Category: Finance

  • MIL-OSI Security: Two Men Sentenced to Prison for Aggravated Identity Theft and Computer Hacking Crimes

    Source: Office of United States Attorneys

    Defendants Obtained Access to Non-Public Personal Information from Breached Law Enforcement Web Portal and Threatened Victims with Release of Personal Information

    Earlier today, in federal court in Brooklyn, United States District Judge Frederic Block sentenced Sagar Steven Singh, also known as “Weep,” to 27 months’ imprisonment for conspiracy to commit computer intrusion and aggravated identify theft.  On May 30, 2025, Nicholas Ceraolo, also known as “Convict,” “Anon,” and “Ominous,” was sentenced to 25 months’ imprisonment for the same offenses.

    Joseph Nocella Jr., United States Attorney for the Eastern District of New York, andMichael Alfonso, Acting Special Agent in Charge, Homeland Security Investigations, New York (HSI New York) announced the sentencings.

    “The defendants breached a federal law enforcement database, used multiple means to steal sensitive personal information, and exploited that data to extort and threaten innocent people and their families,” stated United States Attorney Nocella.  “This sentence sends a clear message that my Office is committed to protecting victims from digital predators and that those who exploit vulnerabilities in government systems will face jail time.”

    “The defendants impersonated law enforcement, illegally accessed government databases, and even faked life-threatening situations to bypass criminal procedures through which they could obtain sensitive personal information,” stated HSI Acting Special Agent in Charge Alfonso.  “They threatened innocent victims’ livelihoods and were found to have joked about their deceptive, exploitative, and calculated scheme in messages with each other.  As a result of the HSI New York El Dorado Task Force’s commitment to justice in this case, both men will now have months in federal prison to consider the seriousness of these crimes.”

    Singh and Ceraolo belonged to a group called “ViLE,” whose logo is the body of a hanging girl.

    Members of ViLE sought to collect victims’ personal information, including social security numbers.  ViLE then threatened to “dox” victims by posting that information on a public website administered by a ViLE member.  Victims could pay to have their information removed from or kept off the website.

    Singh and Ceraolo unlawfully used a law enforcement officer’s stolen password to access a nonpublic, password-protected web portal (the “Portal”) maintained by a U.S. federal law enforcement agency for the purpose of sharing intelligence with state and local law enforcement.  The Portal detailed nonpublic records of narcotics and currency seizures, as well as law enforcement intelligence reports.

    The defendants used their access to the Portal to extort their victims.  Singh wrote to a victim (“Victim-1”) that he would “harm” Victim-1’s family unless Victim-1 gave Singh the credentials for Victim-1’s Instagram accounts—and appended Victim-1’s social security number, driver’s license number, home address, and other personal details.  During the conversation, Singh told Victim-1 that he had “access to [] databases, which are federal, through [the] portal, i can request information on anyone in the US doesn’t matter who, nobody is safe.”  He added: “you’re gonna comply to me if you don’t want anything negative to happen to your parents.”  Singh ultimately directed Victim-1 to sell Victim-1’s accounts and give the proceeds to Singh.

    After Singh and Ceraolo accessed the Portal, they both acknowledged that their conduct was criminal.  Ceraolo wrote to Singh: “were all gonna get raided one of these days i swear.”  Later that day, Singh wrote to a contact that the “portal [] i accessed i was not supposed to be there not one bit.”  Singh said he had “jacked into a police officer’s account” and “that portal had some fucking potent tools.”  Singh continued: “it gave me access to gov databases,” followed by the names of five search tools accessible through the Portal.

    The government’s case is being handled by the Office’s National Security and Cybercrime Section.  Assistant United States Attorneys Alexander Mindlin, Ellen H. Sise, and Adam Amir are in charge of the prosecution.

    The Defendants:

    NICHOLAR CERAOLO (also known as “Convict,” “Anon,” and “Ominous)
    Age:  27
    Queens, New York

    SAGAR STEVEN SINGH (also known as “Weep”)
    Age:  21
    Pawtucket, Rhode Island

    E.D.N.Y. Docket No. 23-CR-236 (FB)

    MIL Security OSI

  • MIL-OSI Security: Manhattan man sentenced to 7 years in prison on drug charges

    Source: Office of United States Attorneys

    MISSOULA – A Manhattan, Montana man who distributed methamphetamine was sentenced today to 84 months in prison to be followed by 5 years of supervised release, U.S. Attorney Kurt Alme said.

    Kevin Andrew Bacon, 51, pleaded guilty in January 2025 to one count of conspiracy to distribute and possess with intent to distribute controlled substances and one count of possession with intent to distribute controlled substances.

    U.S. District Judge Dana L. Christensen presided.

    The government alleged in court documents that in June 2022, law enforcement officers began investigating a drug trafficking ring operating in and around Butte. The conspiracy operated in part by sending drugs through the mail from California to Montana. For a substantial portion of the conspiracy, several of the conspirators operated out of a residence in Whitehall, MT.

    The investigation led to the arrest of several conspirators in early January 2023 and the seizure of approximately 13 pounds of methamphetamine. On February 23, 2023, law enforcement located a package sent from California to “Kevin Bacon” in Manhattan, MT. Law enforcement searched the package and located 873.5 grams of actual methamphetamine inside.

    On February 28, 2023, Bacon arrived at the post office in Manhattan and picked up the package. Bacon was arrested as he exited the building with the package. He told investigators he had a friend in Whitehall who sold methamphetamine, and that friend had asked Bacon to receive a package at Bacon’s P.O. Box, which Bacon knew would contain drugs.

    Assistant U.S. Attorney Brian Lowney prosecuted the case. The investigation was conducted by the U.S. Postal Inspection Service, Homeland Security Investigations, Gallatin County Sheriff’s Office and Montana Division of Criminal Investigation.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    XXX

    MIL Security OSI

  • MIL-OSI Security: Georgia Resident Sentenced for Leading Bank Fraud and ID Theft Scheme

    Source: Office of United States Attorneys

    Defendant Created Fake Recruiting Website to Steal Identifications; 14 Others Convicted

    ALBANY, Ga. – The final defendant and ringleader of a bank fraud and aggravated identity theft scheme involving stolen checks and a fake online recruiting website was sentenced to federal prison today.

    Jalen Tylee Hill, aka “Roscoe Hill,” 26, of Americus, was sentenced to serve 81 months in prison to be followed by three years of supervised release. The Court will determine restitution at a later date. Hill previously pleaded guilty to one count of bank fraud, one count of aggravated identity theft and one count of conspiracy to possess stolen mail on May 14, 2024. A codefendant, Victoria Lynn Carter, 25, of Americus, was sentenced to serve one year of supervised release after she previously pleaded guilty to one count of bank fraud. The sentences were handed down by Chief U.S. District Judge Leslie Abrams Gardner on June 4. There is no parole in the federal system.

    “Schemes to defraud and steal from citizens will not be tolerated in the Middle District of Georgia,” said Acting U.S. Attorney C. Shanelle Booker. “This case serves as a reminder for all of us to be as vigilant as possible with what we share online and monitor our financial accounts. I commend the good investigative work of our local and federal law enforcement partners for helping to prevent any more people and businesses from falling victim to this fraud.”

    “The sentencing of this defendant and co-defendants exemplifies the dedication of the investigative efforts which sends a strong message to individuals to consider the consequences of stealing mail and committing financial fraud,” said Rodney M. Hopkins, Inspector in Charge of the Atlanta Division. “I commend the hard work and countless hours put forth by all of the law enforcement agencies involved, which resulted in the dismantling of this criminal network.”

    According to court documents and statements made in court, the Sumter County Sheriff’s Office received a complaint from a local church in December 2021 about mail theft and forged checks. During the investigation, law enforcement discovered that numerous checks had been stolen out of mailboxes at residential and commercial locations in Georgia. The checks were then forged and deposited into other bank accounts. Specifically, the checks were often altered by having the “Pay To” designation changed to an individual involved in the fraud. That individual would then

    make a deposit into their banking account. Other times, the checks would be altered by computer software.

    Investigators discovered that Hill directed the scheme and would recruit people via Facebook. Hill would often offer to deposit stolen, forged or duplicated checks into the bank accounts of the recruits on condition that they would split half the funds. Investigators were able to determine that in six months, Hill stole hundreds of pieces of mail, participated in at least 68 incidents of bank fraud, and unlawfully used debit cards belonging to other individuals at least 14 occasions. Hill then deposited, or attempted to deposit, the numerous stolen, forged or otherwise fraudulent checks of more than ten financial institutions into other bank accounts, resulting in an intended loss of approximately $165,743.68. As part of another scheme discovered by investigators, Hill created a fake solar panel installation company recruiting page online from which he stole the identities of 28 individuals, including their driver’s licenses, social security cards, birth certificates, instructional permits and other documents depicting personally identifiable information.

    The following codefendants have been convicted for their participation in the crime:

    Quontavius Markeese Hill, 34, of Americus, pleaded guilty to one count of bank fraud and after serving more than eight months in custody was sentenced to time served plus three years of supervised release and to pay $10,815.89 restitution on Nov. 8, 2023;

    Accacia Renae Gordon, 24, of Americus, pleaded guilty to one count of bank fraud and was sentenced to serve four months in prison to be followed by four years of supervised release and to pay $14,970.35 restitution on Jan. 15, 2025;

    Shaneria Sharae Murray, 33, of Americus, pleaded guilty to one count of bank fraud and was sentenced to serve 45 days in prison to be followed by three years of supervised release and to pay $2,000 restitution on Dec. 2, 2024;

    Chelsea Ja’Nay Tullis, 29, of Americus, pleaded guilty to one count of bank fraud and was sentenced to serve one month in prison to be followed by three years of supervised release on March 15, 2024;

    LaQuashia Nichole French, 24, of Americus, pleaded guilty to one count of bank fraud and was sentenced to serve 15 days in prison to be followed by four years of supervised release and to pay $2,227.91 restitution on Oct. 23, 2024;

    Jazmon Lace Whitehead, 31, of Oglethorpe, Georgia, pleaded guilty to one count of bank fraud and was sentenced to serve three years of supervised release and to pay $7,658.59 restitution on March 17, 2025;

    Chasity LaCole Wellons, 31, of Cordele, Georgia, pleaded guilty to one count of bank fraud and was sentenced to serve three years of supervised release and to pay $2,000 restitution on Jan. 22, 2025;

    DeKeyvia Moasha Blackshear, 26, of Americus, pleaded guilty to one count of bank fraud and was sentenced to serve three years of supervised release on Aug. 16, 2024;

    Janita Bre’Shaye Terry, 24, of Columbus, Georgia, pleaded guilty to one count of bank fraud and was sentenced to serve three years of supervised release on Dec. 2, 2024;

    Kelbresha Danielle Thomas, 30, of Oglethorpe, pleaded guilty to one count of bank fraud and was sentenced to serve three years of supervised release on Dec. 2, 2024;

    Jenetta Small, 29, of Americus, pleaded guilty to one count of bank fraud and was sentenced to serve two years of supervised release on March 14, 2025;

    Tyavia Deashia Richardson, 24, of Americus, pleaded guilty to one count of bank fraud and was sentenced to one year of supervised release and to pay $4,740 restitution on Aug. 14, 2024; and

    Kimbreyanna Andranique Peeples, 23, of Butler, Georgia, pleaded guilty to one count of bank fraud and was sentenced to serve one year of supervised release on Dec. 2, 2024.

    The case was investigated by the U.S. Postal Inspection Service (USPIS) and the Sumter County Sheriff’s Office with assistance from the FBI and the U.S Secret Service (USSS).

    Assistant U.S. Attorney Matthew Redavid prosecuted the case for the Government.

    MIL Security OSI

  • MIL-OSI Security: Jackson Man Sentenced to Over 18 Years in Prison for Conspiracy to Possess with Intent to Distribute Cocaine and Possession with the Intent to Distribute Methamphetamine

    Source: Office of United States Attorneys

    Jackson, MS – A Jackson man, Marcus Guice, was sentenced on May 30, 2025 to 175 months in federal prison and 3 years of supervised release for conspiracy to possess with intent to distribute cocaine and 175 months in federal prison and 5 years of supervised release for possession with intent to distribute 50 grams or more of methamphetamine, both sentences and terms of supervised release to run concurrently.  Since his criminal conduct was in violation of his federal supervised release, Guice was also sentenced to an additional 46 months in federal prison to run consecutive to the 175-month prison term.      

    According to court documents, in and around December 2019 and continuing through January 2020, communications between Guice and his coconspirators were intercepted wherein they negotiated and conducted the sale of marijuana, cocaine, cocaine base (commonly known as “crack”), and methamphetamine in the Jackson, Mississippi area.  Guice and his coconspirators are responsible for over 69,000 kilograms of converted drug weight being sold in the Jackson, Mississippi area in a two-month period.

    In addition to the prison sentence, Guice was ordered to pay a $1,500 fine.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi; and Special Agent in Charge Robert Eikhoff of the Federal Bureau of Investigation made the announcement.

    The case was investigated by the Federal Bureau of Investigation, Jackson Police Department and Ridgeland Police Department, and was prosecuted by Assistant United States Attorney Keesha Middleton.

    This case is part of Operation Take Back America (https://www.justice.gov/dag/media/1393746/dl?inline) a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
     

    MIL Security OSI

  • MIL-OSI: Gran Tierra Energy Announces Sale of Gran Tierra North Sea Limited

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta , June 04, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced that a wholly owned subsidiary of the Company has signed an agreement to sell its wholly owned subsidiary, Gran Tierra North Sea Limited (“GTNSL”), to NEO Energy for total consideration of US$7.5 Million. NEO Energy is a private upstream company and a leading independent operator in the United Kingdom Continental Shelf.

    GTNSL holds a 100% equity interest in UKCS licence P2358 which includes the Serenity Discovery.

    Completion of the transaction is subject to certain customary conditions precedent, including consent from the North Sea Transition Authority in respect of the change of control of GTNSL. The transaction is expected to close sometime in the third quarter of 2025.

    About Gran Tierra Energy Inc.

    Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the “SEC”) are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

    Forward Looking Statements and Legal Advisories:

    This press release contains statements about future events that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release, including those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” and “believes,” derivations thereof and similar terms identify forward-looking statements. Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2024 filed February 24, 2025 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Gran Tierra disclaims any intention or 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 applicable law.

    The MIL Network

  • MIL-OSI New Zealand: Powrsuit Founders Wow at Soda’s Women in Business Expo

    Source: Soda Inc.
    More than 150 female entrepreneurs and business owners attended Soda’s Women in Business Expo last week with guest speakers – Hatch and Powrsuit founders, Kristen Lunman and Natalie Ferguson – sharing insights around fear, failure and the importance of mindset.
    Sponsored by Deloitte, the expo was an opportunity for female business owners and founders to be inspired, network with like-minded women in business and learn more about business support options available in Aotearoa New Zealand.
    Soda General Manager Anna Devcich says: “Soda connects business owners and entrepreneurs with government support and funding to help their businesses thrive. We’re also passionate about supporting women in business so our Women in Business Expo is an opportunity for female business owners, entrepreneurs and leaders to connect and learn in a welcoming and supportive environment.
    “As a business owner or founder, it’s vital to access the right support and make connections that allow you to grow – as an individual and as a business. Soda’s Women in Business Expo creates a space where women can do just that.
    “Nat and Kristen from Powrsuit shared some powerful messages with our audience about the importance of mindset and the value of learning through doing. As founders of a career accelerator (among other successful businesses), their advice really hit the mark.”
    Held in The Atrium at Wintec House, organisations at the expo included Craigs Women’s Wealth, Deloitte, Cambridge Chamber of Commerce, Finance NZ, New Zealand Trade and Enterprise, NZ Entrepreneur, New Zealand Growth Capital Partners, On Your Terms NZ, Osbaldiston Lane, Powrsuit, Rocketspark, RWA Lawyers, She by Shan, Soda, Takatini Waikato District Economic Development, Te Whatu Ora: National Public Health Service, Waikato Waahine Collective and Waipā District Council.
    Soda’s Regional Business Partner contract has recently been extended for a further two years, so Soda looks forward to continuing to support Waikato businesses.
    ABOUT SODA
    Soda helps businesses achieve their goals and create success. We connect entrepreneurs, business owners and key decision makers with the right people, tools, resources and programmes to accelerate business growth. Based in Hamilton, Soda is the Waikato’s Regional Business Partner (RBP), connecting business owners with government funding and support.
    ABOUT POWRSUIT
    Kristen Lunman and Natalie Ferguson are the co-founders and directors of Powrsuit – a career accelerator for women at every stage (with a space for allies, too). Combining bite-sized learning and micro-networking, Powrsuit takes professional development out of to-do lists and into weekly routines. With over 700 members across NZ, Australia, North America and Europe (and a handful in Singapore!), Powrsuit’s research-backed approach delivers a tangible return on investment. After six months, 82% of members increase self-leadership skills and 28% take a tangible step forward in their careers.

    MIL OSI New Zealand News

  • MIL-OSI Banking: 4 June 2025 ‘New Horizons 2025’ Zabaykalye International Economic Forum to be held on 25–27 June as off-site event of EEF

    Source: Eastern Economic Forum

    MIL OSI Global Banks

  • MIL-OSI Banking: 4 June 2025 Delegation from Qatar visited Republic of Kalmykia to discuss joint tourism and investment projects A delegation from the State of Qatar, led by Ambassador Extraordinary and Plenipotentiary Sheikh Ahmed Nasser Al-Thani, visited the Republic of Kalmykia as part of a fact-finding tour aimed at studying the region’s natural and tourism potential, as well as developing international cooperation in the field of environmental protection and sustainable development. The visit was the result of active work by the Qatari delegation at the Caucasus Investment Forum on 25–27 May, where issues related to the development of Russian-Qatari trade, economic, environmental and investment projects were discussed. During the visit Ambassador Extraordinary and Plenipotentiary of the State of Qatar Sheikh Ahmed Nasser Al-Thani met with Batu Khasikov, Head of the Republic of Kalmykia.

    Source: Eastern Economic Forum

    4 June 2025

    Delegation from Qatar visited Republic of Kalmykia to discuss joint tourism and investment projects

    A delegation from the State of Qatar, led by Ambassador Extraordinary and Plenipotentiary Sheikh Ahmed Nasser Al-Thani, visited the Republic of Kalmykia as part of a fact-finding tour aimed at studying the region’s natural and tourism potential, as well as developing international cooperation in the field of environmental protection and sustainable development. The visit was the result of active work by the Qatari delegation at the Caucasus Investment Forum on 25–27 May, where issues related to the development of Russian-Qatari trade, economic, environmental and investment projects were discussed. During the visit Ambassador Extraordinary and Plenipotentiary of the State of Qatar Sheikh Ahmed Nasser Al-Thani met with Batu Khasikov, Head of the Republic of Kalmykia.

     

    “Qatar rightfully holds a special place on the list of Russia’s strategic partners. Our relations are rooted in years of friendship, cooperation, and implementation of joint projects. For us, this visit is not just a sign of attention from our partners in Qatar, but a symbol of strengthened cooperation between our states. Kalmykia has unique natural resources, a rich cultural heritage and a desire for open international dialogue. Developing ties with one of the leading countries in the Persian Gulf opens up new horizons not only in the field of environmental protection and investment, but also in the humanitarian sphere, through the strengthening of cultural dialogue and mutual respect. The visit of the Qatari ambassador is an opportunity to introduce our friends to the region’s potential and meaningfully contribute to strengthening of our relationship,” noted Batu Khasikov, Head of the Republic of Kalmykia.

    The visit included a tour of Kalmykia’s national parks, an introduction to the region’s unique ecosystems, such as the Black Earth Nature Reserve, singing sand dunes, the coast of Lake Rosovoye, as well as the region’s wildlife, including saigas, horses, and camels. The programme was designed to give participants a chance to get a feel for the soul of Kalmykia: guests got to not just see the region, but really experience its atmosphere and learn about the traditions and beauty that make Kalmykia so special.

     

    “We express our sincere gratitude for the warm welcome and friendship of the people of Kalmykia. Today’s meeting reflects the bilateral efforts to strengthen friendly and neighbourly relations between the countries. The close and trusting relations between the leaders of our countries serve as a solid foundation for the implementation of joint projects in the fields of environment, sustainable development, and the exchange of tourist flows,” said Ambassador of the State of Qatar Ahmed Nasser Al-Thani.

    It is important to note that the State of Qatar has been taking part in the St. Petersburg International Economic Forum (SPIEF) since 2021, when it participated as a guest country. This status opens up broad opportunities for deepening economic, cultural and tourism cooperation between the two countries. In 2025, a representative delegation from Qatar will also take part in the SPIEF, which will be held from 18 to 21 June. In addition, a Russia – Qatar business forum was held in Moscow in April, organized with the support of the Roscongress Foundation and government agencies of both countries. The event became an important platform for discussing promising areas of cooperation and strengthening business ties between the two countries.

    The visit of the delegation from the State of Qatar to Kalmykia is an example of effective practice in getting to know Russian regions, which helps to reveal their unique natural and tourist potential. Such fact-finding tours create a foundation for promoting Russian tourist programmes in the global market, attract investment in regional infrastructure, and contribute to the recognition of Russian culture.

    “We express our gratitude to the Ambassador of the State of Qatar for his visit to Kalmykia and for supporting friendly and neighbourly relations between our countries. It is very important to develop international cooperation and showcase the unique nature of Russian regions so that people from different countries can discover the beauty and richness of our country. Exchanging experience with foreign partners helps to introduce best practices in nature conservation and create eco-friendly tourist routes. For example, programmes are already being implemented in Kamchatka where tourists can see rare birds, enjoy the unique nature of the region, as well as learn about methods of protecting them, developed with the participation of international experts. Such cooperation helps to foster a responsible attitude towards nature and supports long-term efforts to preserve unique ecosystems,” emphasized Shukhrat Razakov, Advisor to the Director General for International Cooperation and Tourism at the Kamchatka Falcon Centre.

    Such initiatives aimed at promoting regions and expanding tourism opportunities are reflected and supported by major professional platforms organized by the Roscongress Foundation. One such event is the Let’s Travel! Russian Tourism Forum, which will be held from 10 to 15 June 2025 at VDNKh in Moscow. This Forum brings together experts, regional representatives, and international partners. It provides a unique opportunity to present new routes, exchange experiences, and build effective cooperation for the development of domestic and international tourism.

    Read more

    MIL OSI Global Banks

  • MIL-OSI Security: U.S. Attorney’s Office Announces Expansion of Project Safe Neighborhoods in Chicago

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    CHICAGO — Andrew S. Boutros, United States Attorney for the Northern District of Illinois, today announced an expansion of Project Safe Neighborhoods (“PSN”)—a key component of the Department of Justice’s violent crime reduction strategy—to include the economic centers in downtown Chicago and the entire rail system operated by the Chicago Transit Authority, including all train lines operating in every neighborhood from every part of the city.

    The PSN program is a federally funded, nationwide initiative that brings together federal, state, and local law enforcement and other stakeholders to identify the most pressing violent crime problems and develop comprehensive solutions to address them.  Until today, the PSN program was deployed in seven Chicago neighborhoods on the West and South sides of the city.  The expansion announced today will implement the program in parts of three police districts in downtown financial zones that represent the economic engines of the city and region, as well as on the CTA trains that bring residents and visitors to those areas from every neighborhood of Chicago and from the city’s two international airports.  Today’s announcement represents the first time anywhere in the country that the program will be deployed on mass transit.

    The PSN expansion was announced by U.S. Attorney Boutros and members of the PSN Chicago Task Force, including the Chicago Police Department.  Substantial assistance to the PSN program is provided by the Federal Bureau of Investigation, U.S. Bureau of Alcohol, Tobacco, Firearms & Explosives, U.S. Drug Enforcement Administration, and the Cook County Sheriff’s Office.

    “Downtown Chicago is the capital of the region’s economy and the cultural and civic heart of the Midwest, where interstate commerce runs strong,” said U.S. Attorney Boutros, who was sworn in as the United States Attorney on April 7, 2025.  “Many billions of dollars of revenue, taxes, and investments are anchored in our city’s financial districts, and when violence and criminal activity cause our residents, businesses, and tourists not to feel safe to live, invest, and shop in Chicago, everyone suffers, whether at the federal, state, or local level. By investing PSN resources in our urban economic centers and the public transit system that feeds into them, we will help foster a downtown that is both safe and friendly to economic vitality for everyone.  This initiative could not happen without a deep collaboration and shared commitment between the Department of Justice and our PSN partners to dedicate the resources necessary to support the downtown economic zones and the many millions of people who annually visit them, as well as the scores of businesses both large and small who serve them.”

    “Partnership and collaboration with our law enforcement and prosecutorial partners are vital in reducing violence and making Chicago safer for all,” said Chicago Police Department Superintendent Larry Snelling.  “Project Safe Neighborhoods reflects this spirit of collaboration and serves as an important tool in addressing crime in one of the busiest areas of our city.  The expansion of this program builds on the progress CPD is making in combating crime citywide.”

    “This new investment of federal resources is critically needed to address the threat that crime—including organized retail theft, carjacking, and armed robberies—pose to the heart of Chicago’s economy and to the transportation systems that tens of thousands of Chicagoans use to travel to and from the downtown,” said Cook County Sheriff Thomas J. Dart.  “For years, my office has devoted significant resources to aggressively combat crime throughout downtown Chicago, the Magnificent Mile, and the surrounding areas, and we welcome the much-needed expansion of Project Safe Neighborhoods to these areas.”

    “ATF is proud to work with our federal, state, and local partners on the expansion of Project Safe Neighborhoods,” said ATF Chicago Special Agent-in-Charge Christopher Amon.  “By combining resources and expertise, we are proactively taking steps to disrupt violent crime in key transit and economic areas to ensure the safety of our residents and visitors.”

    “The FBI remains steadfast in our dogged pursuit of eliminating violent crime,” said FBI Chicago Special Agent-in-Charge Douglas S. DePodesta. “We continue to be thankful for the powerful collaboration between our many law enforcement and prosecutorial partners in this fight.  Our combined efforts reflect our unwavering commitment to ensure that anyone who seeks to endanger our community will be held accountable.”

    Originally launched in 2001, PSN is an evidence-based program that focuses enforcement efforts on the most violent offenders, and partners with local prevention and reentry programs to pursue lasting reductions in crime.  PSN follows four key design elements: focused and strategic enforcement; prevention and intervention; accountability; and community engagement.

    The U.S. Attorney’s Office works closely with its Chicago PSN Task Force partners to assist with applying for and obtaining federal PSN grants to support anti-violence strategies in Chicago.  By designating the downtown economic centers and CTA trains as PSN Enforcement Zones, PSN funds can now be deployed in various ways to help reduce violent crime in those areas, including:

    • Aggressively prosecuting violent offenders.

    • Hiring law enforcement personnel.

    • Paying certain overtime costs for law enforcement officers and others working downtown and aboard CTA trains.

    • Purchasing equipment to assist with violent crime reduction efforts.

    • Supporting multi-jurisdictional task forces.

    • Providing training and technical assistance under the national PSN program.

    • Expanding messaging to deter violence, including signage aboard CTA trains.

    The enforcement efforts in the newly designated PSN Enforcement Zones will focus on the investigation and prosecution of individuals and organized groups who engage in illegal firearm possession, drug trafficking, robberies, carjackings, and other violent offenses.  For violent offenders arrested downtown or aboard CTA trains, criminal prosecutors will bring appropriate charges to achieve maximum deterrence and will seek pretrial detention and substantial prison sentences for defendants who pose a danger to the community.

    In addition to all of the CTA rail lines in every neighborhood in Chicago, the newly designated PSN Enforcement Zone, depicted on this map (reproduced below), extends from Division Street on the Near North Side, between Lake Michigan and La Salle Drive (e.g., Magnificent Mile and Oak Street shopping corridors, Navy Pier, Loop, and Millennium Park), to I-55 between Clark Street and Lake Michigan on the Near South Side (e.g., Museum Campus and McCormick Place), and extends west to Ogden and Ashland Avenues, between Grand Avenue and I-290 (e.g., Fulton Market and West Loop business corridors).

    MIL Security OSI

  • MIL-OSI: Asure Partners with PensionBee to Offer Retirement Account Rollover Services to Small and Mid-Sized Businesses

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and NEW YORK, June 04, 2025 (GLOBE NEWSWIRE) — Asure Software (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software and solutions, today announced its strategic partnership with PensionBee (LON: PBEE), a digital-first retirement provider specializing in simplifying retirement savings. This collaboration empowers employees of Asure’s payroll and HR customers to seamlessly roll over their disparate or forgotten 401(k) and IRA accounts into a single, easy-to-manage retirement savings plan with PensionBee. 

    Through this partnership, Asure continues its mission to deliver big-company benefits to small and mid-sized organizations, leveling the playing field with innovative solutions that simplify employee financial wellness. PensionBee’s user-friendly platform will allow employees of Asure’s payroll clients to consolidate their existing retirement accounts into one streamlined account, making it easier than ever to manage and grow their savings.

    “At Asure, we’re committed to bringing the benefits of innovative HR and payroll solutions to small and mid-sized businesses,” said Pat Goepel, Asure Chairman & CEO. “Our marketplace partnership with PensionBee is a perfect example of how we are democratizing financial wellness by offering streamlined retirement savings solutions that are typically reserved for larger enterprises.”

    Known for its straightforward, consumer-friendly services, PensionBee empowers employees to effortlessly enroll in, consolidate, and manage their retirement savings plans. The award-winning provider offers a robust selection of retirement accounts geared towards everyday savers.

    “When individuals are starting or leaving jobs or navigating other significant life changes, retirement savings should be top of mind,” said Romi Savova, CEO of PensionBee. “Our partnership with Asure allows us to reach millions of Americans at precisely the right moment, connecting more employees with flexible and modern retirement solutions.”

    PensionBee is the latest to join Asure’s Partner Marketplace, which gives Asure clients access to a variety of value-added software and services designed to enhance business operations and employee satisfaction.

    About Asure
    Asure (NASDAQ: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com

    About PensionBee
    PensionBee (LON: PBEE) is a leading online retirement provider, helping people easily consolidate, manage, and grow their retirement savings. The company manages approximately $8 billion in assets and serves over 275,000 customers globally, with a focus on simplicity, transparency, and accessibility.

    Notes
    The information provided in this announcement, including any projections for investment returns and future performance, is for informational and educational purposes only and should not be considered investment advice. Past performance is not indicative of future results. All investments carry risk, including the potential loss of principal. PensionBee is not liable for any losses or damages arising from the use of this information. Projections and forecasts are based on assumptions and current market conditions, which are subject to change.

    Contact Information:
    Patrick McKillop 
    Vice President, Investor Relations  
    617-335-5058
    patrick.mckillop@asuresoftware.com

    The MIL Network

  • MIL-OSI: Descartes Announces Fiscal 2026 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Services Revenues

    WATERLOO, Ontario and ATLANTA, June 04, 2025 (GLOBE NEWSWIRE) — The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2026 first quarter (Q1FY26). All financial results referenced are in United States (US) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (GAAP).

    “Our first quarter of fiscal 2026 showed strong annual growth, consistent with our communicated plans,” said Edward J. Ryan, Descartes’ CEO. “This is a challenging and uncertain economic and trade environment for shippers, carriers and logistics services providers. They face challenges on how, when, or if, to react to changes in global trade relationships, tariffs, sanctions and economic forecasts. We continue to see strong interest in our domain expertise and our solutions to help companies navigate the complex trade landscape. We remain committed to growing our business with prudent investments and cost discipline to build the premier network and technology for logistics-intensive businesses.”

    Q1FY26 Financial Results
    As described in more detail below, key financial highlights for Descartes’ Q1FY26 included:

    • Revenues of $168.7 million, up 12% from $151.3 million in the first quarter of fiscal 2025 (Q1FY25) and up 1% from $167.5 million in the previous quarter (Q4FY25);
    • Revenues were comprised of services revenues of $156.6 million (93% of total revenues), professional services and other revenues of $11.8 million (7% of total revenues) and license revenues of $0.3 million (less than 1% of total revenues). Services revenues were up 14% from $137.8 million in Q1FY25 and consistent with $156.5 million in Q4FY25;
    • Cash provided by operating activities of $53.6 million, down from $63.7 million in Q1FY25 and down from $60.7 million in Q4FY25;
    • Income from operations of $46.2 million, up 9% from $42.4 million in Q1FY25 and down from $47.1 million in Q4FY25;
    • Net income of $36.2 million, up 4% from $34.7 million in Q1FY25 and down from $37.4 million in Q4FY25. Net income as a percentage of revenues was 21%, compared to 23% in Q1FY25 and 22% in Q4FY25;
    • Earnings per share on a diluted basis of $0.41, up 2% from $0.40 in Q1FY25 and down from $0.43 in Q4FY25; and
    • Adjusted EBITDA of $75.1 million, up 12% from $67.0 million in Q1FY25 and consistent with $75.0 million in Q4FY25. Adjusted EBITDA as a percentage of revenues was 45%, compared to 44% in Q1FY25 and 45% in Q4FY25.

    Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). These items are considered by management to be outside Descartes’ ongoing operational results. We define Adjusted EBITDA as a percentage of revenues as the quotient, expressed as a percentage, from dividing Adjusted EBITDA for a period by revenues for the corresponding period. A reconciliation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income determined in accordance with GAAP is provided later in this release.

    The following table summarizes Descartes’ results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share amounts, in millions):

      Q1
    FY26
    Q4
    FY25
    Q3
    FY25
    Q2
    FY25
    Q1
    FY25
    Revenues 168.7 167.5 168.8 163.4 151.3
    Services revenues 156.6 156.5 149.7 146.2 137.8
    Gross margin 76% 76% 74% 75% 77%
    Cash provided by operating activities 53.6 60.7 60.1 34.7 63.7
    Income from operations 46.2 47.1 45.8 45.9 42.4
    Net income 36.2 37.4 36.6 34.7 34.7
    Net income as a % of revenues 21% 22% 22% 21% 23%
    Earnings per diluted share 0.41 0.43 0.42 0.40 0.40
    Adjusted EBITDA 75.1 75.0 72.1 70.6 67.0
    Adjusted EBITDA as a % of revenues 45% 45% 43% 43% 44%
               

    Cash Position
    At April 30, 2025, Descartes had $176.4 million in cash. Cash decreased by $59.7 million in Q1FY26. The table set forth below provides a summary of cash flows for Q1FY26 in millions of dollars:

      Q1FY26
    Cash provided by operating activities 53.6
    Additions to property and equipment (1.9)
    Acquisitions of subsidiaries, net of cash acquired (112.3)
    Issuances of common shares, net of issuance costs 3.6
    Payment of withholding taxes on net share settlements (6.5)
    Effect of foreign exchange rate on cash 3.8
    Net change in cash (59.7)
    Cash, beginning of period 236.1
    Cash, end of period 176.4
       

    Acquisition of 3GTMS
    On March 24, 2025, Descartes acquired all of the shares of 3GTMS, a leading provider of transportation management solutions. The purchase price for the acquisition was approximately $112.7 million, net of cash acquired, which was funded from cash on hand.

    Cost Reduction Initiatives
    Considering the economic and global trade uncertainty many Descartes customers are facing, Descartes has undertaken cost reduction initiatives designed to reduce its cost base. The plan is designed to reduce Descartes’ global workforce by approximately 7% and eliminate various other operating expenses. As a result, Descartes expects to incur restructuring charges of approximately $4 million in the second quarter of fiscal 2026 (Q2FY26), which will also impact cash generated from operations in Q2FY26. Once completed, Descartes anticipates annualized cost savings of approximately $15 million.

    Management Update
    Descartes is pleased to announce the appointment of William Green as Executive Vice President, Global Sales. Mr. Green has served as Descartes’ Senior Vice President for North American Sales since August 2020. Mr. Green has previously held senior commercial roles at Salesforce, PROLIFIQ and CDC Software (now Aptean). “We’re excited for Bill to extend his leadership of our growth successes in North America to our global commercial operations,” said Mr. Ryan.

    Andrew Roszko, Descartes’ Chief Commercial Officer, will depart the company in Q2FY26 to pursue another opportunity. Mr. Roszko was appointed EVP Global Sales in February 2019 and appointed Chief Commercial Officer in June 2022. “Andrew has been a valuable contributor to Descartes’ commercial development. We wish him well in his future endeavors,” said Mr. Ryan.

    Conference Call
    Members of Descartes’ executive management team will host a conference call to discuss the company’s financial results at 5:30 p.m. ET on Wednesday, June 4. Designated numbers are +1 289 514 5100 for North America and +1 800 717 1738 for international, using conference ID 26605.

    The company will simultaneously conduct an audio webcast on the Descartes website at www.descartes.com/descartes/investor-relations. Phone conference dial-in or webcast login is required approximately 10 minutes beforehand.

    Replays of the conference call will be available until June 11, 2025, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 26605#. An archived replay of the webcast will be available at www.descartes.com/descartes/investor-relations.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and X (Twitter).

    Descartes Investor Contact
    Laurie McCauley                                                                     
    (519) 746-2969
    investor@descartes.com

    Cautionary Statement Regarding Forward-Looking Statements This release may contain forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relates to Descartes’ expectations concerning future revenues and earnings, and our projections for any future reductions in expenses or growth in margins and generation of cash; our assessment of the potential impact of geopolitical events, such as the ongoing conflict between Russia and Ukraine (the “Russia-Ukraine Conflict”), and between Israel and Hamas (“Israel-Hamas Conflict”), or other potentially catastrophic events, on our business, results of operations and financial condition; our assessment of the potential impact of tariffs, sanctions and other actions by individual countries on global trade and our business; continued growth and acquisitions including our assessment of any increased opportunity for our products and services as a result of trends in the logistics and supply chain industries; rate of profitable growth and Adjusted EBITDA margin operating range; demand for Descartes’ solutions; growth of Descartes’ Global Logistics Network (“GLN”); customer buying patterns; customer expectations of Descartes; development of the GLN and the benefits thereof to customers; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing at levels generally consistent with those experienced historically; the Russia-Ukraine Conflict and Israel-Hamas Conflict not having a material negative impact on shipment volumes or on the demand for the products and services of Descartes by its customers and the ability of those customers to continue to pay for those products and services; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; Descartes’ continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital; Descartes’ continued ability to identify and source attractive and executable business combination opportunities; Descartes’ ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. These assumptions may prove to be inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Descartes, or developments in Descartes’ business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, Descartes’ ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures, information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of the impact of current and future trade barriers, including tariffs, further protectionist measures and reactive countermeasure or contagious illness outbreaks; a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in spending by our customers; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in trade or transportation regulations that currently require customers to use services such as those offered by Descartes; changes in customer behaviour and expectations; Descartes’ ability to successfully design and develop enhancements to our products and solutions; departures of key customers; the impact of foreign currency exchange rates; Descartes’ ability to retain or obtain sufficient capital in addition to its debt facility to execute on its business strategy, including its acquisition strategy; disruptions in the movement of freight; the potential for future goodwill or intangible asset impairment as a result of other-than-temporary decreases in Descartes’ market capitalization; and other factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada, including Descartes’ most recently filed Management’s Discussion and Analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues

    We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results.

    The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.

    Management considers these non-operating expenses to be outside the scope of Descartes’ ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed six acquisitions since the beginning of fiscal 2025 and may complete additional acquisitions in the future that will result in acquisition-related expenses and restructuring charges. As these acquisition-related expenses and restructuring charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations.

    The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for Q1FY26, Q4FY25, Q3FY25, Q2FY25, and Q1FY25, which we believe is the most directly comparable GAAP measure.

      Q1FY26 Q4FY25 Q3FY25 Q2FY25 Q1FY25
    Net income, as reported on Consolidated Statements of Operations 36.2 37.4 36.6 34.7 34.7
    Adjustments to reconcile to Adjusted EBITDA:          
    Interest expense 0.2 0.2 0.2 0.2 0.3
    Investment income (1.9) (1.9) (2.9) (2.7) (4.1)
    Income tax expense 11.7 11.4 11.9 13.6 11.5
    Depreciation expense 1.5 1.5 1.4 1.4 1.4
    Amortization of intangible assets 19.1 19.4 17.5 17.4 15.0
    Stock-based compensation and related taxes 4.9 5.4 5.6 5.8 4.3
    Other charges 3.4 1.6 1.8 0.2 3.9
    Adjusted EBITDA 75.1 75.0 72.1 70.6 67.0
               
    Revenues 168.7 167.5 168.8 163.4 151.3
    Net income as % of revenues 21% 22% 22% 21% 23%
    Adjusted EBITDA as % of revenues 45% 45% 43% 43% 44%
               
    The Descartes Systems Group Inc.
    Condensed Consolidated Balance Sheets
    (US dollars in thousands; US GAAP; Unaudited)
         
      April 30, January 31,
      2025 2025
    ASSETS    
    CURRENT ASSETS    
    Cash 176,411 236,138
    Accounts receivable (net)    
    Trade 60,456 53,953
    Other 15,646 16,931
    Prepaid expenses and other 43,100 45,544
      295,613 352,566
    OTHER LONG-TERM ASSETS 27,366 24,887
    PROPERTY AND EQUIPMENT, NET 13,944 12,481
    RIGHT-OF-USE ASSETS 7,721 7,623
    DEFERRED INCOME TAXES 4,867 3,802
    INTANGIBLE ASSETS, NET 368,122 321,270
    GOODWILL 992,257 924,755
      1,709,890 1,647,384
    LIABILITIES AND SHAREHOLDERS’ EQUITY    
    CURRENT LIABILITIES    
    Accounts payable 23,154 20,650
    Accrued liabilities 73,151 79,656
    Lease obligations 3,402 3,178
    Income taxes payable 9,535 9,313
    Deferred revenue 109,608 104,230
      218,850 217,027
    LEASE OBLIGATIONS 4,533 4,718
    DEFERRED REVENUE 2,196 978
    INCOME TAXES PAYABLE 6,540 5,531
    DEFERRED INCOME TAXES 25,834 34,127
      257,953 262,381
         
    SHAREHOLDERS’ EQUITY    
    Common shares – unlimited shares authorized; Shares issued and outstanding totaled 85,782,830 at April 30, 2025 (January 31, 2025 – 85,605,969) 574,816 568,339
    Additional paid-in capital 498,092 503,133
    Accumulated other comprehensive loss (21,243) (50,497)
    Retained earnings 400,272 364,028
      1,451,937 1,385,003
      1,709,890 1,647,384
         
    The Descartes Systems Group Inc.
    Consolidated Statements of Operations
    (US dollars in thousands, except per share and weighted average share amounts; US GAAP; Unaudited)
       
      Three Months Ended
      April 30, April 30,
      2025 2024
         
    REVENUES 168,739 151,348
    COST OF REVENUES (exclusive of amortization presented separately below) 39,747 35,413
    GROSS MARGIN 128,992 115,935
    EXPENSES    
    Sales and marketing 18,850 17,471
    Research and development 25,069 22,191
    General and administrative 16,312 14,948
    Other charges 3,449 3,918
    Amortization of intangible assets 19,114 15,024
      82,794 73,552
    INCOME FROM OPERATIONS 46,198 42,383
    INTEREST EXPENSE (236) (273)
    INVESTMENT INCOME 1,962 4,059
    INCOME BEFORE INCOME TAXES 47,924 46,169
    INCOME TAX EXPENSE (RECOVERY)    
    Current 12,251 12,318
    Deferred (571) (816)
      11,680 11,502
    NET INCOME 36,244 34,667
    EARNINGS PER SHARE    
    Basic 0.42 0.41
    Diluted 0.41 0.40
    WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)    
    Basic 85,677 85,274
    Diluted 87,577 87,116
         
    The Descartes Systems Group Inc.
    Condensed Consolidated Statements of Cash Flows
    (US dollars in thousands; US GAAP; Unaudited)
       
      Three Months Ended
      April 30, April 30,
      2025 2024
    OPERATING ACTIVITIES    
    Net income 36,244 34,667
    Adjustments to reconcile net income to cash provided by operating activities:    
    Depreciation 1,450 1,358
    Amortization of intangible assets 19,114 15,024
    Stock-based compensation expense 4,366 3,769
    Other non-cash operating activities (34) 96
    Deferred tax recovery (571) (816)
    Changes in operating assets and liabilities (6,966) 9,643
    Cash provided by operating activities 53,603 63,741
    INVESTING ACTIVITIES    
    Additions to property and equipment (1,862) (1,764)
    Acquisition of subsidiaries, net of cash acquired (112,327) (139,973)
    Cash used in investing activities (114,189) (141,737)
    FINANCING ACTIVITIES    
    Payment of debt issuance costs (38) (38)
    Issuance of common shares for cash, net of issuance costs 3,558 4,231
    Payment of withholding taxes on net share settlements (6,487) (6,745)
    Cash used in financing activities (2,967) (2,552)
    Effect of foreign exchange rate changes on cash 3,826 (1,482)
    Decrease in cash (59,727) (82,030)
    Cash, beginning of period 236,138 320,952
    Cash, end of period 176,411 238,922
         

    The MIL Network

  • MIL-OSI: AGF Reports May 2025 Assets Under Management and Fee-Earning Assets

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 04, 2025 (GLOBE NEWSWIRE) — AGF Management Limited reported total assets under management (AUM) and fee-earning assets1 of $53.5 billion as at May 31, 2025.

    AUM

    ($ billions)
    May 31,
    2025
    April 30,
    2025
    % Change
    Month-Over-Month
    May 31,
    2024
    % Change
    Year-Over-Year
    Total Mutual Fund $31.0 $29.3   $26.9  
    Exchange-traded funds + Separately managed accounts $2.8 $2.8   $1.8  
    Segregated accounts and Sub-advisory $6.4 $6.2   $6.4  
    AGF Private Wealth $8.6 $8.3   $8.0  
    Subtotal
    (before AGF Capital Partners AUM and fee-earning assets1)
    $48.8 $46.6   $43.1  
    AGF Capital Partners $2.6 $2.6   $2.6  
    Total AUM $51.4 $49.2 4.5 % $45.7 12.5 %
    AGF Capital Partners fee-earning assets1 $2.1 $2.1   $2.1  
    Total AUM and fee-earning assets1 $53.5 $51.3 4.3 % $47.8 11.9 %
               
    Average Daily Mutual Fund AUM $30.6 $28.6   $26.9  

    1 Fee-earning assets represent assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

    Mutual Fund AUM by Category

    ($ billions)

    May 31,
    2025
    April 30,
    2025
    May 31,
    2024
    Domestic Equity Funds $4.5 $4.3 $4.2
    U.S. and International Equity Funds $19.5 $18.0 $15.9
    Domestic Balanced Funds $0.1 $0.1 $0.1
    U.S. and International Balanced Funds $1.4 $1.4 $1.5
    Domestic Fixed Income Funds $2.0 $2.0 $1.7
    U.S. and International Fixed Income Funds $3.2 $3.2 $3.2
    Domestic Money Market $0.3 $0.3 $0.3
    Total Mutual Fund AUM $31.0 $29.3 $26.9
    AGF Capital Partners AUM and fee-earning assets

    ($ billions)

    May 31,
    2025
    April 30,
    2025
    May 31,
    2024
    AGF Capital Partners AUM $2.6 $2.6 $2.6
    AGF Capital Partners fee-earning assets $2.1 $2.1 $2.1
    Total AGF Capital Partners AUM and fee-earning assets $4.7 $4.7 $4.7

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $53 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    AGF Management Limited shareholders, analysts and media, please contact:

    Nick Smerek
    VP, Financial Planning & Analysis
    416-865-4337, InvestorRelations@agf.com

    The MIL Network

  • MIL-OSI: AGF Management Limited to Release Second Quarter 2025 Financial Results on June 25, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 04, 2025 (GLOBE NEWSWIRE) — AGF Management Limited (TSX: AGF.B) will release its financial results for Q2 2025 on Wednesday, June 25, 2025 at approximately 7:00 a.m. ET. AGF will hold a conference call and webcast to discuss these results at 11:00 a.m. ET.

    The discussion will feature remarks by Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, and Ken Tsang, Chief Financial Officer. Judy G. Goldring, President and Head of Global Distribution, and Ash Lawrence, Head of AGF Capital Partners, will also be available for the question-and-answer period with investment analysts following the presentation.

    The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/m4th2gij. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

    A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $53 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    AGF MANAGEMENT LIMITED SHAREHOLDERS, ANALYSTS AND MEDIA, PLEASE CONTACT:

    Nick Smerek
    VP, Financial Planning & Analysis
    (416) 865-4337, InvestorRelations@agf.com  

    The MIL Network

  • MIL-OSI: Monroe Capital Corporation Announces Second Quarter Distribution of $0.25 Per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, June 04, 2025 (GLOBE NEWSWIRE) — Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) announced today that its Board of Directors has declared a distribution of $0.25 per share for the second quarter of 2025, payable on June 30, 2025 to stockholders of record as of June 16, 2025. In October 2012, the Company adopted a dividend reinvestment plan that provides for reinvestment of distributions on behalf of its stockholders, unless a stockholder elects to receive cash prior to the record date. When the Company declares a cash distribution, stockholders who have not opted out of the dividend reinvestment plan prior to the record date will have their distribution automatically reinvested in additional shares of the Company’s capital stock. The specific tax characteristics of the distribution will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company’s periodic report filed with the Securities and Exchange Commission.

    About Monroe Capital Corporation

    Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroebdc.com.

    About Monroe Capital LLC

    Monroe Capital LLC (including its subsidiaries and affiliates, together “Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 11 locations throughout the United States, Asia and Australia.

    Monroe has been recognized by both its peers and investors with various awards including Private Debt Investor as the 2024 Lower Mid-Market Lender of the Year, Americas and 2023 Lower Mid-Market Lender of the Decade; Inc.’s 2024 Founder-Friendly Investors List; Global M&A Network as the 2023 Lower Mid-Markets Lender of the Year, U.S.A.; DealCatalyst as the 2022 Best CLO Manager of the Year; Korean Economic Daily as the 2022 Best Performance in Private Debt – Mid Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit www.monroecap.com.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

    SOURCE: Monroe Capital Corporation

    The MIL Network

  • MIL-OSI: Canoe EIT Income Fund Announces June 2025 Monthly Distribution

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, June 04, 2025 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (the “Fund”) (TSX – EIT.UN) announces the June 2025 monthly distribution of $0.10 per unit. Unitholders of record on June 20, 2025, will receive distributions payable on July 15, 2025.

    About Canoe EIT Income Fund
    Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

    About Canoe Financial
    Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing approximately $20.0 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

    For further information, please contact:
    Investor Relations
    1–877–434–2796
    www.canoefinancial.com
    info@canoefinancial.com

    Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

    The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the fund’s investment performance from the amount of this distribution.

    Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

    This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

    The MIL Network

  • MIL-OSI: Cipher Mining Announces May 2025 Operational Update

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 04, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for May 2025.

    Key Highlights

    Key Metrics May 2025
    BTC Mined1 179
    BTC Sold 64
    BTC Held2 966
    Deployed Mining Rigs 75,000
    Month End Operating Hashrate (EH/s) 13.5
    Month End Fleet Efficiency (J/TH) 18.9
       

    1 Includes May power sales estimates (based on current meter data and nodal prices) equivalent to ~4 bitcoin (using month-end bitcoin price of $104,430) and ~23 BTC mined at JV data centers representing Cipher’s ownership

    2 Includes ~334 BTC pledged as collateral                                                 

    Management Commentary for May

    As we enter the month of June, Cipher continues to make excellent progress at its Black Pearl site and remains on track for energization this month. The Phase I building is nearly complete and legacy rigs from the Odessa upgrade have now been relocated and racked, waiting for energization. Cipher has also purchased the remaining balance of mining rigs to fill the 150 MW of power capacity at Phase I of Black Pearl and is prepared to deploy the new rigs upon arrival, which we expect in early July. Upon deployment of those new rigs, Cipher expects its hashrate capacity to increase from ~13.5 EH/s currently to ~23.1 EH/s.

    Bitcoin Production and Operations Updates for May 2025

    Cipher produced ~1791 BTC in May. As part of its regular treasury management process, Cipher sold ~64 BTC in May, ending the month with a balance of ~9662 BTC.

    Legacy rigs from the Odessa upgrade have been relocated and installed at the Black Pearl site

    About Cipher

    Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the Company’s beliefs and expectations regarding its planned business model and strategy, its bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Website Disclosure

    The company maintains a dedicated investor website at https://investors.ciphermining.com/  (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.

    Contacts:
    Investor Contact:
    Courtney Knight
    Head of Investor Relations at Cipher Mining
    courtney.knight@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

    _____________________________

    1 Includes May power sales estimates (based on current meter data and nodal prices) equivalent to ~4 bitcoin (using month-end bitcoin price of $104,430) and ~23 BTC mined at JV data centers representing Cipher’s ownership

    2 Includes ~334 BTC pledged as collateral

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4ff3f781-3fd5-4115-b152-137bab28176f

    The MIL Network

  • MIL-OSI: Royalty Pharma to Present at the Goldman Sachs 46th Annual Global Healthcare Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 04, 2025 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) today announced that it will participate in a fireside chat at the Goldman Sachs 46th Annual Global Healthcare Conference on Tuesday, June 10, 2025 at 2:00 p.m. ET.

    The webcast will be accessible from Royalty Pharma’s “Events” page at https://www.royaltypharma.com/investors/events/. The webcast will also be archived for a minimum of thirty days.

    About Royalty Pharma

    Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 15 development-stage product candidates. For more information, visit www.royaltypharma.com.   

    Royalty Pharma Investor Relations and Communications

    +1 (212) 883-6637
    ir@royaltypharma.com

    The MIL Network

  • MIL-OSI: Transocean Ltd. Announces Exercise of $100 Million Option for Harsh Environment Semisubmersible

    Source: GlobeNewswire (MIL-OSI)

    STEINHAUSEN, Switzerland, June 04, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) (“Transocean”) today announced that a two-well option was exercised for the Transocean Spitsbergen in Norway. The program is expected to commence in the first quarter of 2026 in direct continuation of the rig’s current program and contribute approximately $100 million in backlog, excluding additional services.

    About Transocean

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

    Transocean owns or has partial ownership interests in and operates a fleet of 32 mobile offshore drilling units, consisting of 24 ultra-deepwater floaters and eight harsh environment floaters.

    Forward-Looking Statements

    The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

    This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

    Analyst Contact:
    Alison Johnson
    +1 713-232-7214

    Media Contact:
    Pam Easton
    +1 713-232-7647

    The MIL Network

  • MIL-OSI Security: New Jersey Man Pleads Guilty to Tax Evasion

    Source: United States Attorneys General

    A New Jersey man pleaded guilty today to tax evasion.

    The following is according to court documents and statements made in court: for tax years 2015 and 2016, Matthew Tucci, of West Long Branch, filed tax returns that stated he owed more than $2 million in taxes for both years. Despite admitting that he owed those taxes, Tucci did not fully pay them when they were due. Instead, Tucci purchased real estate and engaged in a series of transactions designed to conceal his interest in those properties.

    In 2017, the IRS sent notices to Tucci that he owed taxes, interest, and penalties for 2015 and 2016. After receiving these notices, Tucci transferred multiple properties to an entity owned by another individual, but he continued to exert control over at least two of them. Of the two properties Tucci continued to control, he sold one and refinanced the other. Tucci used the proceeds from these transactions to pay his personal expenses rather than his tax debts. In 2019, Tucci submitted documents to the IRS that falsely claimed that he had no connection to the entity that owned the 12 properties.

    Tucci is scheduled to be sentenced on Oct. 9. He faces a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Alina Habba for the District of New Jersey made the announcement.

    IRS Criminal Investigation and the FBI are investigating the case.

    Trial Attorney Catriona Coppler of the Tax Division and Assistant U.S. Attorney Matthew Belgiovine for the District of New Jersey are prosecuting the case.

    MIL Security OSI

  • MIL-OSI USA: Markey, Leader Schumer, Wyden, Merkley Seek Information on Republican Reconciliation Bill’s Potential to Close Rural Hospitals

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Letter Text (PDF)

    Washington (June 4, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Health, Education, Labor, and Pensions (HELP) Committee, Democratic Leader Chuck Schumer (D-N.Y), Senator Ron Wyden (D-Ore.), Ranking Member of the Finance Committee, and Senator Jeff Merkley (D-Ore.), Ranking Member of the Budget Committee, today wrote to Mark Holmes, PhD, Director of the Cecil G. Sheps Center for Health Services Research at the University of North Carolina at Chapel Hill, requesting analysis of the impact of House Republicans’ budget bill’s proposed cuts to federal spending on health programs, on rural hospitals, and their surrounding communities. 

    In the letter the lawmakers write, “The independent, nonpartisan Congressional Budget Office estimates this bill and other regulatory actions by the Trump administration will lead to nearly 14 million Americans losing their health insurance and shifting billions of dollars in health care costs to states. In short, the House-passed budget reconciliation bill is expected to have substantial and devastating impacts to health care access for working families across America, particularly in rural communities. We are deeply concerned that these cuts will increase uncompensated care and make it more difficult for rural hospitals to continue providing services to all patients, paying workers, and keeping their doors open.”

    The lawmakers continue, “The magnitude of federal cuts to health programs will inevitably devastate health access for millions of Americans who will see their local hospitals forced to reduce services or close altogether. To help us better understand the devastation of these cuts, we are interested in the Sheps Center’s expert analysis of how this bill will impact rural hospitals and the communities they serve.”

    The lawmakers request responses to the following questions by June 11, 2025:

    1. Which U.S. rural hospitals treat the highest share of Medicaid recipients? Please identify these hospitals by name, state, and congressional district.
    1. How many rural hospitals are currently in financial distress or at risk of closure? Please identify these hospitals by state and congressional district and whether these hospitals are eligible for any Medicare rural hospital designation.
    1. If the health care cuts in the House-passed budget reconciliation bill were to become law, would the rural hospitals with the highest share of Medicaid recipients or that are currently in financial distress face risk of closure or having to reduce services (including obstetric and behavioral health care, emergency room services, etc.)

    MIL OSI USA News

  • MIL-OSI USA: Sen. Markey, Rep. Cohen Introduce Legislation to Make America’s Streets Safer for Everyone

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Bill Text (PDF)

    Washington (June 4, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Senate Commerce, Science, and Transportation Committee, and Representative Steve Cohen (TN-09), a senior member of the House Transportation and Infrastructure Committee, today reintroduced the Complete Streets Act, which would transform America’s public roads. The bill would require states to direct a portion of their federal highway funding toward the creation of a Complete Streets Program. A “Complete Street” provides safe and accessible transportation options for children, seniors, and people with disabilities by prioritizing infrastructure for pedestrians, bicyclists, and public transit users. The bill would also require future construction projects on public roads to be designed for the safety of all its road users.

    “The skyrocketing number of pedestrian and cyclist deaths in our country is a crisis. This moment calls for us to ensure our roads are designed with safety – not speed – as our top priority,” said Senator Markey. “I am grateful for Representative Cohen’s partnership to ensure we prioritize roadway safety and accessibility over a reliance on fast, fossil-fueled vehicles. Let’s build complete streets and complete communities and accelerate into a safer, more accessible future for all.”

    “In recent years, we have seen a dramatic increase in the number of pedestrians killed by vehicles, especially in Memphis. Our country is seeing a national safety crisis on our roads. We need streets that can accommodate all means of transportation, from foot traffic and strollers to bicycles, scooters, cars, light trucks and 18-wheelers. The Complete Streets Act will transform communities and make it safer for everyone to make ‘complete’ use of our roadways and adjacent infrastructure,” said Congressman Cohen.

    The Complete Streets Act is cosponsored in the Senate by Senators Richard Blumenthal (D-Conn.), Raphael Warnock (D-Ga.), Brian Schatz (D-Hawaii), and Martin Heinrich (D-N.M.), and in the House by Representatives Jake Auchincloss (MA-04), Adriano Espaillat (NY-13), Valerie Foushee (NC-04), and Dina Titus (NV-01).

    Under the Complete Streets Act, eligible local and regional entities can use funds from their state’s Complete Streets Program for technical assistance and capital funding to build safe street projects such as sidewalks, bike lanes, crosswalks, and bus stops. The legislation would also phase in a requirement for states to incorporate Complete Streets elements into all new construction and reconstruction.

    The legislation is endorsed by the National Complete Streets Coalition, Transportation for America, Advocates for Highway and Auto Safety, GreenLatinos, and the League of American Bicyclists.

    Senator Markey and Representative Cohen first introduced the Complete Streets Act in 2019. Elements of the Complete Streets Act were incorporated into the Infrastructure Investment and Jobs Act which created the Safe Streets for All grant program. In 2024, Massachusetts received $25 million in funding from the Safe Streets for All program to make roads safer in communities like Lynn, Boston, Fitchburg, and Haverhill.  

    MIL OSI USA News

  • MIL-OSI: Abacus Global Management Responds to False Short Report – Revenues Consistent with 20-Year Track Record

    Source: GlobeNewswire (MIL-OSI)

    ORLANDO, Fla., June 04, 2025 (GLOBE NEWSWIRE) — Abacus Global Management, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today provided the following response to a false and misleading short attack.

    Abacus has been buying and selling life insurance policies for over two decades with long-standing and trusted counter-party relationships. If Abacus used flawed data causing over-valuation of the underlying insurance product assets, the Company would be going out of business, not consistently producing positive realized returns. As highlighted in the first quarter 10-Q Abacus filed on May 8, 2025, Abacus realized gains of nearly 40% while deploying capital of 126 million. These realized gains were within a margin of error of 2% of the mark from the prior quarter.

    “Our returns and valuation are audited, and consistent with a 20-year track record of generating positive revenue. This is a copy and paste of fiction from our largest competitor, who has been shopping this story for months. Our success and growth put a bullseye on us, that’s fine – we are going to continue to grow,” said Jay Jackson, Chief Executive Officer at Abacus Global Management.

    Abacus is highly regulated in nearly every state, and Abacus is the only top player in the category that is publicly traded, receiving higher scrutiny than our privately-held competitors.

    Abacus will be producing a more detailed response to the inaccurate and false claims made by the short seller in the coming days.

    Abacus is committed to pursuing all available legal remedies against the individuals and entities responsible for orchestrating and disseminating the false and misleading short attack.

    Forward-Looking Statements

    All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ‎‎”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

    While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the ‎fact that Abacus’s loss reserves are bases on estimates and may be inadequate to cover ‎its actual losses; the failure to properly price Abacus’s insurance policies; the ‎geographic concentration of Abacus’s business; the cyclical nature of Abacus’s industry; the ‎impact of regulation on Abacus’s business; the effects of competition on Abacus’s business; the failure of ‎Abacus’s relationships with independent agencies; the failure to meet Abacus’s investment ‎objectives; the inability to raise capital on favorable terms or at all; the ‎effects of acts of terrorism; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies.

    These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with ‎the U.S. Securities and Exchange Commission from time to time, including the Annual ‎Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent ‎periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the ‎forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.

    About Abacus

    Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.

    Contacts:
    Investor Relations
    Robert F. Phillips – SVP Investor Relations and Corporate Affairs
    rob@abacusgm.com
    (321) 290-1198

    David Jackson – Director of IR/Capital Markets
    david@abacusgm.com
    (321) 299-0716

    Abacus Global Management Public Relations
    press@abacusgm.com

    The MIL Network

  • MIL-OSI: Currency Exchange International to Report its Second Quarter 2025 Results on June 11, 2025, and Host Earnings Conference Call on June 12, 2025 at 8:30 AM EST

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 04, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (the “Company”) (TSX: CXI; OTCQX: CURN), will report its financial results for the Second Quarter of 2025 (ended April 30, 2025) after-market close on Wednesday, June 11, 2025. Following the release, Currency Exchange International Corp. will host an earnings conference call with management on Thursday, June 12, 2025 at 8:30 a.m. EST, in which they will discuss these recent financial and operational results.

    CXI Second Quarter 2025 – Financial Results and Conference Call Details:

    Financial Results Release

    The Company will release its financial results for the Second Quarter 2025, after-market close on Wednesday, June 11, 2025.

    Earnings Conference Call Details

    The Company plans to host a conference call on Thursday, June 12, 2025 at 8:30am EST.

    To participate in or listen to the call, please dial the appropriate number:

    – Local (New York): (+1) 646 307 1865
    – Local (Toronto): (+1) 289 514 5100
    – Toll Free – North America: (+1) 800 717 1738
    – Conference ID Number: 21262
       

    For those of you who will be unavailable to participate, a recorded copy of the conference call will be available on the Company website.

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

    Contact Information
    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.ceifx.com

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.

    The MIL Network

  • MIL-OSI: Voxtur Provides Company Update

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and TAMPA, Fla., June 04, 2025 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, today issued a letter from Ryan Marshall, the Company’s CEO.

    “Over the past year, Voxtur has undergone profound transformation in the face of relentless challenges both internal and external. While our most recent financial statements contain disclosures that may appear stark when viewed in isolation, the underlying reality is more nuanced.

    From the outset, we acknowledged the difficult decisions that would be required, especially amid rapidly contracting mortgage and real estate markets. These headwinds have strained revenue and made our internal realignment a long and complex journey, not a quick fix. Through it all, our team has shown incredible resolve, working long hours and staying committed to preserving the trust of key partners such as our clients and creditors.

    We have remained focused on long-term sustainability, not on short-sighted wins or unsustainable growth. The pressures we face including market-driven, operational, and legal, have required us to make hard pivots in order to protect what matters most: our people, our shareholders, and our creditors.

    Today, many of our historical inefficiencies have been addressed. The total value of these cost reductions continues and has not yet been fully reflected in the financials. With that, we are moving forward with renewed focus and urgency to rebuild momentum and drive profitable growth. Subsequent to the first quarter of 2025, Voxtur’s Executive Chairman waived his salary going forward, the financial impact of which will begin to be reflected in the second quarter of this year.

    In addition, as part of the strategic review process initiated in January 2025, the Company has received multiple Letters of Interest. While transactions are inherently complex and require time to execute, we are encouraged by the progress made to date. These developments mark important steps toward securing a more sustainable debt structure and achieving positive EBITDA. These are key priorities in our efforts to preserve and enhance long-term value for all stakeholders.

    We are aware that certain legal proceedings involving the Company have become a matter of public record through court filings. While we recognize there may be interest in these matters, in line with Company policy, and consistent with our obligations under applicable securities laws, we do not comment on ongoing legal matters outside of required disclosures.

    We intend to hold a shareholder update and Q&A session at the appropriate time, subject to the timing of material developments and applicable disclosure requirements.

    We remain driven by the opportunity to defy expectations. Our drive, combined with the resilience of the team and the potential of our platform, is what will carry us through this difficult time. Thank you for your continued patience and support.”

    Sincerely – Ryan Marshall, Voxtur CEO

    About Voxtur

    Voxtur is a proptech company. The company offers targeted data analytics to simplify the multifaceted aspects of the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value real estate assets, providing critical due diligence that enables market participants to effectively originate, trade, or service defaults on mortgage loans. As an independent and transparent mortgage technology provider, the company offers primary and secondary market solutions in the United States and Canada. For more information, visit www.voxtur.com

    Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities. These forward-looking statements reflect management’s current expectations regarding future events and the Company’s financial and operating performance and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to the anticipated financial performance of the Company and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions, integration of acquired businesses, and implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions related to defaulted mortgage loans, and the failure of clients to send foreclosure and bankruptcy referrals in volumes similar to those prior to the COVID-19 global pandemic; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. Factors relating to the Company’s financial guidance and targets disclosed in this press release include, in addition to the factors set out above, the degree to which actual future events accord with, or vary from, the expectations of, and assumptions used by, Voxtur’s management in preparing the financial guidance and targets.

    This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.

    Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.

    Company Contact:
    Jordan Ross
    Tel: (416)708-9764

    jordan@voxtur.com

    The MIL Network

  • MIL-OSI USA: New Jersey Man Pleads Guilty to Tax Evasion

    Source: US State of California

    A New Jersey man pleaded guilty today to tax evasion.

    The following is according to court documents and statements made in court: for tax years 2015 and 2016, Matthew Tucci, of West Long Branch, filed tax returns that stated he owed more than $2 million in taxes for both years. Despite admitting that he owed those taxes, Tucci did not fully pay them when they were due. Instead, Tucci purchased real estate and engaged in a series of transactions designed to conceal his interest in those properties.

    In 2017, the IRS sent notices to Tucci that he owed taxes, interest, and penalties for 2015 and 2016. After receiving these notices, Tucci transferred multiple properties to an entity owned by another individual, but he continued to exert control over at least two of them. Of the two properties Tucci continued to control, he sold one and refinanced the other. Tucci used the proceeds from these transactions to pay his personal expenses rather than his tax debts. In 2019, Tucci submitted documents to the IRS that falsely claimed that he had no connection to the entity that owned the 12 properties.

    Tucci is scheduled to be sentenced on Oct. 9. He faces a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Alina Habba for the District of New Jersey made the announcement.

    IRS Criminal Investigation and the FBI are investigating the case.

    Trial Attorney Catriona Coppler of the Tax Division and Assistant U.S. Attorney Matthew Belgiovine for the District of New Jersey are prosecuting the case.

    MIL OSI USA News

  • MIL-OSI Europe: REPORT on strengthening rural areas in the EU through cohesion policy – A10-0092/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on strengthening rural areas in the EU through cohesion policy

    (2024/2105(INI))

    The European Parliament,

     having regard to the Commission report of 27 March 2024 entitled ‘The long-term vision for the EU’s rural areas: key achievements and ways forward’ (COM(2024)0450),

     having regard to its resolution of 15 September 2022 on EU border regions: living labs of European integration[1],

     having regard to its resolution of 8 May 2025 on the ninth report on economic and social cohesion[2],

     having regard to the opinion of the European Committee of the Regions of 15 March 2023 on targets and tools for a smart rural Europe[3],

     having regard to the opinion of the European Committee of the Regions of 1 December 2022 on enhancing Cohesion Policy support for regions with geographic and demographic handicaps  (Article 174 TFEU)[4],

     having regard to Articles 39, 174, 175 and 349 of the Treaty on the Functioning of the European Union (TFEU),

     having regard to Council Regulation (EU, Euratom) 2020/2093 of 17 December 2020 laying down the multiannual financial framework for the years 2021 to 2027[5],

     having regard to Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’)[6],

     having regard to Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013[7],

     having regard to Regulation (EU) 2021/2116 of the European Parliament and of the Council of 2 December 2021 on the financing, management and monitoring of the common agricultural policy and repealing Regulation (EU) No 1306/2013[8],

     having regard to Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy[9],

     having regard to Regulation (EU) 2021/694 of the European Parliament and of the Council of 29 April 2021 establishing the Digital Europe Programme and repealing Decision (EU) 2015/2240[10],

     having regard to the Commission Delegated Regulation (EU) No 240/2014 of 7 January 2014 on the European code of conduct on partnership in the framework of the European Structural and Investment Funds[11],

     having regard to Principle 20 of the European Pillar of Social Rights on access to essential services,

     having regard to its resolution of 4 April 2017 on women and their roles in rural areas[12],

     having regard to its resolution of 8 March 2022 on the role of cohesion policy in promoting innovative and smart transformation and regional ICT connectivity[13],

     having regard to its resolution of 13 December 2022 on a long-term vision for the EU’s rural areas – towards stronger, connected, resilient and prosperous rural areas by 2040[14],

     having regard to its resolution of 23 November 2023 on harnessing talent in Europe’s regions[15],

     having regard to the Commission communication of 27 March 2024 on the 9th Cohesion Report (COM(2024)0149),

     having regard to the Commission communication of 30 June 2021 entitled ‘A long-term Vision for the EU’s Rural Areas – Towards stronger, connected, resilient and prosperous rural areas by 2040’ (COM(2021)0345),

     having regard to the Commission communication of 19 February 2025 entitled ‘A Vision for Agriculture and Food – Shaping together an attractive farming and agri-food sector for future generations (COM(2025)0075),

     having regard to the Commission communication of 3 May 2022 entitled ‘Putting people first, securing sustainable and inclusive growth, unlocking the potential of the EU’s outermost regions’ (COM(2022)0198),

     having regard to the Commission communication of 25 March 2021 on an action plan for the development of organic production (COM(2021)0141),

     having regard to the Commission report of 17 June 2020 on the impact of demographic change (COM(2020)0241),

     having regard to the Commission green paper of 27 January 2021 on ageing – fostering solidarity and responsibility between generations (COM(2021)0050),

     having regard to the Commission communication of 20 May 2020 entitled ‘A Farm to Fork Strategy for a fair, healthy and environmentally-friendly food system’ (COM(2020)0381),

     having regard to the Commission communication of 20 May 2020 entitled ‘EU Biodiversity Strategy for 2030 – Bringing nature back into our lives’ (COM(2020)0380),

     having regard to the Commission communication of 17 November 2021 entitled ‘EU Soil Strategy for 2030 – Reaping the benefits of healthy soils for people, food, nature and climate’ (COM(2021)0699),

     having regard to the UN Declaration on the Rights of Peasants and Other People Working in Rural Areas, adopted by the Human Rights Council on 28 September 2018,

     having regard to general recommendation No 34 (2016) of the UN Committee on the Elimination of Discrimination against Women on the rights of rural women, adopted on 7 March 2016,

     having regard to its resolution of 3 May 2022 on the EU action plan for organic agriculture[16],

     having regard to the study commissioned by Parliament’s Committee on Agriculture and Rural Development entitled ‘The future of the European Farming Model: Socio-economic and territorial implications of the decline in the number of farms and farmers in the EU’, published by the Policy Department for Structural and Cohesion Policies in April 2022,

     having regard to its resolution of 24 March 2022 on the need for an urgent EU action plan to ensure food security inside and outside the EU in light of the Russian invasion of Ukraine[17],

     having regard to its resolution of 3 October 2018 on addressing the specific needs of rural, mountainous and remote areas[18],

     having regard to its resolution of 9 June 2021 on the EU Biodiversity Strategy for 2030: Bringing nature back into our lives[19],

     having regard to the Commission report of August 2019 entitled ‘Evaluation of the impact of the CAP on generational renewal, local development and jobs in rural areas’[20],

     having regard to the opinion of the European Committee of the Regions of 26 January 2022 entitled ‘A long-term vision for the EU’s rural areas’[21],

     having regard to the opinion of the Committee of the Regions of 19 February 2025 entitled ‘How post-27 LEADER and CLLD programming could contribute to better implementation of the long-term vision for the EU’s rural areas’[22],

     having regard to the opinion of the European Economic and Social Committee of 23 March 2022 entitled ‘Long-term Vision for the EU’s Rural Areas’[23],

     having regard to its resolution of 19 October 2023 on generational renewal in the EU farms of the future[24],

     having regard to Enrico Letta’s report on the future of the single market, published in April 2024,

     having regard to the study requested by Parliament’s Committee on Regional Development, entitled ‘EU Cohesion Policy in non-urban areas’, published by the Policy Department for Structural and Cohesion Policies in September 2020,

     having regard to the declaration on the future of rural areas and rural development policy in the European Union, adopted by the Rural Pact Coordination Group on 12 December 2024,

     having regard to Rule 55 of its Rules of Procedure,

     having regard to the opinion of the Committee on Agriculture and Rural Development,

     having regard to the report of the Committee on Regional Development (A10-0092/2025),

    A. whereas, currently, 137 million European citizens – nearly one in three – live in rural areas, which account for approximately 83 % of the EU’s territory; whereas one third of the population of rural areas lives in a border region; whereas 77 % of land used for farming (134 million hectares) and 79 % of forest (148 million hectares) are located in rural areas;

    B. whereas according to Eurostat, average income in rural areas is 87.5 % of average income in urban areas;

    C. whereas there are still disparities in cohesion policy funding between urban and rural areas, with urban areas receiving three times more cohesion funding than rural areas[25];

    D. whereas since 1991, in rural areas, the LEADER method, subsequently covered by the community-led local development policy instrument (CLLD) through local action groups (LAGs), has demonstrated that it can mobilise and empower local actors around innovative and tailored strategies;

    E. whereas rural areas are a cornerstone of the European economy, home to many ‘hidden European Champions’, and are integral to Europe’s cultural diversity; whereas they are essential for food production and security, serving as guardians of our landscapes, living rural heritage, social and cultural traditions; whereas they play a key role in promoting the strategic autonomy of the EU through the agricultural sector, which remains a strategic priority of the EU; whereas rural areas symbolise many of the aspects that make Europe attractive and liveable;

    F. whereas the promotion of minority languages can enhance awareness of local specificities, increasing the attractiveness of tourism and fostering economic activities linked to culture, education, craftsmanship and traditional products;

    G. whereas the COVID-19 pandemic highlighted a shift in perception among the public, who have recognised the potential of rural areas as a solution to the challenges arising from crises by providing a safer, more sustainable and reliable living environment;

    H. whereas cohesion policy funds alone cannot answer the increasing needs and challenges faced by rural areas in the EU; whereas greater synergies and complementarities with other EU policies, in particular with the common agricultural policy (CAP), must be ensured in order to maximise the impact of investments in rural areas, advancing the modernisation of agriculture and the development of essential services and infrastructure;

    I. whereas over 40 % of land in rural areas is used for agriculture yet sadly the contribution of agriculture, forestry and fisheries to rural regions has decreased, both in economic and employment terms, to 12 % of all jobs and 4 % of gross value added;

    J. whereas Parliament’s study on the future of the European farming model notes that the EU could lose 6.4 million farms by 2040, falling from 10.3 million in 2016 to 3.9 million;

    K. whereas, in accordance with Articles 174, 175 and 349 TFEU, the EU aims to reduce development gaps between the different regions and coordinate its policies, including using the European Structural and Investment Funds to achieve the objectives of economic, social and territorial cohesion, with a particular focus on rural areas;

    L. whereas all regions must remain eligible for funding in future cohesion policy, even strong regions facing significant transformation challenges;

    M. whereas regional actors have a deeper understanding of which projects should be prioritised for support through cohesion funds, ensuring that resources are allocated in a way that best meets the specific needs of their territories;

    N. whereas cohesion policy funds to rural areas should be further simplified with the objective of reducing administrative burdens, not only for the final beneficiaries but also for the relevant authorities, thereby also contributing to increased absorption rates;

    O. whereas rural areas in particular are facing demographic and structural challenges, such as ageing, population decline, brain drain, growing inequalities between men and women, disparities with urban areas, structural changes in the agricultural and forestry sectors, the consequences of natural disasters, the increase of energy and transport prices, a lack of services and infrastructure, in particular for vulnerable people and persons with disabilities, the impact of these challenges on income level and on the labour market, with a consequent higher unemployment rate, and a persistently large digital gap;

    P. whereas demographic challenges are particularly acute in the EU farming population, with the majority of farmers being over 50 years old;

    Q. whereas strengthening cohesion in rural areas requires the adoption of measures and initiatives aimed at supporting families, also by helping young people and parents in balancing family and professional life, thereby contributing to the sustainable development of those communities;

    R. whereas Europe’s rural areas and European farmers already play a crucial role in the climate transition, as they are the most affected by climate change both economically and socially, and whereas thanks to their efforts, some of the adverse impact of agriculture on the environment has been significantly reduced over the years; whereas the EU agricultural sector significantly reduced its greenhouse gas emissions by 24 % between 1990 and 2021 and it is responsible for 72 % of renewable energy production and holds 78 % of the untapped potential;

    S. whereas demographic changes do not affect all countries and regions equally, but have a greater impact on less developed regions, as they exacerbate existing territorial and social imbalances; whereas solutions must be found for regional imbalances and for the uneven pace of convergence between regions, some of which remain stuck in a development trap; whereas less developed regions require particular attention and support, as is the case with the EU’s rural areas and the outermost regions, due to their specific characteristics;

    T. whereas the overall percentage of the population living in rural areas has fallen significantly across the EU over the past 50 years, particularly as a result of ageing and emigration; whereas the highest percentage of people over the age of 65 is found in rural areas[26]; whereas estimates suggest that by 2033 the population of Europe’s rural areas will have shrunk by 30 million people compared with 1993;

    U. whereas the lack of or poor access to healthcare, water services, affordable housing, transport, digital infrastructure, education, financial services and recreational and cultural activities worsen the reputation of regions, and particularly rural, borderland, inland, cross-border, mountainous, insular and outermost regions, as places to live and work, especially for women, young people, ageing populations and minorities; whereas cross-border areas are particularly affected by the lack of regional connectivity in terms of transport and digital infrastructure; whereas rural areas are strongly affected by the lack of stable employment opportunities, which forces young people, in particular women, to migrate;

    V. whereas the availability and quality of water play a critical role in ensuring equitable, sustainable and productive rural livelihoods;

    W. whereas greater emphasis should be placed on preventive measures to strengthen the resilience of Europe’s rural areas to natural disasters; whereas an integrated approach to water resources management is essential both to prevent floods and to cope with droughts, in particular through a coherent use of EU funds;

    X. whereas rural areas, especially in eastern, southern and Mediterranean Europe, are the most directly affected by energy poverty and face specific challenges related to desertification, forest fires, climate change and its associated asymmetrical risks, water resource scarcity and weak infrastructure, which require a targeted approach within cohesion policy;

    Y. whereas rural areas are home to the majority of the EU’s biodiversity, yet protected habitats and species remain in poor conservation status and continue to decline due to climate change and the degradation of soil and water quality, with a negative impact on natural resources; whereas biodiversity loss has severe economic consequences for the agricultural sector and negatively affects the attractiveness of rural tourism;

    Z. whereas the clean energy transition, the diversification of the economy and the expansion of renewable energy sources present significant opportunities for rural and less developed regions, allowing them to leverage their natural resources and geographic advantages and to exploit their full potential for the future production of renewable energy;

    AA. whereas these areas bear the brunt of depopulation, and whereas it is mainly young people leaving them as a result of job shortages and dim career prospects, and this fuels the rural exodus, resulting in an increased share of older residents and a greater risk of social isolation;

    AB. whereas rural areas have the highest share (12.6 %) of young people aged 15-29[27] not in employment, education or training (NEETs);

    AC. whereas generational renewal is one of the nine key objectives of the CAP;

    AD. whereas farms, dairy farms, wine-growers and olive oil producers across Europe go out of business every day, and few farms like these are managed by farmers below the age of 35; whereas the ambitious goals of the green transition entail opportunities and also risks for economic, social and territorial cohesion, as well as for European agriculture;

    AE. whereas the way we produce food has shaped the landscapes that define Europe; whereas dynamic rural areas foster quality food production which in turn supports their economy; whereas reinvigorating these connections between food and territory and revitalising rural areas will be essential for the future of farming in Europe;

    AF. whereas a robust cohesion policy is essential to guaranteeing the effective application of the ‘right to stay’ principle in rural areas, which requires action on many levels, including by fostering economic stability and preventing depopulation; stresses that ensuring access to a basic set of public goods and services for all citizens, especially young people, regardless of where they live, is crucial; whereas it is necessary, to this end, to promote targeted investment in infrastructure, services, education, and innovation;

    1. Welcomes the Commission report of 27 March 2024 entitled ‘The long-term vision for the EU’s rural areas: key achievements and ways forward’ and agrees with its overarching objectives;

    2. Takes note of the four areas of action underpinning the rural vision and the 30 actions making up the EU rural action plan; calls on the Commission and the Member States to place its implementation at the top of the agenda;

    3. Stresses the key role rural areas have to play in shaping the economic models and the social and territorial organisation of the various Member States, particularly as the cradle of agricultural and food production, but also as custodians of an irreplaceable cultural and landscape heritage; notes, however, that their significance remains under-appreciated and inadequately funded; believes that the EU has a duty to push for a true revival and regeneration of these areas, going to extra lengths to endow our rural areas with the right tools to overcome the considerable long-term challenges they are facing and which are having an ever greater impact on regional competitiveness and social cohesion, in order to preserve European diversity and ensure that the Union’s progress does not come at the expense of rural areas and their populations;

    4. Considers it important to develop short supply chains and to promoting the use of labelling schemes to acknowledge the quality and variety of traditional products from rural areas; stresses that public canteens, such as school and hospital canteens, can play a significant role in the development of short agrifood supply chains;

    5. Recognises the key role of small and medium-sized towns as development centres in rural regions and calls on the Commission and the Member States to specifically strengthen their economic, social and infrastructural functions, revitalise city centres, better utilise synergies between rural areas and large metropolitan regions, and ensure more balanced territorial development;

    6. Stresses the urgent need for measures to combat poverty in rural areas by developing targeted strategies to improve social security, create economic opportunities, and support particularly vulnerable populations, in order to break the cycle of poverty;

    7. Stresses that rural areas are key players in mitigating the effects of climate change; emphasises the need for increased investment in research and innovation for rural areas, particularly in the fields of sustainable agriculture, renewable energy, digital transformation and innovative mobility solutions, to enhance the competitiveness and resilience of rural regions and create energy self-sufficiency and new employment opportunities; encourages the sustainable management of forests and the prevention of forest fires, also by promoting the use of biomass which is gathered without harm to forest ecosystems;

    8. Calls for the expansion of renewable energy in rural areas based on their potential to reduce energy costs with the involvement of civil society and local communities; emphasises the need for financial incentives, measures such as renewable energy communities and simplified administrative processes to boost regional energy independence and sustainability while avoiding negative impacts on food production, land availability and prices, as well as on social cohesion; calls for a dedicated financing mechanism for the installation of photovoltaic, wind and other renewable energy sources;

    9. Calls for increased support for the preservation, restoration and conversion of older buildings, including historical buildings, churches and other places of worship, sports halls and schools in rural areas to improve energy efficiency, sustainability and safety; urges investments in the modernisation of public infrastructure while preserving historical structures where possible; calls on the Commission and the Member States to promote targeted policies that support the renovation and energy-efficient retrofitting of rural housing, financial incentives for first-time rural homebuyers, in particular for young people and families, and the development of sustainable and affordable housing projects adapted to the needs of local communities that contribute to the attractiveness and revitalisation of these regions;

    10. Asks the Commission to assess and to implement Article 174, 175 and 349 TFEU in full to close the development gap among regions, including in relation to infrastructure, and to see to it that all EU policies not only apply the ‘do no harm to cohesion’ principle, but also that they follow a more assertive ‘promote cohesion’ approach wherever possible, particularly in rural areas and in areas particularly affected by industrial transition, demographic challenges and depopulation, and those at risk of depopulation, such as outermost regions, islands, border, cross-border and mountain regions;

    11. Calls on the Commission to devise a rural strategy for the post-2027 programming period; urges the Commission and the Member States to ensure the incorporation of a rural dimension in relevant policies and to make sure that the strategy promotes the economic and social development of rural areas and to allocate specific resources to the modernisation of agriculture, supporting rural small and medium-sized enterprises (SMEs) and start-up and promoting short supply chains in order to make rural areas more connected, competitive, resilient and attractive to young people and investors, thereby ensuring balanced and sustainable development in the long term and enhancing the quality of life; stresses, in this regard, the importance of having a truly effective rural proofing mechanism at EU level so to assess the potential of all relevant policies and to mitigate any possible negative impacts they may have on rural areas;

    12. Stresses that in order to ensure the long-term prosperity of rural areas and support a strong agricultural sector to maintain this prosperity in rural areas, it is essential to strengthen the synergies between EU Structural and Investment Funds and Horizon Europe, the EU’s flagship research and innovation programme, and the CAP in the next multiannual financial framework (MFF);

    13. Calls on the Commission to present, by 2027, a report on the application of the rural proofing mechanism to policies and interventions at EU level, as well as the results obtained;

    14. Calls on the Commission to prioritise focused investments and policy measures to support the transition to a new generation of farmers in order to modernise EU agriculture and create more opportunities in rural areas;

    15. Highlights the crucial role of cohesion policy for the development of rural areas as a decentralised, powerful tool for economic and social development, allowing all regions to tackle these specific challenges of the Union; underlines in this regard that cohesion policy should continue to be a key pillar of the MFF post-2027, with an allocation that is maintained at a minimum threshold equivalent to the current MFF 2021-2027 levels, ensuring its fundamental role in reducing regional disparities and shaping a more resilient and competitive Europe that leaves no one behind; calls for the option of providing adequate resources for rural and mountainous areas to be explored in the next cohesion policy framework and complementing GDP at regional level with other indicators; recalls that the fundamental principles of cohesion policy, such as partnership, multi-level-governance, a place-based approach and shared management, must be respected in order to foster development and to meet the specific needs and challenges of rural areas with a particular focus on tools supporting sustainable growth and development and youth and female employment, including among victims of violence against women, and improving services and infrastructure;

    16. Believes that smart specialisation and economic diversification strategies could promote more opportunities in rural areas; emphasises, in particular, the key importance of integrating the concept of smart villages into cohesion policy and of explicitly supporting the development of smart villages, with flexible funding and an integrated approach, as an innovative tool for enhancing the quality of life and revitalising rural areas and services through digital and social innovation and initiatives such as the promotion of working spaces in order to attract workers, including remote workers, and to contribute to revitalising local economies;

    17. Encourages initiatives that promote economic and social sustainability, including support for rural entrepreneurship, rural tourism and new business models based on innovation and digitalisation;

    18. Calls on the Commission to ensure a strong and holistic focus on the development of rural areas in the future cohesion policy, in such a way that all policy initiatives are consistent with the goal of reducing territorial disparities; believes it is essential to devise long-term strategies to support rural areas, centred on the principles of cohesion and sustainability and providing the necessary tools to address demographic, social and economic challenges, in order to ensure that these areas do not become forgotten places, but rather key players in Europe’s future without needing to continually depend on extraordinary measures; calls, in this regard, on the Commission to support the significant development of rural areas in the future cohesion policy, and to commit to setting up local info points and offering a platform and financial support to enable Member States to exchange information and best practice on funding possibilities, with a view to providing local authorities with effective support and assisting with resource management and the implementation of development initiatives; emphasises, furthermore, that the effective participation of regional, local and rural authorities and a strong administrative capacity are crucial for the reduction of the excessive administrative burden and complex requirements for recipients and for the effective execution of cohesion policy funds; highlights that multi-funding still appears difficult in some countries and calls on the Commission to enhance complementarities between the EAFRD and cohesion policy funds;

    19. Stresses the need for an integrated European strategy for the revitalisation of rural areas, including through the development of bio-districts, recognising their potential to diversify the rural economy by targeting fiscal, economic and social measures to maintain the active population; also highlights the value of introducing incentives for the relocation of health, education and public administration professionals, as well as the importance of partnerships between local authorities and the private sector for the creation of new jobs;

    20. Underlines that expanding integrated territorial investment (ITI) plans and unlocking their full potential could establish them as a cornerstone for integrated regional, local, and rural development; emphasises that strengthening ITIs’ role in rural areas is essential to foster territorial cohesion, enhance connectivity and drive inclusive economic growth by supporting key sectors such as agriculture, rural SMEs, tourism and renewable energy; calls, furthermore, for greater flexibility in ITI implementation, increased financial allocations and reinforced synergies with other EU funding mechanisms, including LEADER and CLLD, key instruments for fostering bottom-up participatory rural development and for keeping and restoring living and thriving local rural economies, to maximise impact and actively involve regional and local authorities and civil society in line with the partnership principle;

    21. Suggests that all relevant Directorates-General of the Commission conduct a territorial impact assessment of their respective policies at least twice per programming period; believes that these evaluations would establish a more precise baseline and identify ways to integrate the characteristics of rural areas into EU policies more effectively;

    22. Calls on the Member States to make full use of all measures supporting rural, inland, mountainous, insular and outermost regions, as well as cross-border regions and regions at the EU’s external borders, including those bordering Russia, Belarus and Ukraine which are most affected by the war, to mitigate economic disruption and to secure their future and prosperity; welcomes the new BRIDGEforEU Regulation and asks the Member States to implement it, enhancing the cooperation between cross-border regions to enable economies of scale when providing basic services and infrastructure in the rural areas affected;

    23. Stresses the diversity of the EU’s rural areas, for which the long-term vision calls for solutions that are tailored to the needs and resources of rural areas while reinforcing long-term strategies for sustainable growth; underlines in this regard the need to fully involve local and regional authorities, which are best placed to identify current challenges and needs at the regional and local levels; highlights the importance of maintaining a decentralised model for the programming and implementation of cohesion policy based on the principle of partnership and multi-level governance and a place-based bottom-up approach; calls, therefore, for the strong involvement of regional and local authorities to ensure more direct access for local and regional authorities to cohesion policy funds, reducing bureaucratic complexity and shortening disbursement times, through more streamlined procedures, intuitive digital platforms and increased technical support for local beneficiaries; proposes encouraging the use of pre-financing and advance payment schemes for small projects in rural areas;

    24. Stresses that centralisation may lead to bureaucratic inefficiencies and delays in fund absorption, ultimately reducing the effectiveness of EU investments in rural development;

    25. Highlights that the management approach to rural areas’ development policies needs to be coordinated, integrated and multi-sectoral in its implementation and that reinforcing a multi-level approach in line with the subsidiarity principle is essential to ensure its success;

    26. Highlights that resilience is essential to enable authorities at local and regional levels to mitigate, adapt to and recover from sudden challenges, ensuring community well-being, security and long-term sustainability;

    27. Calls for an adequate share of cohesion policy funding to be allocated to the border regions and calls in this regard for the European Groupings of Territorial Cooperation (EGTCs) to be granted a higher degree of autonomy in selecting projects and using funds, in particular by designating EGTCs as managing authorities for Interreg programmes, strengthening their institutional and financial capacity; recommends furthermore that EGTCs be granted a more significant role in achieving policy objective 5, namely bringing Europe closer to its citizens;

    28. Underlines the need to strengthen democratic and political participation in rural areas by promoting active civic engagement and digital tools; calls on the Commission to support initiatives that foster local democratic processes to improve cohesion between urban and rural regions;

    29. Highlights the need for rural areas to be able to provide essential high-quality services of general interest to the public to improve their livelihood and to harness their strengths to achieve sustainable development, for which they should receive sufficient financial support; underlines, to that end, the need to provide equal access, in particular to vulnerable people and people with disabilities, to all healthcare services, transport and connectivity services, including innovative mobility solutions, specific plans for affordable housing, water services, education and training services, digital infrastructure, and other basic services such as postal and banking services, ensuring their accessibility and affordability in order to guarantee proper living conditions; calls, therefore, on the Commission and the Member States to facilitate access to funding and tailored support measures for social economy initiatives that address local needs and contribute to regional development and, at the same time, to reinforce the financial support offered to rural SMEs, in particular through easing access to financial resources, cooperatives and local value chains that foster economic diversification;

    30. Stresses the strategic importance of water resources for rural areas and highlights the need to provide sufficient resources, under the cohesion policy and in rural development programmes, for maintaining and upgrading the water network; recommends, in particular, the inclusion of measures to combat leakage, improve the efficiency of supply systems and promote the sustainable use of water resources in rural areas;

    31. Regards it as essential to place greater emphasis on preventive measures to enhance the resilience of Europe’s rural areas in the face of natural disasters; believes that an integrated approach to managing water resources is paramount in order to simultaneously prevent floods and tackle drought – two growing threats in many rural regions – within both agriculture and the food sector; acknowledges that depending on the context, building dams and reservoirs or upgrading existing facilities is a priority, while striking a balance between built infrastructure and relatively low cost soft measures, not least because they can be a clean source of energy; notes that although cohesion policy already supports initiatives in this area, additional projects and increased investment are needed, in line with national and regional risk management strategies, to ensure that rural areas are better prepared for, and able to withstand, climate-related extreme weather events;

    32. Stresses the growing threat of climate risks such as natural disasters, desertification and water scarcity for many rural areas in Europe, particularly in southern Europe and in the Mediterranean basin; calls on the Commission to promote forward looking adaptation strategies at national, regional and local levels, including water management, resilient infrastructure and disaster preparedness, and calls for investments in innovative water infrastructure, such as the reuse of treated wastewater and smart irrigation systems, and the construction of reservoirs for rainwater harvesting;

    33. Notes that rural areas suffer from limited access to essential healthcare services, with a shortage of facilities and medical personnel, and therefore calls for improved access to quality healthcare, including mental health services;

    34. Calls on the Member States and local authorities to safeguard essential services that are vital to the development of rural areas by refraining from imposing economic constraints on healthcare in rural areas, as this would lead to the closure, or a fall in the number of, first-aid facilities and basic hospital structures, which should be strengthened;

    35. Calls on the Commission and Member States to develop a plan for mobile medical units and for telemedicine, the strengthening of medical services including medical spa services, community health nurses and digital health solutions and incentives for doctors working in rural and remote areas;

    36. Calls on the Commission to incorporate specific measures targeting areas identified as rural into its eHealth strategy, in order to provide local healthcare units with practical support for technological upgrades, and to promote the services such units offer; stresses that Member States should also be offered a screening programme targeting rural areas and that administrative support should also be put in place to assist with the drawing up of plans and prevention registers; calls on the Member States to take into account the particular characteristics of these areas and to encourage rural pharmacies to be set up, in order to specifically adapt pharmacy networks to a rural area, with coordination arrangements for medicines and medical devices supply, with the aim of streamlining and adapting the needs of healthcare units to the individual area; calls on the Member States to improve the provision of primary care and support services among these pharmacies termed ‘rural’;

    37. Highlights the key role that infrastructure development has to play in the economic and social growth of rural areas, given the need for transport systems, particularly public ones, with the capacity to improve connectivity and access to essential services, for energy networks, including renewables, and for suitable digital connectivity infrastructure; notes, in particular, that the quality of transport and digital connectivity should be improved so that people have easy access to labour, schools, hospitals, public services and job opportunities; underlines that road, rail and maritime transport links need to be developed or upgraded through EU co-funded programmes to reduce the isolation of rural areas, in particular from urban centres, narrowing the existing gap, and to facilitate sustainable mobility of people and goods; calls for a comprehensive strategy to improve mobility in rural areas, with a strong focus on sustainability, the expansion of charging infrastructure and the promotion of e-mobility; emphasises the need for targeted investments in public transport, shared mobility solutions and alternative transport models to ensure accessibility and connectivity for rural populations;

    38. Stresses that the digital divide between rural and urban areas remains significant, hindering equal opportunities for all residents; calls on the Commission and the Member States to accelerate investments in broadband connectivity, including 5G, better mobile coverage, high-speed internet networks, digital farming solutions and rural innovation hubs, ensuring that digital transformation benefits rural communities, while paying special attention to the regions less prepared for this transformation, including remote areas and outermost regions; stresses that these investments are crucial to enhancing productivity, supporting small farms’ entrepreneurship, facilitating remote working, accessing e-services and online teaching and ensuring that rural areas remain competitive in the digital age; stresses the need for digital literacy and vocational training initiatives to support the integration of digital technologies into the rural economy and to bridge the existing technological and economic divides;

    39. Stresses the importance and interconnectedness of military mobility, rural infrastructure development and regional security; underlines the overlap between the EU military mobility network and the Trans-European Transport Network;

    40. Calls for strategies to address vacant buildings and promote alternative housing concepts in rural areas, including affordable housing, renovation projects and intergenerational living; emphasises the need for incentives to repurpose empty properties, support community-driven housing initiatives and ensure sustainable, inclusive living spaces;

    41. Stresses the importance of promoting priority policies that support young people, as the main actors of the rural exodus, and calls on the Commission to ensure them an effective application of the ‘right to stay’ through targeted measures, designed to stem the demographic decline in rural areas and to encourage talented people to remain there; believes that individuals who wish to contribute to the development of their local communities should be provided with ample opportunities, and that it is therefore urgent to eliminate barriers and the significant disparities between young people in urban and rural areas in terms of access to high quality education, economic independence, social and political engagement, and intergenerational social interaction; calls for concrete measures and targeted funding programmes, including a brain drain action plan from the Commission, to support young people and young entrepreneurs, providing them with all the tools and resources they need to help them to access agricultural lands, jobs and business opportunities; notes that such measures should include improved access to public services, educational and cultural facilities, access to housing, low-interest loans and, with due regard to the principle of subsidiarity in fiscal matters, tax-related incentives to help young people build a stable future in line with their aspirations, without needing to abandon their place of origin, and creating incentives to settle down in or return to rural areas; considers it necessary, therefore, to promote measures to diversify the rural economy by harnessing local potential, including in areas outside agriculture and tourism, and to create quality jobs;

    42. Highlights the importance of boosting vocational education and training while also fostering youth-led initiatives and non-formal learning for young people to develop specific skills related to the economy of rural areas, as a tool for social cohesion and quality employment, with a view to combating depopulation in those areas;

    43. Highlights the key role of awareness raising and knowledge-sharing campaigns in advancing various education campaigns and programmes, and the importance of making them an integral part of school curricula; stresses the increasingly worrying data on early school leaving and to that end, calls on national and local authorities to reorganise their school systems to guarantee the right to education in their territories, bearing in mind the serious and objective difficulties they may face; calls on the Member States and local authorities, therefore, not to merge existing schools management structures in those areas;

    44. Calls on the Commission and the Member States to provide for new subsidised credit facilities that can support young entrepreneurs and women in their activities, including alternative forms of guarantees for access to credit; calls for financial support to empower young farmers, ensuring growth in rural economies;

    45. Welcomes the new EUR 3 billion loan financing package from the European Investment Bank (EIB) Group for agriculture, forestry and fisheries across Europe as a tangible initiative to close the funding gaps for SMEs in agriculture and the bio-economy and facilitate financing for young farmers and women; calls on the EIB Group to explore new forms of support to provide liquidity for actors along agricultural and rural value chains;

    46. Calls on the Commission and the Member States to promote local start-ups and incentive programmes for the return of young people and for the purchase and renovation of housing by young people in rural areas;

    47. Calls on the Commission to establish a European fund for youth entrepreneurship in rural areas, with a special focus on regions affected by high youth unemployment and brain drain; notes that this fund should support rural start-ups, innovative agriculture, sustainable tourism and digitalisation through dedicated financial instruments and tax incentives;

    48. Draws attention to the need for universal equal access to measures enabling everyone to develop the high-quality skills they need to achieve their professional goals, and to vocational and educational training; laments the fact that in rural areas, in many fields, the work of women is currently not rewarded with equal opportunities and conditions, as they often face extra challenges, including limited access to job opportunities, a lack of adequate measures to help them juggle work and family, and a shortage of childcare facilities; emphasises the need to foster an environment conducive to female employment, with support for all families, ensuring high quality early childhood education and care systems and parental support;

    49. Calls for increased support for women in rural areas, particularly through measures to improve access to employment, education, healthcare and social infrastructure, as well as protection from violence and violence prevention, to promote their economic and social participation; emphasises that targeted programmes should be created to support female entrepreneurs in rural regions in order to strengthen their economic independence;

    50. Stresses that support for women in rural areas is imperative for a variety of reasons, including promoting gender equality, fostering economic growth, advancing community development, reducing poverty and ensuring environmental sustainability; highlights that women play a multilevel role in rural development, as workers, farmers and business owners, and stresses that their importance in rural areas and local economies is often overlooked; stresses that special attention should be paid to women in rural areas when designing structural social support and regional development programmes; highlights that addressing these barriers is crucial for empowering women and unlocking their full potential in rural communities;

    51. Calls on the Member States and the Commission to boost awareness regarding existing and future EU funding possibilities for women entrepreneurs in rural areas and to make it easier for them to access financial support; encourages the Member States and regional and local authorities to make use of the existing EU structural and investment funds to promote women entrepreneurs;

    52. Calls for gender-equality employment policies and targeted measures to promote a better work-life balance in rural areas, including flexible working models, digital work opportunities, improved leisure and education offerings, and the promotion of community-based care and support structures for families;

    53. Urges the Commission to adopt measures to protect the family farming model that underpins the rural territory, is more environmentally friendly and guarantees food security in the EU; stresses the need for a EU system of incentives to limit the accumulation of agricultural land in private investment funds and the consequent increase in land prices; insists on the protection of small and medium-sized farms by strengthening the role of cooperatives and professional farmers in EU policies; furthermore, encourages the Member States to implement concrete measures to support these farms by simplifying access to credit, modernising rural infrastructure and giving impetus to agricultural cooperatives;

    54. Stresses the key role played by agriculture and the agri-food sector in food production, ensuring food security in the EU and job creation – a role worth championing since as it constitutes a mainstay of the local economy and is a key factor in ensuring sustainable land management, and also drives the growth and development of inland and rural areas, which often enjoy international recognition for their outstanding typical products; notes that it is necessary to help farmers innovate and diversify, while at the same time fostering farm competitiveness; believes that the transition to a more sustainable model requires a balanced approach, mindful of local specificities and the economic needs of rural communities, without imposing changes liable to hinder their long-term development; calls, in this regard, on the Commission and the Member States to take strong and targeted action by reducing excessive regulatory burdens and ensuring fair market conditions, to mitigate the decline in the number of farms and encourage generational renewal; calls for adequate support to promote food self-sufficiency and crop diversification; highlights in particular the specific structural challenges of the outermost regions and their rural areas;

    55. Urges the Commission and the Member States, in order to strengthen food security and ensure that European farmers do not face unfair competition from products that do not meet the same environmental, animal welfare and food security standards, to enforce strict equivalence of production standards for agricultural products imported into the EU and calls  on the Commission, in this regard, to ensure that trade agreements uphold European agricultural standards and ensure a level playing field for EU farmers;

    56. Acknowledges that the ambitious goals of the green transition entail opportunities as well as risks for EU agriculture; emphasises that the number of farms in the EU decreased between 2005 and 2020 by about 37 % and calls on the Commission and the Member States, in this regard, to take action to mitigate the decline in the number of farms and support their revenues and competitiveness, in order to stem the desertion of these areas and encourage generational renewal;

    57. Points to the need to simplify administrative procedures for accessing EU funds by reducing red tape for farmers and small rural businesses and improving coordination between the institutional levels involved in the management of funds in order to ensure that resources are provided more efficiently and in a more timely manner;

    58. Points also to the need to provide these areas, as well as businesses and farm and forest holders, with sufficient financial support, including support for the purchase and maintenance of equipment, with a view to increasing European competitiveness;

    59. Is fully aware that rural areas play a key role in the green and digital transitions; underlines that the transitions have to be implemented gradually, along the lines of achievable goals; calls in this regard for EU funding to be better linked with environmental sustainability and biodiversity protection;

    60. Highlights the need to support rural communities in European regions that have been most adversely affected by the trade in or export of Ukrainian agricultural products;

    61. Points to the importance of compensatory measures for farmers and rural businesses to ensure that the ecological transition is fair and practical and does not lead to new socio-economic disparities; highlight that for this transition to be successful, the full involvement and collaboration of all stakeholders, in particular farmers and foresters, will be key;

    62. Highlights that promoting agriculture is a necessary component of any strategy for rural development, but that on its own it is not sufficient, as not all people in rural areas are employed in the agricultural sector or live in agricultural structures;

    63. Recognises that tourism is frequently a major source of income for rural, mountainous, insular and outermost regions, as well as in the Mediterranean region, with the potential to encourage job creation and entrepreneurship and to draw in growing numbers of visitors curious to discover their nature, traditions and cultural heritage through the unique experiences on offer; believes, for that reason, that tourism should be supported through investment in the rural economy, in synergy with the agricultural, fishing, food and cultural sectors, and that the EU should promote the co-existence and further development of these sectors;

    64. Highlights that rural and agro-tourism can be a complementary activity to agriculture, offering opportunities for diversifying farm incomes and benefiting the development of rural areas, and that resources should therefore be allocated to the development of tourism and HoReCa activities;

    65. Underlines the need to promote rural tourism in a way that is sustainable; highlights the importance of optimising the economic benefits of tourism for rural areas, while minimising the potential negative impacts on local communities and ecosystems;

    66. Emphasises the importance of protecting and promoting linguistic minorities in the rural areas of the EU, recognising them as an integral part of Europe’s cultural heritage and as a driver of regional development; therefore calls on the Commission and the Member States to allocate cohesion policy resources to support projects for linguistic promotion, training, cultural tourism and local entrepreneurship connected to the linguistic and cultural traditions of the regions;

    67. Urges the Commission and the Member States to boost tourism in rural and depopulated areas or areas at risk of depopulation, by financing initiatives that enhance historic villages and traditional local products and establishing new green paths and other nature trails, as well as a label recognising outstanding environments in rural and nature tourism along similar lines to the ‘blue flag’ awarded to beaches;

    68. Notes that in some Member States, municipalities play a crucial role as drivers of regional economic development, benefiting from substantial tax revenues generated by their local economies; highlights that these revenues can motivate municipalities to invest EU cohesion funds in increasing their future tax base, promoting long-term local economic growth and securing long-term tax revenues; to this end, calls on the Commission, with due regard for the principle of subsidiarity in fiscal matters, to initiate a dialogue on the potential benefits of sharing taxes on economic activities with municipalities;

    69. Insists that excessive bureaucracy should not prevent farmers from focusing on sustainable food production and rural economic development; calls on the Commission and the Member States to include a strong rural dimension in the future cohesion policy regulations and to promote better regulation as a matter of priority, in order to reduce administrative burdens and to take steps to ensure the competitiveness of rural businesses, particularly SMEs, cooperatives and citizen-led communities, and to promote easier and more efficient access to funds, cost reductions and simplified application and evaluation processes for EU funding, especially for small beneficiaries; reaffirms that optimising procedures, cutting red tape and enhancing transparency are vital to improving access to the available resources; calls on the Commission, therefore, to provide adequate advisory services and technical assistance to managing authorities, thereby also contributing to increased absorption rates;

    70. Calls for a more integrated approach between EU industrial and cohesion policies, ensuring that regional development strategies are aligned with industrial transition efforts, particularly in northern, sparsely populated areas;

    71. Emphasises the importance of SMEs in technological sectors for rural digitalisation and economic resilience; calls on the Commission to ensure that public measures support local businesses and foster proximity-based economies, avoiding criteria that may disadvantage smaller enterprises;

    72. Stresses the need for better alignment between existing territorial development instruments and Structural Funds, including initiatives such as Harnessing Talent and the Covenant of Mayors;

    73. Instructs its President to forward this resolution to the Council and the Commission.

    MIL OSI Europe News

  • MIL-OSI Europe: REPORT on the implementation of the Recovery and Resilience Facility – A10-0098/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on the implementation of the Recovery and Resilience Facility

    (2024/2085(INI))

    The European Parliament,

     

     having regard to Article 175 of the Treaty on the Functioning of the European Union,

     having regard to Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility[1] (RRF Regulation),

     having regard to Regulation (EU, Euratom) 2023/435 of the European Parliament and of the Council of 27 February 2023 amending Regulation (EU) 2021/241 as regards REPowerEU chapters in recovery and resilience plans and amending Regulations (EU) No 1303/2013, (EU) 2021/1060 and (EU) 2021/1755, and Directive 2003/87/EC[2] (REPowerEU Regulation),

     having regard to Regulation (EU, Euratom) 2020/2092 of the European Parliament and of the Council of 16 December 2020 on a general regime of conditionality for the protection of the Union budget[3] (Rule of Law Conditionality Regulation),

     having regard to Council Regulation (EU, Euratom) 2024/765 of 29 February 2024 amending Regulation (EU, Euratom) 2020/2093 laying down the multiannual financial framework for the years 2021 to 2027[4] (MFF Regulation),

     having regard to the Interinstitutional Agreement of 16 December 2020 between the European Parliament, the Council of the European Union and the European Commission on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap towards the introduction of new own resources[5] (the IIA),

     having regard to Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union[6] (Financial Regulation),

     having regard to Regulation (EU) 2024/795 of the European Parliament and of the Council of 29 February 2024 establishing the Strategic Technologies for Europe Platform (STEP), and amending Directive 2003/87/EC and Regulations (EU) 2021/1058, (EU) 2021/1056, (EU) 2021/1057, (EU) No 1303/2013, (EU) No 223/2014, (EU) 2021/1060, (EU) 2021/523, (EU) 2021/695, (EU) 2021/697 and (EU) 2021/241[7],

     having regard to Regulation (EU) 2024/1263 of the European Parliament and of the Council of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97[8],

     having regard to its resolution of 23 June 2022 on the implementation of the Recovery and Resilience Facility[9],

     having regard to the Commission notice of 22 July 2024 entitled ‘Guidance on recovery and resilience plans’[10],

     having regard to the Commission communication of 21 February 2024 on strengthening the EU through ambitious reforms and investments (COM(2024)0082),

     having regard to the Commission’s third annual report of 10 October 2024 on the implementation of the Recovery and Resilience Facility (COM(2024)0474),

     having regard to the Court of Auditors’ (ECA) annual report of 10 October 2024 on the implementation of the budget for the 2023 financial year, together with the institutions’ replies,

     having regard to special report 13/2024 of the ECA of 2 September 2024 entitled ‘Absorption of funds from the Recovery and Resilience Facility – Progressing with delays and risks remain regarding the completion of measures and therefore the achievement of RRF objectives’, special report 14/2024 of the ECA of 11 September 2024 entitled ‘Green transition – Unclear contribution from the Recovery and Resilience Facility’, and special report 22/2024 of the ECA of 21 October 2024 entitled ‘Double funding from the EU budget – Control systems lack essential elements to mitigate the increased risk resulting from the RRF model of financing not linked to costs’,

     having regard to the study of December 2023 supporting the mid-term Evaluation of the Recovery and Resilience Facility,

     having regard to the European Public Prosecutor’s Office (EPPO) 2024 annual report published on 3 March 2025,

     having regard to the report of September 2024 by Mario Draghi entitled ‘The future of European competitiveness’ (Draghi report),

     having regard to the opinion of the Committee of the Regions of 8 October 2024 entitled ‘Mid-term review of the post-COVID European recovery plan (Recovery and Resilience Facility)’[11],

     having regard to the information published on the Recovery and Resilience Scoreboard (RRF Scoreboard),

     having regard to the Commission staff working document of 20 November 2024 entitled ‘NGEU Green Bonds Allocation and Impact report 2024’ (SWD(2024)0275),

     having regard to its in-house research, in-depth analysis and briefings related to the implementation of the RRF[12],

     having regard to its resolution of 18 January 2024 on the situation in Hungary and frozen EU funds[13],

     having regard to Rule 55 of its Rules of Procedure, as well as Article 1(1)(e) of, and Annex 3 to, the decision of the Conference of Presidents of 12 December 2002 on the procedure for granting authorisation to draw up own-initiative reports,

     having regard to the opinions of the Committee on Budgetary Control, the Committee on Employment and Social Affairs, the Committee on the Environment, Climate and Food Safety and the Committee on Transport and Tourism,

     having regard to the joint deliberations of the Committee on Budgets and the Committee on Economic and Monetary Affairs under Rule 59 of the Rules of Procedure,

     having regard to the report of the Committee on Budgets and the Committee on Economic and Monetary Affairs (A10-0098/2025),

     

    A. whereas the Recovery and Resilience Facility (RRF) was created to make European economies and societies more sustainable, resilient and better prepared in the light of unprecedented crises in 2019 and 2022, by supporting Member States in financing strategic investments and in implementing reforms;

    B. whereas reforms and investments under the RRF help to make the EU more resilient and less dependent by diversifying key supply chains and thereby strengthening the strategic autonomy of the EU; whereas reforms and investments under the RRF also generate European added value;

    C. whereas the RRF, as well as other EU funds, such as the European instrument for temporary support to mitigate unemployment risks in an emergency, has helped to protect labour markets from the risk of long-term damage caused by the double economic shock of the pandemic and the energy crisis;

    D. whereas RRF expenditure falls outside the ceilings of the multiannual financial framework (MFF) and borrowing proceeds constitute external assigned revenue; whereas Parliament regrets that they do not form part of the budgetary procedure; whereas based on the Financial Regulation’s principle of transparency, citizens should know how and for what purpose funds are spent by the EU;

    E. whereas, due to the lack of progress in introducing new own resources in the EU and the need to ensure the sustainability of the EU’s repayment plan, a clear and reliable long-term funding strategy is essential to meet repayment obligations without forcing difficult trade-offs in the EU budget that could undermine future investments and policy priorities; whereas further discussions and concrete financial solutions will be necessary to secure the long-term viability of the EU’s debt repayment plan;

    F. whereas the borrowing costs for NextGenerationEU (NGEU) have to be borne by the EU budget and the actual costs exceed the 2020 projections by far as a result of the high interest rates; whereas the total costs for NGEU capital interest repayments are projected to be around EUR 25 to 30 billion per year from 2028, equivalent to 15-20 % of the 2025 annual budget; whereas Parliament has insisted that the refinancing costs be placed over and above the MFF ceilings; whereas a three-step ‘cascade mechanism’ including a new special EURI instrument was introduced during the 2024 MFF revision to cover the significant cost overruns resulting from NGEU borrowing linked to major changes in the market conditions; whereas an agreement was reached during the 2025 budgetary procedure to follow an annual 50/50 benchmark, namely to finance the overrun costs in equal shares by the special EURI instrument de-commitment compartment and the Flexibility Instrument;

    G. whereas the bonds issued to finance the RRF are to be repaid in a manner that ensures the steady and predictable reduction of liabilities, by 2058 at the latest; whereas the Council has yet to adopt the adjusted basket of new own resources proposed by the Commission, which raises concerns about the viability of the repayment of the debt undertaken under NGEU;

    H. whereas the social dimension is a key aspect of the RRF, contributing to upward economic and social convergence, restoring and promoting sustainable growth and fostering the creation of high-quality employment;

    I. whereas the RRF should contribute to financing measures to strengthen the Member States’ resilience to climate disasters, among other things, and enhance climate adaptation; whereas the Member States should conduct proper impact assessments for measures and should share best practice on the implementation of the ‘do no significant harm’ (DNSH) principle;

    J. whereas the RRF plays an important role in supporting investments and reforms in sustainable mobility, smart transport infrastructure, alternative fuels and digital mobility solutions, thus enhancing connectivity and efficiency across the EU; whereas it is regrettable that only a few Member States chose to use the RRF to support investments, particularly in high-speed railway and waterway infrastructure, aimed at developing European corridors, despite the encouragement of cross-border and multi-country projects; whereas it is crucial to increase investments in transport infrastructure, particularly in underserved regions, to improve connectivity, support regional cohesion and contribute to the green transition;

    K. whereas by 31 December 2024, Member States had submitted 95 payment requests and the level of RRF disbursements including pre-financing stood at EUR 197.46 billion in grants (55 % of the total grants envelope) and EUR 108.68 billion in loans (37 % of the total loans envelope); whereas three Member States have already received their fifth payment, while one Member State has not received any RRF funding; whereas all Member States have revised their national recovery and resilience plans (NRRP) at least once; whereas 28 % of milestones and targets have been satisfactorily fulfilled and the Commission has made use of the possibility to partially suspend payments where some milestones and targets linked to a payment request were not found to be satisfactorily fulfilled; whereas delays in the execution of planned reforms and investments, particularly in social infrastructure and public services, could lead to the underutilisation of available resources, thereby reducing the expected impact on economic growth, employment and social cohesion;

    L. whereas the ECA has revealed various shortcomings of the RRF, in particular in relation to its design, its transparency and reporting, the risk of double funding and the implementation of twin transition measures;

    M. whereas robust audit and control systems are crucial to protect the financial interests of the EU throughout the life cycle of the RRF; whereas the milestones commonly known as ‘super milestones’, in particular related to the rule of law, had to be fulfilled prior to any RRF disbursements;

    N. whereas the RRF Regulation refers to the RRF’s ‘performance-based nature’ but does not define ‘performance’; whereas RRF performance should be linked to sound financial management principles and should measure how well an EU-funded action, project or programme has met its objectives and provided value for money;

    O. whereas effective democratic control and parliamentary scrutiny over the implementation of the RRF require the full involvement of Parliament and the consideration of all its recommendations at all stages;

    P. whereas the Commission has to provide an independent ex post evaluation report on the implementation of the RRF by 31 December 2028, consisting of an assessment of the extent to which the objectives have been achieved, of the efficiency of the use of resources and of the European added value, as well as a global assessment of the RRF, and containing information on its impact in the long term;

    Q. whereas the purpose of this report is to monitor the implementation of the RRF, in accordance with Parliament’s role as laid down in the RRF Regulation, by pointing to the benefits and shortcomings of the RRF, while drawing on the lessons learnt during its implementation;

    Strengthening Europe’s social and economic resilience

     

    1. Highlights the fact that the RRF is an unprecedented instrument of solidarity in the light of two unprecedented crises and a cornerstone of the NGEU instrument, ending in 2026; emphasises the importance of drawing lessons from its implementation for the upcoming MFF, including as regards transparency, reporting and coherent measurement of deliverables; highlights the stabilising effect of the RRF for Member States at a time of great economic uncertainty, as it mitigates negative economic and social consequences and supports governments by contributing to the implementation of the European Pillar of Social Rights, by promoting economic recovery and competitiveness, boosting resilience and innovation, and by supporting the green and digital transitions;

    2. Highlights the important role of the RRF in preventing the fragmentation of the internal market and the further deepening of macroeconomic divergence, in fostering social and territorial cohesion by providing macroeconomic stabilisation, and in offering assurance to the financial markets by improving investor confidence in turbulent times, thereby lowering yield spreads;

    3. Welcomes the fact that the RRF is a one-off instrument providing additional fiscal space that has contributed to the prevention of considerable economic and social divergences between Member States with diverse fiscal space; highlights the Commission finding that the RRF has led to a sustained increase in investments across the EU and that the Commission expects the RRF to have a lasting impact across the EU beyond 2026, given its synergies with other EU funds; is, however, concerned that the RRF expiration in 2026 poses a significant risk of a substantial decline in public investment in common European priorities;

    4. Recalls that the MFF and RRF combined amount to almost EUR 2 trillion for the 2021-2027 programming period, but points to the fact that the high inflation rates and the associated increases in the cost of goods and services have decreased the current value of European spending agreed in nominal terms;

    5. Takes note of the Commission’s projection in 2024 concerning the potential of NGEU’s impact on the EU’s real gross domestic product (GDP) by 2026, which is significantly lower than its simulation in 2020 (1.4 % compared with 2.3 %), due in part to adverse economic and geopolitical conditions, and of the estimation that NGEU could lead to a sizeable, short-run increase in EU employment by up to 0.8 %; notes that the  long-term benefits of the RRF on GDP will likely exceed the budgetary commitments undertaken by up to three to six times , depending on the productivity effects of RRF investment and the diligent implementation of reforms and investments;

    6. Highlights the difficulty of quantifying the precise social and economic impact of the RRF, as it takes time for the impact of reforms and investments to become clear; stresses the need for further independent evaluations to assess the effective impact of reforms and investments and for further improvements of the underlying methodology; notes the Commission’s finding that approximately half of the expected increase in public investment between 2019 and 2025 is related to investment financed by the EU budget, particularly by the RRF, but notes that some investments have not yet delivered measurable impact;

    7. Notes that the RRF has incentivised the implementation of some reforms included in the country-specific recommendations made in the context of the European Semester through the inclusion of such reforms in the NRRPs; underlines that there has been a qualitative leap forward in terms of monitoring RRF implementation; recalls that the RRF Scoreboard is used to monitor the progress made towards achieving milestones and targets, as well as compliance with horizontal principles, and in particular the six pillars, namely the green transition, the digital transformation, smart, sustainable and inclusive growth (including economic cohesion, jobs, productivity, competitiveness, research, development and innovation, and a well-functioning internal market with strong small and medium-sized enterprises (SMEs)), social and territorial cohesion, health, economic, social and institutional resilience with the aim of, inter alia, increasing crisis preparedness and crisis response capacity, and policies for the next generation, children and young people, such as education and skills; highlights that the overall uptake of country-specific recommendations made in the context of the European Semester remains low and has even dropped;

    8. Highlights that in the context of the new economic governance framework, the set of reforms and investments underpinning an extension of the adjustment period should be consistent with the commitments included in the approved NRRPs during the period of operation of the RRF and the Partnership Agreement under the Common Provisions Regulation[14]; observes that the five Member States that requested an extension of the adjustment period by 31 December 2024 relied partly on the reforms and investments already approved under the RRF to justify the extension; takes note of the fact that most Member States have included information on whether the reforms and investments listed in the medium-term fiscal-structural plans are linked to the RRF;

    9. Welcomes the fact that the RRF provides support for both reforms and investments in the Member States, but notes with concern that the short timeframe for the remaining RRF implementation poses challenges to the completion of key reforms and large-scale investments that are to be finalised towards the end of the RRF and to the timely fulfilment of the 70 % of milestones and targets that are still pending;

    10. Recalls that RRF expenditure should not substitute recurring national budgetary expenditure, unless duly justified, and should respect the principle of additionality of EU funding; insists that the firm, sustainable and verifiable implementation of non-recurrence, together with the targeting of clearly defined European objectives of reforms and investments, is key to ensure additionality and the long-lasting effect of additional European funds; recalls the need to uphold this principle and appeals against the crowding out or replacement of cohesion policy by the RRF or other temporary instruments, as cohesion policy remains essential for long-term sustainable territorial cohesion and convergence;

    11. Highlights that prioritising RRF implementation, the lack of administrative capacity in many Member States and challenges posed by global supply chains have contributed to the delayed implementation of cohesion policy; calls on the Commission, in this context, to provide a comprehensive assessment of the RRF’s impact on other financial instruments and public investments, technical support, and the administrative and absorption capacities of the Member States;

    12. Recalls that, in reaction to Russia’s war of aggression against Ukraine, the REPowerEU revision contributes to Europe’s energy security by reducing its dependence on fossil fuels, diversifying its energy supplies, investing in European resources and infrastructure, tackling energy poverty and investing in energy savings and efficiency in all sectors, including transport; emphasises that through REPowerEU, an additional EUR 20 billion in grants was made available in 2023, including EUR 8 billion generated from the front-loading of Emissions Trading System allowances and EUR 12 billion from the Innovation Fund; highlights Parliament’s successes in negotiations, in particular on the provisions on replenishing the Innovation Fund, the 30 % funding target for cross-border projects, the focus of investments on tackling energy poverty for vulnerable households, SMEs and micro-enterprises, and the flexible use of unspent cohesion funds from the 2014-2020 MFF and of up to 7.5 % of national allocations under the 2021-2027 MFF;

    13. Recalls its call to focus RRF interventions on measures with European added value and therefore regrets the shortage of viable cross-border or multi-country measures, including high-speed railway and sustainable mobility infrastructure projects for dual use that are essential for completing the TEN-T network, and the related risk of re-nationalising funding; notes that the broad scope of the RRF objectives has contributed to this by allowing a wide variety of nationally focused projects to fall within its remit;

    14. Highlights the modification of Article 27 of the RRF Regulation through REPowerEU, which significantly strengthened the cross-border and multi-country dimensions of the RRF by encouraging the Member States to amend their NRRPs to add RepowerEU chapters, including a spending target of at least 30 % for such measures in order to guarantee the EU’s energy autonomy; is concerned by the broad interpretation adopted by the Commission, which allows any reduction in (national) energy demand to make a case for a cross-border and multi-country dimension;

    15. Welcomes the possibility of using RRF funding to contribute to the objectives of the Strategic Technologies for Europe Platform (STEP) by supporting investments in critical technologies in the EU in order to boost its industrial competitiveness; notes that no Member State has made use of the possibility to include in its NRRP an additional cash contribution to STEP objectives via the Member State compartment of InvestEU; recalls that Member States can still amend their national plans in that regard; expects the revision processes to be efficient, streamlined and simple, especially considering the final deadline of 2026, the current geopolitical context and the need to invest in European defence capabilities;

    16. Recalls the application of the DNSH principle for all reforms and investments supported by the RRF, with a targeted derogation under REPowerEU for energy infrastructure and facilities needed to meet immediate security of supply needs; encourages the Commission to assess the feasibility of a more uniform interpretation of the DNSH principle between the RRF and the EU taxonomy for sustainable activities, while taking into account the specificities of the RRF as a public expenditure programme;

    Financial aspects of the RRF

     

    17. Stresses that the RRF is the first major performance-based instrument at EU level which is exclusively based on financing not linked to costs (FNLC); recalls that Article 8 of the RRF Regulation stipulates that the RRF must be implemented by the Commission in direct management in accordance with the relevant rules adopted pursuant to Article 322 TFEU, in particular the Financial Regulation and the Rule of Law Conditionality Regulation; regrets that the Council did not agree to insert specific rules in the Financial Regulation to address the risks of this delivery model, such as double funding; considers that the rules of the Financial Regulation should be fully applicable to future instruments based on FNLC, including as regards fines, penalties and sanctions;

    18. Notes that only 13 Member States have requested loans and that EUR 92 billion of the EUR 385.8 billion available will remain unused since this amount was not committed by the deadline of 31 December 2023; takes note of the fact that loans were attractive for Member States that faced higher borrowing costs on the financial markets or that sought to compensate for a reduction in RRF grants; points out that some Member States have made limited use of RRF loans, either due to strong fiscal positions or administrative considerations; calls on the Commission to analyse the reasons for the low uptake in some Member States and to consider these findings when designing future EU financial instruments; notes with concern that national financial instruments to implement the NRRPs have not been sufficiently publicised, leading to limited awareness and uptake by potential beneficiaries; considers that a political discussion is needed on the use of unspent funds in the light of tight public budgets and urgent EU strategic priorities; calls for an assessment of how and under which conditions unused RRF funds could be redirected to boost Europe’s competitiveness, resilience, defence, and social, economic and territorial cohesion, particularly through investments in digital and green technologies aligned with the RRF’s original purpose;

    19. Recalls the legal obligation to ensure full repayment of NGEU expenditure by 31 December 2058 at the latest; reminds the Council and the Commission of their legal commitment under the interinstitutional agreement concluded in 2020 to ensure a viable path to refinancing NGEU debt, including through sufficient proceeds from new own resources introduced after 2021 without any undue reduction in programme expenditure or investment instruments under the MFF; deplores the lack of progress made in this regard, which raises concerns regarding the viability of the repayment of the debt undertaken under NGEU, and urges the Council to adopt new own resources without delay and as a matter of urgency; urges the Commission, furthermore, to continue efforts to identify additional genuine new own resources beyond the IIA and linked to EU policies, in order to cover the high spending needs associated with the funding of new priorities and the repayment of NGEU debt;

    20. Notes with concern the Commission’s estimation that the total cost for NGEU capital interest repayments are projected to be around EUR 25 to 30 billion per year from 2028, equivalent to 15-20 % of the 2025 annual budget ; recalls that recourse to special instruments had to be made in the last three budgetary procedures to cover EURI instrument costs; highlights that the significant increase in financing costs puts pressure on the future EU budget and limits the capacity to respond to future challenges;

    21. Takes note of the Commission’s target to fund up to 30 % of NGEU costs by issuing greens bonds; notes that by 31 December 2024 the Commission had issued European green bonds amounting to EUR 68.2 billion;

    Design and implementation of NRRPs

     

    22. Notes that 47 % of the available RRF funds had been disbursed by 31 December 2024, with grants reaching 55 % and loans 37 %, which has resulted in a high proportion of measures still to be completed in 2025 and 2026; is concerned, however, about the ECA’s finding that only 50 % of disbursed funds had reached final beneficiaries in 15 out of 22 Member States by October 2023; calls on the Commission to take the recommendations of the ECA duly into account in order to improve the functioning of any future performance-based instruments similar to the RRF, in particular in the context of a more targeted MFF;

    23. Welcomes the fact that all Member States have surpassed the targets for the green (37 %) and the digital transitions (20 %), with average expenditure towards climate and digital objectives of the RRF as a whole standing at 42 % and 26 % respectively; notes that the ECA has cast doubt on how the implementation of RRF measures has contributed to the green transition and has recommended improvements to the methodologies used to estimate the impact of climate-related measures; highlights the fact that the same methodological deficiencies exist across all pillars of the RRF;

    24. Notes the tangible impact that the RRF could have on social objectives, with Member States planning to spend around EUR 163 billion; underlines that such spending must be result-oriented, ensuring measurable economic and/or social benefits; stresses the need to accelerate investments in the development of rural, peripheral and outermost, isolated and remote areas, and in the fields of affordable housing, social protection and the integration of vulnerable groups, and youth employment, where expenditure is lagging behind; calls for an in-depth evaluation by the Commission, under the RRF Scoreboard, of the projects and reforms related to education and young people implemented by Member States under the RRF; regrets the delayed implementation of health objectives observed in certain Member States, given that the instrument should also improve the accessibility and capacity of health systems, and of key social infrastructure investments, including early childhood education and care facilities; stresses that these delays, in some cases linked to shifting budgetary priorities and revised national implementation timelines, risk undermining the achievement of the RRF’s social cohesion objectives;

    25. Reiterates its negotiating position to include targets for education (10 %) and for cultural activities (2 %); encourages the Commission’s effort to evaluate these targets as a benchmark in its assessment of education policy in NRRPs, through the RRF Scoreboard;

    26. Observes that a large majority of NRRPs include a specific section explaining how the plan addresses gender-related concerns and challenges; is concerned, however, that some NRRPs do not include an explanation of how the measures in the NRRP are expected to contribute to gender equality and equal opportunities for all and calls on the Member States concerned to add such explanations without delay;

    27. Stresses the importance of reforms focusing on labour market fragmentation, fostering quality working conditions, addressing wage level inequalities, ensuring decent living conditions, and strengthening social dialogue, social protection and the social economy;

    28. Notes the tangible impact that the RRF could have on the digital transformation objective, with EUR 166 billion allocated to corresponding plans; welcomes the contributions made under the smart, sustainable and inclusive growth pillar, in particular to competitiveness and support for SMEs; notes the need for an acceleration of investments in transnational cooperation, support for competitive enterprises leading innovation projects, and regulatory changes for smart, sustainable and inclusive growth, which are lagging behind;

    29. Stresses that the success of EU investments depends on well-functioning capital markets; calls on the Member States to ensure a more effective and timely disbursement of funds, particularly for SMEs and young entrepreneurs, to streamline application procedures with a view to enhancing accessibility and to implement specific measures to provide targeted support to help them play a more prominent role in the process of smart and inclusive growth;

    30. Is concerned that the achievement of milestones and targets lags behind the indicative timetable provided in the NRRPs, and that the pace of progress is uneven across Member States; regrets the time lag between the fulfilment of milestones and targets and the implementation of projects; highlights that the RRF will only achieve its long-term and short-term potential if the reform and investment components, respectively, are properly implemented; welcomes the fact that, following a slow start, RRF implementation has picked up since the second half of 2023 but significant delays affecting key reforms and investments still persist and have been attributed to various factors, including the revisions linked to the inclusion of REPowerEU, mounting inflation, the insufficient administrative capacity of Member States, in particular the smaller Member States, uncertainties regarding specific RRF implementation rules, high energy costs, supply shortages and an underestimation of the time needed to implement measures; notes that the postponement of key implementation deadlines by some governments to 2026 raises concerns about the capacity of some Member States to fully absorb the allocated funds within the set timeframe of the RRF; stresses the importance of maintaining a realistic and effective implementation schedule to prevent the risk of incomplete projects and missed opportunities for structural improvements; calls on the Commission to ensure that administrative bottlenecks are urgently addressed;

    31. Recalls the modification of the RRF Regulation through the inclusion of the REPowerEU chapter; stresses the importance of the REPowerEU chapters in NRRPs and calls on the Member States to prioritise mature projects and implement their NRRPs more quickly, both in terms of reforms and investments, and, where necessary, to adjust NRRPs in line with the RRF’s objectives, without undermining the overall balance and level of ambition of the NRRPs, in order to respond to challenges stemming from geopolitical events and to tackle current realities on the ground;

    32. Highlights the fact that the RRF could have helped to mitigate the effects of the current EU-wide housing crisis; regrets that some Member States did not make use of this opportunity and stresses the importance for the Member States to accelerate investments in availability and affordability of housing;

    33. Highlights the role of ‘super milestones’ in protecting the EU’s financial interests against rule of law deficiencies and in ensuring the full implementation of the requirements under Article 22 of the RRF Regulation; welcomes the fact that all but one Member State have satisfactorily fulfilled their ‘super milestones’; recalls that the Commission must recover any pre-financing that has not been netted against regular payment requests by the end of the RRF;

    34. Notes the high administrative burden and complexity brought by the RRF; stresses the considerable efforts required at national level to implement the RRF in parallel with structural funds; notes that between 2021 and 2024 the demand-driven Technical Support Instrument supported more than 500 RRF-related reforms in the Member States, directly or indirectly related to the preparation, amendment, revision and implementation of the NRRPs; takes note of the Commission guidance of July 2024 with simplifications and clarifications to streamline RRF implementation but expects the Commission to act swiftly on its promise to cut the administrative burden by 25 %; urges the Commission to give clear and targeted technical support to the Member States, allowing them to develop efficient administrative capacity to implement the milestones and targets; calls on the Commission to decrease the level of complexity of EU public procurement rules which apply to higher-value contracts;

    35. Expresses concern over the complexity of application procedures for RRF funding, particularly for SMEs and non-governmental organisations, which require external consultancy services even for small grants; emphasises that such bureaucratic obstacles contradict the original objectives of the RRF, which aimed to provide rapid and direct financial support; calls for an urgent simplification of application and reporting requirements, particularly for smaller beneficiaries, to maximise the absorption and impact of funds and to assist with their contribution to the green and digital transitions;

    36. Believes that implementation delays underscore the risk that measures for which RRF funding has been paid will not be completed by the 2026 payment deadline; welcomes the Commission’s statement at the Recovery and Resilience Dialogue (RRD) of 16 September 2024 that it will not reimburse non-implemented projects; considers it a shortcoming that RRF funds paid for milestones and targets assessed as fulfilled cannot be recovered if related measures are not eventually completed; encourages the Commission to take into account the ECA’s recommendations related to this and to assess, in cooperation with the Member States, the measures most at risk of not being completed by 31 August 2026; stresses the importance of monitoring these measures, facilitating timely follow-up and working towards solutions to overcome delays;

    37. Notes with concern that the remaining implementation timeframe of the RRF is too short for the implementation of many innovative projects; further notes that innovative projects, by definition, are more difficult to plan and more likely to encounter obstacles during implementation, making them unsuited to the RRF’s strict deadlines; urges the Commission to create future programmes that are flexible enough to give proper answers in changing circumstances and that at the same time guarantee a certain degree of predictability;

    38. Notes that some milestones and targets may be no longer achievable because of objective circumstances; stresses that any NRRP revisions should be made in accordance with the RRF Regulation, including the applicable deadlines, and should not entail backtracking on reforms, commitments or lower quality projects but should maintain the overall ambition and the efficiency of public spending;

    39. Is concerned about the Commission’s uneven assessment of NRRPs, which has led to double standards in the application of the Regulation; is further concerned about the uneven and different definition of milestones and targets from one NRRP to the other, as consistently reported by the ECA;

    40. Highlights that the duration of the Commission’s assessment of payment requests by Member States differs considerably among the Member States and stresses the need for more transparency from the Commission; urges the Commission to accelerate its assessments and to ensure the equal treatment of the Member States; highlights the need to ensure a level playing field across the EU for measures and indicators that are used to assess all RRF projects;

    41. Urges the Member States to increase their efforts to address administrative bottlenecks and provide sufficient administrative capacity to accelerate RRF implementation in view of the 2026 deadline and to avoid concentrating RRF projects in more developed regions and capitals by enabling RRF funds to flow into projects in the most vulnerable regions, thereby serving the RRF’s objective to enhance the EU’s social, territorial and economic cohesion; emphasises the importance of fair regional distribution within the NRRPs while ensuring that RRF funds are allocated based on economic and social impact, feasibility and long-term benefits;

    42. Calls for an 18-month extension of mature RRF projects through an amendment of the RRF Regulation by co-decision, if needed; emphasises that the envisaged extension of projects will be conducted by the Commission based on objective, clear and fair benchmarks; welcomes the possibility of establishing a targeted and performance-based prioritisation and transfer system after the 2026 deadline in order to allow for the finalisation of ongoing projects through other funding schemes, including the European Investment Fund and a possible new European competitiveness fund; urges the Commission to present a strategy to address the huge demand for public investment beyond 2026 without compromising budgetary resources in other critical areas;

    43. Calls for an evaluation of how this framework could enable targeted investments in EU defence supply chains, strategic stockpiles and defence innovation, ensuring alignment with broader European security objectives;

    44. Is concerned that some Member States might choose to forego parts of the amounts or entire amounts associated with their last payment request, thus avoiding the fulfilment of the last milestones and targets;

    Transparency, monitoring and control

     

    45. Takes note of the fact that the Commission had planned to conduct 112 RRF audits in all Member States in 2024; reminds the Commission of its obligation, in accordance with Article 24(3) of the RRF Regulation, to recover funding in case of incorrect disbursements or reversals of measures;

    46. Notes that the Commission relies on its own methodologies when calculating partial payments and suspensions of funds; regrets that these methodologies were only developed two years after the start of the RRF implementation and without the consultation of Parliament;

    47. Welcomes the extensive work of the ECA in relation to the RRF and deems it important to thoroughly assess its findings, in particular its findings that milestones and targets are often rather vague and output-oriented and are therefore not fit to measure results and impacts, and its findings regarding the risks of double funding resulting from overlaps with other policies; notes that the Commission has accepted many but not all of the ECA’s recommendations; stresses that weaknesses in financial controls, as highlighted by the ECA, must be urgently addressed to prevent double funding, cost inefficiencies, and mismanagement of EU funds; calls for enhanced transparency and for the full consideration of the ECA’s recommendations without adding unnecessary administrative burden;

    48. Notes that the ECA’s audits revealed several cases in which funding had been disbursed but the requirements related to the fulfilment of corresponding milestones and targets had not been adequately met; further notes that the Commission framework for assessing the ‘satisfactory fulfilment’ of the relevant milestones and targets contains discretionary elements, such as ‘minimal deviation from a requirement’ or ‘proportional delays’, and that the methodology for the determination of partial payments does not provide an explanation for the values chosen as coefficients, thereby leaving room for interpretation; asks the Commission to provide Parliament with further clarification;

    49. Insists that, as a rule, measures already included in other national plans benefiting from EU funding (e.g. cohesion, agriculture, etc.) should not be included in NRRPs, even if they do not incur any costs; urges the Commission to remain vigilant and proactive in identifying any potential situation of double funding in particular in regard to the different implementation models of the RRF and other EU funding instruments;

    50. Regrets the lack of a proper RRF audit trail and the persistent lack of transparency despite the bi-annual reporting requirement for Member States on the 100 largest final recipients, which was introduced into REPowerEU upon Parliament’s request; regrets the delays in reporting by some Member States and the limited informative value of the information provided, which ultimately prevents compliance checks by the Commission or the ECA; reiterates its call for the lists of the largest final recipients for each Member State to be regularly updated and published on the RRF Scoreboard and to include information on the economic operators involved, including contractors and sub-contractors, and their beneficial owners, and not simply ministries or other government bodies or state companies; further regrets that the current definition of ‘final recipient’ leaves room for interpretation, resulting in different final beneficiaries for similar measures among Member States; calls on the Commission, in this context, to ensure a common understanding of what constitutes a ‘final recipient’ so that this can be applied consistently;

    51. Is concerned about persistent weaknesses in national reporting and control mechanisms, due in part to absorption pressure affecting the capacity to detect ineligible expenditure and due to the complexity of the audit and control procedures, which created uncertainty in the Member States and an overload of administrative procedures; calls on the Commission to provide assurance on whether Member States’ control systems function adequately and to check the compliance of RRF-funded investment projects with EU and national rules; calls for payments to be reduced and, where appropriate, amounts to be recovered in accordance with Article 22 of the RRF Regulation, should weaknesses persist in the national control systems; regrets the reliance on manual cross-checks and self-declarations by recipients of EU funds in the absence of interoperable IT tools and harmonised standards, despite the existence of tools such as the Early Detection and Exclusion System and ARACHNE, whose use is currently not mandatory, thereby risking that expenditure is declared twice; recalls, in this regard, the reluctance of the Member States to make progress in developing the relevant IT tools in a timely manner;

    52. Shares the view of the ECA that the FNLC model does not preclude reporting on actual costs; notes that having clear insights on costs also facilitates the work of control and oversight bodies, as well as the EPPO and the European Anti-Fraud Office (OLAF), and enables enhanced public scrutiny;

    53. Reiterates the role of the RRF Scoreboard in providing information for citizens on the overall progress in the implementation of NRRPs; underlines the importance of the Scoreboard in strengthening transparency and calls on the Commission to increase the level of transparency and data visualisation in the Scoreboard;

    54. Recalls that the reporting on the progress of implementation in the RRF Scoreboard is based on information provided by the Member States on a bi-annual basis;

    55. Highlights the important role of the EPPO and OLAF in protecting the EU’s financial interests; welcomes the fact that EPPO investigations into RRF-related fraud and corruption cases have led to several arrests, indictments and seizures of RRF funds; recalls that the EPPO was handling 307 active cases related to the RRF in 2024, corresponding to about 17 % of all expenditure fraud investigations and causing an estimated damage to the EU’s financial interests of EUR 2.8 billion; expects the number of investigations to grow as RRF implementation advances; calls on the Commission to look into the management declarations of the Member States in terms of their reporting of detected fraud and the remedial measures taken;

    Role of the European Parliament

     

    56. Reiterates the importance of Parliament’s role in scrutinising and monitoring the implementation of the RRF and in holding the Commission accountable; highlights Parliament’s input provided through various channels, in particular through various plenary debates, parliamentary resolutions, bi-monthly RRD meetings with the responsible Commissioners, over 30 meetings of the standing working group on the scrutiny of the RRF, numerous parliamentary questions, the annual discharge procedure of the Commission and the regular flow of information and ad hoc requests for information from the Commission; regrets that the model of using milestones and targets to trigger disbursement was not accompanied by adequate budgetary control mechanisms, resulting in a diminished role for Parliament compared to its scrutiny of MFF spending;

    57. Recalls Parliament’s rights as laid down in Article 25 of the RRF Regulation, in particular the right to simultaneously receive from the Commission information that it transmits to the Council or any of its preparatory bodies in the context of the RRF Regulation or its implementation, as well as an overview of its preliminary findings concerning the satisfactory fulfilment of the relevant milestones and targets included in the NRRPs; encourages the sharing of relevant outcomes of discussions held in Council preparatory bodies with the competent parliamentary committees;

    58. Recalls further the right of Parliament’s competent committees to invite the Commission to provide information on the state of play of the assessment of the NRRPs in the context of the RRD meetings;

    59. Regrets the fact that Parliament has no role in the design of NRRPs and is not consulted on payment requests; criticises furthermore the fact that Parliament has not been provided with a clear and traceable overview of the implementation status of projects and payments; expects to be informed about the context of NRRP revisions in order to make its own assessment of the revisions and to have an enhanced role in possible future instruments based on the RRF experience;

    Stakeholder involvement

    60. Regrets the insufficient involvement of local and regional authorities (LRAs), civil society organisations, social partners, national parliaments and other relevant stakeholders in the design, revision or implementation of NRRPs leading to worse policy outcomes, as well as limited ownership; regrets that in the design and implementation of the NRRPs, some Member States have clearly favoured some LRAs or stakeholders to the detriment of others; recalls that the participation of LRAs, national authorities and those responsible for developing these policies is crucial for the success of the RRF, as stated in Article 28 of the RRF Regulation; recalls that Parliament supported a binding provision in the RRF to establish a multilevel dialogue to engage relevant stakeholders and discuss the preparation and implementation of NRRPs with them, with a clear consultation period; calls, therefore, for the maximum possible stakeholder involvement in the implementation of NRRPs, in accordance with the national legal framework and based on clear and transparent principles;

    61. Reiterates the need for regular interaction between national coordinating authorities and national stakeholders involved in the monitoring of the implementation of the NRRPs, in line with the principle of transparency and accountability; stresses that more regular and public communication from the national coordinating authorities is needed to ensure that updated information about the progress of the implementation of NRRPs is made available;

    62. Stresses that decisions should be made at the level that is most appropriate; is convinced that the application of the partnership principle and a stronger involvement of LRAs could make project implementation more efficient, reduce disparities within Member States and result in more and better quality measures with a cross-border and multi-country dimension;

    63. Believes that valuable lessons can be drawn from the RRF to be reflected in the design of performance-based instruments in the next MFF, in particular in the light of the EU’s competitiveness and simplification agendas;

    Lessons for the future

    64. Believes that the combination of reforms and investments has proved successful but that a clearer link is needed between the two; highlights the importance of aligning any funding with the objectives of the instrument and disbursing it in line with the progress made towards them; insists that the level of ambition of NRRPs should not be lowered but should be commensurate with the RRF timeline to ensure their successful implementation;

    65. Is convinced, as highlighted by the Draghi report, that boosting EU competitiveness, decarbonising the EU’s economy and making it more circular and resource-efficient, as well as closing the skills gap, creating quality jobs and enhancing the EU’s innovation capacity, will be central priorities beyond 2026; is concerned that a sizeable funding gap will arise after the RRF ceases to operate at the end of 2026, notably for public investment in common European priorities, since financial resources from national budgets vary significantly among Member States; highlights the need to use the lessons learned from the RRF to better leverage public and private investments with a view to addressing the financing gap in European objectives and transitions, which the Draghi report estimates at over EUR 800 billion annually, while ensuring seamless continuity of investments in common European goods;

    66. Welcomes the enhanced use of financial instruments made possible by the option to channel RRF funds towards the Member States’ compartment of InvestEU;

    67. Urges the Commission to apply the lessons learned and the ECA’s observations, and to ensure that future performance-based instruments are well-targeted, aligned with the aim of financing European public goods and prioritising the addressing of clearly defined strategic challenges, economic sustainability and competitiveness; calls for it to be ensured that all future instruments are designed to measure not only inputs or short-term outputs and progress but also results in terms of long-term impacts backed by outcomes;

    68. Calls on the Commission to conduct an independent evaluation and to report on the RRF impact on private investments at aggregate EU level, in particular on its potential crowding-out effect on private investments and its determinants; calls further for objective and clear analyses from the Commission on how the implementation of reforms and investments within the NRRPs affects the economies of the individual Member States, with special regard to smart, sustainable and inclusive growth; urges the Commission to take the lessons learned from these analyses and from the ECA’s observations on the RRF implementation into account when drawing up its proposals for the next programming period;

    69. Underlines that all EU-funded investments and reforms should be coordinated and coherent with strategic planning at national level and should focus on projects with a clear European added value; underlines the need for a spending target for cross-border and multi-country investments; calls on the Commission to develop a credible methodology to assess the cross-border and multi-country dimensions of EU funded projects;

    70. Highlights that meaningful social and territorial dialogues with a high level of involvement of LRAs, social partners, civil society organisations and national parliaments within the national legal framework are essential for national ownership, successful implementation and democratic accountability; expresses concern over the insufficient involvement of all relevant stakeholders in the implementation and oversight of RRF-funded initiatives; stresses in particular that regions and city councils cannot be mere recipients of decisions, without being given the opportunity to have a say on reforms and investments that truly transform their territories;

    71. Believes that it is essential to adopt differentiated strategies that recognise the cultural diversity of the various regions and enhance their economic and social cohesion instead of applying a homogeneous or one-size-fits-all approach that could be to the detriment of the less developed regions; calls, therefore, for dialogues with stakeholders to be strengthened and more diligently employed as they could inspire future initiatives and mechanisms in the EU and its Member States;

    72. Underlines the requirement of the RRF Regulation to publicly display information about the origin of funding for projects funded by the EU to ensure buy-in from European citizens;

    73. Highlights that the RRD meetings have been an important tool in enhancing transparency and accountability, which are crucial for the optimal implementation of the RRF;

    74. Reiterates that further efforts are required to improve the transparency and traceability of the use of EU funds; stresses the need to ensure that data that is relevant for performance measurement is available and that information on performance is presented in a better and more transparent manner; stresses that the feedback mechanism between performance information and programme design or adjustment should be enhanced;

    75. Considers that better training and capacity-building across all regions and authorities involved, in particular at national level, could have accelerated the RRF’s implementation and enabled the implementing authorities to better adapt to the performance-based nature of the RRF; considers that the Commission could have assisted Member States more at the planning stage and provided earlier implementation guidance, in particular with a view to strengthening their audit and control systems and the cross-border dimension of the RRF;

    76. Highlights the importance of mitigating the risk of double funding; suggests the deployment of an integrated and interoperable IT and data mining system and the development of clear standards for datasets to be applied across Member States, with a view to allowing comprehensive and automated expenditure tracking; calls for improved coordination mechanisms that define clear responsibilities among the bodies involved in the implementation of the various EU and national programmes, while avoiding unnecessary bureaucratic complexity and ensuring an efficient allocation of funds; encourages the integration of advanced data analytics and AI tools to enhance performance tracking, evaluation and reporting to alleviate manual workload and to streamline reporting processes; underlines that such progress can only happen if there is also operational support to digitalise administrations;

    77. Strongly urges the Commission and the Member States to ensure that any type of EU FNLC or EU funding that is performance based complies with EU and national rules, ultimately protecting the financial interests of the EU; reiterates the accountability and responsibility of the Commission and the Member States to ensure the legality and the regularity of EU funding, as well as the respect of sound financial management principles;

    78. Considers that the role of Parliament in the monitoring of the RRF should be further enhanced;

    79. Calls for future performance-based instruments to have a single audit trail to trace budget contributions to the projects funded; underlines the need for project-level auditing to mitigate reputational risks in the eyes of the general public and to facilitate the recovery of funds in case measures are reversed; underlines the need to reduce administrative bottlenecks and burden;

    80. Demands that any possible future performance-based programmes make clearer links between the milestones and targets and the actual projects being implemented; stresses that there should be less of a delay between the fulfilment of milestones and the implementation of projects;

    81. Reiterates its call for an open platform which contains data on all projects, final recipients and the regional distribution of funding, thereby facilitating auditing and democratic oversight;

    82. Stresses that any possible future budgetary decisions on EU borrowing should respect the unity of the budget and Parliament’s role as part of the budgetary authority; highlights the risks of cost overruns for the repayment of debt, resulting inter alia from volatile interest rates; deems it important to ensure from the outset that sufficient funding is available to cover these costs without presenting a detriment to other programmes or political priorities;

    83. Invites the Commission and the Member States to closely assess and learn from instruments and tools such as the RRF, in order to maximise the efficiency and impact of EU funding, investments and reforms, streamline policy objectives, improve the collaboration of the institutions and stakeholders at national and European level, and increase national ownership;

    84. Notes the declared intention of the Commission to draw on the RRF experience when designing its proposals for the post-2027 EU funding programmes, due later this year; acknowledges that the independent ex post evaluation will come too late to feed into the process leading up to the next programming period, but expects the Commission and the co-legislators to take due account of the lessons learned from the RRF and of the recommendations of relevant stakeholders, in particular LRA, civil society organisations and social partners; believes that, as the EU plans for future economic resilience, there is also a need to further mobilise private investment, strengthen capital markets and ensure that public spending remains fiscally responsible and strategically targeted to make the EU more resilient and sovereign in an ever more conflictual geopolitical context;

    85. Instructs its President to forward this resolution to the Council, the Commission, and to the governments and parliaments of the Member States.

    MIL OSI Europe News

  • MIL-OSI USA: Committee Leaders Raise Alarm Over Burgum’s Interior Staffing Freeze: “Illegal and Dangerous”

    Source: United States House of Representatives – Congressman Jared Huffman Representing the 2nd District of California

    May 30, 2025

    Washington, D.C. – Today, top Democrats on the House Natural Resources Committee sent a letter to Interior Secretary Doug Burgum demanding answers about a blanket freeze on personnel actions across the Department of the Interior, reportedly imposed earlier this month by the Department’s acting Chief Human Capital Officer—a former staffer of Elon Musk’s DOGE.

    “This sweeping directive has already sparked internal conflict at the Department, where staff are reportedly struggling to fulfill the duties of thousands of now-vacant positions essential to the Department’s day-to-day operations,” the lawmakers wrote. “Your actions to date raise serious doubts about your commitment to that obligation.”

    In the letter, the lawmakers cite the Administration’s proposed “skinny budget,” DOGE-led “voluntary” buyouts “backed by the threat of termination,” and pending Reductions in Force (RIF) plans as part of a “coordinated campaign of institutional dismantling” that “threatens the safety of our parks, the reliability of our water systems, and the scientific integrity of the very agencies entrusted with protecting Americans from wildfire, drought and other escalating risks.”

    The lawmakers also expressed concern over the reported removal of Bureau of Land Management Deputy Director Michael Nedd, “who reportedly raised concerns about the effects of the May 2 personnel directive on the Department’s ability to do its job.”

    The lawmakers called on the Department to provide a copy of the May 2 memo and respond to several questions, including what impact assessment was conducted, what essential functions are at risk, and whether other senior personnel have been penalized for raising objections.

    “Like other recent personnel actions, this latest personnel freeze is, at best, shortsighted and self-defeating—and at worst, illegal and dangerous for Americans who visit our National Parks, live near federal lands, rely on federal irrigation for their farms, or depend on sound science to protect their homes and communities,” the lawmakers wrote. “It represents yet another ill-considered action by the Trump Administration that leaves our country weaker, less safe, and less prepared to meet the challenges ahead.”

    The letter was signed by Ranking Member Jared Huffman (D-Calif.), Vice Ranking Member Sarah Elfreth (D-Md.), Oversight and Investigations Subcommittee Ranking Member Maxine Dexter (D-Ore.), Federal Lands Subcommittee Ranking Member Joe Neguse (D-Colo.), Energy and Mineral Resources Subcommittee Ranking Member Yassamin Ansari (D-Ariz.), Water, Wildlife and Fisheries Subcommittee Ranking Member Val Hoyle (D-Ore.), and Indian and Insular Affairs Subcommittee Ranking Member Teresa Leger Fernández (D-N.M.).

    Read the full letter.

    ###



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  • MIL-OSI Europe: Use of data, technology, and artificial intelligence tools for enhanced accountability

    Source: European Investment Bank

    EIB

    Samer Araabi (Accountability Counsel) presented different technologies to improve project/complaints management, including large language models, satellite mapping and AI tools.

    Wee Meng Chuan (SIMC Singapore) presented an AI-powered tool for mediation that can be applied to dispute resolutions, ensuring accurate and secure information management.

    Both presenters highlighted that AI should be considered as a complementary tool, and not as a solution.

    Ildiko Almasi Simsic (E&S Solutions) provided a brief presentation of her AI tools for environmental and social performance.

    Participants at the round tables explored strategies to extend AI’s benefits to developing regions, ensuring inclusivity rather than reinforcing biases. Cases of unequal power dynamics between stakeholders, including communities that are based on oral cultures or with limited digital access were discussed.

    Participants agreed that AI can enhance accountability by streamlining complex processes, improving data review and organization and enabling more efficient monitoring. Discussions however underscored ethical concerns about training data used for AI applications, and the need to keep human oversight in preventing misinformation and misuse. Trainings on the different AI solutions are needed to upskill each user of the tools.

    Andrea Repetto Vargas, Director of the Independent Consultation and Investigation Mechanism of the IDB Group, closed the session by summarizing the main highlights of the discussions and presentations.

    MIL OSI Europe News

  • MIL-OSI Europe: Briefing – Scaling up European Innovation – 04-06-2025

    Source: European Parliament

    The European Union (EU) is seeking to boost its competitiveness to help ensure the well-being of its society in the face of global challenges. Central to this objective is the EU’s innovation ecosystem, which has fallen behind the United States (US) and China. As innovative European companies grow, they struggle to attract the necessary technical and financial support within the continent. The European Commission plans to put forward a legislative proposal for a 28th regime as part of a programme of measures to boost the EU’s innovation ecosystem. The European Parliament’s Committee on Legal Affairs (JURI) is preparing a legislative-initiative report to inform the development of this proposal. This briefing, produced at the request of the committee, seeks to support its work on the file. The research identified four issues that are relevant for EU action: (1) the EU financial system has a low appetite for risk; (2) innovative companies struggle to attract workers (within the EU and beyond) with the relevant skills; (3) innovative companies face a high cost of failure and/or restructuring; and (4) there is high variation in laws affecting companies across the EU. While the proposed Savings and Investments Union could help to address the immediate and pressing demand for capital from innovative European companies, other measures such as the 28th regime could be complementary and offer European added value. Establishing one common set of EU-wide rules and introducing an EU stock option plan could boost the regime’s attractiveness for innovative European companies. Embedding links to the EU innovation ecosystem and ‘European preference’ incentives could also be beneficial. Levelling the playing field for innovative European companies, particularly by reducing the period of time to establish a company, complete funding rounds and advance through the lifecycle, could help to attract venture capital and boost the number of innovative scale-ups.

    MIL OSI Europe News