342                   10,342  
    Net income attributable to noncontrolling interest               2,602       2,602  
    Net income attributable to common stockholders $ 15,438     $ 17,602     $ (2,602 )   $ 30,438  
                                   

    (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.

    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Balance Sheet Segment Information – (Unaudited)
    (in thousands)
     
      March 31, 2025
      Structured Business   Agency Business   Consolidated
    Assets:          
    Cash and cash equivalents $ 55,328     $ 253,514     $ 308,842  
    Restricted cash   15,943       24,620       40,563  
    Loans and investments, net   11,215,625             11,215,625  
    Loans held-for-sale, net         314,635       314,635  
    Capitalized mortgage servicing rights, net         357,220       357,220  
    Securities held-to-maturity, net         158,658       158,658  
    Investments in equity affiliates   77,095             77,095  
    Real estate owned, net   302,158             302,158  
    Goodwill and other intangible assets   12,500       75,227       87,727  
    Other assets and due from related party   249,904       254,922       504,826  
    Total assets $ 11,928,553     $ 1,438,796     $ 13,367,349  
               
    Liabilities:          
    Debt obligations $ 9,580,201     $ 279,403     $ 9,859,604  
    Allowance for loss-sharing obligations         85,515       85,515  
    Other liabilities and due to related parties   206,181       86,590       292,771  
    Total liabilities $ 9,786,382     $ 451,508     $ 10,237,890  
                           
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Reconciliation of Distributable Earnings to GAAP Net Income – (Unaudited)
    ($ in thousands—except share and per share data)
     
      Quarter Ended March 31,
        2025       2024  
    Net income attributable to common stockholders $ 30,438     $ 57,873  
           
    Adjustments:      
    Net income attributable to noncontrolling interest   2,602       4,997  
    Income from mortgage servicing rights   (8,131 )     (10,199 )
    Deferred tax benefit   (137 )     (3,952 )
    Amortization and write-offs of MSRs   20,864       18,418  
    Depreciation and amortization   4,568       3,193  
    Loss on extinguishment of debt   2,319        
    Provision for credit losses, net   756       14,804  
    (Gain) loss on derivative instruments, net   (4,697 )     5,523  
    Loss on real estate   2,810        
    Stock-based compensation   5,935       6,020  
           
    Distributable earnings (1) $ 57,327     $ 96,677  
           
    Diluted distributable earnings per share (1) $ 0.28     $ 0.47  
           
    Diluted weighted average shares outstanding (1) (2)   206,862,320       205,511,529  
                   

    (1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company’s option for shares of the Company’s common stock on a one-for-one basis.

    (2) The diluted weighted average shares outstanding exclude the potential shares issuable upon conversion and settlement of the Company’s convertible senior notes principal balance.

    The Company is presenting distributable earnings because management believes it is an important supplemental measure of the Company’s operating performance and is useful to investors, analysts and other parties in the evaluation of REITs and their ability to provide dividends to stockholders. Dividends are one of the principal reasons investors invest in REITs. To maintain REIT status, REITs are required to distribute at least 90% of their REIT-taxable income. The Company considers distributable earnings in determining its quarterly dividend and believes that, over time, distributable earnings is a useful indicator of the Company’s dividends per share.

    The Company defines distributable earnings as net income (loss) attributable to common stockholders computed in accordance with GAAP, adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from MSRs, amortization and write-offs of MSRs, gains/losses on derivative instruments primarily associated with Private Label loans not yet sold and securitized, changes in fair value of GSE-related derivatives that temporarily flow through earnings, deferred tax provision (benefit), CECL provisions for credit losses (adjusted for realized losses as described below) and gains/losses on the receipt of real estate from the settlement of loans (prior to the sale of the real estate). The Company also adds back one-time charges such as acquisition costs and one-time gains/losses on the early extinguishment of debt and redemption of preferred stock.

    The Company reduces distributable earnings for realized losses in the period management determines that a loan is deemed nonrecoverable in whole or in part. Loans are deemed nonrecoverable upon the earlier of: (1) when the loan receivable is settled (i.e., when the loan is repaid, or in the case of foreclosure, when the underlying asset is sold); or (2) when management determines that it is nearly certain that all amounts due will not be collected. The realized loss amount is equal to the difference between the cash received, or expected to be received, and the book value of the asset.

    Distributable earnings is not intended to be an indication of the Company’s cash flows from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company’s cash needs, including its ability to make cash distributions. The Company’s calculation of distributable earnings may be different from the calculations used by other companies and, therefore, comparability may be limited.

    The MIL Network

  • MIL-OSI Global: Children in military families face unique psychological challenges, and the barriers to getting help add to the strain

    Source: The Conversation – USA – By Ian H. Stanley, Associate Professor of Emergency Medicine & Clinical Psychologist, University of Colorado Anschutz Medical Campus

    Military kids tend to drink more and have more depression than nonmilitary peers. kail9/E+ via Getty Images

    When one person joins the military, the whole family serves.”

    The origin of this statement is unknown, but it captures the reality that military families confront in 2025. One member’s service shapes the lives of the entire family.

    Here’s a look at the numbers: More than 2 million Americans serve in the U.S. military. About 1.3 million are on active duty, nearly half of them are married, and just over one-third have children. Many of the rest are otherwise partnered, or they live with extended family members.

    These military families encounter unique psychological stressors. Frequent relocations disrupt a spouse’s job, a child’s schooling, and family routines. Deployments and the constant threat of war may strain relationships. For dual-military couples, these pressures are compounded. For them, prolonged separation and increased child care needs are even more common.

    We are a clinical psychologist and a clinical trauma epidemiologist. Both of us are at the University of Colorado Center for COMBAT Research, where one of our core missions is to improve the psychological health of these families through education, innovation and high-impact research.

    When a military parent is deployed, some kids react with irritability and aggression.

    Depression, alcohol and suicidal thoughts

    Most military families demonstrate remarkable resilience and lead happy, healthy, and productive lives. For so many of them, being part of a military family and serving their country is a source of great pride and honor.

    But numerous studies show that military children are also more likely to face a range of psychological issues than their nonmilitary peers. They experience more depression and drink more alcohol; they are more likely to attempt suicide; and when a military parent is wounded, they are more likely to express suicidal thoughts. What’s more, from 2011 to 2022, the suicide death rate for children and spouses in military families slightly increased.

    Military families can take a simple step to stop at least some of these tragedies – by securely storing personally owned firearms, particularly when a child is in the home. This is recommended by the Department of Defense, Department of Veterans Affairs, as well as firearm trade associations and firearm businesses.

    Word seems to be getting out: Research shows military-connected youth with mental health challenges are less likely than peers to carry guns.

    For many military families, financial stress is a top concern.

    Overcoming barriers

    All this is happening at a time of unprecedented challenges for military families. The U.S. military is enhancing warfighter readiness; increased training requirements may take service members away from home for weeks to months at a time, adding to family stress. What’s more, future military conflicts will likely mean longer deployments.

    One barrier to getting psychological help is the stigma surrounding mental health. The military promotes a culture of self-reliance and resiliency under pressure – and for good reasons. But for many military families, seeking help is seen as a sign of weakness. Admitting to having struggles is often perceived as vulnerability, and some military members think asking for help may harm their career. Some of these ethos appear to extend to family members as well.

    The Defense Department, along with several nonprofits, has made significant efforts not only to decrease stigma, but also increase services that foster psychological health. Research shows existing programs do help. This includes free services from Military OneSource, Military and Family Life Counseling, Families OverComing Under Stress and 4-H Military Partnership. But despite what appears to be an abundance of these programs, many military members and their families are still unaware they exist or have difficulty accessing them.

    Children from military families are more likely than peers to serve in the military. That means protecting their psychological well-being at an early age may ultimately translate to a stronger military in the next generation. Expanding youth- and family-focused programs is an investment, not only in these families, but in the future of the nation.

    Ian H. Stanley receives funding from the U.S. Department of Defense, USAA/Face the Fight Foundation, and the Patient-Centered Outcomes Research Institute. He is affiliated with the Scientific Advisory Board for Face the Fight.

    Anne Ritter receives funding from the U.S. Department of Defense.

    ref. Children in military families face unique psychological challenges, and the barriers to getting help add to the strain – https://theconversation.com/children-in-military-families-face-unique-psychological-challenges-and-the-barriers-to-getting-help-add-to-the-strain-251989

    MIL OSI – Global Reports

  • MIL-OSI: Maris-Tech Expands European Reach with New Distribution Agreement in Poland

    Source: GlobeNewswire (MIL-OSI)

    Collaboration with Armit Addresses Growing Demand for Defense Video & AI Solutions

    Rehovot, Israel, May 02, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”)- based edge computing technology, today announced that it has entered into a new distribution agreement with Armit Sp. z o.o. (“Armit”), a leading Polish defense solutions provider. The collaboration represents a key step in Maris-Tech’s European growth strategy, which is to expand access to its advanced video streaming, AI, and situational awareness platforms in one of Europe’s most strategically important defense markets.

    Founded in 2015 and headquartered in Warsaw, Poland, Armit specializes in defense system integration, communications infrastructure, and electronic components and serves as a trusted partner to Poland’s armed forces and security agencies. Pursuant to the agreement, Armit will distribute Maris-Tech’s suite of ruggedized video processing and intelligence platforms, including products designed for armored vehicles, drones, naval systems, and mobile tactical units.

    This announcement follows Maris-Tech’s broader strategy to expand its global distribution network, bringing real-time video intelligence and AI-driven situational awareness to more defense customers across Europe and beyond.

    “We’re excited to collaborate with Armit as part of our European expansion,” said Israel Bar, Chief Executive Officer of Maris-Tech. “Armit is an ideal collaborator to help us grow our footprint in this market, enabling a larger customer base to benefit from our innovative AI and video solutions.”

    “At Armit, we pride ourselves on offering the best technology to our customers. We are proud to collaborate with Maris-Tech and look forward to introducing their innovative video and AI edge computing solutions to the Polish market,” said Mr. Dariusz Sobczak, President of Armit.

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing the Company’s European growth strategy, the Company’s broader strategy to expand its global distribution network, that Armit is an ideal collaborator to help the Company grow its footprint in the market, enabling a larger customer base to benefit from its innovative AI and video solutions and introduction of the Company’s innovative video and AI edge computing solutions to the Polish market . The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: its ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; its continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network

  • MIL-OSI: Marex Group plc Announces Pricing of U.S.$500 Million Senior Notes Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) — Marex Group plc (Nasdaq: MRX) (“Marex”), the diversified global financial services platform, announced the pricing on May 1, 2025 of a public offering (the “Offering”) of U.S.$500 million aggregate principal amount of its 5.829% Senior Notes due 2028 (the “Notes”). The Notes will be issued at a price to the public equal to 100.000% of the principal amount thereof and will be senior unsecured obligations of Marex.

    The Offering is expected to close on or about May 8, 2025, subject to the satisfaction of customary closing conditions. Marex intends to use the net proceeds from the Offering for working capital, to fund incremental growth and for other general corporate purposes.

    Ian Lowitt, CEO of Marex, commented:

    “This successful debt issuance further diversifies our sources of funding and enables the continued expansion of our business, bolstering our liquidity so we can support our clients. We are pleased to have seen very strong investor interest for these notes, demonstrating continued confidence in our client-driven business model, prudent approach to capital and our liquidity profile.”

    Barclays, Goldman Sachs & Co. LLC and Jefferies are acting as joint book-runners for the Offering.

    The Offering is being made pursuant to Marex’s existing effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Offering will be made only by means of a preliminary prospectus supplement and its accompanying base prospectus. You may obtain copies of these documents for free by visiting the SEC’s website at www.sec.gov or by calling Barclays Capital Inc. toll-free at (888) 603-5847, Goldman Sachs & Co. LLC toll-free at (866) 471-2526 or Jefferies LLC toll-free at (877) 877-0696.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Forward looking statements

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including the expected closing date of the Offering. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine or the on-going conflicts in the Middle East, on market volatility, global macroeconomic conditions and commodity prices; changes in interest rate levels; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent the occurrence of material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our preliminary prospectus supplement for the Offering and its accompanying base prospectus filed with the SEC, and our other reports filed with the SEC.

    The forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    Enquiries please contact:

    Marex:
    Nicola Ratchford / Adam Strachan
    +44 778 654 8889 / +1 914 200 2508 | nratchford@marex.com/ astrachan@marex.com

    FTI Consulting US / UK
    +1 (919) 609-9423 / +44 (0) 7776 111 222 | marex@fticonsulting.com

    The MIL Network

  • MIL-OSI United Kingdom: Dame Angela McLean’s speech at the Royal Institution

    Source: United Kingdom – Executive Government & Departments

    Speech

    Dame Angela McLean’s speech at the Royal Institution

    This is a draft text of the speech ‘Discourse: The future of engineering biology’ delivered by Government Chief Scientific Adviser Professor Dame Angela McLean at The Royal Institution on 25 April 2025.

    I want to start by asking you all to think about how you got here tonight.

    I don’t mean in some philosophical sense; that kind of question is better left to other speakers. I mean literally: how did you make your way, here, to the Royal Institution?

    If you’re anything like me, you relied on Google Maps to show you the way (although I may be obliged to say “Other providers are available”). Perhaps you also used your phone to pay for the bus or Tube.

    If you’re joining us online – hello to you all! – you’ll be watching on a phone, tablet or laptop. So, one way or another, most of us made it here thanks to 1 of these devices.

    Now I want you to think about the battery in your phone. Chances are it’s a lithium-ion battery. And if you came in an electric car or bus, you would also have depended on a lithium-ion battery.

    The advantage of lithium-ion batteries compared to traditional alkaline batteries – the kind you may still put in the back of your TV remote – is that they can provide more energy and are rechargeable. People old enough to have depended entirely on alkaline batteries for many more devices besides the TV remote will remember the frustration when they ran out of power – and trying to cobble together another set of batteries to get them working again. Our phones may go dead, but it’s simple and convenient to recharge them.

    But there is a downside, namely all the metals that go into making these modern batteries and electrical products, including lithium, cobalt and other rare earth elements.

    Getting hold of these metals is hard. Most are currently extracted and purified from compounds in rocks, a process which can be very energy-intensive as well as very polluting.

    Recycling and reusing these same metals is also hard.

    This is the periodic table of the elements created by Dmitri Mendeleev, first published in 1869 and subsequently presented right here at the Royal Institution some 20 years later.

    How many elements do you think are used in electronic products?

    Electronic products can contain up to 60 different elements – around 52 of them metals (those are the elements highlighted in blue on the slide) – and we currently rely on inefficient and environmentally damaging methods to isolate and recycle individual metals.

    Indeed, many electronic items cannot be recycled. They simply go to landfill. This is already a serious issue and it’s 1 that will only get worse as global demand for electronics increases.

    Well, what if I told you that researchers here in the UK have identified naturally occurring bacteria, which have the ability to extract and recycle metals from this sort of waste?

    Hats off to anyone in the audience familiar with the strain of bacteria called Shewanella oneidensis MR-1, which can remove manganese from lithium-ion batteries. Or the bacteria Desulfovibrio alaskensis, which is capable of precipitating cobalt out from a mixture of the different metals and chemicals in lithium-ion batteries.

    I’m only aware of these bacteria thanks to amazing research taking place in the UK, including by Louise Horsfall’s group at the University of Edinburgh. Louise’s team have been collaborating with researchers from across the country as part of the ReLib project, which stands for the reuse and recycling of lithium-ion batteries.

    Actually, 1 of the funders for this project is the Faraday Institution, the UK’s flagship battery research programme named for the great Michael Faraday whose desk is in front of me.

    On his desk I have a few items to use to help explain battery recycling.

    Louise’s team have primarily been focused on recycling metals from large lithium-ion batteries used in electric vehicles. However, they can be pretty large – too large for me to bring here tonight. Nevertheless, many of you will know what a lithium-ion battery looks like from your phone – and the science behind how we can recycle these batteries is no different.

    Once lithium-ion batteries reach the end of their life they can be disassembled and shredded using mechanical methods to produce this. In this case, the shredded material has come from part of the battery called the cathode, which contains lots of the metals we want to recycle.

    Once we’ve dissolved this shredded material using chemical or biological methods, we get this solution here… called metal leachate. This contains the useful metals we’re interested in and it’s at this point that we introduce the bacteria I mentioned earlier.

    The bacteria collect and excrete specific metals as tiny nanoparticles which we can recover to give us something like this… which is manganese that Louise’s team has produced in the way I’ve just described from this exact process! We can then use this manganese to build new batteries or other devices.

    You might be wondering what do we do with what’s left behind in the leachate solution. Well, after the bacteria have done their work we are left with this biobrine which is rich in lithium – and resembles what you might find in lithium deposits in South America. This too can be used to make new batteries.

    And I’m not just talking about using a few types of microorganism to improve the extraction and recycling of 1 or 2 metals. There appear to be lots of different microbes out there capable of extracting different metals. Indeed, it’s possible that the bacteria have evolved this capability in a way that detoxifies their own environment, collecting up and excreting harmful metals and so not being poisoned.

    So if we use combinations of these bacteria and we tweak the characteristics of these strains, we can increase the efficiency with which metals are purified and recycled from waste.

    That word tweaking is important and it doesn’t do justice to the science involved. What we’re really talking about is engineering existing microbes to extract and recycle metals.

    Extracting metals from the ground is a hugely expensive and damaging process. It looks rather like this:

    What you can see on the bottom part of this slide is an open cast manganese mine.

    And once we’re finished with products needing such metals, we throw them away. The top part of this slide shows a landfill site after a fire. There have been reports of lithium-ion batteries causing fires at landfill sites across the world.

    With engineering biology, we only need to remove metals from the ground once; thereafter they can become part of a genuine circular economy through continual re-use.

    We use physics, chemistry and engineering to get them out of the ground but then we can and should use biology and engineering to keep recycling them.

    And this is just 1 example of what is within our grasp thanks to the power and potential of the scientific field called engineering biology.

    I’m speaking about engineering biology this evening because I believe it could be the most significant branch of science for decades to come.

    I want to explain why I think that’s the case – and to share my excitement about this field for 2 main reasons.

    The first is that the science and engineering involved in this field is, frankly, beautiful.

    The second – and more important – reason is that both current and future applications will make a huge difference to the everyday lives of people in the UK and across the world.

    I’m here to try to convince you of both these things, but if I can convince you of only 1, I want it to be the latter.

    I’m really keen for people to recognise that the scientists and engineers in this field are working to  produce solutions that most, if not all, of us can agree are necessary… urgently necessary even.

    To kick off, I ought to say that – as Government Chief Scientific Adviser – my role is to advise the Prime Minister and the Government on all matters related to science, technology and engineering.

    The job – and the advice – is a mixture of proactive and reactive work. It covers everything from providing scientific and technical advice during a national emergency to explaining the risks and opportunities around emerging technologies like artificial intelligence and engineering biology.

    Now, in getting to grips with the promise of engineering biology, I did have a little bit of a head start.

    I am a mathematical biologist by background. My own research focused on using mathematical models to improve our understanding of the evolution and spread of infections like measles and HIV.

    I don’t, however, have any background in engineering, nor in biochemistry. So I have had to get up to speed over the past few years.

    At this point let me explain what engineering biology actually is.

    Engineering biology involves applying engineering to biological processes in order to bend biology to our will.

    In other words, it’s the practice of using ideas and tools taken from engineering to design and modify living organisms or biological systems.

    Using tools and ideas developed over recent decades, the goal is to develop new materials and energy sources; to improve animal, plant and human health; to address environmental issues in new and sustainable ways.

    What we’re talking about is the ability to harness and control biology predictably, repeatably and – I’ve said this already – usefully. Sometimes that will mean working with what’s already available in nature; at other times, it will involve genetic modification techniques.

    Let me unpack some of this a bit further.

    Firstly, on the engineering side. Here, I want to start with the design-build-test-learn cycle – DBTL for short.

    This approach has been central to product development in engineering disciplines for some time. It drives continuous refinement and innovation, making research and development faster and more efficient.

    In engineering biology, design-build-test-learn is brought to bear on biological processes – by which I mean the activities occurring within living organisms.

    Image of the design-build-test-learn cycle. Each element is located in a different quarter and all 4 quarters make up a circle.

    Essentially, I’m talking about designing something biological – like a version of a cell, or it could be a biological process (such as cell division) or a genetically-engineered system…

    Then building it, maybe in the lab…

    Then testing it to see how well it works…

    Before finally, and perhaps most importantly, learning from what did and didn’t work and then feeding the lessons into another round of design, making improvements again and again around this cycle, towards an end goal.

    This looks like being a more efficient way of recycling metals, to use the case study I gave at the start.

    And why is this approach necessary? Well, because living organisms are highly complex, with many different parts and networks of interactions between those parts.

    One could argue that physical or chemical systems are a bit more straightforward, more predictable, more easily quantifiable. We’ve been using this design-build-test-learn process to bend chemistry and physics to our will for more than a century – very successfully.

    The complex and often unpredictable nature of biological systems means we need to work through multiple permutations to get to a desired outcome – and that’s where the engineering in engineering biology comes in.

    If we can get this approach right – and I’m going to offer some further examples later showing where we already are – then we have the power to systematically develop biological systems to meet some of the biggest challenges we face.

    Let me be more definitive. If the nineteenth century was chemistry’s golden age, and the twentieth century was the same thing for physics, I believe the twenty-first century should be the golden age for biology.

    Why am I so optimistic?

    This century can belong to biology because of a series of extraordinary advances in scientific understanding.

    Where to begin? Of course, we have spent thousands of years modifying the living world.

    But I’m not going to go all the way back to the domestication of wild crops. I’m not even going back to Darwin and Mendel.

    Instead I’ll start with Watson, Crick and Wilkins – as well as the often overlooked Rosalind Franklin; 3 of the 4 received a Nobel Prize in 1962. By determining the structure of DNA, they discovered what we can call the language of biology.

    Understanding the structure of DNA opened the door to reading this complex language, then editing it, then actually writing it ourselves.

    Our ability to read DNA took a big step forward thanks to Walter Gilbert and Fred Sanger, who shared half of the 1980 Nobel Prize in Chemistry. Gilbert and Sanger did lots of work to understand the building blocks of DNA – the nucleotide alphabet of biology, if you like.

    The next game-changer was in 1983 when an American biochemist, Kary Mullis, developed something called the Polymerase Chain Reaction. Better known as PCR, it is a laboratory technique that’s used to make copies of particular pieces of DNA. Think of it as a photocopier for DNA.

    The technique lets scientists easily – and cheaply – create many millions of copies of DNA segments from very small original amounts – and that makes reading the DNA in a sample possible even if it is only there in tiny amounts.

    You will all have become familiar with PCR during the Covid pandemic, when it was used to make many copies of the viral genetic material to allow reliable diagnosis of a Covid infection. That was the test where you did a swab, popped it in a test tube and then sent it away in the post. It was particularly important early on, before we had home testing kits.    

    The invention of PCR also earned a share of the 1993 Nobel Prize in Chemistry – that’s DNA Nobel number 3.

    Fast forward 10 years to 2003 and the completion of the Human Genome Project. Researchers across the world spent some 13 years cataloguing the precise sequence of all the DNA in the cells of a human being. It was a huge effort and that first whole genome sequence of a human cost an estimated £2.5 billion.

    Thankfully – but also remarkably – sequencing technology has come on leaps and bounds over the past 20 years. Now, it is possible to sequence the same amount of DNA analysed by the Human Genome Project in a single day – and for just a few hundred pounds! We’ve even developed pocket-sized machines which are capable of reading DNA in real-time.

    In fact, I have 1 here: a portable sequencing device made by Oxford Nanopore. You simply add your sample into the middle here – this contains the sensor that will help to read the DNA sequence of your sample. Then simply close the lid and press go. And the results are delivered straight to your laptop via a USB-C cable which plugs into the end here.

    This is useful for situations where we can’t send off a sample for analysis and wait days for the results – if, say, we’re urgently trying to identify the cause of an infection in some far-flung corner of the world.

    So… we’ve learned to amplify DNA using PCR and we’ve learned to read DNA – fast – using rapid sequencing technologies.

    We’ve also started learning – and do emphasise “started” – to accurately and precisely “edit” DNA.

    Previously, when we wanted to do this, the methods were somewhat cruder – such as gene guns, which were used to literally fire DNA into cells.

    We now have tools like CRISPR-Cas9 (another Nobel prize-winning technology developed by Emmanuelle Charpentier and Jennifer Doudna), and we can now take a targeted portion of DNA and change it very accurately in specific places. Some people have compared CRISPR to using a pair of genetic scissors.

    Some of you might be wondering whether engineering biology is any different from another common term: synthetic biology. They are often applied interchangeably, although different countries interpret them in different ways.

    The way I see it, synthetic biology refers to tools like CRISPR, used to design and build new biological components. Engineering biology is taking these tools – with or without genetic modification – and using the DBTL cycle to apply these tools at scale to find solutions to problems in the world around us.

    There are still challenges with the accuracy of such tools, but the possibilities are vast.

    We know that certain diseases are caused by mutations in a single gene. Sickle cell disease, for example, is caused by mutations in the beta-globin gene, resulting in red blood cells which are misshapen. As a result, these red cells don’t flow around the body as well as they should. This can cause those affected – roughly 17,500 people in the UK – to suffer from anaemia as well as complications like terrible pain and organ damage.

    In the past, the only treatment was to rely on regular blood transfusions or a bone marrow transplant, neither of which comes without risks or complications. However, researchers have been using CRISPR to precisely edit the gene responsible for sickle cell with great success – so much so that, in January this year, the treatment was approved for use in the NHS as the world’s first gene-editing treatment for blood disorders.

    And this is just 1 of many gene-editing clinical trials going on right now, including treatments for liver disease, heart disease and some cancers.

    The possibilities are not confined to human diseases. We can use these genetic scissors to develop crops that are better at withstanding drought and more resistant to insects, so we don’t have to rely so much on pesticides.

    And it’s these tools that are being used to modify the bacteria designed for metal recycling that I spoke about at the start.

    Now, it would be remiss of me to talk about the tools of the future without mentioning AI and the transformative impacts it could have.

    A prime example is the challenge of understanding and predicting how proteins fold up intricately and precisely in all of our cells. Decoding this process is something scientists have been trying to achieve for decades.

    And in 2018, DeepMind came along with its AI model AlphaFold. AlphaFold has since been used to calculate the structure of hundreds of millions of proteins. And, yes, it earned the UK’s Demis Hassabis a share of last year’s Nobel prize in chemistry.

    Timeline starting with images of James Watson, Francis Crick, Maurice Wilkins and Rosalind Franklin above the year 1962. Images of Walter Gilbert and Frederick Sanger are next to the year 1980. Image of Kary Mullis is next to the year 1993. Images of Emmanuelle Charpentier and Jennifer Doudna are below the year 2020 and an image of Demis Hassabis is below the year 2024.

    All that’s missing on my timeline now is the capacity to design a new protein from scratch de novo. That will bring us into the realm of being able to write the language of biology – designing and printing a sequence of synthetic DNA to produce a protein with the properties that we want, from scratch.

    I’ve just been talking about how technologies such as AI, and tools such as CRISPR, are helping to broaden the range of biological powers at our disposal and increase our ability to design and optimise biological systems.

    And all this comes with valid concerns about risks. An example which springs to my mind was when scientists in Australia created a version of a mouse virus back in 2001 that instead of causing the normal mild symptoms, killed all of the mice within nine days. They were conducting some innocent genetic engineering research to try and make a mouse contraceptive vaccine for pest control and inadvertently found a way of creating a much more deadly version of the mousepox virus. Unsurprisingly, this made quite a splash in the media – although I think it was good that such a story was not buried.

    The point I want to make is that we must develop the right practices and regulation so that we ensure that research is carried out safely and responsibly but we do not stifle innovation.

    We refer to this as “responsible innovation” and it is 1 of the pillars of our government vision for engineering biology. That has given rise to new guidance on which genetic sequences people should be allowed to order for their research – welcome progress.

    Having the UK take a lead in this kind of responsible innovation – where we are thinking carefully about the desired benefits of our research as well as about how to avoid negative impacts – lets us manage the risks and harness the wealth of opportunities that engineering biology can offer.

    There are also other challenges to overcome. What’s standing in the way of us exploiting engineering biology for good? I won’t dwell for long on this, because you’re here to hear about science, not policy – but it is important to talk about the barriers.

    We’ve already spoken about proper regulation for engineering biology. We also need to have proper ways of funding the basic research that drives this wonderful new technology and also the application of that research that lets us solve real-world problems. Then there’s also the task of making more people aware of the potential for progress here.

    But a key area for me – and also a common issue across all areas of science and technology – is making sure we have the right skills in our future workforce to perform the future jobs that come with new technologies.

    The skill set for engineering biology is particularly broad: the field is a combination many different skill-sets and mindsets. Mostly we train people either to become biologists or to become engineers, and for this technology we need people who can think with both those mindsets. So we need to think about a pipeline which starts in schools, with children getting the right grounding in key subjects – and children also hearing about the exciting careers they can pursue through developing and using the technologies I’ve talked about.

    I think it’s vital that we don’t think exclusively about technical skills: communication skills are extremely important too. It’s a wonderful thing to do pioneering, cutting-edge research but we also need to be able to explain what that’s about and why people should want it.

    So far, I’ve told you a bit about what engineering biology is and how we’ve got to this point, poised for biological century. I’ve also talked a bit about risks and challenges, but I think it’s now time to delve further into the applications that I think are so inspiring.

    Today, I launched a report called “Engineering Biology Aspirations”. It’s our attempt to share our excitement about the possibilities that this technology opens up – and we want to share it with everyone, my colleagues inside government and also much more widely.

    It contains case studies, written by UK-based experts, that illustrate some of the diverse problems we can address using engineering biology. Microbial metal extraction is 1 of them. I want to highlight some others during the rest of this talk – and to recognise some of the amazing research taking place in the UK.

    One of the reasons that I commissioned the report is that all too often, when someone mentions engineering biology or synthetic biology, the examples will involve vaccines or medicines.

    Of course those are fantastic, important applications: with the Covid pandemic such a fresh memory, we are all acutely aware of the life-saving importance of rapid and effective vaccine production. And I’m in awe of those researchers who can edit the gene that causes sickle cell disease.

    But I want to make sure that we also shine a light on the true breadth of opportunities that engineering biology presents, not only in health, but across agriculture, materials, chemicals, energy, defence.

    So, let’s shift gear and think about the fashion industry. Unlike metal recycling, it’s a sector familiar to all of us. We all buy and wear clothes, but we don’t often stop to think about where they’ve come from, how they’ve been made, and at what cost to the environment.

    Putting aside issues around workforce conditions and waste, the fashion industry is 1 of the world’s largest polluters, responsible for up to 8 per cent of carbon emissions globally…

    Not to mention the pollution generated in the form of clothing and textiles dumped in landfills, like this 1 in Bangladesh, never to biodegrade.

    At the same time, 1/5 of the pollution of clean water around the world is caused by dyeing and treating textiles.

    And there’s also growing awareness of the environmental damage caused by the microfibres shed by polyester clothing.

    So it’s no surprise that plenty of researchers and companies here in the UK and beyond are seeking inspiration from biological processes to make new materials that don’t rely on fossil fuels or on animal products such as leather.

    You may have been wondering why there are bottled drinks and a handbag beside each other on the Faraday desk. Well, they’re made of essentially the same material.

    The process of making both items starts with microbes that naturally produce a material called nanocellulose.

    In the case of Mogu Mogu – a coconut water drink you might find in your local supermarket – the nanocellulose is responsible for the lumps of jelly you can see in this bowl. 

    It is a polymer produced through fermentation – the same process used to make beer.

    Now, 1 company I visited last year is called Modern Synthesis, based in South London and founded by Jen Keane and Ben Reeve. They’re aiming to develop scalable solutions to meet the fashion industry’s need for high-performing, versatile materials that don’t pollute the planet.

    Modern Synthesis make nanocellulose fibres and then combine them with textiles such as cotton or linen to create new composites. These are then finished with natural coatings like waxes and oils to improve performance and to enhance look and feel, which are of course critical to customers. The result is this handbag!

    Image of black, biologically derived material

    And on the slide behind me, you can see in more detail the fibres that make up the handbag. These miniscule nanocellulose fibres are actually really, really strong – 8 times stronger than stainless steel relative to weight!

    Modern Synthesis is just 1 example of a pioneering UK company making waves in this area. Another example is Solena Materials who are using AI to help design completely new materials from scratch, including fibres that are effective at absorbing energy. This makes them relevant for the military and the police, who need blast-, ballistic- and stab-proof clothing. As the ex-Chief Scientific Adviser for the Ministry of Defence, it’s great to see engineering biology applications offering benefits for defence.

    Developing new materials like these can significantly reduce greenhouse gas emissions compared to traditional material production. This includes minimising the environmental impacts of raising livestock for leather or the energy-intensive processes involved in creating synthetic textiles such as polyesters and nylons. Better still, these materials can be designed for biodegradability, getting away from the big problem of plastic pollution.

    Allow me to quote from our report for a second: “Imagine a world where every piece of your clothing has minimal cost to the environment, with zero waste going to landfills. Even if a piece of clothing is accidentally discarded into the environment, it safely biodegrades to leave no trace of its existence. This is the future of fashion, and engineering biology is helping to make it happen.”

    Let me move now to another pervasive problem: inefficiencies in food production. Most of you will be aware that fertilisers are used by farmers across the world to supply nitrogen to their crops. Without fertilisers, yields suffer.

    But there are 2 problems. First, the process for making nitrogen fertilisers is very energy-intensive. It’s responsible for between 1 and 2% of the entire world’s energy use – and generates matching CO2 emissions. Second, using fertilisers has considerable environmental impacts, releasing further greenhouse gas emissions and damaging waterways thanks to fertiliser runoff from fields.

    This slide shows excessive algae growth – a common impact of fertiliser runoff – in the River Wantsum in Kent.

    Currently, farmers across the world use more than 200 million tonnes of chemical fertilisers every year.

    Diagram showing molecules of nitrogen and hydrogen converted into molecules of ammonia, with a chemical equilibrium sign betweem ammonia and molecules of nitrogen that combine with molecules of hydrogen

    Now, this ability to produce nitrogen at scale – via the Haber-Bosch process – was without question the most important chemical breakthrough of the 20th century. The reaction that underpins this industrial process is shown behind me – converting nitrogen and hydrogen into ammonia, which is commonly used in fertilisers. It was discovered by Fritz Haber. Over half the global population depends for survival on foods fertilised using industrial production of nitrogen. But for the reasons I’ve outlined, we do need to do better.   

    So how can engineering biology help?

    What if we could engineer cereals crops to absorb their own nitrogen from the environment, without relying on fertilisers? We call that “fixing” nitrogen.

    There are actually examples of this happening in nature. There are bacteria in the soil called rhizobia which are particularly good at fixing nitrogen; in fact, they convert nitrogen gas from the atmosphere into ammonia – which is precisely the form of nitrogen that plants need. Legumes such as peas, clover and lupins attract these rhizobia bacteria to live in their roots – in small structures called nodules. In return for a steady supply of ammonia, the plant houses and feeds the bacteria, forming an ideal symbiotic relationship.

    Behind me is an illustration of a plant with root nodules… but in classic Blue Peter style, here are a couple I grew earlier!

    This clover plant from my lawn has nodules on its roots – but, because they are a bit tiny, I have also brought a photo of the same plant.

    For these sort of plants, we can already coat their seeds with rhizobia and achieve increases in yields. And we can even go a step further by adding the bacteria directly to fields in a process called soil inoculation.

    But the trouble with cereal crops like wheat, barley and maize is that they don’t have those root nodules and nor do they produce the special signalling chemicals that legumes use to attract bacteria.

    Image showing a clover plant with roots that have small circular nodules on them in the bottom left-hand corner and a sweet-corn plant with roots without nodules in the top right-hand corner

    Here is another plant that I’ve brought in from my garden. This 1 is sweet-corn, a variety of maize and a major cereal crop worldwide. You can see its roots here on the top part of the slide… no nodules! These kinds of crops do not set up this kind of symbiotic relationship with nitrogen-fixing bacteria.

    So what researchers, like Phil Poole at the University of Oxford, are doing is trying to engineer a new generation of fertiliser-free crops, drawing on plant genetics, biochemistry and soil ecology.

    One approach, given what I’ve just described, is to engineer cereals to form nodules on their roots that can host nitrogen-fixing bacteria.

    The UK is leading the way on this – Oxford and Cambridge universities have major programmes backed by investment from our research councils and from the Gates Foundation. In fact, the teams involved work together as part of a larger collaboration, and have recently made some significant advances, engineering barley to form nodule-like structures and engineering barley roots to release the chemical signal rhizopine that prompts rhizobia to start fixing nitrogen.

    The design-build-test-learn cycle I described earlier is a part of this research. All of the progress made so far has built on round after round of modifying, testing and redesigning organisms.

    There are still many hurdles to overcome, both from a technical perspective and societally; genetic modification of crops is a very sensitive issue. But the value of the prize here is large, and I think scientists should not be shy about describing it.

    Imagine a world where humanity’s main source of carbohydrates – cereal crops like wheat and barley – are able to generate their own nitrogen fertiliser.

    We could tackle global food shortages on a much more sustainable basis and at the same solve 1 of the most urgent climate challenges, consigning industrially-produced nitrogen to the past.

    Now, let’s just think about crops in a further context, because harvesting doesn’t have to be the end of their engineering biology journey!

    At the start of this talk, I name-dropped a couple of bacterial strains in relation to metal recycling. Well the biologist in me can’t help but tell you another 1 – this time being a type of bacteria called Halomonas.

    Researchers like Nigel Scrutton up at the University of Manchester, are engineering these bacteria to act as efficient factories for converting food waste into fuel via fermentation. When I say factories, I’m not talking about the massive industrial sites we would normally associate with fuel production.

    This photo is of Fawley oil refinery in Hampshire.

    Diagram showing drawings representing bacteria, food waste feedstock, a cylinder that produces fuel and container. The diagram shows that the result of feeding bacteria and food waste feedstock is fermentation that then produces fuel, which can be housed in a portable and scalable container

    By contrast, these fuel-producing bacteria can be housed in different-sized containers like the ones on this slide – some of them not too dissimilar to shipping containers.

    The beauty of this technology, therefore, is that it is inherently portable and scaleable to meet demand – with transformative implications for remote areas of the world where energy infrastructure can be scarce. And crucially, these are cleaner, fossil-free fuels that can be used to power homes, businesses, even aircraft.

    Let’s focus on that last application for a second. At the moment, the aviation industry relies almost completely on kerosene-based fuels, which account for a staggering 3% of global CO2 emissions.

    Burning fossil fuels is generally accepted as the main cause of global warming, so it is essential that we find ways to transition to sustainable sources of energy.

    Engineering biology solutions like Nigel’s can therefore play a significant role in creating a future without fossil fuels. One of the benefits of using bacteria to turn waste into useful fuels is that this can create another circular economy in which we no longer need to extract and burn more and more harmful fossil fuels; instead we recycle the carbon we already have.

    Personally, I think the environmental benefits are reason enough to get excited by this technology. But 1 of the great benefits of bacteria-fuel factories is how portable they are! In other words, they remove the need for large-scale bioreactor infrastructure.

    Imagine a world where clean fuels could be produced locally and on demand – including in all those remote and sparsely populated regions which currently struggle to access the fuels they require.

    Now, I argued just a moment ago that I want to convince people that engineering biology is about so much more than vaccines and medicines – and I hope that I’ve surprised at least some of you with the breadth of the examples I’ve described so far.

    But I do have 1 example from medicine that is just too fascinating to leave out, and that’s research into laboratory-grown blood.

    Why would we need such a product?

    Currently, the world relies almost entirely on human blood donations to treat disease and for emergency medicine. In many countries, including the UK, donation rates fluctuate, and shortages can happen. On top of that, donated blood has a limited shelf life. It is challenging to store and challenging to distribute. When you consider the fact that some countries don’t have the infrastructure to deliver blood products safely, or think about conflict or humanitarian emergencies, the problems associated with donated blood become even clearer.

    There are a few more issues too. It can be very difficult to source some rare blood types. And although blood services of course use screening to avoid known pathogens, there is always a risk of new ones arising, and being passed on to patients who receive blood transfusions.

    For all these reasons, finding new ways to produce blood would be another game changer, and, once more engineering biology can help us.

    Researchers, like Ash Toye at the University of Bristol, are exploring the possibility of banking unlimited supplies of red blood cells, either by transforming stem cells or genetically reprogramming donated precursor blood cells.

    What you can see on the screen is a beautiful illustration by artist Claudia Stocker, which provides a visualisation of CRISPR – the “genetic scissors” technology I mentioned earlier – being used here to edit the genetic material of the precursor cells that will go on to become red blood cells.

    The part of the image to focus on is the centre of the slide and specifically the spiral spools of DNA emanating from the big blue circle in the middle – the cell that will eventually give rise to the red blood cells around the outside of the slide. The little blue doughnuts represent the CRISPR technology in action, actively and precisely editing the DNA as we have instructed it to do.

    This editing can enable us to produce precursor cells that can grow and divide indefinitely in a controlled environment, giving us unlimited blood supplies.

    The Bristol team pioneering this research has been working closely with NHS Blood and Transplant and other partners in a ground-breaking clinical trial called RESTORERESTORE being the acronym for REcovery and survival of STem cell Originated REd cells.

    It’s the first time in the world that red blood cells grown in a laboratory have been given to another person as part of a trial into blood transfusion – you might have seen media coverage of this programme, which has attracted interest from all over the world. The trial should produce further results by the end of this year or early next.

    In the future, we could go a step further and use CRISPR to delete the genes responsible for blood groups, and – in doing so – create “universal” blood that would be invaluable in providing blood transfusions for individuals with rarer blood types.

    Image of a table containing the combinations of blood types of a donor and a recipient that match each other and ones that do not. The matches are highlighted in purple and the mismatches in red

    This slide is a brief reminder of the complexities around ensuring blood compatibility between donors and recipients. Only the combinations in purple are suitable.

    The prospects here are again tantalising. Imagine a world where no patient dies due to a lack of compatible blood following an accident or during surgery. Where safe blood is available on demand, can be stored for longer and is free of disease transmission risks.

    So there are all these amazing opportunities, which you can tell I love talking about!

    We’ve covered a fair bit of ground about engineering biology: not just historically but geographically, in universities and companies, and across a range of applications.

    I’m so proud that our country can lay claim to so much ingenuity. Microbial metal recycling from Edinburgh. Biosynthetic fuels from Manchester. Lab-grown blood from Bristol. Nitrogen-fixing cereals from Oxford.  And nanocellulose-based materials from right here in London.

    I want to end, though on a broader point concerning emerging technologies such as engineering biology and others besides.

    Earlier, you heard me talk about risks and challenges, including the need for responsible innovation.

    Another challenge – though – is about how we, as a society, talk about science and technology in general.

    Clearly, 1 of my aims this evening has been to raise awareness of engineering biology.

    But it strikes me that we’re living through a period where public engagement around science is getting harder.

    That’s not just because of the unprecedented volumes of misinformation circulating around us.

    We now live in a less paternalistic society – which is surely a good thing – it is no longer enough for scientists to tell people what’s good for them and expect them to toe the line. Instead, we know we need to have a proper, well-informed debate about these issues.

    Clearly, it would be possible for the promise of engineering biology to be compromised by public opposition. We need to listen to public concerns – really listen! – and understand that if we don’t respond to those concerns people will be perfectly within their rights to not support, or actively block, the engineering biology advances that we’re trying to create.

    There is a lot of work to do here. I don’t think we can ever be finished listening to the public.

    Essentially, the technologies we’re developing in engineering biology need to offer solutions to problems that people actually care about.

    Health, nutrition, climate, the environment, sustainability, global equity. I know that these are problems that billions of people care about.

    I hope I’ve persuaded you that when it comes to these problems, engineering biology can provide solutions.

    Image of the front cover of the ‘Engineering Biology Aspirations’ report on the left-hand side and a QR code to the webpage with the report on the right-hand side

    Thank you for listening – do read our report; here it is – and thank you to the Royal Institution for asking me to speak in this 200th anniversary year for discourses.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Business review on US tariffs has concluded

    Source: United Kingdom – Executive Government & Departments

    News story

    Business review on US tariffs has concluded

    Government statement on conclusion of US tariff review

    The process seeking views from businesses and interested stakeholders to shape any future UK action on tariffs has now concluded. 

    The four-week Request for Input launched on Wednesday 3 April in response to the US imposing tariffs on a range of products and has received over 200 responses. Work to analyse those responses begins while keeping all options on the table. 

    The Government will now rapidly analyse the comments and data which scope out the impacts of possible UK tariffs, as well as views on a range of products that could be included in any UK’s response. 

    Negotiations on an economic prosperity deal with the US to remove existing and future tariffs continue at pace and remain our focus. 

    Business and Trade Secretary Jonathan Reynolds said: 

    We are now in a new era for trade and the economy, and that means going further and faster to strengthen the UK’s economy. 

    All options remain on the table and any future UK action will be made in the national interest – and that is exactly why this engagement was so important.  

    Our approach so far has been guided by the interests of British business and their voice will continue to be at the heart of our decisions. 

    While we analyse responses, this Government’s priority will be to build on the strength of our relationship with the US and continue talks to find a resolution for UK businesses.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Just Transition Fund reopens for applications

    Source: Scottish Government

    £8.5 million to support new projects in the North East and Moray.

    Communities across the North East and Moray will benefit from over £8 million of funding to create jobs in low carbon industries and enhance green and net zero skills.  

    The Scottish Government’s Just Transition Fund (JTF) helps finance industry and community projects working towards the transition to net zero by creating green jobs, supporting innovation, and securing the highly skilled workforce of the future.   

    The JTF will be reopen for applications for the first time since 2022, and the Scottish Government is urging organisations, businesses and communities to apply for funding to support new projects. 

    Since 2022, a total of £75 million has been invested through the fund supporting projects including:     

    • a ‘Digital Innovation Lab’ which provides immersive technology to help the construction sector decarbonise   
    • a travelling skills hub which provides training, STEM engagement and job up-skilling sessions to communities across the North East    
    • interventions designed to meet training needs based on work done to identify net zero training opportunities and areas of future demand  
    • industry-led development of an energy skills passport, a free tool for offshore oil and gas workers to identify training and qualifications routes into roles in the offshore wind sector  

    Acting Net Zero Secretary Gillian Martin announced the JTF will reopen for applications during a site visit to offshore wind assembly company, Sarens PSG. The organisation received £150,000 through the JTF’s Supply Chain Pathway and Energy Transition Challenge Fund delivered by ETZ Ltd, to upgrade their site to train the next generation of offshore wind technicians, engineers and operators.   

    Ms Martin said:    

    “Scotland’s innovation, expertise and vast renewable energy resources will not only benefit the planet – but deliver new economic opportunities and new jobs for households and communities across the country.     

    “It is vital that as we move towards net zero, workers, communities and businesses are able to capture the opportunities that the transition brings, and I have seen first-hand today the positive impact that the Just Transition Fund is having on people in the North East.    

    “From enabling pioneering research that is accelerating the energy transition to providing skills interventions that directly support the transferability of the existing workforce – the Just Transition Fund is helping to safeguard jobs and livelihoods in the region for future generations.    

    “This new £8 million funding from the Scottish Government responds directly to the immediate priorities within the region and will support projects with a specific focus on jobs, skills and economic opportunities. I strongly believe the North East will continue to be a titan in energy and that Scotland’s greatest contribution to the global climate challenge is our renewable energy potential. The Just Transition Fund is an important part of a wider programme of investment to deliver on that potential, including the Energy Transition Fund and our £125 million investment in the City Region Deal.” 

    Maggie McGinlay, Chief Executive of ETZ Ltd, said:

    “The supply chain is the very lifeblood of our energy sector and it is vital that we provide companies with the support required to capitalise on the vast opportunities that energy transition provide.

    “The Challenge Fund was established to accelerate the development of new industry-related facilities, new equipment and existing infrastructure upgrades – including digital infrastructure – and to drive innovation and market entry into low carbon and green energy opportunities.

    “To date, the fund has awarded £5.27 million to 41 companies across Aberdeen City, Aberdeenshire and Moray, successfully unlocking an additional £12.85 million in private investment so the strong appetite for energy transition across the region’s supply chain is evident. We welcome the Scottish Government’s ongoing support for this targeted initiative and the role ETZ Ltd has played as a valued partner of choice in delivering it.”

    David Reid, Highlands and Islands Enterprise Area Manager for Moray, said:

    “We’re pleased that JTF funding for 2025-26 has opened for applications. Moray has many close ties, economically and geographically, to Aberdeen and Aberdeenshire. This puts us in a strong position to capitalise on being part of the area on which the fund is focused.

    “I’d therefore encourage businesses, third sector enterprises and public sector partners with projects across Moray to register their interest in support from the fund.”

    Background   

    Applications will open on Tuesday 6 May at Just Transition Fund.   

    Green industrial strategy – gov.scot 

    Sarens PSG received £150,000 through ETZ Ltd’s Supply Chain Pathway and Energy Transition Challenge Fund in 2024-25. The funding enabled upgrading of a recently acquired site at the ETZ Altens, Aberdeen. This comprised improvements to workshop facilities, operational equipment and site energy efficiency. Upgrades to the site will also enable training of the next generation of offshore wind technicians, engineers and operators.   

    This additional funding will be delivered alongside our continued commitment to £1 million per year for community projects through Just Transition Participatory Budgeting to ensure communities can have a direct say on where money is spent.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Council proposes new policy on SEND school transport

    Source: City of Leicester

    FOLLOWING extensive consultation, Leicester City Council has revised its proposals to end post-16 school transport funding for young people with special educational needs and disability (SEND).

    The council’s draft new travel policy proposes that support will still be provided to young people whose complex special education needs and disabilities mean they won’t be able to learn to travel independently.

    Students who qualify for support would receive a personal transport budget which could be used to pay for any means of transport including a lift in a family car, or a bus pass. At current rates this would be a payment of 45 pence a mile, plus £500 a year.

    Support could be increased and include taxi or bus provision if a student also has limited exceptional circumstances, and failure to provide this support would lead to financial hardship.

    Those students who don’t qualify would be supported to take up independent travel training, to learn the skills they need to travel by public transport, and lead more independent lives.

    Cllr Elaine Pantling, asst city mayor for children’s services said: “Many councils stopped funding post-16 transport some time ago, while in Leicester we have continued to support it for as long as we can. Unfortunately, our financial position means we can no longer do this.

    “However, we have carefully considered all of the responses received as part of our consultation and have put forward some new proposals as a result.

    “Our new policy would mean that around 83% of post-16 students with SEND would still receive transport funding, while an additional 4% would qualify for support due to their complex additional needs.

    “We know that some students will be half-way through their studies if the new policy is introduced, and to avoid disrupting them, we are proposing that those now in year 12 will continue to receive support during year 13, for the academic year 2025/26.

    “Support will be offered to all those students who don’t meet the proposed qualifying criteria, to help them to take advantage of independent travel training, school bursaries, and alternative options for travel support that are available.

    “I can also give a commitment that the council will put more resources into independent travel training, and will build on the very good work being done at schools like Ellesmere College.”

    As of March this year, 208 post-16 students with SEND were receiving financial support from the council at a cost of around £1.8m a year. The council predicts this cost would rise to at least £2.6m in 2025/26 if no action were taken.

    Councils are not required to provide post-16 SEND transport, and receive no funding from the Government to do so.

    Funding had been due to end in July 2024, following a previous consultation, but after concerns were raised by some parents about the process, the council agreed that funding would continue for the 2024/2025 academic year, and a new consultation would take place.

    The council’s budget is in crisis due to years of government austerity, rising costs of social care and an increase in homeless families.

    Savings made would contribute towards the £23m of savings the council needs to make by 2027/28. Even with the savings, the council is predicting an estimated shortfall of £68m between income and expenditure by 2027/28.

    The final decision on the adoption of the policy is due to be made on Tuesday 13 May.

    The council’s proposed travel policies are available on its website:

    Decision – SEND Post-16 Transport: Proposed Policies

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Culture Secretary Lisa Nandy speech at Waves Summit 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    Culture Secretary Lisa Nandy speech at Waves Summit 2025

    The Culture Secretary’s speech at the World Audio Visual & Entertainment Summit in Mumbai on 1 May 2025

    Excellencies, distinguished delegates, ladies and gentlemen, on behalf of the UK Government, I would like to extend our deepest condolences to the families who lost loved ones in the appalling attacks last week. Our Prime Minister, Sir Keir Starmer, has personally shared his sorrow with Prime Minister Modi. On behalf of the British people, the UK condemns all forms of terrorism and the extremism that sustains it, always.

    The relationship between India and the UK is strong and deep, and it is personal for me. My father grew up in Kolkata, where my Indian family still live, and I’m deeply proud to be the first ever Labour cabinet minister of Indian heritage in the United Kingdom.

    Our shared history is woven into the fabric of both our nations. The UK is an island that has been shaped by waves of immigration. They include the many children of Empire, like my father, who came to England in the 1950s to study and later lecture in English literature. It was a journey that would lead him to go on to profoundly change and shape modern Britain through the struggle for race relations and the creation of the landmark Race Relations Act.

    And like so many Indians before him, Sophia Duleep Singh, who simultaneously fought for and advanced women’s rights in the UK and independence in India. And Jayaben Desai, a five foot tall Gujarati woman who led thousands of workers out on strike in London’s East End, uniting the Labour movement in a battle that would improve the status, pay and conditions of a generation of labourers. These are the men and women who have helped to shape our national story in the United Kingdom and to forge modern Britain, and they, in turn, paved the way and inspired others, in particular, a man who made history just a few short years ago when he became the first person of Indian heritage to serve as Prime Minister of the United Kingdom, Rishi Sunak.

    It is this long and shared history, in all its light and dark and the deep rooted personal ties that sustain it, that gives me an unshakable belief in the power of what we two nations can achieve together. And stretching before us is both an historic opportunity and a challenge that our generation must rise to, to forge a future that is grounded in mutual respect, shared prosperity and a renewed commitment to one another. Together, we can be exemplars of how we transcend national borders and work together in our mutual interest. That is why I’m so delighted to be here with you today. And it is fitting that it is here in this great city, the home of storytelling, that we will write the next chapter of our shared story together.

    Many of you here will know that there are nearly two million people of Indian descent living in the United Kingdom, and they are the living, breathing bridge between our two nations. And while Britain undoubtedly has shaped India, it is equally true that India has profoundly shaped Britain, bringing an energy, a resilience and a richness that has had an immeasurable impact on British society, culture and identity. From the biggest British band in history, the Beatles, to Great British films like ‘Bend It Like Beckham’, India has helped to define what it means to be British. We deeply value this rich contribution to our national life and to our culture. 

    From Charli XCX to Nikita Chauhan and Daytimers, the next generation is already powering ahead, creating a vibrant tapestry of diversity and collaboration. But it is our firm belief that we can do more. Our Labour government, led by the Prime Minister Sir Keir Starmer, is determined to strengthen our relationship with India across all sectors of our economy, and we were delighted that our Chancellor Rachel Reeves was able to recently announce over £400 million worth of new trade and investment partnerships with India. Our regional mayors like Tracy Brabin, the Mayor of West Yorkshire, prized the relationship with Indian business for the jobs and investment they bring to parts of the UK, like Bradford, home to a rich, vibrant diaspora community. 

    We are in the UK a self confident, outward looking country at the start of a decade of national renewal, and whether it’s literature, film, fashion or music, Britain, like India, excels. It’s our firm conviction that by deepening our cultural ties, we can grow together, prosper together, and light up the world. As we do already in sports, and we are so looking forward to strengthening the sporting ties between our nations in the coming years to promote great sporting events that are streamed all over the world. I’ve been pleased to see the cricketing bonds extended beyond the field with the recent Indian investment in the majority of teams in the UK’s Hundred competition. And I look forward to welcoming both India’s women’s, men’s and mixed disability teams to England this summer.

    We look back fondly as a country to the moment when we hosted London 2012. It was an incredible showcase for the UK’s talent, and we share your excitement about India’s potential bid for the 2036 Olympics and Paralympic Games. So as we move ahead, let our story be like Jab We Met – built on connection, trust and the courage to walk together. And not like Lagaan, although we have many dramatic cricket matches still ahead of us.

    The creative industries, film, gaming, fashion, literature, music, are booming in both of our countries. We have named the UK creative industries as one of the eight powerhouses that will drive Britain’s growth and prosperity. I was delighted to appoint Baroness Shriti Vadera, Chair of Prudential PLC and the Royal Shakespeare Company, to lead the development of the government’s creative industries growth strategy. 

    I’m committed to ensuring that the UK remains one of the world’s most open and supportive places for filmmakers and creatives. Our government is investing in skills, in film studios, in tax incentives, and as you can see from my presence here today, and that of the British Film Institute, in our international relationships, which we prize. We’re backing the creative industries right across the United Kingdom, just as here in India your government is backing your creative industries to the hilt. 

    Nobody could have listened to that opening speech from the Prime Minister and not understand that this is anything less than a personal signal of intent that he will leave no stone unturned in his mission to power up the untapped potential that exists in the already global success story of Indian film, literature and fashion, and we share that ambition, for you and for us. Now is the time to work together to put rocket boosters under our creative and cultural industries for growth, prosperity and power.

    And whether it’s music, theatre, arts, culture, gaming or fashion, look what our partnerships can achieve. In fashion, the British Indian designer Harri is making waves in every corner of the globe thanks to his creativity and our backing. Our government proudly supports new talent through the new gen program led by the British Fashion Council. And in gaming, we have companies like Tara Gaming Limited creating impactful cultural digital partnerships from the UK to India. In the arts, Chila Burman is quite literally lighting up the world with her artwork, backed by the British Arts Council and great British institutions like the Tate, at whose Liverpool gallery she will shortly exhibit. The National Theatre, one of the UK’s greatest cultural institutions, now with artistic director Indhu Rubasingham, has launched a new programme, which includes a new adaptation of The Jungle Book with Anupama Chandrasekhar, and a retelling of Hamlet starring Hiran Abeysekera. And as only one of three countries in the world that is a net exporter of music, we are delighted that the vibrancy of the British music scene is being powered by artists like Ed Sheeran, A. R. Rahman and Diljit Dosanjh, whose collaborations have brought fans flocking to stadiums from Manchester to Mumbai.

    Britain is also home, as you know, to unique British public service broadcasters like the BBC, who are a vital part of the UK’s creative economy, and they ensure that we have the skilled workforce, the facilities, the expertise, that every investor benefits from.

    We’re one of the most attractive places to invest in and collaborate, not least because of our competitive tax reliefs, including a new credit we launched for independent film and visual effects, as well as the high quality studios and our skilled workforce across the whole of the UK, not just London. Last year, production spend in the UK increased by 31%, testament to our global reputation as a world leading centre for international film and TV production. But we also benefit from India’s media and entertainment sector, one of the largest and most dynamic in the entire world, whose scale, reach and creative energy are nothing short of phenomenal. 

    My ambition is for our cooperation to lead a cinematic revolution that has impacts far beyond the screen. Both the UK and India boast rich cinematic traditions and share a deep mutual interest in each other’s storytelling cultures. Like ‘Lioness’ created by Kajri Babbar, who was herself inspired by our very own Gurinder Chadha. 

    Films from India regularly account for around 30% of non-English language releases in the United Kingdom, and there is a new wave of Indian independent cinema telling fresh stories to the world, but made with the United Kingdom. Like ‘Defenders of Planet Earth’, a shining example of cross cultural partnership tackling the most important of shared challenges – the climate crisis – by UK-based Fingerprint Content and the India Cine Hub. I see enormous potential for greater collaboration between our two countries. While our successes in these sectors are driving growth in our economies, providing good quality jobs across every part of our countries, collaboration can take this to a whole new level.

    Already we’re seeing success. British crews working on Indian sets, Indian directors bringing their vision to British audiences and streaming services that offer a bridge between our two cultures, across the creative industries in goods services and especially audio-visual services, India is one of our most important partners. Given the size of our markets and the scale and quality of our TV and film sectors, I know we can be more ambitious.

    Twenty years ago, we signed the UK-India Film Co-Production Treaty to act as a foundation for partnership in the audio visual sectors. And I am delighted that later this week, my fellow minister for culture, Shri Gajendra Singh Shekhawat and I will agree and sign a bilateral Cultural Cooperation Agreement on behalf of our two great nations.

    This agreement will bring together flagship UK and Indian cultural institutions, including the British Library, the Science Museum and the Victoria and Albert Museum, many of whom are with us here at WAVES this week. But we also have over 1,700 accredited museums across the UK, in places like Birmingham, Manchester and Leeds, with expertise in every subject you can name, with many potential partnerships available to our Indian counterparts.

    Behind this treaty – what breathes life into this treaty – is the passion, the creativity and the human connections across our thriving creative industries and the power of friendship and collaboration between our nations. In this new era where at times, it feels we’ve lost the ability to understand one another across the world, let us use our strengths as the greatest storytellers in the world to bring nations together. Let’s empower the next generation of storytellers from Mumbai to Manchester, Kolkata to Cardiff, Bangalore to Belfast, Lucknow to Leicester and Delhi to Dundee, because in film, fashion, music and arts Britain and India lead the world and we can rise to this moment of a divided world together. 

    Together, we will light up the world. Our relationship evolves, but it will always endure. One of Britain’s most famous poets, William Wordsworth, once wrote: “So backwards, as I cast my eyes, I see what was, and is and will abide; Still glides the stream, and will forever glide; The Form remains, The Function never dies.”

    I look to a future where the UK and India, two great creative nations, continue to dream, to collaborate and to inspire the world together, as one of my favorite poets, the great Rabindranath Tagore, says: “We will shoot joy through the dust of the earth old love, but in shapes That renew and renew forever.” Thank you very much.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom

  • MIL-OSI: iBio Reports Fiscal Third Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, May 02, 2025 (GLOBE NEWSWIRE) — iBio, Inc. (Nasdaq:IBIO), today reported financial results for the third quarter ended March 31, 2025, and provided a corporate update on its progress.

    “During the third quarter we were able to broaden our access to investors given our move to Nasdaq and subsequently in April, strengthened our financial position with a $6.2 million warrant-inducement equity raise, positioning us for continued growth and keeping us on track for regulatory submission of IBIO-600 in 2026,” said Martin Brenner, Ph.D., DVM, iBio’s Chief Executive Officer and Chief Scientific Officer. “At the same time, we made significant strides in our pipeline, with promising non-human primate data for IBIO-600 and the in-licensing of a first-in-class Activin E antibody, two antibodies we truly believe are bringing us closer to fulfilling our mission of delivering transformative therapies to patients suffering from cardiometabolic diseases and obesity.”

    Fiscal Third Quarter 2025 & Recent Corporate Updates:

    • Began trading on the Nasdaq Stock Exchange under the ticker symbol “IBIO,” marking a significant corporate milestone that enhances visibility, improves trading liquidity, and aligns with the company’s strategy to attract long-term institutional investors.
    • Raised $6.2 million in gross proceeds through a warrant inducement transaction with institutional investors, strengthening our balance sheet and providing additional working capital to support advancements in our pipeline.

    Fiscal Third Quarter 2025 Financial Results:

    • R&D expenses for the three months ending March 31, 2025 and 2024 were $1.9 million and $0.9 million, respectively, an increase of approximately $1.0 million. The growth in R&D expenses is mainly due to increased spending on consultants and outside services, consumable supplies, and personnel-related costs as a result of advancing research activities to support our IBIO-600 and Activin E programs.
    • G&A expenses for the three months ending March 31, 2025 and 2024 were approximately $3.0 million and $2.7 million, respectively, an increase of $0.3 million. The increase is primarily attributable to growth in IT related costs, consulting fees and franchise taxes, partially offset by lower professional service fees.
    • Net loss from continuing operations for the three months ending March 31, 2025 was approximately $4.9 million, or $0.49 per share, compared to a net loss from continuing operations of approximately $2.6 million, or $0.71 per share, in the same period of fiscal 2024.
    • Cash, cash equivalents and restricted cash as of March 31, 2025, was approximately $5.2 million, inclusive of $0.2 million of restricted cash.   Subsequent to the warrant inducement transaction in April, cash, cash equivalents and restricted cash was approximately $10.5 million as of May 1, 2025.

    About iBio, Inc.

    iBio (Nadaq: IBIO) is a cutting-edge biotech company leveraging AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic diseases, obesity, cancer and other hard-to-treat diseases. By combining proprietary 3D modeling with innovative drug discovery platforms, iBio is creating a pipeline of breakthrough antibody treatments to address significant unmet medical needs. Our mission is to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine.  For more information, visit www.ibioinc.com or follow us on LinkedIn.

    Safe Harbor Statement

    Any statements contained in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include statements regarding the events of the quarter ended March 31, 2025 and April 2025 positioning the Company for continued growth; the Company’s progress toward a regulatory submission of IBIO-600 in 2026; the promise of the non-human primate data for IBIO-600; IBIO-600 and Activin E antibody bringing the Company closer to delivering transformative therapies; the Company’s listing on Nasdaq enhancing visibility, improving trading liquidity, and attracting long-term institutional investors; IBIO-600’s potential to be a best-in-class long-acting anti-myostatin antibody; and the proceeds of the warrant inducement transaction being used to support advancements to the Company’s pipeline. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including iBio’s ability to submit a regulatory submission of iBIo-600 in 2026; to successfully develop iBIO-600 and Activin E antibody; attract long term institutional investors; -leverage its AI-driven platform to transform the treatment landscape for patients with cardiometabolic diseases and obesity with more effective, targeted therapies addressing the underlying causes of these conditions while improving overall metabolic health and quality of life; extend the half-life of IBIO-600; advance as a clinical-stage biotech; create a pipeline of breakthrough antibody treatments to address significant unmet medical needs; and transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine the ability to advance iBio’s internal pipeline priorities in immuno-oncology and cardiometabolics, and drive partnerships in new therapeutic areas, the ability to finance when needed and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, iBio, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

    Corporate Contact:

    iBio, Inc.
    Investor Relations
    ir@ibioinc.com

    Media Contacts:

    Ignacio Guerrero-Ros, Ph.D., or David Schull
    Russo Partners, LLC
    Ignacio.guerrero-ros@russopartnersllc.com
    David.schull@russopartnersllc.com
    (858) 717-2310 or (646) 942-5604

    The MIL Network

  • MIL-OSI: TurnOnGreen, Inc. Reports Strong Electric Vehicle Charging Network Growth in 2024

    Source: GlobeNewswire (MIL-OSI)

    MILPITAS, Calif., May 02, 2025 (GLOBE NEWSWIRE) — TurnOnGreen, Inc. (OTC:TOGI) (“TurnOnGreen” or the “Company”), a developer and provider of electric vehicle (“EV”) charging solutions and mission-critical power electronics products, today announced significant operational growth and market expansion for the fiscal year 2024, reinforcing the Company’s upward trajectory in the North American EV infrastructure sector.

    Key 2024 Highlights:

    • Network Expansion: EV charging infrastructure footprint grew to 28 U.S. states and two provinces in Canada.
    • Port Growth: 37% year-over-year increase in networked EV charging ports.
    • Energy Dispensed: 735,942 kWh delivered across the TurnOnGreen network — a 98% increase year-over-year.
    • User Growth: 13,460 unique drivers accessed TurnOnGreen charging ports or a 89% year-over-year increase.
    • Charging Time: Drivers spent 74,620 hours charging on the TurnOnGreen network in 2024 an increase of 164% compared to 2023.

    “These metrics reflect accelerating demand for TurnOnGreen’s reliable and scalable charging infrastructure,” said Marcus Charuvastra, President of TurnOnGreen. “Our continued expansion across North America, coupled with a sharp increase in network activity, demonstrates the strong execution of our growth strategy and the rapid adoption of our recurring user base.”

    The Company attributes its growth to a combination of strategic partnerships, expanded deployment in key metropolitan and secondary markets, and increased utilization across its municipal fleets, hospitality, education and commercial segments. TurnOnGreen’s integrated hardware and network management platform enables real-time data analysis, dynamic pricing and driver engagement, which the Company sees as core differentiators in the highly competitive EV charging sector.

    “As the preferred charging partner for school districts, utilities and major hotel brands, TurnOnGreen is committed to continuing to expand its North American EV charging footprint,” said Amos Kohn, the Company’s Chairman and Chief Executive Officer. “We continue to focus on capturing high-growth market opportunities and expanding our subscription base on an annual basis,” added Mr. Kohn.

    Outlook
    TurnOnGreen intends to capitalize on the momentum built in 2024 with further network expansion, ongoing R&D investment, and pursuit of high-impact opportunities across the public and private sectors. Management remains focused on delivering long-term shareholder value through disciplined execution, scalable infrastructure development, and revenue growth.

    About TurnOnGreen

    TurnOnGreen, Inc. (OTC: TOGI) designs and manufactures innovative, feature-rich, top-quality power products for mission-critical applications, lifesaving and sustaining applications spanning multiple sectors in the harshest environments. The diverse markets we serve include defense and aerospace, medical and healthcare, industrial, telecommunications, and e-mobility. TurnOnGreen brings decades of experience to every project, working with our clients to develop leading-edge products to meet a wide range of needs. TurnOnGreen headquarters are located in Milpitas, CA; www.TurnOnGreen.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q, and 8-K. All filings are available at www.sec.gov and the Company’s website at www.TurnOnGreen.com.

    TurnOnGreen Investor Contact:
    IR@TurnOnGreen.com or (877) 634-0982

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e939d485-a2dc-43f7-9f1e-7ca7c4765557

    The MIL Network

  • MIL-OSI: Advanced Flower Capital Renews Senior Secured Revolving Credit Facility with Lead Commitment from FDIC-Insured Bank

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., May 02, 2025 (GLOBE NEWSWIRE) — Advanced Flower Capital Inc. (NASDAQ: AFCG) (“AFC”) today announced that it has renewed its senior secured revolving credit facility (“Credit Facility”) with a lead commitment from an FDIC-insured bank with over $75 billion of assets. AFC intends to use availability under the Credit Facility to fund unfunded commitments to existing borrowers, to originate and participate in commercial loans to cannabis operators in line with its investment strategy, and for working capital and other general corporate purposes.

    The Credit Facility, which includes the ability to expand to $100 million, subject to lender participation and available borrowing base, has a maturity date of April 29, 2028, and bears interest at a floating rate of Prime + 0.50%, subject to a Prime floor of 6.50%.

    “We are pleased to renew our senior secured credit facility with a long-standing banking partner of this scale. This facility plays a central role in how we finance the business, and we look forward to continuing to build on this strong relationship as we pursue additional commitments over time,” said Brandon Hetzel, AFC’s Chief Financial Officer.

    About Advanced Flower Capital Inc.

    Advanced Flower Capital Inc. (NASDAQ: AFCG) is a leading commercial mortgage REIT that provides institutional loans to state law compliant cannabis operators in the U.S. Through the management team’s deep network and significant credit and cannabis expertise, AFC originates, structures and underwrites loans ranging from $10 million to over $100 million, typically secured by quality real estate assets, license value and cash flows. It is based in West Palm Beach, Florida. For additional information regarding the Company, please visit advancedflowercapital.com.

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. All statements, other than historical facts, are forward-looking statements. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements regarding the anticipated use of the Credit Facility are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. Certain factors, including the ability of our manager to locate suitable loan opportunities for us, monitor and actively manage our loan portfolio, and implement our investment strategy, the demand for cannabis cultivation and processing facilities and dispensaries, management’s current estimates of expected credit losses and current expected credit loss reserves, and other factors, could cause actual results and performance to differ materially from those projected in these forward-looking statements. More information on these risks and other potential factors that could affect our business and financial results is included in AFC’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of AFC’s most recently filed Annual Report on Form 10-K and subsequent filings. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect AFC. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Relations Contact

    Robyn Tannenbaum
    561-510-2293
    ir@advancedflowercapital.com

    Media Contact

    Collected Strategies
    Jim Golden / Jack Kelleher
    AFCG-CS@collectedstrategies.com

    The MIL Network

  • MIL-OSI Economics: Richard Doornbosch: Sustainable tourism development in Curaçao – a balanced approach

    Source: Bank for International Settlements

    Presentation accompanying the speech 

    Introduction

    Good morning, ladies and gentlemen. It is a pleasure to speak to you at today’s CHATA Membership Meeting on a topic that is crucial to the future of our beautiful island: tourism development in Curaçao. This future encompasses not only the economic prospects of our country, but also our social well-being and environmental sustainability.

    In recent years, particularly following the COVID-19 pandemic, Curaçao has witnessed remarkable growth in its tourism sector. The island has successfully strengthened its appeal in both stay-over and cruise tourism. Today, tourist arrivals are at record highs, and the sector has firmly established itself as the leading driver of economic growth in Curaçao. According to estimates by the CBCS, tourism now contributes more than 23% to Curaçao’s GDP, representing approximately Cg. 1.4 billion. This figure includes also positive spillover effects to other sectors of the economy, such as transportation, real estate, and construction. This growth is particularly striking given that, until the mid-2000s, tourism accounted for only around 8% of GDP.

    Additionally, foreign exchange earnings from travel now represent approximately 50% of Curaçao’s total foreign exchange earnings from the export of goods and services. This excludes foreign exchange revenues from tourism-related sectors such as the transportation and rental services. Moreover, the tourism sector provides a significant number of both direct and indirect jobs for the people of Curaçao.


    With several ongoing and planned private investments, particularly in accommodation, the island’s capacity to host more visitors is expected to increase substantially in the coming years. However, the key question is how we can manage this growth while minimizing potential social and environmental costs. Today, I would like to outline an approach to achieving sustainable tourism development. Without such an approach, we risk locking ourselves into a mass tourism model with high long-term costs – costs that could take decades to reverse.

    Growth seen from a different perspective


    Before delving into this approach, allow me to provide a comparison of stay-over and cruise tourism development in Curaçao relative to Aruba and Sint Maarten. Since the 1980s, Aruba and Sint Maarten have experienced more rapid tourism growth than Curaçao. As a result, Curaçao lags behind both destinations in terms of tourism maturity. Aruba, with its well-established brand, consistently attracts high volumes of American tourists. Meanwhile, Sint Maarten continues to demonstrate resilience and adaptability despite facing natural setbacks. However, over the past 15 years, Curaçao has been narrowing the performance gap with its regional peers. Since 2016, it has even surpassed Sint Maarten in terms of stay-over visitor numbers. Aruba, however, still receives higher volumes of stay-over tourists than Curaçao.

    As for cruise tourism, up until the pandemic in 2020, Sint Maarten consistently outperformed both Curaçao and Aruba. In contrast, cruise tourism trends in the latter two countries have generally moved in tandem and on a comparable scale.


    Now, let us assess tourism development in the three countries from a different perspective by focusing on the visitor-to-resident ratio. This ratio is defined as the number of visitors, both stay-over and cruise together, divided by the total population. It may serve as an indicator of the pressure exerted on the environmental and social resources of a destination and its population.

    Although a cross-country comparison of the visitor-to-resident ratio should be interpreted with caution due to country-specific idiosyncrasies such as variations in tourism infrastructure and environmental considerations, this graph shows that the visitor-to-resident ratio in Sint Maarten has consistently remained higher than those of Aruba and Curaçao’s. In 2023, for example, Sint Maarten welcomed approximately 41 visitors for every resident. This ratio was 19 for Aruba and 8 for Curaçao. This disparity is related to Sint Maarten’s significantly larger cruise tourism sector. In fact, Curaçaos visitor-to-resident ratio consistently ranks the lowest among the three countries, indicating a younger stage of tourism maturity.


    Given the rapid growth in tourism that Curaçao has experienced over the past years, let us perform a back-of-the envelope calculation to project the potential development of our visitor-to-resident ratio. Assuming the total number of visitors increases by 8% annually over the next five years, while our population grows by an average of 0.1% per year, which aligns with the average population growth observed over the past decade, all other factors remaining equal, the visitor-to-resident ratio would reach 16 by 2030. The assumed 8% annual increase in the total number of visitors is based on the forecast for 2025 and 2026 outlined in Curaçao’s Strategic Tourism Destination Development Plan. As illustrated in the graph, the calculation suggests that the potential pressure on environmental and social resources could double compared to what we are experiencing at this moment.

    The Double-Edged Nature of Tourism Growth


    While tourism expansion undoubtedly presents significant opportunities in terms of value added, employment, and foreign exchange earnings, it also carries hidden costs and risks, that, if ignored, could threaten Curaçao’s long-term economic stability and quality of life.

    Rapid and uncontrolled tourism growth can impose substantial social costs. Uncontrolled expansion often leads to overcrowding, especially in peak seasons. For instance, the inner-city areas of Punda and Otrobanda become particularly congested on days when the harbor is filled with cruise ships. Beaches also become overcrowded with visitors, which not only affects residents’ quality of life but also diminishes visitors’ experience.

    In addition, a significant rise in tourist arrivals can lead to an increased cost of living. Currently, various construction projects of new hotels and residential buildings intended for Airbnb or tourist rentals are underway. As a result, housing prices have risen significantly over the last few years, making it difficult for locals to find affordable housing and thereby reducing their quality of life.

    Moreover, intensified tourism activity can escalate environmental degradation through increased pollution and loss of biodiversity, potentially diminishing the overall visitor experience in the long run. Curaçao’s unique ecosystems, coral reefs, and pristine beaches -its main attractions- are vulnerable assets that require vigilant stewardship to ensure they are not adversely affected by large scale tourism.

    Strong tourism growth can also put severe pressure on Curaçao’s public infrastructure. Already, increased road congestion is observable, particularly on the Caracasbaaiweg, a situation that will likely worsen with more stay-over arrivals. In addition, more visitors pose challenges for the provision of public goods such as sanitation and waste management, as well as utilities such as electricity production. Furthermore, capacity constraints at Curaçao International Airport could emerge as a bottleneck, limiting potential growth and reducing the overall attractiveness of Curaçao as a travel destination.

    People, profit and planet as principles for sustainable tourism development

    Recognizing both the opportunities and potential costs of tourism development, Curaçao stands at a pivotal crossroads. Instead of focusing on a mass tourism model, we must embrace a balanced approach to ensure that tourism contributes sustainably to our economic prosperity, environmental stewardship, and social well-being.

    Central to this strategy must be the clear identification of the type of tourists Curaçao seeks to attract. Sustainable tourism development should aim to welcome travelers who provide higher economic returns while imposing fewer social and environmental burdens. Attracting high-yield, low-impact visitors – those interested in immersive cultural experiences, culinary excellence, sustainable adventure tourism, or niche markets such as eco-tourism – will ensure more robust economic benefits for Curaçao. The focus should not be on volume but on value.


    The following graph compares the Average Daily Rate (ADR) of Curaçao with those of other Caribbean countries in 2023. ADR is a key performance indicator that reflects the average revenue earned per occupied room over a specific period. The fact that Curaçao ranks at the lower end of the selected Caribbean countries, with an ADR of USD224.67, implies that there is potential to increase the value that we derive from our tourism product.


    A robust and holistic framework for sustainable tourism development should be encapsulated by the “People, Profit, Planet” principle, emphasizing the balanced and interconnected approach needed for sustainable development.


    Let us first start with the first principle, ‘People’. Tourism must benefit the local population of Curaçao, enhancing their quality of life and providing ample opportunities for participation and growth. Equitable benefit-sharing through employment opportunities, training programs, and empowerment initiatives, including entrepreneurial skills, ensures that the community remains central to tourism development. In addition, actively engaging residents in decision-making processes helps ensure that tourism development aligns with local values and cultural heritage.

    The second principle is ‘Profit’, which focuses on economic sustainability. Curaçao’s tourism industry must continuously strive for economic viability, ensuring profitability for businesses, employment opportunities for locals, and tax revenues for the government. Emphasizing quality tourism experiences over quantity will encourage higher spending, extended visitor stays, and repeated visits, thus increasing overall economic sustainability.

    The final principle, ‘Planet’, emphasizes the critical importance of protecting Curaçao’s natural environment. Sustainable tourism development must prioritize minimizing ecological footprints through responsible practices, such as reduced waste generation, energy and water conservation, and biodiversity protection. Sustainable management of our natural resources should safeguard the unique beauty and biodiversity of Curaçao for future generations and maintain the island’s long-term attractiveness as a tourism destination.

    By harmonizing these three principles – People, Profit, and Planet – Curaçao can ensure a resilient and sustainable tourism sector that benefits all stakeholders equitably while safeguarding the island’s natural and cultural heritage.

    Understanding Tourism Carrying Capacity: Four Key Dimensions


    Assessing and respecting the tourism carrying capacity should also be an integral component of the sustainable tourism development framework. The United Nations World Tourism Organization (UNWTO) defines tourism carrying capacity as “the maximum number of people that may visit a tourist destination at the same time, without causing destruction of the physical, economic and sociocultural environment and an unacceptable decrease in the quality of visitors’ satisfaction”. Carrying capacity is a multi-dimensional concept and must be understood across four dimensions.

    The first dimension, economic carrying capacity, considers the ability of the economy to absorb and benefit from tourism without generating inflation, wage disparities, or unsustainable price increases in housing and basic goods. It evaluates whether tourism revenues are widely distributed or concentrated among a few sectors, and whether the benefits outweigh the potential displacement of local industries.

    The second dimension is the environmental carrying capacity. This dimension addresses the physical limits of Curaçao’s ecosystems to accommodate tourism. It focuses on the impact of tourism on coral reefs, beaches, water resources, waste generation, and biodiversity. Monitoring visitor volumes in environmentally sensitive areas and applying zoning, restoration, and eco-certification measures are key to staying within safe environmental limits.

    Meanwhile, the social carrying capacity reflects the ability of local communities to absorb tourism development without experiencing a decline in social cohesion, cultural integrity, or quality of life. It includes public attitudes toward tourism, perceived fairness in benefit-sharing, and tolerance for changes to local customs, space, and lifestyles.

    And finally, the fourth dimension, governance, plays a critical role in managing tourism sustainably. It includes the capacity of public institutions to plan, regulate, and monitor tourism development effectively. It also involves legal frameworks, inter-agency coordination, stakeholder engagement, data collection systems, and transparency mechanisms that ensure tourism growth aligns with public policy goals.

    By assessing and managing tourism within these four dimensions, Curaçao can avoid the risks of over-tourism and ensure that the island remains a vibrant, welcoming, and sustainable destination. In this regard, it is a positive development that Curaçao is proactively conducting a Destination Carrying Capacity Study to evaluate the economic, environmental and social impacts of strong tourism development.

    The next step in this approach would be to identify a long-term vision focused on quality, authenticity and environmental responsibility. This vision should be commonly shared by all key tourism stakeholders. Next, growth scenarios should be defined that set clear targets for, among other things, tourist arrivals, employment and reductions in ecological footprints – aligned with the island’s carrying capacity. In addition, the necessary investments in areas such as infrastructure, human capital and green innovation should be identified, along with relevant policy reforms, to strengthen the island’s carrying capacity and achieve the outlined long-term vision. Ultimately, all initiatives must align with the principles of People, Profit, and Planet to ensure economic viability, social inclusivity, and ecological integrity.

    Social cost-benefit analysis to effectively manage sustainable tourism development

    To effectively manage sustainable tourism development and prioritize tourism projects, the framework should include rigorous social cost-benefit analyses, particularly in the case of major tourism investment projects and public tourism-related infrastructure projects. These analyses extend beyond traditional economic evaluation and incorporate broader social and environmental dimensions that are critical for informed decision-making.

    Social cost-benefit analyses for tourism projects not only assess the direct economic contribution in terms of employment and tax revenues, but also the social impact of such projects, including their effect on community well-being, housing affordability, public infrastructure pressures and local quality of life in general. Also, these analyses assess the environmental impact of tourism projects such as ecological footprints, resource depletion and pollution levels.

    One benefit of conducting social cost-benefit analyses is that they enable policymakers and stakeholders to explicitly evaluate both the positive and negative impacts of tourism development projects with a focus on society as a whole rather than only short-term financial gains. In addition, these analyses allow for the prioritization of tourism projects that provide genuine, sustainable benefits while minimizing negative externalities.

    Conducing social cost-benefit analyses is a complex, multi-dimensional exercise that demands technical expertise across several areas and extensive data. It is important that Curacao develops its own expertise in this area and focuses on having up to date economic, tourism, social and environmental data. This also requires cooperation and collaboration between public and private stakeholders.

    Conclusion


    Ladies and gentlemen, Curaçao has been experiencing robust growth in its tourism industry, becoming the main pillar of our economy. While this growth brings immediate economic benefits, it is crucial that we also focus on long-term development strategies that encompass economic progress, social well-being and environmental sustainability. By acknowledging and addressing the potential costs associated with tourism development we can implement measures to mitigate these challenges effectively.

    Today, I have outlined a balanced approach for sustainable tourism development centered around the principles of people, profit, and planet. In this regard, it is crucial that Curaçao continues advancing the initiatives outlined in its Strategic Tourism Development Destination Plan while also developing a comprehensive long-term strategy for sustainable tourism development that incorporates the concept of carrying capacity. Through a participatory process we must define acceptable levels of the economic, social and environmental impact of tourism on Curacao. Curacao is a unique tourist destination with potential to contribute even more significantly to Curacao’s economy. However, it is crucial that we also prioritize sustainability by steering away from mass tourism and focusing more on value rather than on volume. Sustainable tourism development can serve as a catalyst for economic prosperity, and social wellbeing while ensuring environmental preservation. By embracing this balanced approach, we can secure a thriving future for Curaçao that honors our heritage while safeguarding our natural resources for the generations to come.


    Thank you for your time and attention.

    MIL OSI Economics

  • MIL-OSI Economics: Antoine Martin: The Extended Liquidity Facility (ELF) – the next step in the Swiss National Bank’s liquidity support to banks

    Source: Bank for International Settlements

    Good evening everyone

    It is an honour to speak to you here tonight at the International Center for Monetary and Banking Studies. The ICMB has long been an important platform for discussing money, banking and finance – all areas central to the Swiss National Bank. Our institutions have built a strong partnership since 1974, and I am delighted to continue this long-standing dialogue.

    As a central bank, the SNB plays a crucial role in managing banking system liquidity. We do this to implement monetary policy, ensure the smooth functioning of the payment system, and also to support financial stability. Tonight, I will focus on our role in providing liquidity to fulfil our statutory mandate of contributing to financial stability. As lender of last resort (LOLR for short), the SNB stands ready to step in during crisis situations – when banks’ own liquidity buffers are no longer sufficient to cover their needs. A recent example was the liquidity assistance provided to Credit Suisse in March 2023. This event gave rise to renewed interest in how we design and implement liquidity support.

    I would first like to examine the evolution of our role in this regard, and how we developed our framework for emergency liquidity assistance (ELA). Looking to the future, I will then describe our new framework for liquidity support, centred on the Extended Liquidity Facility (ELF). The ELF encompasses ELA and brings liquidity support closer to standard operations. I will end with some recommendations for strengthening banks’ resilience to liquidity risk more broadly.

    MIL OSI Economics

  • MIL-OSI Europe: Empowering the Next Generation: OSCE Trains Over 3,000 Youth in Financial Literacy across Kyrgyzstan

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: Empowering the Next Generation: OSCE Trains Over 3,000 Youth in Financial Literacy across Kyrgyzstan

    Engaged participants share their ideas as part of a practical training exercise. Osh, April 2025. (OSCE) Photo details

    For several years, the OSCE Programme Office in Bishkek (POiB) has been leading a sustained effort to promote financial literacy among youth in Kyrgyzstan. Through comprehensive training programmes held annually across the country, the POiB helps young people build the skills they need to make informed financial decisions and navigate the digital economy with confidence. These efforts contribute directly to the OSCE’s broader mandate of fostering inclusive economic participation, democratic resilience, and equal access to education.According to the OECD “Financial Literacy Levels in the Commonwealth of Independent States” survey, there is a positive trend in improving the financial literacy of the country’s population. In 2017, the degree of financial behaviour of the country’s citizens was 11.1 out of the maximum of 21. In 2021, this indicator increased to 11.6 (an increase of 0.5).
    Building on these encouraging results and with the goal of further improving these indicators, the OSCE continues to conduct training sessions for youth across the country.Between 2022 and 2025, the POiB, in close co-operation with the National Bank of the Kyrgyz Republic, conducted 137 financial literacy trainings across all regions of the country, reaching more than 3,000 students. Each year, participants improve their financial literacy skills by over 15% on average — clearly showing the programme’s effectiveness and lasting impact.In April 2025, the POiB expanded this initiative to the southern regions of Osh, Jalal-Abad, and Batken — areas where young people often have fewer opportunities to access financial education.
    From 14 to 26 April, nearly 500 students participated in practical, interactive trainings on budgeting, saving, banking services, investment basics, digital financial platforms, financial safety, taxation, and insurance. Later this year, additional sessions are planned in the northern regions of Kyrgyzstan, aiming to ensure full national coverage and reach students in all seven regions of the country.
    The OSCE Programme Office in Bishkek will continue expanding its financial literacy programme in collaboration with the National Bank and other partners, empowering the next generation of Kyrgyz citizens to take charge of their financial futures — and to do so with clarity, confidence, and resilience.

    MIL OSI Europe News

  • MIL-OSI China: Xi’s diplomacy injects certainty, stability into turbulent world

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

    BEIJING, May 2 — Chinese President Xi Jinping has engaged in extensive diplomatic efforts both at home and abroad this spring, cementing a closer bond with neighboring countries, advocating unity and cooperation, and injecting certainty and stability into a turbulent world.

    CLOSER BOND WITH NEIGHBORING COUNTRIES

    In a world grappling with growing uncertainty and instability fueled by protectionism and unilateralism, China has reaffirmed the continuity and stability of its neighborhood diplomacy and its vision for lasting peace and shared development in Asia.

    The first major international event that China hosted in 2025 is the 9th Asian Winter Games from Feb. 7 to 14 in the city of Harbin, capital of northeast China’s Heilongjiang Province. It brought together leaders from many of China’s neighboring countries, including Brunei, Kyrgyzstan, Pakistan, Thailand and the Republic of Korea.

    At a banquet hosted by Xi and his wife, Peng Liyuan, ahead of the opening ceremony of the games, the Chinese leader called on Asia to uphold the common dream of peace and harmony, jointly respond to all sorts of security challenges, and contribute to building an equal and orderly multipolar world.

    Xi’s Southeast Asia visit, his first overseas trip this year, highlighted China’s dedication to deepening traditional ties, expanding practical cooperation, and advancing its vision of building a community with a shared future with its neighbors.

    From April 14 to 18, Xi paid state visits to Vietnam, Malaysia and Cambodia. China signed a record 108 cooperation documents with the three countries in total, which span a wide range of fields, from infrastructure to digital and green economy. A focal point of the tour was high-quality Belt and Road cooperation with the aim of enhancing regional connectivity and creating development opportunities.

    The trip came after a central conference on work related to neighboring countries held in Beijing from April 8 to 9. At the conference, Xi called for building a community with a shared future with neighboring countries and striving to open new ground for the country’s neighborhood work.

    The conference noted China’s relations with its neighboring countries are currently at their best in modern times, and are also entering a critical phase where regional dynamics and global transformations are deeply intertwined.

    A flurry of diplomatic activities show how China, a major country, gets along with its neighbors, international observers said.

    In his talks with Sri Lankan President Anura Kumara Dissanayake on Jan. 15, Xi said China will continue to support Sri Lanka in maintaining its national independence, sovereignty and territorial integrity.

    Extending condolences to Myanmar leader over the massive earthquake in late March, Xi said China is ready to provide assistance, and support efforts to overcome the disaster and rebuild homes at an early date.

    INJECTING CERTAINTY INTO WORLD

    Amid the international trade chaos caused by the so-called “reciprocal tariffs” of the United States, China has taken swift and firm countermeasures not only to safeguard its own legitimate rights and interests, but also to protect the common interests of the international community and defend international fairness and justice.

    On April 11, Xi had a three-hour-long meeting with Spanish Prime Minister Pedro Sanchez, who made his third trip to China in three years. Xi called on China and the EU to fulfill their international responsibilities, work together to safeguard economic globalization and the international trade environment, and jointly reject unilateral and bullying actions.

    Noting that China is an important partner of the EU, Sanchez said Spain always supports the stable development of EU-China relations. Facing the complex and challenging international situation, Spain and the EU are willing to strengthen communication and coordination with China to maintain the international trade order, he said.

    Malaysia is ASEAN chair and the Country Coordinator for ASEAN-China Dialogue Relations for 2025. On April 16, during a meeting with the visiting Chinese president, Malaysian Prime Minister Anwar Ibrahim said facing the rise of unilateralism, Malaysia is willing to strengthen cooperation with China to jointly address risks and challenges, noting that ASEAN will not endorse any unilaterally imposed tariffs, and will promote collective advancement through cooperation to maintain economic growth.

    On April 24, Xi held talks with Kenyan President William Ruto in Beijing, saying the fundamental purpose of China-Africa cooperation for win-win results and common development will not change, which is a welcome policy statement from a major country in a world full of uncertainty.

    Trade wars undermine the existing international rules and order, and Kenya appreciates China’s role as a stabilizer in the current volatile situation, Ruto said.

    After the talks, the two heads of state witnessed the signing of 20 cooperation documents in areas such as the Belt and Road Initiative, new and high technology, people-to-people and cultural exchanges, economy and trade, and media.

    As certainty and stability increasingly become scarce globally, not only political leaders but also business community turn to China for certainty and stability.

    On March 28, Xi met with more than 40 global chairmen and chief executive officers of foreign businesses as well as representatives of business councils, including leaders from FedEx Corporation, Mercedes-Benz Group AG, Sanofi SA, HSBC Holdings Plc, Hitachi Ltd., SK Hynix Inc and Saudi Aramco.

    A key message Xi sent is that China has been and will remain an ideal, secure, and promising destination for foreign investors, and that investing in China is investing in the future. He pointed out that China offers a vast stage for business development, vast market prospects, stable policy outlook, and a secure environment, making it a favored choice for foreign investment and business operations.

    Having the world’s second-largest consumer market and largest middle-income group, China offers great potential for investment and consumption. China is now a major trading partner with more than 150 countries and regions. China continues to build up industrial strength and foster institutional opening-up, drawing influential foreign investors such as tech giants and automakers into the world’s second-largest economy.

    Aramco is currently investing in projects in China that have a collective and total value of over 240 billion yuan, covering petrochemical projects and equity acquisition deals. Amin H. Nasser, president and CEO of the company, said: “China is becoming an oasis of certainty in an increasingly unpredictable global environment.”

    CALLING FOR SOLIDARITY

    This year marks the 80th anniversary of the victory of the World Anti-Fascist War and the founding of the United Nations. In response to the provocative actions of certain nations inciting great power strategic competition, China emphasizes the roles of major countries, the Global South and the UN in global peace and development.

    Xi talked with Russian President Vladimir Putin via video meeting on Jan. 21 and held a phone conversation with him on Feb. 24, conducting in-depth strategic communication on major international and regional issues and steering China-Russia relations at a critical moment.

    Despite changes in the international situation, China-Russia relations will proceed with ease, which will help each other’s development and revitalization, and inject stability and positive energy into international relations, Xi said.

    To develop relations with China is a strategic choice made by Russia with a long-term perspective, rather than an expedient measure, Putin told Xi, adding that the strategy is not subject to any temporary trend or external interference.

    In his phone conversation with European Council President Antonio Costa on Jan. 14, Xi said there exists no clash of fundamental interests or geopolitical conflicts between China and the EU, making them partners that can contribute to each other’s success.

    Both the EU and China respect the principles of the UN Charter, uphold multilateralism, safeguard free trade, and oppose bloc confrontation, and they should cooperate rather than compete, Costa said, adding that in this era full of challenges, the world needs closer EU-China cooperation to tackle global challenges such as climate change, and to contribute to world peace, stability and development.

    Global South is also a priority in Xi’s diplomatic agenda.

    On April 29, Xi visited the New Development Bank in Shanghai and met with Dilma Rousseff, president of the institution, calling the bank “a pioneering initiative for the unity and self-improvement of the Global South” and noting that the Global South countries have risen collectively into an important force in maintaining world peace, promoting common development and improving global governance.

    His other interactions on the Global South include sending congratulations respectively to the 38th African Union Summit and the 9th summit of the Community of Latin American and Caribbean States (CELAC), having in-depth exchanges on regional cooperation with leader of Malaysia, and hosting leaders of Grenada, Sri Lanka, Bangladesh, Azerbaijan and Kenya.

    As the rotating chair of the Shanghai Cooperation Organization (SCO), China will host an SCO summit this autumn in the northern city of Tianjin. China will also host the fourth ministerial meeting of the China-CELAC Forum in Beijing.

    Xi delivered a speech via video link at the Leaders Meeting on Climate and the Just Transition on April 23. Calling for adherence to multilateralism, Xi said that all countries should firmly safeguard the UN-centered international system and the international order underpinned by international law, and firmly safeguard international fairness and justice.

    “However the world may change, China will not slow down its climate actions, will not reduce its support for international cooperation, and will not cease its efforts to build a community with a shared future for mankind,” Xi said.

    “In these trying times, the world yearns for steadiness, reliability and purpose. We see this in China’s conduct,” said Malaysian Prime Minister Anwar Ibrahim. “Amid this turbulence, China has been a rational, strong and reliable partner. Malaysia values this consistency,” he said.

    MIL OSI China News

  • MIL-OSI Asia-Pac: FS to depart for Milan

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan will depart for Milan, Italy, on Sunday to attend the 58th Annual Meeting of the Asian Development Bank.

    The theme of this year’s meeting is “Sharing Experience, Building Tomorrow”, focusing on development issues and challenges facing the Asia-Pacific region, such as climate change, digital transformation, and promoting mutually beneficial co-operation and inclusive economic growth. Mr Chan will deliver remarks at the Governor’s Plenary.

    He will also meet the bank’s President Masato Kanda as well as financial officials from other countries and regions attending the meeting.

    Mr Chan will return to Hong Kong on May 7, arriving on the morning of May 8. During his absence, Deputy Financial Secretary Michael Wong will be Acting Secretary.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: For Entrepreneurs, Mistakes and Losing are Critical for Winning

    Source: US State of Connecticut

    There were a variety of inspiring messages at UConn’s recent entrepreneurial workshop, but the recurring theme was about failure as a foundation for achieving success – every speaker spoke about the importance of failing and persevering, learning from mistakes, self-belief, collaboration, and constantly pushing forward.

    Called Entrepreneurship as a Career Path Workshop, the event, hosted by the UConn College of Engineering (CoE), was open to undergraduate and graduate students and researchers from engineering and relevant disciplines. Held at the Innovation Partnership Building at UConn Tech Park, it featured panel discussions on climate and energy, and on manufacturing and AI. The keynote guest was Al Subbloie, founder and CEO of Budderfly, a leader in the clean-tech sector, and promoter of energy-efficiency-as-a-service startups.

    In addition to the panel discussions and keynote, presentations included curricular practical training for international students, an overview of CoE programs and activities, and sessions on opportunities at a variety of technology incubation ventures and related resources. The event was also cohosted by the Connecticut Center for Entrepreneurship and Innovation (CCEI) and ClimateHaven.

    George Bollas, associate dean of Research for CoE and director of the Pratt & Whitney Institute for Advanced Systems Engineering, says the workshop provided a valuable opportunity to gain insights, network with fellow innovators, and connect with the entrepreneurial ecosystem in Connecticut.

    George Bollas, associate dean of research for CoE, hosted the Entrepreneurship Workshop (Christopher LaRosa/UConn Photo)

    “This workshop offered graduate students a unique opportunity to explore entrepreneurship as a viable career path, gaining direct insights from founders who have successfully launched startups in climate, energy, manufacturing, and AI,” Bollas explains. “The workshop offered valuable networking opportunities, connecting attendees with like-minded peers, mentors, and key players, and provided useful introductions to critical resources such as funding opportunities, incubators, and mentorship programs that can support aspiring entrepreneurs in transforming ideas into successful ventures.”

    Entrepreneurship, Bollas adds, is an important vehicle for technology development, transfer and deployment. The workshop, he says, offers a new paradigm of career paths and jobs critical for industrial sustainability and competitive advantage, and will be offered again next year.

    “In the currently challenged funding landscape,” Bollas says, “these efforts also enable faculty researchers and students increased access to capital and industry partnerships to engage with the growing Connecticut entrepreneurship ecosystem, bringing additional economic growth and job creation to our state.”

    The panelists shared insights and tough lessons. “Prepare like you know nothing, but deliver like you know everything,” said John Toribio at the event, who is developing a smart-clothing platform for health monitoring and other applications. “Take advantage of the expertise around you at UConn – you don’t have to know how to do everything yourself,” said Laron Burrows, founder and CEO of Andros, a company focused on chemical engineering and sustainability.

    Casey Pickett, managing director of Incubation at ClimateHaven, moderated an energy and climate panel discussion that included, from left, Pickett, Laron Burrows, Alaa Selim, and Yidan Zhang. (Christopher LaRosa/UConn Photo)

    Yiden Zhang, co-founder of SeaSol, a company developing advanced materials from seaweed, echoed Burrows’s comments, addressing the benefits of learning from the many experts available at CoE and UConn, but also cautioning that entrepreneurship isn’t right for everyone. “But one of the beauties of being in this rich academic research environment,” said Zhang, “is that you can discuss and try out your ideas in a creative, safe, supportive arena and see what works best for you.”

    Subbloie’s presentation, billed as a “fireside chat,” was an interview conducted by Michelle Cote, lead instructor and director of Launc[H] at CCEI. Subbloie was ranked in the 2021 Worthy 100 by Worth Magazine for his entrepreneurship around environmental benefits. Prior to starting Budderfly, he founded and served as CEO of Tangoe, an industry-leading telecommunications expense-management solutions company.

    During the interview, Subbloie shared his perspective on business challenges, leadership, management approaches and taking companies public.

    “It’s a jungle out there,” Subbloie reflected, “and my first important lesson was that it helps to work for someone else and gain operational knowledge, experience and financial acumen before going out on your own. That said,” he added, “like many of you in this room, I always knew I wanted to start up my own company and be a CEO, so that remained my goal and I pursued it vigorously.”

    Michelle Cote interviews keynote presenter Al Subbloie. (Christopher LaRosa/UConn Photo)

    Subbloie talked about his early days, and the need to focus on competencies beyond technical expertise required to successfully raise capital and get others to buy in to your vision. As an example, he cited the importance of developing strong presentation skills and shared how he’d made thousands of presentations during his career. And like the other speakers, he talked about failure as motivation, however frustrating.

    “Failing and losing is winning, ultimately,” Subbloie said. “When you’re young and ambitious you think you know it all, but that’s very naïve…  though the poorer you are when you start out means you have little to lose – your dedication and investment in time makes up for early weaknesses or doubts. However, you must be able to separate fear from recklessness, chase those things relevant to the longer gain, make mistakes, and learn from each step in your journey.”

    Entrepreneurship options are offered through the UConn College of Engineering and led by the Entrepreneurship Hub. The eHub was developed to actively promote the exchange of ideas, and to provide a space for collaborations and partnerships among UConn’s Tech community.

    More photos from the event are available on Flickr.

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Economy grows 3.1% in Q1

    Source: Hong Kong Information Services

    Hong Kong’s economy in the first quarter increased 3.1% year-on-year, picking up from the 2.5% growth in the preceding quarter.

    The Census & Statistics Department announced the figures today as it released its advance estimates on gross domestic product (GDP) for the first quarter.

    According to the estimates, private consumption expenditure decreased 1.2% in real terms in the first quarter.

    Government consumption expenditure grew 1.2% year-on-year.

    Gross domestic fixed capital formation rose 2.8% year-on-year.

    Over the same period, total goods exports grew 8.7%, much faster than the increase of 1.3% in the fourth quarter of 2024. Imports of goods grew by 7.4%, higher than the increase of 0.4% in the preceding quarter.

    Compared with a year earlier, exports of services rose 6.6% in the first quarter, while imports of services went up 6.2%.

    Commenting on the figures, the Government said the Hong Kong economy expanded solidly in the first quarter.

    During the year, total exports of goods posted accelerated growth amid sustained external demand. Exports of services continued to expand, supported by the increase in visitor arrivals and other cross-boundary economic activities. Overall investment expenditure grew in tandem with the economic expansion.

    However, it noted that private consumption expenditure registered a small decline, reflecting the lingering impact of changes in residents’ consumption patterns.

    Looking ahead, as global trade tensions escalated abruptly in early April due to the significant increases in import tariffs imposed by the US, the downside risks surrounding the global economy have heightened visibly.

    The extremely high levels of trade policy uncertainty will dampen international trade flows and investment sentiment, which in turn overshadow the near-term outlook for the Hong Kong economy.

    Nonetheless, the sustained steady growth of the Mainland economy, together with the Government’s various measures to promote economic growth and expand into more diversified markets, will lend support to various economic activities in Hong Kong, it added.

    MIL OSI Asia Pacific News

  • MIL-OSI: Willis Lease Finance Corporation Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., May 02, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) declared a quarterly dividend of $0.25 per share on outstanding shares of WLFC common stock. The dividend is expected to be paid on May 22, 2025 to stockholders of record at the close of business on May 12, 2025.

    Willis Lease Finance Corporation

    WLFC leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. By their nature, forward-looking statements involve a number of inherent risks, uncertainties and assumptions and are subject to change in circumstances that are difficult to predict and many of which are outside of our control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed, either expressly or implicitly, in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and natural disasters; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

     CONTACT: Scott B. Flaherty
      Executive Vice President & Chief Financial Officer
      sflaherty@willislease.com
      561.413.0112

    The MIL Network

  • MIL-OSI: Moonacy Protocol adds support for Cardano

    Source: GlobeNewswire (MIL-OSI)

    Miami, FL, May 02, 2025 (GLOBE NEWSWIRE) — Moonacy Protocol continues to actively expand its list of supported assets. Users of the platform can now deposit, exchange and withdraw using ADA, the native cryptocurrency of the Cardano blockchain.

    Cardano is one of the most technologically advanced blockchain platforms in the industry. Its Ouroboros consensus algorithm is considered one of the most efficient and secure among all Proof-of-Stake protocols. Thanks to its high throughput, low fees and active development, Cardano has long been ranked among the top 10 cryptocurrencies in terms of capitalization.

    What is Moonacy Protocol?

    Moonacy Protocol is a sensational cross-chain exchange that offers users a variety of investment tools, the most important of which is investing in its liquidity pools. The platform aims to provide innovative solutions for investors by offering security, convenience and a wide range of supported assets.

    The following features are now available to Moonacy users:

    • The ability to stake ADA through Moonacy’s liquid pools;
    • Exchange ADA for any other supported assets;
    • Receive daily ADA accruals.

    According to Moonacy representatives, the addition of ADA is a response to user requests and a step toward developing the B2B direction of the platform. From a technical standpoint, the Cardano integration also opens up prospects for further experimentation with scalable payment solutions.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network

  • MIL-OSI: Brookfield Business Partners Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, News, May 02, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended March 31, 2025.

    “We had an active start to the year, generating over $1.5 billion from our capital recycling initiatives, progressing the acquisition of two market-leading industrial operations and investing approximately $140 million to repurchase our units and shares,” said Anuj Ranjan, CEO of Brookfield Business Partners. “During periods of uncertainty and volatility, our consistent strategy of owning market leading businesses and executing on our operational improvement plans is more important than ever. With the enhanced strength of our balance sheet, we are well positioned to support our capital allocation priorities and continue compounding long-term value for our investors.”

      Three Months Ended
    March 31,
    US$ millions (except per unit amounts), unaudited   2025   2024  
    Net income (loss) attributable to Unitholders1 $ 80 $ 48  
    Net income (loss) per limited partnership unit2 $ 0.38 $ 0.23  
         
    Adjusted EBITDA3 $ 591 $ 544  

    Net income attributable to Unitholders for the three months ended March 31, 2025 was $80 million ($0.38 per limited partnership unit) compared to net income of $48 million ($0.23 per limited partnership unit) in the prior period.

    Adjusted EBITDA for the three months ended March 31, 2025 was $591 million compared to $544 million in the prior period. Current period results included contribution from the recent acquisition of our electric heat tracing systems manufacturer in January 2025. Prior period results included $37 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    Operational Update

    The following table presents Adjusted EBITDA by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Industrials $ 304   $ 228  
    Business Services   213     205  
    Infrastructure Services   104     143  
    Corporate and Other   (30 )   (32 )
    Adjusted EBITDA $ 591   $ 544  

    Our Industrials segment generated Adjusted EBITDA of $304 million for the three months ended March 31, 2025, compared to $228 million during the same period in 2024. Current period results included $72 million of tax benefits at our advanced energy storage operation and contribution from our electric heat tracing manufacturer which was acquired in January 2025.

    Our Business Services segment generated Adjusted EBITDA of $213 million for the three months ended March 31, 2025, compared to $205 million during the same period in 2024. Strong performance at our residential mortgage insurer and increased contribution from our construction operation was partially offset by the impact of higher costs associated with technology upgrades at dealer software and technology services. Prior period results included contribution from our road fuels operation which was sold in July 2024.

    Our Infrastructure Services segment generated Adjusted EBITDA of $104 million for the three months ended March 31, 2025, compared to $143 million during the same period in 2024. Prior period results included contribution from our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    The following table presents Adjusted EFO4 by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Adjusted EFO    
    Industrials $ 130   $ 180  
    Business Services   117     168  
    Infrastructure Services   166     72  
    Corporate and Other   (68 )   (89 )

    Adjusted EFO in the current period included a $114 million of net gain related to the disposition of the shuttle tanker operation at our offshore oil services. Industrials Adjusted EFO included the impact of withholding taxes on a distribution received from our advanced energy storage operation during the quarter. Adjusted EFO in the prior period included $62 million of net gains primarily related to the sale of public securities and $50 million of other income related to a distribution at our entertainment operation.

    Strategic Initiatives

    • Specialty Equipment Manufacturer
      In February, we agreed to acquire Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. Brookfield Business Partners expects to invest approximately $160 million for an approximate 25% economic interest. The transaction is expected to close in the second quarter, subject to customary closing conditions and regulatory approvals.
    • Unit Repurchase Program
      During the quarter and subsequent to quarter end, we invested approximately $140 million to repurchase 5.9 million5 units and shares of Brookfield Business Partners at an average price of approximately $24 per unit and share. The repurchases were completed under our normal course issuer bid (NCIB) which we plan to renew once it expires in August this year.

    Liquidity

    We ended the quarter with approximately $2.4 billion of liquidity at the corporate level including $59 million of cash and liquid securities, $25 million of remaining preferred equity commitment from Brookfield Corporation and approximately $2.3 billion of availability on our corporate credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is $2.3 billion.

    Distribution

    The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on June 30, 2025 to unitholders of record as at the close of business on May 30, 2025.

    Additional Information

    The Board has reviewed and approved this news release, including the summarized unaudited interim consolidated financial statements contained herein.

    Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

    Notes:

    1. Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
    2. Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three months ended March 31, 2025 which was 80.0 million (March 31, 2024: 74.3 million).
    3. Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
    4. Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.
    5. Inclusive of all limited partnership units and BBUC exchangeable shares repurchased under our NCIB during the three months ended March 31, 2025 and up to market close on May 1, 2025, based on settlement date.

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    Media:
    Marie Fuller
    Tel: +44 207 408 8375
    Email: marie.fuller@brookfield.com
    Investors:
    Alan Fleming
    Tel: +1 (416) 645-2736
    Email: alan.fleming@brookfield.com
       

    Conference Call and Quarterly Earnings Webcast Details

    Investors, analysts and other interested parties can access Brookfield Business Partners’ first quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

    The results call can be accessed via webcast on May 2, 2025 at 10:00 a.m. Eastern Time at BBU2025Q1Webcast or participants can preregister at BBU2025Q1ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

                               
    Brookfield Business Partners L.P.
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 3,442       $ 3,239  
    Financial assets     11,642         12,371  
    Accounts and other receivable, net     6,948         6,279  
    Inventory and other assets     5,063         5,728  
    Property, plant and equipment     12,529         13,232  
    Deferred income tax assets     1,767         1,744  
    Intangible assets     19,157         18,317  
    Equity accounted investments     2,307         2,325  
    Goodwill     13,032         12,239  
    Total Assets   $ 75,887       $ 75,474  
               
    Liabilities and Equity          
    Liabilities          
    Corporate borrowings   $ 1,017       $ 2,142  
    Accounts payable and other     15,085         16,691  
    Non-recourse borrowings in subsidiaries of the partnership     42,316         36,720  
    Deferred income tax liabilities     2,614         2,613  
               
    Equity          
    Limited partners $ 2,158       $ 1,752    
    Non-controlling interests attributable to:          
    Redemption-exchange units   1,246         1,644    
    Special limited partner              
    BBUC exchangeable shares   1,732         1,721    
    Preferred securities   740         740    
    Interest of others in operating subsidiaries   8,979         11,451    
          14,855         17,308  
    Total Liabilities and Equity   $ 75,887       $ 75,474  
                 
    Brookfield Business Partners L.P.
    Consolidated Statements of Operating Results
     
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 6,749   $ 12,015  
    Direct operating costs   (5,402 )   (10,878 )
    General and administrative expenses   (311 )   (317 )
    Interest income (expense), net   (770 )   (796 )
    Equity accounted income (loss)   (8 )   23  
    Impairment reversal (expense), net       10  
    Gain (loss) on acquisitions/dispositions, net   214     15  
    Other income (expense), net   (83 )   116  
    Income (loss) before income tax   389     188  
    Income tax (expense) recovery    
    Current   (197 )   (90 )
    Deferred   64     105  
    Net income (loss) $ 256   $ 203  
    Attributable to:    
    Limited partners $ 30   $ 17  
    Non-controlling interests attributable to:    
    Redemption-exchange units   23     15  
    Special limited partner        
    BBUC exchangeable shares   27     16  
    Preferred securities   13     13  
    Interest of others in operating subsidiaries   163     142  
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2025
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $     $ 156     $ 145     $ (45 )   $ 256  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     222       165       343             730  
    Gain (loss) on acquisitions/dispositions, net           (214 )                 (214 )
    Other income (expense), net1     68       (79 )     93       1       83  
    Income tax (expense) recovery     18       25       101       (11 )     133  
    Equity accounted income (loss)     (3 )     26       (15 )           8  
    Interest income (expense), net     230       149       366       25       770  
    Equity accounted Adjusted EBITDA2     24       33       15             72  
    Amounts attributable to non-controlling interests3     (346 )     (157 )     (744 )           (1,247 )
    Adjusted EBITDA   $ 213     $ 104     $ 304     $ (30 )   $ 591  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $125 million of gains recorded at our offshore oil services due to vessel upgrades and unrealized gains recorded on reclassification of property, plant and equipment to finance leases, $78 million of business separation expenses, stand-up costs and restructuring charges, $50 million of net revaluation losses, $35 million of transaction costs and $45 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2024
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $ 240     $ (65 )   $ 98     $ (70 )   $ 203  
                         
    Add back or deduct the following:                    
    Depreciation and amortization expense     254       212       342             808  
    Impairment reversal (expense), net     (4 )     (12 )     6             (10 )
    Gain (loss) on acquisitions/dispositions, net     (15 )                       (15 )
    Other income (expense), net1     (140 )     (18 )     32       10       (116 )
    Income tax expense (recovery)     24       (3 )     (27 )     (9 )     (15 )
    Equity accounted income (loss)     (1 )     (4 )     (18 )           (23 )
    Interest income (expense), net     252       180       327       37       796  
    Equity accounted Adjusted EBITDA2     17       39       16             72  
    Amounts attributable to non-controlling interests3     (422 )     (186 )     (548 )           (1,156 )
    Adjusted EBITDA   $ 205     $ 143     $ 228     $ (32 )   $ 544  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $158 million of net revaluation gains, $50 million of other income related to a distribution at our entertainment operation, $21 million of transaction costs, $19 million of business separation expenses, stand-up costs and restructuring charges and $52 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Corporation Reports First Quarter 2025 Results

    BROOKFIELD, News, May 2, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended March 31, 2025.

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Net income (loss) attributable to Brookfield Business Partners $ (58 ) $ (150 )

    Net loss attributable to Brookfield Business Partners for the three months ended March 31, 2025 was $58 million compared to net loss of $150 million during the same period in 2024. Current period results included $7 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS. As at March 31, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $23.46 per unit.

    Dividend

    The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on June 30, 2025 to shareholders of record as at the close of business on May 30, 2025.

    Additional Information

    Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

    In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

                               
    Brookfield Business Corporation
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 968       $ 1,008  
    Financial assets     324         353  
    Accounts and other receivable, net     3,397         3,229  
    Inventory, net     59         52  
    Other assets     641         627  
    Property, plant and equipment     2,479         2,480  
    Deferred income tax assets     206         197  
    Intangible assets     6,031         5,966  
    Equity accounted investments     201         198  
    Goodwill     4,993         4,988  
    Total Assets   $ 19,299       $ 19,098  
               
    Liabilities and Equity          
    Liabilities          
    Accounts payable and other   $ 5,371       $ 5,276  
    Non-recourse borrowings in subsidiaries of the company     8,711         8,490  
    Exchangeable and class B shares     1,682         1,709  
    Deferred income tax liabilities     951         988  
               
    Equity          
    Brookfield Business Partners $ (78 )     $ (59 )  
    Non-controlling interests   2,662         2,694    
          2,584         2,635  
    Total Liabilities and Equity   $ 19,299       $ 19,098  
       
    Brookfield Business Corporation
    Consolidated Statements of Operating Results
       
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 1,966   $ 1,865  
    Direct operating costs   (1,789 )   (1,652 )
    General and administrative expenses   (75 )   (64 )
    Interest income (expense), net   (219 )   (210 )
    Equity accounted income (loss)   3     1  
    Impairment reversal (expense), net       (2 )
    Remeasurement of exchangeable and class B shares   (7 )   (111 )
    Other income (expense), net   (34 )   (11 )
    Income (loss) before income tax   (155 )   (184 )
    Income tax (expense) recovery    
    Current   (23 )   (44 )
    Deferred   43     54  
    Net income (loss) $ (135 ) $ (174 )
    Attributable to:    
    Brookfield Business Partners $ (58 ) $ (150 )
    Non-controlling interests   (77 )   (24 )


    Cautionary Statement Regarding Forward-looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

    Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Statement Regarding the Use of a Non-IFRS Measure

    This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

    References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the first quarter ended March 31, 2025 furnished on Form 6-K.

    The MIL Network

  • MIL-OSI: OTC Markets Group Welcomes Parks! America, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Parks! America, Inc. (OTCQX: PRKA), owner and operator of three regional safari parks, has qualified to trade on the OTCQX® Best Market. Parks! America, Inc. upgraded to OTCQX from the Pink® market.

    Parks! America, Inc. begins trading today on OTCQX under the symbol “PRKA.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    Ralph Molina, Head of Investor Relations and Corporate Strategy, stated, “We are excited to graduate to the OTCQX Market, the highest market tier of OTC Markets, and join approximately 600 other publicly-traded securities who meet the rigorous standards required to trade on this premium market.”

    About Parks! America, Inc.
    Parks! America, Inc. (OTCQX: PRKA), through our wholly owned subsidiaries, is the owner and operator of three regional safari parks and is in the business of acquiring, developing and operating local and regional entertainment assets in the United States.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network

  • MIL-OSI: OTC Markets Group Welcomes Steel Partners Holdings L.P. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Steel Partners Holdings L.P. (OTCQX: SPLP, SPLPP), a diversified global holding company, has qualified to trade on the OTCQX® Best Market. Steel Partners Holdings LP previously traded on the New York Stock Exchange.

    Steel Partners Holdings L.P.’s common and series A preferred units begin trading today on OTCQX under the symbols “SPLP” and “SPLPP”, respectively. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    About Steel Partners Holdings LP
    Steel Partners Holdings L.P. (www.steelpartners.com) is a diversified global holding company that owns and operates businesses and has significant interests in various companies, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports.

    About OTC Markets Group Inc.

    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market, and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network

  • MIL-OSI: Apollo Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) — Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the first quarter ended March 31, 2025.

    Marc Rowan, Chairman and Chief Executive Officer at Apollo said, “Our first quarter results highlight Apollo’s strengths and our ability to navigate shifting market conditions. In Asset Management, we generated record organic inflows, strong origination volume, and delivered solid investment performance across all major strategies. In Retirement Services, consistent with our longstanding approach of positioning the business to seize opportunity, we accelerated new business growth and invested conservatively to be able to redeploy into widening spreads. Armed with broad origination capabilities and a robust pipeline, significant dry powder, and a purchase price matters philosophy, we are uniquely built to thrive amid volatility and dislocation.”

    Apollo issued a full detailed presentation of its first quarter ended March 31, 2025 results, which can be viewed on Apollo’s Investor Relations website at ir.apollo.com.

    Dividend

    Apollo Global Management, Inc. has declared a cash dividend of $0.51 per share of its Common Stock for the first quarter ended March 31, 2025. This dividend will be paid on May 30, 2025 to holders of record at the close of business on May 16, 2025.

    Apollo Global Management, Inc. has also declared and set aside for payment a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on July 31, 2025 to holders of record at the close of business on July 15, 2025.

    The declaration and payment of dividends on the Common Stock and the Mandatory Convertible Preferred Stock are at the sole discretion of Apollo Global Management, Inc.’s board of directors. Apollo cannot assure its stockholders that they will receive any dividends in the future.

    Conference Call

    Apollo will host a public audio webcast on Friday, May 2, 2025 at 8:30 a.m. Eastern Time. During the webcast, members of Apollo’s senior management team will review Apollo’s financial results for the first quarter ended March 31, 2025.

    The webcast may be accessed at ir.apollo.com. For those unable to listen to the live broadcast, there will be a replay of the webcast available at the same link one hour after the event.

    Apollo distributes its earnings releases via its website and email distribution lists. Those interested in receiving firm updates by email can sign up for them at ir.apollo.com.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.

    Forward-Looking Statements

    In this press release, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, Inc. and its subsidiaries, or as the context may otherwise require. This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, international trade barriers, domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

    Investor and Media Relations Contacts

    For investors please contact:
    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    212-822-0540
    ir@apollo.com

    For media inquiries please contact:
    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    212-822-0491
    communications@apollo.com

    The MIL Network

  • MIL-OSI Asia-Pac: March retail sales drop 3.5%

    Source: Hong Kong Information Services

    The value of total retail sales in March, provisionally estimated at $30.1 billion, was down 3.5% compared with the same month in 2024, the Census & Statistics Department announced today.

     

    After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month was 4.8% lower year-on-year.

     

    Of the total retail sales value in March, online sales accounted for 8.1%. Provisionally estimated at $2.4 billion, the value of online retail sales decreased 0.5% compared with a year earlier.
     

    The value of sales of jewellery, watches and clocks, and valuable gifts decreased 3.9% in March compared with a year earlier.
     

    There were also declines in the value of sales of wearing apparel (-10.8%); commodities in department stores (-5%); motor vehicles and parts (-46.4%); fuels (-3.9%); footwear, allied products and other clothing accessories (-7.7%); Chinese drugs and herbs (-1.0%); books, newspapers, stationery and gifts (-0.9%); furniture and fixtures (-17.3%); and optical shops (-2.7%).

     

    By contrast, the value of sales of other consumer goods not elsewhere classified increased by 0.6% for the period. Also up were sales of commodities in supermarkets (+5.2%); medicines and cosmetics (+1.2%); food, alcoholic drinks and tobacco (+7.8%); and electrical goods and other consumer durable goods not elsewhere classified (+6.7%).

     

    The Government said the sustained steady growth of the Mainland economy, the Government’s proactive efforts to boost the consumption market through the promotion of tourism and mega events, as well as the increase in employment earnings will continue to support the retail sector.

     

    However, it said the increased level of uncertainty in the global economic outlook and the ongoing impact of the change in consumption patterns will pose challenges to the sector. 

    MIL OSI Asia Pacific News

  • MIL-OSI USA: 2025-59 HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL, SUES FOSSIL FUEL INTERESTS FOR CLIMATE DECEPTION

    Source: US State of Hawaii

    2025-59 HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL, SUES FOSSIL FUEL INTERESTS FOR CLIMATE DECEPTION

    Posted on May 1, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF THE ATTORNEY GENERAL

    KA ʻOIHANA O KA LOIO KUHINA

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    ANNE LOPEZ

    ATTORNEY GENERAL

    LOIO KUHINA

     

    HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL

     

    Hawaiʻi Sues Fossil Fuel Interests for Climate Deception

     

    News Release 2025-59

     

    FOR IMMEDIATE RELEASE

    May 1, 2025

     

    HONOLULU – Attorney General Anne Lopez condemns the U.S. Department of Justice lawsuit, filed in the U.S. District Court for the District of Hawaiʻi on April 30, 2025, seeking to preemptively halt a separate lawsuit against Big Oil companies for their deceptive conduct leading to the current climate crisis: 

    Attorney General Lopez said: “We have an obligation to the people of Hawaiʻi, to do everything in our power to fight deceptive practices from these fossil fuel companies that erode Hawaiʻi’s public health, natural resources and economy. The federal lawsuit filed by the Justice Department attempts to block Hawaiʻi from holding the fossil fuel industry responsible for deceptive conduct that caused climate change damage to Hawaiʻi.” 

    Governor Josh Green, M.D. states: “Hawaiʻi suffered a devastating climate-driven, wildfire-initiated disaster on Maui that resulted in the tragic loss of 102 lives and billions of dollars in damage. This climate-related wildfire was the deadliest in United States history in more than a century.” 

    “The use of the United States Department of Justice to fight on behalf of the fossil fuel industry is deeply disturbing and is a direct attack on Hawaiʻi’s rights as a sovereign state,” added Attorney General Lopez. “The state of Hawaiʻi will not be deterred from moving forward with our climate deception lawsuit. My department will vigorously oppose this gross federal overreach.”

    Notwithstanding the federal lawsuit, Governor Josh Green M.D., and Attorney General Lopez today announced a lawsuit against fossil fuel companies for their deceptive conduct and failure to warn about their products’ climate change danger, now harming Hawaiʻi’s public health, infrastructure, natural resources and economy. The lawsuit was filed in the Circuit Court of the First Circuit.

    “The climate crisis is here, and the costs of surviving it are rising every day,” said Governor Green. “Hawaiʻi taxpayers should not have to foot that bill. The burden should fall on those who deceived and failed to warn consumers about the climate dangers lurking in their products. This lawsuit is about holding those parties accountable, shifting the costs of surviving the climate crisis back where they belong, and protecting Hawaiʻi citizens into the future.”

    The state’s lawsuit names seven groups of affiliated fossil fuel companies and the American Petroleum Institute, the largest oil and gas trade association in the United States. It alleges seven causes of action against all defendants, including violations of Hawaiʻi’s Unfair or Deceptive Acts or Practices Statute, failure to warn, harm to public trust resources, public and private nuisance, trespass, and negligence. The lawsuit also alleges civil aiding and abetting against the American Petroleum institute.

    “These defendants had a duty to warn people about the climate dangers associated with their products, or to mitigate those dangers. But they did neither of those things,” said Attorney General Lopez. “Instead, they put profits ahead of people and facilitated the increased use of their dangerous products through decades of deceptive conduct.  They violated Hawaiʻi law, harmed all Hawaiʻi residents, and will now be held accountable in a Hawaiʻi court.”

    The lawsuit filed today details the history of defendants’ deceptive conduct, and many of the resulting harms inflicted on the state of Hawaiʻi as a result of that conduct. Some key excerpts from the complaint filed today:

    • “Climate change has already impacted and will continue to harm Native Hawaiian traditional and customary practices including upland forest practices, traditional agriculture, and coastal and nearshore marine practices.” (para 274)
    • “As of 2021, 66 state-owned facilities have reported flooding from sea level rise and precipitation. These facilities include public housing complexes in Kāneʻohe, the Hulihe‘e Palace historic site, and the Kauaʻi and Oʻahu Community Correctional Centers.” (para 280)
    • “Moreover, 70 percent of the state’s beaches have already experienced erosion, and 13 miles of beach have been lost across the islands. These impacts will continue to worsen as the sea level rises further. By 2050, NOAA predicts that more than 90 percent of the state’s beaches will be receding.” (para 280)
    • “Climate impacts threaten Hawaiʻi water resources. As rainfall levels decline, Hawaiʻi will have decreasing access to freshwater… By 2030, the state may suffer from a freshwater shortfall of 100 million gallons per day.” (para 292)
    • “Climate change increases the threat of wildfires for Hawaiʻi. The 2023 Maui wildfires were the deadliest in modern U.S. history and the worst natural disaster in the history of the state. More than 100 lives were lost, and more than 2,200 structures were destroyed, causing $5.5 billion of damage.” (para 294)
    • “Climate change has, and will continue to have, constant, widespread, and severe impacts to the physical health of Hawaiʻi residents. Rising temperatures and intense heat waves, extreme weather events, related disruptions to health and emergency services, and increased proliferation of vector-borne disease and pathogens will and has already taken its toll.” (para 311)

    The lawsuit requests a jury trial and seeks relief in the form of compensatory, punitive, and natural resource damages; civil penalties; disgorgement of profits; and an order enjoining Defendants from engaging in the unfair or deceptive acts or practices described in the lawsuit, among others.

    A copy of the complaint as filed can be found here.

     

    * * *

     

    Media Contacts:

    Dave Day

    Special Assistant to the Attorney General

    Office: 808-586-1284                                                  

    Email: [email protected]

    Web: http://ag.hawaii.gov

     

    Toni Schwartz
    Public Information Officer
    Hawai‘i Department of the Attorney General
    Office: 808-586-1252
    Cell: 808-379-9249
    Email:
    [email protected] 

    Web: http://ag.hawaii.gov

    MIL OSI USA News

  • MIL-OSI Economics: Disentangling supply-side and demand-side effects of uncertainty shocks on U.S. financial markets: Identification using prices of gold and oil | Discussion paper 10/2025: Timo Bettendorf

    Source: Bundesbank

    Non-technical summary

    Research Question

    This study aims to provide a more comprehensive understanding of how different types of uncertainty – such as those arising from supply-side events (e.g., armed conflicts or natural disasters) and demand-side events (e.g., political or economic uncertainty) – affect U.S. financial markets. Specifically, it examines whether incorporating oil prices alongside gold prices as proxy variables allows for a distinction between the effects of supply-side and demand-side uncertainty shocks in structural VAR models.

    Contribution

    The primary contribution of this paper is an enhancement of the traditional proxy VAR approach to identifying uncertainty shocks, as detailed in Piffer and Podstawski (2018). While their method relies solely on gold prices as a proxy for uncertainty, this study incorporates oil prices as an additional variable to better capture the distinct effects of supply-side and demand-side shocks. By analyzing daily price changes during major events, this study proposes using two proxy variables for a more nuanced examination of uncertainty shocks. The methodology is implemented using a Bayesian Vector Autoregression (BVAR) model, which helps identify structural shocks and their impacts on economic variables. The inclusion of oil prices provides a more detailed perspective on how different types of uncertainty propagate through the economy, offering valuable insights for both researchers and policymakers.

    Results

    Both supply-side and demand-side uncertainty shocks lead to significant increases in gold prices, declines in stock prices, and lower interest rates. However, the key differentiating factor between these two types of shocks is their impact on inflation expectations. This finding underscores the importance of considering both supply-side and demand-side factors when analyzing uncertainty shocks, providing a more comprehensive framework for understanding their economic implications, especially in the context of monetary policy.

    MIL OSI Economics

  • MIL-OSI Global: How the US ‘war on woke’ and women risks weakening its own military capability

    Source: The Conversation – Global Perspectives – By Bethan Greener, Associate Professor of Politics, Te Kunenga ki Pūrehuroa – Massey University

    US Defense Secretary Pete Hegseth during a visit with Michigan Air National Guard troops, April 29. Getty Images

    With US Secretary of Defense Pete Hegseth’s “proud” cancellation this week of the military’s Women, Peace and Security (WPS) program, the “war on woke” has found its latest frontier – war itself.

    Stemming from a United Nations Security Council resolution in 2000, the WPS initiative aimed to increase the participation of women in public institutions, including in the security sector and in peace-making roles.

    The WPS agenda aims to better understand how women, men, boys and girls experience war, peace and security differently. It increases operational effectiveness and supports the underlying goal of gender equality, described by the UN as the “number one predictor of peace”.

    In the military context, it emphasises the need to increase the participation of women and to better protect non-combatant women in war, particularly from the prevalence of conflict-related sexual violence.

    The decision to end the program as part of a wider war on diversity, equity and inclusion seems to assume national security and military power are incompatible with the promotion of racial and gender equality.

    In other words, it assumes certain types of people aren’t really cut out to be “warfighters”. And it asserts that anything other than basic skill (such as weapons handling) undermines readiness and ability in warfare.

    History and the available evidence suggest both ideas are wrong.

    The archetypal warrior envisaged by Hegseth and others is one who relies on very traditional concepts of what constitutes a warrior and who that might be: not female, definitely not transgender, ideally also not gay.

    Recent bans on transgender personnel in the US military, the removal of mandatory mental resilience training, and the
    disappearance” from US museums and memorials of the records of the military contribution of women and minorities, reinforce these ideas.

    The ideal soldier, according to the new doctrine, is straight, white, physically fit, stoic and male. Yet people of all stripes have served their countries ably and with honour.

    Hard-won progress in retreat

    Military service is allocated a privileged kind of status in society, despite (or perhaps because of) the ultimate sacrifice it can entail. That status has long been the preserve of men, often of a particular class or ethnicity.

    But women and minorities around the world have fought for the right to enter the military, often as part of broader campaigns for greater equality within society in general.

    But there remains resistance to these “interlopers”. No matter their individual capabilities, women are painted as too physically weak, as a threat to combat unit cohesion, or a liability because of their particular health needs.

    Women, in particular, are often perceived as being too emotional or lacking authority for military command. Minorities are seen as requiring distracting rules about cultural sensitivity, presenting language challenges, or are stereotyped as not cut out for leadership.

    But problem solving – a key military requirement – is best tackled with a range of views and approaches. Research from the business world shows diverse teams are more successful, including delivering higher financial returns.

    At a more granular level, we also know that minority groups have often outperformed other military units, as exemplified by the extraordinary feats of the New Zealand Māori Pioneer Battalion in World War I and the 28th Māori Battalion in World War II.

    Women, too, have proved themselves many times over, most recently in the wars in Iraq and Afghanistan. As well as matching the skills of their male counterparts, they also had different, useful approaches to roles such as intelligence gathering in conflict zones.

    US Marines on a military exercise – but history shows us there’s more than one type of successful soldier.
    Getty Images

    The ‘woke warrior’

    The competence of military personnel is not determined by sex, gender, sexuality or ethnicity. Rather, competence is determined by a combination of learned skills, training, education, physical ability, mental agility, resilience, experience, interpersonal skills and leadership qualities.

    Any suggestion that military units are best served by being made up of only heterosexual men with “alpha” tendencies is undermined by the evidence. In fact, a monocultural, hypermasculine military may increase the potential for harrassment, bullying or worse.

    Modern military roles also involve a much wider range of skills than the traditional and stereotypically male infantry tasks of digging, walking with a pack, firing guns and killing an enemy.

    In modern warfare, personnel may also need to engage in “hearts and minds” counterinsurgency, or in “grey zone” tactics, where specialisations in intelligence, cyber or drone piloting are more highly prized. Militaries are also much more likely to be deployed to non-warfighting roles, such as humanitarian aid and disaster relief.

    This isn’t to say “controlled aggression” and other traditionally alpha-male attributes don’t have their place. But national military strategies increasingly stress the need to train ethical and compassionate soldiers to successfully carry out government objectives.

    The evolution of war requires the evolution of the military forces that fight them. The cancellation of the Women, Peace and Security program in the US threatens to put a stop to this process, at least in that country.

    Despite Pete Hegseth’s claim to be increasing “warfighting” capability, then, there is a real chance the move will decrease operational effectiveness, situational awareness and problem solving in conflict situations.

    Far from being peripheral, the Women, Peace and Security program is central to the future of all military activity, and to developing conceptions of war, peace and security. Hegseth’s “proud moment” looks less like winning a “war on woke” and more like a retreat from an understanding of the value a diverse military has created.

    Bethan Greener 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. How the US ‘war on woke’ and women risks weakening its own military capability – https://theconversation.com/how-the-us-war-on-woke-and-women-risks-weakening-its-own-military-capability-255710

    MIL OSI – Global Reports