Category: Finance

  • MIL-OSI New Zealand: Awards – Outstanding exporters to be recognised at ExportNZ ASB Bay of Plenty Export Awards

    Source: EMA

    Judges for the ExportNZ ASB Bay of Plenty Export Awards have announced the finalists who will be honoured at the awards gala on Friday 18 July at Mercury Baypark, Mount Maunganui. The awards, organised by the EMA, celebrate the exceptional achievements of Bay of Plenty businesses who are exporting goods and services to markets around the world.
    The event is proudly supported by principal sponsor ASB, as well as Sharp Tudhope, Air NZ Cargo, Page Macrae, Zespri, and Orbit Travel, and supporting partners NZTE, Comvita and Port of Tauranga.
    Winners announced at Awards Gala on 18  July, at Mercury Baypark, Mount Maunganui
    The success of each finalist will be celebrated at the 1920s-themed awards gala on 18 July, which promises to be a night of elegance, glamour and celebration, honouring the innovation and resilience of the region’s exporters. Gala tickets are available at ExportNZ ASB Bay of Plenty Export Awards 2025 .
    List of finalists – ExportNZ ASB Bay of Plenty Export Awards
    Finalists in the 2025 awards encompass a broad range of innovative businesses, showcasing the breadth and depth of exporting excellence in the Bay of Plenty region. These include heavy engineering and precision machine manufacturers, technology and software solution providers for the agricultural, health and legal sectors, as well as a manufacturer of kids’ cycling accessories. The finalists for the 2025 ExportNZ ASB Bay of Plenty Export Awards are:
    • Bluelab – a manufacturer of precision instruments for measuring pH, electrical conductivity and temperature in controlled agricultural environments.
    • Carepatron – a provider of a secure, cloud-based healthcare solution for practitioners to manage clients, appointments, payments, and records.
    • Kids Ride Shotgun – a designer and manufacturer of mountain bike seats and accessories for young children to enjoy biking with their families.
    • LawVu – a provider of a unified, cloud-based legal workspace, designed for in-house legal teams to efficiently manage matters, contracts, spend, documents, and reporting within a single, secure platform.
    • Medella Health – a developer of innovative wellness devices, including the Flowpresso therapy suit, which combines compression, deep pressure and thermo therapy.
    • Oasis Engineering – a manufacturer of high-pressure control devices for gases, such as hydrogen and compressed natural gas.
    • Plazmax – a designer and manufacturer of advanced computer numerical control (CNC) plasma cutting and robotic welding systems for precision engineering.
    • Rhino Manufacturing – an industry-leading supplier of parts for trucks and trailers; Rhino guards blend powerful performance with striking style.
    • Spida Machinery – a manufacturer of high-quality, precision machinery for the frame, truss, and building-component industries.
    • Trimax Mowing Systems – a designer and manufacturer of tractor-powered roller and flail mowers for commercial use.
    The short-listed exporting companies will be judged over the following categories:
     Best Emerging Business (in partnership with Air New Zealand Cargo) – recognising businesses in the early stage of their international growth journey.
     Excellence in Innovation (in partnership with Page Macrae) – recognising success in the commercialisation of innovation in international markets, incorporating intellectual property, strategy, processes and monitoring.
     Exporter of the Year (in partnership with Sharpe Tudhope) – recognising the success of those businesses that are established in their international growth journey.
    In addition, the Export Achievement Award (in partnership with Zespri) recognises an individual who has made a material contribution to the export success of a business. Finalists for this category are:
     Sarah Webb, LawVu
     Karl Stevenson, BlueLab
    Finally, the Services to Export Award (in partnership with Orbit Travel) recognises an individual or business, who may or may not be directly involved with exporting, but has made a significant contribution to exporting success in the Bay of Plenty. Entry for this award is by nomination only, with the winner announced at the awards gala on 18 July.
    Highlighting export innovation in Bay of Plenty
    The awards are organised by the EMA on behalf of ExportNZ. EMA Chief Executive John Fraser-Mackenzie says, “We look forward to honouring these outstanding companies at this year’s awards gala on 18 July, which will harness the spirit of the ‘Roaring Twenties’.
    “The awards celebrate the community of business, providing an opportunity for peer-to-peer networking and knowledge sharing among like-minded, export-oriented companies.”
    Chair of the ExportNZ BoP Executive Committee Warwick Downing says, “These awards shine a well-deserved spotlight on the incredible exporters in the Bay of Plenty who work tirelessly to bring New Zealand products and services to the world.
    “Equally important is the opportunity they provide to bring the exporting community together, to share stories, challenges, and insights that help drive the sector forward.”
    Head of Trade Finance at ASB Bank Mike Atkins says, “We are excited to partner with ExportNZ to celebrate the export champions from the Bay of Plenty region.
    “At ASB, we are passionate about enabling exporters to scale up, be it through working capital funding or other advisory initiatives across productivity, sustainability, clean tech, and food & fibre.”
    Executive Director of ExportNZ Josh Tan says, “These awards are a recognition of the incredible mahi of exporters in the Bay of Plenty who continue to deliver excellence.
    “The awards not only celebrate the individual enterprises, importantly they encourage a collaborative culture that nurtures exporting success across the region.”

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: Fatal traffic accident in Ngau Tau Kok

    Source: Hong Kong Government special administrative region

    Fatal traffic accident in Ngau Tau Kok 
         At 10.53pm, a bus driven by a 38-year-old man was travelling along Ngau Tau Kok Road southbound. When approaching Choi Wan Road Sitting-out Area, it reportedly knocked down an 84-year-old man who was crossing the road.
     
         Sustaining serious head injury, the man was rushed to United Christian Hospital in unconscious state and was certified dead at 11.17pm.
     
         The bus driver was arrested for dangerous driving causing death and is being detained for enquiries.
     
         Investigation by the Special Investigation Team of Traffic, Kowloon East is under way.
     
         Anyone who witnessed the accident or has any information to offer is urged to contact the investigating officers on 3661 0262 or 3661 0277.
     
    Issued at HKT 7:18

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI New Zealand: Budget 2025 – Businesses Watching Closely as Budget 2025 Nears

    Source: Business Canterbury

    With Budget 2025 being released tomorrow, businesses across Canterbury will be watching closely to see what’s on the table. With clear signals from the Government that this year’s budget has been signalled as a tight one, the focus for business will be on how the initiatives, continued or added, can support economic growth and create the right conditions for them to invest and grow.

    Business Canterbury will be releasing a response to Budget 2025 by 3:00pm tomorrow, and Leeann Watson will be available for comment following.

    On pre-Budget expectations, Business Canterbury Chief Executive Leeann Watson says, “The key area businesses will be looking at is continued investment in infrastructure, careful spending to continue the downward trend in inflation and interest rates, and initiatives that enable and help boost investment in R&D and growth.

    “Two key areas are top of mind for our business community, and this starts with the Government having a long-term plan that focuses on infrastructure investment. New Zealand’s infrastructure deficit continues to grow, and here in the South Island, strong connections to ports, airports, and across the supply chain are essential for the connectivity of our exports, imports and people.

    “Investment in critical transport links, including the Interislander replacements and roading projects, needs to remain a priority, even in a fiscally constrained environment. When the economy turns a corner, we need the infrastructure in place to support it.

    “Our latest Quarterly Canterbury Business Survey results showed increasing confidence, but this optimism hasn’t yet translated into investment. The right policy settings could shift that.

    “Targeted business support that enables innovation and investment, especially among SMEs, will be hugely important as we look ahead at a better economy, but with intentions around investment and creating jobs remaining subdued. Practical and efficient support for research and development, such as accelerated depreciation for R&D activities, for example, would give businesses the confidence to invest now in future growth.

    About Business Canterbury

    Business Canterbury, formerly Canterbury Employers’ Chamber of Commerce, is the largest business support agency in the South Island and advocates on behalf of its members for an environment more favourable to innovation, productivity and sustainable growth.

    MIL OSI New Zealand News

  • MIL-OSI USA: Welch Grills Trump’s Pick to Lead IRS 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    Welch on Trump using the IRS for political goals: “The president is not restrained by what’s legal or not.” 
    WASHINGTON, D.C.—In a Senate Finance Committee hearing today, U.S. Senator Peter Welch (D-Vt.) grilled President Trump’s nominee to lead the Internal Revenue Service (IRS). Senator Welch asked former Congressman Billy Long about how cuts to IRS staff will affect the ability of the IRS to hold billionaire tax cheats accountable, and how gutting IRS funding and staff will hurt services and help for U.S. taxpayers. Senator Welch also questioned Mr. Long on President Trump’s actions to undercut institutes of higher education. 
    Welch: The Administration, President Trump, has specifically gone after higher education. There have been significant cuts in research funding to Columbia, to Harvard, and to other universities. The president, who will be your boss, has explicitly stated that he wants to eliminate the tax-exempt status for Harvard. What’s your opinion about the recommendation by the president that Harvard loses its tax-exempt status?  
    Long: I’m not over there. I haven’t seen why they would think that. But it’s something I want to get into and figure out once I’m over there. I’ve never been around it, so I don’t know. 
    Welch: One of the concerns here is that if a president is using the IRS as a tool to achieve his goals— 
    Long: That should not be done by anybody. 
    Welch: Alright, so you will tell Trump to pound sand if he comes to you as Commissioner— 
    Long: That’s my understanding. Like I said, if it is fair, not fair, legal, or not legal. If what you are saying is not legal, it should not be done and nobody should by able to do that.  
    Welch: You know, the President is not restrained by what’s legal or not…The president is explicitly stating he wants to go after Harvard—or [another] higher education institution is next—you will be in the line of fire on that. And what I’m looking for from you is not something you are able to give me right now, and that’s assurances that you will tell the president ‘no’ when he is using the IRS for a political objective. 
    Long: I said earlier the IRS will not and should not be politicized on my, or any, watch. 
    Watch the full exchange here: 
    ■■■ 
      
    Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:  
    Senate Committee on Finance   
    Senate Committee on Agriculture, Nutrition, & Forestry 
    Ranking Member, Subcommittee on Rural Development, Energy, and Credit   
    Senate Committee on the Judiciary 
    Ranking Member, Subcommittee on the Constitution   
    Senate Committee on Rules & Administration 
    Learn more about his work by visiting his website or by following him on social media. 

    MIL OSI USA News

  • MIL-OSI USA: 30 Transformational Projects Announced in the Capital Region

    Source: US State of New York

    overnor Kathy Hochul today announced awards for a total of 30 transformational projects for the Capital Region as part of two economic development programs: the Downtown Revitalization Initiative and NY Forward. Thirteen projects were announced for Lake George, the Round 7 winner of a $10 million DRI award; 11 projects were announced for Hoosick Falls, a Round 2 winner of a $4.5 million NY Forward award; and six projects were announced for Schuylerville, also a Round 2 winner of a $4.5 million NY Forward award.

    “Through the Downtown Revitalization Initiative and NY Forward, we are empowering local leaders, driving smart growth, and creating vibrant, resilient downtowns where people want to live, work, and visit. This is how we build a stronger New York — one community at a time,” Governor Hochul said. “These 30 transformative projects are a testament to our commitment to strengthening communities across the Capitol Region.”

    Town/Village of Lake George

    The Town and Village of Lake George’s vision focuses on improving the quality of life and sense of place for the Canada Street corridor and adjacent waterfront. The DRI projects will create a more vibrant and prosperous downtown, assist a growing population and enhance the “visitor experience.”

    The 13 Lake George DRI projects, totaling $9.7 million, include:

    • Construct the Shepard Park Amphitheater ($1,500,000): Redesign and reconstruct the Shepard’s Park bandstand and amphitheater, restoring its status as a regional music and events destination. The scope includes necessary site-works, landscape accessibility improvements and facility upgrades such as performance space build-out, AV/lighting equipment and a designated basement storage space.
    • Winterize & Enhance The Lagoon and The Village Mall ($1,252,000): Upgrade, modernize and winterize the Village Mall including the Lagoon restaurant, by enclosing both ends and conducting extensive interior and facade renovation works. This would allow for year-round operation of 16 retail/commercial spaces.
    • Develop the Shepard’s Park Lakewalk & Build an Accessible Observation Deck ($2,300,000): Enhance an underutilized portion of the public Shepard’s Park beach through urban and landscape design enhancements, improved stormwater management practices and accessibility improvements. Create an accessible observation atop the public bathroom.
    • Re-inter Historic Remains at the LG Battlefield Park ($519,000): Implement the commemorative project at the Lake George Battlefield State Park, which features columbaria, educational signage, plaza space and memorials related to the over 40 remains discovered on Courtland Street in 2019.
    • Improve Accessibility at Caldwell Library ($433,000): Construct a 350 sq. ft. rear addition to the Caldwell Library, aimed at improving accessibility through the installation of a lift and reconfiguring the interior layout to enhance circulation. Includes ADA-compliant bathroom renovations and the reorganization of spaces to facilitate better navigation.
    • Enhance Music/Entertainment Productions in the DRI Area ($600,000): Acquire specialized music, audio-visual and lighting equipment to enhance year-round entertainment, product capacity and programming within the DRI Area.
    • Accessibility, Efficiency and Aesthetic Upgrades at the Old County Courthouse ($450,000): Rehabilitate the Old County Courthouse through a series of interventions, including: building an accessible ramp near the main entrance, replacing and/or rehabilitating windows and lighting, interior museum casework upgrades and a sculptural bateaux addition on the front lawn.
    • Create a Lake George Art & Canoe Trail ($375,000): Design, siting and installation of 18 uniquely painted canoes and paddles, as well as three murals throughout the DRI area, showcasing and cultivating regional talent while beautifying the area.
    • Renovate & Expand 267 Canada into a Mixed-Use Building for Students & Hospitality Workers ($266,000): Revitalize a deteriorating property into a mixed-use building with an upgraded restaurant and ADA accessible patio space on the ground floor, five fully furnished student or workforce housing units on the 2nd floor and parking lot improvements.
    • Create a Downtown Heritage Wayfinding Project ($350,000): Install dual-sided wayfinding signs throughout the downtown to aid navigation, highlight local points of interest and promote Lake George’s history. The project also includes the design and installation of two new Gateway signs for the Town and Village.
    • Enhance South Canada’s Streetscape through Pedestrian Oriented Design ($780,000): Enhance South Canada’s streetscape by improving pedestrian amenities and increasing safety features, while connecting to the Town Gateway. Upgrades include expanding accessible sidewalks, new benches, intersection improvements, stormwater management and new LED streetlights.
    • Expand the DT Circulator Trolley & Enhance Bus Stops ($275,000): Install up to six new bus shelters with bike racks and reconfigure the downtown Lake George Circulator Trolley to improve service and connectivity for residents, tourists and the workforce.
    • Establish a Small Projects Fund for Winterization & Building Improvements ($600,000): Establish a locally managed matching small project fund to undertake a range of smaller downtown projects such as facade enhancements, building renovation improvements to commercial or mixed-use spaces and winterization efforts.

    Village of Hoosick Falls

    The Village of Hoosick Falls’ vision focuses on creating safe, walkable and accessible corridors that will serve as transformative connectors among past and future public, private and non-profit projects. Connecting these projects will transform Hoosick Falls into a cohesive economic generator to grow the job and population base locally, with positive ripple effects for the Capital Region’s vision and strategies.

    The 11 Hoosick Falls NY Forward Projects, totaling $4.5 Million, include:

    • Unlock the Full Potential of the HoosArt Center by Making the Wood Block Fully Accessibility ($850,000): Restore the Wood Block Building into a mixed-use building with commercial tenants on the first floor and a community center for creativity on the upper floors ideal for performing arts, public event space, poetry readings and workshops.
    • Revitalize the Commercial and Residential Spaces in the Saluzzo Building ($558,000): Revitalize the mixed-use building on Classic Street, renovating and upgrading the existing eight apartments and three commercial spaces while adding four additional apartments. A commercial kitchen will also be installed as an amenity to the commercial spaces.
    • Upgrade the Town Skating Rink to Expand Recreational Opportunities ($1,000,000): Upgrade the cooling systems and enclose the existing structure of the Town of Hoosick Skating Rink to expand recreation, generate revenue and accommodate regional hockey teams.
    • Develop the STAY ApARTments at 9-15 John Street ($470,000): Redevelop the top floor of the historic building on John Street into four residential units and improve the overall building’s energy efficiency, which already contains a pizza shop, art gallery and four popular short-term rentals.
    • Redevelop the Former Firehouse into a Restaurant ($209,000): Redevelop the old firehouse and adjacent vacant lot into a functional and inviting restaurant space with outdoor patio seating. The second floor will be transformed into an event space accommodating 80-120 people.
    • Rehabilitate 114 Church Street to Return Vacant Residential Units into Service ($300,000): Renovate the building at 114 Church Street to provide seven new apartment units for the Village. This process will include new roofing, framing and full apartment rehabilitation.
    • Enhance the Sand Bar Through Expanded Outdoor Dining and Volleyball Court Facilities ($112,000): Add a third outdoor volleyball court to the Sand Bar, as well as expand outdoor dining for the restaurant by constructing two new decks and replacing some fences and sidewalks.
    • Transform the Abandoned Warehouse at 1 Center Street into a Mixed-Used Building ($438,000): Rehabilitate and transform an abandoned warehouse at 1 Center Street into a mixed-use building with two (out of an eventual 18) residential rental units and three commercial spaces, including a fitness facility, brewery and woodworking shop.
    • Improve and Expand Pedestrian Infrastructure Downtown ($301,000): Improve pedestrian infrastructure in the Village by replacing sidewalks and curb ramps, adding lighting and new signage and partially reconfiguring lower Classic Street with a wider sidewalk and improved stormwater management.
    • Improve the Hoosic River Greenway Trail Connections ($190,000): Improve the Hoosic River Greenway Trail by unifying the disjointed parts, connecting it with other recreational assets, beautifying the area around it and marketing it to attract visitors.
    • Create a Game Store and Community Space at 72 Main Street ($72,000): Renovate the commercial space at 72 Main Street to create a game store and community-gathering space for all ages that can hold various events in collaboration with the senior center, school and youth center.

    Village of Schuylerville

    The Village of Schuylerville’s vision focuses on building upon previous investments and partnerships to increase housing opportunities that will attract more residents; offer new public park and event amenities; create more commercial tourist attractions and overnight lodging; and improve historic signage and wayfinding.

    The 6 Schuylerville NY Forward Projects, totaling $4.5 Million, include:

    • Build a New Village Community Center ($2,248,000): Build a new community center to house the Schuylerville Youth Program and Olde Saratoga Seniors group, as well as serve as an event space for public and private events. The community center will include public restrooms, office space and a kitchen. The Canal Mosaic Landmark will also be installed in the exterior public space.
    • Reconnect the Old Champlain Canal under Ferry Street ($1,050,000): Build a clear span bridge (or large box culvert) with two lanes of traffic and a pedestrian and bike path over the Champlain Canal on Route 29, allowing water and small watercrafts to travel between the Old Champlain Canal and Turning Basin.
    • Construct a New Mixed-Use Building at the Hotel Schuyler Site ($750,000): Develop a new, three-story, mixed-use building that will provide space for up to three businesses and between 8 and 14 rental housing units. The building would be constructed on a vacant lot along Broad Street, contributing to the commercial corridor’s streetscape.
    • Renovate the Canal Square Building ($179,000): Renovate the existing building to expand commercial capacity, improve the exterior façade and pave the parking lot. Additional work will be done to reduce the impact of flooding.
    • Expand Kickstart Café ($187,000): Expand the interior of Kickstart Café to incorporate additional cooperative use garage space. These additions will require new foundation, exterior walls, relocation of the kitchen and bar area and an outdoor deck area for seating.
    • Enhance Signage and Wayfinding around the Village ($86,000): Improve signage and wayfinding within the Village, specifically for visitors, pedestrians, bicyclists and users of the Empire State Trail. The signage will also present historical information in Fort Hardy Park and promote various businesses within the main business district.

    In the FY2025 Enacted Budget, Governor Hochul made the “Pro-Housing Community” designation a requirement for cities, towns and villages to access up to $650 million in State discretionary programs, including the Downtown Revitalization Initiative and New York Forward. To date, more than 300 municipalities across the State have become certified. To further support localities that are doing their part to address the housing crisis, Governor Hochul secured $100 million in the FY2026 Enacted Budget to create a Pro-Housing Supply fund to assist certified Pro-Housing Communities with critical infrastructure projects necessary to create new housing, such as sewer and water infrastructure upgrades.

    New York Secretary of State Walter T. Mosley said, “When we invest in our downtowns, we’re investing in the heart of our communities. Through the Downtown Revitalization Initiative and NY Forward program, we’re not just funding projects – we’re fostering vibrant, walkable neighborhoods that spur economic growth, enhance quality of life for residents and preserve the unique character of each municipality and region. These signature programs exemplify our commitment to ensuring that every New Yorker, in every corner of our State, has the opportunity to succeed and thrive.”

    Empire State Development President, CEO, and Commissioner Hope Knight said, “The Downtown Revitalization Initiative and NY Forward programs are transforming communities across New York State by turning local visions into bold investments to generate place-based economic development. These projects will create new opportunities for businesses, support vibrant public spaces, and attract residents and visitors alike – laying the foundation for sustainable growth and stronger regional economies.” 

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “All across this State, the Downtown Revitalization Initiative and NY Forward programs are strategically prioritizing communities, growing economies with targeted awards, creating more housing opportunities that improve affordability for New Yorkers where it is most needed, and building on the diverse character of our neighborhoods. By working with local and municipal partners, these awards continue Governor Hochul’s commitment to developing the full potential of our downtowns as economic drivers and attractive places to live.”

    CREDC Co-Chairs Ruth Mahoney and Dr. Havidán Rodríguez said, “The 30 regionally informed and strategic DRI and NY Forward projects will make Lake George, Hoosick Falls and Schuylerville even more vibrant for residents and visitors alike. Whether it’s adding housing, increasing recreational opportunities, or creating spaces for more businesses to grow and thrive, the entire Capital Region will benefit from the vision these initiatives are supporting and making a reality, both now and for a sustainable future.”

    Assemblymember Scott Bendett said, “The allocation of $4.5 million for development, and redevelopment in the Village of Hoosick Falls is welcome news for residents who have gone through so much in recent years. This year already brought the good news of a new water supply to the village, and with 11 new, state-funded projects on the horizon, there is even more to look forward to. I appreciate the state taking notice of opportunities in our smaller municipalities, and taking action to see them through.”

    Assemblymember Carrie Woerner said, “The Village of Schuylerville is on the rise! I applaud the vision of the Schuylerville Village Mayor and Trustees, and the community members who contributed to this plan to move the Village forward. With thanks to Governor Hochul for her leadership in supporting the re-investment in historic downtowns across the state.”

    Village of Lake George Mayor Ray Perry said, “We at the Village of Lake George and the entire Lake George community are ecstatic to see these projects move forward! We are extremely thankful to the Governor and her team to be able to improve upon the Lake George experience for our residents as well as our visitors! I’m happy to say that there are great things to come!”

    Town of Lake George Supervisor Vincent Crocitto said, “We would like to thank the state for believing in Lake George. This initiative represents a shared vision of revitalization that honors the unique character of Lake George while embracing innovation and economic opportunity, with the support of our town, village, county, local business partners and leadership from the state, we’re ready to make meaningful progress for our community.”

    Village of Hoosick Falls Mayor Dan Schuttig said, “The New York Forward program will provide an incredible, transformative opportunity for the Village of Hoosick Falls. I would like to thank Governor Kathy Hochul for leading the effort to revitalize upstate communities. I would also like to thank the local committee for their hard work putting together such incredible projects that will forever improve the lives of Village residents. This is the first step of many towards the revitalization of our beautiful village here on the Hoosic River!!”

    Village of Schuylerville Mayor Dan Carpenter said, “We are incredibly grateful to Governor Hochul for her continued commitment to the economic revitalization of small upstate communities like ours. This $4.5 million investment through the NY Forward program will allow Schuylerville to build on our historic charm and community spirit by creating new housing opportunities, enhancing our parks and public spaces, and expanding our commercial and cultural attractions. From the long-awaited Village Community Center to the reconnection of the Old Champlain Canal, these transformative projects will benefit residents and visitors alike. We are excited to get to work and bring these visions to life.”

    DRI and NY Forward communities developed Strategic Implementation Plans (SIPs), which create a vision for the future of their downtown and identify and recommend a slate of complementary, transformative and implementable projects that support that vision. The SIPs are guided by a Local Planning Committee (LPC) comprised of local and regional leaders, stakeholders and community representatives, with the assistance of an assigned consultant and DOS staff, all of whom conduct extensive community outreach and engagement when determining projects. The projects selected for funding from the SIP were identified as having the greatest potential to jumpstart revitalization and generate new opportunities for long-term growth.

    About the Downtown Revitalization Initiative

    The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all ten regions of the state to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State strengthen its economy, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through nine rounds, the DRI has awarded a total of $900 million to 91 communities across every region of the State.

    About the NY Forward Program

    First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The program works in concert with the DRI to accelerate and expand the revitalization of smaller and rural downtowns throughout the State so that all communities can benefit from the State’s revitalization efforts, regardless of size, character, needs and challenges.

    NY Forward communities are supported by a professional planning consultant and team of State agency experts led by DOS to develop a Strategic Investment Plan that includes a slate of transformative, complementary and readily implementable projects. NY Forward projects are appropriately scaled to the size of each community; projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that enhance specific cultural and historical qualities that define and distinguish the small-town charm that defines these municipalities. Through three rounds, the NY Forward program has awarded a total of $300 million to 60 communities across every region of the State.

    MIL OSI USA News

  • MIL-OSI Russia: Financial news: On holding auctions on May 21, 2025 to place OFZ issue No. 26239RMFS and issue No. 26246RMFS

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    For bidders

    We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

    1.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26239RMFS from 11.06.2021
    Date of the auction May 21, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU26239RMFS2
    ISIN code RU000A103901
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

    2.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26246RMFS from 08.05.2024
    Date of the auction May 21, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU26246RMFS7
    ISIN code RU000A108EE1
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.MO/N90376

    MIL OSI Russia News

  • MIL-OSI Security: JACKSON COUNTY MAN PLEADS GUILTY EXTORTING STATE PROBATIONERS AND WITNESS TAMPERING

    Source: Office of United States Attorneys

    Gulfport, MS – An Ocean Springs, Mississippi man pleaded guilty today to extortion by official right and witness tampering.

    According to court documents, Steven Wood, 64, used his position as a Mississippi Probation and Parole officer to extort drugs, sexual photos, and sexual services from multiples state probationers.  The investigation was initiated when a probationer reported to the Federal Bureau of Investigation (“FBI”) that Wood was having her bring him methamphetamine.  Subsequent investigation including additional witness interviews, and the forensic examination of Wood’s phone revealed that he solicited methamphetamine, sexual photos, and videos from multiple probationers.  Wood took official action on those probationer’s behalf by not reporting their use, possession, or transfer of illegal drugs, not requiring them to report for their probation visits, not requiring some of them to pay their probation fees and writing at least one letter to be submitted by a probationer in a child custody dispute.

    During the course of the investigation, Wood contacted multiple probationers, and he told one probationer to lie about her relationship with Wood and to hide evidence.

    Wood pleaded guilty to one count of extortion by official right in violation of the Hobbs Act and one count of witness tampering. He is scheduled to be sentenced on September 17, 2025.  He faces not more than 20 years of imprisonment for both the Hobbs Act and Witness Tampering offenses. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi and FBI Special Agent in Charge, Rob Eikhoff, made the announcement.

    The FBI, with assistance of the Mississippi Department of Corrections and the Mississippi Bureau of Narcotics are investigating the case.

    Assistant U.S. Attorney Jonathan Buckner is prosecuting the case.

    MIL Security OSI

  • MIL-OSI Security: Lexington Attorney Agrees to Plead Guilty to Embezzling More Than $3 Million From Companies and Relatives

    Source: Office of United States Attorneys

    Defendant allegedly embezzled hundreds of thousands of dollars from relatives with disabilities

    BOSTON – A Lexington, Mass. attorney has been charged and agreed to plead guilty in connection with alleged schemes to defraud Massachusetts victims, including two of his own relatives.

    David Smerling, 75, has agreed to plead guilty to a Superseding Information charging him with four counts of wire fraud, two counts of money laundering and one count of aggravated identity theft. Smerling was previously indicted in January 2025 on charges of embezzling from a business partner.  

    “The alleged multi-million-dollar embezzlement that Mr. Smerling was originally charged with was, unfortunately, just the tip of the iceberg. Today’s charges allege that Mr. Smerling also preyed on a family member with special needs and another with dementia, allegedly stealing money these victims needed for their own care,” said United States Attorney Leah B. Foley.

    “For anyone with elderly and vulnerable loved ones, these are frightening allegations,” said Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “David Smerling allegedly betrayed the trust of his victims and took full advantage – embezzling from them to line his own pockets while trying to cover up his crimes. The FBI will never stop working to protect the public from criminals like this, and we’re gratified to see him brought to justice.”

    According to court filings, between January 2016 and May 2020, Smerling embezzled more than $2.5 million from three Massachusetts companies for whom he worked as a bookkeeper. Specifically, it is alleged that Smerling transferred funds from the victim companies into a separate bank account that he controlled, before moving the money to bank accounts in his own name or directly from the companies’ accounts to bank accounts in his own name. Smerling allegedly concealed his scheme by changing the mailing address on victims’ bank statements to his home address and refusing to share the online banking password for the victims’ accounts.  

    Court filings further allege that, between May 2020 and August 2021, Smerling embezzled more than $470,000 from a trust established for the benefit of a relative with special needs for which Smerling served as the trustee. Smerling allegedly transferred trust funds to bank accounts he controlled before sending the funds to bank accounts in his wife’s name or using the funds to pay for personal expenses. It is alleged that Smerling concealed his scheme by making lulling payments to the beneficiary so he would not discover the trust had been depleted.  

    Court filings also allege that, between May 2023 and April 2025, Smerling embezzled more than $150,000 from a relative with dementia for whom Smerling served as the financial power of attorney. Specifically, Smerling allegedly transferred funds from the victim’s accounts to accounts he controlled, used a credit card in the victim’s name for personal purchases and took out a loan in the victim’s name. To conceal this scheme, Smerling allegedly misrepresented the purpose of the transfers to the financial institutions in which the victim’s accounts were held.  

    The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater. The charge of money laundering provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $500,000 or twice the value of the property involved in the transaction, whichever is greater. The charge of aggravated identity theft provides for a mandatory sentence of two years in prison to be served consecutive to any sentence imposed on the wire fraud and money laundering charges. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    U.S. Attorney Leah B. Foley and FBI Acting SAC Milka made the announcement today. Assistant U.S. Attorney Kristen A. Kearney of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Security: Prior felon pleads guilty to new child pornography charge

    Source: Office of United States Attorneys

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Nicholas Mangione, 44, of Buffalo, NY, pleaded guilty before U.S. District Judge Lawrence J. Vilardo to possession of child pornography following a prior conviction, which carries a mandatory minimum penalty of 10 years in prison, a maximum of 20 years, and a fine of $250,000. 

    Assistant U.S. Attorney Aaron J. Mango, who handled the case, stated that in April 2013, Mangione was convicted of possession of child pornography and sentenced to serve 48 months in prison. On August 15, 2024, a federal search warrant was executed at Mangione’s residence after it was discovered he uploaded a file containing child pornography to the Snapchat server. During the search, Mangione’s cellular telephone was seized. An examination of the device uncovered approximately 20 images and 52 videos of child pornography. It was also determined that Mangione distributed child pornography to other individuals using the Telegram application in exchange for other child pornographic files.

    On August 16, 2024, the defendant was arrested on New York State charges and was found to be in possession of an additional cell phone, which also contained images and videos of child pornography. Some of the child pornography possessed by Mangione depicted the sexual exploitation of an infant or toddler and depictions of violence against children.

    The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, and the New York State Police, under the direction of Major Amie Feroleto.

    Sentencing is scheduled for September 30, 2025, at 9:30 a.m. before Judge Vilardo.

    # # # #

    MIL Security OSI

  • MIL-OSI Security: Indian National Pleads Guilty to Visa Fraud Conspiracy

    Source: Office of United States Attorneys

    Defendant staged armed robberies so that “victims” could apply for immigration benefits in exchange for thousands of dollars

    BOSTON – An Indian national, residing in New York, pleaded guilty today in federal court in Boston to staging armed robberies in furtherance of a visa fraud conspiracy.  

    Rambhai Patel, 37, pleaded guilty to on one count of conspiracy to commit visa fraud. U.S. District Court Judge Myong J. Joun scheduled sentencing for Aug. 20, 2025. In December 2023, Patel was charged along with a co-conspirator.

    Beginning in March 2023, Patel and his alleged co-conspirator set up and carried out staged armed robberies of at least nine convenience/liquor stores and fast-food restaurants across the United States – including at least five in Massachusetts. The purpose of the staged robberies was to allow the store clerks to claim that they were victims of a violent crime on an application for U nonimmigrant status (U Visa). A U Visa is available to victims of certain crimes who have suffered mental or physical abuse and who have been helpful to law enforcement in the investigation or prosecution of criminal activity.  

    During the staged robberies, the “robber” would threaten store clerks and/or owners with an apparent firearm before taking cash from the register and fleeing, while the interaction was captured on store surveillance video. The clerks and/or owners would then wait five or more minutes until the “robber” had escaped before calling police to report the “crime.” The “victims” paid Patel to participate in the scheme. One purported victim paid $20,000 to participate as a victim in one of the staged armed robberies. In turn, Patel paid the store owners for the use of their stores for the staged robbery.

    At least two purported victim co-conspirators submitted U Visa applications based on being victims of the staged armed robberies.

    Singh is scheduled to plead guilty on May 22, 2025.

    The charge of conspiracy to commit visa fraud provides for a sentence of up to five years in prison, three years of supervised release and a fine of $250,000. The defendant is subject to deportation upon completion of any sentence imposed. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement. Valuable assistance in the investigation was provided by the U.S. Attorney’s Offices for the Eastern District of New York and the Western District of Washington; FBI’s New York and Seattle Field Offices; U.S. Citizenship and Immigration Services; Massachusetts State Police; Worcester County District Attorney’s Office; and the Hingham, Marshfield, Randolph, Weymouth, Worcester, Upper Darby, (Pa.), West Pittston (Pa.), Louisville, (Ky.) and Bean Station (Tenn.) Police Departments. Assistant U.S. Attorneys Elianna J. Nuzum and Jessica L. Soto of the Criminal Division are prosecuting the case.

    The details contained in the charging documents are allegations. The remaining defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Security: Montgomery County Felon Sentenced to 135 Months in Prison for Gun and Drug Offenses

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Joseph Mitchell, age 38, of Nelliston, New York, was sentenced today to 135 months in prison for conspiring to distribute methamphetamine and possession of a firearm as a previously convicted felon.  United States Attorney John A. Sarcone III and Special Agent in Charge Frank A. Tarentino III of the U.S. Drug Enforcement Administration (DEA), New York Field Division, made the announcement.

    United States Attorney Sarcone stated: “Montgomery County will be safer with this defendant off the streets. We will continue to aggressively investigate and prosecute drug dealers and felons who possess firearms.”

    DEA Special Agent in Charge Frank A. Tarentino III stated: “As we often see, drugs and weapons go hand in hand. Today’s sentencing is a reminder that justice will be delivered to those who push illicit narcotics into our communities. The DEA remains committed to working with our law enforcement partners in protecting our communities and enhancing public safety.”

    Mitchell admitted to working with another person to distribute more than 350 grams of methamphetamine throughout August 2024.  A search warrant executed at Mitchell’s home on September 5, 2024, led to the recovery of two rifles and one shotgun.  As a result of his prior felony convictions for attempted robbery and narcotics possession, Mitchell could not lawfully possess firearms. 

    United States District Judge Mae A. D’Agostino also ordered Mitchell to serve 5 years of supervised release and to forfeit the seized firearms.

    The DEA investigated the case with assistance from the Federal Bureau of Investigation.  Assistant U.S. Attorney Jonathan S. Reiner prosecuted the case.

    MIL Security OSI

  • MIL-OSI Security: Troy Man Arraigned on Gun and Drug Charges

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Zyjee Lind, a/k/a “Fredo,” age 30, of Troy, New York, was arraigned today on an indictment charging him with possession of firearms as a previously convicted felon, possession of controlled substances with intent to distribute, and possession of a firearm in furtherance of drug trafficking crimes.  United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

    If convicted on all charges, Lind would face at least 5 years and up to life in prison, and a term of supervised release of at least 3 years and up to life.  A defendant’s sentence is imposed by a judge based on the particular statutes the defendant is charged with violating, the U.S. Sentencing Guidelines, and other factors.

    The charges in the indictment are merely accusations. The defendant is presumed innocent unless and until proven guilty.

    The FBI is investigating the case, which Assistant U.S. Attorney Jonathan S. Reiner is prosecuting.

    MIL Security OSI

  • MIL-OSI Security: Two Springfield Men Sentenced for Meth Conspiracy

    Source: Office of United States Attorneys

    SPRINGFIELD, Mo. – Two men from Springfield, Mo., were sentenced in federal court for their roles in a conspiracy to distribute large quantities of methamphetamine in the Springfield area.

    Erik C. Foster, 43, was sentenced by U.S. District Judge Brian C. Wimes, to 215 months in federal prison without parole, to be followed by 5 years of supervised release. Foster pleaded guilty on Dec. 16, 2024.

    Tilton Chase Tate, 41, was sentenced by U.S. District Judge Brian C. Wimes, to 146 months in federal prison without parole, to be followed by 5 years of supervised release. Tate pleaded guilty on October 15, 2024.

    Foster and Tate were charged, along with other individuals, in a 24-count superseding indictment on July 25, 2023, for their roles in a drug conspiracy that lasted from Dec. 2020 to Oct. 2022.

    Foster admitted to purchasing and delivering methamphetamine for other conspirators to distribute in Southwest Missouri. During the course of the conspiracy, law enforcement seized well over 50 grams of methamphetamine from members of the conspiracy.

    According to court records, on Sep. 10, 2022, officers with the Republic, Mo. Police Department located two plastic bags containing at least 844 grams of methamphetamine from inside a speaker during a traffic stop where Foster was the passenger. Foster told officers that he had picked up the methamphetamine in Joplin and was taking it to Springfield to deliver it to a co-conspirator for distribution.

    On Oct. 12, 2022, deputies with the Greene County, Mo., Sheriff’s Office seized a small plastic bag of what appeared to be black tar heroin, a backpack containing 70 grams of methamphetamine, and over $11,960 in cash from Foster during a traffic stop. During a post-Miranda interview, Foster told officers that he was taking the backpack to a co-conspirator for distribution and that he had made six or seven similar trips to deliver methamphetamine.

    Tate admitted to possessing and distributing methamphetamine to others as part of the conspiracy.

    On Oct. 19, 2021, during a traffic stop, a Springfield, Mo. Police Department (SPD) detective seized over 440 grams of methamphetamine from Tate.

    On April 14, 2022, while executing a search warrant for Tate’s residence, SPD officers located a Ruger LCP 380 handgun and a Stoeger Arms, STR 9C 9mm handgun, as well as miscellaneous pills and suspected methamphetamine.

    Later in April, during a post-Miranda interview, Tate admitted to purchasing the methamphetamine seized during the Oct. traffic stop from a co-conspirator. He estimated that he was selling a pound of methamphetamine each week.

    This case is being prosecuted by Assistant U.S. Attorney Stephanie L. Wan. It was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives, the Federal Bureau of Investigation, the Greene County, Mo., Sheriff’s Office, the Missouri State Highway Patrol, the Republic, Mo., Police Department, and the Springfield, Mo., Police Department.

    Organized Crime and Drug Enforcement Task Force

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    MIL Security OSI

  • MIL-Evening Report: Starvation of Gaza – a distressing continuation of a decades-old plan

    SPECIAL REPORT: By Jeremy Rose

    Reading an NBC News report a couple of days ago about a Trump administration plan to relocate 1 million Gazans to Libya reminded me of a conversation between the legendary Warsaw Ghetto leader Marek Edelman and fellow fighter and survivor Simcha Rotem that took place more than quarter of a century ago.

    In the conversation, first reported in Haaretz in 2023, Rotem said the Jews who walked into the gas chambers without a fight did so only because they were hungry.

    Edelman disagreed, but Rotem insisted. “Listen, man. Marek, I’m surprised by your attitude. They only went because they were hungry. Even if they’d known what awaited them they would have walked into the gas chambers. You and I would have done the same.”

    Edelman cut him off. “You would never have gone” [to the gas chamber.] Rotem replied, “I’m not so sure. I was never that hungry.”

    Edelman agreed, saying: “I also wasn’t that hungry,” to which Rotem said, “That’s why you didn’t go.”

    The NBC report claims that Israeli officials are aware of the plan and talks have been held with the Libyan leadership about taking in 1 million ethnically cleansed Palestinians.. The carrot being offered is the unfreezing of billions of dollars of Libya’s own money seized by the US more than a decade ago.

    The Arabic word Sumud — or steadfastness — is synonymous with the Palestinian people. The idea that 1 million Gazans would agree to walk off the 1.4 percent of historic Palestine that is Gaza is inconceivable.

    Equally incomprehensible
    But then the idea that my great grandmother and other relatives walked into the gas chambers is equally incomprehensible. But we’ve never been that hungry.

    The people of Gaza are. No food has entered Gaza for 76 days. Half a million Gazans are facing starvation and the rest of the population (more than 1.5 million people) are suffering from high levels of acute food insecurity, according to the UN.

    Last year, Israel’s Finance Minister Bezalel Smotrich was widely condemned when he suggested starving Gaza might be “justified and moral”.

    The lack of outrage and urgency being expressed by world leaders — particularly Western leaders — after nearly 11 weeks of Israel actually starving the inhabitants of what retired IDF general Giora Eiland has called a giant concentration camp — is an outrage.

    As far as I’m aware there’s been no talk of cutting off diplomatic relations, trade embargos or even cultural boycotts.

    Israel — which last time I looked wasn’t in Europe — just placed second in Eurovision. “I’m happy,” an Israeli friend messaged me, “that my old genocidal homeland (Austria) won and not my current genocidal nation.”

    A third generation Israeli, she’s one of a tiny minority protesting the war crimes being committed less than 100km from her apartment.

    Honourable exceptions
    Spanish Prime Minister Pedro Sanchez and Irish President Michael Higgins are honourable exceptions to the muted criticism being expressed by Western leaders, although this criticism has finally been stepped up with the threatened “concrete actions” by the UK, France and Canada, and the condemnation of Israel by 22 other countries — including New Zealand.

    Sanchez had declared Israel a genocidal state and said Spain won’t do business with such a nation.

    And peaking at a national famine commemoration held over the weekend Higgens said the UN Security Council had failed again and again by not dealing with famines and the current “forced starvation of the people of Gaza”.

    He cited UN Secretary-General António Guterres saying “as aid dries up, the floodgates of horror have re-opened. Gaza is a killing field — and civilians are in an endless death loop.”

    Nobel Prize winning economist Amartya Sen argued in his 1981 book Poverty and Famines that famines are man-made and not natural disasters.

    Unlike Gaza, the famines he wrote about were caused by either callous disregard by the ruling elites for the populations left to starve or the disastrous results of following the whims of an all-powerful leader like Chairman Mao.

    He argued that a famine had never occurred in a functioning democracy.

    A horrifying fact
    It’s a horrifying fact that a self-described democracy, funded and abetted by the world’s most powerful democracy, has been allowed by the international community to starve two million people with no let-up in its bombing of barely functioning hospitals and killing of more than 2000 Gazans since the ban on food entering the strip was put in place. (Many more will have died due to a lack of medicine, food, and access to clean water.)

    After more than two months of denying any food or medicine to enter Gaza Israel is now saying it will allow limited amounts of food in to avoid a full-scale famine.

    “Due to the need to expand the fighting, we will introduce a basic amount of food to the residents of Gaza to ensure no famine occurs,” Prime Minister Benjamin Netanyahu explained.

    “A famine might jeopardise the continuation of Operation Gideon’s Chariots aimed at eliminating Hamas.”

    If 19-months of indiscriminate bombardment, the razing to the ground of whole cities, the displacement of virtually the entire population, and more than 50,000 recorded deaths (the Lancet estimated the true figure is likely to be four times that) hasn’t destroyed Hamas to Israel’s satisfaction it’s hard to conceive of what will.

    But accepting that that is the real aim of the ongoing genocide would be naïve.

    Shamefully indifferent Western world
    In the first cabinet meeting following the Six Day War, long before Hamas came into existence, ridding Gaza of its Palestinian inhabitants was top of the agenda.

    “If we can evict 300,000 refugees from Gaza to other places . . .  we can annex Gaza without a problem,” Defence Minister Moshe Dayan said.

    The population of Gaza was 400,000 at the time.

    “We should take them to the East Bank [Jordan] by the scruff of their necks and throw them there,” Minister Yosef Sapir said.

    Fifty-eight years later the possible destinations may have changed but the aim remains the same. And a shamefully indifferent Western world combined with a malnourished and desperate population may be paving the way to a mass expulsion.

    If the US, Europe and their allies demanded that Israel stop, the killing would end tomorrow.

    Jeremy Rose is a Wellington-based journalist and his Towards Democracy blog is at Substack.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Partners Value Investments L.P. Announces Q1 2025 Interim Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Partners Value Investments L.P. (the “Partnership”, TSX: PVF.UN TSX:PVF.PR.U) announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars.

    The Partnership recorded net income of $24.6 million for the three months ended March 31, 2025, compared to net income of $26.3 million in the prior year quarter. Net income was in line with the prior year quarter as higher investment income and valuation gains were offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter. Income of $22.2 million was attributable to the Equity Limited Partners ($0.32 per Equity LP unit) and income of $2.4 million was attributable to Preferred Limited Partners.

    As at March 31, 2025, the market prices of a Brookfield Corporation (“BN”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (“BAM”, NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively.

    Consolidated Statements of Operations

    (Unaudited)
    For the three months ended March 31
    (Thousands, US dollars)
         
          2025       2024  
    Investment income              
    Dividends     $ 26,559     $ 24,027  
    Other investment income       7,179       4,035  
            33,738       28,062  
    Expenses              
    Operating expenses       (1,352 )     (2,437 )
    Financing costs       (2,417 )     (2,481 )
    Retractable preferred share dividends       (10,041 )     (9,736 )
            (13,810 )     (14,654 )
                   
    Other items              
    Investment valuation gains       7,212       924  
    Amortization of deferred financing costs       (912 )     (884 )
    Foreign currency (losses) gains       (124 )     8,899  
    Current taxes (expense) recovery       (361 )     8,069  
    Deferred taxes expense       (1,102 )     (4,158 )
    Net income     $ 24,641     $ 26,258  

    The information in the following table shows the changes in net book value:

    (Unaudited)
    For the three months ended March 31
    (Thousands, except per unit amounts)
    2025   2024
      Total        Per Unit      Total       Per Unit
    Net book value, beginning of period1 $ 8,375,682     $ 102.80   $ 5,783,620     $ 70.74
    Net income2   22,220             24,714        
    Other comprehensive (loss) income2   (828,447 )           290,050        
    Adjustment for impact of warrants1   (173 )           (6,120 )      
    Equity LP repurchases   (2,438 )           (3,617 )      
    Net book value, end of period3 $ 7,566,844     $ 96.32   $ 6,088,647     $ 74.52
    1. Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners’ equity, non-controlling interests’ equity plus the value of consideration to be received on exercising of warrants, which as at March 31, 2025, was $114 million (December 31, 2024 – $114 million).
    2. Attributable to Equity Limited Partners.
    3. At the end of the period, the diluted Equity LP units outstanding were 78,560,143 (December 31, 2024 – 81,474,610); this includes 2,702,321
      (December 31, 2024 – 5,640,600) Equity LP units exchangeable on a one-for-one basis with shares of a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2024 – 585,938) warrants held by partially-owned subsidiaries of the Partnership.

    Financial Profile

    The Partnership’s principal investments are its interest in approximately 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests.

    The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position:

    Consolidated Statements of Financial Position

    (Unaudited)
    As at
    (Thousands, US dollars)
        March 31,
    2025
          December 31,
    2024
    Assets              
    Cash and cash equivalents   $ 308,077     $ 156,977
    Accounts receivable and other assets     54,375       48,924
    Investment in Brookfield Corporation1     6,339,885       6,949,656
    Investment in Brookfield Asset Management Ltd.2     1,492,635       1,669,488
    Investment in Brookfield Wealth Solutions Ltd.3     428,584       471,787
    Other investments carried at fair value     346,818       343,090
        $ 8,970,374     $ 9,639,922
    Liabilities and equity              
    Accounts payable and other liabilities   $ 44,194     $ 42,055
    Corporate borrowings     208,094       208,168
    Preferred shares4     1,074,573       939,057
    Deferred tax liability     9,469       7,933
          1,336,330       1,197,213
    Equity              
    Equity Limited Partners     7,452,974       8,261,639
    Preferred Limited Partners     152,040       152,040
    Non-controlling interests     29,030       29,030
          7,634,044       8,442,709
        $ 8,970,374     $ 9,639,922
    1. The investment in Brookfield Corporation (“BN”) consists of 121 million BN shares with a quoted market value of $52.41 per share as at March 31, 2025 (December 31, 2024 – $57.45).
    2. The investment in Brookfield Asset Management Ltd. (“BAM”) consists of 31 million BAM shares with a quoted market value of $48.45 per share as at March 31, 2025 (December 31, 2024 – $54.19).
    3. Brookfield Wealth Solutions Ltd. (“BWS”) Class A shares are exchangeable into BN Class A shares on a one-for-one basis.
    4. Represents $851 million of retractable preferred shares less $12 million of unamortized issue costs as at March 31, 2025 (December 31, 2024 – $712 million less $9 million) and $236 million of three series of preferred shares (December 31, 2024 – $236 million).

    For further information, contact Investor Relations at ir@pvii.ca or 416-643-7621.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.

    Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.

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

    The MIL Network

  • MIL-OSI: Partners Value Investments Inc. Announces Q1 2025 Interim Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Partners Value Investments Inc. (the “Company”, TSX: PVF.WT, PVF.PR.V, PVF.A) announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars.

    The Company recorded net income of $972 million for the three months ended March 31, 2025, compared to a net loss of $175 million in the prior year quarter. The increase in income was primarily due to current period remeasurement gains of $953 million associated with the retractable common shares compared to remeasurement losses of $214 million in the prior year quarter. The Company’s retractable common shares are classified as liabilities due to their cash retraction feature. The remeasurement gains or losses in a given period are driven by the respective depreciation or appreciation of the Partnership unit price as the retractable shares are recognized at fair value based on the quoted price of the Partnership’s Equity LP units. During the quarter, the Partnership unit price decreased by $13.71 compared to an increase of $3.11 in the prior year quarter.

    Excluding retractable share and warrant liability remeasurement gains and losses, and dividends paid on retractable shares, Adjusted Earnings for the Company was $30 million for the three months ended March 31, 2025, compared to Adjusted Earnings of $34 million in the prior year quarter. Adjusted Earnings were lower in the current quarter as higher investment income and valuations gains were more than offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter.

    As at March 31, 2025, the market prices of a Brookfield Corporation (“BN”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (“BAM”, NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively.

    Consolidated Statements of Operations

    (Unaudited)
    For the three months ended March 31
    (Thousands, US dollars)
         
                2025       2024    
    Investment income                      
    Dividends           $ 30,125     $ 26,685    
    Other investment income             7,177       4,035    
                  37,302       30,720    
    Expenses                      
    Operating expenses             (1,131 )     (2,150 )  
    Financing costs             (10,062 )     (8,179 )  
    Retractable preferred share dividends             (8,380 )     (8,240 )  
                  (19,573 )     (18,569 )  
    Other items                      
    Investment valuation gains             7,212       924    
    Retractable share remeasurement gains (losses)             952,569       (213,630 )  
    Warrant liability remeasurement (losses) gains             (3,267 )     9,926    
    Amortization of deferred financing costs             (912 )     (884 )  
    Foreign currency gain             115       12,453    
    Current tax (expense) recovery             (361 )     8,069    
    Deferred tax expense             (1,102 )     (4,158 )  
    Net income (loss)           $ 971,983     $ (175,149 )  
                               

    Financial Profile

    The Company’s principal investments are its interest in 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Company owns a diversified investment portfolio of marketable securities and private fund interests.

    The information in the following table has been extracted from the Company’s Consolidated Statements of Financial Position:

    Consolidated Statements of Financial Position

    (Unaudited)
    As at
    (Thousands, US dollars)
          March 31,
    2025
          December 31,
    2024
     
    Assets              
    Cash and cash equivalents     $ 308,044     $ 156,952  
    Accounts receivable and other assets       77,882       69,776  
    Investment in Brookfield Corporation 1       6,339,885       6,949,656  
    Investment in Brookfield Asset Management Ltd.2       1,492,635       1,669,488  
    Investment in Brookfield Wealth Solutions Ltd.3       428,460       471,651  
    Other investments carried at fair value       655,069       669,397  
          $ 9,301,975     $ 9,986,920  
    Liabilities and Equity              
    Accounts payable and other liabilities     $ 44,964     $ 42,824  
    Corporate borrowings       208,094       208,168  
    Preferred shares4       838,560       703,044  
    Retractable common shares       6,360,356       7,312,467  
    Exchangeable shares       282,186        
    Warrant liability       497,252       494,710  
    Deferred tax liability       9,469       7,933  
            8,240,881       8,769,146  
    Equity              
    Accumulated deficit       (6,130,077 )     (6,821,786 )
    Accumulated other comprehensive income       7,181,112       8,027,580  
    Non-controlling interests       10,059       11,980  
          $ 9,301,975     $ 9,986,920  
                       
    1. The investment in Brookfield Corporation (“BN”) consists of 121 million BN shares with a quoted market value of $52.41 per share as at March 31, 2025 (December 31, 2024 – $57.45).
    2. The investment in Brookfield Asset Management Ltd. (“BAM”) consists of 31 million BAM shares with a quoted market value of $48.45 per share as at March 31, 2025 (December 31, 2024 – $54.19).
    3. Brookfield Wealth Solutions Ltd. (“BWS”) Class A shares are exchangeable into BN Class A shares on a one-for-one basis.
    4. Represents $851 million of retractable preferred shares less $12 million of unamortized issue costs as at March 31, 2025
      (December 31, 2024 – $712 million less $9 million).

    For further information, contact Investor Relations at ir@pvii.ca.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.

    Although the Company believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Company’s documents filed with the securities regulators in Canada.

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

    The MIL Network

  • MIL-OSI Russia: Kingdom of the Netherlands–The Netherlands: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 20, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    An IMF team, led by Mr. Fabian Bornhorst, visited the Netherlands during May 7–20 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the visit:

    The Dutch economy is among the most developed countries globally and has drawn strength from integration in global value chains. In recent years, it has weathered shocks well, yet its resilience is being tested, again—this time by trade tensions and geoeconomic fragmentation. Fiscal buffers are ample, and the financial system is well-positioned to absorb shocks. At the same time, the economy is operating at capacity and inflation is elevated. And increasingly binding constraints—in the labor market, housing, emissions space, and the electricity grid—are limiting the ability to grow and adapt. Futureproofing the economy will therefore require policies that both tackle bottlenecks and expand supply capacity, and align with a long-term vision for sustainable growth. Reforms, complementary to EU initiatives, should aim to increase labor input and firm productivity, expand the availability of SME financing, and effectively manage the green and demographic transitions.

    Outlook

    1. After a weak start, domestic demand is projected to drive growth in 2025 even as trade tensions affect momentum. Real GDP growth is projected to reach 1.1 percent this year. Fundamentals remain strong: unemployment is low, wage growth is robust, and real household purchasing power is solid—supporting private consumption. However, tariffs, trade tensions, and lower trading partner growth are expected to dampen external demand. Combined with uncertainty over future trade policies and less favorable financial conditions, these factors hold back investment and weaken consumer confidence. With a cooling economy, the small positive output gap is expected to close next year; medium-term growth will converge to its estimated potential of 1.2 percent.
    2. Elevated inflation is projected to decline gradually and reach the 2 percent target in late 2026. Inflation is projected at 3 percent in 2025. Wage growth has been robust, although real wages have not reached pre-pandemic levels. Going forward, wage growth is projected to moderate as indicated by recent collective wage agreements and early signs of easing labor market tightness. Fiscal measures, on net, will contribute positively to inflation in 2025 and 2026, as the roll-back of some reduced VAT rates and the increase in excise rates are partly offset by energy subsidies and the freeze on social housing rents. As the trade shock reverberates through the global economy, deflationary forces are expected to arise from lower global growth and energy prices, and appreciation of the euro.

    Risks

    1. Downside risks to growth dominate and arise mainly from trade tensions. Possible direct effects from new/higher U.S. tariffs on currently exempt items (e.g., pharmaceuticals) would lower exports. More generally, rising geoeconomic fragmentation and stronger-than-expected indirect effects from global trade disruptions pose downside risks to growth. The disruption to supply chains could be more severe than expected, leading to upward price pressures even in the context of subdued growth. Policy makers should stay vigilant and nimble. Barring more extreme scenarios, automatic stabilizers in the fiscal framework are sufficient to weather shocks. Domestically, uncertainties in economic policy and the extent to which growth bottlenecks are binding represent risks to the outlook. These can be addressed by implementing consistent, forward-looking, and confidence-building measures.

    Fiscal Policy

    1. Fiscal policy is geared to supporting households in the near term, while aiming to keep the deficit below 3 percent of GDP by 2030. In view of many, and competing, demands, it is welcome that revised plans in the Spring Memorandum adhere to the trend-based fiscal policy (the Dutch Medium-Term Fiscal Framework) and are in line with national fiscal rules. Key measures in 2025 to support household purchasing power include income tax relief, extending reduced fuel excise duties, energy subsidies, and rent support. To meet the deficit target by 2030, spending cuts in public administration, international cooperation, education, and asylum are proposed. The plans, however, are more backloaded than before, and, in many cases, specific measures have yet to be formulated.
    2. Pivoting fiscal policy from stimulating demand to expanding supply would help the economy grow and adapt. Fiscal policy is set to provide an impulse of around 1 percent of GDP in 2025-26. As household real incomes now exceed pre-pandemic levels and the economy is operating at capacity with elevated inflation, broad fiscal support is no longer needed. Scaling back demand support is timely and advisable. While underspending and revenue overperformance could deliver a neutral fiscal stance—as in 2024—proactively identifying and implementing measures would allow for steering the adjustment. To boost the supply capacity of the economy, the government should invest in infrastructure, education, and R&D, foster investment to increase the housing supply and productivity, implement growth-enhancing tax reforms, and tackle bottlenecks from nitrogen and electricity grid congestion. Fostering private and increasing public investment will also contribute to reducing the high external current account surplus.
    3. Better aligning policies with long-term goals would improve the effectiveness of fiscal policy. For example, while freezing social rents provides immediate support to some households, it weakens the financial health of housing associations and limits investment to expand and upgrade the housing stock—key to addressing shortages. Extending the reduction of fuel excises disincentivizes the clean energy transition, countering efforts to reduce implicit fuel subsidies and foster EV adoption through subsidies. Limited inflation adjustment of income tax brackets—including to finance reduced VAT rates—offsets previous income tax relief, disproportionately affects poorer households, and disincentivizes labor supply. Education and R&D spending cuts are at odds with fostering high levels of human capital and innovation. In this context, the announced tax and benefits system reform is welcome, offering an opportunity to simplify and align policies.
    4. Tackling medium-term spending pressures through structural fiscal reforms will increase fiscal room to maneuver. With a low debt-to-GDP ratio of 43.4 percent, the fiscal position is strong. Moreover, deficits and debt are projected to remain structurally below 3 and 60 percent of GDP through 2030. However, projections also indicate that, by 2050, spending on health, ageing, and climate change will increase by about 4 percent of GDP. Ambitions to scale up defense spending beyond 2 percent of GDP adds to these pressures. Addressing cost drivers early would free fiscal room to maneuver, including: (i) reversing the reduction of health deductibles, increasing health care co-payments, and adjusting the basic policy package while supporting solidarity; (ii) linking the retirement age one-to-one to greater life expectancy for tax-funded old-age pensions; and (iii) moving away from fuel subsidies to revenue-generating carbon pricing and taxation.
    5. Implementing the planned tax reforms would support growth. The Building Blocks Tax report rightly recommends streamlining inefficient and ineffective tax expenditures, including abolishing reduced VAT rates. This would lower compliance costs, broaden the tax base, and may open the door to a lower tax rate. Speedy implementation of the proposed capital income taxation reform (‘Box 3’) would align investment incentives by taxing capital income more consistently. and encouraging better resource allocation. Together, the reforms will foster higher investment, productivity, and growth.

    Financial Sector Policies

    1. Risks to financial stability are elevated and have risen, warranting continued close monitoring. Trade policy tensions and uncertainty have increased financial market volatility and weighed on investor confidence in recent months. More volatility in asset prices could trigger periodic margin calls, particularly on pension funds’ derivatives. Elevated inflation still poses non-negligible risks for insurers. While household and corporate indebtedness is declining, it remains well above the euro area average. In real estate, developments in the commercial sector signal reduced risks. However, the residential market shows renewed signs of overheating. Nominal and real house prices, as well as sales, have picked up again, and housing valuations remain among the highest in Europe.
    2. Even so, the financial sector remains resilient to shocks as buffers are ample and commensurate to risks, and the macroprudential policy stance is broadly appropriate. Banking, insurance, and pension fund (PF) fundamentals remain sound. Banks are well capitalized and liquid. Bank profits remain robust and loan delinquencies low, despite a pick-up in corporate bankruptcies, which reflects normalization following phasing out of pandemic support. The countercyclical capital buffer has been maintained at the 2 percent positive neutral rate since May 2024. Other buffers for the largest banks remain in a 0.25‑2 percent CET1-to-risk-weighted-assets ratio range. The insurance sector is profitable and solvent. Funding ratios of occupational PFs have declined as interest rates fell but are rebounding ahead of the system’s transition to defined-contribution schemes and stood comfortably at 120 percent, on average, at end-2025Q1. PFs are resilient to liquidity risks in adverse stress scenarios and can raise cash at short notice if needed from repo or other money markets to meet margin calls on interest derivatives.
    3. Addressing access to homeownership through policies that increase housing supply would allow recalibrating borrower-based macroprudential measures towards minimizing financial risks. Housing market risks continue to be mitigated by structural factors including rising real disposable incomes, the large share of fixed-rate mortgages, and full legal recourse in case of default. The maximum LTV limit was lowered to 100 percent in 2018. Eligibility for, and duration of the mortgage interest deductibility were tightened, and the maximum rate reduced. Mortgage risks are further mitigated by the recent extension of risk-weight floors until November 2026. Efforts to ensure a clear legal basis for supervisory authorities’ regular access to granular transaction and loan-level data for risk monitoring and analysis—to identify pockets of vulnerability as they emerge—should continue. Still, as recommended in the 2024 IMF Financial Stability Assessment Program (FSAP) report, to cool the housing market, maximum LTV limits should be progressively lowered even more, to 90 percent, mortgage interest deductibility gradually removed, and borrowers further incentivized to lower exposures to interest-only mortgages. A significant increase in housing supply is needed to boost housing affordability, facilitate broad access to the property ladder, and to reduce banking and insurance risks from residential mortgage exposures. This will require reconsideration of the roles of housing associations and private investors, revisiting rent controls, revising land-use policies and streamlining building regulations.
    4. The pension reform will strengthen PFs financial sustainability, and offers an opportunity to improve intergenerational fairness, and rebalance portfolios. Most defined-benefit schemes (DBs) have faced financial pressure since 2008. Many have struggled to index benefits in the low-interest-rate environment, and some were forced to cut benefits. Also, DBs asset allocations do not reflect age-related risk preferences. This has raised concerns about intergenerational fairness. Together, these factors weakened confidence in the system. The transition to defined-contribution schemes will alleviate pressures from ageing on PFs sustainability. It will also allow for portfolio allocations that better align with risk preferences of age cohorts, including more investments in equity, while maintaining a high degree of solidarity and collective risk-sharing. Notably, about 80 percent of plans are expected to combine individual investment accounts with collective investments that bundle assets and distribute returns across individual accounts.

    Addressing Growth Bottlenecks

    1. A legally-robust and future-oriented nitrogen strategy is urgently needed. Developers now face permit uncertainty, investors lack confidence, and farmers remain in limbo, as environmental targets slip further out of reach. Recognizing the urgency, the government is developing a strategy that includes shifting from deposition to direct emission measurement and extending the timeline to halve emissions by 5 years. More details on possible measures are paramount. Economic considerations suggest that fees on emitters are the most cost-effective and efficient way to reduce emissions. To avoid tax increases for the average farmer, a system of feebates—where emissions-intensive farming pays fees that fund rebates for lower emission practices—offers a balanced approach. Socially-acceptable solutions and emission reductions have been achieved through a combination of taxation, regulation, subsidies, and science-based guidance.
    2. Plans to relieve electricity grid bottlenecks and ready the grid for the green transition should be accelerated and paired with dynamic pricing. The government’s strategy focuses on expediting high-voltage grid extensions and streamlining permitting. There are plans to guarantee debt issuance by the grid operator of about 4.4 percent of GDP to facilitate grid expansion. However, in the meantime, connection wait-times remain too long. Efforts to manage grid pressures should also include increasing storage capacity and incentivizing energy efficiency of households and industry, while helping the energy-poor adapt. To better manage demand, energy savings could be further incentivized by promoting greater use of dynamic metering and pricing. These are effective in shifting consumption to off-peak periods, help consumers save money, and reduce the need for extra capacity to meet peak demand.

    Strengthening Labor and Firm Productivity

    1. Labor market reforms should continue to focus on enhancing human capital. Given the aging population and labor shortages, it is critical to fully utilize the potential of workers across all generations and smaller firms. Reforms should improve educational outcomes and vocational training to address skill shortages and enhance lifelong learning. Recent progress to address labor market duality, such as reducing false self-employment, are welcome. Introducing mandatory disability insurance and strengthening pension arrangements for the self-employed are important measures to be implemented.. Additionally, better integration of workers with a migratory background would be facilitated by stepped-up language training, job search support, and recognition of qualifications acquired abroad.
    2. Policies to support firm productivity should address several key areas. First, business dynamism should be promoted by reducing entry/exit barriers to enhance firm-level allocative efficiency. Second, productivity-enhancing investment should be increased by improving the investment climate and addressing growth bottlenecks, advancing digitalization, and encouraging R&D. Third, productivity spillovers should be fostered by investments with large spillover effects (e.g., research parks and networks) to build connections among firms, research institutions, and regions. Fourth, efforts are needed to support firms to grow from start-ups to scale-ups and beyond. Plans to equalize tax treatment of stock options for small firms are welcome and should be expanded to include eliminating the reduced profit tax rate for SMEs as well as providing a menu of financing options along a firm’s development stages.  

    Domestic Capital Market Reforms

    1. Capital market reforms would help expand SME financing by improving valuations, stimulating investor demand for both equity and debt instruments, and simplifying debt issuances.  
    • Improving valuations—thereby increasing the amount of capital firms can raise when they issue stocks or bonds—will require increasing the size and liquidity of secondary markets. This should be combined with measures to narrow information gaps, such as easing investor benchmarking, to help reduce investor risk, and with reforming the Bankruptcy Act and securities laws to help investors shorten the settlement cycle for transferable securities and reallocate capital from failed startups more quickly. The authorities should also continue to push forward EU-level reforms, as integration into a larger, EU-wide capital market would also improve liquidity, and hence valuations.
    • Increasing PFs’ and insurers’ investments in domestic venture capital and other equity funds would also increase equity market size and raise valuations. The pension reform offers such an opportunity. Higher pension investment, including from abroad, in domestic equity may also be supported at the EU level by revised legal and supervisory requirements for pan-European private pension products that allow for more venture capital investment.
    • Standardizing and simplifying procedures for smaller-denomination corporate debt securities issuance, lowering the minimum denomination, making pricing more transparent, and leveraging online platforms and other dealer markets would help increase retail investor participation and make more debt capital available to firms.

    Managing the Green Transition

    1. To meet national and European climate goals, stronger policies will be needed, including to reduce uncertainty and build public support.  The current policy settings are projected to fall short of the 2030 goals. Clear and consistent policies are required to provide investment certainty for the private sector. The EU climate agenda—including introduction of CBAM and phasing out of free ETS allowances and expansion of ETS coverage—will facilitate progress. These measures may impact purchasing power. Lower-income households may struggle to adapt even though the burdens of ETS reforms across different income groups are estimated to be uniform relative to consumption. To manage these challenges, implementing compensatory funds and other targeted fiscal tools can help balance policy trade-offs and enhance public support.
    2. Recalibrating transport policies can prevent a decline in fiscal revenues and address congestion, while meeting climate targets and managing electricity demand. By 2035, revenue from transport is projected to decline by 0.5 percent of GDP, while electricity demand could rise by 20 percent with electrification of the vehicle fleet. These challenges would be best addressed with congestion pricing in urban areas and distance-based charges.

    Supporting EU Reforms

    1. The authorities should continue to push for rapid implementation of EU-wide reforms, including as the Netherlands stands to gain from these initiatives. With its mature markets, enhancing EU-wide competition by cutting intra-EU trade barriers would complement national efforts to boost business dynamism and productivity. EU-level actions to foster intra-EU labor mobility—recognition of professional qualifications, pension portability—are complementary to addressing labor and skill shortages at home. A European Savings and Investment Union (SIU) would broaden investment opportunities for Dutch savers and allow Dutch firms to more easily tap a wider pool of European savings. Finally, completing the EU energy market would ensure better connectivity and energy security, lower prices, and also lower investment needs to match increasing demand.

    *   *   *   *   *

    The IMF team thanks the authorities and other counterparts for the constructive policy dialogue and productive collaboration.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/19/mcs-05192025-kingdom-of-the-netherlands-staff-concluding-statement-of-2025-art-iv-mission

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Columbia Graduate School of Business in Conjunction With Gabelli Funds Selects Jennifer A. Wallace 2025 Recipient of Graham & Dodd, Murray, Greenwald Prize

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., May 20, 2025 (GLOBE NEWSWIRE) — Gabelli Funds announces Jennifer A. Wallace as the 2025 recipient of the Graham & Dodd, Murray, Greenwald Prize for Value Investing. She was presented with the Prize at the firm’s fortieth client conference on Friday, May 16th in New York.  

    In announcing Jennifer Wallace as the 2025 recipient, Tano Santos, the Academic Director of the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School stated, “Jennifer’s entire career has been devoted to elevating the field of value investing, from her early days working alongside Robert Bruce, to launching Summit Street Capital. Her focus has been consistently on evaluating companies through a value investor lens.”

    In 2009, she launched Summit Street Capital which employs a deep value investment approach using a concentrated portfolio of high-quality companies with strong balance sheets purchased at bargain prices.   Jenny earned a BA from Columbia College and an MBA from Columbia Business School where she received Beta Gamma Sigma honors

    In 2005, Gabelli created the annual prize to honor an individual, student, or practitioner who has made an outstanding contribution to enlarge the field of value investing. Known as the “Gabelli Prize”, the company funded the prize with $1 million and presents the award at its annual client meetings.

    GAMCO Investors, Inc. (OTCQX: GAMI), through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC) and is known for its Private Market Value with a Catalyst™ style of investment.

    Contact:
    Douglas R. Jamieson
    President & Chief Operating Officer
    (914) 921-5020

    The MIL Network

  • MIL-OSI: First Busey Corporation Closes Depositary Share Offering

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., May 20, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (“Busey”) (Nasdaq: BUSE), the holding company for Busey Bank and CrossFirst Bank, today announced the closing of its previously announced underwritten public offering of 8,600,000 depositary shares (inclusive of 600,000 depositary shares offered in connection with the partial exercise of the underwriters’ over-allotment option), each representing a 1/40th ownership interest in a share of its 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share). As a result of the public offering, Busey received proceeds of approximately $207,477,500, net of estimated expenses and underwriting discounts and commissions.

    Piper Sandler & Co., Morgan Stanley & Co. LLC and Keefe, Bruyette & Woods, Inc. acted as joint bookrunning managers for the offering, and Janney Montgomery Scott LLC is acting as the co-manager.

    A shelf registration statement, including a prospectus, with respect to the offering was previously filed by Busey with the Securities and Exchange Commission (the “SEC”) on September 21, 2023. A prospectus supplement relating to the offering has been filed with the SEC. The offering has been made by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained free of charge by visiting the SEC’s website at www.sec.gov. Alternatively, Busey or any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement if you request it by emailing Piper Sandler & Co. at fsg-dcm@psc.com or calling Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or Keefe, Bruyette & Woods, A Stifel Company at 1-800-966-1559.

    Corporate Profile
    As of March 31, 2025, First Busey Corporation (Nasdaq: BUSE) was a $19.46 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $11.98 billion as of March 31, 2025. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

    CrossFirst Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Leawood, Kansas, had total assets of $7.45 billion as of March 31, 2025. CrossFirst Bank currently has 16 banking centers located across Arizona, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. More information about CrossFirst Bank can be found at crossfirstbank.com. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.

    Through Busey Bank’s Wealth Management division, Busey provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.68 billion as of March 31, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, Inc. (“FirsTech”) specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among 2025’s America’s Best Banks by Forbes. Ranked 88th overall, Busey was one of seven banks headquartered in Illinois included on this year’s list. Busey was also named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2025 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    First Busey Corporation Contacts
    For Financials: For Media:
    Scott Phillips, Interim CFO Amy L. Randolph, EVP & COO
    First Busey Corporation  First Busey Corporation
    (239) 689-7167 (217) 365-4049
    scott.phillips@busey.com amy.randolph@busey.com
       

    Forward-Looking Statements
    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    The MIL Network

  • MIL-OSI: Mattr Reports Voting Results From Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) announced today in accordance with Toronto Stock Exchange requirements, the voting results from its Annual Meeting held May 15, 2025 in Toronto, Ontario.

    A total of 43,559,302 common shares were voted at the meeting representing 69.87% of the votes attached to all outstanding shares. Shareholders voted in favour of all items of business before the meeting, including the election of all director nominees as follows:

    Name of Nominee % of Votes For % of Votes Against
    Laura A. Cillis 99.93 0.07
    Kathleen J. Hall 99.86 0.14
    Alan R. Hibben 99.84 0.16
    Kevin L. Nugent 98.26 1.74
    Michael Reeves 99.93 0.07
    Kathy Rethy 99.70 0.30
    Marvin Riley 99.77 0.23

    “I appreciate the continued strong support of Mattr’s shareholders for both our strategic direction and our experienced team of Directors who provide invaluable governance oversight,” said Mike Reeves, Mattr’s President and CEO. “With output expanding from our recently established production facilities, strong customer adoption of our newly developed technologies and meaningful growth opportunities for the recently acquired AmerCable business, I believe Mattr is well positioned to deliver accelerating shareholder returns over the coming years.”

    Detailed voting results for the meeting are available on SEDAR+ at www.sedarplus.com.

    About Mattr

    Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. Its two business segments, Connection Technologies and Composite Technologies, enable responsible renewal and enhancement of critical infrastructure.

    For further information, please contact:

    Meghan MacEachern
    VP, Investor Relations & External Communications
    Telephone: 437.341.1848
    Email: meghan.maceachern@mattr.com
    Website: www.mattr.com

    Source: Mattr Corp.

    The MIL Network

  • MIL-OSI: F&M Bank Announces Resignation of Board Member Jo Ellen Hornish

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, May 20, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), today announced that Jo Ellen Hornish has resigned from the Company’s Board of Directors following its May 20, 2025, board meeting.

    Since 2013, Mrs. Hornish has served as a valued member of the Board, contributing her business acumen and leadership experience to the Company’s strategic vision. Her insights, particularly in the transportation and manufacturing industries, along with her service on the Audit Committee and the Corporate Governance and Nominating Committee, have helped guide the Bank through important growth and development phases.

    “On behalf of the entire Board and executive leadership team, I want to extend our deepest thanks to Jo Ellen for her dedication to F&M,” said Lars Eller, President and CEO of F&M Bank. “Her guidance and steady leadership have been instrumental in shaping the success we enjoy today. We are sincerely grateful for the time, talent, and energy she has devoted to the Board and the communities we serve.”

    Mrs. Hornish, President and CEO of several Defiance, Ohio -based companies, brought a wealth of corporate and community leadership experience to the Board. Her commitment to both local and national philanthropic efforts is also a testament to her deep-rooted values and community spirit.

    F&M extends its sincere gratitude to Mrs. Hornish and wishes her continued success in her future endeavors.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network

  • MIL-OSI Africa: Secretary-General’s remarks to the 2025 ECOSOC Operational Activities for Development Segment [bilingual as delivered, scroll down for all-English and all-French]

    Source: United Nations – English

    xcellencies, ladies and gentlemen,

    Thank you for taking part in this important forum in an important year.

    We’re celebrating the 80th anniversary of the United Nations.   

    But this milestone is tempered by a stark, undeniable reality that resonates on every page of the report I am presenting today.

    With less than five years to go to the 2030 deadline, we are facing nothing short of a development emergency.

    The Sustainable Development Goals are alarmingly off-track.

    And some of the hard-won gains made in recent years are getting derailed.

    Progress is too slow in the fight against poverty, hunger, inequality, the climate crisis, decaying infrastructure, and under-resourced education, health and social protection systems.

    We must never forget that a development emergency is, at its root, a human emergency.

    The lives and futures of millions of people hang in the balance.

    This development emergency is also a funding emergency.

    Resources are shrinking across the board — and have been for some time.

    For example, as detailed in my report, total financial contributions to the UN development system dropped by $9 billion — or 16 per cent — in 2023 from the year before.

    We can imagine the number of 2024 taking into account what we have witnessed in the recent decisions.   

    Our organization is increasingly asked to do more with less — a trend that will continue for the foreseeable future.

    This year, donors are pulling the plug on aid commitments and delivery at historic speed and scale.

    But the report we’re discussing today also carries an important message of hope.

    Hope found in the progress we’ve achieved together to reform and reposition the UN development system, making it more efficient and cost-effective.

    Hope in the UN80 initiative to build on these reforms, and drive more of the change we need across the system for a more impactful, cohesive and efficient organization.

    Hope in your continued strong support of, and engagement with, our Resident Coordinators and Country Teams.

    And hope that lies in the potential of the Pact for the Future to accelerate progress towards the Sustainable Development Goals — a Pact that secured consensus at the Summit of the Future.  

    Let me be clear.

    While the context has shifted since the Pact’s adoption, its commitments are more important than ever.

    This includes its bold calls for action on all the elements required to boost progress on sustainable development — including financing for development, the provision of debt relief, and strengthening the international financial architecture.

    We cannot allow headwinds to blow these commitments off course.

    We will continue working closely with all Member States and partners to keep our agenda on track, deepen our ongoing transformation, and to do so in the context of the UN80 initiative to drive progress across the system.

    And we will ensure we can fully deliver and maximize the benefits of every single mandate of the landmark General Assembly resolution 72/279 that ushered in the reforms of the UN development system.

    Excellencies,

    In this spirit, and guided by the report under discussion today, I’d like to highlight four areas where we are making progress, where more is needed, and how Member States can support this work.  

    First — we must hold fast to our commitment to the Sustainable Development Goals.

    This is a critical year for development.

    But across the board, we face a crisis in the means of implementation — from financing to trade, governance and institutional capacity to accelerate progress. 

    Acceleration means Member States keeping alive the bold commitments they made in adopting the Goals in 2015, as well as through the Pact for the Future.

    These include easing the debt burden on developing countries, scaling innovative sources of finance, and pushing forward on reforms to the international financial architecture.

    The upcoming Fourth International Conference on Financing for Development in Sevilla will be a key moment in driving the change we need.

    Acceleration requires bold transformations.

    We must continue traveling the clear pathways to progress outlined in the report — key areas where we can spur progress across all the Goals, such as food systems, energy access, digital connectivity, and supporting economic growth through trade. 

    Now is the time to build more political will and institutional capacity to support these essential shifts and drive progress.

    Second — we will continue tailoring our operations to the needs and priorities of host countries.

    We know we’re on the right track.

    In the last year alone, Resident Coordinators supported over 160 countries.

    Our work across the system and with governments is becoming more integrated and coordinated every year.

    87 per cent of host governments — and 83 per cent of donor country governments — agreed that UN entities are working more collaboratively than before the reform.

    And 98 per cent of host governments agreed that the UN activities, as articulated in our Cooperation Frameworks, are closely or very closely aligned to national priorities.

    The evidence is clear.

    The reinvigorated Resident Coordinator system we have built together is fast-becoming a launchpad for providing deeper development impact for people and planet alike:

    By gathering partners together to shape policy and financing solutions to accelerate development…

    By supporting countries’ efforts on financing, data-collection, trade and sustainable economic growth…

    And by constantly striving to find efficiencies and innovations, and drive accountability and results across our work together.

    We are rightly proud of our work, and we will protect and build on this as we move forward.

    We know we can do better. And we will.

    Despite high levels of support, the report shows worrying gaps between the priorities of our Cooperation Frameworks and the operational, governance and financial tools to bring them to life.

    Moreover, the Management Accountability Framework established to ensure greater accountability in collective UN efforts is not being applied evenly across the system.

    Our newly established evaluation office for the development system is now preparing its first independent report to this body this year to continue driving accountability and results, and ensure greater alignment of UN configuration and programming with country needs.

    I ask all Member States to support this important work.

    Third — funding.

    I am deeply concerned about the system’s funding situation.  

    Core contributions to development agencies are insufficient, plunging to 16.5 per cent of total funding, with these contributions declining to 12 per cent for some agencies. 

    This is a far cry from the 30 per cent target countries committed to in the Funding Compact.

    In December, the General Assembly agreed to my proposal to secure $53 million from the regular budget for the Resident Coordinator system — a much-needed boost at a critical time.

    To be entirely frank, I have to say that the proposal was much higher but at least this compromise was found. 

    But this minimum level of support is insufficient to reach the maximum ambition we need.

    Our ability to drive development and deliver support in a sustained way is at risk — at a moment when countries need us most.

    For our part, we will continue working closely with you to close funding gaps, and ensure joint programming is well-funded and directed to the most vulnerable people and communities.

    But more than ever, we need flexible, sustainable, predictable and innovative sources of funding. 

    I urge Member States to implement the new Funding Compact, without delay.

    In the current context of shrinking resources, the Funding Compact becomes even more fundamental — in particular, its emphasis on pooled funds that allow for more strategic resource allocation depending on actual needs and priorities on the ground.  

    Enfin quatrièmement, nous continuerons de chercher à optimiser l’utilisation des ressources consacrées au développement.

    Le rapport démontre que nos réformes portent leurs fruits : nous avons réalisé plus de 592 millions de dollars d’économies en 2024, soit bien plus que notre objectif initial de 310 millions de dollars.

    Ces économies ont été rendues possibles grâce aux efforts déployés par chaque entité pour rationaliser les services et les chaînes d’approvisionnement, ainsi qu’à un recours accru aux services partagés, notamment s’agissant des voyages, des services de conférence et des fonctions administratives, et à d’autres gains d’efficacité importants.

    Mais nous pouvons et devons en faire plus.

    Dès le début de mon mandat, nous avons lancé un programme de réforme ambitieux destiné non seulement à améliorer nos méthodes de travail et nos résultats, mais aussi à explorer toutes les pistes possibles pour réaliser des économies et des gains d’efficacité.

    L’Initiative ONU80 offre une excellente occasion de poursuivre sur cette lancée.

    En dégageant rapidement des moyens de gagner en efficacité et d’améliorer nos méthodes de travail.

    En consacrant une plus grande partie de nos ressources aux programmes de développement plutôt qu’aux coûts administratifs.

    En procédant à un examen rigoureux de l’exécution des mandats qui nous sont confiés par les États Membres – et dont le nombre a considérablement augmenté ces dernières années.

    Et en menant un examen stratégique des changements plus profonds et plus structurels ainsi qu’un réalignement des programmes au sein du système des Nations Unies.

    L’Initiative ONU80 n’est pas une réponse aux coupes budgétaires mondiales…

    Mais une réponse aux besoins mondiaux.

    Aux besoins des populations du monde entier.

    À la nécessité de faire en sorte que ces personnes soient soutenues comme il se doit, à travers des programmes adaptés au contexte national.

    Et à l’impératif de travailler de façon aussi efficace, rationnelle et utile que possible.

    Là encore, nous aurons besoin de l’appui de tous les États Membres pour rendre nos activités plus efficientes.

    Excellences, Mesdames et Messieurs,

    Alors que nous poursuivons ce chemin de réforme et de renouveau, nous devons garder à l’esprit le plus important : 

    Celles et ceux qui, dans le monde entier, comptent sur nous.

    Le rapport que nous examinons aujourd’hui ne se limite pas aux chiffres.

    Le rapport concerne les services et l’aide que nous apportons à certaines des personnes et des communautés les plus vulnérables et défavorisées de la planète.

    Il concerne les contribuables du monde entier, dont le dur labeur finance notre important travail.

    Il concerne notre capacité à mieux répondre aux attentes des États Membres et agir conformément aux priorités de chaque pays.

    Et il concerne notre quête constante d’efficacité, d’efficience et de responsabilité – tout en restant fidèles aux valeurs fondamentales qui nous animent depuis le tout début.

    Continuons d’œuvrer dans l’unité et la solidarité pour construire une ONU encore plus forte et encore plus efficace – prête à relever les défis d’aujourd’hui et de demain.

    Une ONU adaptée à sa mission et prête à agir.

    Nous comptons sur le plein soutien des États Membres pour continuer à aller de l’avant.

    Je vous remercie.

    *****
    [all-English]

    Excellencies, ladies and gentlemen,

    Thank you for taking part in this important forum in an important year.

    We’re celebrating the 80th anniversary of the United Nations.   

    But this milestone is tempered by a stark, undeniable reality that resonates on every page of the report I am presenting today.

    With less than five years to go to the 2030 deadline, we are facing nothing short of a development emergency.

    The Sustainable Development Goals are alarmingly off-track.

    And some of the hard-won gains made in recent years are getting derailed.

    Progress is too slow in the fight against poverty, hunger, inequality, the climate crisis, decaying infrastructure, and under-resourced education, health and social protection systems.

    We must never forget that a development emergency is, at its root, a human emergency.

    The lives and futures of millions of people hang in the balance.

    This development emergency is also a funding emergency.

    Resources are shrinking across the board — and have been for some time.

    For example, as detailed in my report, total financial contributions to the UN development system dropped by $9 billion — or 16 per cent — in 2023 from the year before.

    We can imagine the number of 2024 taking into account what we have witnessed in the recent decisions. 

    Our organization is increasingly asked to do more with less — a trend that will continue for the foreseeable future.

    This year, donors are pulling the plug on aid commitments and delivery at historic speed and scale.

    But the report we’re discussing today also carries an important message of hope.
    Hope found in the progress we’ve achieved together to reform and reposition the UN development system, making it more efficient and cost-effective.

    Hope in the UN80 initiative to build on these reforms, and drive more of the change we need across the system for a more impactful, cohesive and efficient organization.

    Hope in your continued strong support of, and engagement with, our Resident Coordinators and Country Teams.

    And hope that lies in the potential of the Pact for the Future to accelerate progress towards the Sustainable Development Goals — a Pact that secured consensus at the Summit of the Future.  

    Let me be clear.

    While the context has shifted since the Pact’s adoption, its commitments are more important than ever.

    This includes its bold calls for action on all the elements required to boost progress on sustainable development — including financing for development, the provision of debt relief, and strengthening the international financial architecture.

    We cannot allow headwinds to blow these commitments off course.

    We will continue working closely with all Member States and partners to keep our agenda on track, deepen our ongoing transformation, and to do so in the context of the UN80 initiative to drive progress across the system.

    And we will ensure we can fully deliver and maximize the benefits of every single mandate of the landmark General Assembly resolution 72/279 that ushered in the reforms of the UN development system.

    Excellencies,

    In this spirit, and guided by the report under discussion today, I’d like to highlight four areas where we are making progress, where more is needed, and how Member States can support this work.  

    First — we must hold fast to our commitment to the Sustainable Development Goals.

    This is a critical year for development.

    But across the board, we face a crisis in the means of implementation — from financing to trade, governance and institutional capacity to accelerate progress. 

    Acceleration means Member States keeping alive the bold commitments they made in adopting the Goals in 2015, as well as through the Pact for the Future.

    These include easing the debt burden on developing countries, scaling innovative sources of finance, and pushing forward on reforms to the international financial architecture.

    The upcoming Fourth International Conference on Financing for Development in Sevilla will be a key moment in driving the change we need.

    Acceleration requires bold transformations.

    We must continue traveling the clear pathways to progress outlined in the report — key areas where we can spur progress across all the Goals, such as food systems, energy access, digital connectivity, and supporting economic growth through trade. 

    Now is the time to build more political will and institutional capacity to support these essential shifts and drive progress.

    Second — we will continue tailoring our operations to the needs and priorities of host countries.

    We know we’re on the right track.

    In the last year alone, Resident Coordinators supported over 160 countries.

    Our work across the system and with governments is becoming more integrated and coordinated every year.

    87 per cent of host governments — and 83 per cent of donor country governments — agreed that UN entities are working more collaboratively than before the reform.

    And 98 per cent of host governments agreed that UN activities, as articulated in our Cooperation Frameworks, are closely or very closely aligned to national priorities.

    The evidence is clear.

    The reinvigorated Resident Coordinator system we have built together is fast-becoming a launchpad for providing deeper development impact for people and planet alike:

    By gathering partners together to shape policy and financing solutions to accelerate development…

    By supporting countries’ efforts on financing, data-collection, trade and sustainable economic growth…

    And by constantly striving to find efficiencies and innovations, and drive accountability and results across our work together.

    We are rightly proud of our work, and we will protect and build on this as we move forward.

    We know we can do better. And we will.

    Despite high levels of support, the report shows worrying gaps between the priorities of our Cooperation Frameworks and the operational, governance and financial tools to bring them to life.

    Moreover, the Management Accountability Framework established to ensure greater accountability in collective UN efforts is not being applied evenly across the system.

    Our newly established evaluation office for the development system is now preparing its first independent report to this body this year to continue driving accountability and results, and ensure greater alignment of UN configuration and programming with country needs.

    I ask all Member States to support this important work.

    Third — funding.

    I am deeply concerned about the system’s funding situation.  

    Core contributions to development agencies are insufficient, plunging to 16.5 per cent of total funding, with these contributions declining to 12 per cent for some agencies. 

    This is a far cry from the 30 per cent target countries committed to in the Funding Compact.

    In December, the General Assembly agreed to my proposal to secure $53 million from the regular budget for the Resident Coordinator system — a much-needed boost at a critical time.

    To be entirely frank, I have to say that the proposal was much higher but at least this compromise was found. 

    But this minimum level of support is insufficient to reach the maximum ambition we need.

    Our ability to drive development and deliver support in a sustained way is at risk — at a moment when countries need us most.

    For our part, we will continue working closely with you to close funding gaps, and ensure joint programming is well-funded and directed to the most vulnerable people and communities.

    But more than ever, we need flexible, sustainable, predictable and innovative sources of funding. 

    I urge Member States to implement the new Funding Compact, without delay.
    In the current context of shrinking resources, the Funding Compact becomes even more fundamental — in particular, its emphasis on pooled funds that allow for more strategic resource allocation depending on actual needs and priorities on the ground.  

    And fourth — we will continue pushing for efficiencies that maximize the use of development resources.

    The report demonstrates that our reforms are achieving results — with over $592 million in efficiencies in 2024, well above our initial target of $310 million.

    These savings were achieved through individual agency efforts to streamline services and supply chains, as well as through the increased use of shared services across entities — including travel, conference and administrative functions, and other key efficiencies.

    But we can and must do more.

    From the very beginning of my mandate, we embarked on an ambitious reform agenda to strengthen not only how we work and deliver — but how we leave no stone unturned in finding cost-savings and efficiencies.

    The UN80 initiative is an important opportunity to carry this work forward.

    By rapidly identifying efficiencies and improvements in the way we work.

    By ensuring that a greater share of our resources are allocated for development programmes rather than administrative costs. 

    By thoroughly reviewing the implementation of all mandates given to us by Member States, which have significantly increased in recent years.   

    And through a strategic review of deeper, more structural changes and programme realignment in the UN System.

    UN80 is not about responding to global cuts.

    It’s about responding to global needs.

    The needs of people around the world.
    The need to ensure that we support them in the right way, with the right programmes and country configurations.

    And the need to be as efficient, streamlined and impactful as we can be.

    Again, the support of all Member States will be critical as we strive to become more cost-effective in our operations.

    Excellencies, Ladies and Gentlemen,

    As we continue travelling this road to reform and renewal, we must keep our focus where it belongs:  

    On the people around the world who are counting on us to get this right.

    The report we are discussing today is not just about numbers.

    It’s about the services and support we provide to some of the most vulnerable and underserved people and communities on earth.

    It’s about hardworking taxpayers around the world who underwrite our important work.

    It’s about responding more effectively to the expectations of Member States and aligning with national priorities.

    And it’s about our constant pursuit of efficiency, effectiveness and accountability, while staying true to values that have driven our mission from the very start.

    Let’s continue working as one, in solidarity, to build an even stronger and more effective United Nations — one that is ready to meet the challenges of today and tomorrow. 

    One that is fit for purpose and ready to serve.

    We count on the full support of Member States as we move forward.

    Thank you.

    ******

    [all-French]

    Excellences, Mesdames, Messieurs,

    Je vous remercie de prendre part à cette manifestation de premier plan en cette année importante.

    L’Organisation des Nations Unies fête cette année ses 80 ans.

    Mais cet anniversaire est tempéré par une réalité dure et indéniable, qui transparaît à chaque page du rapport que je présente aujourd’hui.

    À moins de cinq ans de l’échéance de 2030, nous sommes face à une véritable crise du développement.

    La réalisation des objectifs de développement durable accuse un retard alarmant.

    Et certains des gains durement acquis ces dernières années risquent d’être réduits à néant.

    Face à la pauvreté, à la faim, aux inégalités, à la crise climatique, aux infrastructures en déclin et au manque de ressources dans l’éducation et la protection sociale, les progrès demeurent trop lents.

    Il ne faut pas perdre de vue qu’une crise du développement est, avant tout, une crise humaine.

    La vie et l’avenir de millions de personnes sont en jeu.

    Cette crise du développement est aussi une crise du financement.
    Dans tous les secteurs, les ressources se réduisent comme peau de chagrin, et ce depuis un certain temps.

    Ainsi, comme indiqué dans mon rapport, les contributions financières versées en 2023 au système des Nations Unies pour le développement ont chuté de 9 milliards de dollars US – soit 16 % – par rapport à l’année précédente.

    On peut imaginer les chiffres de 2024 en tenant compte de ce que nous avons constaté dans les décisions récentes.

    Notre Organisation est de plus en plus appelée à faire plus avec moins, et cela ne devrait pas changer de sitôt.

    Cette année, plusieurs bailleurs de fonds mettent un coup de frein sans précédent à leurs engagements en matière d’aide sur le terrain.

    Cela étant, le rapport que nous examinons aujourd’hui est également porteur d’un vrai message d’espoir.

    Cet espoir repose sur plusieurs éléments : sur les progrès que nous avons accomplis ensemble dans la réforme et le repositionnement du système des Nations Unies pour le développement, le rendant plus efficace et plus économique ;

    Sur l’Initiative ONU80, qui, dans le prolongement de ces réformes, induira les changements dont nous avons besoin à travers l’ensemble du système pour une organisation plus efficace, plus cohésive et plus efficiente ;

    Sur l’appui résolu que vous continuez de manifester à nos coordonnatrices et coordonnateurs résidents et à nos équipes de pays, et sur votre détermination à travailler à leurs côtés dans un esprit de collaboration ;

    Et sur le potentiel qui réside dans le potentiel du Pacte pour l’avenir d’accélérer les progrès vers les Objectifs de développement durable – un Pacte qui a fait l’objet d’un consensus lors du Sommet de l’avenir.

    Soyons clairs.

    Le Pacte a beau avoir été adopté dans un contexte différent, les engagements qui y sont énoncés demeurent plus importants que jamais.

    Ils exigent notamment de l’audace dans tous les aspects propices au développement durable – y compris le financement du développement, l’allègement de la dette et le renforcement de l’architecture financière internationale.

    Nous ne pouvons laisser les difficultés du moment nous faire dévier de ces engagements.

    Nous continuerons de collaborer étroitement avec tous les États Membres et tous les partenaires pour poursuivre la bonne mise en œuvre de nos priorités, parfaire la transformation de l’Organisation et, dans le cadre de l’Initiative ONU80, encourager des progrès concrets dans l’ensemble du système.

    Nous veillerons également à exécuter pleinement et de manière optimale tous les mandats prévus dans la résolution 72/279 de l’Assemblée générale, texte majeur qui a ouvert la voie à la réforme du système des Nations Unies pour le développement.

    Excellences,

    Dans ce contexte, et dans le droit fil du rapport qui est à l’examen aujourd’hui, je voudrais souligner quatre points pour récapituler les progrès que nous accomplissons, les domaines où nous devons redoubler d’efforts et l’aide que les États Membres peuvent apporter en ce sens.

    Premièrement, nous devons garder le cap sur les objectifs de développement durable.

    Cette année est cruciale pour le développement.

    Pourtant, nous assistons à une crise généralisée des moyens de mise en œuvre, qui touche aussi bien le financement que le commerce, la gouvernance ou la capacité institutionnelle à accélérer les progrès.

    Si l’on veut accélérer la cadence, il faut que les États Membres honorent les engagements ambitieux qu’ils ont pris en 2015 en adoptant les ODD et dans le cadre du Pacte pour l’avenir.

    Cela inclut notamment l’allègement du fardeau de la dette des pays en développement, la mobilisation de sources de financement innovantes et de faire avancer la réforme de l’architecture financière internationale.

    La quatrième Conférence internationale sur le financement du développement, qui se tiendra à Séville, constituera un moment clé moment clé dans la conduite des changements nécessaires.  

    Pour passer à la vitesse supérieure, il faut engager une transformation audacieuse.

    Nous devons poursuivre la stratégie que nous avons clairement définie en vue de la réalisation de tous les Objectifs, notamment dans les domaines des systèmes alimentaires, de l’accès à l’énergie, de la desserte numérique ainsi que du commerce au service de la croissance économique.

    Le moment est venu de mobiliser une plus grande volonté politique et de renforcer les capacités institutionnelles pour accompagner ces transformations essentielles et insuffler une dynamique de progrès.

    Deuxièmement, nous continuerons d’adapter nos opérations aux besoins et aux priorités des pays hôtes.

    Nous savons que nous sommes sur la bonne voie.

    L’année dernière, les coordonnatrices et coordonnateurs résidents ont apporté un appui concret dans plus de 160 pays.

    Le travail mené dans les entités du système et avec les gouvernements gagne chaque année en intégration et en coordination.

    87 % des pays hôtes – et 83 % des pays donateurs – considèrent que les entités des Nations Unies collaborent plus qu’avant la réforme.
    Et 98 % des pays hôtes estiment que les activités de l’ONU prévues dans nos plans-cadres de coopération concordent bien ou très bien avec les priorités nationales.

    Les faits sont là.

    Le système redynamisé des coordonnatrices et coordonnateurs résidents que nous avons mis en place ensemble est en passe de devenir un outil encore plus efficace au service du développement, tant pour les populations que pour la planète.

    À cet égard, il réunit les partenaires pour définir l’action à mener et trouver des solutions financières visant à accélérer le développement…

    Il accompagne les pays dans les domaines du financement, de la collecte de données, de la réglementation, du commerce et de la croissance économique durable…

    Et il cherche continuellement à faire des économies, à innover, à faire respecter le principe de responsabilité et à encourager les progrès dans tous les aspects de notre action commune.

    Nous sommes profondément fiers de ce que nous faisons, et nous continuerons sur notre lancée tout en préservant les acquis.

    Nous pouvons faire mieux, nous le savons. Et nous le ferons.

    Malgré l’adhésion que suscite notre action, le rapport fait apparaître un contraste inquiétant entre les priorités fixées dans nos plans-cadres de coopération et les moyens opérationnels et financiers et les outils de gouvernance qui permettent de les concrétiser.

    En outre, le cadre de gestion et de responsabilité, établi pour renforcer la responsabilité dans l’action collective des Nations Unies, n’est pas appliqué de manière uniforme dans toutes les entités du système.

    Notre bureau chargé des évaluations dans le système pour le développement, récemment établi, rédige actuellement son premier rapport indépendant, qu’il présentera au Conseil économique et social cette année, et poursuivra son action pour favoriser la définition des responsabilités, concourir à l’amélioration des résultats et faire en sorte que la présence et les programmes des Nations Unies soient mieux adaptés aux besoins de chaque pays.

    Je demande à tous les États Membres d’appuyer ce travail essentiel.

    Troisièmement, le financement.

    Je suis très préoccupé par la situation financière du système.

    Les contributions aux ressources de base des organismes de développement sont insuffisantes : elles ne représentent plus que 16,5 % du financement total, voire 12 % pour certaines entités.

    On est bien loin de l’objectif de 30 % que les pays se sont engagés à atteindre dans le cadre du pacte de financement.

    En décembre, l’Assemblée générale a accepté la proposition que j’ai faite de prélever sur le budget ordinaire un montant de 53 millions de dollars pour le système des coordonnatrices et coordonnateurs résidents. C’est un coup de pouce indispensable à un moment critique.

    Pour être tout à fait franc, je dois dire que la proposition était beaucoup plus élevée, mais au moins ce compromis a été trouvé.

    Mais ce modeste niveau de soutien n’est pas à la hauteur de l’ambition nécessaire.

    Notre capacité à stimuler le développement et à apporter une aide durable est compromise, or c’est maintenant que les pays ont le plus besoin de nous.

    Nous continuerons à collaborer étroitement à vos côtés pour que les déficits de financement se résorbent et pour que la programmation conjointe soit dotée de moyens financiers suffisants et profite aux personnes et aux populations les plus vulnérables.

    Néanmoins, nous avons plus que jamais besoin de sources de financement souples, durables, prévisibles et novatrices.

    J’invite instamment les États Membres à mettre en œuvre sans délai le nouveau pacte de financement.

    À l’heure où les ressources s’amenuisent, le pacte de financement s’impose comme un dispositif incontournable, notamment par l’importance accordée aux fonds de financement commun, qui permettent d’allouer les ressources plus stratégiquement, en fonction des priorités et des besoins réels sur le terrain.

    Enfin quatrièmement, nous continuerons de chercher à optimiser l’utilisation des ressources consacrées au développement.

    Le rapport démontre que nos réformes portent leurs fruits : nous avons réalisé plus de 592 millions de dollars d’économies en 2024, soit bien plus que notre objectif initial de 310 millions de dollars.

    Ces économies ont été rendues possibles grâce aux efforts déployés par chaque entité pour rationaliser les services et les chaînes d’approvisionnement, ainsi qu’à un recours accru aux services partagés, notamment s’agissant des voyages, des services de conférence et des fonctions administratives, et à d’autres gains d’efficacité importants.

    Mais nous pouvons et devons en faire plus.

    Dès le début de mon mandat, nous avons lancé un programme de réforme ambitieux destiné non seulement à améliorer nos méthodes de travail et nos résultats, mais aussi à explorer toutes les pistes possibles pour réaliser des économies et des gains d’efficacité.

    L’Initiative ONU80 offre une excellente occasion de poursuivre sur cette lancée.

    En dégageant rapidement des moyens de gagner en efficacité et d’améliorer nos méthodes de travail.

    En consacrant une plus grande partie de nos ressources aux programmes de développement plutôt qu’aux coûts administratifs.

    En procédant à un examen rigoureux de l’exécution des mandats qui nous sont confiés par les États Membres – et dont le nombre a considérablement augmenté ces dernières années.

    Et en menant un examen stratégique des changements plus profonds et plus structurels ainsi qu’un réalignement des programmes au sein du système des Nations Unies.

    L’Initiative ONU80 n’est pas une réponse aux coupes budgétaires mondiales…

    Mais une réponse aux besoins mondiaux.

    Aux besoins des populations du monde entier.

    À la nécessité de faire en sorte que ces personnes soient soutenues comme il se doit, à travers des programmes adaptés au contexte national.

    Et à l’impératif de travailler de façon aussi efficace, rationnelle et utile que possible.

    Là encore, nous aurons besoin de l’appui de tous les États Membres pour rendre nos activités plus efficientes.

    Excellences, Mesdames et Messieurs,

    Alors que nous poursuivons ce chemin de réforme et de renouveau, nous devons garder à l’esprit le plus important : 

    Celles et ceux qui, dans le monde entier, comptent sur nous.

    Le rapport que nous examinons aujourd’hui ne se limite pas aux chiffres.

    Le rapport concerne les services et l’aide que nous apportons à certaines des personnes et des communautés les plus vulnérables et défavorisées de la planète.

    Il concerne les contribuables du monde entier, dont le dur labeur finance notre important travail.

    Il concerne notre capacité à mieux répondre aux attentes des États Membres et agir conformément aux priorités de chaque pays.

    Et il concerne notre quête constante d’efficacité, d’efficience et de responsabilité – tout en restant fidèles aux valeurs fondamentales qui nous animent depuis le tout début.

    Continuons d’œuvrer dans l’unité et la solidarité pour construire une ONU encore plus forte et encore plus efficace – prête à relever les défis d’aujourd’hui et de demain.

    Une ONU adaptée à sa mission et prête à agir.

    Nous comptons sur le plein soutien des États Membres pour continuer à aller de l’avant.

    Je vous remercie.
     

    MIL OSI Africa

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Opening of ECOSOC Segment on Operational Activities for Development [as delivered]

    Source: United Nations secretary general

    Vice-Chair, Excellencies,
    Thank you very much, our Vice-Chair of ECOSOC.
    Excellencies,
    I continue to deeply appreciate the opportunity to join this segment – as the DSG, but much more importantly as the chair of the UN Sustainable Development Group, that represents over 38 agencies, funds and programs, and does an enormous amount of work to try to fulfil those ambitions of the SDGs and many more. Therefore, this segment really does embody the partnership needed to strengthen the UN development system. 
    I would like to thank the ECOSOC Bureau, especially the Vice-Chair Ambassador Szcserski, and its members for your continued engagement and leadership. I would also like to give a special welcome to our youth representative, Chelsea Antwan. We look very much forward to hearing your voice.
    The Operational Activities for Development segment of the Economic and Social Council still remains one of the most significant segments of ECOSOC.
    This segment plays a vital oversight role in reviewing how the United Nations development system is delivering on the promise to support countries in delivering on the Sustainable Development Goals.
    We are meeting at a pivotal moment, where the stakes could not be higher. Last year, member States were united in the Pact for the Future and in their commitment to strengthen collective efforts to turbocharge the full implementation of the 2030 Agenda for Sustainable Development.
    Following this momentous signal of unity, Member States adopted the 2024 Quadrennial Comprehensive Policy Review, the QCPR—a landmark resolution that sets the strategic direction for the UN development system over the next four years.
    The QCPR reflects a shared ambition to build on the progress that has been achieved since the 2018 repositioning of the development system.
    The 2024 QCPR reaffirms the central role of sustainable development in the work of the United Nation – and, of course, the urgency of accelerating action to meet the immediate and longer-term needs of countries. 
    Member States gave critical guidance to strengthen coordination across the system; challenged us to deepen transparency and accountability and sought to breathe new life into the ECOSOC OAS Segment.
    We will rise to your challenge. And in return, we ask that you continue to deepen your engagement in this session.
    OAS is a critical platform for Member States to hold the system accountable for results, and to share the lessons learned, and offer guidance that helps translate policy into impact on the ground.
    This segment is key to ensuring that Resident Coordinators have the tools and the backing they need to lead, and that UN Country Teams are equipped to deliver coherent support, and that development system is more strategic, efficient, effective, and results oriented.
    I would like to underscore here that Resident Coordinators coordination, convening and leveraging for the scale and the urgency that is needed to achieve the SDGs. But at the same time, the kind of support we would need for UN Country Teams that will have to rise to operationalize that support that is needed for our countries.
    We hope to see UN80 in the coming weeks and months playing a role in making that more efficient and effective. 
    Quality funding and financing continue to be significant enablers of a unified country team. The 6 transformative pathways are a means of enabling an effective and strategic response in any country.
    Critical investments with a catalytic impact are needed across food systems, energy access and affordability, digital connectivity, education, jobs and social protection, and climate change, biodiversity loss, and pollution. The reverberating impact of these investments are needed now more than ever.
    UN80 is a further opportunity to strengthen our work in this respect.
    I look forward to your engagement throughout this week as we collectively seek to drive forward ambition on the SDGs that will leave no one behind.  
    Together, we have the opportunity—and we have the responsibility—to ensure that the UN development system delivers fully on the promise for people, for planet, as we work towards a safer, more sustainable and prosperous world.
    Over the course of the next year, there are further opportunities for the international community to ground multilateral ambition.
    Through the Fourth International Conference on Financing for Development, we seek to agree steps that will unlock large-scale SDG investment to put the goals back on track, and to reform the international financial architecture to make it more inclusive and effective in dealing with the shocks and the crises. And we are watching closely the ambitions that we hope will come out of the current G7 finance ministers meeting in Canada.
    The Food Systems Stocktake +4 countries will come together to discuss how to move from plans to action, unlocking strategic investments for food systems transformation across all its dimensions –jobs, nutrition, adaptation to climate change in partnership with the private sector and IFIs. Our co-hosts in Italy and Ethiopia are driving this forward on the continent and beyond.
    In the World Social Summit, we look to go beyond what was agreed in Copenhagen and agree to commitments to strengthen the three pillars of social development, as articulated in the SDGs. And we look forward to seeing all of you in Doha.
    At COP 30 later this year, we seek to bridge the gap between Baku and Belem by agreeing on actions that can mobilize the $1.3 trillion annually in climate finance by 2035. We will build on the updated Nationally Determined Contribution plans presented by Member States, mainstreaming climate adaptation, mitigation and resilience plans across all sectors of the economy.
    Our host, Brazil, has already begun that strategic push with getting the economies, and the green economy, effectively up and running.
    I hope that you take most out of this segment, as we will be listening and we will be taking onboard your concerns, your reflections, your ideas, asking us the hard questions, sharing your guidance, and pressing us to go even further.
    As I come out of Angola where we held a meeting of all the RCs in Africa, it was evident that progress has been made, but the expectations are so much higher given the crisis that we find ourselves in. I believe we have the tools, we have the Members States commitments and frameworks to help us navigate this.
    We are determined to work with you on this as we move forward towards achieving Agenda 2030.
    Thank you.

    MIL OSI United Nations News

  • MIL-OSI: ESCO Announces Divestiture of VACCO Industries

    Source: GlobeNewswire (MIL-OSI)

    St. Louis, May 20, 2025 (GLOBE NEWSWIRE) — ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today announced that it has entered into a definitive agreement to sell VACCO Industries (VACCO) to RBC Bearings Incorporated (NYSE: RBC), an international manufacturer and marketer of highly engineered precision bearings and products, headquartered in Oxford, Connecticut.

    The Company expects to finalize the transaction upon receipt of certain customary regulatory approvals with expected gross cash proceeds of $310 million subject to typical post-closing adjustments. A sizable book gain is expected on the transaction, with a plan to use the net proceeds for paying down debt incurred in connection with the Maritime acquisition.

    Last August, the Company announced a strategic review of the VACCO business and the resulting divestiture supports ESCO’s long-term strategy to focus its portfolio on core high-growth end-markets. VACCO has been a part of ESCO since its formation in 1990 and is a key supplier of highly-technical mission-critical solutions. Bryan Sayler, Chief Executive Officer and President, commented, “We view this transaction as a great outcome for all and are confident that VACCO and its dedicated management team and employees are positioned for a positive future with RBC Bearings.”

    ESCO was represented by Philpott, Ball & Werner, LLC as exclusive financial advisor and Bryan Cave Leighton Paisner LLP as legal advisor on this transaction.

    ESCO Technologies is a global provider of highly engineered products and solutions serving diverse end-markets. It manufactures filtration and fluid control products, advanced composites, as well as signature and power management solutions for aviation, Navy, space, and industrial customers. ESCO is an industry leader in designing and manufacturing RF test and measurement products and systems; and provides diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries. Headquartered in St. Louis, Missouri, ESCO and its subsidiaries have offices and manufacturing facilities worldwide. For more information on ESCO and its subsidiaries, visit ESCO’s website at www.escotechnologies.com.

    SOURCE ESCO Technologies Inc.
    Kate Lowrey, Vice President of Investor Relations, (314) 213-7277

    The MIL Network

  • MIL-OSI: XWELL Reports First Quarter 2025 Results, Advancing Mission to Liberate Science-Proven Wellness

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 20, 2025 (GLOBE NEWSWIRE) — XWELL, Inc. (Nasdaq: XWEL) (“XWELL” or the “Company”), a pioneer in science-proven, accessible wellness, today reported results for the first quarter ended March 31, 2025. With a growing portfolio of in-airport and off-airport wellness brands, XWELL continues to redefine what wellness access looks like –connecting high-impact, science-backed care to everyday consumers wherever they are. From leading the nation’s biosecurity response to building tech-forward wellness spaces in transportation hubs and neighborhoods alike, XWELL is extending wellness beyond the elite and into real life.

    Operating Highlights:

    • Reported first quarter 2025 revenue of $7.0 million.
    • The Company continues its focus on returning to overall profitability. For the first quarter ended March 31, 2025:
      • Total cost of sales decreased approximately 6% from the 2024 first quarter.
      • Total operating expenses decreased approximately 11% from the 2024 first quarter.
    • Secured a three-year extension of its Traveler-based Genomic Surveillance Program in partnership with the Centers for Disease Control and Prevention (the “CDC”).
    • Successfully closed a private placement in January 2025, comprising of the Company’s Series G Convertible Preferred Stock and Series Warrants for aggregate gross proceeds of approximately $4 million before deducting offering expenses payable by the Company.

    “XWELL began 2025 with strong momentum,” commented Ezra Ernst, Chief Executive Officer of XWELL. “With our renewed CDC partnership, continued discipline in operations, and a clear growth plan in wellness and beauty, we believe we are expanding what accessible wellness looks like — anchored in science, backed by biosurveillance, and designed for everyday life.”

    Liberating Wellness, Inside and Outside Airports

    XWELL’s multi-brand strategy is designed to unify wellness experiences under a single, accessible platform — from express treatments in airport terminals to full-service spas in communities.

    In March 2025, the Company announced plans to acquire select medical spas in high-demand metropolitan areas, including Orlando, Dallas and Salt Lake City, extending its presence beyond travel hubs and into the everyday wellness routines of consumers.

    “Our vision is a seamless continuum of care,” added Ernst. “From biometric screenings at the airport to advanced skin and body treatments on Main Street, we believe that we are democratizing access to trusted, science-proven wellness.”

    Science-Proven Wellness, Real-World Impact

    Through XpresCheck and HyperPointe, XWELL continues to operate at the frontlines of biosurveillance and digital healthcare infrastructure.

    In March 2025, XWELL secured a three-year extension of its Traveler-based Genomic Surveillance Program (“TGS”), operated with CDC and Ginkgo Bioworks Holdings. The TGS program, which has been supported by the CDC under contract number 75D30125C20439, provides early detection of emerging pathogens, safeguarding national health through airport-based biosurveillance in eight major hubs.

    XpresCheck and HyperPointe, which helped power national COVID-19 testing and reporting during the pandemic, now serve as the operational and technological core of this next phase of strategic, science-driven wellness program.

    Expanding the XWELL Ecosystem

    XpresSpa® remains the airport wellness category leader, operating 28 locations across major U.S. and international airports. Each are being upgraded to reflect XWELL’s science-driven approach to wellness, offering premium wellness tech, retail, and self-care services. XWELL is actively broadening its retail product portfolio to feature a range of cutting-edge wellness offerings. These offerings include state-of-the-art wellness devices, nutritional supplements, and innovative wellness patches — each designed to support holistic health and cater to the evolving needs of today’s wellness-conscious consumers.

    Naples Wax Center®, the Company’s first off-airport brand, operates a group of upscale hair removal locations with core products and service offerings from face and body waxing to a range of skincare and cosmetic products. In December 2024, the Company announced the planned opening of a new Naples Wax location in Estero, Florida, and is pursuing plans to open an additional 6 locations across Florida during 2025.

    Consistent with XWELL’s strategy to extend its footprint into transportation hubs, the Company expects to open an XWELL location in New York City’s Penn Station in mid-2025. The tech-forward spa is being designed to serve commuters and tourists with quick-access, self-led wellness services in a high-traffic urban setting.

    Liquidity and Financial Condition

    As of March 31, 2025, the Company had approximately $3.7 million of cash and cash equivalents (excluding restricted cash), approximately $7.3 million in marketable securities, total current assets of approximately $14.8 million, and no long-term debt.

    In January 2025, the Company announced the closing of its private placement offering the Company’s newly designated Series G Convertible Preferred Stock and Series Warrants. The aggregate gross proceeds of the private placement were approximately $4.0 million, before deducting offering expenses payable by the Company.

    Summary First Quarter 2025 Financial Results

    Total Revenue

    Total revenue for the first quarter ended March 31, 2025, was approximately $7.0 million compared to approximately $8.7 million for the 2024 first quarter. The decrease in revenue was primarily driven by lower XpresTest revenue and XpresSpa revenue offset by Priority Pass revenue, which is a new revenue stream for the three months ended March 31, 2025.

    Revenue for the first quarter ended March 31, 2025, primarily consisted of approximately $4.3 million from XpresSpa locations and approximately $2.2 million from XpresTest, which includes XWELL’s bio-surveillance partnership and its HyperPointe business. Naples Wax Center accounted for approximately $552,000 of revenue.

    The Company noted that revenue from the CDC bio-surveillance program in the first quarter of 2025 was lower than anticipated due to timing of the extension. Revenue is expected to be made up in subsequent quarters.

    Total Cost of Sales

    Total cost of sales for the first quarter ended March 31, 2025, was approximately $5.7 million, compared to approximately $6.1 million for the 2024 first quarter.

    General and Administrative Expenses

    General and administrative expenses for the first quarter ended March 31, 2025, were approximately $4.3 million, compared to approximately $4.2 million for the 2024 first quarter. The increase was primarily due to the increase in accounting, legal and public company costs for the 2025 first quarter.

    Total Operating Expenses

    Total operating expenses for the first quarter ended March 31, 2025, were approximately $4.5 million, compared to approximately $5.1 million for the 2024 first quarter.

    Operating Loss

    Operating loss for the first quarter ended March 31, 2025, was approximately $3.2 million, compared to approximately $2.4 million for the 2024 first quarter.

    Net Loss Attributable to XWELL

    Net loss attributable to XWELL for the first quarter ended March 31, 2025, was approximately $4.7 million, compared to approximately $2.5 million for the 2024 first quarter.

    The Company noted that it incurred higher than normal one-time expenses during the first quarter of 2025, primarily related to accounting, seasonal costs, and other non-recurring items.

    Investor Conference Call

    The Company intends to host an investor conference call and webcast in the next several weeks to highlight updates on growth initiatives and forthcoming programs. Additional details will be provided approximately one week prior to the event.

    About XWELL, Inc.   

    XWELL, Inc. (Nasdaq: XWEL) is a global wellness company on a mission to liberate science-proven wellness for all. Through a portfolio of brands that include XpresSpa®, Treat®, Naples Wax Center®, XpresCheck®, and HyperPointe™, XWELL delivers accessible, real-world wellness across travel, retail, and clinical settings.

    For more information on XWELL’s offerings, visit www.XWELL.com

    Forward-Looking Statements  

    This press release may contain “forward-looking” statements within the meaning of the 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. These include statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Forward-looking statements relating to expectations about future results or events are based upon information available to XWELL as of the date of this press release, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in the Company’s Annual Report on Form 10-K, as amended, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other Securities and Exchange Commission filings. All subsequent written and oral forward-looking statements concerning XWELL, or other matters and attributable to XWELL or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. XWELL does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.   

    Media
    Heather Tidwell
    MWW
    htidwell@mww.com

    The MIL Network

  • MIL-OSI Security: Eurojust ensures authorities receive critical information on new undetectable devices used in prisons

    Source: Eurojust

    20 May 2025|

    French authorities took action in 66 prisons across the country against a new type of device that prisoners are using to communicate with the outside world and continue their criminal activities. Following findings by the prosecutor of the Judicial Court of Paris JUNALCO that these devices are being sold worldwide, Eurojust ensured that critical information on the devices was transmitted to the Agency’s National Desks and Liaison Prosecutors. Authorities can now use this information to investigate whether the devices are being used in their own countries.

    Investigators uncovered a device that was being sold worldwide through online marketplaces and could bypass security gates undetected. The device is small, has few metal parts and has specific settings that make it easy to hide from security checks. French investigators estimate that around 5 000 devices were being used in French prisons for criminal activities such as drug trafficking, homicide and money laundering.

    During operation Prison Break in France in the early hours of 20 May, nearly 500 cells were searched across the country. Authorities were able to target all 5 000 devices active and take down the market website selling the phones. After concluding the actions in France, the prosecutor ensured that crucial information and technical specifications of the devices were shared with authorities across Europe and beyond. The information was transmitted to all the National Desks and Liaison Prosecutors at Eurojust. They can now share it with their national authorities, who can determine whether the devices are being used in their prisons.

    If you are a national authority from a country without a Liaison Prosecutor and would like to receive the information transmitted today, please contact the French Desk at Eurojust.

    The following authorities carried out the operation in France:

    • Public Prosecutor’s Office J3 (cybercrime Unit); BL2C – PJPP (Cybercrime unit Préfecture de Police); Gendarmerie National

    MIL Security OSI

  • MIL-OSI: Unifiedpost Group rebrands to Banqup Group, reinforcing its position as a pure-play SaaS provider

    Source: GlobeNewswire (MIL-OSI)

    Press Release – Regulated Information

    Unifiedpost Group rebrands to Banqup Group, reinforcing its position as a pure-play SaaS provider

    La Hulpe, Belgium – 20 May 2025, 22:00 CET – REGULATED INFORMATION – Banqup Group SA, formerly Unifiedpost Group SA, (Euronext: UPG) (Banqup, Company), a leading provider of integrated business communications solutions, held an Extraordinary General Meeting (EGM) and Annual General Meeting (AGM).

    The shareholders approved all proposed resolutions (here), including:

    EGM:  Strategic rebranding from Unifiedpost Group SA to Banqup Group SA across the Group. This further underpins our focus on core digital services and aligns our business as a pure-play SaaS provider. The rebranding offers our stakeholders a clear understanding of our product and value proposition, reinforcing our commitment to growth in e-invoicing and payment solutions.

    AGM: Enhanced governance with the approval of the updated remuneration policy and  the appointment of four new Board members:

    • Nicolas de Beco, representing Beco Global Consulting LLC, as executive director
    • Nathalie Van Den Haute, representing Quilaudem BV,  as non-executive director
    • Koen Hoffman, representing Ahok BV, as an independent director
    • Leanne Kemp as an independent director

    The minutes, voting results and presentation of the AGM will be available on the shareholder page (here) in the
    coming days.

    Financial Calendar:

    • 22 May 2025: Publication of the Q1 2025 business update
    • 26 August 2025: Publication of the H1 2025 results (webcast)
    • 13 November 2025: Publication of the Q3 2025 business update

    Contact
    Alex Nicoll
    Investor Relations
    Banqup Group
    alex.nicoll@unifiedpost.com

      

    About Banqup Group

    Banqup Group delivers integrated cloud-based SaaS solutions to streamline business transactions across the entire lifecycle, from e-invoicing and e-payments to tax reporting. Banqup, our solution for businesses, unifies purchase-to-pay, order-to-cash, e-invoicing compliance, and e-payments into one secure platform, removing the complexity of juggling disconnected tools. eFaktura World, our solution for governments, is a comprehensive digital platform designed for tax administrations to implement e-invoicing and streamline both B2G and B2B tax reporting flows. To learn more about Banqup Group and our solutions, please visit our website: Unifiedpost Group | Global leaders in digital solutions

    Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Banqup Group and the markets in which it is active. Such forward-looking statements are based on management’s current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Banqup Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements.

     

    Attachment

    The MIL Network

  • MIL-OSI: Currenc Group Inc. Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 20, 2025 (GLOBE NEWSWIRE) — Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Total Processing Value (TPV) through Tranglo was US$1.30 billion for the first quarter of 2025, decreasing by 3.7% year-over-year. Total number of transactions decreased to 2.77 million for the first quarter of 2025 from 2.94 million for the same period of 2024. The decline in TPV was mainly due to the decline in business volume from the Hong Kong market.
    • Total revenues excluding TNG Asia and GEA1 were US$10.0 million for the first quarter of 2025, representing a year-over-year decrease of 11.5%, primarily due to the 23.1% decline in global airtime revenue.
          For the three-month period ended March 31,  
          2025     2024  
          $     $  
          (dollars in thousands)  
      Remittance revenue excluding TNG Asia & GEA     4,583       5,025  
                       
      Global Airtime Revenue     2,022       2,573  
      Indonesian Airtime Revenue     3,437       3,742  
      Total Revenue excluding TNG Asia & GEA     10,042       11,340  
                       
    • Total remittance revenues excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$4.6 million for the first quarter of 2025, down 8% year-over-year. The decline in remittance revenue was mainly due to a decrease in remittance revenue from the Hong Kong market. Tranglo’s overall take rate declined to 0.35% in the first quarter of 2025 from 0.37% in the same period of 2024.
    • Currenc’s global airtime transfer revenues were US$2.0 million for the first quarter of 2025, representing a year-over-year decrease of 23.1%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in global airtime business in the first quarter of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand its new AI product offerings.
    • Total direct costs of revenue were US$6.9 million for the first quarter of 2025, representing a year-over-year decrease of 20.7%.
    • The direct payout rate for Tranglo’s remittance business was 0.13% for the first quarter of 2025, flat compared to 0.12% for the same period of 2024. Currenc’s overall gross profit margin ratio for the first quarter of 2025 was 31.8%, compared to 33.6% for the same period of 2024.
    • Total operating expenses increased to $7.5 million for the first quarter of 2025 from $5.8 million for the same period of 2024. The increase was mainly due to expenses of $2.2 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger.

      As Currenc divested TNG Asia and GEA in August and July 2024, respectively, its operating costs now reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, with the rollout of its new AI initiatives, Currenc incurred $0.5 million in operating costs related to these new businesses in the first quarter of 2025. The new AI businesses are expected to contribute incrementally to revenues and positively impact EBITDA in 2025.

      • Tranglo’s operating costs for the first quarter of 2025 were $3.2 million, representing an increase of 14% from $2.8 million in the same period of 2024.
      • WalletKu’s operating costs were $0.2 million for the first quarter of 2025, as compared to $0.4 million for the same period of 2024.
      • Professional fees and director fees were $0.8 million and $0.6 million for the first quarter of 2025, respectively.
    • Other income totaled $1.0 million for the first quarter of 2025, mainly contributed by Tranglo.
    • EBITDA analysis
      For the three-month period ended March 31, 2025   Tranglo     WalletKu     TNG
    Asia 
    and GEA
        Headquarters
    and
    adjustments
        Group
     
    Total
     
          (dollars in thousands)  
      Net income (loss)     1,160       (136 )           (5,511 )     (4,487 )
                                               
      Add:                                        
      Income tax expenses     141                   (93 )     48  
      Interest expense, net     21                   1,066       1,087  
      EBIT     1,322       (136 )           (4,538 )     (3,352 )
      Depreciation and amortization                             554  
      EBITDA     1,322       (136 )           (4,538 )     (2,798 )
                                               
    • The Company’s total EBITDA for the first quarter of 2025 was a loss of $2.8 million.
    • Tranglo and WalletKu’s combined EBITDA for the first quarter of 2025 was $1.2 million.
    • TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.
    • Headquarters expenses and adjustments recorded an EBIT loss of $4.5 million, mainly contributed by:
      • $2.2 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger.
      • $0.8 million for professional fees.
      For the three-month period ended March 31, 2024   Tranglo     WalletKu     TNG
    Asia
    and GEA
        Headquarters
    and
    adjustments
        Group
    Total
     
          (dollars in thousands)  
      Net income (loss)     1,070       (123 )     (1,039 )     (2,540 )     (2,632 )
                                               
      Add:                                        
      Income tax expenses     163                   (92 )     71  
      Interest expense, net                 242       1,069       1,311  
      EBIT     1,233       (123 )     (797 )     (1,563 )     (1,250 )
      Depreciation and amortization                             1,016  
      EBITDA     1,233       (123 )     (797 )     (1,563 )     (234 )
                                               
    • Net loss was US$4.5 million for the first quarter of 2025, primarily driven by the net loss of $5.5 million incurred by headquarters and adjustments.

    Management Comments
    “As demand for digital remittance continues to grow steadily, intensified market competition is compressing pricing,” said Alex Kong, Founder and Executive Chairman of Currenc. “Against this backdrop, we strove to maintain Tranglo’s healthy take rate while delivering TPV of US $1.30 billion in the first quarter of 2025, underscoring the strength of our core remittance platform and our disciplined strategic execution. Looking ahead, we are positioning Currenc for higher‑margin growth through two key initiatives: scaling our AI product offerings and expanding our remittance services into major corridors. We believe this combination of broader reach and AI‑driven innovation will support a more diversified revenue base and a structurally stronger bottom line.”

    Ronnie Hui, Chief Executive Officer of Currenc, commented, “While softer airtime demand weighed on our total revenues, our remittance business remained resilient amid a competitive environment in the first quarter of 2025, supporting a combined EBITDA for Tranglo and WalletKu of US $1.2 million. We are reallocating capital toward accelerating our AI initiatives and building higher‑margin remittance corridors to boost product value and operational scale, priming the Company for quality growth throughout the year. We also enhanced cost management and maintained Tranglo’s payout rate at 0.13%. Operating expenses rose to US $7.5 million, primarily due to a one‑time US $2.2 million share‑based incentive linked to the de‑SPAC merger, as well as costs related to our new AI initiatives. Outside of these expenses, our headquarters’ operating costs remained broadly stable. Going forward, this strengthened bottom line will allow us to invest in AI-driven growth while maintaining financial discipline.”

    Non-GAAP Financial Measures
    To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. Currenc believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that Currenc does not consider indicative of the performance of its business. While Currenc believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

    About Currenc Group Inc.
    Currenc Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

    For additional information, please refer to the Currenc website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

    Safe Harbor Statement
    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    Investor & Media Contact
    Currenc Group Investor Relations
    Email: investors@currencgroup.com

    SOURCE: Currenc Group Inc.

     
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
     
        Three months ended March 31,  
        2025     2024  
        US$     US$  
    Revenue     10,055,569       13,104,123  
                     
    Cost of revenue     (6,854,172 )     (8,696,562 )
    Gross profit     3,201,397       4,407,561  
    Selling expenses           (3,987 )
                     
    General and administrative expenses     (7,522,252 )     (5,824,208 )
                     
    Loss from operations     (4,320,855 )     (1,420,634 )
    Finance costs, net     (1,087,313 )     (1,311,363 )
    Other income     969,691       189,735  
    Other expenses     (402 )     (19,137 )
                     
    Loss before income tax     (4,438,879 )     (2,561,399 )
    Income tax expense     (48,479 )     (70,529 )
                     
    Net loss     (4,487,358 )     (2,631,928 )
    Net income attributable to non-controlling interests     (187,000 )     (403,056 )
                     
    Net loss attributable to Currenc Group Inc.     (4,674,358 )     (3,034,984 )
                     
    Net loss per share, basic and diluted (1)   $ (0.13 )   $ (0.09 )
                     
    Shares used in net loss per share computation, basic and diluted (1)     35,374,891       33,980,753  
                     
    Other comprehensive loss:                
    Foreign currency translation adjustments     171,532       368,135  
                     
    Total comprehensive loss     (4,315,826 )     (2,263,793 )
    Total comprehensive loss (income) attributable to non-controlling interests     (228,069 )     (407,798 )
    Total comprehensive loss attributable to Currenc Group Inc.     (4,543,895 )     (2,671,591 )
     
    (1) Retrospectively restated to reflect Reverse Recapitalization
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
     
        March 31,
    2025
        December 31,
    2024
     
          US$       US$  
    ASSETS                
    Current assets:                
    Cash and cash equivalents     62,300,298       63,821,397  
    Restricted cash     40,978       40,742  
    Accounts receivable, net     2,103,924       2,115,681  
    Other financial assets     3,171,000        
    Amounts due from related parties     449,094       560,823  
    Prepayments, receivables and other assets     25,874,112       20,948,216  
    Total current assets     93,939,406       87,486,859  
    Non-current assets:                
    Equipment and software, net     1,118,661       1,055,520  
    Right-of-use asset     294,965       349,240  
    Intangible assets     3,000,978       3,386,117  
    Goodwill     12,059,428       12,059,428  
    Deferred tax assets     344,291       342,822  
    Total non-current assets:     16,818,323       17,193,127  
    Total assets     110,757,729       104,679,986  
    LIABILITIES AND SHAREHOLDERS’ DEFICIT                
    Current liabilities:                
    Borrowings     20,128,362       20,150,058  
    Receivable factoring     480,225       258,415  
    Other financial liabilities     3,329,550        
    Accounts payable, accruals and other payables     51,411,453       55,329,740  
    Amounts due to related parties     76,472,666       67,697,074  
    Convertible bonds     1,750,000       1,750,000  
    Lease liabilities     177,505       171,909  
    Total current liabilities:     153,749,761       145,357,196  
    Non-current liabilities:                
    Deferred tax liabilities     784,479       876,912  
    Employee benefit obligation     39,259       45,289  
    Lease liabilities     111,833       156,647  
    Total non-current liabilities:     935,571       1,078,848  
    Total liabilities     154,685,332       146,436,044  
                     
    Commitments and contingencies (Note 10)                
                     
    Shareholders’ deficit:                
    Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized 46,527,999 and 46,527,999 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) (1)     4,653       4,653  
    Additional paid-in capital (1)     67,797,587       65,638,838  
    Accumulated deficit     (136,197,260 )     (131,522,902 )
    Accumulated other Comprehensive Loss     7,873       (108,122 )
    Total shareholders’ deficit attributable to Currenc Group Inc.     (68,387,147 )     (65,987,533 )
    Non-controlling interests     24,459,544       24,231,475  
    Total deficit     (43,927,603 )     (41,756,058 )
    Total liabilities and shareholders’ deficit     110,757,729       104,679,986  
     
    (1) Retrospectively restated to reflect Reverse Recapitalization
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
     
        Three months ended March 31,  
        2025     2024  
        US$     US$  
    Cash flows from operating activities:                
    Net loss     (4,487,358 )     (2,631,928 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Non-cash expense for Share-based compensation     2,158,749        
    Depreciation of equipment and software     123,799       142,518  
    Depreciation of right-of-use assets     53,712       41,981  
    Amortization of intangible assets     385,139       831,392  
    Deferred income taxes     (92,426 )     54,704  
    Disposal of fixed assets     401        
    Unrealized foreign exchange gain     328,269       (124,690 )
    Changes in operating assets and liabilities:                
    Accounts receivable     33,923       (110,270 )
    Prepayments, receivables and other assets     (4,918,772 )     9,477,057  
    Escrow money payable           218,542  
    Client money payable           146,847  
    Accounts payable, accruals and other payables     (4,068,655 )     (7,014,740 )
    Interest payable on convertible bonds           952,736  
    Amount due from a director     729,198        
    Amount due to Immediate holding company     23,766        
    Amounts due from related parties     (3,652 )      
    Amounts due to related parties     8,245,995       (2,205,121 )
    Net cash used in operating activities     (1,487,912 )     (220,972 )
                     
    Cash flows from investing activities:                
    Decrease in short-term investments           615  
    Purchases of property, plant and equipment     (175,158 )     (12,058 )
    Proceeds received from disposal of PPE     596        
    Net cash used in investing activities     (174,562 )     (11,443 )
                     
    Cash flows from financing activities:                
    Proceeds from borrowings           639,210  
    Repayment of borrowings           (95,742 )
    Proceeds from receivable factoring     433,287       586,789  
    Repayment of receivable factoring     (218,974 )     (610,559 )
    Payment of principal elements of lease liabilities     (65,286 )     (46,295 )
    Payment of interest elements of lease liabilities     (7,416 )     (2,952 )
    Net cash generated from/(used in) financing activities     141,611       470,451  
                     
    Net decrease in cash and cash equivalents     (1,520,863 )     238,036  
    Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period     63,862,139       58,960,384  
    Cash and cash equivalents, restricted cash and escrow money receivable at end of the period     62,341,276       59,198,420  
                     
    Supplemental disclosure of cash flow information:                
    Income taxes paid     (140,905 )     (15,825 )
    Interest paid     (48,773 )     (346,270 )
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    EBITDA Analysis for the First Quarter of 2025 and 2024
     
    For the three-month period ended March 31, 2025   Tranglo     WalletKu     TNG Asia and GEA     Headquarters and adjustments     Group Total  
        (dollars in thousands)  
    Net income (loss)     1,160       (136 )           (5,511 )     (4,487 )
                                             
    Add:                                        
    Income tax expenses     141                   (93 )     48  
    Interest expense, net     21                   1,066       1,087  
    EBIT     1,322       (136 )           (4,538 )     (3,352 )
    Depreciation and amortization                             554  
    EBITDA     1,322       (136 )           (4,538 )     (2,798 )
    For the three-month period ended March 31, 2024   Tranglo     WalletKu     TNG Asia and GEA     Headquarters and adjustments     Group Total  
        (dollars in thousands)  
    Net income (loss)     1,070       (123 )     (1,039 )     (2,540 )     (2,632 )
                                             
    Add:                                        
    Income tax expenses     163                   (92 )     71  
    Interest expense, net                 242       1,069       1,311  
    EBIT     1,233       (123 )     (797 )     (1,563 )     (1,250 )
    Depreciation and amortization                             1,016  
    EBITDA     1,233       (123 )     (797 )     (1,563 )     (234 )
                                             

    1 TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
    2 Tranglo maintained a positive EBITDA for the first quarter of 2025 and 2024.
    3 Tranglo and WalletKu maintained a combined positive EBITDA for the first quarter of 2025 and 2024.

    ____________________________________
    1 Currenc divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.

    The MIL Network

  • MIL-OSI: Top KingWin Ltd Regains Compliance with Nasdaq Minimum Closing Bid Price Rule

    Source: GlobeNewswire (MIL-OSI)

    Guangzhou, China, May 20, 2025 (GLOBE NEWSWIRE) — Top KingWin Ltd (“Top KingWin” or the “Company”) (Nasdaq: WAI) announced today that it received a formal notification from the Nasdaq Stock Market LLC (“Nasdaq”) on May 19, 2025, that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company’s class A ordinary shares, par value of US$0.0025 each (the “Ordinary Shares”) to maintain a minimum bid price of $1.00 per share.

    The Nasdaq staff made this determination of compliance after the closing bid price of the Company’s Ordinary Shares has been at $1.00 per share or greater for the last 10 consecutive business days from May 5 to May 16, 2025. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and this bid price deficiency matter is now closed.

    About Top KingWin Ltd

    Top KingWin’s main clients are entrepreneurs and executives in small and medium-sized enterprises in China. Services provided by Top KingWin to its clients including (i) corporate business training services, which mainly focus on providing training services of advanced knowledge and new perspectives on the capital markets, (ii) corporate consulting services, which mainly focus on providing a combination of customized corporate consulting services to fulfill client’s unique financial needs, (iii) advisory and transaction services, which mainly focus on connecting entrepreneurs and businesses with diversified sources of capital, and (iv) sales of devices to support artificial intelligence data collection and analysis. Its mission is to provide comprehensive services to address clients’ needs throughout all phases of their development and growth.

    Forward-Looking Statements

    This press release contains forward-looking statements. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, the use of proceeds from the Company’s offering, the intent, belief or current expectations of Top KingWin and members of its management, as well as the assumptions on which such statements are based. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:

    Bonnie

    Email: IR@tcjhgw.cn

    The MIL Network

  • MIL-OSI: Tactile Medical to Present at Upcoming Investor Conferences in June

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, May 20, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that management will be participating in two upcoming investor conferences. Tactile Medical is scheduled to present at the William Blair 45th Annual Growth Stock Conference in Chicago on Tuesday, June 3, 2025, at 3:20 p.m. CST and at the Jefferies Global Healthcare Conference in New York on Wednesday, June 4, 2025, at 2:35 p.m. EST.

    Event: William Blair 45th Annual Growth Stock Conference
    Date: Tuesday, June 3, 2025
    Time: 3:20 p.m. CST

    Event: Jefferies Global Healthcare Conference
    Date: Wednesday, June 4, 2025
    Time: 2:35 p.m. EST

    A live audio webcast of the presentations will be accessible under the “Events & Webcasts” section of the Company’s investor relations website at http://investors.tactilemedical.com. An archive of the webcasts will be available for replay following the conference.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network