Category: Finance

MIL-OSI: Diversified Energy Announces First Quarter Dividend

Source: GlobeNewswire (MIL-OSI)

BIRMINGHAM, Ala., May 12, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC, NYSE:DEC) (“Diversified” or “the Company”) is pleased to announce that the Board has declared an interim dividend of 29 cents per share in respect of 1Q25 for the three month period ended March 31, 2025.

Key dates related to this dividend include:
	Record Date:	August 29, 2025
	Payment Date:	September 30, 2025
	Default Currency:	US Dollar
	Currency Election Option:	Sterling
	Last Date for Currency Election:	September 5, 2025

Diversified will pay the dividend in U.S. dollars while continuing to make available to shareholders a sterling election. For those shareholders who wish to receive their dividend payment in sterling, and who have not yet completed a currency election form, the Company has made available a dividend election form on its website at https://ir.div.energy/dividend-information. Shareholders who wish to receive sterling should submit the currency election form to Computershare Investor Services no later than September 5, 2025.

Diversified will announce the sterling value of the dividend payable per share approximately two weeks prior to the payment date.

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse (“UK MAR”), as it forms part of the UK domestic law by virtue of the European Union (Withdrawal) Act 2018.

For further information, please contact:

Diversified Energy Company PLC	+1 973 856 2757
Doug Kris	dkris@dgoc.com
Senior Vice President, Investor Relations & Corporate Communications	www.div.energy

FTI Consulting	dec@fticonsulting.com
U.S. & UK Financial Public Relations

About Diversified Energy Company PLC

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

The MIL Network –

May 12, 2025

MIL-OSI: Periodic announcement on the acquisition of the Bank‘s own shares and its results (week 1)

Source: GlobeNewswire (MIL-OSI)

This announcement contains information on transactions of the acquisition of own shares of AB Artea bankas (the Bank) carried during the period specified below under the Bank’s own share buy-back programme announced on 30 April 2025.

The period during which the acquisition of the Bank’s own shares under the programme was carried out – 05.05.2025 – 09.05.2025.

Period covered by this periodic report – 05.05.2025 – 09.05.2025.

Other information:

Transaction overview
Date	Total number of shares purchased on the day ( units)	Weighted average price (EUR)	Total value of transactions (EUR)
2025.05.05	100,000	0.891	89,100.00
2025.05.06	100,000	0.889	88,900.00
2025.05.07	100,000	0.884	88,400.00
2025.05.08	100,000	0.884	88,400.00
2025.05.09	100,000	0.882	88,200.00
Total acquired during the current week	500,000	0.886	443,000.00
Total acquired during the programme period	500,000	0.886	443,000.00

The Bank’s own bought-back shares: 10,597,749 units. Following the above transactions, the Bank will own a total of 11,097,749 units of own shares representing 1.67 % of the Bank’s issued shares. Further detailed information on the transactions is attached. This information is also available at: www.artea.lt

Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@artea.lt, +370 610 44447

Attachment

Additional detailed information about transactions (week 1)

The MIL Network –

May 12, 2025

MIL-OSI: Diversified Energy Reports Strong First Quarter 2025 Results Driven by Increased Top-Line Revenue Generation and Operational Discipline

Source: GlobeNewswire (MIL-OSI)

Maintaining Momentum into Second Quarter 2025 and Remain on Track to Achieve Full Year 2025 Guidance

Closed Maverick Acquisition Continuing to Execute our Strategy as the PDP Champion

Returned Over $59 million to Shareholders Through Dividends and Repurchases Year to Date

BIRMINGHAM, Ala., May 12, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC, NYSE: DEC) is pleased to announce the following operations and trading update for the quarter ended March 31, 2025.

**Consolidated operational & financial results for the quarter include only two weeks of Maverick Natural Resources (“Maverick”) contribution**

Executing Strategic Objectives

Closed transformational and accretive acquisition of Maverick Natural Resources
- Approximately doubling revenues and free cash flow
Strengthened balance sheet and increased liquidity
- Credit facility borrowing base of $900 million with $451 million of current undrawn capacity and unrestricted cash; current leverage ratio of ~2.7x
Retired $51 million of debt principal through amortizing debt payments during Q1 2025
Returned over $59 million year-to-date to shareholders through dividends and share repurchases^(a)
- Declared 1Q25 dividend of $0.29 per share
- Repurchased ~1.5 million shares year-to-date in 2025, representing ~$19 million of share buybacks^(a)
Advantageously added natural gas hedge volumes in 2026 through 2029 during recent strength in forward curve
On track to exceed $40 million in targeted land sales during the first half of 2025
Realized additional Coal Mine Methane (CMM) alternative energy credits with acquired assets from Summit Natural Resources
Next LvL Energy collaborated with the State of West Virginia regulatory agencies to modernize well retirement procedures using a method that is environmentally sound, safe, and cost-effective

Maverick Integration

Full field level integration anticipated by the end of the second quarter with technology, and administrative integration anticipated by the end of the third quarter 2025
On track to exceed the annualized synergy target of over $50 million
- High-graded staffing and reduced redundancies to capture efficiencies and cost savings
- Contract savings providing impacts in compression and chemicals

Delivering Reliable Results

March 2025 exit rate of 1,149 MMcfepd (192 Mboepd)^(b)
- Recorded average 1Q25 production of 864 MMcfepd (144 Mboepd)
Total Revenue, inclusive of settled hedges, of $295 million
Operating Cash Flow of $132 million, and Net loss of $337 million, inclusive of non-cash unsettled derivative adjustments
Achieved 1Q25 Adjusted EBITDA^(c) of $138 million and Free Cash Flow^(d) of $62 million
Realized 47% 1Q25 Adjusted EBITDA Margin^(c)
- 1Q25 Total Revenue, Inclusive of Settled Hedges per Unit^(e) of $3.78/Mcfe ($22.68/Boe)
- 1Q25 Adjusted Operating Cost per Unit^(f) of $2.00/Mcfe ($12.01/Boe)
Published the 5th annual Sustainability Report, “Winning Through Collaboration”

Rusty Hutson, Jr., CEO of Diversified, commented:

“Diversified is off to a great start in 2025, demonstrating the resilience of our business model in an otherwise volatile business environment while advancing our long-term strategy with the transformational acquisition of Maverick Natural Resources. Despite the broader macroeconomic and geopolitical challenges, we delivered solid operational results and continued growth in free cash flow.

We remain committed to effectively allocating capital. Thus far this year, Diversified has returned over $59 million to our shareholders through dividends and share repurchases, while we continue to deleverage naturally from principal paydowns of our debt. We believe our shares remain a compelling investment at current levels, and we will continue to take advantage of the current cycle and market dislocation to opportunistically repurchase shares.

At the same time, we have strategically invested in growing our business with our Maverick acquisition. We are highly focused on integration across all operations and functions of the organization, using the disciplined and methodical playbook we have historically executed to drive synergies and cost-saving initiatives that should provide margin expansion over time. We fully expect to exceed our annualized synergy target of $50 million.

Despite the current uncertain environment, the Diversified team, with our ONE DEC culture, continues to perform at a high level. Diversified has a proven track record of managing through challenging markets. I am confident that with our highly strategic initiatives, we will capitalize on opportunities and emerge from the current market as an even stronger company, ensuring continued growth and success.”

Operations and Finance Update

Production

The Company recorded exit rate production in March 2025 of 1,149 MMcfepd (192 Mboepd)^(b) and delivered 1Q25 average net daily production of 864 MMcfepd (144 Mboepd). Net daily production for the quarter continued to benefit from Diversified’s peer-leading, shallow decline profile.

The production for the quarter reflects the contribution of only two weeks of Maverick Natural Resources, which closed March 14th, 2025.

Margin and Total Cash Expenses per Unit

Diversified delivered 1Q25 per unit revenues of $3.78/Mcfe ($22.68/Boe) and Adjusted EBITDA Margin^(a) of 47% (55% unhedged). Notably, these per unit metrics reflect an increase in both revenues and expenses from the incorporation of greater liquids-related production of Maverick Natural Resources. The Company’s per unit expenses are anticipated to improve as the Company implements its playbook to achieve long-term, sustainable synergies and cost savings. For example, General and Administrative expenses remained relatively consistent with prior period levels, despite the higher per unit costs of Maverick, supporting our progress on cost savings and synergy capture.

	1Q25					1Q24
	$/Mcfe		$/Boe			$/Mcfe		$/Boe			%
Average Realized Price⁽¹⁾	$	3.78	$	22.68		$	3.25	$	19.50		16	%

	1Q25					1Q24
Adjusted Operating Cost per Unit^(f)	$/Mcfe		$/Boe			$/Mcfe		$/Boe			%
Lease Operating Expense⁽²⁾	$	0.92	$	5.49		$	0.65	$	3.91		40	%
Midstream Expense	$	0.23	$	1.40		$	0.27	$	1.61		(13	)%
Gathering and Transportation	$	0.34	$	2.06		$	0.31	$	1.85		11	%
Production Taxes	$	0.21	$	1.27		$	0.12	$	0.74		72	%
Total Operating Expense⁽²⁾	$	1.70	$	10.22		$	1.35	$	8.11		26	%
Employees, Administrative Costs and Professional Fees^(g)	$	0.30	$	1.79		$	0.33	$	1.98		(10	)%
Adjusted Operating Cost per Unit^(f)(2)	$	2.00	$	12.01		$	1.68	$	10.09		19	%
Adjusted EBITDA Margin^(a)		47			%		49			%

(1) 1Q25 excludes $0.04/Mcfe ($0.24/Boe) and 1Q24 excludes $0.05/Mcfe ($0.36/Boe) of other revenues generated by Next LVL Energy.
(2) 1Q25 excludes $0.03/Mcfe ($0.22/Boe) and 1Q24 excludes $0.07/Mcfe ($0.39/Boe) of expenses attributable to Next LVL Energy.
Values may not sum due to rounding.

Opportunistic Layering of Additional Hedges at Premium Contract Prices

Diversified has strategically taken advantage of the recent strength of the natural gas price curve to add to the Company’s 2026-2029 hedge portfolio and layering additional NYMEX volumes at an average floor price of ~$3.68/MMBtu, which is reflected in the financial derivatives positions as of April 30, 2025.

Environmental Update

Asset Retirement Progress and Next LVL Energy Update

Next LvL Energy partnered with the State of West Virginia regulatory agencies to implement advanced testing protocols and improved technology to help modernize and upgrade well retirement procedures. Through the combined efforts of real-world situation testing and oversight, the State of West Virginia has enacted new asset retirement regulations, with the resulting framework achieving an environmentally sound, safe, and cost-effective methodology.

Through the end of the first quarter, the Company has retired a combined 76 wells consisting of operated assets, state well retirements, and contracted retirement activity for third-party operators. Diversified is well-positioned to meet or exceed its retirement goal of 200 wells per year, with 57 operated wells retired as of March 31, 2025. The Company continues to drive stakeholder value via the realization of contractual partnerships to retire assets that eliminate orphaned or abandoned wells in our region and provide revenue to offset the cash costs associated with the retirement of Diversified’s wells.

Combined Company 2025 Outlook

The Company is reiterating its previously announced Full Year 2025 guidance. Following the recently completed acquisition of Maverick, Diversified expects to realize significant operational synergies associated with a larger, consolidated position in Oklahoma and the ability to improve the overall cost structure of the Maverick assets while continuing to prioritize returns and Free Cash Flow generation.

The following outlook incorporates a nine-month contribution from the recently acquired Maverick assets.

	2025 Guidance
Total Production (Mmcfe/d)	1,050 to 1,100
% Liquids	~25%
% Natural Gas	~75%
Total Capital Expenditures (millions)	$165 to $185
Adj. EBITDA⁽¹⁾(millions)	$825 to $875
Adj. Free Cash Flow⁽¹⁾(millions)	~$420
Leverage Target	2.0x to 2.5x
Combined Company Synergies (millions)	>$50

(1) Includes the value of anticipated cash proceeds for 2025 land sales.

Conference Call Details

The Company will host a conference call today, Monday, May 12, 2025, at 1:00 PM GMT (8:00 AM EDT) to discuss the 1Q25 Trading Statement and will make an audio replay of the event available shortly thereafter.

Footnotes:

(a)	Includes the total value of dividends paid and declared, and share repurchases (including Employee Benefit Trust) year-to-date, through May 12, 2025.
(b)	Exit rate includes full month of March 2025 production from Maverick.
(c)	Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; Adjusted EBITDA Margin represents Adjusted EBITDA as a percent of Total Revenue, Inclusive of Settled Hedges; For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $3 million in 1Q25 and $3 million in 1Q24, and Lease Operating Expense of $3 million in 1Q25 and $4 million in 1Q24 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy; For more information, please refer to the Non-IFRS reconciliations as set out below.
(d)	Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest; For more information, please refer to the Non-IFRS reconciliations as set out below.
(e)	Includes the impact of derivatives settled in cash; For purposes of comparability, excludes certain amounts related to Diversified’s wholly owned plugging subsidiary, Next LVL Energy.
(f)	Adjusted Operating Cost represent total lease operating costs plus recurring administrative costs. Total lease operating costs include base lease operating expense, owned gathering and compression (midstream) expense, third-party gathering and transportation expense, and production taxes. Recurring administrative expenses (Adjusted G&A) is a Non-IFRS financial measure defined as total administrative expenses excluding non-recurring acquisition & integration costs and non-cash equity compensation; For purposes of comparability, excludes certain amounts related to Diversified’s wholly owned plugging subsidiary, Next LVL Energy.
(g)	As used herein, employees, administrative costs and professional services represent total administrative expenses excluding cost associated with acquisitions, other adjusting costs and non-cash expenses. We use employees, administrative costs and professional services because this measure excludes items that affect the comparability of results or that are not indicative of trends in the ongoing business.

For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission and available on the Company’s website.

For further information, please contact:

Diversified Energy Company PLC	+1 973 856 2757
Doug Kris	dkris@dgoc.com
Senior Vice President, Investor Relations & Corporate Communications	www.div.energy

FTI Consulting	dec@fticonsulting.com
U.S. & UK Financial Public Relations

About Diversified Energy Company PLC

Forward-Looking Statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations, business and outlook of the Company and its wholly owned subsidiaries (the “Group”). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “guidance” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, the Company’s ability to successfully integrate acquisitions, including the acquired Maverick assets, changes in the political, social and regulatory framework, including inflation and changes resulting from actual or anticipated tariffs and trade policies, in which the Company or the Group operate or in economic or technological trends or conditions. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, Including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission.

Forward-looking statements speak only as of their date and neither the Company nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement, may not occur. As a result, you are cautioned not to place undue reliance on such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company.

Use of Non-IFRS Measures

Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems.

Adjusted EBITDA

As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation and amortization. Adjusted EBITDA includes adjusting for items that are not comparable period-over-period, namely, finance costs, accretion of asset retirement obligation, other (income) expense, loss on joint and working interest owners receivable, gain on bargain purchases, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, costs associated with acquisitions, other adjusting costs, loss on early retirement of debt, non-cash equity compensation, (gain) loss on foreign currency hedge, net (gain) loss on interest rate swaps and items of a similar nature.

Adjusted EBITDA should not be considered in isolation or as a substitute for operating profit or loss, net income or loss, or cash flows provided by operating, investing, and financing activities. However, we believe such a measure is useful to an investor in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of the financial covenants under our revolving credit facility; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to evaluate this metric as a percentage of our total revenue, inclusive of settled hedges, producing what we refer to as our adjusted EBITDA margin.

The following table presents a reconciliation of the IFRS Financial measure of Net Income (Loss) to Adjusted EBITDA for each of the periods listed:

	Three Months Ended
Amounts in 000’s	March 31, 2025			March 31, 2024			December 31, 2024
Net income (loss)	$	(337,391	)	$	(15,145	)	$	(102,033	)
Finance costs		42,820			27,416			37,453
Accretion of asset retirement obligation		10,353			7,183			8,323
Other (income) expense		(644	)		(5	)		(295	)
Income tax (benefit) expense		66,790			5,633			(125,052	)
Depreciation, depletion and amortisation		70,807			57,015			73,960
(Gain) loss on fair value adjustments of unsettled financial instruments		235,070			13,552			202,124
(Gain) loss on natural gas and oil property and equipment⁽¹⁾		236			4			14,330
(Gain) loss on sale of equity interest		—			—			7,375
Unrealized (gain) loss on investment		—			—			6,446
Costs associated with acquisitions		2,885			1,519			4,532
Other adjusting costs⁽²⁾		5,963			3,693			7,644
Loss on early retirement of debt		39,485			—			2,469
Non-cash equity compensation		1,825			1,268			2,258
(Gain) loss on interest rate swap		(35	)		(50	)		(41	)
Total Adjustments	$	475,555		$	117,228		$	241,526
Adjusted EBITDA^(c)	$	138,164		$	102,083		$	139,493
TTM Adjusted EBITDA	$	508,390		$	497,510		$	472,309
Pro Forma TTM Adjusted EBITDA⁽³⁾	$	952,216		$	497,510		$	548,570

(1) Excludes $2 million, $2 million and $8 million in cash proceeds received for leasehold sales during the three months ended March 31, 2025, March 31, 2024 and December 31, 2024, respectively.
(2) Other adjusting costs for the three months ended December 31, 2024 were primarily associated with legal fees for certain litigation.
(3) Pro forma TTM adjusted EBITDA includes adjustments for respective periods to pro forma results for the full twelve-month impact of intra-period acquisitions (March 31, 2025: Oaktree, Crescent Pass, East Texas II, Summit and Maverick; December 31, 2024: Oaktree, Crescent Pass Energy and East Texas II).

Net Debt and Net Debt-to-Adjusted EBITDA

As used herein, net debt represents total debt as recognized on the balance sheet less cash and restricted cash. Total debt includes our borrowings under our revolving credit facility and our borrowings under or issuances of, as applicable, our subsidiaries’ securitization facilities, excluding original issuance discounts and deferred finance costs. We believe net debt is a useful indicator of our leverage and capital structure.

As used herein, net debt-to-adjusted EBITDA, or “leverage” or “leverage ratio,” is measured as net debt divided by adjusted trailing twelve-month EBITDA. We believe that this metric is a key measure of our financial liquidity and flexibility and is used in the calculation of a key metric in one of the financial covenants under our revolving credit facility.

The following table presents a reconciliation of the IFRS Financial measure of Total Non-Current Borrowings to the Non-IFRS measure of Net Debt and a calculation of Net Debt-to-Adjusted EBITDA and Net Debt-to-Pro Forma Adjusted EBITDA for each of the periods listed:

	As of
Amounts in 000’s	March 31, 2025			March 31, 2024			December 31, 2024
Total non-current borrowings, net	$	2,544,937		$	1,066,643		$	1,483,779
Current portion of long-term debt		156,253			184,463			209,463
LESS: Cash		(32,641	)		(3,456	)		(5,990	)
LESS: Restricted cash		(106,011	)		(32,828	)		(46,269	)
Net Debt	$	2,562,538		$	1,214,822		$	1,640,983
Pro forma TTM adjusted EBITDA⁽¹⁾	$	952,216		$	497,510		$	548,570
Net debt-to-pro forma TTM adjusted EBITDA	2.7x			2.4x			3.0x

(1) Pro forma TTM adjusted EBITDA includes adjustments for respective periods to pro forma results for the full twelve-month impact of intra-period acquisitions (March 31, 2025: Oaktree, Crescent Pass, East Texas II, Summit and Maverick; December 31, 2024: Oaktree, Crescent Pass Energy and East Texas II).

Free Cash Flow

As used herein, free cash flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities other than capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends.

The following table presents a reconciliation of the IFRS Financial measure of Net Cash from Operating Activities to the Non-IFRS measure of Free Cash Flow for each of the periods listed:

Amounts in 000’s Except per share amounts	Three Months Ended			Three Months Ended			Twelve Months Ended
Amounts in 000’s Except per share amounts	March 31, 2025			March 31, 2024			March 31, 2025
Net cash provided by operating activities	$	131,539		$	106,258		$	370,944
LESS: Expenditures on natural gas and oil properties and equipment		(28,031	)		(9,293	)		(70,838	)
LESS: Cash paid for interest		(41,574	)		(23,759	)		(140,956	)
Free Cash Flow^(d)	$	61,934		$	73,206		$	159,150

Total Revenue, Inclusive of Settled Hedges and Adjusted EBITDA Margin

As used herein, total revenue, inclusive of settled hedges, includes the impact of derivatives settled in cash. We believe that total revenue, inclusive of settled hedges, is a useful measure because it enables investors to discern our realized revenue after adjusting for the settlement of derivative contracts.

The following table presents a reconciliation of the IFRS Financial measure of Total Revenue to the Non-IFRS measure of Total Revenue, Inclusive of Settled Hedges and a calculation of Adjusted EBITDA Margin for each of the periods listed:

Amounts in 000’s	Three Months Ended		Three Months Ended		Year Ended
Amounts in 000’s	March 31, 2025		March 31, 2024		December 31, 2024
Total revenue	346,903		193,624		794,841
Net gain (loss) on commodity derivative instruments⁽¹⁾	(52,271	)	22,066		151,289
Total revenue, inclusive of settled hedges^(c)	294,632		215,690		946,130
Adjusted EBITDA^(c)	138,164		102,083		472,309
Adjusted EBITDA Margin^(c)	47	%	47	%	50	%
Adjusted EBITDA Margin, exclusive of Next LVL Energy⁽²⁾	47	%	49	%	51	%

(1) Net gain (loss) on commodity derivative settlements represents cash (paid) or received on commodity derivative contracts. This excludes settlements on foreign currency and interest rate derivatives as well as the gain (loss) on fair value adjustments for unsettled financial instruments for each of the periods presented.
(2) For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $3 million in 1Q25 and $3 million in 1Q24, and Lease Operating Expense of $3 million in 1Q25 and $4 million in 1Q24 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy.

The MIL Network –

May 12, 2025

Nifty, Sensex open lower amid rising India-Pakistan tensions

Source: Government of India (4)

Indian benchmark indices opened lower on Friday in line with expectations, as geopolitical tensions between India and Pakistan escalated.

At 9:23 am, the Sensex was down 529 points or 0.66% at 79,805, while the Nifty declined 207 points or 0.85% to 24,066.

Weakness was also observed in the broader markets. The Nifty Midcap 100 index dropped 509 points or 0.96% to 52,719, and the Nifty Smallcap 100 index fell 232 points or 1.44% to 15,951.

“After a negative opening, Nifty can find support at 24,000, followed by 23,800 and 23,700. On the upside, 24,300 is an immediate resistance level, followed by 24,400 and 24,500,” said Hardik Matalia of Choice Broking.

Across sectoral indices, auto, IT, financial services, pharma, FMCG, realty, and energy were among the top laggards.

In the Sensex pack, Titan, L&T, Tata Motors, and Asian Paints emerged as top gainers. On the other hand, Power Grid, UltraTech Cement, ICICI Bank, HDFC Bank, HCL Tech, Tata Steel, Bajaj Finance, Bajaj Finserv, Sun Pharma, HUL, and Bharti Airtel were the major losers.

The ongoing uncertainty continues to keep traders on edge, casting a shadow over market sentiment amid continued geopolitical stress.

“Until the volatility—reflected in the elevated India VIX—eases, we recommend a hedged strategy to navigate the current environment, with a focus on selective stock picking,” said Ajit Mishra, SVP – Research, Religare Broking.

Asian markets were trading mixed. Tokyo, Bangkok, and Jakarta were in the green, while Shanghai and Hong Kong were in the red.

US markets closed higher, buoyed by positive developments related to trade tariffs.

Meanwhile, foreign institutional investors (FIIs) remained net buyers for the 16th straight session on May 8, purchasing equities worth ₹2,007 crore. In contrast, domestic institutional investors (DIIs) sold equities worth ₹596 crore on the same day.

-IANS

May 12, 2025
MIL-OSI Australia: Alleged Sexual Assault – Palmerston

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force are currently investigating an alleged sexual assault against a young person in Palmerston early Saturday morning.

It is alleged the female youth was sexually assaulted by an unknown male around 1:50am on a path between Temple Terrace and Hannibal Crescent, Palmerston.

Investigations are ongoing and at this stage no further information can be provided.

Detectives urge anyone with information in relation to the incident to make contact on 131 444. Please quote reference number P25128249. Anonymous reports can be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

MIL OSI News –

May 12, 2025
Bulls Take Charge: Sensex, Nifty Rally Sharply After Successful ‘Operation Sindoor’

Source: Government of India (4)

The domestic indices surged on Monday with Sensex jumping over 1,900 points in the morning trade, as India-Pakistan tensions eased with ‘Operation Sindoor’ marking a significant demonstration of India’s military and strategic prowess.

Buying was seen in the PSU bank, IT and auto sectors in the early trade.

At around 9.34 am, Sensex was trading 1,943 points or 2.45 per cent up at 81,398.42 while the Nifty climbed 598.8 point or 2.49 per cent at 24,606.85.

Nifty Bank was up 1,395.95 points or 2.60 per cent at 54,991.20. The Nifty Midcap 100 index was trading at 54,679.55 after rising 1,456.20 points or 2.74 per cent. Nifty Smallcap 100 index was at 16,584.60 after climbing 498.95 points or 3.10 per cent.

According to analysts, India’s markets and economy have demonstrated remarkable resilience, consistently transcending external perturbations and geo-political tensions. This strength comes from a steady, domestically-oriented economy, which helps protect against global troubles, showing that every crisis eventually ends.

“India’s efforts to negotiate trade deals will strengthen global business links and help it sell more worldwide, bringing in steady foreign money and making it more competitive. Along with balanced global relationships and strong partnerships, this creates a relatively stable investment place,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.

Major indexes finished the last week narrowly mixed. The trade deal announcement between US and UK and reports that U.S. and Chinese officials meeting in Switzerland on the weekend for trade discussions, paved the way for broader negotiations and tariff de-escalation, supported investor sentiment, said experts.

Meanwhile, in the Sensex pack, Adani Ports, Bajaj Finance, Axis Bank, Eternal, Power Grid, NTPC, Bajaj Finserv, Tata Steel, L&T, SBI were the top gainers. Whereas, only Sun Pharma was the top loser.

In the Asian markets, China, Hong Kong and Seoul were trading in green, whereas, Japan was trading in red.

In the last trading session on Friday, Dow Jones in the US declined 0.29 per cent to close at 41,249.38. The S&P 500 declined 0.07 per cent to 5,659.91and the Nasdaq closed at 17,928.92 .

On the institutional front, foreign institutional investors (FIIs), after being net buyers for 16 consecutive sessions, turned net sellers on May 9, offloading equities worth Rs 3,798.71 crore. In contrast, domestic Institutional Investors (DIIs) remained net buyers, investing Rs 7,277.74 crore on the same day.

(IANS)

May 12, 2025

MIL-OSI: 27/2025・Trifork Group: Weekly report on share buyback

Source: GlobeNewswire (MIL-OSI)

Company announcement no. 27 / 2025
Schindellegi, Switzerland – 12 May 2025

Trifork Group: Weekly report on share buyback

On 28 February 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. For details, please see company announcement no. 7 of 28 February 2025.

Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million). Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital. Under the program, the following transactions have been made:

Date	Number of shares	Average purchase price (DKK)	Transaction value (DKK)
Total beginning	74,679	85.74	6,403,060
5 May 2025	1,500	90.12	135,180
6 May 2025	1,297	92.45	119,908
7 May 2025	1,700	91.34	155,278
8 May 2025	1,600	92.65	148,240
9 May 2025	1,398	92.27	128,993
Accumulated	82,174	86.29	7,090,659

A detailed overview of the daily transactions can be found here: https://investor.trifork.com/trifork-shares/

Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 82,174 at a total amount of DKK 7,090,659. On 25 March and on 25 April 2025, 2,929 shares acquired through the share buyback program were utilized for the Executive Management’s monthly fixed salary, representing a change from cash payment to payment partly in shares (refer to company announcement no. 1 of 21 January 2025). On 1 April 2025, 19,943 shares acquired through the share buyback program were utilized to serve the RSU plan of Executive Management and certain employees.

With the transactions stated above, Trifork holds a total of 315,631 treasury shares, corresponding to 1.6%. The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,429,268.

Investor and media contact
Frederik Svanholm, Group Investment Director, frsv@trifork.com , +41 79 357 73 17

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

Attachment

CA_27_25_Buyback

The MIL Network –

May 12, 2025

India-Pakistan tensions trigger selloff in stock markets, Sensex falls 880 points

Source: Government of India

Source: Government of India (4)

Indian equity markets witnessed a sharp decline on Friday as rising tensions between India and Pakistan spooked investors.

At the closing bell, the Sensex dropped 880.34 points, or 1.10 per cent, to close at 79,454.47, while the Nifty fell 265.80 points, or 1.10 per cent, to settle at 24,008.

“Nifty traders appeared to embrace risk-off trades amid India-Pakistan tensions, as the index fell from its recent consolidation zone,” said Rupak De of LKP Securities.

He added that the Nifty managed to stay above the 24,000 mark as it found support around the 21-day exponential moving average (EMA).

Among the Sensex’s 30 stocks, ICICI Bank led the losses, falling 3.09 per cent during the intra-day session, followed by PowerGrid (down 2.61 per cent), Bajaj Finance (down 1.84 per cent), and Reliance Industries (down 1.84 per cent).

However, some stocks managed to post gains. Titan led the pack with a 4.25 per cent rise, followed by Larsen & Toubro at 4.02 per cent, Tata Motors with 3.86 per cent, State Bank of India at 1.39 per cent, and Asian Paints, which edged up 0.2 per cent.

Investor sentiment weakened across the board. The Nifty Bank, financial services, and realty indices each dropped more than 1 per cent, with the realty sector emerging as the worst performer, plunging nearly 2 per cent.

Other key sectors—auto, IT, energy, pharma, FMCG, healthcare, and oil & gas—also ended the day in the red.

Despite the overall weakness, a few sectors bucked the trend. Nifty PSU Bank, consumer durables, media, and metal stocks managed to close with gains, providing some support to the market.

In the broader market, the Nifty Midcap 100 index ended flat, while the Nifty Smallcap 100 slipped 0.61 per cent.

Additionally, the rupee traded in a volatile range of 85.90 to 85.35 amid the ongoing border tensions, with signs of escalation keeping market participants cautious.

“Any fresh developments on the geopolitical front are likely to have a significant impact on the rupee’s direction,” said Jateen Trivedi of LKP Securities.

–IANS

May 12, 2025
Centre expands credit guarantee scheme for startups

Source: Government of India

Source: Government of India (4)

The Centre on Friday notified an expansion of the Credit Guarantee Scheme for Startups (CGSS). The revised scheme significantly enhances guarantee coverage and reduces associated fees, in a bid to ease access to debt funding for early-stage and innovation-driven enterprises.

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, announced that the ceiling on guarantee cover per borrower under the CGSS has been raised from ₹10 crore to ₹20 crore. Simultaneously, the extent of guarantee coverage has been revised to 85% of the amount in default for loan amounts up to ₹10 crore and 75% for amounts exceeding that limit.

The scheme also offers a reduced Annual Guarantee Fee (AGF) for startups operating within 27 identified Champion Sectors. The AGF for these sectors has been halved from 2% per annum to 1%, in a move designed to encourage innovation in areas critical to India’s manufacturing and services ambitions under the ‘Make in India’ initiative. These Champion Sectors were earlier recognised by the Government to help accelerate industrial self-reliance and technological advancement.

“The expanded scheme will further reduce the perceived risks associated with lending to startups in established financial institutions, enabling greater financial flow and runway for startups to undertake research and development, experimentation, and create cutting-edge innovation and technologies,” the DPIIT said in a statement.

The CGSS expansion is in line with the broader vision of Prime Minister Narendra Modi to transform India into a self-reliant, innovation-led economy. The Government anticipates that the increased guarantee cover and enhanced risk-sharing mechanism will incentivise more financial institutions to extend debt support to startups. This, in turn, is expected to increase the overall volume of startup financing in the country.

The CGSS was first notified on October 6, 2022, following the launch of the Startup India initiative by the Prime Minister on January 16, 2016. The scheme provides guarantee coverage against credit instruments offered to eligible startups by Scheduled Commercial Banks, All India Financial Institutions (AIFIs), Non-Banking Financial Companies (NBFCs), and SEBI-registered Alternative Investment Funds (AIFs). The primary aim is to make collateral-free debt funding more accessible through instruments such as working capital, term loans, and venture debt.

The DPIIT noted that several operational reforms and enabling measures, developed in consultation with stakeholders from the startup ecosystem, have also been incorporated in the updated CGSS framework. These additions are intended to make the scheme more appealing both to lenders and to startups seeking financial support.

The announcement follows proposals made in the Union Budget 2025–26, which called for enhanced credit availability with a broader guarantee cover as part of the Government’s efforts to deepen the startup ecosystem. With the latest revisions, the Government hopes to position CGSS as a key pillar in building a “Viksit Bharat” — a developed India rooted in innovation and economic inclusion.

May 12, 2025
India’s first mortgage-backed PTCs listed on NSE

Source: Government of India

Source: Government of India (4)

M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, on Tuesday rang the ceremonial bell to mark the listing of the country’s first mortgage-backed Pass Through Certificates (PTCs) on the National Stock Exchange (NSE). The certificates were structured by RMBS Development Company Limited.

The listing ceremony, held in Mumbai, was attended by senior officials from banks, housing finance companies, and key financial institutions. The PTCs, fully subscribed at ₹1,000 crore, are backed by a pool of housing loans originated by LIC Housing Finance Limited. A total of 1,00,000 certificates with a face value of ₹1,00,000 each were issued.

This marks the first time a PTC issue in India has had its coupon rate discovered through the NSE’s Electronic Book Provider (EBP) platform. The certificates carry a 7.26% annual coupon and have a final maturity of approximately 20 years. Rated AAA(SO) by CRISIL and CARE Ratings, the PTCs are issued in dematerialized form, making them fully transferable and eligible for secondary market trading.

Addressing the gathering, Nagaraju emphasized the crucial role of the housing and housing finance sectors in India’s economic development. “Housing finance has extensive forward and backward linkages with several other sectors, including infrastructure,” he said. “Meeting the housing needs of our vast population is essential to ensuring inclusive and sustained economic growth.”

He further underscored the potential of securitization in integrating the housing finance and debt markets, calling the introduction of RMBS (Residential Mortgage-Backed Securities) a possible catalyst for the sector’s future growth.

May 12, 2025
Sensex, Nifty open flat amid mixed global cues

Source: Government of India

Source: Government of India (4)

Indian equity indices opened on a flat note on Tuesday amid mixed global cues and ongoing geopolitical tensions.

At 9:18 am, the Sensex was down 11 points at 80,785, while the Nifty declined 8 points to trade at 24,452.

Selling pressure was witnessed in the broader markets. The Nifty Midcap 100 index dropped 126 points or 0.23 per cent to 54,548, while the Nifty Smallcap 100 index fell 61 points or 0.37 per cent to 16,547.

From a technical standpoint, the Nifty 50 continues to trade within a narrow consolidation range, forming a neutral candlestick pattern on the daily chart, experts noted.

“A decisive move above 24,500 could pave the way for an up move towards 24,700 and 24,800. On the downside, support is seen at 24,200 and 24,000, where traders may find buying opportunities on dips,” said Mandar Bhojane of Choice Broking.

On the sectoral front, auto, FMCG, and private banks were among the top gainers. Pharma, realty, and media stocks underperformed.

In the Sensex pack, M&M, Bharti Airtel, Bajaj Finserv, HUL, Nestle, Tata Steel, Axis Bank, L&T, IndusInd Bank, and ITC were the major gainers. On the other hand, Sun Pharma, Tata Motors, Titan, Eicher Motors, SBI, TCS, Bajaj Finance, and UltraTech Cement were among the top losers.

Most Asian stock markets were trading in the green. Shanghai and Hong Kong registered gains as optimism around potential US-China trade talks lifted investor sentiment.

Markets in Japan and South Korea remained closed for public holidays. Meanwhile, US markets ended in the red in the previous session.

On the institutional side, foreign institutional investors (FIIs) continued their buying streak on May 5, with net equity purchases worth ₹497 crore. Domestic institutional investors (DIIs) also remained strong buyers, investing ₹2,788 crore.

This sustained inflow from both domestic and foreign investors indicates underlying market confidence despite global uncertainties, experts said.

— IANS

May 12, 2025
India–New Zealand Free Trade Agreement: First round of negotiations concludes in New Delhi

Source: Government of India

Source: Government of India (4)

The first round of negotiations for the India–New Zealand Free Trade Agreement (FTA) concluded successfully on Friday in the national capital. The talks, held from May 5 to May 9, represent a significant milestone in the growing economic relations between the two nations.

The initiative builds on the visit of New Zealand Prime Minister Christopher Luxon to India in March 2025, where he and Prime Minister Narendra Modi discussed expanding economic cooperation. The FTA was formally launched during a meeting on 16 March 2025, between Piyush Goyal, India’s Minister of Commerce and Industry, and Todd McClay, New Zealand’s Minister for Trade and Investment.

Groundwork and Key Areas of Negotiation

Prior to the in-person talks, both countries held a series of virtual discussions to lay the groundwork for the negotiations. The first round of face-to-face talks covered a wide range of crucial areas, including Trade in Goods and Services, Trade Facilitation, and mutually beneficial sectors of economic cooperation. These constructive discussions underline the strategic importance both nations place on creating a balanced, fair, and mutually advantageous trade agreement.

The two sides focused on creating a framework that will not only boost trade but also address the changing global economic landscape. The FTA negotiations are designed to foster a more robust and predictable trading environment, enhancing economic cooperation and fostering deeper ties between the two nations.

Bilateral Trade Growth and FTA Expectations

The bilateral trade relationship between India and New Zealand has witnessed a remarkable growth trajectory in recent years. Merchandise trade between the countries reached an impressive USD 1.3 billion in the financial year 2024–25, marking a strong year-on-year growth of 48.6%. This surge in trade underscores the growing potential of the India-New Zealand economic partnership.

The FTA is expected to further elevate this partnership by improving supply chain integration, reducing trade barriers, and enhancing business opportunities on both sides. It will provide a solid framework for fostering cross-border investment, creating new avenues for businesses, and aligning trade policies with global aspirations.

Looking Ahead

Both countries have reaffirmed their mutual understanding and commitment to working towards a future-ready framework and aim to conclude the FTA by the end of this year. The second round of negotiations will take place in July 2025, with both sides aiming to build on the progress made in the first round.

India’s growing network of trade agreements, including this one with New Zealand, reflects its steadfast commitment to enhancing economic partnerships in line with its national priorities. As the global trade landscape evolves, this FTA holds the potential to be a transformative agreement, positioning both nations for greater economic success in the years to come.

May 12, 2025
Sensex, Nifty end higher post ‘Operation Sindoor’

Source: Government of India

Source: Government of India (4)

Despite high volatility during the trading session on Wednesday, Indian stock markets managed to close in the green.

The Sensex erased all the early losses and closed with a gain of 105 points, or 0.13 per cent at 80,746.

Similarly, the Nifty closed the intra-day trading session with a 0.14 per cent gain at 24,414, reclaiming the crucial 24,400 mark.

“Regarding Nifty, the highest open interest on the call side is concentrated at the 24,500 and 24,400 strike prices, while the highest open interest on the put side is seen at 24,300 and 24,400,” said Sundar Kewat of Ashika Institutional Equity.

The Put-Call Ratio (PCR) stands at 0.98, indicating a relatively balanced market sentiment, he added.

The markets opened on a weak note, with early losses triggered by uncertainty in the region. However, confidence returned as the day progressed.

The recovery came as easing global trade tensions, the finalisation of a free trade agreement (FTA) with the United Kingdom, and strong foreign inflows helped offset concerns stemming from rising geopolitical tensions between India and Pakistan.

Support from key sectors such as auto, real estate, and metals helped the indices recover, turning the mood positive by mid-session.

Tata Motors led the rally on the Sensex with a strong 5.2 per cent jump, followed by Bajaj Finance, which gained 2.02 per cent.

Eicher Motors rose 1.41 per cent, matching the gains of Adani Ports, while Titan added 1.27 per cent.

The other notable gainers on the index include Eternal (formerly Zomato), Mahindra and Mahindra, Tata Steel and more.

On the losing side, Asian Paints fell the most, shedding 4 per cent. Sun Pharma declined by 1.95 per cent, ITC lost 1.3 per cent, Nestle India dropped 1.06 per cent, and Reliance Industries slipped 1.01 per cent.

Broader markets also showed strong recovery. After suffering sharp losses in the previous session, both the Nifty Midcap 100 and Nifty Smallcap indices bounced back sharply, each posting gains of around 1.5 per cent.

Among the sectoral indices, all sectors ended in the green, except for FMCG, pharma, and healthcare.

Leading the gains were auto, media, realty, and consumer durables, each rising over 1 per cent.

Meanwhile, market volatility remained elevated as the India VIX — also known as the fear index — rose 3.58 per cent to end at 19.

(IANS)

May 12, 2025
Sensex, Nifty gain in early trade as India carries out ‘Operation Sindoor’

Source: Government of India

Source: Government of India (4)

The Indian benchmark indices erased early losses and began rising on Wednesday as India carried out ‘Operation Sindoor’ at nine terror locations in Pakistan and Pakistan-occupied Kashmir (PoK) in the wake of the barbaric Pahalgam attack that took 26 lives.

At around 9.34 a.m., Sensex was 160 points up at 80,800, while Nifty was up 56 points at 24,435.35. Both indices pared early losses.

On NSE, eight sectoral indices advanced and seven declined out of twelve. The NSE Nifty Media declined the most, and the NSE Nifty PSU Bank rose the most.

Tata Motors, Shriram Finance, Apollo Hospitals, Bajaj Finance, and Hindalco were among the major gainers on the Nifty, while losers were Asian Paints, Titan Company, TCS, L&T, and Tech Mahindra.

According to analysts, what stands out in ‘Operation Sindoor’ from the market perspective is its focused and non-escalatory nature.

“We have to wait and watch how the enemy reacts to these precision strikes by India. The market is unlikely to be impacted by the retaliatory strike by India since that was known and discounted by the market,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments.

The main catalyst of market resilience in India is the sustained FII buying of the last fourteen trading days, which has touched a cumulative figure of Rs 43,940 crore in the cash market.

FIIs are focused on global macros like a weak dollar, slower growth in the US and China in 2025, and India’s potential outperformance in growth. This can keep the market resilient. However, investors have to watch the developments on the border, said market experts.

The big shift in market preference in favour of large-caps, away from overvalued segments of mid and small-caps, is significant. FIIs, as always, are mainly buying large-caps, and this trend can continue.

Additionally, geopolitical tensions are expected to introduce further volatility, influencing short-term market movements.

Meanwhile, US stocks fell on Tuesday as the Federal Reserve kicked off its two-day policy meeting. Investors are watching closely to see how President Trump’s tariffs could influence the Fed’s stance on interest rates and the broader economic outlook. (IANS)

May 12, 2025
MIL-OSI Australia: Arrest – Fence rammed and aggravated assault – Gray
Source: Northern Territory Police and Fire Services

Darwin Traffic Operations has arrested a 38-year-old male for allegedly ramming a vehicle into a residence in Gray on Saturday afternoon.

Around 2:40pm, police received reports of a vehicle allegedly driving through the closed gate of a residence on Essington Avenue and into the front of the house. Two occupants, known to the offender, were within the front yard and were struck by the vehicle. The collision resulted in significant damage to the residence and the gate. The offender subsequently fled the scene in the offending vehicle prior to police arrival.

Police and St John Ambulance attended and assessed the two adult victims, both of which sustained non-life-threatening injuries requiring medical treatment. The second victim also experienced a medical episode following the incident.

Additional resources were deployed to locate the alleged offender and the offending vehicle. Around 5:35pm, police observed the offender walking along Jenkins Road before attempting to apprehend him. As he was being apprehended, he violently resisted arrest and a taser was deployed.

The 38-year-old was subsequently arrested and found to be in possession of a quantity of methamphetamine and other drug paraphernalia.

The Search and Rescue Section later located the vehicle in nearby bushland. It is alleged that the vehicle was also stolen from a person known to the offender.

He has since been charged with the following:
- Recklessly endangering life x 3
- Breach DVO x 1
- Drive unregistered / uninsured motor vehicle and other traffic related offences
- Possess Schedule 1 Drug (Traffickable quantity)
- Resist police in execution of duty
- Damage to property x 2
- Driving, using motor vehicle without consent
He has been remanded to appear in Darwin Local Court on 12 May 2025.

Domestic Violence Investigation Unit have carriage of the investigation and urge anyone with information about the incident to make contact on 131 444. Please quote reference number P25128147. Anonymous reports can be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

If you or someone you know are experiencing difficulties due to domestic violence, support services are available, including, but not limited to, 1800RESPECT (1800737732) or Lifeline 131 114.

MIL OSI News –
May 12, 2025
MIL-OSI Asia-Pac: SFST’s speech at HKQAA International Sustainability Forum – Hong Kong 2025 (English only)

Source: Hong Kong Government special administrative region

     Following is the pre-recorded video speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKQAA International Sustainability Forum – Hong Kong 2025 today (May 12):

Chairman Ho (Chairman of the Hong Kong Quality Assurance Agency (HKQAA), Mr Ho Chi-shing), Chin-wan (Secretary for Environment and Ecology, Mr Tse Chin-wan), distinguished guests, ladies and gentlemen,

     Good morning. It is my great pleasure to address you at the HKQAA’s annual international sustainability forum, a platform gathering relevant stakeholders from both the public and private sectors to discuss important issues of sustainability. This year’s theme, “Seizing Green Finance Opportunities in the Low-Carbon Transition of the Belt and Road Initiative and the Greater Bay Area (GBA)”, is highly relevant and timely amid the global shift and increasing awareness towards sustainability, and the rising importance of green and sustainable finance in supporting green transition and achieving carbon neutrality for the world. Pursuing the vision of a community with a shared future for mankind, both our country and our city look beyond the current geopolitical environment and the instability it brings, and are committed to promoting a low-carbon economy, green finance, and supporting green development in the Belt and Road region.

Hong Kong as a premier international financial centre

     Being a premier international financial centre, Hong Kong also plays a part in supporting green development and transition in the region by mobilising cross-border investments to address climate and sustainability challenges. The Government, along with financial regulators and stakeholders, has been making efforts in enhancing the ecosystem of the green and sustainable finance market through a multipronged approach, namely (i) providing diversified green investment products; (ii) aligning with international standards; and (iii) supporting market development.

Providing diversified green investment products

     Our capital market provides a wide range of green and sustainable investment products. In 2024, the volume of green and sustainable bonds arranged in Hong Kong amounted to around US$43 billion, ranking first in the Asian market for seven consecutive years since 2018 and capturing around 45 per cent of the regional total. As of March this year, the number of ESG (environmental, social and governance) funds authorised by the Securities and Futures Commission (SFC) was around 220 with assets under management of around HK$1.1 trillion – an increase of 80 per cent over the past three years.

     The Government Sustainable Bond Programme, formerly known as the Green Bond Programme, continues to play a leading role in funding local green initiatives. Since 2019, we have issued an equivalent of over HK$220 billion in green bonds across multiple currencies and tenors, including institutional, retail and tokenised tranches. Last year, we expanded the programme to include sustainable projects, reinforcing our commitment to broader environmental and social goals while setting important benchmarks for the market.

     We are also building the market infrastructure needed to connect capital with carbon-related products in Hong Kong, the Mainland, Asia and beyond. In 2022, Hong Kong Exchanges and Clearing Limited (HKEX) launched the Core Climate, an international carbon marketplace. It facilitates transparent, efficient trading of high-quality carbon credits from certified projects across Asia, South America, and West Africa. Sectors such as forestry, wind, solar, and biomass are represented, offering opportunities for enterprises in the GBA and Belt and Road economies to support their own Net Zero transitions.

Alignment with international standards

Sustainability reporting

     As global awareness of sustainability grows, consistent and reliable information becomes essential for investors and businesses to manage risk and allocate capital effectively. We launched in December last year the Roadmap on Sustainability Disclosure in Hong Kong. This provides a clear path for large publicly accountable entities to adopt the International Financial Reporting Standards (IFRS) – Sustainability Disclosure Standards (ISSB Standards) by 2028. This move places Hong Kong among the first jurisdictions to align local reporting requirements with the global baseline, enhancing transparency and comparability in sustainable finance. The roadmap not only reflects our commitment to the global green transition but also offers clarity and guidance to market participants.

Taxonomy

     A shared understanding of what constitutes “green” is vital. In May 2024, the Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance. This important tool supports the market by offering a standardised classification of green activities, aligned with the Common Ground Taxonomy to ensure interoperability with taxonomies in Mainland China and the European Union. The initial phase of the taxonomy covers 12 activities across four key sectors: power generation, transportation, construction, and water and waste management. As a living framework, the taxonomy will continue to evolve. The HKMA has embarked on the next phase development to expand the scope of sectors and economic activities, including transition activities.

Supporting market development

     To promote the green financing activity in Hong Kong, we launched the Green and Sustainable Finance Grant Scheme in 2021. The scheme offers subsidies to eligible bond issuers and loan borrowers to help cover issuance and external review costs. Extended to 2027, its scope now also includes transition bonds and loans. This expansion will help encourage industries across the GBA and Belt and Road economies to leverage Hong Kong’s platform to finance their low-carbon transitions and contribute to global sustainability goals.

     We are also investing in innovation. Green fintech is an important enabler of scalable sustainability solutions. We launched the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme in June last year to provide early-stage funding to support technology companies or research institutes conducting green fintech activities to collaborate with local enterprises, and to co-develop new projects in the market addressing industry pain points. So far, 60 projects have been approved, reflecting the vibrant potential of Hong Kong’s green fintech ecosystem.

Hong Kong’s unique position to support countries of the Belt and Road Initiative

     Hong Kong continues to serve as a bridge between Mainland China and the wider Belt and Road region. We actively promote regional co-operation through strategic platforms and exchanges. In April this year, the HKEX and the SFC co-hosted the inaugural International Carbon Markets Summit. The event brought together more than 200 global participants, including regulators, carbon trading platforms, corporates, and investors. The Summit marked a step forward in building trusted, effective carbon market ecosystems that support the sustainable development goals of Belt and Road economies.

     We also continue to convene the annual Asian Financial Forum (AFF) to foster international dialogue. In January this year, the 18th AFF featured a new milestone: the launch of a dedicated chapter co-hosted with the Gulf Cooperation Council (GCC). This marked an important milestone in fostering collaboration in financial services such as investments in green energy between Hong Kong and GCC member states.

     Climate change presents one of the greatest risks to our global economy. The increasing frequency and severity of natural disasters require new financial tools to build resilience. Hong Kong is taking a leading role in this area by developing the insurance-linked securities (ILS) and catastrophe bonds market.

     Since the launch of our ILS framework in 2021, seven catastrophe bonds have been issued in Hong Kong, raising over US$800 million in coverage against risks such as typhoons and earthquakes. These instruments provide critical risk mitigation solutions for both corporates and governments. To further support this market, we extended our Pilot ILS Grant Scheme to 2028, providing subsidies to issuers of ILS and supporting the growth of Hong Kong-based service providers. These efforts reinforce Hong Kong’s position as a centre for innovative risk management in the face of climate change.

HKQAA’s contributions

     I would also like to take this opportunity to thank the HKQAA for its contributions to the development of green finance in Hong Kong. The HKQAA has been participating in the development of international standards for sustainable finance and launched the Green and Sustainable Finance Certification Scheme (formerly called Green Finance Certification Scheme) in 2018.

     I am delighted to know that the HKQAA also supports the development of a roadmap for sustainability disclosure in our country by contributing to the Beijing Municipal Bureau of Finance and Economy’s pilot project for sustainability disclosure and talent development. At home, it has supported Hong Kong’s own disclosure roadmap by establishing industry-specific climate risk tools to help local businesses prepare for future reporting requirements.

The HKQAA has also forged partnerships with the Belt and Road International Green Development Alliance, helping regional partners access global capital markets and implement green financing solutions. Its work exemplifies the kind of cross-sector, cross-border collaboration that is essential for sustainable growth.

Closing

     Looking forward, I am confident that the opportunities in green finance – particularly in supporting the low-carbon transition of the Belt and Road region and the GBA – will continue to expand. Today’s forum offers valuable insights into the path toward sustainability, a journey that calls for steadfast commitment, continuous innovation, and deep cross-regional collaboration. As we move forward, the Government remains committed to working hand in hand with the industry and all stakeholders to build a greener, more resilient future for Hong Kong and the wider region. Thank you.

MIL OSI Asia Pacific News –

May 12, 2025
MIL-OSI Australia: Operation Eclipse nets record haul

Source: New South Wales – News

South Australia Police have made a record haul of illicit tobacco products in the biggest Operation Eclipse seizure to date.

Operation Eclipse Commander, Detective Chief Inspector Brett Featherby also revealed that organised crime syndicates have been dealt a major blow with police restraining more than $22 million in assets, including more than $9 million in cash from two bank accounts.

About 12pm on Tuesday 6 May, Eyre Western Police stopped a vehicle on the Lincoln Highway at Whyalla and allegedly located a large quantity of illicit tobacco products.

Further investigation led Operation Eclipse detectives to search an industrial premises at Salisbury being used as a statewide distribution warehouse supplying retail outlets with illicit tobacco products.

More than seven million cigarettes and 3.9 tonnes of loose tobacco were seized, valued at over $7 million.

A 24-year-old Prospect man was arrested in Whyalla and charged with possession of tobacco products for sale and possession of e-cigarette products for sale. He was bailed to appear in the Whyalla Magistrates Court on 22 July.

A Para Hills home was also searched as part of the investigation, and a 51-year-old Para Hills man was arrested. He was charged with possession of tobacco products for sale and bailed to appear in the Elizabeth Magistrates Cour ton 17 June.

Investigations into the seizures are continuing.

Detective Chief Inspector Brett Featherby said, “The seizure of products, assets and finances by police will result in significant disruption to the criminal syndicates operating in South Australia.”

“SAPOL will pursue criminal charges when sufficient evidence exists and that includes those who are supporting and enabling that activity and take every opportunity to enforce the full extent of the confiscations legislation to seize assets of those involved.

Anyone with any information on criminal activities surrounding the sale of illicit tobacco is urged to call Crime Stoppers on 1800 333 000 or visit www.crimestopperssa.com.au – you can remain anonymous.

Operation Eclipse has so far resulted in 37 arrests for offences including blackmail, possess tobacco products for sale, arson, money laundering and serious criminal trespass.

[embedded content]

MIL OSI News –

May 12, 2025
MIL-OSI New Zealand: Gang members arrested after funeral home arson

Source: New Zealand Police

Police have this morning arrested a patched Mongrel Mob member in relation to an arson at a Māngere Bridge funeral home last month.

Investigations had been underway following a fire at a funeral home on Kirkbride Road at about 11.50pm on 27 April.

The building sustained minor damage and there were no injuries reported as a result, however Police have been working hard to identify and located those responsible.

Detective Senior Sergeant Mike Hayward, Counties Manukau CIB, says officers executed four search warrants at addresses connected to the Mongrel Mob across South Auckland.

“As a result of these search warrants we have arrested a patched member who has been charged with arson (endangering life).

“Police also located a pump action shotgun and ammunition at the one of the addresses.”

Detective Senior Sergeant Hayward says two other patched gang members present at the address were also arrested for breaching bail and another in relation to an unrelated serious assault.

“What was of real concern was that there were children present at the address the firearm was located at.

“However, overall this is a pleasing outcome in that we have been able to catch up with the alleged offender and take another firearm out of circulation in the community.”

A 30-year-old man will appear in Manukau District Court tomorrow charged with the arson.

Another man, aged 34, has been charged with unlawful possession of a firearm and ammunition and will appear in Manukau District Court tomorrow.

ENDS.

Holly McKay/NZ Police

MIL OSI New Zealand News –

May 12, 2025
MIL-OSI Australia: Speech to Australian Shareholders’ Association Investor Conference
Source: New places to play in Gungahlin

Jeremy Hirschhorn, Second Commissioner, Client Engagement Group
Speech delivered at the Australian Shareholders’ Association Investor Conference
Sydney, 6 May 2025
(Check against delivery)

Large company investing – what the T(ax) says about the E(arnings)

Thank you for having me here today.

I will firstly give some background as to the health of the Australian tax system, in particular as it relates to large corporations, and the strategies of the Australian Taxation Office (ATO) in further improving that performance.

I am then hoping to highlight to you why you should be interested in the tax performance of your investee companies (and potential signals that further questions are required), as well as some other sources of information which, directly or indirectly, may help in your investment decisions and also when, as investors, you are seeking to influence the behaviours of the companies in which you invest.

Of course, I come here as a mere tax administrator, not as a tax policy maker or a financial adviser, let alone a sophisticated investor, so please take my comments in that context!

The performance of the Australian tax system is fundamentally healthy, but there is more to do

Firstly, the good news is that the Australian tax system is fundamentally healthy from an administrative perspective and compares very favourably globally. This is due in part to a competent and well-resourced administrator (I would say that!), but also due to the fact that most Australians are fundamentally honest, see the relationship between the taxes they pay and the services they seek from Government, and so willingly comply with their tax obligations (albeit not always exuberantly!).

This is not just anecdotal: the ATO dedicates significant resources to estimating the ‘tax gap’, which is the difference between the tax payable according to current law and the tax actually collected. Our most recent estimates (published in our annual report each year) are that the overall system is operating at 90% performance at lodgment and 92.5% after compliance activity.

This also means that the ATO doesn’t just focus on the non-compliant. The ATO puts significant effort into supporting the vast bulk of Australians (from individuals to the largest listed companies) who just want to meet their tax obligations (with as little time, cost and stress as possible) with initiatives like myTax (for individuals with simple affairs), to services for tax agents, to proactive guidance and transparency for the largest taxpayers.

In relation to large business, despite some commentary that suggests otherwise, overall performance actually exceeds the overall system, but this is after significant dedication of compliance resources. Our estimate of compliance at lodgment is circa 92% to 93%, increasing to 96% after compliance activity. By far the major driver of the large market income tax gap relates to international issues, in particular where intra-group transfers are mis-priced. Our medium to long term aspiration is to move this to 96% correct at lodgment and 98% after compliance activity.

Although in a good place, there is more to be done:
- The residual tax gap over the entire tax system is approximately $45 billion, which could pay for a lot of services.
- In relation to large companies, at least until tax performance at lodgment (92% to 93%) is higher than that of individuals at lodgment (circa 94%), ordinary Australians rightly ask the ATO to hold large companies to account (and indeed it is healthy for overall confidence that the ATO maintains vigilance with large companies regardless of performance level).
Social licence and the silent ‘T’ in ESG

Tax is inextricably linked to social licence. In one sense, the tax system is really the ‘sharing rules’ whereby citizens come together to pool resources to fund the things that they cannot achieve by themselves. An individual or company which aggressively avoids (or worse evades) their obligations is effectively repudiating the rules of engagement of that community and puts its social licence at risk.

I refer to a speech by a colleague of mine, Faith Harako, entitled ‘Tax: the silent T in ESG’. In that paper, Faith noted:
- at a societal level, tax pays for a lot of the ‘S’ and ‘E’ in ESG (being environment, social and governance): a company may really focus on its own S and E, but if it is not contributing fairly to the overall society’s initiatives, is it really pulling its weight?
- tax transparency gives confidence to a company’s commitment to the ‘S’
- corporate tax governance is a very important part of any company’s ‘G’.
So, to the extent that you, as investors, consider a company’s ESG contribution as relevant to the long-term healthiness, social licence and investability of that company, it is important not to overlook the ‘silent T’.

Not so relevant today, but Faith also made the point that tax has already addressed many of the challenges of the ‘E’ in ESG and ESG reporting, particularly relating to differences between regimes in different countries.

Warning signs in financial statements

If you are interested in the ESG performance of your investee companies, or merely the maintainability of after-tax earnings (accounting or cash), here are a few things (not exhaustive or prescriptive!) that you may wish to consider:

Low accounting effective tax rate

A low accounting effective tax rate is not necessarily problematic of itself, but it is important to understand what is driving this, for example:
- significant operations in low (headline) tax rate jurisdictions (but even then, can that country maintain low effective tax rates?)
- significant operations in jurisdictions where tax ‘holidays’ are provided (are these maintainable in the longer term?)
- artificial allocation of profits to low tax rate jurisdictions (‘transfer mis-pricing’) (how long before one or more tax jurisdictions challenges this?) (A big clue to this one is where the company mostly operates in high tax jurisdictions but in its tax note has a substantial reduction in effective tax rate ‘due to overseas operations’.)
- significant concessions under incentive schemes (e.g. patent box, research and development (R&D)) (are these schemes stable in the longer term in all jurisdictions?)
- tax arbitrage transactions generating ‘free’ deductions (e.g. intellectual property (IP) migration schemes allowing extra deductions in another jurisdiction for internally generated IP).
Normal accounting effective tax rate, but low cash tax rate

Where a profitable company discloses a relatively normal effective tax rate, but is paying minimal cash tax, it is again important to understand the drivers, some examples being:
- a ‘deferred tax liability’ or ‘DTL’ in relation to income recognised for accounting purposes (but not yet for tax) (if the earnings are not high quality enough for the tax system to tax them, are they high quality enough for your valuation models?)
- a DTL in relation to assets for accounting purposes which have been deducted for tax (unless there is an explicit accelerated deduction regime) (if the tax system thinks the benefit of the asset has been used enough to allow a deduction, what is the quality of the accounting asset?)
- a DTL in relation to profit repatriation from a low tax jurisdiction to a high tax jurisdiction (have profits been artificially allocated to (and retained in) low tax jurisdictions, and is this structuring sustainable?)
- use of deferred tax assets (DTAs) for tax losses (in the best case, the DTAs exist and can be used, but even then the cash flow benefit will be lost when they are exhausted. But how/why did the company generate the tax losses in the first place?).
Disclosure and accounting for tax disputes

We have found that disclosure and accounting for tax disputes is often opaque to investors, with different companies taking different approaches to both disclosure and quantification.

Some things to look out for and perhaps ask for more information from the company:
- a note under contingent liabilities that there is a dispute but that it is not possible to quantify it at this stage
- a part payment of an amended assessment has been paid (usually a ‘50%/50%’), but this is accounted for as a current receivable (effectively assuming that the matter will be fully won by the taxpayer) (the history of the ATO’s disputes with large corporates is that matters, even if settled, usually result in at least the 50/50 payment being retained by the ATO)
- a note that the company has strong legal advice as to their position, and as such has made no provision for the dispute as it is more likely that the company’s position will prevail (again, the ATO’s track record demonstrates that these assertions are often ‘optimistic’)
- whether there are any ‘buffer’, ‘hollow log’ or ‘tax contingency’ provisions embedded in the current tax provision.
Sometimes tax disputes are a one-off but more often they are on an on-going issue (e.g. on-going pricing or mis-pricing of intra-group transfers). In these cases, the ATO will usually only settle the ‘back years’ if the ‘forward years’ are also resolved. This will usually result in increased taxation and a higher effective tax rate going forward.

Sources of insight in addition to financial statements

In addition to financial statements, over recent times we have seen an increase in tax transparency frameworks and reporting standards globally and in Australia. These frameworks provide further information to the public about the tax contribution and compliance of large business.
- Known as the corporate tax transparency data, annually the ATO publishes certain limited details (total income, taxable income and tax payable) of all corporate entities with a turnover of more than $100 million. The ATO publishes contextual analysis to explain the data at a population and industry level. We also update Tax and Corporate Australia, which is a guide about the tax landscape for large business operating in Australia.
- In a similar vein, last year we also published the first annual R&D tax incentive (R&DTI) transparency report providing transparency on the claims made by entities claiming R&D in the 2021–22 income year. Publishing this data encourages voluntary compliance with the requirements of the R&DTI program and increases public awareness of which companies have claimed the tax incentive.
- From mid-2026, we will see a meaningful increase in the level of tax data published in Australia with the first publication of public country-by-country reports. Introduced by the Government as part of its election 2022 election platform, this is a new reporting regime that will see large multinational enterprises publish selected tax information on a country-by-country basis through an ATO facilitated website. This will allow greater visibility of the global activities of multinationals as well as key tax characteristics such as where they book revenues.
- Many organisations supplement public information by voluntarily releasing a Tax Transparency Report. Developed by the Board of Taxation (a separate organisation from the ATO), the tax transparency codeExternal Link is designed to encourage greater transparency by the corporate sector and to enhance the community’s understanding of the corporate sector’s compliance with Australia’s tax laws. A number of organisations can be said to have achieved global best practice with their publications and set the standard for their peers, however take-up has been limited – perhaps an opportunity for an ‘if not, why not?’ question at the next AGM!
- The ATO also voluntarily publishes a raft of information about our programs covering large business. Annually we publish aggregate findings reports for our assurance (justified trust) programs, reportable tax position schedule, advice and disputes. These reports show the level of compliance, prevalence of key tax risks, where we have been able to provide tax certainty for the large market population and insights as to our disputes and how we resolve these. These reports provide deep insights into the state of large business tax compliance and the extent of ATO intervention.
I also take this opportunity to flag one particular piece of information that could be very useful to companies (and potentially their investors) in understanding where they stand on their tax affairs. Under our ‘justified trust’ program, we provide tax assurance ratings to the largest Australian companies, with both detailed findings and overall ratings. Under taxpayer secrecy rules, the ATO cannot separately publish these ratings, but the companies can. As a result, some leading companies are now publicly disclosing their high assurance ratings, providing confidence to stakeholders such as investors, shareholders, customers and employees. Some high-profile examples include Telstra, BHP, Woolworths, Origin and BUPA. Again, as investors (or potential investors) interested in the sustainability of an investee company’s tax settings, you may wish to ask for further information about a company’s tax assurance rating.

Conclusion

In summing up, it is important to understand the starting point, which is that most Australians (including most large Australian companies) are doing the right thing in relation to their tax affairs.

As investors or potential investors, whether a company is meeting its tax obligations goes to its social licence – I would argue that if a company is not contributing fairly to the community in which it operates, its social licence is at risk, perhaps in unpredictable ways.

There are a range of information sources from which an investor can glean information as to a company’s tax performance and I have today suggested a few things that you might be interested in looking at and indeed asking of your investee companies.

Thank you again for the opportunity to present at today’s conference and I welcome your observations or questions.

MIL OSI News –
May 12, 2025
MIL-OSI New Zealand: Napier homicide: Name release and appeal for information

Source: New Zealand Police

Attribute to Detective Inspector Martin James, District Manager Criminal Investigations:

Police can now release the name of the teenager killed in Napier early on Sunday morning.

He was 15-year-old Kaea Karauria from Napier.

He was found critically injured at an Alexander Avenue address. Despite all efforts by ambulance staff, he died at the scene.

A homicide investigation was launched yesterday, and a team of 20 investigators are continuing to make enquiries.

No one has been arrested at this stage.

A disorder event involving a group of people on Dinwiddie Avenue may be linked to the incident.

We still urgently need to hear from anyone who was in the area, or anyone who took photos or video of the altercation on Dinwiddie Avenue.

We understand the fact someone so young has been killed is very unsettling for the community.

We are providing support to the whanau of the victim and assure the community we are working hard to understand what happened and hold those responsible to account.

We would like to thank local residents for their cooperation and patience.

Anyone with information is asked to make a report online, or by calling 105.

Footage can be uploaded here

Please quote the reference number 250511/1317.

Information can also be provided anonymously to Crime Stoppers on 0800 555 111.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

May 12, 2025
MIL-OSI USA: SCHUYLKILL COUNTY – Governor Shapiro to Highlight His Administration’s Efforts to Support Pennsylvania Farmers Through Key Investments in Agriculture Innovation

Source: US State of Pennsylvania

May 12, 2025 – Sacramento, PA

ADVISORY – SCHUYLKILL COUNTY – Governor Shapiro to Highlight His Administration’s Efforts to Support Pennsylvania Farmers Through Key Investments in Agriculture Innovation

Governor Josh Shapiro will visit Sterman Masser Potato Farm in Schuylkill County to highlight how his Administration is supporting farmers by investing agriculture innovation – and call for an additional $13 million in the Agricultural Innovation Grant Program in the 2025-26 budget to help build the future of American agriculture right here in Pennsylvania.

Last year the Shapiro Administration created the first Agriculture Innovation fund in the nation. In the first year, the Department of Agriculture received 159 applications for nearly $70 million worth of innovation projects – but only had enough funding for $10 million worth of projects. To meet this demand, Governor Shapiro is proposing to more than double the funding for agriculture innovation to help more farmers embrace the latest technologies and farming techniques.

WHO:
Governor Josh Shapiro
Dave Masser, President & CEO of Sterman Masser, Inc.
Lela Reichert, Vice President of New Business Development at Sterman Masser, Inc.
Kent Heffner, President of the Schuylkill/Carbon County Farm Bureau

WHEN:
TOMORROW, Monday, May 12, 2025 at 11:45 AM
*Press Conference to begin at 12:00 PM

WHERE:
Sterman Masser Potato Farm
100 Fearnot Road,
Sacramento, PA 17968

LIVE STREAM:
pacast.com/live/gov
governor.pa.gov/live/

RSVP:
Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

MIL OSI USA News –

May 12, 2025
MIL-OSI Australia: Australian Filmmaker Lucy Mckendrick Set For Directing Debut with Dark Comedy Fangs

Source: AMP Limited

10 05 2025 – Media release

Joel Edgerton, Lucy McKendrick and Toni Collette of Fangs.
Australian filmmaker Lucy McKendrick makes her directorial debut with Fangs, a thrilling dark comedy about privilege, power, and dangerous fantasies. Starring Golden Globe nominee Joel Edgerton (The Gift, Zero Dark Thirty) and Golden Globe winner Toni Collette (Knives Out, Mickey 17). The film follows Teddy (McKendrick), the daughter of a private prison mogul, who becomes obsessed with a charismatic inmate, Fangs (Edgerton). Consumed with desire for the self-proclaimed ‘psychopath,’ Teddy risks everything as her life spirals spectacularly out of control. The film is made with major production investment from Screen Australia.
Fangs is produced by Rebecca Yeldham (The Gift, The Motorcykle Diaries) through Ahimsa Films together with Aggregate Films’ Michael Costigan (Hitman, Brokeback Mountain), Charlie Polinger (The Plague), and Truant Pictures’ Toby Nalbandian (Turn Me On). The film will commence production in Sydney on August 4, 2025. Cornerstone is handling international sales and will co-rep the US rights with CAA Media Finance.
McKendrick is an Australian actor and filmmaker who wrote, produced, co-directed with Charlie Polinger, and starred in the short film F*ck Me, Richard, which debuted at SXSW. Lucy and Charlie recently wrapped Charlie’s highly anticipated directorial debut, The Plague, which will premiere in the Official Selection at Cannes this month, in Un Certain Regard.
Screen Australia Director of Narrative Content Louise Gough said, “Fangs has bite in all the right ways – a bold, distinctive feature debut from Lucy McKendrick that we’re proud to support at Screen Australia. The creative team has delivered a sharp, contemporary script, and the powerhouse casting of Toni Collette and Joel Edgerton positions this film for strong international and Australian appeal.”
Rebecca Yeldham and Michael Costigan said, “It’s rare to read a script as entertaining, original, and fearless as Lucy McKendrick’s Fangs. We’re thrilled to support Lucy in bringing this bold, hilarious and timely film to the screen and to launch her debut alongside two of Australia’s most iconic and beloved actors, Toni and Joel.”
Cornerstone’s Alison Thompson and Mark Gooder also commented, “We love the vision Lucy has for her debut feature, and the casting of Joel and Toni is testament to her sharply original and immensely entertaining script.”
Truant Pictures’ Toby Nalbandian said, “We’re incredibly excited to support the debut feature of Lucy McKendrick and to help bring Fangs to life, which promises to be a wild and undeniably entertaining ride for audiences around the world.”
Edgerton is represented by WME and Anonymous Content. Collette is represented by CAA, Finley Management, United Management and Kimberly Jaime at Jackoway Austen. McKendrick is represented by CAA and 42mp, Polinger is represented by UTA and Anonymous Content. Both are represented by Jackoway Austen. Aggregate is represented by CAA and Lighthouse Management.
Production credit: Fangs is an Ahimsa Films production. Major production investment from Screen Australia. International sales by Cornerstone.
FANGS MEDIA ENQUIRIES
Anna Bohlin | Cornerstone Films
[email protected]
Media enquiries
Maddie Walsh | Publicist
+ 61 2 8113 5915 | [email protected]
Jessica Parry | Senior Publicist (Mon, Tue, Thu)
+ 61 428 767 836 | [email protected]
All other general/non-media enquiries
Sydney + 61 2 8113 5800 | Melbourne + 61 3 8682 1900 | [email protected]

MIL OSI News –

May 12, 2025
MIL-OSI New Zealand: Roadside breath testing up; alcohol-related road deaths down
Source: NZ Music Month takes to the streets

As Road Safety Week begins, the Government’s crackdown on drunk drivers is delivering real results with newly released 2024 statistics showing the number of alcohol-related road deaths reducing by nearly 40%, Transport Minister Chris Bishop and Police Minister Mark Mitchell say.

“Our Government is focused on improving road safety through road policing and enforcement, investment in new and safe roading infrastructure, and targeting the leading contributors to fatal crashes such as drugs and alcohol impairment. That plan – the Road Policing Investment Programme (RPIP) – is seeing some strong results, and we need to keep it up,” Mr Bishop says.

“Police have really stepped up their road policing efforts in the past year. In 2024, Police delivered 4,118,159 passive breath and breath screening tests, the highest number recorded in a calendar year, and smashing their RPIP target of 3.3 million per year.

“Police have also exceeded their target to focus 65% of their breath testing on the highest risk times. In the first nine months of this financial year (July 2024 to March 2025), Police delivered 2,177,179 passive breath and breath screening tests during high or extreme risk alcohol hours. This is 35% above the year-to-date target of 1,608,750 tests, and a 21% increase compared to the first nine months of the previous financial year.

“The whole point of roadside breath testing is to keep New Zealanders safer on the roads – and it’s working.

“It’s really encouraging to see an almost 40% reduction in the number of road deaths where alcohol was a contributing factor, from 92 alcohol-related road deaths in 2023 down to 57 in 2024.

“In fact, the steep reduction in alcohol-related road deaths led to the 2024 total road toll being the lowest since 2014. Every avoidable road death is a tragedy and there’s always more work to do, but this is a big step in the right direction.”

“The reduced number of road deaths in 2024 is also significant given the presence of factors that can drive up the road toll, such as population increases, continued increases in the size of the vehicle fleet and increases in the total vehicle kilometres travelled (VKT) across the network.

“Roadside testing for drug driving is also coming soon. Anyone who drives while under the influence of drugs should know that they’re putting themselves and other road users at risk – and we’re not going to put up with it.

“In March 2025 the Government passed legislation to enable Police to conduct roadside testing for drug impairment, and we expect these tests to start being rolled out later this year.”

“Alcohol and drugs are leading contributors to death and serious injury on our roads, and both random and selective breath testing is proven to discourage people from drinking and driving. Every breath test delivered has the potential to save a life, and you can continue to expect to Police highly visible on our roads,” Mr Mitchell says.

“I’m proud of the work our Police are doing to reduce deaths on our road, keep our communities safe, and ensure everyone can get to where they need to go safely.”

Notes to editor:
- In 2024:
  - Police conducted 4.1 million roadside breath alcohol tests – the most ever, and about 900,000 more than in 2023.
  - The number of alcohol-related road fatalities reduced by nearly 40% , from 92 in 2023 to 57 in 2024.
- The Road Policing Investment Programme 2024-2027 (RPIP) requires Police to deliver 3.3 million passive breath tests and breath screening tests per year of the programme—an average of 825,000 tests per quarter. This is an increase from the 3 million tests required annually under the previous government’s road policing agreement.
- In 2024 Police delivered 4,118,159 passive breath and breath screening tests, the highest number of tests recorded in a calendar year.
- In the first nine months of this financial year (July 2024 to March 2025) Police delivered 3,286,094 passive breath and breath screening tests, 33% above the year-to-date target of 2,475,000 tests. It is also a 20% increase in tests compared to the first nine months of the previous financial year.
- The RPIP sets a target of 2,145,000 alcohol breath tests to be conducted during high and extreme risk alcohol times—an average of 536,250 tests per quarter. This directs the greatest proportion of testing to the times and days when alcohol related harm has historically been highest, while still allowing a portion of testing across the rest of the week to ensure an ‘anywhere, anytime’ approach.
- In 2024, there were 113 deaths (38% of all deaths) where a driver tested above the alcohol limit (or test refused) and/or tested positive for drugs.
- 87 deaths were where a driver tested positive for drugs,
- 47 deaths were where a driver tested above the alcohol limit (or test refused),
- 21 deaths were where a driver tested both positive for drugs and above the alcohol limit (or test refused).
MIL OSI New Zealand News –
May 12, 2025
MIL-OSI Asia-Pac: CE begins Qatar visit

Source: Hong Kong Information Services

Chief Executive John Lee met Qatar’s leaders and government officials and learnt about the latest developments of the country’s sovereign wealth fund on the first day of a visit to Qatar.

Leading a business delegation comprising representatives from Hong Kong and Mainland enterprises, Mr Lee in the morning, met respectively the Amir, head of state of Qatar Tamim bin Hamad Al Thani, Qatar Prime Minister & Minister of Foreign Affairs Mohammed bin Abdulrahman Al Thani and Minister of Communications & Information Technology Mohammed bin Ali bin Mohammed Al Mannai to exchange views on strengthening bilateral relations and economic co-operation between Hong Kong and Qatar.

The Chief Executive said that Qatar and Hong Kong are economic powerhouses in the Middle East and the Asia-Pacific region respectively. Noting that Qatar is Hong Kong’s third-largest trading partner in the Middle East with bilateral trade in goods worth US$1.6 billion last year, Mr Lee said that there is plenty of room for further growth in trade and business between the two places.

He also expressed his anticipation that during this visit, multiple memoranda of understanding and agreements will be made between Hong Kong and Qatar, covering various areas including trade and investment promotion, financial services, innovation and technology (I&T), and cultural tourism, with a view to further enhancing co-operation among the governments and institutions of the two places.

Mr Lee noted that Hong Kong, as a functional platform of the Belt & Road Initiative, is committed to deepening international exchanges and co-operation and leveraging its strengths as a “super connector” and “super value-adder” to facilitate and add value to government and business projects along the Belt & Road through the city’s world-class professional services.

He also said that the Qatar National Vision 2030 and the Belt & Road Initiative align in their values and aspirations for achieving high-quality development through all-round co-operation, embracing economic diversification and innovation, as well as fostering friendship and facilitating exchanges.

The Chief Executive supplemented that both Hong Kong and Qatar attach great importance to technological development and regard artificial intelligence as an engine of new economic development, and that he hoped Hong Kong and Qatar would enhance collaboration through joint research and exchanges, joint ventures, and cross-border investments to achieve mutual benefits.

In addition, Mr Lee visited the Qatar Investment Authority to learn about the development of Qatar’s financial sector. Established in 2005, the authority is Qatar’s sovereign wealth fund. It manages and grows Qatar’s financial assets, with an aim to diversify Qatar’s economic development and ensure the country’s long-term financial sustainability. Mr Lee received an in-depth briefing on the operation and investment strategies of the sovereign wealth fund, and explored with the authority the development and co-operation opportunities for both sides in finance and the economy.

In the afternoon, he attended a luncheon hosted by an international financial group, where he gained insights into the group’s analysis of Qatar’s banking and financial services industry, as well as its capital markets.

Pointing out that Hong Kong is an international financial centre now moving towards also becoming an international green finance hub, Mr Lee said that last year the total amount of green and sustainable debt issued in Hong Kong exceeded US$84 billion, with green and sustainable bonds accounting for approximately US$43 billion. It captured around 45% of the total Asian market, ranking first in the region for seven consecutive years. He highlighted that under the principle of “one country, two systems”, Hong Kong and Mainland enterprises complement each other’s strengths, and that Hong Kong would give full play to its bridging role in attracting international investments to China and “going global” with Mainland enterprises. He welcomed Qatari enterprises to leverage Hong Kong’s broad and deep capital markets, professional financial services and seamless connectivity with the Mainland market to raise international funds for their sustainable infrastructure projects.

Afterwards, Mr Lee led the delegation to visit Lusail City, the second-largest city in Qatar, to understand how the city integrates I&T with urban planning and infrastructure development. Lusail City is one of Qatar’s flagship smart cities, focusing on information and communication technology, with the aim of developing into a model for intelligent living, urban evolution and diverse cultural landscapes. He noted that Hong Kong, as the world’s third-largest financial centre, offers world-class professional services that can support Qatar’s investment needs, adding that Hong Kong and Qatar can explore co-operation and exchanges in areas such as sustainable urban development.

Next on the itinerary is a visit to the National Museum of Qatar to learn about the country’s history and cultural heritage as well as a dinner hosted by the Ambassador Extraordinary & Plenipotentiary of the People’s Republic of China to the State of Qatar Cao Xiaolin.

The Chief Executive and his delegation will continue their visit to Qatar tomorrow by meeting local political and business leaders before departing for Kuwait.

MIL OSI Asia Pacific News –

May 12, 2025
MIL-OSI Africa: President Ramaphosa to visit Côte d’Ivoire

Source: South Africa News Agency

President Cyril Ramaphosa will undertake a working visit to the Republic of Côte d’Ivoire (Ivory Coast).

The President will be accompanied by Minister of Mineral and Petroleum Resources, Gwede Mantashe and Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa.

According to the Presidency, the visit centres on the 12th edition of the Africa CEO Forum, scheduled to be held on Monday and Tuesday.

The forum serves as a platform for multinational CEOs on the continent, investors and government leaders to gather and conduct high-level meetings on innovation and business ideas.

An Invest South Africa session will also be held on the sidelines of the forum.

“The theme of this year’s session is: ‘Can a New Deal between State and Private Sector Deliver the Continent a Winning Hand?’. This theme resonates with the current priorities of the African continent, which seek to promote closer cooperation between the private sector and public sector in infrastructure and industrial development.

“The President’s participation at the Africa CEO Forum will provide South Africa with an opportunity to consolidate its position as one of the leading investment destinations on the continent. Importantly, South Africa’s G20 Presidency will further enhance the country’s visibility at the forum,” the Presidency said.

The visit to Côte d’Ivoire will also serve to strengthen the already existing bilateral relations between the two nations.

READ | West Africa tour beneficial to SA: President Ramaphosa

“In recent years, the two countries have consolidated their bilateral cooperation and intensified the exchange of high-level visits. In December 2021, President Ramaphosa undertook a successful high-level State Visit to Côte d’Ivoire. The following year, in July 2022, President Ouattara reciprocated by undertaking a State Visit to South Africa.

“Several key South African companies have invested in Côte d’Ivoire, including MTN, the Development Bank of Southern Africa, Nedbank, Debonairs Pizza, Stanbic, Investec, Rand Merchant Bank, Absa, Multichoice, Sanlam, Solenta Aviation and Carrick Wealth,” the Presidency said. – SAnews.gov.za

MIL OSI Africa –

May 12, 2025
MIL-OSI Asia-Pac: CE leads delegation to begin visit programme to Qatar

Source: Hong Kong Government special administrative region

The Chief Executive, Mr John Lee, today (May 11) led a business delegation comprising representatives from Hong Kong and Mainland enterprises to commence its visit programme to Qatar. He met with leaders and government officials of Qatar and leant about the latest development of the country’s sovereign wealth fund. He also exchanged views with representatives of a local financial institution. He inspected Qatar’s town planning and visited local cultural and tourism facilities.

In the morning, Mr Lee met respectively with the Amir of Qatar, Mr Tamim bin Hamad Al Thani, the head of state of Qatar; the Prime Minister and Minister of Foreign Affairs of Qatar, Mr Mohammed bin Abdulrahman Al Thani; and the Minister of Communications and Information Technology, Mr Mohammed bin Ali bin Mohammed Al Mannai, to exchange views on strengthening bilateral relations and economic co-operation between Hong Kong and Qatar.

Mr Lee said that Qatar and Hong Kong are economic powerhouses in the Middle East and the Asia-Pacific region respectively. Noting that Qatar is Hong Kong’s third-largest trading partner in the Middle East with bilateral trade in goods worth US$1.6 billion last year, Mr Lee said that there is plenty of room for further growth in trade and business between the two places. He also expressed his anticipation that during this visit, multiple memoranda of understanding and agreements will be made between Hong Kong and Qatar, covering various areas including trade and investment promotion, financial services, innovation and technology (I&T), and cultural tourism, with a view to further enhancing co-operation among the governments and institutions of the two places.

Mr Lee said that Hong Kong, as a functional platform of the Belt and Road Initiative, is committed to deepening international exchanges and co-operation and leveraging its strengths as a “super connector” and “super value-adder” to facilitate and add value to government and business projects along the Belt and Road through the city’s world-class professional services. He also said that the Qatar National Vision 2030 and the Belt and Road Initiative align in their values and aspirations for achieving high-quality development through all-round co-operation, embracing economic diversification and innovation, as well as fostering friendship and facilitating exchanges.

Mr Lee also highlighted that both Hong Kong and Qatar attach great importance to technological development and regard artificial intelligence as an engine of new economic development. He said he hoped that Hong Kong and Qatar would enhance collaboration through joint research and exchanges, joint ventures, and cross-border investments to achieve mutual benefits.

Mr Lee also visited Qatar Investment Authority this morning to learn about the development of Qatar’s financial sector. Established in 2005, the Qatar Investment Authority is Qatar’s sovereign wealth fund. It manages and grows Qatar’s financial assets, with an aim to diversify Qatar’s economic development and ensure the country’s long-term financial sustainability. Mr Lee received an in-depth briefing on the operation and investment strategies of the sovereign wealth fund, and explored with the Qatar Investment Authority the development and co-operation opportunities for both sides in finance and the economy.

In the afternoon, Mr Lee attended a luncheon hosted by an international financial group, where he gained insights into the group’s analysis of Qatar’s banking and financial services industry, as well as its capital markets.

Noting that Hong Kong, an international financial centre now moving towards also becoming an international green finance hub, Mr Lee said that last year the total amount of green and sustainable debt issued in Hong Kong exceeded US$84 billion, with green and sustainable bonds accounting for approximately US$43 billion. It captured around 45 per cent of the total Asian market, ranking first in the region for seven consecutive years. Mr Lee said that under the principle of “one country, two systems”, Hong Kong and Mainland enterprises complement each other’s strengths, and that Hong Kong would give full play to its bridging role in attracting international investments to China and “going global” with Mainland enterprises. He welcomed Qatari enterprises to leverage Hong Kong’s broad and deep capital markets, professional financial services and seamless connectivity with the Mainland market to raise international funds for their sustainable infrastructure projects.

Afterwards, Mr Lee led the delegation to visit Lusail City, the second-largest city in Qatar, to understand how the city integrates I&T with urban planning and infrastructure development. Lusail City is one of Qatar’s flagship smart cities, focusing on information and communication technology, with the aim of developing into a model for intelligent living, urban evolution and diverse cultural landscapes. Mr Lee said that Hong Kong, as the world’s third-largest financial centre, offers world-class professional services that can support Qatar’s investment needs. He also noted that Hong Kong and Qatar can explore co-operation and exchanges in areas such as sustainable urban development.

Mr Lee will later visit the National Museum of Qatar to learn about the country’s history and rich cultural heritage. The museum, which opened in 2019, is dedicated to vividly presenting the story of Qatar and its people in an innovative and immersive way.

The delegation led by Mr Lee will attend a dinner hosted by the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the State of Qatar, Mr Cao Xiaolin. Mr Lee expressed his gratitude to the Embassy for its strong support to the Hong Kong Special Administrative Region Government and the Hong Kong Economic and Trade Office in Dubai, and for making meticulous arrangements for the visit.

Mr Lee will lead the delegation to continue its visit to Qatar tomorrow (May 12) to meet with local political and business leaders before departing for Kuwait.

MIL OSI Asia Pacific News –

May 12, 2025
MIL-OSI Global: G20 is too elite. There’s a way to fix that though – economists
Source: The Conversation – Africa – By Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria

The G20 claims to be “the premier forum for international economic cooperation”.

But is it?

As scholars of global economic governance, we are sceptical of this claim. Here are our main reasons.
- The G20 is insufficiently representative of the 193 member states of the United Nations plus the small number of non-member states.
- It is a self-selected group of 19 countries and the European and African Unions.
- It has no mandate to act or speak on behalf of the international community.
- It has no transparent or formal mechanisms through which it can communicate with actors who do not participate in the G20 but have a stake in its deliberations and their outcomes.
The growing tensions in the world make it more urgent to improve the efficacy of the G20. Firstly, because there is growing evidence of the loss of interest in global cooperation. Secondly, because rich states are cutting their official development assistance and are failing to meet their commitments to help countries deal with loss and damage from climate impacts and make their economies more resilient to shocks.

And thirdly, because rich countries are also reluctant to discuss financing sustainable and inclusive development in forums like the upcoming Fourth Financing for Development Conference or the UN, where all states can participate. They prefer exclusive forums like the G20.

Here, after briefly describing the structure of the G20, we argue that its lack of representation is a major problem. We offer a solution and argue that, as chair of the G20 this year, South Africa is well placed to promote this solution.

What is the G20 and how does it function?

The G20 was established in the late 1990s in the wake of the East Asian financial crisis. Its members were invited by the US and Germany based on a proposal from the Canadian government. Initially only finance ministers and central bank governors of major advanced and emerging economies were involved. After the financial crisis of 2008-2009 it was upgraded to summit level with the same membership.

A summit is held annually, under the leadership of a rotating presidency.

The group accounts for 67% of the world’s population, 85% of global GDP, and 75% of global trade. The membership comprises 19 of the “weightiest” national economies plus the European Union and the African Union. The 19 national economies are the G7 (US, Japan, Germany, UK, France, Italy, Canada), plus Australia, China, India, Indonesia, Republic of Korea, Russia, Turkey, Saudi Arabia, South Africa, Mexico, Brazil, and Argentina. These countries are permanently “in”. The remaining 90% of countries in the world are excluded unless invited as “special guests” on an ad hoc basis.

Representatives of a select group of international organisations including the International Monetary Fund, the World Bank, the Organization for Economic Cooperation and Development (OECD) and the World Trade Organization also participate, together with those from some UN entities.

The G20’s work is managed by a troika consisting of the current president with the assistance of the past president and the incoming president. In 2025 this troika consists of South Africa as the current chair, Brazil as the past chair and the US, which will become the G20 president in 2026. The G20 has no permanent secretariat.

The consistency in G20 membership has proven to be an advantage because it helps foster a sense of familiarity, understanding and trust at the technical level among the permanent members. This is helpful in times of crisis and in dealing with complex problems.

But its exclusivity and informal status have limited its ability to address major challenges such as the global response to the economic and health consequences of the COVID pandemic. This is because an effective response required agreement and coordinated action by all states and not just those in the G20.

A solution

We think that the governance model of the Financial Stability Board offers a solution.

The Financial Stability Board was established under the umbrella of the G20 in 2009. Its job is to coordinate international financial regulatory standard-setting, monitor the global financial system for signs of stress, and to make recommendations that can help avert potential financial crises.

It is also an exclusive club. Its membership consists of the financial regulatory authorities in the G20 countries plus those in a few other countries that are considered financially systemically important.

However, unlike the G20, the Financial Stability Board has made a systematic effort to learn the views of non-members. It has established six Regional Consultative Groups, one each for the Americas, Asia, Commonwealth of Independent States, Europe, Middle East and North Africa, and sub-Saharan Africa.

The objective is to expand and formalise the Financial Stability Board’s outreach activities beyond its membership and to better reflect the global character of the financial system.

The regional consultative groups operate in a framework which promotes compliance within each region with the Financial Stability Board’s policy initiatives. The framework enables the group members to share among themselves and with the board their views on common problems and solutions and on the issues on the board’s agenda.

Importantly, each regional group is co-chaired by an official from a Financial Stability Board member and an official from a non-member institution.

Applying this model to the G20 would allow the current G20 membership to continue, while obliging the members to establish a consultation process with regional neighbours. This would create a limited form of representation for all the world’s states.

It would also empower the smaller and weaker members of the G20 because it would enable them to speak with more confidence and credibility about the challenges facing their region.

This arrangement would also establish a limited form of G20 accountability towards the international community.

Next steps

As chair of the G20 chair for 2025, South Africa is well placed to promote this solution to the group’s representation problem. It should work with the African Union to establish an African G20 regional consultative group. South Africa and the African Union could invite each African regional organisation to select one representative to serve on the initial consultative group.

South Africa could also commit to convey the outcomes of G20 regional consultative group meetings to the G20.

South Africa can then use this example to demonstrate to the G20 the value of having a G20 regional consultative group and advocate that other regions should adopt the same approach.

Danny Bradlow, in addition to his position at the University of Pretoria, is the Senior G20 Advisor, South African institute of International Affairs.

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

– ref. G20 is too elite. There’s a way to fix that though – economists – https://theconversation.com/g20-is-too-elite-theres-a-way-to-fix-that-though-economists-255783
MIL OSI – Global Reports –
May 11, 2025
MIL-OSI Africa: G20 is too elite. There’s a way to fix that though – economists
Source: The Conversation – Africa – By Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria

The G20 claims to be “the premier forum for international economic cooperation”.

But is it?

As scholars of global economic governance, we are sceptical of this claim. Here are our main reasons.
- The G20 is insufficiently representative of the 193 member states of the United Nations plus the small number of non-member states.
- It is a self-selected group of 19 countries and the European and African Unions.
- It has no mandate to act or speak on behalf of the international community.
- It has no transparent or formal mechanisms through which it can communicate with actors who do not participate in the G20 but have a stake in its deliberations and their outcomes.
The growing tensions in the world make it more urgent to improve the efficacy of the G20. Firstly, because there is growing evidence of the loss of interest in global cooperation. Secondly, because rich states are cutting their official development assistance and are failing to meet their commitments to help countries deal with loss and damage from climate impacts and make their economies more resilient to shocks.

And thirdly, because rich countries are also reluctant to discuss financing sustainable and inclusive development in forums like the upcoming Fourth Financing for Development Conference or the UN, where all states can participate. They prefer exclusive forums like the G20.

Here, after briefly describing the structure of the G20, we argue that its lack of representation is a major problem. We offer a solution and argue that, as chair of the G20 this year, South Africa is well placed to promote this solution.

What is the G20 and how does it function?

The G20 was established in the late 1990s in the wake of the East Asian financial crisis. Its members were invited by the US and Germany based on a proposal from the Canadian government. Initially only finance ministers and central bank governors of major advanced and emerging economies were involved. After the financial crisis of 2008-2009 it was upgraded to summit level with the same membership.

A summit is held annually, under the leadership of a rotating presidency.

The group accounts for 67% of the world’s population, 85% of global GDP, and 75% of global trade. The membership comprises 19 of the “weightiest” national economies plus the European Union and the African Union. The 19 national economies are the G7 (US, Japan, Germany, UK, France, Italy, Canada), plus Australia, China, India, Indonesia, Republic of Korea, Russia, Turkey, Saudi Arabia, South Africa, Mexico, Brazil, and Argentina. These countries are permanently “in”. The remaining 90% of countries in the world are excluded unless invited as “special guests” on an ad hoc basis.

Representatives of a select group of international organisations including the International Monetary Fund, the World Bank, the Organization for Economic Cooperation and Development (OECD) and the World Trade Organization also participate, together with those from some UN entities.

The G20’s work is managed by a troika consisting of the current president with the assistance of the past president and the incoming president. In 2025 this troika consists of South Africa as the current chair, Brazil as the past chair and the US, which will become the G20 president in 2026. The G20 has no permanent secretariat.

The consistency in G20 membership has proven to be an advantage because it helps foster a sense of familiarity, understanding and trust at the technical level among the permanent members. This is helpful in times of crisis and in dealing with complex problems.

But its exclusivity and informal status have limited its ability to address major challenges such as the global response to the economic and health consequences of the COVID pandemic. This is because an effective response required agreement and coordinated action by all states and not just those in the G20.

A solution

We think that the governance model of the Financial Stability Board offers a solution.

The Financial Stability Board was established under the umbrella of the G20 in 2009. Its job is to coordinate international financial regulatory standard-setting, monitor the global financial system for signs of stress, and to make recommendations that can help avert potential financial crises.

It is also an exclusive club. Its membership consists of the financial regulatory authorities in the G20 countries plus those in a few other countries that are considered financially systemically important.

However, unlike the G20, the Financial Stability Board has made a systematic effort to learn the views of non-members. It has established six Regional Consultative Groups, one each for the Americas, Asia, Commonwealth of Independent States, Europe, Middle East and North Africa, and sub-Saharan Africa.

The objective is to expand and formalise the Financial Stability Board’s outreach activities beyond its membership and to better reflect the global character of the financial system.

The regional consultative groups operate in a framework which promotes compliance within each region with the Financial Stability Board’s policy initiatives. The framework enables the group members to share among themselves and with the board their views on common problems and solutions and on the issues on the board’s agenda.

Importantly, each regional group is co-chaired by an official from a Financial Stability Board member and an official from a non-member institution.

Applying this model to the G20 would allow the current G20 membership to continue, while obliging the members to establish a consultation process with regional neighbours. This would create a limited form of representation for all the world’s states.

It would also empower the smaller and weaker members of the G20 because it would enable them to speak with more confidence and credibility about the challenges facing their region.

This arrangement would also establish a limited form of G20 accountability towards the international community.

Next steps

As chair of the G20 chair for 2025, South Africa is well placed to promote this solution to the group’s representation problem. It should work with the African Union to establish an African G20 regional consultative group. South Africa and the African Union could invite each African regional organisation to select one representative to serve on the initial consultative group.

South Africa could also commit to convey the outcomes of G20 regional consultative group meetings to the G20.

South Africa can then use this example to demonstrate to the G20 the value of having a G20 regional consultative group and advocate that other regions should adopt the same approach.

– G20 is too elite. There’s a way to fix that though – economists
– https://theconversation.com/g20-is-too-elite-theres-a-way-to-fix-that-though-economists-255783

MIL OSI Africa –
May 11, 2025
MIL-OSI Economics: APEC Trade Officials Lay Groundwork for Ministerial Meeting Jeju, Republic of Korea | 11 May 2025 APEC Committee on Trade and Investment Amid persistent global economic uncertainty, the meeting underscored APEC’s enduring role in maintaining open and predictable trade and investment systems.

Source: APEC – Asia Pacific Economic Cooperation

Trade and investment officials from the 21 APEC member economies gathered in Jeju for the second meeting of the Committee on Trade and Investment, laying critical groundwork ahead of next week’s APEC Ministers Responsible for Trade Meeting.

Amid persistent global economic uncertainty, the meeting underscored APEC’s enduring role in maintaining open and predictable trade and investment systems.

Under Korea’s host year theme of “Building a Sustainable Tomorrow: Connect, Innovate, Prosper,” members discussed how APEC can support the multilateral trading system, and reviewed concrete proposals to advance the Free Trade Area of the Asia Pacific (FTAAP) agenda, boost digital trade, strengthen supply chain resilience and connectivity, and deepen cooperation on sustainable and inclusive growth initiatives.

“In Jeju, APEC economies came together with a clear mission: to advance technical work so our ministers can deliver strong, collective outcomes next week,” said Christopher Tan, Chair of the Committee on Trade and Investment (CTI).

“As we head toward the Ministers Responsible for Trade Meeting, the spirit of collaboration remains our strongest asset. APEC thrives when we work together—constructively, inclusively and with purpose,” Tan added.

Among the key items discussed were Korea’s flagship deliverables for 2025, including the APEC Artificial Intelligence Initiative and the Collaborative Framework on Demographic Change. The AI initiative aims to drive economic growth and resilience by enhancing AI readiness, strengthening institutional and workforce capacities, and catalyzing investment in sustainable digital infrastructure.

The demographic framework, meanwhile, seeks to address region-wide challenges such as aging populations and labor shortages through cross-border collaboration, human resource mobility, and structural reforms.

The meeting also heard updates from the APEC Business Advisory Council (ABAC), which called on economies to support the multilateral trading system with the WTO as its core. ABAC reiterated the importance of the Investment Facilitation for Development Agreement, the E-Commerce Agreement and the establishment of a permanent E-Commerce Moratorium.

The council also emphasized the need for early FTAAP deliverables, greener trade practices and inclusive policies that champion universal economic participation and empower women and small businesses, as well as the establishment of a Centre of Excellence for Paperless Trade.

Another highlight was the discussion on the Implementation Plan for the Lima Roadmap (2025–2040), a regional strategy to support informal economic actors in transitioning to the formal and global economy. The plan encourages APEC economies to align policies and capacity-building efforts to foster entrepreneurship, digital access, and financial inclusion.

Members also deliberated on advancing the FTAAP agenda, with the CTI holding its first policy dialogue under the Ichma Statement that discussed on how APEC can improve trade facilitation amongst members as well as increase the convergence of regional trade agreements. Members discussed proposals on capacity building, paperless trade, digital trade and support for women participation in global value chain.

Looking ahead, outcomes from this meeting will directly inform ministerial discussions on 15–16 May in Jeju, where APEC trade ministers are expected to chart the region’s path on priorities such as WTO reform, inclusive digital trade, and regional economic integration.

For more information or media inquiries, please contact:
[email protected]

MIL OSI Economics –

May 11, 2025
MIL-OSI New Zealand: Homicide investigation launched after Napier incident

Source: New Zealand Police

A teenager has died after a serious incident in Napier overnight.

Police were called to a disorder event on Alexander Avenue in Onekawa, about 3.10am today, said Detective Inspector Martin James, District Manager Criminal Investigations.

“On arrival, a teenage boy was found critically injured at an Alexander Avenue address. Despite all efforts by ambulance staff, he died at the scene.

“At the same time, a second injured teenager was located at a Cottrell Crescent address. He was transported to hospital in a serious condition but has since been discharged.

“Enquiries are in the very early stages and Police are providing support to the whānau of both victims.”

Detective Inspector James said a disorder event involving a group of people on Dinwiddie Avenue may be linked to the incident.

A scene examination is ongoing, and cordons remain in place at the intersections of Hitchings Avenue and Alexander Avenue, Dinwiddie Avenue and Wallis Place, and Alexander Avenue, near Dinwiddie Avenue.

“Police will have a noticeable presence in the area while that work continues.

“We are speaking with a number of people as part of the investigation, but we urgently want to hear from anyone who was in the area, or anyone who took photos or video of the altercation on Dinwiddie Avenue.

“A number of investigators are working to determine what occurred and why, and we urge anyone who can assist our enquiries to contact us as soon as possible.”

Anyone with information is asked to make a report online, or by calling 105. Please quote the reference number 250511/1317.

Information can also be provided anonymously to Crime Stoppers on 0800 555.

ENDS

Issued by the Police Media Centre

MIL OSI New Zealand News –

May 11, 2025

Category: Finance

Large company investing – what the T(ax) says about the E(arnings)

The performance of the Australian tax system is fundamentally healthy, but there is more to do

Social licence and the silent ‘T’ in ESG

Warning signs in financial statements

Low accounting effective tax rate

Normal accounting effective tax rate, but low cash tax rate

Disclosure and accounting for tax disputes

Sources of insight in addition to financial statements

Conclusion

What is the G20 and how does it function?

A solution

Next steps

What is the G20 and how does it function?

A solution

Next steps