Category: European Union

MIL-Evening Report: Keith Rankin Chart Analysis – International Trade over time: gifts with strings

Analysis by Keith Rankin.

Chart by Keith Rankin.

The ‘see-saw’ chart above shows the accumulated ‘excess benefits’ that Aotearoa New Zealand, and a few other countries, have enjoyed from international trade over the last 40 years. These are benefits arising from ‘unbalanced trade’ which are in addition to the regular benefits – arising from efficient specialisation – of ‘balanced’ world trade. Real world trade is a mix of ‘balanced’ (paid for) and ‘unbalanced’ (on forever-credit).

The excess benefit data shown is an inflation-adjusted accumulation of the United States’ current account deficits. We remember that the benefits of trade are what (goods and services) you get, not what you give up.

We note here that the United States is a ‘winner’; not the loser which Donald Trump claims that it has been. The United States has enjoyed $70,000 worth of excess trade benefits over 40 years, per American. And it is projected to enjoy another $10,000 worth of excess trade benefits over the next seven years.

So, what is Donald Trump grumping about? Rhetorically, why does he aspire that ‘America’ should be like Germany?

The biggest losers, as shown here, are a group of northwest European countries, plus Taiwan. (For lack of a complete set of data from 1984, China is not shown here. But China would fit into the chart next to Malaysia. While China has significant accumulated trade surpluses, these are spread over a very large population.) The losers are the countries which have – in effect – ‘given’ away lots of stuff; exports for which they have not received anything in return and will probably never receive anything in return.

The 2030 projections show that these ‘surplus’ countries will continue to under-import; they are not projected to claim the imports that are rightfully theirs to enjoy. Rather, the deficit countries will most likely continue to enjoy these excess unpaid-for benefits.

(There are at least two other ‘surplus countries’ – countries like Germany and Sweden – which would be ‘off the chart’: Singapore and Norway. And one other deficit country: Türkiye.)

Discussion

With international trade in any given year, surplus countries ‘give’ goods and services to deficit countries. They give ‘with strings’. The most obvious form of ‘string’ is a return gift next year; a fully commercial kind of ‘string’ would be a return gift with interest.

For example, if Sweden exports US$1,100 million worth of stuff (ie goods and services) to New Zealand in 2025, and New Zealand exports $1,000 million worth of stuff to Sweden in 2025, then the 2025 gift is $100 million worth of stuff from Sweden to New Zealand. (In technical language, and from New Zealand’s viewpoint this gift from Sweden is called a bilateral trade deficit; from Sweden’s point of view, it’s a trade surplus.)

A return gift with 3% interest would be $103 million worth of stuff from New Zealand to Sweden. (This would be a New Zealand bilateral trade surplus – a deficit for Sweden – in 2026.) The bilateral – ie two-country – ledger would be settled. Effectively, in this example, Sweden lends $100 million of stuff to New Zealand in 2025, and New Zealand repays the loan, with interest, in 2026. Gifts ‘with strings’ are debts.

There are two potential problems. The first problem is that New Zealand may not be able to sufficiently increase, in one year, its exports to Sweden (eg from $1,000 million to $1,203 million, assuming unchanged imports from Sweden). One solution might be for New Zealand to increase its exports by that amount to other countries, and for other countries to export $203 million more to Sweden. But that increase in exports of $203 million might still be too difficult for New Zealand to accomplish in 2026, regardless of who the buyers are. New Zealand might need to borrow more in 2026, (or to import less,) or to repay its 2025 trade debits further into the future.

Indeed, New Zealand might prefer something like a 40-year mortgage. New Zealand could run trade surpluses re Sweden (ie Sweden running deficits) of about 4,358,000 each year for 40 years. In total, over the 40 years from 2026 to 2065, Sweden would receive stuff worth $174,323,300 as its ‘return gift’.

The second (much larger) ‘problem’ is that Sweden might not want to run a trade deficit at all; that is, Sweden might not want to be repaid (except, that is, in some imaginary never-never timeframe). Whether this qualifies as a problem depends on a person’s belief-system. If New Zealand is perfectly happy to receive – into the indefinite future – annual increments of unpaid-for goods and services, and Sweden prefers to keep supplying such stuff without material recompense in foreseeable time, then this sort of unbalanced trade can be categorised as a win-win outcome.

Sweden might not want New Zealand’s (or anybody else’s) debt to it to be repaid; in 2026, or ever. Sweden, happy to run a trade surplus in 2025, might actually prefer to keep making annual ‘gifts’ to New Zealand (and other countries). While each of these gifts would be technically an addition to New Zealand’s debt to Sweden, New Zealand would be able to – maybe, be obliged to – delay settlement of any of that debt (let alone all of it) indefinitely.

In this example, Sweden is a ‘mercantilist’ country; mercantilist means ‘merchant capitalist’, the social science analogue of alchemy. Indeed, Sweden actually is a mercantilist country. Its preference is to accumulate ‘promises’, whereas countries like the United States and New Zealand have been accumulating (and enjoying) imported goods and services.

Mercantilists of yore sought to accumulate ‘treasure’, especially gold. Indeed, in the quarter millennium from 1500 to 1750, economic policy and foreign policy – especially but not only in European power centres – was to become rich by accumulating treasure hoards.

Mercantilism never went away, despite having been debunked by Adam Smith and others around 250 years ago (The Wealth of Nations was published in 1776). In that golden age of mercantilism, the Dutch – the Netherlanders – succeeded par excellence. (Part of their success was in exporting military hardware and software – big guns, and big military knowhow – to all sides in the Thirty Years War of 1618 to 1648. Is that what the USA will end up mimicking?) As we can see from the chart, the Dutch still do incur some of the world’s biggest export surpluses. Instead of accumulating treasure as they did in the seventeenth century – as gold and silver bullion and specie – they now accumulate ‘virtual treasure’ or ‘virtual gold’. Virtual gold is the whole set of ‘promises’ and ‘titles’ – including money and real gold – that are formally known as ‘financial assets’.

New Zealand and America, and others, get the consumable loot. Sweden and Netherlands and Germany get the paperwork. Everyone should be happy.

The dark cloud on the horizon comes when the Americas and the Aotearoas of the world start wanting to be like Germany and Sweden. Then indeed our happyish world descends into a ‘race-to-the-bottom’. Not every country can sit with Germany and its neighbours at the bottom of the above chart. This can be thought of as a see-saw chart: someone has to be at the top; we cannot all be at the bottom.

If some countries have forever-surpluses, other countries must have forever-deficits. Getting to benefit from other countries’ largesse – as New Zealand and America do – may seem like a problem to some. But we should remember that the driving force of the capitalist market system is to want – indeed, to demand – consumable goods and services. Someone has to be able to benefit from all the hard work and sacrifice of others.

*******

Keith Rankin (keith at rankin dot nz), trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.

MIL OSI Analysis – EveningReport.nz –

May 8, 2025
MIL-OSI United Kingdom: Russia has acted to obfuscate and embolden the DPRK’s unlawful pursuit of weapons of mass destruction: UK statement at the UN Security Council

Source: United Kingdom – Executive Government & Departments

Speech

Russia has acted to obfuscate and embolden the DPRK’s unlawful pursuit of weapons of mass destruction: UK statement at the UN Security Council

Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on North Korea.

Analysis from organisations like the Open Source Centre has become even more vital in the wake of the expertise gap left by the 1718 Panel of Experts.

One year on, the UK deeply regrets Russia’s decision to veto the mandate renewal of the 1718 Panel of Experts.

This was a deliberate act used to obfuscate and embolden the DPRK’s unlawful pursuit of weapons of mass destruction, and to conceal Russia’s own erosion of the UN sanctions architecture, which it has a responsibility to uphold as a permanent member of this Council.

The Panel’s credible, objective and independent reporting enabled this Council and the international community to effectively monitor the implementation of UN sanctions on the DPRK.

Most importantly, the Panel helped prevent the DPRK’s unlawful and dangerous development of nuclear and ballistic missile programmes.

Since Russia’s veto last year, there have been over 40 missile tests, including one intercontinental ballistic missile test and one intermediate-range ballistic missile test.

This escalation represents multiple breaches of UN Security Council resolutions, for which we have been deprived of further analysis.

Colleagues, it is obvious that Russia’s objective was to clear the path for the expansion of their military relationship with the DPRK.

The DPRK is believed to have supplied 20,000 containers of munitions to Russia, and its artillery and mortar shells account for 60% of those used in Russia’s brutal war of aggression against Ukraine.

And as we’ve heard, in the past week, Russia and the DPRK publicly flaunted their agreement to use DPRK troops as mere cannon fodder in that war.

Let me be clear, we cannot allow this brazen disregard towards UN sanctions to become normalised.

The UK will continue to work closely with partners to monitor sanctions evasion, to hold both Russia and the DPRK to account, and to call out those complicit in the DPRK’s violations of UN Security Council resolutions.

As we have heard over the course of the NPT Prepcom, this Council should stand firm in its defence of the global non-proliferation regime.

The UK remains steadfast with partners in our shared goal for the DPRK to abandon all nuclear weapons, other weapons of mass destruction and ballistic missile programs in a complete, verifiable and irreversible manner.

Updates to this page

Published 7 May 2025

MIL OSI United Kingdom –

May 8, 2025
MIL-OSI Canada: New Alberta voice in Washington
For two decades, Alberta has had strong representation in the United States, advocating for Albertans and building integral relationships with key U.S. legislators, decision makers and investors.

Through these relationships, Alberta and the U.S. have built a $187.2 billion bilateral trade partnership, with the U.S. accounting for 90 per cent of Alberta’s total exports. To maintain and continue building these ties, it is essential that Alberta has a skilled and experienced representative in D.C.

To prioritize this work, Alberta’s government has appointed the Honourable Nathan Cooper as Alberta’s official representative to the United States, based at the Alberta Washington Office in the U.S. capital.

Mr. Cooper will draw on his decades of experience in public service, including his most recent experience as Speaker of the Legislative Assembly of Alberta, to lead this important work, focusing on attracting investment, expanding trade opportunities and maintaining the relationships needed to connect Alberta with key decision makers in the U.S.

“Alberta has seen a lot of success in building its relationship with U.S. decision makers, and much of that success is thanks to the hard work of James Rajotte as Alberta’s Senior Representative to the U.S. In this evolving landscape, Alberta must maintain and build on our ties with U.S. officials, and Nathan Cooper is the right choice to fill this important role. I look forward to continuing to work closely with Nathan as we advocate for Albertans and for our province’s interests in Washington and across the U.S.”

Danielle Smith, Premier

“I’m honoured to be entrusted by Premier Danielle Smith with this critical assignment at such a pivotal time. Now more than ever, I see this as a vital opportunity to strengthen and advance Alberta’s long-standing relationship with the United States, ensuring stability and collaboration amid global uncertainty.”

Nathan Cooper, Alberta’s senior representative to the United States

“Having worked closely with Nathan, I’ve seen his unwavering commitment to Alberta’s interests. His ability to bring people together, coupled with his deep understanding of U.S. politics, makes him the ideal representative for Alberta in Washington. I’m confident his leadership will be invaluable as we navigate challenges ahead.”

Nate Horner, Minister of Finance

“As Speaker of the Assembly, Mr. Cooper is highly respected for his wisdom, integrity and ability to find common ground across parties. I cannot think of a better representative for Albertans in Washington.”

Deron Bilous, senior vice-president, Counsel Public Affairs and former NDP Minister

“Over the past few years, we have had the opportunity to work with Speaker Cooper on the Alberta – Wisconsin relationship and look forward to expanding that in his new role here in the United States. I am confident Nathan’s extensive American connections will serve Alberta well as we seek to maintain our strong bilateral relationship.”

Robin Vos, Speaker of the Wisconsin state assembly

“As both a business and community leader, I have full confidence that Nathan will be an invaluable asset to businesses on both sides of the border. Given the complexities of today’s political climate, his ability to bridge divides and foster economic collaboration will prove indispensable.”

Bob Dhillon, president and CEO, Mainstreet Equity Corp.

“Team Canada needs a strong Alberta in Washington, and Alberta needs strong representation for our trading interests. There might be some tough days ahead for the relationship between Canada and the United States, but I know Nathan Cooper will work hard for Albertans and a strong Canada.”

Shannon Phillips, former NDP Minister of Environment and Protected Areas

Since 2005, Alberta’s presence in the U.S. capital has helped advance the province’s economic objectives with U.S. decision makers. Alberta’s envoys have managed this important relationship from the Alberta Washington Office, which is collocated within the Canadian Embassy.

Biography for Nathan Cooper

The Honourable Nathan Cooper served as the member of the legislative assembly for Olds-Didsbury-Three Hills from May 5, 2015 to May 7, 2025.

On May 21, 2019, he was elected by his fellow MLAs as the 14th Speaker of the Legislative Assembly of Alberta.

Before his time as an MLA, Mr. Cooper served as chief of staff and director of legislative affairs for the Wildrose caucus and completed two terms as a councillor for the Town of Carstairs. He also brings extensive experience in cross-jurisdictional parliamentary affairs, including:
- As the longest serving Canadian speaker he became dean of the Canadian Speaker Association in 2025.
- Leading numerous parliamentary delegations to the United States, with a strong focus on relationship-building.
- Serving as an international guest speaker at Commonwealth Parliamentary Association conferences in Canada and other Commonwealth nations.
Mr. Cooper’s proven leadership, deep understanding of parliamentary systems and commitment to building meaningful partnerships make him exceptionally well-suited to advance Alberta’s interests in the United States.

Quick facts
- James Rajotte, Alberta’s previous Senior Representative to the U.S. has returned to Edmonton after four and a half years representing Alberta in the United States. He continues to serve as a senior advisor to Premier Smith focused on the U.S. file, working out of Premier Smith’s office in Alberta.
- The salary for the senior representative to the U.S. is publicly disclosed annually in accordance with the Public Sector Compensation Transparency Act.
- Alberta has maintained offices abroad for more than 50 years and currently has 17 offices in key markets like the United States, Japan, South Korea, the United Kingdom, Mexico, India, Singapore and the Middle East.
Related information
- Alberta’s international offices
MIL OSI Canada News –
May 8, 2025

MIL-OSI: Constellation Software Inc. and Topicus.Com Inc. Announce Results for Topicus.com Inc. for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (TSXV:TOI) in a joint release with Constellation Software Inc. (TSX:CSU) today announced financial results for Topicus.com Inc. (“Topicus” or the “Company”) for the first quarter ended March 31, 2025. Please note that all amounts referred to in this press release are in Euros unless otherwise stated.

The following press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2025 and the accompanying notes, our Management’s Discussion and Analysis for the three months ended March 31, 2025 and the Annual Consolidated Financial Statements of Topicus.com Inc. for the year ended December 31, 2024, which we prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s annual Management’s Discussion and Analysis for the year ended December 31, 2024, which can be found on SEDAR+ at www.sedarplus.com and on Topicus.com Inc.’s website www.topicus.com. Additional information about Topicus.com Inc. is also available on SEDAR+ at www.sedarplus.com.

Q1 2025 Headlines:

Revenue increased 16% (4% organic growth) to €355.6 million compared to €306.6 million in Q1 2024.
Net income increased to €38.8 million (€0.30 on a diluted per share basis) from €28.3 million (€0.22 on a diluted per share basis).
Acquisitions were completed for aggregate cash consideration of €39.4 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of €20.9 million resulting in total consideration of €60.3 million.
On January 31, 2025, the Company purchased 8,300,029 shares in Asseco Poland S.A. (“Asseco”) representing approximately 9.99% of the issued shares in Asseco. The shares were acquired at a price of 85 PLN per share for total consideration of €168.0 million. During the three months ended March 31, 2025, the Company recorded a gain of €145.5 million within other comprehensive income reduced by transaction costs of €1.7 million.
Cash flows from operations (“CFO”) increased €43.9 million to €271.4 million compared to €227.5 million in Q1 2024 representing an increase of 19%.
Free cash flow available to shareholders¹ (“FCFA2S”) increased €28.2 million to €161.7 million compared to €133.5 million in Q1 2024 representing an increase of 21%.

Total revenue for the quarter ended March 31, 2025 was €355.6 million, an increase of 16%, or €49.0 million, compared to €306.6 million for the comparable period in 2024. The increase is primarily attributable to growth from acquisitions as the Company experienced organic growth of 4% in the quarter. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.

Net income for the quarter ended March 31, 2025 increased €10.5 million to €38.8 million compared to €28.3 million for the same period in 2024. On a per share basis, this translated into net income per basic and diluted share of €0.30 in the quarter ended March 31, 2025 compared to €0.22 for the same period in 2024.

For the quarter ended March 31, 2025, CFO increased €43.9 million to €271.4 million compared to €227.5 million for the same period in 2024 representing an increase of 19%.

For the quarter ended March 31, 2025, FCFA2S increased €28.2 million to €161.7 million compared to €133.5 million for the same period in 2024 representing an increase of 21%.

1. See Non-IFRS measures.

Forward Looking Statements

Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Topicus or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Topicus assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

Non-IFRS Measures

Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on other facilities, credit facility transaction costs, repayments of lease obligations, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. Topicus believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Topicus does not make any acquisitions, or investments, and does not repay any debts. While Topicus could use the FCFA2S to pay dividends or repurchase shares, Topicus’ objective is to invest all of our FCFA2S in acquisitions which meet Topicus’ hurdle rate.

FCFA2S is not a recognized measure under IFRS and, accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.

The following table reconciles FCFA2S to net cash flows from operating activities:

		Three months ended March 31,
		2025		2024
	(€ in millions)

Net cash flows from operating activities		271.4		227.5
Adjusted for:
Interest paid on lease obligations		(0.7	)	(0.5	)
Interest paid on other facilities		(4.7	)	(3.2	)
Credit facility transaction costs		(0.1	)	–
Payments of lease obligations		(6.8	)	(5.8	)
Property and equipment purchased		(2.9	)	(2.7	)
Interest and dividends received		0.3		–

		256.5		215.4
Less amount attributable to
non-controlling interests		(94.8	)	(81.9	)

Free cash flow available to shareholders		161.7		133.5

Due to rounding, certain totals may not foot.

About Topicus.com Inc.

Topicus’ subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol “TOI”. Topicus acquires, manages and builds vertical market software businesses.

About Constellation Software Inc.

Constellation’s common shares are listed on the Toronto Stock Exchange under the symbol “CSU”. Constellation acquires, manages and builds vertical market software businesses.

For further information:
Jamal Baksh
Chief Financial Officer
(416) 861-9677
info@topicus.com
www.topicus.com

SOURCE: TOPICUS.COM INC.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Topicus.com Inc.
Condensed Consolidated Interim Statements of Financial Position
(In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)

Unaudited
		March 31, 2025	December 31, 2024	March 31, 2024

Assets

Current assets:
	Cash	296,307	206,157	254,599
	Accounts receivable	171,142	142,791	175,767
	Unbilled revenue	56,532	45,415	49,454
	Inventories	5,539	4,930	4,516
	Other assets	72,597	55,107	63,845
		602,117	454,400	548,181

Non-current assets:
	Property and equipment	24,913	23,245	21,363
	Right of use assets	79,736	75,666	63,054
	Deferred income taxes	17,961	19,905	20,326
	Equity securities	313,441	–	–
	Other assets	11,026	11,983	13,437
	Intangible assets	992,114	950,670	947,417
		1,439,190	1,081,470	1,065,598

Total assets		2,041,307	1,535,870	1,613,779

Liabilities and Shareholders’ Equity

Current liabilities:
	Topicus Revolving Credit Facility and current portion of term and other loans	258,927	225,718	265,221
	Accounts payable and accrued liabilities	289,077	250,361	227,130
	Deferred revenue	378,732	166,593	343,430
	Provisions	2,381	2,582	1,535
	Acquisition holdback payables	17,353	13,073	13,808
	Lease obligations	25,042	23,629	21,338
	Income taxes payable	24,483	18,233	23,102
		995,994	700,189	895,563

Non-current liabilities:
	Term and other loans	53,140	49,300	62,973
	Deferred income taxes	153,437	145,911	148,142
	Acquisition holdback payables	14,750	10,061	7,690
	Lease obligations	55,895	53,188	42,748
	Other liabilities	52,734	45,825	36,017
		329,957	304,285	297,570

Total liabilities		1,325,951	1,004,474	1,193,133


Shareholders’ Equity:
	Capital stock	39,412	39,412	39,412
	Accumulated other comprehensive income (loss)	98,780	5,584	3,016
	Retained earnings	291,061	266,281	192,136
	Non-controlling interests	286,103	220,119	186,082
		715,356	531,396	420,646



Total liabilities and shareholders’ equity		2,041,307	1,535,870	1,613,779

Topicus.com Inc.
Condensed Consolidated Interim Statements of Income (Loss)
(In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)


Unaudited
		Three months ended March 31,
		2025		2024

Revenue
License		9,396		9,165
Professional services		82,305		75,005
Hardware and other		7,319		5,551
Maintenance and other recurring		256,575		216,848
		355,595		306,568
Expenses
Staff		197,889		173,116
Hardware		4,125		4,620
Third party license, maintenance and professional services		28,422		23,352
Occupancy		2,958		2,710
Travel, telecommunications, supplies, software and equipment		14,592		11,983
Professional fees		7,608		5,092
Other, net		5,626		4,305
Depreciation		9,376		8,012
Amortization of intangible assets		36,852		31,672
		307,448		264,861

Impairment of intangible and other non-financial assets		–		633
Bargain purchase (gain)		–		(323	)
Finance and other (income) expenses		(5,257	)	(473	)
Finance costs		6,189		5,471
		931		5,309

Income (loss) before income taxes		47,216		36,398

Current income tax expense (recovery)		17,326		15,083
Deferred income tax expense (recovery)		(8,871	)	(6,998	)
Income tax expense (recovery)		8,456		8,085

Net income (loss)		38,761		28,314

Net income (loss) attributable to:
Equity holders of Topicus		24,743		18,089
Non-controlling interests		14,018		10,225
Net income (loss)		38,761		28,314

Weighted average shares
	Basic shares outstanding	83,068,874		82,195,644
	Diluted shares outstanding	129,841,819		129,841,819

Earnings (loss) per common share of Topicus
	Basic	0.30		0.22
	Diluted	0.30		0.22

Topicus.com Inc.
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
(In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)


Unaudited
	Three months ended March 31,
	2025	2024

Net income (loss)	38,761	28,314

Items that are or may be reclassified subsequently to net income (loss):

Foreign currency translation differences from foreign operations and other	1,296	1,926

Items that will not be reclassified to net income (loss):

Changes in the fair value of equity investments at FVOCI	143,886	–

Other comprehensive (loss) income for the period, net of income tax	145,182	1,926

Total comprehensive income (loss) for the period	183,942	30,240

Total other comprehensive income (loss) attributable to:
Equity holders of Topicus	93,197	625
Non-controlling interests	51,985	1,301
Total other comprehensive income (loss)	145,182	1,926

Total comprehensive income (loss) attributable to:
Equity holders of Topicus	117,940	18,714
Non-controlling interests	66,003	11,526
Total comprehensive income (loss)	183,942	30,240

Topicus.com Inc.

Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity (Deficiency)

(In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)

Unaudited

Three months ended March 31, 2025

Capital Stock

Accumulated other comprehensive (loss) income

Retained earnings

Total

Non-controlling interests

Total equity

Balance at January 1, 2025

39,412

5,584

266,281

311,277

220,119

531,396

Total comprehensive income (loss) for the period:

Net income (loss)

–

24,743

14,018

38,761

Foreign currency translation differences from

foreign operations and other, net of income tax and

changes in the fair value of equity investments at FVOCI

–

93,197

–

93,197

51,985

145,182

Total other comprehensive income (loss)

for the period

–

93,197

–

93,197

51,985

145,182

Total comprehensive income (loss) for the period

–

93,197

24,743

117,940

66,003

183,942

Transactions with owners, recorded directly in equity

Other movements in non-controlling interests and equity

–

)

Dividends paid to non-controlling interests

–

(38

)

(38

)

Balance at March 31, 2025

39,412

98,780

291,061

429,253

286,103

715,356

Topicus.com Inc.

Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity (Deficiency)

(In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)

Unaudited

Three months ended March 31, 2024

Capital Stock

Accumulated other comprehensive (loss) income

Retained earnings

Total

Non-controlling interests

Total equity

Balance at January 1, 2024

39,412

2,390

297,382

339,185

253,299

592,483

Total comprehensive income (loss) for the period:

Net income (loss)

–

18,089

10,225

28,314

Other comprehensive income (loss)

Foreign currency translation differences from

foreign operations and other, net of income tax

–

625

–

625

1,301

1,926

Total other comprehensive income (loss) for the period

–

625

–

625

1,301

1,926

Total comprehensive income (loss) for the period

–

625

18,089

18,714

11,526

30,240

Transactions with owners, recorded directly in equity

Other movements in non-controlling interests and equity

–

103

Exchange of Topicus Coop ordinary units held by non-controlling interests to subordinate voting shares of Topicus

–

4,235

(4,235

)

–

Dividends paid to shareholders of the Company

–

(127,641

)

(127,641

)

–

(127,641

)

Dividends paid to non-controlling interests

–

(74,539

)

(74,539

)

Balance at March 31, 2024

39,412

3,016

192,136

234,565

186,082

420,646

Topicus.com Inc.
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)


Unaudited
			Three months ended March 31,
			2025		2024

Cash flows from (used in) operating activities:
	Net income (loss)		38,761		28,314
	Adjustments for:
		Depreciation	9,376		8,012
		Amortization of intangible assets	36,852		31,672
		Impairment of intangible and other non-financial assets	–		633
		Bargain purchase (gain)	–		(323	)
		Finance and other expenses (income)	(5,257	)	(473	)
		Finance costs	6,189		5,471
		Income tax expense (recovery)	8,456		8,085
	Change in non-cash operating assets and liabilities
		exclusive of effects of business combinations	190,533		155,008
	Transaction costs associated with equity securities classified as FVOCI		(1,659	)	–
	Income taxes (paid) received		(11,803	)	(8,901	)
	Net cash flows from (used in) operating activities		271,446		227,497

Cash flows from (used in) financing activities:
	Interest paid on lease obligations		(663	)	(457	)
	Interest paid on other facilities		(4,708	)	(3,161	)
	Net increase (decrease) in Topicus Revolving Credit Facility		30,000		105,000
	Proceeds from issuance of term and other loans		18,010		816
	Repayments of term and other loans		(10,585	)	(3,684	)
	Credit facility transaction costs		(91	)	–
	Payments of lease obligations		(6,828	)	(5,817	)
	Dividends paid to non-controlling interests		(38	)	(74,539	)
	Dividends paid to shareholders of the Company		–		(127,641	)
	Net cash flows from (used in) in financing activities		25,098		(109,483	)

Cash flows from (used in) investing activities:
	Acquisition of businesses		(39,413	)	(36,542	)
	Cash obtained with acquired businesses		7,934		7,024
	Post-acquisition settlement payments, net of receipts		(6,299	)	(4,214	)
	Purchase of equity securities of Asseco Poland S.A.		(167,977	)	–
	(Increase) decrease in restricted cash		(425	)	(6,000	)
	Interest, dividends and other proceeds received		255		–
	Property and equipment purchased		(2,898	)	(2,655	)
	Net cash flows from (used in) investing activities		(208,823	)	(42,386	)

Effect of foreign currency on
	cash and cash equivalents		2,428		(88	)

Increase (decrease) in cash			90,150		75,540

Cash, beginning of period			206,157		179,059

Cash, end of period			296,307		254,599

The MIL Network –

May 8, 2025

MIL-OSI: Kneat Announces Record Revenue for First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

LIMERICK, Ireland, May 07, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three months ended March 31, 2025. All dollar amounts are presented in Canadian dollars unless otherwise stated.

Total revenue reaches $14.7 million in the first quarter, an increase of 37% year over year
Annual Recurring Revenue (ARR)¹ at March 31, 2025, reaches $63.5 million, an increase of 51% year over year
Gross profit and operating expense grow 38% and 21% respectively year over year as progress toward profitability continues

“Kneat is off to a solid start in 2025, both in terms of continued strong growth and progress toward profitability. We are encouraged by our customers’ continued intention to orchestrate their validation processes enterprise-wide; and we are committed to enhancing the Kneat Gx platform to help them complete their vision for efficiency, speed and trust in their validation processes.”

– Eddie Ryan, Chief Executive Officer of Kneat.

Q1 2025 Highlights

Total revenues increased 37% to $14.7 million in the first quarter of 2025, compared to $10.8 million for the first quarter of 2024.
SaaS revenue for the first quarter of 2025 grew 42% to $13.8 million, versus $9.7 million for the first quarter of 2024.
First-quarter 2025 gross profit was $10.9 million, up 38% from $7.9 million in gross profit for the first quarter of 2024.
Gross margin in the first quarter of 2025 was 74%, as it was in the first quarter of 2024.
EBITDA¹ in the first quarter of 2025 was $5.9 million, compared with ($0.5) million for the first quarter of 2024.
Adjusted EBITDA¹ in the first quarter of 2025 was $2.3 million, compared with $0.6 million for the first quarter of 2024.
Total ARR¹ was $63.5 million at March 31, 2025, an increase of 51% from $42.1 million at March 31, 2024.

¹ ARR is a supplementary measure. EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

Recent Business Highlights

In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat for commissioning, qualification and validation of its manufacturing equipment and facilities.
In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.
In April 2025, Kneat announced that a multinational producer of generic pharmaceuticals signed a Services Agreement with Kneat to digitalize its drawing management process.
In May 2025, Kneat saw record attendance at VALIDATE, its annual event convening validation and quality professionals from around the world. One of the world’s largest events for validation experts to discover, share and apply validation technologies, regulations, and best practices, VALIDATE enabled participants to witness the power of the Kneat Gx platform.
Also in May 2025, Kneat announced the expansion of its executive leadership team with the addition of a Chief Innovation Officer Role. Co-founder and Chief Product Officer Kevin Fitzgerald will transition out of his current role and into the Chief Innovation Officer role on June 9. Donal O’Sullivan, an executive with extensive software development and product management leadership, will join Kneat at that time as Chief Product Officer.

“Kneat closed the quarter with ample cash and a strong balance sheet. Our high-retention customer base continues to grow, and we remain confident in our financial outlook.”

– Hugh Kavanagh, Chief Financial Officer of Kneat.

Quarterly Conference Call

Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s first quarter of 2025 results and hold a Q&A session for analysts and investors via webcast on May 08, 2025, at 9:00 a.m. ET.

Interested parties can register for the live webcast via the following link:

Supplementary and Non-IFRS Financial Measures

The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

Annual Recurring Revenue (“ARR”)

Kneat management use ARR to evaluate and assess the Company’s performance, identify trends affecting its business, formulate financial projections and make financial decisions. The Company believes that ARR is a useful metric for investors as it provides a measure of the value of the recurring revenue at a point in time (end date of the relevant quarter). ARR is based on signed agreements and indicates the level of recurring revenue that the Company would anticipate reporting in a 12-month period based on the full agreed annual SaaS and maintenance fees for existing customers. In specific circumstances, the Company may utilize pricing incentives for limited contract periods. ARR is used by Kneat to assess the expected recurring revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated using the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange gain (loss) and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

About Kneat

Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard.

Cautionary and Forward-Looking Statements

Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated May 7, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

For further information:

Katie Keita, Kneat Investor Relations
P: + 1 902-706-9074
E: katie.keita@kneat.com


Unaudited Condensed Interim Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss)

	Three-month period ended March 31, 2025		Three-month period ended March 31, 2024
	$		$
Revenue
SaaS license fees	13,805,973		9,718,501
Maintenance fees	22,095		70,589
Professional services and other	919,573		977,910
Total Revenue	14,747,641		10,767,000

Cost of revenue	(3,823,145	)	(2,834,015	)
Gross profit	10,924,496		7,932,985
Gross margin	74%		74%

Expenses
Research and development	(4,698,665	)	(4,045,548	)
Sales and marketing	(5,116,477	)	(4,031,684	)
General and administrative	(2,511,629	)	(2,105,589	)
Total Expenses	(12,326,771	)	(10,182,821	)

Operating loss	(1,402,275	)	(2,249,836	)

Finance expense	(888,545	)	(867,451	)
Interest income	198,639		35,076
Foreign exchange gain (loss)	4,262,600		(238,763	)
Income (loss) before income taxes	2,170,419		(3,320,974	)
Income tax expense	(24,430	)	(15,887	)
Net income (loss) for the period	2,145,989		(3,336,861	)

Other comprehensive (loss) income
Foreign currency translation adjustment to presentation currency	(1,998,521	)	190,894
Comprehensive income (loss) for the period	147,468		(3,145,967	)
Earnings (loss) per share: Basic and diluted	0.02		(0.04	)

Weighted-average number of common shares outstanding:
Basic	94,221,072		81,005,029
Diluted	97,738,261		81,005,029

Reconciliation:
Net income (loss) for the period	2,145,989		(3,336,861	)
Finance expense	888,545		867,451
Interest income	(198,639	)	(35,076	)
Income tax expense	24,430		15,887
Depreciation charge	177,001		191,221
Amortization of intangible assets charge	2,846,747		1,834,211
EBITDA	5,884,073		(463,167	)

Adjustments to EBITDA
Foreign exchange gain/loss	(4,262,600	)	238,763
Stock based compensation	697,019		812,173
Adjusted EBITDA	2,318,492		587,769


kneat.com, inc. Unaudited Condensed Interim Consolidated Statements of Financial Position

	March 31, 2025	December 31, 2024
	$	$
Assets

Current assets
Cash	74,132,378	58,889,572
Amounts receivable	10,958,849	18,377,009
Prepayments	2,081,208	1,870,095

	87,172,435	79,136,676
Non-current assets
Amounts receivable	3,544,947	2,368,006
Property and equipment	6,914,606	6,782,179
Intangible asset	39,158,433	36,290,869

Total Assets	136,790,421	124,577,730

Liabilities

Current liabilities
Accounts payable and accrued liabilities	9,080,206	8,580,104
Contract liabilities	31,037,419	21,631,416
Loan payable	5,122,755	4,116,723
Lease liabilities	386,207	434,096

	45,626,587	34,762,339
Non-current liabilities
Contract liabilities	42,339	33,393
Loan payable and accrued interest	18,384,423	19,038,203
Lease liabilities	5,800,955	5,671,952


Total Liabilities	69,854,304	59,505,887

Equity
Shareholders’ equity	66,936,117	65,071,843

Total Liabilities and Equity	136,790,421	124,577,730


kneat.com, inc. Unaudited Condensed Interim Consolidated Statement of Cash Flows

	Three-month period ended March 31, 2025		Three-month period ended March 31, 2024
Operating activities	$		$
Net income (loss) for the period	2,145,989		(3,336,861	)
Charges to loss not involving cash:
Depreciation of property and equipment	177,001		191,221
Share-based compensation	697,019		812,173
Interest expense	842,563		867,451
Tax expense	24,430		15,887
Amortization of the intangible asset	2,846,747		1,834,211
Amortization of loan issuance costs	45,982		36,957
Foreign exchange (gain) loss	(4,262,600	)	238,763
Increase in non-current contract liabilities	7,553		58,319
Net change in non-cash operating working capital related to operations	14,951,929		7,684,397

Net cash provided by operating activities	17,476,613		8,402,518

Financing activities
Proceeds received from public equity financing	–		20,000,110
Share issuance costs associated with public equity financing	–		(1,626,257	)
Payment of principal and interest on loans payable	(1,348,282	)	(621,996	)
Proceeds from the exercise of stock options	774,591		641,700
Repayment of lease liabilities	(192,894	)	(181,158	)

Net cash (used in)/provided by financing activities	(766,585	)	18,212,399

Investing activities
Additions to the intangible asset	(5,157,268	)	(4,515,850	)
Additions to property and equipment	(62,917	)	(8,163	)
Collection of research and development tax credits	1,850,702		–

Net cash used in investing activities	(3,369,483	)	(4,524,013	)

Effects of foreign exchange rates on cash	1,902,261		164,519

Net change in cash during the period	15,242,806		22,255,423

Cash – Beginning of period	58,889,572		15,252,526

Cash – End of period	74,132,378		37,507,949

The MIL Network –

May 8, 2025

MIL-OSI Canada: Statement by Prime Minister Carney on the formation of a new government in Germany

Source: Government of Canada – Prime Minister

Today, the Prime Minister, Mark Carney, issued the following statement on the formation of a new government in Germany:

“On behalf of the Government of Canada, I congratulate Chancellor Friedrich Merz on his swearing-in and on the formation of a new government in Germany.

“Canada and Germany are close partners, and we will be building on our reliable trade relationship. Through stronger alliances, shared values, and deepened trade and commercial ties, we will work to build stronger economies to the benefit of Canadians and Germans alike. I look forward to speaking with Chancellor Merz soon and to strengthening our collaboration at the G7.

“I also thank former Chancellor Scholz for his leadership and wish him well in his future endeavours.”

MIL OSI Canada News –

May 8, 2025
MIL-Evening Report: Australia is set to be a renewables nation. After Labor’s win, there’s no turning back

Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney

bmphotographer/Shutterstock

An emphatic election victory for the incumbent Labor government means Australia’s rapid shift to renewable energy will continue. As Climate Change and Energy Minister Chris Bowen said on Saturday:

In 2022, the Australian people voted to finally act on climate change. After three years of progress […] in 2025 they said keep going.

The election result also means the debate about energy policy is now, in broad terms, over. Australia’s energy future is wind and solar, backed by storage.

Coal and gas will have a fast-declining role to play and nuclear energy will have none at all. Australia is set to be a renewables nation. There is no turning back now.

Cementing renewables investment

By continuing to build renewables capacity, the returned Labor government can position Australia on the world stage as a genuine leader on clean energy.

The Albanese government has set a national target of more than 80% of the main national electricity grid running on renewables by 2030. With such a large majority in parliament, Labor may well be in government at that time.

Australia already has the world’s highest per-capita solar uptake, with about 300,000 solar systems installed each year. One in three Australian homes now has rooftop solar.

Labor is complementing this boom with a new home battery discount scheme, which aims to have more than one million batteries installed by 2030. This will help stabilise the grid by reducing demand at peak times.

But more investment in renewables is needed. The policy certainty of a returned Labor government should help to attract international capital. This is important, because more than 70% of investment in renewables in Australia comes from offshore.

Securing climate consensus

Labor’s win also means it can finally bed down a national consensus on climate policy.

A recent survey on Australian attitudes to climate action suggested community views can shift if people see action is taken by governments and big business.

This does not mean community opposition to renewable energy will evaporate – especially in regional Australia. The federal government must work with industry players and other levels of government to ensure proper public consultation. The new Net Zero Economy Authority will play an important role in ensuring the regions and their workers benefit from the energy transition.

For its part, the Coalition needs to do some soul-searching. Australian voters returned a number of climate-friendly independents in key seats. The Coalition also failed to win support from younger Australians, who typically view renewables favourably.

All this suggests continued opposition to renewables is unlikely to help the Coalition form government anytime soon. What’s more, continuing to promote nuclear power – which some in the Coalition are pushing for – makes little sense in an increasingly renewables-dominated grid.

Doubling down on international climate cooperation

Labor’s plans to rapidly expand renewable energy strengthen Australia’s credentials to host the COP31 UN climate talks with Pacific island countries next year.

Australia’s bid has strong support from other nations. Turkey – the only other nation with its hand up to host – has so far resisted pressure from Australia to withdraw its bid. In support of their own bid, Turkish representatives pointed to uncertainty in Australia ahead of the May election – however that uncertainty has now passed.

Adelaide will host the talks if Australia’s bid succeeds. This will be a chance to share our world-beating renewables story – including in South Australia, which is set to achieve 100% clean electricity by 2027.

Australia could also use the talks in South Australia to promote new export industries that use renewable energy, especially plans to produce green iron and green steel at Whyalla.

Hosting rights could attract investment in Australia’s renewables rollout and help promote exports of critical minerals and green metals. And it would enable Australia to cement its place in the Pacific during a time of increased geo-strategic competition, by promoting a renewables partnership for the whole region.

Australia must move fast and secure the COP31 bid at climate talks in Germany next month. Any delay risks a less ambitious summit next year, because building consensus for new initiatives takes time.

South Australia has made a bold bid to host COP31 (SA Government)

Seizing our economic opportunities

As Prime Minister Anthony Albanese said during his victory speech on Saturday, renewable energy is “an opportunity we must work together to seize for the future of our economy”.

Australia is the world’s largest exporter of raw iron ore and metallurgical coal, both used extensively in offshore steelmaking.

But Australia can create jobs and reduce emissions by refining iron ore in Australia using renewables and green hydrogen.

The potential export value of green iron is estimated at A$295 billion a year, or three times the current value of iron ore exports. More broadly, our clean energy exports – including green metals, fertilisers and fuels – could be worth six to eight times more than our fossil fuel exports, analysis suggests.

A key challenge for the returned government is assuring markets such as Japan that Australia is a long-term strategic partner, even while redirecting trade and investment away from coal and gas exports and toward long-term clean energy industries.

Embracing Australia’s future

Australians have delivered a strong mandate for climate action. The returned Labor government must ensure this support is not squandered, and voter trust is not lost.

This means seizing the opportunity, once and for all, to shift Australia from our past as a fossil fuel heavyweight to our future as a renewables superpower.

Wesley Morgan is a fellow with the Climate Council of Australia

Ben Newell receives funding from the Australian Research Council

– ref. Australia is set to be a renewables nation. After Labor’s win, there’s no turning back – https://theconversation.com/australia-is-set-to-be-a-renewables-nation-after-labors-win-theres-no-turning-back-256081

MIL OSI Analysis – EveningReport.nz –

May 8, 2025
MIL-OSI United Kingdom: expert reaction to study looking at ultra-processed foods and early signs of Parkinson’s disease

Source: United Kingdom – Executive Government & Departments

May 7, 2025

A study published in Neurology looks at ultra-processed foods (UPFs) and signs of Parkinson’s disease.

Dr Katherine Fletcher, Research Lead at Parkinson’s UK, said:

“Research into diet in general is difficult as people often will inaccurately self-report what their diet comprises. This could be down to forgetting to fill in the diary at the time, to subjective interpretation of amounts of UPFs.

“The study group also lacked ethnic and socio-economic diversity, which is vital when looking to better understand factors that contribute to the causes of a health condition.

“In respect of strengths, it was a long-running study with a reasonably large sample size, building on a theory that already exists about the impact of diet. Nonetheless, a much wider body of research is required before drawing any conclusions i.e. looking globally at different diets.

“This paper builds on previous research, such as the work of Dr. Laurie Mischley¹ at Bastyr University, which has shown an association between processed foods and faster progression of Parkinson’s. Additionally, evidence suggests that following a Mediterranean-style diet² – rich in fresh fruits, vegetables, pulses, and olive oil – could reduce someone’s risk of going on to develop Parkinson’s.

“Research into diet and nutrition is crucial, as there is growing evidence that, for some individuals, Parkinson’s may originate from changes in the gut. Ongoing studies are exploring alterations in the gut microbiome in Parkinson’s and investigating potential interventions to address these changes and as well as investigating diet and supplements to help manage symptoms.”

1 https://pubmed.ncbi.nlm.nih.gov/29081890/

Prof Eef Hogervorst, Professor of Psychology, Loughborough University, said:

“Firstly, the outcome term ‘early symptoms of Parkinson’s disease’ is a bit misleading as symptoms such as constipation, and body pain here found to be associated with consumption of Ultra Processed Foods (UPF) are quite common in ageing and are not necessarily indicative of Parkinson’s disease.

“Even the most likely predictor of Parkinson’s disease – probably REM sleep disorder – is seen in 65% of Parkinson patients but also in 10% of controls, with low (65%) sensitivity for Parkinson’s disease, even when people already have this disease (Kakazu, 2024: https://doi.org/10.1016/j.sleep.2024.09.042). This symptom only shows relations with the highest intake of UPF.

“Other symptoms like reduced sense of smell, daytime sleepiness, impaired colour vision and depression by themselves seem not related to consumption of UPF.

“With regards to the UPF outcome, 30% of food consumption assessed by questionnaire was not agreed on and while experts apparently re-assessed these, it is not clear how they agreed on categorisation of foods, so whether they were UPF or not.

“It seemed strange that non-UPF food included beef, pork, lamb chicken or turkey sandwich (all processed meats); cream; pancakes or waffles; pie, home-baked or readymade; popcorn; potato or

corn chips; soy milk; and tomato sauce, as well as distilled alcohol and dairy coffee.

“Individual foods such as UPF breads or cereals and indeed microwaveable meals were by themselves not associated with the ‘early Parkinson disease symptoms’ while sauces, sweets, artificial sweetened drinks and desserts were as well as savoury snacks, animal and dairy products including yogurts. Such foods are associated with diabetes mellitus and vascular (heart) disease, respectively, which can impact on brain disease because of their sugar and trans fat contents, respectively.

“However, it is not the first study to show associations of UPF and brain disease. We early wrote a piece on studies investigating dementia risk and processed meat consumption

https://theconversation.com/processed-red-meat-isnt-just-bad-for-your-heart-its-also-associated-with-dementia-247619 A healthy varied whole food diet is associated with prevention of many diseases including dementia.

“Lastly, these two cohorts were mainly white health professionals so the results do not necessarily translate to everyone.

“So this study may be affected by UPF categorisation as a predictor, where also not all UPF foods showed an association; the limited study group associations were assessed in (only mainly white health professionals and nurses) and also by the outcome, as these symptoms are not necessarily predictive of Parkinson’s disease, nor were these symptoms individually all associated with UPF consumption.”

Dr Daniel J van Wamelen, Clinical Senior Lecturer in Neuroscience and Honorary Consultant Neurologist, Institute of Psychiatry, Psychology & Neuroscience, King’s College London, said:

“The findings in this study are interesting and appear to be based on solid research with conclusions well supported by the data. However, it is important to highlight that the symptoms examined in this study are possible early signs of Parkinson’s disease, not definitive indicators that someone will go on to develop it. The study did not track whether participants were diagnosed with Parkinson’s later on.

“Many of the individual symptoms noted, such as sleep disturbances, constipation, and mood changes, are common in the general population. While the study found that people who ate more ultra-processed foods tended to report more of these non-motor symptoms, it did not find a direct increase in the risk of Parkinson’s disease itself. That said, having more of these symptoms suggests a higher risk over time. For example, a person experiencing a combination of REM sleep behaviour disorder, constipation, and depressive symptoms has a higher likelihood of developing Parkinson’s down the line, but the risk is not absolute. To better understand the long-term implications, we would need a longer follow-up to see how many participants go on to develop Parkinson’s and how this is associated with their diet.

“In short, this is an interesting piece of research addressing important questions. But the connection to Parkinson’s disease should be viewed with caution until more definitive evidence becomes available.”

‘Long-Term Consumption of Ultraprocessed Foods and Prodromal Features of Parkinson Disease’ by Peilu Wang et al. was published in Neurology at 21:00 UK time on Wednesday 7 May 2025.

DOI: 10.1212/WNL.0000000000213562

Declared interests

Dr Katherine Fletcher: “The author declares that they have no known competing financial interests or personal relationships that could have appeared to influence their comment reported in this article.”

Prof Eef Hogervorst: “A previous consultancy for Proctor on omega 3 and folic acid supplement review to protect against dementia (these did not in meta-analyses), and unpaid but a travel reimbursed media appearance (breakfast TV BBC) to discuss the Lancet 2024 risk factors for dementia and her own articles including the Conversation piece on nutrition and dementia risk https://theconversation.com/processed-red-meat-isnt-just-bad-for-your-heart-its-also-associated-with-dementia-247619. Eef also acted as unpaid but travel reimbursed consultant for NICE on menopausal HRT and dementia risk and has received travel reimbursement to speak at ESG and BMS conference on dementia prevention in 2024/2025.”

Dr Daniel J van Wamelen: “Supported by research funding from CHDI Inc, MRC, and BRC; received travel grants and speaker fees for educational purposes from Bial Pharma; served on advisory boards for Britannia Pharmaceuticals and Invisio Pharma; received in kind contributions (equipment) from Chrono Eyewear BV for research projects.”

MIL OSI United Kingdom –

May 8, 2025

MIL-OSI: Global Net Lease Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

– Successfully Closed First Phase of Multi-Tenant Portfolio Sale Resulting in $1.1 Billion of Gross Proceeds; On Track to Close Remaining Multi-Tenant Portfolio Sale by End of Q2’25

– Reduced Net Debt by $833 Million in Q1’25; Improved Net Debt to Adjusted EBITDA to 6.7x

– Repurchased 7.9 Million Shares at a Weighted Average Price of $7.50 Totaling $59 Million as of May 2, 2025

– Reaffirms 2025 Guidance

NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically located commercial real estate properties, announced today its financial and operating results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

Successfully closed the first phase of the sale of the multi-tenant portfolio, consisting of 59 unencumbered assets, with the net proceeds used to pay down $850 million of the Revolving Credit Facility
Remain on track to close the remaining two phases of the multi-tenant portfolio sale, consisting of 41 encumbered assets, by the end of the second quarter 2025, after which GNL expects to begin realizing G&A savings and enhanced portfolio metrics
Revenue was $132.4 million in first quarter 2025, compared to $147.9 million in first quarter 2024, primarily as a result of asset dispositions
Net loss attributable to common stockholders was $200.3 million, compared to a net loss of $34.7 million in first quarter 2024, primarily caused by the timing and purchase price allocation associated with the partial completion of the multi-tenant portfolio sale
Net loss attributable to common stockholders is expected to significantly improve upon completion of the sale of the remaining multi-tenant portfolio
Core Funds from Operations (“Core FFO”) was $35.0 million compared to $56.6 million in first quarter 2024, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
Adjusted Funds from Operations (“AFFO”)¹ was $66.2 million, or $0.29 per share, compared to $75.0 million in first quarter 2024, or $0.33 per share, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
2025 closed plus disposition pipeline totals $2.1 billion² at a cash cap rate of 8.3% and a weighted average lease term of 5.2 years; maintains focus on using net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet
Reduced Net Debt by $1.5 billion since first quarter 2024, including $833.2 million in first quarter 2025, improving Net Debt to Adjusted EBITDA from 8.4x to 6.7x over the same period
As of May 2, 2025, the Company has repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program announced in February 2025, at a weighted average price of $7.50, for a total of $59.4 million; this includes 2.4 million shares for a total of $19.4 million repurchased in first quarter 2025
Leased over 826,000 square feet across the single-tenant portfolio, resulting in nearly $6.1 million of new straight-line rent
Single-tenant renewal leasing spread of 8.2% with a weighted average lease term of 6.6 years; new leases completed in the single-tenant portfolio in the quarter had a weighted average lease term of 5.0 years
Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 18.7% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases
Sector-leading 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants³

“The first quarter of 2025 was a pivotal period in GNL’s transformation as we took important steps to streamline our portfolio, strengthen the balance sheet, and enhance financial flexibility,” said Michael Weil, CEO of GNL. “We believe with lower leverage, greater liquidity, and disciplined execution and capital allocation, GNL is better positioned to operate more efficiently and pursue new opportunities aligned with our strategic vision. These foundational initiatives are not only aimed at improving near-term metrics, but at building lasting resilience and long-term value for shareholders. As we continue executing on our strategy, we believe these efforts will help narrow the trading gap between GNL and our net lease peers. We look forward to completing the final two phases of the multi-tenant portfolio sale in the second quarter and carrying that momentum into the second half of 2025 and beyond.”

Full Year 2025 Guidance Update⁴

The Company reaffirms its 2025 AFFO per Share guidance range of $0.90 to $0.96 and Net Debt to Adjusted EBITDA range of 6.5x to 7.1x.

Summary of Results

	Three Months Ended March 31,
(In thousands, except per share data)		2025			2024
Revenue from tenants	$	132,415		$	147,880

Net loss attributable to common stockholders	$	(200,315	)	$	(34,687	)
Net loss per diluted common share	$	(0.87	)	$	(0.15	)

NAREIT defined FFO attributable to common stockholders	$	32,961		$	55,773
NAREIT defined FFO per diluted common share	$	0.14		$	0.24

Core FFO attributable to common stockholders	$	34,967		$	56,592
Core FFO per diluted common share	$	0.15		$	0.25

AFFO attributable to common stockholders	$	66,220		$	74,964
AFFO per diluted common share	$	0.29		$	0.33

Property Portfolio

As of March 31, 2025, the Company’s portfolio of 1,045 net lease properties is located in ten countries and territories, and is comprised of 51.3 million rentable square feet. As a result of the agreement to sell 100 of the 101 properties in its former multi-tenant retail segment in connection with the Multi-Tenant Retail Disposition, the Company has determined that as of March 31, 2025, the Company operates in three remaining reportable segments based on property type: (1) Industrial & Distribution, (2) Retail (formerly known as “Single-Tenant Retail”) and (3) Office. The real estate portfolio metrics include (inclusive of the properties to be sold in the remaining two phases of the multi-tenant portfolio sale):

95% leased (98%⁵ adjusting for vacant properties sold shortly after the first quarter of 2025) with a remaining weighted-average lease term of 6.3 years⁶
86% of the portfolio contains contractual rent increases based on annualized straight-line rent
60% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants
76% U.S. and Canada, 24% Europe (based on annualized straight-line rent)
40% Industrial & Distribution, 25% Retail, 22% Office and 13% related to the remaining 41 properties in the Multi-Tenant Retail Portfolio that are expected to be sold in the second quarter of 2025 (based on an annualized straight-line rent)

Capital Structure and Liquidity Resources⁷

As of March 31, 2025, the Company had liquidity of $499.1 million and $1.4 billion of capacity under its revolving credit facility. The Company had net debt of $3.7 billion⁸, including $2.3 billion of gross mortgage debt. The Company successfully reduced its outstanding net debt balance by $833.2 million from fourth quarter 2024.

As of March 31, 2025, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 91%. The Company’s total combined debt had a weighted average interest rate of 4.2% (4.4% when including mortgages classified as part of discontinued operations) resulting in an interest coverage ratio of 2.5 times⁹. Weighted-average debt maturity was 2.7 years as of March 31, 2025.

Footnotes/Definitions

¹ While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity.
² Closed plus disposition pipeline of $2.1 billion as of May 1, 2025. Includes $1.9 billion of closed plus pipeline occupied dispositions at a cash cap rate of 8.3% and $201 million of closed plus pipeline vacant dispositions. The properties included in our disposition pipeline for such purposes include those for which we have entered into purchase and sale agreements (“PSAs”) or non-binding letters of intents (“LOIs”). There can be no assurance that the transactions contemplated by such PSAs or LOIs will be completed on the terms contemplated, if at all.
³ As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Ratings information is as of March 31, 2025. Comprised of 33.3% leased to tenants with an actual investment grade rating and 26.8% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of March 31, 2025.
⁴ We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.
⁵ First quarter 2025 occupancy was temporarily impacted by the vacancy of Contractor’s Steel, a privately-owned and operated full-service steel supplier that occupied nearly 1.4 million square feet. Following their departure and subsequent to the first quarter of 2025, GNL sold all five vacant properties, which helped minimize vacancy downtime. Including the sale of these properties, GNL’s pro-forma first quarter of 2025 occupancy would be 98% compared to the 95% provided in company filings.
⁶ Weighted-average remaining lease term in years is based on square feet as of March 31, 2025.
⁷ During the three months ended March 31, 2025, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock “at-the-market” programs. However, as of May 2, 2025, the Company had repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program for a total of $59.4 million, including 2.4 million shares repurchased in the first quarter of 2025 for a net amount of $19.4 million.
⁸ Comprised of the principal amount of GNL’s outstanding debt totaling $3.9 billion less cash and cash equivalents totaling $147.0 million, as of March 31, 2025.
⁹ The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and Cash Paid for Interest are Non-GAAP metrics and are reconciled below.

Conference Call

GNL will host a webcast and conference call on May 8, 2025 at 11:00 a.m. ET to discuss its financial and operating results.

To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.

Dial-in instructions for the conference call and the replay are outlined below.

Conference Call Details

Live Call

Dial-In (Toll Free): 1-877-407-0792
International Dial-In: 1-201-689-8263

Conference Replay*

For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com

Or dial in below:

Domestic Dial-In (Toll Free): 1-844-512-2921

International Dial-In: 1-412-317-6671

Conference Number: 13750622

*Available from 2:00 p.m. ET on May 8, 2025 through August 8, 2025.

Supplemental Schedules

The Company will furnish supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov.

About Global Net Lease, Inc.

Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, United Kingdom, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Forward-Looking Statements

The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed closing of the encumbered properties portion of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Contacts:

Investors and Media:
Email: investorrelations@globalnetlease.com
Phone: (332) 265-2020


Global Net Lease, Inc. Consolidated Balance Sheets (Unaudited) (In thousands)
	March 31, 2025			December 31, 2024
ASSETS
Real estate investments, at cost:
Land	$	755,520		$	802,317
Buildings, fixtures and improvements		3,972,434			4,120,664
Construction in progress		2,024			3,364
Acquired intangible lease assets		648,368			695,597
Total real estate investments, at cost		5,378,346			5,621,942
Less accumulated depreciation and amortization		(1,016,159	)		(999,909	)
Total real estate investments, net		4,362,187			4,622,033
Real estate assets held for sale		171,675			17,406
Assets related to discontinued operations		670,483			1,816,131
Cash and cash equivalents		147,047			159,698
Restricted cash		59,144			64,510
Derivative assets, at fair value		327			2,471
Unbilled straight-line rent		92,757			89,804
Operating lease right-of-use asset		67,461			66,163
Prepaid expenses and other assets		51,360			51,504
Multi-tenant disposition receivable, net		108,729			—
Deferred tax assets		4,915			4,866
Goodwill		44,842			51,370
Deferred financing costs, net		8,407			9,808
Total Assets	$	5,789,334		$	6,955,764

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	1,774,116		$	1,768,608
Revolving credit facility		547,406			1,390,292
Senior notes, net		911,416			906,101
Acquired intangible lease liabilities, net		20,441			24,353
Derivative liabilities, at fair value		2,679			3,719
Accounts payable and accrued expenses		47,789			52,878
Operating lease liability		40,673			40,080
Prepaid rent		14,389			13,571
Deferred tax liability		5,991			5,477
Dividends payable		11,990			11,909
Real estate liabilities held for sale		1,377			—
Liabilities related to discontinued operations		495,515			551,818
Total Liabilities		3,873,782			4,768,806
Commitments and contingencies		—			—
Stockholders’ Equity:
7.25% Series A cumulative redeemable preferred stock		68			68
6.875% Series B cumulative redeemable perpetual preferred stock		47			47
7.50% Series D cumulative redeemable perpetual preferred stock		79			79
7.375% Series E cumulative redeemable perpetual preferred stock		46			46
Common stock		3,617			3,640
Additional paid-in capital		4,342,134			4,359,264
Accumulated other comprehensive loss		(15,755	)		(25,844	)
Accumulated deficit		(2,414,684	)		(2,150,342	)
Total Stockholders’ Equity		1,915,552			2,186,958
Total Liabilities and Equity	$	5,789,334		$	6,955,764

Global Net Lease, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data)
	Three Months Ended March 31,
		2025			2024
Revenue from tenants	$	132,415		$	147,880

Expenses:
Property operating		13,953			17,796
Impairment charges		60,315			4,327
Merger, transaction and other costs		1,579			753
General and administrative		16,203			14,663
Equity-based compensation		3,093			1,973
Depreciation and amortization		56,334			57,172
Goodwill impairment		7,134			—
Total expenses		158,611			96,684
Operating (loss) income before gain on dispositions of real estate investments		(26,196	)		51,196
(Loss) gain on dispositions of real estate investments		(1,678	)		5,868
Operating (loss) income		(27,874	)		57,064
Other income (expense):
Interest expense		(53,437	)		(64,593	)
Loss on extinguishment and modification of debt		(418	)		(58	)
(Loss) gain on derivative instruments		(3,856	)		1,588
Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness		(6,351	)		1,032
Other income (expense)		48			(40	)
Total other expense, net		(64,014	)		(62,071	)
Net loss before income taxes		(91,888	)		(5,007	)
Income tax provision		(3,280	)		(2,358	)
Loss from continuing operations		(95,168	)		(7,365	)
Loss from discontinued operations		(94,211	)		(16,386	)
Net loss		(189,379	)		(23,751	)
Preferred stock dividends		(10,936	)		(10,936	)
Net loss attributable to common stockholders	$	(200,315	)	$	(34,687	)

Basic and Diluted Loss Per Share:
Net loss per share from continuing operations	$	(0.46	)	$	(0.08	)
Net loss per share from discontinued operations		(0.41	)		(0.07	)
Net loss per share attributable to common stockholders — Basic and Diluted^[1]	$	(0.87	)	$	(0.15	)

Weighted average shares outstanding — Basic and Diluted		230,264			230,320

Global Net Lease, Inc. Quarterly Reconciliation of Non-GAAP Measures (Unaudited) (In thousands)
	Three Months Ended March 31,
		2025			2024
Adjusted EBITDA
Net loss	$	(189,379	)	$	(23,751	)
Depreciation and amortization		56,334			57,172
Interest expense		53,437			64,593
Income tax expense		3,280			2,358
Discontinued operations adjustments		47,219			53,018
EBITDA		(29,109	)		153,390
Impairment charges		60,315			4,327
Equity-based compensation		3,093			1,973
Merger, transaction and other costs		1,579			753
Loss (gain) on dispositions of real estate investments		1,678			(5,867	)
Loss (gain) on derivative instruments		3,856			(1,588	)
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness		6,351			(1,032	)
Loss on extinguishment and modification of debt		418			58
Other (income) expense		(48	)		40
Expenses attributable to European tax restructuring^[1]		—			469
Transition costs related to the REIT Merger and Internalization^[2]		—			2,826
Goodwill impairment^[3]		7,134			—
Discontinued operations adjustments		83,149			(16	)
Adjusted EBITDA		138,416			155,333
Net operating income (NOI)
General and administrative		16,203			14,663
Expenses attributable to European tax restructuring^[1]		—			(469	)
Transition costs related to the Merger and Internalization^[2]		—			(2,826	)
Discontinued operations adjustments		1,255			1,514
NOI		155,874			168,215
Amortization related to above- and below- market lease intangibles and right-of-use assets, net		160			2,225
Straight-line rent		(5,235	)		(4,562	)
Cash NOI	$	150,799		$	165,878

Cash Paid for Interest:
Interest Expense – continuing operations	$	53,437		$	64,593
Interest Expense – discontinued operations		17,457			18,160
Non-cash portion of interest expense		(2,486	)		(2,394	)
Amortization of discounts on mortgages and senior notes		(13,960	)		(15,338	)
Total cash paid for interest	$	54,448		$	65,021

_____________ ^[1] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts. ^[2] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts. ^[3] This is a non-cash item and is added back as it is not considered indicative of operating performance.

Global Net Lease, Inc. Quarterly Reconciliation of Non-GAAP Measures (Unaudited) (In thousands)
	Three Months Ended March 31,
		2025			2024
Net loss attributable to stockholders (in accordance with GAAP)	$	(200,315	)	$	(34,687	)
Impairment charges		60,315			4,327
Depreciation and amortization		56,334			57,172
Loss (gain) on dispositions of real estate investments		1,678			(5,867	)
Discontinued operations FFO adjustments		114,949			34,828
FFO (defined by NAREIT)		32,961			55,773
Merger, transaction and other costs		1,579			753
Loss on extinguishment and modification of debt		418			58
Discontinued operations Core FFO adjustments		9			8
Core FFO attributable to common stockholders		34,967			56,592
Non-cash equity-based compensation		3,093			1,973
Non-cash portion of interest expense		2,486			2,394
Amortization related to above- and below-market lease intangibles and right-of-use assets, net		160			2,225
Straight-line rent		(5,235	)		(4,562	)
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness		6,351			(1,032	)
Eliminate unrealized losses (gains) on foreign currency transactions^[1]		3,304			(1,259	)
Amortization of discounts on mortgages and senior notes		13,960			15,338
Expenses attributable to European tax restructuring^[2]		—			469
Transition costs related to the REIT Merger and Internalization^[3]		—			2,826
Goodwill impairment^[4]		7,134			—
Adjusted funds from operations (AFFO) attributable to common stockholders	$	66,220		$	74,964

_____________ ^[1] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended March 31, 2025, loss on derivative instruments was $3.9 million, which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million. For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million. ^[2] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts. ^[3] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts. ^[4] This is a non-cash item and is added back as it is not considered indicative of operating performance.

The following table provides operating financial information for the Company’s reportable segments:

	Three Months Ended March 31,
(In thousands)		2025		2024
Industrial & Distribution:
Revenue from tenants	$	58,009	$	61,994
Property operating expense		5,257		4,644
Net Operating Income	$	52,752	$	57,350

Retail^[^{1], [2]}:
Revenue from tenants	$	36,958	$	42,595
Property operating expense		3,906		5,098
Net Operating Income	$	33,052	$	37,497

Office^[^2]:
Revenue from tenants	$	37,448	$	35,096
Property operating expense		4,790		5,258
Net Operating Income	$	32,658	$	29,838

Multi-Tenant Retail^[^3]:
Revenue from tenants	$	—	$	8,195
Property operating expense		—		2,796
Net Operating Income	$	—	$	5,399

_____________ ^[1] Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which is not included in the Multi-Tenant Retail Disposition. ^[2] Amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type. ^[3] Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation.

Caution on Use of Non-GAAP Measures

Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

Funds From Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.

FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

Core Funds From Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

Adjusted Funds From Operations

In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for merger, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).

NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

The MIL Network –

May 8, 2025

MIL-OSI: Greenlight Re Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Net Income Expands to $29.6 million Despite California Wildfire Losses,
Leading to Fully Diluted Book Value Per Share Growth of 5.1%

GRAND CAYMAN, Cayman Islands, May 07, 2025 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights (all comparisons are to first quarter 2024 unless noted otherwise):

Gross premiums written increased 14.1% to $247.9 million;
Net premiums earned increased 4.3% to $168.5 million;
Net underwriting loss of $7.8 million, compared to net underwriting income of $3.4 million;
Combined ratio of 104.6%, compared to 97.9%;
Total investment income of $40.5 million, compared to $31.4 million;
Net income of $29.6 million, or $0.86 per diluted ordinary share, compared to net income of $27.0 million, or $0.78 per diluted ordinary share; and
Fully diluted book value per share increased 5.1% to $18.87, from $17.95 at December 31, 2024.

Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We delivered strong book value per share growth of 5.1% this quarter, driven by an outstanding return of 7.2% from our Solasglas investment portfolio despite challenging market conditions. These results more than offset the financial impact of the California wildfires, which contributed 14 combined ratio points for the quarter, in line with the preliminary loss estimates we previously disclosed.”

David Einhorn, Chairman of the Board of Directors, said, “Our investment portfolio performed well during what appears to be the beginning of a bear market. We are positioning Solasglas to have low gross and net exposure as we ride out what should be a period of high volatility ahead of what we expect will be an improved investment opportunity set.”

Greenlight Capital Re, Ltd. First Quarter 2025 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Thursday, May 8, 2025, at 9:00 a.m. Eastern Time. Dial-in details:

U.S. toll free: 1-877-407-9753
International: 1-201-493-6739

The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1714274&tp_key=429d07a808

A telephone replay will be available following the call through May 13, 2025. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13752944. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

Non-GAAP Financial Measures
In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.

Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Investor Relations Contact
Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623
IR@greenlightre.ky


GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (expressed in thousands of U.S. dollars, except per share and share amounts)

	March 31, 2025		December 31, 2024
	(Unaudited)
Assets
Investments
Investment in related party investment fund, at fair value	$	435,341	$	387,144
Other investments		73,266		73,160
Total investments		508,607		460,304
Cash and cash equivalents		47,477		64,685
Restricted cash and cash equivalents		595,282		584,402
Reinsurance balances receivable (net of allowance for expected credit losses)		768,711		704,483
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses)		87,963		85,790
Deferred acquisition costs		96,759		82,249
Unearned premiums ceded		38,895		29,545
Other assets		8,402		4,765
Total assets	$	2,152,096	$	2,016,223
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves	$	916,600	$	860,969
Unearned premium reserves		384,311		324,551
Reinsurance balances payable		93,730		105,892
Funds withheld		21,825		21,878
Other liabilities		8,992		6,305
Debt		59,834		60,749
Total liabilities		1,485,292		1,380,344
Shareholders’ equity
Ordinary share capital (par value $0.10; issued and outstanding, 34,557,449) (2024: par value $0.10; issued and outstanding, 34,831,324)	$	3,456	$	3,483
Additional paid-in capital		482,876		481,551
Retained earnings		180,472		150,845
Total shareholders’ equity		666,804		635,879
Total liabilities and equity	$	2,152,096	$	2,016,223


GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) (expressed in thousands of U.S. dollars, except percentages and per share amounts)

	Three months ended March 31
		2025			2024
Underwriting results:
Gross premiums written	$	247,945		$	217,258
Gross premiums ceded		(28,548	)		(23,181	)
Net premiums written		219,397			194,077
Change in net unearned premium reserves		(50,934	)		(32,541	)
Net premiums earned	$	168,463		$	161,536
Net loss and LAE incurred:
Current year	$	(118,666	)	$	(103,925	)
Prior year		(4,218	)		(5,401	)
Net loss and LAE incurred		(122,884	)		(109,326	)
Acquisition costs		(46,866	)		(41,610	)
Underwriting expenses		(6,358	)		(6,339	)
Deposit interest expense, net		(149	)		(876	)
Net underwriting income (loss)	$	(7,794	)	$	3,385

Income from investment in Solasglas	$	32,197		$	18,248
Net investment income		8,287			13,178
Total investment income	$	40,484		$	31,426

Corporate and other expenses	$	(4,672	)	$	(4,375	)
Foreign exchange gains (losses)		4,355			(1,649	)
Interest expense		(1,464	)		(1,249	)
Income tax expense		(1,282	)		(519	)
Net income	$	29,627		$	27,019

Earnings per share
Basic	$	0.87		$	0.79
Diluted	$	0.86		$	0.78

Underwriting ratios:
Current year loss ratio		70.4	%		64.3	%
Prior year reserve development ratio		2.5	%		3.3	%
Loss ratio		72.9	%		67.6	%
Acquisition cost ratio		27.8	%		25.8	%
Composite ratio		100.7	%		93.4	%
Underwriting expense ratio		3.9	%		4.5	%
Combined ratio		104.6	%		97.9	%

The following tables present the Company’s results by segment and on a consolidated basis:


GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended March 31, 2025

	Open Market			Innovations			Corporate			Total Consolidated
Gross premiums written	$	220,709		$	27,466		$	(230	)	$	247,945
Net premiums written	$	195,609		$	23,971		$	(183	)	$	219,397
Net premiums earned	$	149,641		$	19,005		$	(183	)	$	168,463
Net loss and LAE incurred		(112,763	)		(10,346	)		225			(122,884	)
Acquisition costs		(40,881	)		(6,033	)		48			(46,866	)
Other underwriting expenses		(4,797	)		(1,561	)		—			(6,358	)
Deposit interest expense, net		(149	)		—			—			(149	)
Underwriting income (loss)		(8,949	)		1,065			90			(7,794	)
Net investment income		5,771			448			2,068			8,287
Corporate and other expenses		—			(572	)		(4,100	)		(4,672	)
Income from investment in Solasglas		—			—			32,197			32,197
Foreign exchange gains (losses)		—			—			4,355			4,355
Interest expense		—			—			(1,464	)		(1,464	)
Income (loss) before income taxes	$	(3,178	)	$	941		$	33,146		$	30,909

*Underwriting ratios:*
Loss ratio		75.4	%		54.4	%		123.0	%		72.9	%
Acquisition cost ratio		27.3	%		31.7	%		26.2	%		27.8	%
Composite ratio		102.7	%		86.1	%		149.2	%		100.7	%
Underwriting expenses ratio		3.3	%		8.2	%		—	%		3.9	%
Combined ratio		106.0	%		94.3	%		149.2	%		104.6	%


GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended March 31, 2024

	Open Market			Innovations			Corporate			Total Consolidated
Gross premiums written	$	187,061		$	30,068		$	129		$	217,258
Net premiums written	$	167,716		$	26,244		$	117		$	194,077
Net premiums earned	$	131,610		$	20,197		$	9,729		$	161,536
Net loss and LAE incurred		(86,700	)		(13,127	)		(9,499	)		(109,326	)
Acquisition costs		(33,579	)		(6,053	)		(1,978	)		(41,610	)
Other underwriting expenses		(5,478	)		(861	)		—			(6,339	)
Deposit interest expense, net		(876	)		—			—			(876	)
Underwriting income (loss)		4,977			156			(1,748	)		3,385
Net investment income		12,616			(183	)		745			13,178
Corporate and other expenses		—			(590	)		(3,785	)		(4,375	)
Income from investment in Solasglas								18,248			18,248
Foreign exchange gains (losses)								(1,649	)		(1,649	)
Interest expense								(1,249	)		(1,249	)
Income (loss) before income taxes	$	17,593		$	(617	)	$	10,562		$	27,538

*Underwriting ratios:*
Loss ratio		65.9	%		65.0	%		97.6	%		67.6	%
Acquisition cost ratio		25.5	%		30.0	%		20.3	%		25.8	%
Composite ratio		91.4	%		95.0	%		117.9	%		93.4	%
Underwriting expenses ratio		4.8	%		4.3	%		—	%		4.5	%
Combined ratio		96.2	%		99.3	%		117.9	%		97.9	%

GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES

Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

The key non-GAAP financial measure used in this news release is:

Fully diluted book value per share

This non-GAAP financial measure is described below.

Fully Diluted Book Value Per Share

Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

We calculate basic book value per share as (a) ending shareholders’ equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units, “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.

The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):


	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Numerator for basic and fully diluted book value per share:
Total equity as reported under U.S. GAAP	$	666,804	$	635,879	$	663,418	$	634,020	$	624,458
Denominator for basic and fully diluted book value per share:
Ordinary shares issued and outstanding as reported and denominator for basic book value per share		34,557,449		34,831,324		34,832,493		35,321,144		35,321,144
Add: In-the-money stock options ⁽¹⁾ and all outstanding RSUs		773,938		590,001		602,013		594,612		585,334
Denominator for fully diluted book value per share		35,331,387		35,421,325		35,434,506		35,915,756		35,906,478

Basic book value per share	$	19.30	$	18.26	$	19.05	$	17.95	$	17.68
Fully diluted book value per share	$	18.87	$	17.95	$	18.72	$	17.65	$	17.39
⁽¹⁾ Assuming net exercise by the grantee.

The MIL Network –

May 8, 2025

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

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 07, 2025 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today announced first-quarter 2025 results. Results can be found on the company’s website by visiting www.apacorp.com or investor.apacorp.com.

APA will host a conference call on May 8 at 10 a.m. Central time via the webcast link available on the company website to discuss the results. Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

Contacts

Investor: (281) 302-2286

Media: (713) 296-7276

Website: www.apacorp.com

APA-F

The MIL Network –

May 8, 2025
MIL-OSI USA: Cotton to Gabbard: Do Not Assist German Surveillance of Political Opposition

US Senate News:

Source: United States Senator for Arkansas Tom Cotton
FOR IMMEDIATE RELEASEContact: Caroline Tabler or Patrick McCann (202) 224-2353May 7, 2025
Cotton to Gabbard: Do Not Assist German Surveillance of Political Opposition
Washington, D.C. — Senator Tom Cotton (R-Arkansas) today sent a letter to Tulsi Gabbard, the Director of National Intelligence requesting a pause on all intelligence sharing with Germany’s domestic intelligence agency, the BvF, that could be used to target political opponents. This letter comes after the BvF’s recent classification of German opposition party Alternative for Germany (AfD) as a “proven right-wing extremist organization.”
In part, Senator Cotton wrote:
“I understand that liberal elites on both sides of the Atlantic loathe the AfD, but AfD’s platform has resonated with many Germans. Unsurprisingly so, since an agenda of strong borders, energy independence, and economic growth has appealed to our own electorate and may other Western democracies. Rather than trying to undermine the AfD using the tools of authoritarian states, Germany’s incoming government might be better advised to consider why the AfD continues to gain electoral ground and how German’s government can address the reasonable concerns of its citizens.”
Full text of the letter may be found here and below.
The Honorable Tulsi Gabbard
Director of National Intelligence
1500 Tysons McLean Drive
McLean, VA 22102
Dear Director Gabbard:
In support of the Trump administration’s goals to prevent the weaponization of our nation’s intelligence agencies, I urge you to ensure that foreign intelligence collected by those agencies isn’t shared with the German government to be used against its political opposition.
On May 2, Germany’s domestic intelligence agency, the Federal Office for the Protection of the Constitution (BfV) classified the Alternative for Germany (AfD) Party as a “proven right-wing extremist organization.” Under German law, this decision allows BfV to intensify surveillance on AfD through signals collection and the use of undercover informants to support a potential party ban. In other words, German intelligence can now eavesdrop, monitor, and infiltrate Germany’s main opposition party and its second largest vote-getter in the recent elections. One would expect such police-state activities in dictatorships like Communist China and Russia—not Western Europe’s largest country.
I understand that liberal elites on both sides of the Atlantic loathe the AfD, but AfD’s platform has resonated with many Germans. Unsurprisingly so, since an agenda of strong borders, energy independence, and economic growth has appealed to our own electorate and may other Western democracies. Rather than trying to undermine the AfD using the tools of authoritarian states, Germany’s incoming government might be better advised to consider why the AfD continues to gain electoral ground and how the German government can address the reasonable concerns of its citizens.
Until the German government treats the AfD as a legitimate opposition party and not as a “right-wing extremist organization,” I ask that you direct our intelligence agencies to take the follow actions:
Pause the sharing of intelligence with BfV that could be used to target the AfD,
Refuse requests of assistance from the BfV to surveil AfD and its members, and
Review whether our intelligence agencies under the Biden administration cooperated with German requests to surveil the AfD or other opposition parties and notify the Senate of the findings of the review.
Sincerely,
Tom Cotton
Chairman

MIL OSI USA News –

May 8, 2025
MIL-OSI USA: Amid Trump Tariff Uncertainty, Oregon’s Entire Democratic Delegation Rallies Behind West Coast Seafood Industry

Source: US Representative Val Hoyle (OR-04)

May 07, 2025

After devastating order cancellations due to tariffs, Wyden, Merkley, Bonamici, Bynum, Dexter, Hoyle and Salinas ask USDA to buy West Coast pink shrimp

For Immediate Release: May 7, 2025

WASHINGTON, D.C. – U.S Representative Val Hoyle, along with U.S. Senators Ron Wyden and Jeff Merkley and U.S. Representatives Suzanne Bonamici, Janelle Bynum, Maxine Dexter, and Andrea Salinas today rallied behind the West Coast seafood industry by asking the U.S. Department of Agriculture to buy Oregon pink shrimp as soon as possible to help lessen the damage from Donald Trump’s tariffs.

“Commercial fishing, seafood processing, and distribution is an integral part of the numerous small ports and rural communities that dot America’s Pacific coast,” the legislators wrote in a letter to Bruce Summers, USDA Agricultural Marketing Services Administrator. “The industry contributes hundreds of millions of dollars and thousands of jobs to the region’s economy, all while providing the nation with domestic, high-quality seafood that is caught, processed, and distributed by hardworking Americans.”

The West Coast seafood industry is struggling as chaotic tariff decisions create uncertainty and devastation in Oregon’s vital seafood industry. Reports of major order cancellations paired with a prolific pink shrimp harvest have set up Oregon’s rural, coastal communities for potentially ruinous losses without support from the USDA.

The request asks the USDA to use a legal authority known as “Section 32” to stimulate demand during challenging economic times by buying surplus foods, which are then distributed to schools, childcare centers, and food banks in need.

“As the U.S. Department of Agriculture (USDA) continues its work to develop a national seafood strategy that provides economic opportunity to rural communities, promotes production that better nourishes Americans, and secures a robust domestic food supply, we urge USDA to extend support and relief at the earliest opportunity,” the Oregon lawmakers wrote.

“The loss of this significant market, coupled with the United Kingdom’s recent denial of the industry’s request for the United Kingdom to suspend its existing 20% tariff on imports of U.S. Pacific pink shrimp, poses a serious threat to the industry as supply increases rapidly with no viable outlet,” the legislators cautioned. “We urge you to use your Section 32 purchase authority to support these hardworking Americans and businesses at every point along the supply chain, and to mitigate the economic impact from the loss of these foreign markets to our coastal communities.”

The West Coast seafood industry has voiced its urgent need for timely federal support.

“We are incredibly grateful to Senator Wyden and the Oregon delegation for supporting the pink shrimp industry during these tumultuous and uncertain times,” West Coast Seafood Processors Association Director Lori Steele said. “A Section 32 purchase from USDA would help offset some of the major losses we are seeing in our global markets and provide an outlet for our product in the U.S. just as the 2025 season ramps up. We appreciate our delegation’s understanding of how important this is to Oregon’s coastal communities.”

Full text of the letter is here.

###

MIL OSI USA News –

May 8, 2025
MIL-OSI United Kingdom: Join the Open Innovation Team at Civil Service Live 2025
Source: United Kingdom – Executive Government & Departments

News story

Join the Open Innovation Team at Civil Service Live 2025

Explore expert insights, practical policy support and new ideas at our Session Hub
The Open Innovation Team (OIT) is hosting a Session Hub at Civil Service Live 2025, taking place on 8–9 July at ExCeL London.

OIT helps civil servants tackle complex policy challenges by working with leading academics and external experts to generate ideas and analysis for policy. We support departments across the policy cycle – from reviewing evidence and generating ideas to developing policy and evaluating impact.

At our Session Hub, you’ll be able to:

Attend short talks from top academics on priority policy topics, with insights you can apply to your work

Join discussions with experts and colleagues about practical solutions

Speak with OIT colleagues about how we can support your policy goals

Drop by to learn from experts, connect with our team – and discover how we can help you research, deliver and evaluate better policy.

For more information, visit our Civil Service Live page

Sign up to our events mailing list

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Updates to this page

Published 7 May 2025
MIL OSI United Kingdom –
May 8, 2025
MIL-OSI USA: Professor Bird Awarded Fulbright Scholarship to Conduct Legal Research in Finland

Source: US State of Connecticut

Business Law professor Robert Bird has been selected as a U.S. Fulbright Scholar and will spend three months studying human-centered legal strategy and design in Finland next semester.

“I’m excited about this opportunity to collaborate with my peers in Finland, who are doing some interesting work on strategic legal design,’’ he said. “I believe this research will add value to organizations, make complex contracts easier to understand, and benefit my students as well.’’

The Fulbright is a prestigious award granted to faculty based on their previous leadership and contributions to society. The program was created to increase mutual understanding between the people of the U.S. and other countries, and is the world’s largest international educational exchange program. UConn typically has four or five Fulbright professors each year.

Bird will be based at the University of Vaasa, a seaside campus, approximately a four-hour train ride north of Helsinki. The university is ranked as the top college in Finland for business administration, and recently underwent extensive renovations to enhance sustainability. The Fulbright award is co-sponsored by the Fulbright Finland Foundation and the University of Vaasa.

The goal of the project is to develop innovative contracts and other legal tools to make the documents easier for people to understand, minimize disputes, and add more valuable for organizations.

For example, sustainable supply chain contracts and codes of conduct are typically filled with complex language and legal jargon, Bird said. By using design methods to transform them into visually appealing and accessible documents, the professor and his colleagues believe they can foster greater participation, enhance trust-building, and maximize collaboration.

In addition to his work in Finland, Bird plans to complete some guest lectures at other universities in Europe, as part of his sabbatical.

When he returns to UConn for the spring 2026 semester, Bird will host a Legal Strategy Summit at UConn which will include a discussion of new legal designs based on his Fulbright experience.

“I’m looking forward to being an ambassador for UConn, for Husky values, and for the United States,’’ he said. “I’m looking forward to working with outstanding Finish colleagues. European scholars often think about things differently than we do and I hope to bring that back to UConn and to the United States.’’

MIL OSI USA News –

May 8, 2025
MIL-OSI Security: Met imposes conditions to move weekly protest away from Swiss Cottage

Source: United Kingdom London Metropolitan Police

The Met has intervened to block a protest group gathering in Swiss Cottage this Friday in an effort to prevent further serious disruption to the life of the community.

Officers have imposed Public Order Act conditions on a static protest that was due to take place in Finchley Road, at the junction of Eton Avenue.

It may now not take place in Swiss Cottage or anywhere in the shaded area on the map below.

The protest, which is organised by the International Jewish Anti-Zionist Network (IJAN) but attended by people from a variety of groups, has been taking place on a near weekly basis since October 2023.

In February, conditions were imposed requiring the protest to relocate outside the Swiss Cottage area. After an eight-week period where protests were held outside New Scotland Yard, the protest returned to Swiss Cottage last week, prompting a further assessment of its impact.

Chief Superintendent Jason Stewart, who is in charge of policing in Camden and Islington, said: “The policing of protest must constantly balance the rights of people to protest with the rights of others to go about their lives without being subjected to serious disruption.

“We have been in ongoing engagement with community representatives and protest organisers to ensure we are achieving this balance, using our powers proportionately where necessary.

“The protests in Swiss Cottage have been a cause of particular concern. They take place in the heart of a community with a significant Jewish population, on the eve of the Sabbath and at a time when fear and concern linked to a rise in antisemitic hate crime is increased. We have seen instances of hate speech and intimidating behaviour, including confrontation between this protest and counter protest groups.

“The law requires us to assess the impact of each individual protest rather than taking a blanket approach, but it allows us to consider the cumulative impact of sustained protest when assessing whether or not it is the cause of serious disruption.

“It is our position, after careful consideration, that the only way to prevent that level of disruption in this case is to use our powers to require the protest to take place elsewhere.”

Details of the conditions in place have been shared with community representatives and local partners.

We are happy to work with the protest organisers to ensure that any protest at a suitable alternative location can take place peacefully.

Officers will still be deployed in Swiss Cottage on Friday evening to ensure that anyone assembling in breach of the conditions is identified and the dealt with appropriately.

MIL Security OSI –

May 8, 2025
MIL-OSI Security: Met imposes conditions requiring weekly protest to take place outside Swiss Cottage

Source: United Kingdom London Metropolitan Police

The Met has intervened to block a protest group gathering in Swiss Cottage this Friday in an effort to prevent further serious disruption to the life of the community.

Officers have imposed Public Order Act conditions on a static protest that was due to take place in Finchley Road, at the junction of Eton Avenue.

It may now not take place in Swiss Cottage or anywhere in the shaded area on the map below.

The protest, which is organised by the International Jewish Anti-Zionist Network (IJAN) but attended by people from a variety of groups, has been taking place on a near weekly basis since October 2023.

In February, conditions were imposed requiring the protest to relocate outside the Swiss Cottage area. After an eight-week period where protests were held outside New Scotland Yard, the protest returned to Swiss Cottage last week, prompting a further assessment of its impact.

Chief Superintendent Jason Stewart, who is in charge of policing in Camden and Islington, said: “The policing of protest must constantly balance the rights of people to protest with the rights of others to go about their lives without being subjected to serious disruption.

“We have been in ongoing engagement with community representatives and protest organisers to ensure we are achieving this balance, using our powers proportionately where necessary.

“The protests in Swiss Cottage have been a cause of particular concern. They take place in the heart of a community with a significant Jewish population, on the eve of the Sabbath and at a time when fear and concern linked to a rise in antisemitic hate crime is increased. We have seen instances of hate speech and intimidating behaviour, including confrontation between this protest and counter protest groups.

“The law requires us to assess the impact of each individual protest rather than taking a blanket approach, but it allows us to consider the cumulative impact of sustained protest when assessing whether or not it is the cause of serious disruption.

“It is our position, after careful consideration, that the only way to prevent that level of disruption in this case is to use our powers to require the protest to take place elsewhere.”

Details of the conditions in place have been shared with community representatives and local partners.

We are happy to work with the protest organisers to ensure that any protest at a suitable alternative location can take place peacefully.

Officers will still be deployed in Swiss Cottage on Friday evening to ensure that anyone assembling in breach of the conditions is identified and the dealt with appropriately.

MIL Security OSI –

May 8, 2025
MIL-OSI Economics: Microsoft Fusion Summit explores how AI can accelerate fusion research

Source: Microsoft

Headline: Microsoft Fusion Summit explores how AI can accelerate fusion research

The pursuit of nuclear fusion as a limitless, clean energy source has long been one of humanity’s most ambitious scientific goals. Research labs and companies worldwide are working to replicate the fusion process that occurs at the sun’s core, where isotopes of hydrogen combine to form helium, releasing vast amounts of energy. While scalable fusion energy is still years away, researchers are now exploring how AI can help accelerate fusion research and bring this energy to the grid sooner.

In March 2025, Microsoft Research held its inaugural Fusion Summit, a landmark event that brought together distinguished speakers and panelists from within and outside Microsoft Research to explore this question.

Ashley Llorens, Corporate Vice President and Managing Director of Microsoft Research Accelerator, opened the Summit by outlining his vision for a self-reinforcing system that uses AI to drive sustainability. Steven Cowley, laboratory director of the U.S. Department of Energy’s Princeton Plasma Physics Laboratory (opens in new tab), professor at Princeton University, and former head of the UK Atomic Energy Authority, followed with a keynote explaining the intricate science and engineering behind fusion reactors. His message was clear: advancing fusion will require international collaboration and the combined power of AI and high-performance computing to model potential fusion reactor designs.

Applying AI to fusion research

North America’s largest fusion facility, DIII (opens in new tab)-D, operated by General Atomics and owned by the US Department of Energy (DOE), provides a unique platform for developing and testing AI applications for fusion research, thanks to its pioneering data and digital twin platform.

Richard Buttery (opens in new tab) from DIII-D and Dave Humphreys (opens in new tab) from General Atomics demonstrated how the US DIII-D National Fusion Program (opens in new tab) is already applying AI to advance reactor design and operations, highlighting promising directions for future development. They provided examples of how to apply AI to active plasma control to avoid disruptive instabilities, using AI-controlled trajectories to avoid tearing modes, and implementing feedback control using machine learning-derived density limits for safer high-density operations.

One persistent challenge in reactor design involves building the interior “first wall,” which must withstand extreme heat and particle bombardment. Zulfi Alam, corporate vice president of Microsoft Quantum (opens in new tab), discussed the potential of using quantum computing in fusion, particularly for addressing material challenges like hydrogen diffusion in reactors.

He noted that silicon nitride shows promise as a barrier to hydrogen and vapor and explained the challenge of binding it to the reaction chamber. He emphasized the potential of quantum computing to improve material prediction and synthesis, enabling more efficient processes. He shared that his team is also investigating advanced silicon nitride materials to protect this critical component from neutron and alpha particle damage—an innovation that could make fusion commercially viable.

Microsoft Research Blog

AIOpsLab: Building AI agents for autonomous clouds

AIOpsLab is an open-source framework designed to evaluate and improve AI agents for cloud operations, offering standardized, scalable benchmarks for real-world testing, enhancing cloud system reliability.

Exploring AI’s broader impact on fusion engineering

Lightning talks from Microsoft Research labs addressed the central question of AI’s potential to accelerate fusion research and engineering. Speakers covered a wide range of applications—from using gaming AI for plasma control and robotics for remote maintenance to physics-informed AI for simulating materials and plasma behavior. Closing the session, Archie Manoharan, Microsoft’s director of nuclear engineering for Cloud Operations and Infrastructure, emphasized the need for a comprehensive energy strategy, one that incorporates renewables, efficiency improvements, storage solutions, and carbon-free sources like fusion.

The Summit culminated in a thought-provoking panel discussion moderated by Ade Famoti, featuring Archie Manoharan, Richard Buttery, Steven Cowley, and Chris Bishop, Microsoft Technical Fellow and director of Microsoft Research AI for Science. Their wide-ranging conversation explored the key challenges and opportunities shaping the field of fusion.

The panel highlighted several themes: the role of new regulatory frameworks that balance innovation with safety and public trust; the importance of materials discovery in developing durable fusion reactor walls; and the game-changing role AI could play in plasma optimization and surrogate modelling of fusion’s underlying physics.

They also examined the importance of global research collaboration, citing projects like the International Thermonuclear Experimental Reactor (opens in new tab) (ITER), the world’s largest experimental fusion device under construction in southern France, as testbeds for shared progress. One persistent challenge, however, is data scarcity. This prompted a discussion of using physics-informed neural networks as a potential approach to supplement limited experimental data.

Global collaboration and next steps

Microsoft is collaborating with ITER (opens in new tab) to help advance the technologies and infrastructure needed to achieve fusion ignition—the critical point where a self-sustaining fusion reaction begins, using Microsoft 365 Copilot, Azure OpenAI Service, Visual Studio, and GitHub (opens in new tab). Microsoft Research is now cooperating with ITER to identify where AI can be exploited to model future experiments to optimize its design and operations.

Now Microsoft Research has signed a Memorandum of Understanding with the Princeton Plasma Physics Laboratory (PPPL) (opens in new tab) to foster collaboration through knowledge exchange, workshops, and joint research projects. This effort aims to address key challenges in fusion, materials, plasma control, digital twins, and experiment optimization. Together, Microsoft Research and PPPL will work to drive innovation and advances in these critical areas.

Fusion is a scientific challenge unlike any other and could be key to sustainable energy in the future. We’re excited about the role AI can play in helping make that vision a reality. To learn more, visit the Fusion Summit event page, or connect with us by email at FusionResearch@microsoft.com.

MIL OSI Economics –

May 8, 2025
MIL-OSI Canada: Government of Canada to host national ceremony commemorating the 80th anniversary of the Liberation of the Netherlands and Victory in Europe (V-E) Day

Source: Government of Canada News

Toronto, ON – Veterans Affairs Canada will host a public commemorative event in Toronto to mark the 80^th anniversary of the Liberation of the Netherlands and Victory in Europe (V-E) Day that will include the official Government of Canada delegation and feature the lighting of the CN Tower as a beacon of peace, a lantern-lighting ceremony, and a symbolic presentation of the commemorative combat boots underscoring the themes of remembrance, peace, and the homecoming of soldiers.

The delegation will be joined by Her Honour, The Honourable Edith Dumont, Lieutenant Governor of Ontario, Harman Idema, Consul-General of the Netherlands, Her Worship Olivia Chow, Mayor, City of Toronto, Brigadier-General Joe Robinson, Deputy Commander 4th Canadian Division and Joint Task Forces Central, Canadian Armed Forces, and other dignitaries.

The event will include remarks from dignitaries, participation of a delegation of Second World War Veterans, Canadian Armed Forces members, and Cadets, as well as performances by the HMCS York band, the Hamilton Children’s Choir, the Borden Military Wives Choir, the East Side 6 Swing Dancers, and the youth of Toronto All-Star Big Band.

Location: Canada Lands Square (CN Tower)
290 Bremner Boulevard
Toronto, ON
M5V 2T6

Date: Thursday, 8 May 2025

Time: 20:00 EDT

Notes for media:

Media who wish to participate must register by 15:00 EDT on Thursday, 8 May by contacting media@veterans.gc.ca with their name and media outlet. Media members are asked to arrive by 19:30 EDT.

There will be photo opportunities during the event and interview opportunities with the official delegation members after the ceremony if time permits.

Please let us know if you have any accessibility needs and we will work with you to enable your participation.

MIL OSI Canada News –

May 8, 2025
MIL-OSI Security: Law Enforcement Seizes 9 DDoS-for-Hire Webpages as Part of Global Crackdown on ‘Booter’ and ‘Stresser’ DDoS Services

Source: Office of United States Attorneys

LOS ANGELES – The Justice Department today announced the court-authorized seizure of nine internet domains associated with some of the world’s leading DDoS-for-hire services. Poland’s Central Cybercrime Bureau simultaneously announced the arrests of four administrators of such services, investigations which were assisted by U.S. authorities. Several of the arrested administrators operated websites seized pursuant to previous operations by the Central District of California.

Federal law enforcement continues to seize websites that allow paying users to launch powerful distributed denial-of-service (DDoS) attacks. These attacks flood targeted computers and servers with information to prevent them from being able to access the internet.

Booter services such as those named in this action allegedly attacked a wide array of victims in the United States and abroad, including schools, government agencies, gaming platforms, and millions of people. In addition to affecting targeted victims, these attacks can significantly degrade internet services and completely disrupt internet connections.

The websites targeted in this operation were used for hundreds of thousands of actual or attempted DDoS attacks targeting victims worldwide. While some of these services claimed to offer “stresser” services that purportedly could be used for network testing, the Defense Criminal Investigative Service (DCIS) determined these claims to be a pretense, and “thousands of communications between booter site administrators and their customers…make clear that both parties are aware that the customer is not attempting to attack their own computers,” according to an affidavit filed in support of court-authorized warrants to seize the booter sites.

Today’s announcement builds on the success of the prior cases by targeting all known booter sites, shutting down as many as possible, and undertaking a public education campaign. In the last four years more than 11 defendants have been charged in Los Angeles and Anchorage for facilitating DDoS-for-hire services. More than 75 domains associated with such services have been seized.

“Booter services facilitate cyberattacks that harm victims and compromise everyone’s ability to access the internet,” said United States Attorney Bill Essayli for the Central District of California. “This week’s sweeping law enforcement activity is a major step in our ongoing efforts to eradicate criminal conduct that threatens the internet’s infrastructure and our ability to function in a digital world.”

“DDoS for hire criminal booter services impact internet services for victims in every corner of the United States, including Alaska,” said U.S. Attorney Michael J. Heyman for the District of Alaska. “This threat highlights the continued need to pursue cybercrime services like booter providers. We remain committed to bolstering our collaborative partnerships in the U.S. and abroad to address threats to critical internet infrastructure and services.”

“The enforcement actions launched today, made possible by enduring partnerships between law enforcement and private industry, represents continued pressure on DDoS-for-hire services and the cybercriminals and hacktivists who use them.” said Special Agent in Charge Kenneth DeChellis of the Defense Criminal Investigative Service (DCIS), Cyber Field Office. “This success demonstrates the resolve of the DCIS to relentlessly pursue those who target our warfighters and their information systems.”

In conjunction with the website seizures, Homeland Security Investigations, DCIS, and the Netherlands Police have launched an advertising campaign using targeted placement ads in search engines, which are triggered by keywords associated with DDoS activities. The purpose of the ads is to deter potential cybercriminals searching for DDoS services in the United States and around the globe, and to educate the public on the illegality of DDoS activities.

In recent years, booter services have continued to proliferate as they offer a low barrier to entry for users looking to engage in cybercriminal activity. These types of DDoS attacks are so named because they result in the “booting” or dropping of the targeted computer from the internet.

For additional information on booter and stresser services and the harm that they cause, please visit: https://www.fbi.gov/contact-us/field-offices/anchorage/fbi-intensify-efforts-to-combat-illegal-ddos-attacks.

The seizures announced today were performed by DCIS’s Cyber-West Resident Agency.

These law enforcement actions were taken in conjunction with Operation PowerOFF, an ongoing, coordinated effort among international law enforcement agencies aimed at dismantling criminal DDoS-for-hire infrastructures worldwide, and holding accountable the administrators and users of these illegal services. Principal partners in Operation PowerOFF include EUROPOL; the United States Attorney’s Office for the District of Alaska; The Department of Justice Computer Crime and Intellectual Property Section (CCIPS); FBI’s Anchorage and Los Angeles field offices; HSI’s Columbus field office; Germany’s Bundeskriminalamt (BKA); United Kingdom’s National Crime Agency (NCA); Netherlands Police; Polish Central Cybercrime Bureau; Brazilian Federal Police, Japan’s National Police Agency, France’s Police Nationale, and many others.

Assistance was provided by Akamai, Amazon Web Services, Cloudflare, Digital Ocean, Flashpoint, Google, PayPal, The University of Cambridge, and Unit 221B.

Assistant United States Attorneys James E. Dochterman of the Asset Forfeiture and Recovery Section and Aaron Frumkin of the Cyber and Intellectual Property Crimes Section are handling this investigation.

MIL Security OSI –

May 8, 2025
MIL-OSI: Turbo Energy Showcasing Its Line of Innovative Ai-Optimized Sunbox Energy Storage Solutions at Intersolar Europe 2025
Source: GlobeNewswire (MIL-OSI)

VALENCIA, Spain, May 07, 2025 (GLOBE NEWSWIRE) — Turbo Energy S.A. (Nasdaq: TURB) (“Turbo Energy” or the “Company”), a global provider of leading-edge, AI-optimized solar energy storage technologies and solutions, today announced that the Company is showcasing its growing line of smart SUNBOX energy storage solutions at Intersolar Europe, being held in Munich, Germany beginning today and continuing through Friday, May 9, 2025. As the world’s leading exhibition for the solar industry, Intersolar consistently attracts more than 110,000 participants each year, providing a premier opportunity to connect with partners, customers and peers across Europe and beyond. For Turbo Energy, this event is expected to play a vital role in sharing its latest energy storage advancements, strengthening business relationships and continuing to expand the Company’s impact on the global renewable energy market.

Join Turbo Energy at Intersolar Europe 2025 in Munich, Germany at Booth B1.430 in Hall B1

Turbo Energy can be found at Booth B1.430 in Hall B1, where several of the Company’s senior executives and top technical, sales and marketing representatives will be on hand to discuss how AI-enabled SUNBOX solutions for residential, commercial/industrial and utility-scale applications are helping to transform the way energy is stored and managed.

NOTE TO MEDIA: To schedule an interview with a member of Turbo Energy’s senior management on-site at the event, please contact Silvia Perez Rios at silviaperez@turbo-e.com.

About Turbo Energy, S.A.

Founded in 2013, Turbo Energy is a globally recognized pioneer of proprietary solar energy storage technologies and solutions managed through Artificial Intelligence. Turbo Energy’s elegant all-in-one and scalable, modular energy storage systems empower residential, commercial and industrial users expanding across Europe, North America and South America to materially reduce dependence on traditional energy sources, helping to lower electricity costs, provide peak shaving and uninterruptible power supply and realize a more sustainable, energy-efficient future. A testament to the Company’s commitment to innovation and industry disruption, Turbo Energy’s introduction of its flagship SUNBOX represents one of the world’s first high performance, competitively priced, all-in-one home solar energy storage systems, which also incorporates patented EV charging capability and powerful AI processes to optimize solar energy management. Turbo Energy is a proud subsidiary of publicly traded Umbrella Global Energy, S.A., a vertically integrated, global collective of solar energy-focused companies. For more information, please visit www.turbo-e.com.

Forward-Looking Statements

Statements 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” within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. 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. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and annual report under the heading “Risk Factors” as filed with the Securities and Exchange Commission. 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. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, please contact:
At Turbo Energy, S.A.
Dodi Handy, Director of Communications
Phone: 407-960-4636
Email: dodihandy@turbo-e.com

Attachment
- Join Turbo Energy at Intersolar Europe 2025 in Munich, Germany at Booth B1.430 in Hall B1
The MIL Network –
May 8, 2025
MIL-OSI Economics: Transforming Food Systems for the Future of Asia and the Pacific

Source: Asia Development Bank

ADB President Masato Kanda delivered the opening remarks at the event Transforming Food Systems for the Future of Asia and the Pacific held on the sidelines of the 58th Annual Meeting of the ADB Board of Governors in Milan, Italy.

MIL OSI Economics –

May 8, 2025
MIL-OSI United Kingdom: ‘Move Together’ campaign to tackle huge physical inactivity challenges

Source: City of Wolverhampton

Move Together is a unifying movement that seeks to break down the barriers to activity, empowering every resident – regardless of age, ability, or background – to become more physically active.

Paralympic legend Ellie Simmonds MBE is fronting the campaign, which was launched this week. She was joined by representatives from the 4 local authorities and a range of community partners.

Ellie said: “Being active has always been such an important part of my life. It hasn’t just been for my physical health, but for my confidence, mental health and happiness.

“The best thing is that you don’t even have to be an athlete to feel the benefits – or have ever done sports. Whether it’s a walk with friends, dancing in your living room, or joining a local group, moving and being active can make a massive difference.

“That’s why I’m so proud to be here to support the Move Together campaign – because everyone deserves the chance to feel the joy and freedom that being active can bring.”

The campaign, running in 3 phases until October 2025, will raise awareness of the spaces and places where people can move more and be active and showcase the wealth of accessible activity opportunities across the region.

Every move counts. Together, in partnership with stakeholders, the campaign will reimagine the Black Country as a place where every step, stretch and stride brings us closer to a healthier, more connected community.

Sport England’s Active Lives Survey identifies the Black Country as the most inactive Active Partnership area within England. Latest data shows that 34.6% of adults were classed as inactive – a slight fall in inactivity rates over the last 12 months (the national average is 25.1%).

Active Black Country’s Chief Executive Ian Carey said: “It’s fantastic to launch the Move Together campaign today in partnership with the local authorities of Dudley, Sandwell, Walsall and Wolverhampton. Delivering a strategy to unite the Black Country and create active, healthier people and places requires a huge collective effort.

“Together with our strategic partners, we have developed an inspiring campaign that can motivate people from different backgrounds to move more and be physically active so they can enjoy the multiple health and wellbeing benefits that an active lifestyle provides.

“This campaign will showcase the breadth and diversity of activity opportunities on everyone’s doorsteps and show just how accessible they are, empowering Black Country residents to embrace movement as part of their daily lives.

“Thanks to Sport England for their ongoing financial support. The Move Together campaign champions the ‘Uniting the Movement’ strategy that aims to provide everyone in England – regardless of postcode, background or bank balance – the opportunity to get active.”

The campaign is powered by a partnership between Active Black Country and the 4 local authorities – who are all working together with community partners to make active living more visible, inclusive, and accessible.

Campaign activations in the months ahead will showcase the different ways people can get active in their communities. Wave 2 will focus on bringing to life the Black Country’s waterways and how residents can utilise them for physical activity. Wave 3 will highlight the huge array of outdoor spaces across the region where people can move more and be active.

To find out more about the Move Together campaign and how you can get involved, visit Active Black Country. To find local activities, visit Black Country Moving .

MIL OSI United Kingdom –

May 8, 2025
MIL-OSI Europe: Frontex Leads International Effort to Tackle Child Trafficking in Europe

Source: Frontex

On 6 and 7 May, Frontex hosted a major international conference focused on some of the darkest crimes facing Europe today the trafficking and exploitation of children. The event gathered more than 60 participants from 24 countries, including representatives from EU institutions, national authorities, international organisations, and civil society.

Frontex Executive Director Hans Leijtens opened the event with a clear message:

“Child trafficking is not just a legal problem. It is a moral one. And we have a duty to act.”

He added: “At Frontex, we are training our officers to detect the signs, strengthening our response on the ground, and working with national and international partners to stop criminals before they reach their victims. This is not optional. It is our responsibility because every child we protect is a life saved from fear, violence, and exploitation.”

Hans Leijtens was joined by other leading voices, including Diane Schmitt, the EU’s Anti-Trafficking Coordinator, and Agata Furgała, Director at Poland’s Ministry of Interior, who addressed the event on behalf of the Polish Presidency.

The conference focused on practical solutions: how to detect, protect, and respond. Discussions covered early identification of child victims at borders, protection during migration, and ensuring that traffickers are held to account through robust justice systems. Attendees explored how to improve cooperation between national authorities, international bodies, and NGOs.

For Frontex, this conference reflects more than just concern. It reflects action. The Agency has ramped up its presence at key border points, trained officers to spot signs of exploitation, and is working closely with Member States to ensure children are protected, not overlooked.

As child trafficking networks grow more sophisticated, so must our response. This week’s event marks another step forward in a wider, ongoing commitment to protect children and bring perpetrators to justice.

MIL OSI Europe News –

May 8, 2025
MIL-OSI USA: Victory Day for World War II, 2025

US Senate News:

Source: The White House
class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
Today, our Nation proudly commemorates the 80th anniversary of the Allied Powers’ triumph over national socialism and fascism, and the end of World War II in Europe — one of the most epic victories for forces of freedom in the history of the world. On this Victory Day for World War II, we celebrate the unmatched might, strength, and power of the American Armed Forces, and we commit to protecting our sacred birthright of liberty against all threats, foreign and domestic.In the wake of the December 7, 1941 attack on Pearl Harbor, the United States righteously entered the fray of what would become the apex of the eternal battle between good and evil. After nearly 4 years of the darkest and bloodiest chapters ever recorded in human history, more than 250,000 Americans lost their lives in the fight against the Nazi regime. Today and every day, we pay tribute to all those who made the ultimate sacrifice for their Nation, their liberty, and the survival of Western civilization. Without the sacrifice of our American soldiers, this war would not have been won, and our world today would look drastically different.May 8, 1945 marks the Allies’ acceptance of Germany’s unconditional surrender — the beginning of the end of years of long, gruesome, and brutal warfare. The millions of souls senselessly lost serve as a reminder of why we must pursue peace through strength. I remain steadfastly devoted to stopping the years of endless foreign wars and preventing the further loss of lives. As I stated during my Inaugural Address, we will measure our success not only by the battles we win but also by the wars we end — and my proudest legacy will be that of a peacemaker.As we commemorate Victory Day for World War II, we offer our unending thanks to every patriot from the Greatest Generation who left behind his home and family to fight for our freedom in distant lands. We honor the memories of all those who perished. Above all, we renew our commitment to keeping America and the entire world safe, secure, prosperous, and free.NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim May 8, 2025, as a day in celebration of Victory Day for World War II.IN WITNESS WHEREOF, I have hereunto set my hand this seventh day of May, in the year of our Lord two thousand twenty‑five, and of the Independence of the United States of America the two hundred and forty-ninth. DONALD J. TRUMP

MIL OSI USA News –

May 8, 2025
MIL-OSI Global: Aaliyah’s turn as a vampire in the nu-metal film Queen of the Damned is an often-overlooked part of her legacy

Source: The Conversation – UK – By Francesca Sobande, Reader in Digital Media Studies, Cardiff University

Black women’s influence on metal and connected sub-genres is still often overlooked. As part of my research into Black women in pop culture, I’ve looked at the relationship between race, gender, onscreen portrayals of immortality and nu-metal.

Nu-metal, popularised in the early 2000s, is known for combining the mood of metal with riffs and hues of rap and hip-hop. The genre drew on the creativity of Black artists, singers and musicians across different genres and generations.

My research on this has involved reflecting on the nu-metal-themed film Queen of the Damned (2002), based on Anne Rice’s enduring Vampire Chronicles books. It starred the singer Aaliyah as the powerful vampire Akasha. It was to be her final acting role before her death aged just 22. Shortly before, she had also signed to appear in the sequel to The Matrix, another nu-metal franchise.

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Aaliyah doesn’t sing in Queen of the Damned, but her hip-hop stardom is still central to the film, as is suggested by the emphasis on her image in its marketing. Aaliyah being foregrounded in a nu-metal film, paired with the limited dialogue and plot development of her character, reflects how Black women in alt and rock music and accompanying media are sometimes treated as simply there to be seen, not heard.

With a 17% “tomatometer” score on Rotten Tomatoes and a 2.8 star ranking on Letterboxed, Queen of the Damned is generally seen as a flop. But despite this, the film remains influential, particularly due to Aaliyah’s poised presence as a hip-hop star in a fictional and vampiric nu-metal world.

The character of Akasha can be criticised for representing stereotypical ideas of Black women as being dangerously seductive. Still, Aaliyah’s portrayal made an impression.

Aaliyah in a scene from Queen of the Damned.

In recent years the film has received renewed attention, sparked by the resurgence of nu-metal and the creation of the AMC TV show Interview with the Vampire (2022-present). Its much anticipated third season is due to include Akasha. This has led to some fans calling for her to be played by hip-hop artist Megan Thee Stallion. The rapper made a Paris Fashion Week appearance in 2025 in an outfit that harked back to Aaliyah’s performance as Akasha.

This demonstrates that part of Aaliyah’s ongoing impact is the way she established the character of Akasha as canonically connected to hip-hop.

More than ‘seen, not heard’

Understandably eclipsed by her wider work, Queen of the Damned is not focused on in many ways Aaliyah is memorialised. But, for me, her involvement in the film symbolises how Black women’s creativity and coolness is leveraged by music genres and their media marketing.

Aaliyah in 2000.
Wiki Commons, CC BY-SA

When remembering Aaliyah’s cultural influence, her multifaceted role in the new millennium and nu-metal landscape must be meaningfully acknowledged. More than that, how all Black women in music are publicly memorialised must involve more care and recognition of their important work across, between and beyond genres.

When news spread of the death of Roberta Flack in February, her fans took to social media to mourn her loss. Legend, musician, singer, teacher – those were just some of the many words used in online posts rightly celebrating her life.

But as layla-roxanne hill and I discuss in our new book, Look, Don’t Touch: Reflections on the Freedom to Feel, memorialising people as “icons” sometimes reduces or reframes who they were to little more than symbols and soundbites. There should be space to name Black women’s impact on music and society, but in ways that affirm the multitudes of their lives.

This is touched on in the documentary TLC Forever (2023), as is society’s disregard for the grief experienced by Black women such as TLC members Rozonda Thomas and Tionne Watkins. Following the death of their friend and band member Lisa “Left Eye” Lopes in a bus crash aged 30, they faced pressures to push forward with releasing music while grieving.

Another documentary, 20 Feet from Stardom (2013), also illuminated the inequalities faced by Black women singers. Their signature sounds propel the success of many genres, but they seldom benefit from this in substantial and sustained ways.

The trailer for TLC Forever.

The way the tragic death of Aaliyah was treated is a case in point. The R&B and hip-hop singer died in a plane crash in August 2001. Media headlines mounted, including coverage that referred to “her movie debut last year”, but which did not discuss that role or her broader acting work.

It may be impossible for any memorial message to fully express and appreciate someone’s essence. However, the ways that Black women are remembered (and forgotten) in society are shaped by the specifics of misogynoir – the interconnected effects of racism, sexism and misogyny.

Black women are so much more than the binary narratives projected onto them – strong versus soft, young versus old, singer versus actor, survivor versus victim and living versus dead. As the title of one of Aaliyah’s own songs conveys, she was More Than a Woman.

Francesca Sobande received Impact Acceleration funding from UKRI in 2024, towards a project on “The Cultural Memory and Archived Experiences of Black People in ‘Alternative’ Music Subcultures”, in collaboration with the Museum of Youth Culture.

– ref. Aaliyah’s turn as a vampire in the nu-metal film Queen of the Damned is an often-overlooked part of her legacy – https://theconversation.com/aaliyahs-turn-as-a-vampire-in-the-nu-metal-film-queen-of-the-damned-is-an-often-overlooked-part-of-her-legacy-251860

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Global: VE Day: how personal first-hand accounts help keep everyday narratives of wartime Britain alive

Source: The Conversation – UK – By Hazel Hall, Emeritus Professor in the School of Computing, Engineering, and Built Environment, Edinburgh Napier University

From street parties to flypasts, the myriad events of VE Day – which this year commemorates the 80th anniversary of victory in Europe – take place against the backdrop of grand wartime narratives. These include accounts of military strategy, major battles and political decisions made by global leaders. Central to the day are the few remaining second world war veterans and the memory of those who lost their lives in the conflict between 1939 and 1945.

While military and political history may dominate the retelling of VE Day, the research of my colleagues at Napier and myself has focused on a wartime commentary written by a young woman called Lorna Lloyd from Malvern, Worcestershire, between 1939 and 1941.

Thursday December 12 1940

It was a very bad night last night with guns firing endlessly and heavy bombs dropping in the (not so) distance. Cheltenham seems to have got it, and Birmingham. We hardly slept at all, for though the All Clear went at 1.40am, a new alert sounded at 4.00am, and the All Clear did not go until 20 to eight.

Through our study we found that bringing the voices of ordinary people from the second world war directly into the present can forge strong emotional connections to the past, giving people a real appreciation of what it was like to live through the war in Britain. This material also prompts consideration of parallels between past and current hostilities.

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Fearing a German invasion in May 1940, 26-year-old Lloyd wrote in her diary: “I shall bury this diary so deep that one day, in a saner world, someone may find it and know that the last legions of civilisation meant not dominion but good.”

Whether or not today’s world is saner, our research with 12 interviewees familiar with two digitised versions of Lloyd’s wartime diary revealed that excerpts had a stronger emotional impact when packaged as audio in a podcast series than they did presented online as text and images.

Using news reports from the time including broadcast excerpts from the BBC, Lloyd’s words composed at her middle-class home in the Midlands highlight that war is a very human experience that affects everyone.

Her commentary offers insight into the devastating reach of the conflict on those far from the frontlines, with reflections that demonstrate the psychological toll of war and its impact on everyday life.

December 31 1940

London vanishes gradually. Now a slice is shorn away as on Sunday night, now inchmeal buildings are levelled and gaps torn in its ancient fabric. With each, something dies that was hallowed by generations of hope and endeavour, quiet monuments of ordinary strivings vanish into piles of rubble.

They also shed light on the roots of post-war social transformation, from the formation of the National Health Service to the cautious outlook of the so-called “silent generation” who grew up amid rationing and uncertainty. In a time when peace can no longer be taken for granted, these personal perspectives reinforce the importance of diplomacy, and the need to avoid conflict in the future.

June 3 1940

There are times when I feel endlessly old, and worn out, and others when I feel hopelessly young, and completely unable to combat life, or to hope for any future. I know somehow, despite the frantic entry of May 15th, that we shall win in the end, but my spirit quails at the task of building up again what has been broken down. It took 22 years to arrive even in this country at anything like normality after the last war. When things have settled down again shall I be old?

Although we anticipated that our participants would find the experience particularly affecting since they knew Lloyd was played in the podcast episodes by her 25-year-old great-great niece, an unexpected finding was that the emotional reaction was greater when the audience members recognised parallels between Lloyd’s reports of the early months of the war and the current war in Ukraine.

They were struck by the echoes of Lloyd’s commentary on 1940s wartime Europe in present-day Ukraine. One interviewee said: “It’s so much harder [to listen]… because we are in a similar situation … If you changed the words slightly, it could [be] contemporary … If we made Germany Russia, and made Finland Ukraine … We are dealing with [accommodating displaced people] today.”

This finding shows that examining history in this accessible way can lead to identifying parallels with the present. An advantage that we have today – and which was denied to Lorna Lloyd and her contemporaries – is that we have an example from history to warn us about the dangers of the current political climate in Europe.

The political and economic pressures at the time in Weimar Germany paved the way for the rise of the Nazi party. And now, with the rise of the right wing in Europe and across the world once more, it is more important than ever to learn from the past.

As so few living memories of the second world war remain today, VE Day gives us a chance to consider how we keep such “hidden” histories alive. Our research shows that digital storytelling such as podcasts give fresh resonance to archive material in an uncertain world. And it makes clear the enduring value of encouraging interaction with historical records to make sense of today’s wider social and political turbulence.

The research cited here was funded by the Arts and Humanities Research Council through the Creative Informatics programme. Hazel Hall acknowledges the contributions of her colleagues Bruce Ryan, Marianne Wilson, and Iain McGregor to this article.

– ref. VE Day: how personal first-hand accounts help keep everyday narratives of wartime Britain alive – https://theconversation.com/ve-day-how-personal-first-hand-accounts-help-keep-everyday-narratives-of-wartime-britain-alive-255653

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI USA: ICE Arizona, multiagency case sends Nigerian national to prison for international fraud scheme that defrauded elderly US victims

Source: US Immigration and Customs Enforcement

TUCSON, Ariz., – A Nigerian national was sentenced April 25 to 97 months in prison for his role in a transnational inheritance fraud scheme. U.S. Immigration and Customs Enforcement and the United States Postal Inspection Service investigated the case. The Justice Department’s Office of International Affairs, the U.S. Attorney’s Office for the Southern District of Florida, Europol, and authorities from the UK, Spain, and Portugal all provided critical assistance.

“It’s inconceivable to imagine any human being robbing from those who’ve spent a lifetime working and building a life, and then are duped out of it all,” said ICE Homeland Security Investigations Arizona Special Agent in Charge Francisco B. Burrola. “Together, with our law enforcement partners, we will not tolerate this kind of behavior – we will bring justice to those who have wronged and stolen from so many people.”

According to court documents, Okezie Bonaventure Ogbata, 36, was a member of a group of fraudsters that sent personalized letters to elderly victims in the United States over the course of several years. The letters falsely claimed that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left for the recipient by a family member who had died overseas years before. Ogbata and his co-conspirators told a series of lies to victims, including that, before they could receive their purported inheritance, they were required to send money for delivery fees, taxes, and other payments to avoid questioning from government authorities. Ogbata and his co-conspirators collected money victims sent in response to the fraudulent letters through a complex web of U.S.-based former victims, whom the defendants convinced to receive money and forward to the defendants or persons associated with them. Victims who sent money never received any purported inheritance funds. In pleading guilty, Ogbata admitted to defrauding over $6 million from more than 400 victims, many of whom were elderly or otherwise vulnerable.

“The Justice Department’s Consumer Protection Branch will continue to pursue, prosecute, and bring to justice transnational criminals responsible for defrauding U.S. consumers, wherever they are located,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “This case is a testament to the critical role of international collaboration in tackling transnational crime. I want to thank our U.S. law enforcement partners, as well as those who assisted across the globe, including the Portuguese Judicial Police and Public Prosecution Service of Portugal, for their outstanding contributions to this case.”

“The long arm of the American justice system has no limits when it comes to reaching fraudsters who prey on our nation’s most vulnerable populations, to include the elderly,” said U.S. Attorney Hayden P. Byrne for the Southern District of Florida. “We will not allow transnational criminals to steal money from the public we serve. Individuals who defraud American consumers will be brought to justice, no matter where they are located.”

“The U.S. Postal Inspection Service has a long history of protecting American citizens from these types of schemes and bringing those responsible to justice,” said Acting Postal Inspector in Charge Steven Hodges of the USPIS Miami Division. “Today’s sentencing is a testament to the dedicated partnership between the Department of Justice’s Consumer Protection Branch, HSI and USPIS to protect our citizens from these scams.”

Senior Trial Attorney and Transnational Criminal Litigation Coordinator Phil Toomajian, and Trial Attorneys Josh Rothman and Brianna Gardner of the Civil Division’s Consumer Protection Branch are prosecuting the case.

If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. Visit the Consumer Protection Branch to learn more about the agency and its enforcement efforts. File elder fraud complaints with the FTC or call 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime.

MIL OSI USA News –

May 8, 2025
MIL-OSI United Kingdom: Student’s wartime diaries reveal vital rooftop role As the world marks the 80th anniversary of the end of the Second World War in Europe, the wartime diaries of a University of Aberdeen student have revealed insights into how everyday life continued – as well as the rather unusual duties undertaken by undergraduates during the Blitz.

Source: University of Aberdeen

As the world marks the 80th anniversary of the end of the Second World War in Europe, the wartime diaries of a University of Aberdeen student have revealed insights into how everyday life continued – as well as the rather unusual duties undertaken by undergraduates during the Blitz.
Mary Newlands, who graduated in 1942 with a degree in English, history, geology and geography, faithfully completed the green covered student’s diary issued to each University entrant for the 1939-40 academic year – a habit she continued throughout her studies.
She kept these her whole life and they were passed on to her granddaughter Ruth Mellis, who works as a Project Manager at the University, when she died in 2017.
Mary, who was born on a farm in Speymouth, gained a place at University after demonstrating her academic abilities at Milne’s Institute in Fochabers where she was a clever and studious pupil, and was dux of the school several times gaining prizes in English, history, mathematics, Latin, French and German.
She applied her meticulous nature to her student diary making small, neat notes alongside the timetabling information, useful telephone numbers and details for the student’s representative council.
Mary recorded her social engagements, essay deadlines and debating society commitments together with glimpses of how life continued as normal in the early months of the war, including that on February 23, 1940, there was to be a campfire.
The only indications of the significant societal changes contained in her small notes are at the end where she writes that ‘countries have to make tremendous sacrifices’ and lists addresses for a NAAFI and RAF bases.
But by the 1940-41 session, as well as the colour of the diary switching to blue, the impact of war becomes more visible in her jottings.
Mary’s academic year gets underway in 1940 with Dance at Udny Green, a Halloween party and Harvest Thanksgiving and in December ‘a big family party at Aunt Mary’s’.
But by January 1941 she notes on a visit home ‘military clearing the roads’ and then the following day (Sunday Jan 26) ‘military back again, almost landed in a troop train’.
Her notes on visits to the flicks and social events become interspersed with increased mentions of the war.
On Thursday January 30 her classes are disrupted by an air raid warning in the morning and by February she has noted friends and classmates dispatched to various places.
By the middle of February the frequency of reports on air raids and spending nights in the shelter increase together with references to putting on gas masks and she notes trying to finish essays following air raids. On Monday March 7, 1941, her Geography exam is interrupted by sirens and the need to evacuate.
Against this backdrop, Mary takes on a role in addition to her studies volunteering as a fire warden for the city and on Sunday May 4 she describes for the first time her rather unique vantage point – on the roof of Marischal College.
Throughout this period she describes juggling work and University with fire watching and by Wednesday 18 June says she is ‘falling asleep periodically’.
The records for air strikes on Aberdeen show why the fire watching duties taken on by many University students were so vital.
Aberdeen suffered the greatest number of air raids in Scotland during the Second World War, with some of the most significant hits close to the University.
Loch Street, close to Marischal College where Mary stood guard on the roof, was struck in February 1941, destroying McBride’s Bar and 89 Loch Street.
Then on July 3 high Explosive Bombs were dropped on Marischal Street, Regent Quay, Pontoon Dock No.2 off Albert Quay, Clyde Street & the Lime Company Buildings on Blaikie’s Quay.
Activity was also clustered close to King’s College with several attacks on the area around Clifton and Hilton Road.
In 1942 this moves closer again with an air attack that began on Saturday April 25 damaging buildings at the junction of Summerfield Terrace & King Street.
Mary graduated in the midst of bombing campaigns focused on the city and when Aberdeenfaced its darkest day on April 21, 1943, had begun her teaching training.
In the space of just 44 minutes, 127 bombs fell, damaging or destroying more than 12,000 homes and killing 98 civilians and 27 soldiers.
The ‘Aberdeen Blitz’ had a significant impact on the streets surrounding King’s College including Regent Walk and King Street where nine high-explosive bombs fell. At 519 King Street the corner of the block was demolished by bombing. On Bedford Road a row of houses was destroyed killing an entire family.
But as Mary’s diaries show, life and studies had to continue. In 1943 she successfully completed her teacher training and she returned to Moray to begin her teaching career at Clackmarras public school, teaching across the region at both primary and secondary level over the next four decades.
She never forgot her time on the roof of Marischal College as granddaughter Ruth explains.
“Gran was very proud of being a graduate of Aberdeen University and shared the story of her fire marshal duties with many. She made lifelong friends during her studies and spoke of her adventures on the roof of Marischal College and the many ladders involved! She was very matter of fact about this time and that everyone had to do their bit during the war.
“I had no idea she’d kept such detailed diaries of her time at University and they’re fascinating to read and get a glimpse of what it would have been like. She was such a strong lady who was full of fun and she just got on with things which is very much shown in her diaries, she would love that her memories are being shared.”

MIL OSI United Kingdom –

May 8, 2025
MIL-OSI Global: Bronze-age Britain traded tin with the Mediterranean, shows new study – settling a two-century debate

Source: The Conversation – UK – By Benjamin Roberts, Associate Professor in Later European Prehistory, Durham University

Bronze age tin ingot from Salcombe, England. Benjamin Roberts / Alan Williams

Tin was the critical mineral of the ancient world. It was essential to alloy with copper to make bronze, which for many centuries was the preferred metal for tools and weapons. Yet sources of tin are very scarce – and were especially so for the rapidly growing bronze age towns, cities and states around the eastern Mediterranean.

Though major tin deposits are found in western and central Europe and in central Asia, by far the richest and most accessible tin ores are in Cornwall and Devon in southwest Britain. Yet it has been difficult to prove that these British deposits were used as a source for people in the eastern Mediterranean. So for more than two centuries, archaeologists have debated about where bronze age societies obtained their tin.

In a new study published in the journal Antiquity, our team analysed the chemistry and different forms of particular elements in tin ores and artefacts from across Britain and Europe. These included tin ingots found at prehistoric shipwreck sites at Salcombe and Erme, southwest Britain, as well as in the Mediterranean.

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This revealed that tin ingots from three ancient shipwrecks discovered off the coast of Israel and one shipwreck found off the Mediterranean coast of France originated in southwest Britain. The shipwrecks found near Israel date to around 1300BC, while the wreck from France has been dated to around 600BC.

Small farming communities across Cornwall and Devon would have dug, washed, crushed and smelted the abundant tin ore from the alluvial deposits in the region. The heavy sand to gravel-sized tin ore is in a layer buried under soft layers of barren silt, sand and gravel.

The tin ore is eroded from hard rock mineral veins and deposited by streams and rivers. There was simply no need for any complex and difficult mining of hard rock here. The tin would then have been taken to coastal locations where it could be traded.

It’s probable that the tin was then moved by traders through France to the Mediterranean coast, where it was loaded onto ships. It would make its way through flourishing trade networks between the islands of Sardinia and Cyprus before reaching markets in the east Mediterranean. The tin’s value would have increased immensely as it progressed along this 2,485 mile (4,000km) journey.

Tin is the first commodity to have been exported across the entire European continent. It was produced and traded at a potentially vast scale, but is rarely found in archaeological sites due to corrosion. But what we do known is that by 1,300BC, virtually all of Europe and the Mediterranean had widespread and consistent access to bronze.

We know of more than 100 bronze age copper mines from Ireland to Israel and from Spain to the southern Urals in Russia. Yet these would have been just a small proportion of the copper mines active at the time.

Given that bronze was typically made from 90% copper and 10% tin, if the copper produced by each of these known mines had to be matched by 10% tin, then tens or even hundreds of tonnes of tin were being traded each year – perhaps across distances of thousands of miles.

St Michael’s Mount may be the site of the ancient island Ictis.
Alan Williams

The volume, consistency and frequency of the estimated scale in the tin trade is far larger than has been previously imagined and requires an entirely new perspective on what bronze age miners and merchants were able to achieve. It is no coincidence that it is around 1,300BC that technologies from the east, such as sophisticated systems for weighing items, as well as bronze swords, reached small farming communities living on the Atlantic coasts.

A millennium later, around 320BC, Pytheas the Greek, from Massalia (modern Marseilles), journeyed by land and sea to Britain, which was at the edge of the known world at the time. Pytheas wrote the earliest account describing the island and its inhabitants in a book which is now lost, but which has partially survived in snippets quoted by later classical authors.

Pytheas described how tin in southwest Britain was extracted and traded off a tidal island he called Ictis, before being taken across the sea and down the rivers of France to the mouth of the Rhone in only 30 days. In our research, we provide the first direct evidence for the tin trade Pytheas described. We show that tin from the Rochelongue shipwreck, off the south coast of France and dating to around 600BC, came from southwest Britain.

While we can establish the movement of tin across the seas, we know very little about the markets on land in which it was traded. We are now working with a team of archaeologists from Cornwall to excavate on the tidal island of St Michael’s Mount, which has long thought to have been the island of Ictis described by Pytheas.

A pan-continental tin trade continued in all periods after the bronze age and, in the absence of written records, our approach, using different methods of analysis, allows us to determine whether the tin came from Britain.

Historical records show that during the medieval period, tin from Cornwall and Devon enjoyed a virtual European monopoly, with production continuing until the last tin mine closed in 1998.

Today, tin is once again a critical and strategic mineral, this time for use in the electronics industry. As such it forms a vital part of the tools and weapons of the 21st century. Cornwall’s tin production is also set to soon restart, reviving a 4,000 year old industry.

Benjamin Roberts was PI on Project Ancient Tin which was funded by the Leverhulme Trust (Grant RPG-2019-333).

Alan Williams was the post doc on Project Ancient Tin which was funded by the Leverhulme Trust (Grant RPG-2019-333).

– ref. Bronze-age Britain traded tin with the Mediterranean, shows new study – settling a two-century debate – https://theconversation.com/bronze-age-britain-traded-tin-with-the-mediterranean-shows-new-study-settling-a-two-century-debate-256005

MIL OSI – Global Reports –

May 8, 2025


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