Category: France

MIL-OSI USA: Law Enforcement Seize Record Amounts of Illegal Drugs, Firearms, and Drug Trafficking Proceeds in International Operation Against Darknet Trafficking of Fentanyl and Opioids; 270 Arrested Across Four Continents

Source: US State Government of Utah

WASHINGTON — Today, the Attorney General and the Department of Justice’s Joint Criminal Opioid and Darknet Enforcement (JCODE) team, and international law enforcement partners announced the results of Operation RapTor, including the arrests of 270 dark web vendors, buyers, and administrators in Austria, Brazil, France, Germany, the Netherlands, South Korea, Spain, Switzerland, the United Kingdom, and the United States. Operation RapTor resulted in the highest number of seizures of any JCODE operation, including more than $200 million in currency and digital assets, over two metric tons of drugs, 144 kilograms of fentanyl or fentanyl-laced narcotics, and over 180 firearms.

Operation RapTor was a global, coordinated effort by law enforcement in the United States, Europe, South America, and Asia to disrupt fentanyl and opioid trafficking, as well as the sales of other illicit goods and services, on the darknet, or dark web. Operation RapTor builds on the successes of prior years’ operations and takedowns of marketplaces, which resulted in the seizure of darknet infrastructure from Nemesis, Tor2Door, Bohemia, and Kingdom Markets, providing investigators across the world with investigative leads and evidence. JCODE and Europol’s European Cybercrime Centre (EC3) continue to compile intelligence packages to identify entities of interest. These leads allow U.S. and international law enforcement agencies to identify darknet drug vendors and buyers, resulting in a series of coordinated, but separate, law enforcement investigations, reflected in the statistics announced today. In furtherance of Operation RapTor and in its first action as a JCODE member agency, the Office of Foreign Assets Control (OFAC) additionally sanctioned Iranian national Behrouz Parsarad for his role as the founder and operator of Nemesis Market following seizure of the market. Parsarad was also indicted by a federal grand jury on drug trafficking charges related to the illegal business he ran on the dark web.

“This historic international seizure of firearms, deadly drugs, and illegal funds will save lives,” said Attorney General Pam Bondi. “Criminals cannot hide behind computer screens or seek refuge on the dark web – this Justice Department will identify and eliminate threats to the American people regardless of where they originate.”

“By cowardly hiding online, these traffickers have wreaked havoc across our country and directly fueled the fentanyl crisis and gun violence impacting our American communities and neighborhoods. But the ease and accessibility of their crimes ends today,” said FBI Director Kash Patel. “The FBI could not do this work without our partners both at home and abroad, and the staggering success of this year’s record-breaking amount of fentanyl, guns, and drugs seized prove that our efforts are working. Anyone looking to anonymously harm our citizens through illicit darknet trafficking: your days of recklessness are numbered.”

“These predators who peddled poison on the dark web might have thought they are untouchable — hiding behind screens, pushing fentanyl, fueling overdoses, and cashing in on misery. However, Operation RapTor just proved them wrong,” said DEA Acting Administrator Robert Murphy. “DEA and our global partners reached across borders, across platforms, and across currencies to rip their networks apart. Let this stand as a warning: no mask, no marketplace, and no digital wallet can hide you from facing justice.”

“Operation RapTor shows that the dark web is not beyond the reach of law enforcement,” said Head of Europol’s European Cybercrime Centre, Edvardas Šileris. “Through close cooperation and intelligence sharing, officers across three continents identified and arrested suspects, sending a clear message to those who think they can hide in the shadows. Europol will continue working with our partners to make the internet safer for everyone.”

“This unprecedented operation is a testament to the power of global partnership and the unwavering dedication of our team,” said Chief Guy Ficco of IRS Criminal Investigation (IRS-CI). “Working through the JCODE initiative, IRS Criminal Investigation and our international partners led the largest and most impactful takedown to date—seizing over $200 million in assets, removing deadly drugs and weapons from circulation, and holding more than 270 individuals accountable. This critical strike against dark web networks fueling the fentanyl crisis marks a proud moment in our ongoing effort to protect communities worldwide.”

“This record-breaking operation sends a clear message to every trafficker hiding behind a screen—your anonymity ends where our global reach begins,” said Acting Director Todd Lyons of U.S. Immigration and Customs Enforcement (ICE). “Thanks to the unwavering efforts by ICE’s Homeland Security Investigations (HSI), Europol and our international partners, we’re cracking the code of the so-called ‘safe spaces’ for cybercriminals—they are in our sights and we’re not backing down.”

“Operation RapTor shows what’s possible when the U.S. Postal Inspection Service and our partners around the world stand united,” said Chief Postal Inspector Gary Barksdale of the United States Postal Inspection Service. “No matter where criminals hide, we will find them, dismantle their operations, and bring them to justice. This operation was about protecting innocent people from predatory criminals who profit from violence, addiction, and fear. Our commitment is unwavering.”

“The FDA is committed to continuing its work to disrupt and dismantle the illegal sales of drugs on the dark web, where such sales far too often have tragic consequences,” said Deputy Director Chad Menster of the Food and Drug Administration’s Office of Criminal Investigations (FDA OCI). “We will continue to monitor, investigate and bring to justice those who misuse the internet in a quest for profits with reckless disregard for the risk to public health and safety.”

The impact of Operation RapTor can be attributed to the tireless work of U.S. and international law enforcement partners. For example:

On Dec. 16, 2024, Rui-Siang Lin pleaded guilty to charges brought by the U.S. Attorney’s Office for the Southern District of New York of narcotics conspiracy, money laundering, and conspiracy to sell adulterated and misbranded medication for owning and operating Incognito Market, one of the largest narcotics marketplaces on the internet.

According to court documents and statements made in court, Incognito Market was an online narcotics bazaar that started on the dark web in October 2020. Until it shut down in March 2024, Incognito Market sold more than $100 million of narcotics—including hundreds of kilograms of cocaine and methamphetamine. Incognito Market was available globally to anyone with internet access using the Tor web browser on the “dark web” or “darknet.” Incognito Market was designed to facilitate seamless narcotics transactions, incorporating many features of legitimate e-commerce sites such as branding, advertising, and customer service. Upon visiting the site, users were met by a splash page and graphic interface, which is pictured below:

Figure 1: Incognito Market homepage

While concealing their identities with a unique username or “moniker,” users were able to search thousands of listings for narcotics of their choice. Incognito Market sold illegal narcotics including heroin, cocaine, LSD, MDMA, oxycodone, methamphetamine, ketamine, and alprazolam, as well as misbranded prescription medication. An example of listings on Incognito market is below:

Figure 2: Listings for various drugs on the Incognito Market.

Listings included offerings of prescription medication that was falsely advertised as being authentic. For example, in November 2023, while operating in an undercover capacity on Incognito Market, a law enforcement agent purchased and received several tablets purported to be oxycodone. Testing revealed that these tablets were not oxycodone and were, in fact, fentanyl pills.

The FBI, HSI, DEA, FDA OCI, and the New York Police Department investigated the case.

In a second example, in January 2025, the U.S. Attorney’s Office for the Central District of California secured a 17-year sentence for Adan Ruiz, of Orange County, and a 15-year sentence for Omar Navia, of Los Angeles, for supplying fentanyl-laced pills to a drug trafficking ring that sold these drugs to more than 1,000 customers nationwide via the darknet. In imposing the sentences, U.S. District Judge David O. Carter called this case “the most sophisticated fentanyl distribution ring that this court has seen.”

Navia and Ruiz admitted in their plea agreements that, from at least August 2021 to December 2022, they supplied fentanyl-laced pills to Michael Ta, 26, of Westminster, and Rajiv Srinivasan, 38, of Houston, who used the darknet and encrypted messaging applications to sell more than 120,000 fentanyl-laced pills, 20 pounds of methamphetamine, and other drugs directly to more than 1,000 customers in all 50 states, causing several fatal overdoses.

According to court documents and statements made in court, Srinivasan and Ta used the “redlightlabs” darknet account to advertise and sell counterfeit M30 oxycodone pills containing fentanyl and other illicit drugs. Srinivasan also used the encrypted messaging application Wickr to communicate with and sell drugs to customers. Srinivasan received virtual currency as payment for the drugs and then routed that virtual currency through cryptocurrency exchanges.

The court record also shows that Ta communicated with Srinivasan about drug orders, obtained fentanyl-laced pills and methamphetamine from sources of supply, stored those drugs in his residence, and mailed out packages with drugs to customers who had ordered them from Srinivasan on the “redlightlabs” account.

Ta and Srinivasan admitted in their plea agreements to causing the fentanyl overdose deaths of three victims. Both defendants further admitted to distributing fentanyl-laced pills to two additional victims, both of whom suffered fatal drug overdoses shortly after they received the pills from Ta and Srinivasan. Prosecutors wrote in a sentencing memorandum, “The five victims of defendants’ crimes ranged in age from 19 to 51. They lived across the country, from California to Florida, Colorado to Arkansas. Each of the five victims leaves behind a family that has been forever and fundamentally changed by defendants’ actions. [Ta and Srinivasan] also victimized countless others as part of an epidemic of addiction and despair plaguing our district and our country.”

The FBI investigated this case, with substantial assistance from the U.S. Postal Inspection Service (USPIS), the DEA’s Fayetteville Resident Office, and the Northern Colorado Drug Task Force.

In a third example, in February 2024, the U.S. Attorney’s Office for the Eastern District of Virginia charged Joshua Vasquez, Joseph Vasquez, and Rafael Roman by criminal complaint with conspiracy to distribute 500 grams or more of methamphetamine. Joshua Vasquez, Joseph Vasquez, and Roman conspired to sell counterfeit Adderall containing methamphetamine on darknet markets such as Bohemia and Tor2Door. The defendants allegedly sold drugs on darknet marketplaces in exchange for cryptocurrency under the monikers “NuveoDelux,” “Mrjohnson,” and “AllStateRx.”

According to court documents and statements made in court, these three prolific darknet vendors were collectively responsible for fulfilling over 13,000 drug orders shipped throughout the United States, ranging in size from user quantities, e.g., 5 pills, to “reseller” quantities, e.g., 10,000 pills. Joshua and Joseph Vasquez collectively ran the NuveoDeluxe and AllStateRx accounts. A fourth co-conspirator, Gregory Castillo-Rosario, who was arrested in October 2024, ran the Mrjohnson account. Roman assisted his co-conspirators by pressing counterfeit Adderall pills, packaging them, and distributing drug orders into the mail using the U.S. Postal Service. The conspiracy also laundered funds associated with darknet drug proceeds.

While executing search warrants in New Jersey and New York, federal law enforcement officers seized more than $330,000, close to 80,000 counterfeit Adderall pills, one firearm, and two industrial pill press machines. Additionally, two vehicles and several pieces of property were seized during the search warrants. An additional 30 kilograms of suspected counterfeit Adderall pills were seized on May 2, 2024, in New York. Photographs of some of the seized items are below:

Figure 3: Counterfeit Adderall pills laced with methamphetamine stored in 5-gallon buckets

Figure 4: Bags ready to be shipped to customers nationwide.

Figure 5: Illegal pill press machines used by drug traffickers to make counterfeit pharmaceutical pills.

Figure 6: Trash bags full of counterfeit Adderall pills laced with methamphetamine.

Joshua Vasquez pleaded guilty on April 24, 2024, and was sentenced on July 25, 2024, to 12 years in prison. Joseph Vasquez pleaded guilty on April 15, 2024, and was sentenced on Aug. 8, 2024, to 10 years in prison. Roman pleaded guilty on May 30, 2024, and was sentenced on Nov. 14, 2024, to 10 years in prison. They all pleaded guilty to conspiracy to create a counterfeit substance and distribute 500 grams or more of a mixture and substance containing methamphetamine.

The FBI, FDA, and USPIS investigated this matter with significant contributions from DEA, HSI, the Ocean County Sheriff’s Office, the Howell Township Police Department, the Lakewood Township Police Department, the Orlando Police Department, the Orange County Sheriff’s Office, the Arlington County Police Department, and the New York Police Department.

In a fourth example, a San Fernando Valley man, Brian McDonald, 23, was sentenced to more than 20 years in federal prison in the Central District of California for using darknet marketplaces to sell hundreds of thousands of dollars’ worth of fentanyl-laced pills and cocaine to buyers nationwide. He admitted in court documents to causing one fatal fentanyl overdose.

From at least April 2021 until May 2023, McDonald and others conspired to sell fentanyl and cocaine via multiple darknet marketplaces. McDonald operated under the monikers “Malachai Johnson,” “SouthSideOxy,” and “JefeDeMichoacan.” McDonald created, monitored, and maintained the darknet vendor profiles, including by updating drug listings and shipment options, tracking drug orders, and offloading Monero cryptocurrency received as drug deal payments into cryptocurrency wallets that McDonald controlled.

McDonald recruited and hired accomplices to help package and ship the narcotics they sold on the darknet. McDonald directed and helped these accomplices package and ship the narcotics. McDonald purchased bulk quantities of fentanyl and cocaine and then directed others to complete hundreds of drug sales involving large quantities of both fentanyl and cocaine.

The FBI and DEA investigated this matter.

Operation RapTor involves law enforcement actions taken by JCODE member agencies, including the DEA, FBI, FDA OCI, HSI, IRS-CI, and USPIS. Credible reporting from the referenced agencies, in addition to contributions from ATF, Army Criminal Investigation Division, Customs and Border Protection, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and OFAC, and Naval Criminal Investigative Service, enabled domestic law enforcement actions in support of Operation RapTor. State, local, and other federal agencies also contributed to Operation RapTor investigations through task force participation and regional partnerships, as well as the multi-agency Special Operations Division.

The investigations leading to Operation RapTor were significantly aided by support and coordination from the Criminal Division’s Narcotic and Dangerous Drug Section and Computer Crime and Intellectual Property Section, with valuable assistance from the Criminal Division’s Money Laundering and Asset Recovery Section, Fraud Section, and Office of International Affairs.

Key international partners include Europol; Eurojust; Austria’s Criminal Intelligence Service with various Provincial Criminal Police Departments (Bundeskriminalamt und Landeskriminalämter); Brazil’s Civil Police of the State of Pará (Polícia Civil do Estado do Pará) and Civil Police of the State of São Paulo (Polícia Civil do Estado do São Paulo); France’s French Customs (Douane), National Gendarmerie (Gendarmerie Nationale); Germany’s Federal Criminal Police Office (Bundeskriminalamt), Prosecutor’s Office in Cologne – Central Cybercrime Contact Point (Staatsanwaltschaft Köln, Zentral- und Ansprechstelle Cybercrime), Central Criminal Investigation in Oldenburg (Zentrale Kriminalinspektion Oldenburg) various police departments (Dienststellen der Länderpolizeien), and German Customs Investigation (Zollfahndungsämter); the Netherlands’ Team High Tech Crime (National Investigations and Special Operations (NIS) and Post Interventie Team (PIT), National Intelligence, Expertise and Operational Support (NIEO); Spain’s National Police (Policía Nacional); South Korea’s Seoul Central District Prosecutors’ Office – Darknet Investigations Unit; Switzerland’s Zurich Cantonal Police (Kantonspolizei Zürich) and Public Prosecutor’s Office II of the Canton of Zurich (Staatsanwaltschaft II); and the United Kingdom’s National Crime Agency (NCA), National Police Chiefs’ Council (NPCC).

Federal investigations spanned the United States, and 26 United States Attorneys’ Offices are prosecuting cases, including the Central District of California, the Northern District of California, the Southern District of California, the District of Colorado, the District of Connecticut, the District of Columbia, the Middle District of Florida, the Southern District of Florida, the Middle District of Georgia, the District of Hawaii, the Northern District of Illinois, the Southern District of Indiana, the Eastern District of Kentucky, the District of Massachusetts, the Eastern District of Michigan, the Western District of Michigan, the Eastern District of Missouri, the District of New Jersey, the Southern District of New York, the District of North Dakota, the Northern District of Ohio, the Southern District of Ohio, the Northern District of Oklahoma, the Eastern District of Pennsylvania, the Eastern District of Virginia, and the Western District of Washington.

The Justice Department established the FBI-led JCODE team to lead and coordinate government efforts to detect, disrupt, and dismantle major criminal enterprises reliant on the darknet for trafficking opioids and other illicit narcotics, along with identifying and dismantling their supply chains.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

May 27, 2025
MIL-OSI Security: Law Enforcement Seize Record Amounts of Illegal Drugs, Firearms, and Drug Trafficking Proceeds in International Operation Against Darknet Trafficking of Fentanyl and Opioids; 270 Arrested Across Four Continents

Source: United States Attorneys General 13

WASHINGTON — Today, the Attorney General and the Department of Justice’s Joint Criminal Opioid and Darknet Enforcement (JCODE) team, and international law enforcement partners announced the results of Operation RapTor, including the arrests of 270 dark web vendors, buyers, and administrators in Austria, Brazil, France, Germany, the Netherlands, South Korea, Spain, Switzerland, the United Kingdom, and the United States. Operation RapTor resulted in the highest number of seizures of any JCODE operation, including more than $200 million in currency and digital assets, over two metric tons of drugs, 144 kilograms of fentanyl or fentanyl-laced narcotics, and over 180 firearms.

Operation RapTor was a global, coordinated effort by law enforcement in the United States, Europe, South America, and Asia to disrupt fentanyl and opioid trafficking, as well as the sales of other illicit goods and services, on the darknet, or dark web. Operation RapTor builds on the successes of prior years’ operations and takedowns of marketplaces, which resulted in the seizure of darknet infrastructure from Nemesis, Tor2Door, Bohemia, and Kingdom Markets, providing investigators across the world with investigative leads and evidence. JCODE and Europol’s European Cybercrime Centre (EC3) continue to compile intelligence packages to identify entities of interest. These leads allow U.S. and international law enforcement agencies to identify darknet drug vendors and buyers, resulting in a series of coordinated, but separate, law enforcement investigations, reflected in the statistics announced today. In furtherance of Operation RapTor and in its first action as a JCODE member agency, the Office of Foreign Assets Control (OFAC) additionally sanctioned Iranian national Behrouz Parsarad for his role as the founder and operator of Nemesis Market following seizure of the market. Parsarad was also indicted by a federal grand jury on drug trafficking charges related to the illegal business he ran on the dark web.

“This historic international seizure of firearms, deadly drugs, and illegal funds will save lives,” said Attorney General Pam Bondi. “Criminals cannot hide behind computer screens or seek refuge on the dark web – this Justice Department will identify and eliminate threats to the American people regardless of where they originate.”

“By cowardly hiding online, these traffickers have wreaked havoc across our country and directly fueled the fentanyl crisis and gun violence impacting our American communities and neighborhoods. But the ease and accessibility of their crimes ends today,” said FBI Director Kash Patel. “The FBI could not do this work without our partners both at home and abroad, and the staggering success of this year’s record-breaking amount of fentanyl, guns, and drugs seized prove that our efforts are working. Anyone looking to anonymously harm our citizens through illicit darknet trafficking: your days of recklessness are numbered.”

“These predators who peddled poison on the dark web might have thought they are untouchable — hiding behind screens, pushing fentanyl, fueling overdoses, and cashing in on misery. However, Operation RapTor just proved them wrong,” said DEA Acting Administrator Robert Murphy. “DEA and our global partners reached across borders, across platforms, and across currencies to rip their networks apart. Let this stand as a warning: no mask, no marketplace, and no digital wallet can hide you from facing justice.”

“Operation RapTor shows that the dark web is not beyond the reach of law enforcement,” said Head of Europol’s European Cybercrime Centre, Edvardas Šileris. “Through close cooperation and intelligence sharing, officers across three continents identified and arrested suspects, sending a clear message to those who think they can hide in the shadows. Europol will continue working with our partners to make the internet safer for everyone.”

“This unprecedented operation is a testament to the power of global partnership and the unwavering dedication of our team,” said Chief Guy Ficco of IRS Criminal Investigation (IRS-CI). “Working through the JCODE initiative, IRS Criminal Investigation and our international partners led the largest and most impactful takedown to date—seizing over $200 million in assets, removing deadly drugs and weapons from circulation, and holding more than 270 individuals accountable. This critical strike against dark web networks fueling the fentanyl crisis marks a proud moment in our ongoing effort to protect communities worldwide.”

“This record-breaking operation sends a clear message to every trafficker hiding behind a screen—your anonymity ends where our global reach begins,” said Acting Director Todd Lyons of U.S. Immigration and Customs Enforcement (ICE). “Thanks to the unwavering efforts by ICE’s Homeland Security Investigations (HSI), Europol and our international partners, we’re cracking the code of the so-called ‘safe spaces’ for cybercriminals—they are in our sights and we’re not backing down.”

“Operation RapTor shows what’s possible when the U.S. Postal Inspection Service and our partners around the world stand united,” said Chief Postal Inspector Gary Barksdale of the United States Postal Inspection Service. “No matter where criminals hide, we will find them, dismantle their operations, and bring them to justice. This operation was about protecting innocent people from predatory criminals who profit from violence, addiction, and fear. Our commitment is unwavering.”

“The FDA is committed to continuing its work to disrupt and dismantle the illegal sales of drugs on the dark web, where such sales far too often have tragic consequences,” said Deputy Director Chad Menster of the Food and Drug Administration’s Office of Criminal Investigations (FDA OCI). “We will continue to monitor, investigate and bring to justice those who misuse the internet in a quest for profits with reckless disregard for the risk to public health and safety.”

The impact of Operation RapTor can be attributed to the tireless work of U.S. and international law enforcement partners. For example:

On Dec. 16, 2024, Rui-Siang Lin pleaded guilty to charges brought by the U.S. Attorney’s Office for the Southern District of New York of narcotics conspiracy, money laundering, and conspiracy to sell adulterated and misbranded medication for owning and operating Incognito Market, one of the largest narcotics marketplaces on the internet.

According to court documents and statements made in court, Incognito Market was an online narcotics bazaar that started on the dark web in October 2020. Until it shut down in March 2024, Incognito Market sold more than $100 million of narcotics—including hundreds of kilograms of cocaine and methamphetamine. Incognito Market was available globally to anyone with internet access using the Tor web browser on the “dark web” or “darknet.” Incognito Market was designed to facilitate seamless narcotics transactions, incorporating many features of legitimate e-commerce sites such as branding, advertising, and customer service. Upon visiting the site, users were met by a splash page and graphic interface, which is pictured below:

Figure 1: Incognito Market homepage

While concealing their identities with a unique username or “moniker,” users were able to search thousands of listings for narcotics of their choice. Incognito Market sold illegal narcotics including heroin, cocaine, LSD, MDMA, oxycodone, methamphetamine, ketamine, and alprazolam, as well as misbranded prescription medication. An example of listings on Incognito market is below:

Figure 2: Listings for various drugs on the Incognito Market.

Listings included offerings of prescription medication that was falsely advertised as being authentic. For example, in November 2023, while operating in an undercover capacity on Incognito Market, a law enforcement agent purchased and received several tablets purported to be oxycodone. Testing revealed that these tablets were not oxycodone and were, in fact, fentanyl pills.

The FBI, HSI, DEA, FDA OCI, and the New York Police Department investigated the case.

In a second example, in January 2025, the U.S. Attorney’s Office for the Central District of California secured a 17-year sentence for Adan Ruiz, of Orange County, and a 15-year sentence for Omar Navia, of Los Angeles, for supplying fentanyl-laced pills to a drug trafficking ring that sold these drugs to more than 1,000 customers nationwide via the darknet. In imposing the sentences, U.S. District Judge David O. Carter called this case “the most sophisticated fentanyl distribution ring that this court has seen.”

Navia and Ruiz admitted in their plea agreements that, from at least August 2021 to December 2022, they supplied fentanyl-laced pills to Michael Ta, 26, of Westminster, and Rajiv Srinivasan, 38, of Houston, who used the darknet and encrypted messaging applications to sell more than 120,000 fentanyl-laced pills, 20 pounds of methamphetamine, and other drugs directly to more than 1,000 customers in all 50 states, causing several fatal overdoses.

According to court documents and statements made in court, Srinivasan and Ta used the “redlightlabs” darknet account to advertise and sell counterfeit M30 oxycodone pills containing fentanyl and other illicit drugs. Srinivasan also used the encrypted messaging application Wickr to communicate with and sell drugs to customers. Srinivasan received virtual currency as payment for the drugs and then routed that virtual currency through cryptocurrency exchanges.

The court record also shows that Ta communicated with Srinivasan about drug orders, obtained fentanyl-laced pills and methamphetamine from sources of supply, stored those drugs in his residence, and mailed out packages with drugs to customers who had ordered them from Srinivasan on the “redlightlabs” account.

Ta and Srinivasan admitted in their plea agreements to causing the fentanyl overdose deaths of three victims. Both defendants further admitted to distributing fentanyl-laced pills to two additional victims, both of whom suffered fatal drug overdoses shortly after they received the pills from Ta and Srinivasan. Prosecutors wrote in a sentencing memorandum, “The five victims of defendants’ crimes ranged in age from 19 to 51. They lived across the country, from California to Florida, Colorado to Arkansas. Each of the five victims leaves behind a family that has been forever and fundamentally changed by defendants’ actions. [Ta and Srinivasan] also victimized countless others as part of an epidemic of addiction and despair plaguing our district and our country.”

The FBI investigated this case, with substantial assistance from the U.S. Postal Inspection Service (USPIS), the DEA’s Fayetteville Resident Office, and the Northern Colorado Drug Task Force.

In a third example, in February 2024, the U.S. Attorney’s Office for the Eastern District of Virginia charged Joshua Vasquez, Joseph Vasquez, and Rafael Roman by criminal complaint with conspiracy to distribute 500 grams or more of methamphetamine. Joshua Vasquez, Joseph Vasquez, and Roman conspired to sell counterfeit Adderall containing methamphetamine on darknet markets such as Bohemia and Tor2Door. The defendants allegedly sold drugs on darknet marketplaces in exchange for cryptocurrency under the monikers “NuveoDelux,” “Mrjohnson,” and “AllStateRx.”

According to court documents and statements made in court, these three prolific darknet vendors were collectively responsible for fulfilling over 13,000 drug orders shipped throughout the United States, ranging in size from user quantities, e.g., 5 pills, to “reseller” quantities, e.g., 10,000 pills. Joshua and Joseph Vasquez collectively ran the NuveoDeluxe and AllStateRx accounts. A fourth co-conspirator, Gregory Castillo-Rosario, who was arrested in October 2024, ran the Mrjohnson account. Roman assisted his co-conspirators by pressing counterfeit Adderall pills, packaging them, and distributing drug orders into the mail using the U.S. Postal Service. The conspiracy also laundered funds associated with darknet drug proceeds.

While executing search warrants in New Jersey and New York, federal law enforcement officers seized more than $330,000, close to 80,000 counterfeit Adderall pills, one firearm, and two industrial pill press machines. Additionally, two vehicles and several pieces of property were seized during the search warrants. An additional 30 kilograms of suspected counterfeit Adderall pills were seized on May 2, 2024, in New York. Photographs of some of the seized items are below:

Figure 3: Counterfeit Adderall pills laced with methamphetamine stored in 5-gallon buckets

Figure 4: Bags ready to be shipped to customers nationwide.

Figure 5: Illegal pill press machines used by drug traffickers to make counterfeit pharmaceutical pills.

Figure 6: Trash bags full of counterfeit Adderall pills laced with methamphetamine.

Joshua Vasquez pleaded guilty on April 24, 2024, and was sentenced on July 25, 2024, to 12 years in prison. Joseph Vasquez pleaded guilty on April 15, 2024, and was sentenced on Aug. 8, 2024, to 10 years in prison. Roman pleaded guilty on May 30, 2024, and was sentenced on Nov. 14, 2024, to 10 years in prison. They all pleaded guilty to conspiracy to create a counterfeit substance and distribute 500 grams or more of a mixture and substance containing methamphetamine.

The FBI, FDA, and USPIS investigated this matter with significant contributions from DEA, HSI, the Ocean County Sheriff’s Office, the Howell Township Police Department, the Lakewood Township Police Department, the Orlando Police Department, the Orange County Sheriff’s Office, the Arlington County Police Department, and the New York Police Department.

In a fourth example, a San Fernando Valley man, Brian McDonald, 23, was sentenced to more than 20 years in federal prison in the Central District of California for using darknet marketplaces to sell hundreds of thousands of dollars’ worth of fentanyl-laced pills and cocaine to buyers nationwide. He admitted in court documents to causing one fatal fentanyl overdose.

From at least April 2021 until May 2023, McDonald and others conspired to sell fentanyl and cocaine via multiple darknet marketplaces. McDonald operated under the monikers “Malachai Johnson,” “SouthSideOxy,” and “JefeDeMichoacan.” McDonald created, monitored, and maintained the darknet vendor profiles, including by updating drug listings and shipment options, tracking drug orders, and offloading Monero cryptocurrency received as drug deal payments into cryptocurrency wallets that McDonald controlled.

McDonald recruited and hired accomplices to help package and ship the narcotics they sold on the darknet. McDonald directed and helped these accomplices package and ship the narcotics. McDonald purchased bulk quantities of fentanyl and cocaine and then directed others to complete hundreds of drug sales involving large quantities of both fentanyl and cocaine.

The FBI and DEA investigated this matter.

Operation RapTor involves law enforcement actions taken by JCODE member agencies, including the DEA, FBI, FDA OCI, HSI, IRS-CI, and USPIS. Credible reporting from the referenced agencies, in addition to contributions from ATF, Army Criminal Investigation Division, Customs and Border Protection, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and OFAC, and Naval Criminal Investigative Service, enabled domestic law enforcement actions in support of Operation RapTor. State, local, and other federal agencies also contributed to Operation RapTor investigations through task force participation and regional partnerships, as well as the multi-agency Special Operations Division.

The investigations leading to Operation RapTor were significantly aided by support and coordination from the Criminal Division’s Narcotic and Dangerous Drug Section and Computer Crime and Intellectual Property Section, with valuable assistance from the Criminal Division’s Money Laundering and Asset Recovery Section, Fraud Section, and Office of International Affairs.

Key international partners include Europol; Eurojust; Austria’s Criminal Intelligence Service with various Provincial Criminal Police Departments (Bundeskriminalamt und Landeskriminalämter); Brazil’s Civil Police of the State of Pará (Polícia Civil do Estado do Pará) and Civil Police of the State of São Paulo (Polícia Civil do Estado do São Paulo); France’s French Customs (Douane), National Gendarmerie (Gendarmerie Nationale); Germany’s Federal Criminal Police Office (Bundeskriminalamt), Prosecutor’s Office in Cologne – Central Cybercrime Contact Point (Staatsanwaltschaft Köln, Zentral- und Ansprechstelle Cybercrime), Central Criminal Investigation in Oldenburg (Zentrale Kriminalinspektion Oldenburg) various police departments (Dienststellen der Länderpolizeien), and German Customs Investigation (Zollfahndungsämter); the Netherlands’ Team High Tech Crime (National Investigations and Special Operations (NIS) and Post Interventie Team (PIT), National Intelligence, Expertise and Operational Support (NIEO); Spain’s National Police (Policía Nacional); South Korea’s Seoul Central District Prosecutors’ Office – Darknet Investigations Unit; Switzerland’s Zurich Cantonal Police (Kantonspolizei Zürich) and Public Prosecutor’s Office II of the Canton of Zurich (Staatsanwaltschaft II); and the United Kingdom’s National Crime Agency (NCA), National Police Chiefs’ Council (NPCC).

Federal investigations spanned the United States, and 26 United States Attorneys’ Offices are prosecuting cases, including the Central District of California, the Northern District of California, the Southern District of California, the District of Colorado, the District of Connecticut, the District of Columbia, the Middle District of Florida, the Southern District of Florida, the Middle District of Georgia, the District of Hawaii, the Northern District of Illinois, the Southern District of Indiana, the Eastern District of Kentucky, the District of Massachusetts, the Eastern District of Michigan, the Western District of Michigan, the Eastern District of Missouri, the District of New Jersey, the Southern District of New York, the District of North Dakota, the Northern District of Ohio, the Southern District of Ohio, the Northern District of Oklahoma, the Eastern District of Pennsylvania, the Eastern District of Virginia, and the Western District of Washington.

The Justice Department established the FBI-led JCODE team to lead and coordinate government efforts to detect, disrupt, and dismantle major criminal enterprises reliant on the darknet for trafficking opioids and other illicit narcotics, along with identifying and dismantling their supply chains.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

May 27, 2025
MIL-OSI: Euronext announces the success of its offering of bonds due 2032 convertible into new shares and/or exchangeable for existing shares (“OCEANEs”) for a nominal amount of €425 million
Source: GlobeNewswire (MIL-OSI)

Euronext announces the success of its offering of bonds due 2032 convertible into new shares and/or exchangeable for existing shares (“OCEANEs”) for a nominal amount of €425 million

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 22 May 2025 – Euronext (ISIN Code: NL0006294274) (the “Company”), the leading European capital market infrastructure, announces today the success of its offering of senior unsecured bonds due 2032 convertible into new shares and/or exchangeable for existing shares of the Company (“OCEANEs”) (the “Bonds”), by way of a placement to qualified investors only (within the meaning of Article 2(e) of the Prospectus Regulation (as defined below)), for a nominal amount of €425 million (the “Offering”).

On 17 April 2025, the Company entered into a bridge loan facility with, among others, affiliates of the joint bookrunners appointed in the context of the Offering, to finance the acquisition of Admincontrol. The net proceeds from the Offering will be used by the Company for the repayment of a portion of the bridge financing and general corporate purposes.

Main terms of the Bonds

The Bonds will be issued with a denomination of €100,000 each (the “Principal Amount”), will be convertible and/or exchangeable into new and/or existing shares of Euronext (the “Shares”) and will pay a fixed coupon at a rate of 1.50% per annum, payable semi-annually in arrear on 30 May and 30 November of each year (or on the following business day if this date is not a business day), and for the first time on 30 November 2025.

The initial conversion price of the Bonds is set at €191.1654, representing a conversion premium of 35% above the Company’s reference share price on the regulated market of Euronext in Paris (“Euronext Paris”). The reference share price is €141.6040, being equal to the volume-weighted average price (VWAP) of the Shares recorded on Euronext Paris from the launch of the Offering today until the determination of the final terms (pricing) of the Bonds. Settlement and delivery of the Bonds is expected to take place in the Euronext Securities Milan system on 30 May 2025 (the “Issue Date”).

Unless previously converted, exchanged, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 30 May 2032 (or on the following business day if such date is not a business day) (the “Maturity Date”).

The Bonds may be redeemed prior to the Maturity Date at the option of the Company, under certain conditions.

In particular, the Bonds may be fully redeemed early at par plus any accrued interest at the Company’s option, subject to a prior notice of at least 30 (but not more than 60) calendar days, (i) at any time from 20 June 2030 (inclusive), if the arithmetic average, calculated over a period of 10 consecutive trading days chosen by the Company from among the 20 consecutive trading days preceding the day of the publication of the early redemption notice, of the daily products on each of such 10 consecutive trading days of the volume weighted average price of the Shares on Euronext Paris over the applicable conversion price on each such trading day, exceeds 130%; or (ii) at any time if 80% or more in principal amount of the Bonds issued (which shall, for the avoidance of doubt, include any tap issues of the Bonds) have been converted/exchanged and/or redeemed and/or purchased by the Company and cancelled.
Bondholders will be granted the right to convert or exchange the Bonds into new and/or existing Shares (the “Conversion/Exchange Right”) which they may exercise at any time from the 41^st day (inclusive) following the Issue Date up to the 7^th business day (inclusive) preceding the Maturity Date or, as the case may be, the relevant early redemption date.

The conversion ratio of the Bonds is set at the Principal Amount divided by the prevailing initial conversion price, i.e. 523.1072 Shares per Bond, subject to standard adjustments, including anti-dilution and dividend protections, as described in the terms and conditions of the Bonds. Upon exercise of their Conversion/Exchange Right, holders of the Bonds will receive at the option of the Company new and/or existing Shares, carrying in all cases all rights attached to existing Shares as from the date of delivery.

Application will be made for the admission of the Bonds to trading on Euronext Access^TM in Paris to occur within 30 calendar days from the Issue Date.

Legal framework of the Offering and placement

The Bonds will be issued by way of a placement to qualified investors only (within the meaning of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”)) (excluding the United States of America, Australia, Japan, Canada or South Africa), pursuant to the authorization granted by the Company’s annual general meeting held on 15 May 2025 (15^th and 16^th resolution), without an offer to the public (other than to qualified investors) in any country.

Existing shareholders of the Company shall have no preferential subscription rights, and there will be no priority subscription period in connection with the issuance of the Bonds or any underlying new Shares to be issued upon conversion.

Lock-up undertaking

In the context of the Offering, the Company has agreed to a lock-up undertaking with respect to its Shares and securities giving access to share capital of the Company for a period starting from the announcement of the final terms of the Bonds and ending 90 calendar days after the Issue Date, subject to certain customary exceptions or waiver from the joint global coordinators appointed in the context of the Offering.

Dilution

As a result of the Offering of a €425 million principal amount of Bonds and the initial conversion price of €191.1654, the potential dilution would represent approximately 2.1% of the Company’s outstanding share capital, if the Conversion/Exchange Right was exercised for all the Bonds and the Company decided to deliver new Shares only upon exercise of the Conversion/Exchange Right.

Available information

Neither the offering of the Bonds, nor the admission of the Bonds to trading on Euronext Access^TM is subject to a prospectus approved by the Stichting Autoriteit Financiële Markten (AFM) in Netherlands or the Autorité des marchés financiers (AMF) in France. No key information document required by the PRIIPs Regulation or the UK PRIIPs Regulation (as defined below) has been or will be prepared. Detailed information about Company, including its business, results, prospects and the risk factors to which the Company is exposed are described in the Company’s universal registration document for the financial year ended 31 December 2024, filed with the AFM on 28 March 2025 and the Company’s first quarter 2025 results press release which includes the unaudited financial statements of the Company as at and for the three months ended 31 March 2025, which are all available on the Company’s website (https://www.euronext.com/en/investor-relations).

Important information

This press release does not constitute or form part of any offer or solicitation to purchase or subscribe for or to sell securities to any U.S. person or to any person in the United States, Australia, Japan, Canada or South Africa or in any jurisdiction to whom or in which such offer is unlawful, and the Offering of the Bonds is not an offer to the public in any jurisdiction (other than to qualified investors within the meaning of Article 2(e) of the Prospectus Regulation) or an offer to retail investors as such term is defined below.

CONTACTS

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations        Aurélie Cohen

        Judith Stein        +33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe        Aurélie Cohen         +33 1 70 48 24 45

        Andrea Monzani         +39 02 72 42 62 13

Belgium        Marianne Aalders         +32 26 20 15 01

France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45

Ireland        Catalina Augspach        +33 6 82 09 99 70

Italy         Ester Russom         +39 02 72 42 67 56

The Netherlands        Marianne Aalders         +31 20 721 41 33

Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10

Portugal         Sandra Machado        +351 91 777 68 97

About Euronext

Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

For the latest news, go to euronext.com or follow us on X and LinkedIn.

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

© 2025, Euronext N.V. – All rights reserved.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

Disclaimer

The contents of this announcement have been prepared by and are the sole responsibility of the Company.

The information contained in this announcement is for information purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is an advertisement and not a prospectus within the meaning of Prospectus Regulation.

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy, Bonds to any U.S. person or to any person in the United States, Australia, Canada, South Africa or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The Bonds and the Shares, if any, to be issued upon exercise of the Conversion/Exercise Right (together, the “Securities”) referred to herein may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons unless registered under the US Securities Act of 1933 (the “Securities Act”) or offered in a transaction exempt from, or not subject to, the registration requirements of the Securities Act.

In addition, until 40 days after the commencement of the Offering, an offer or sale of Bonds within the United States by a dealer (whether or not it is participating in the Offering) may violate the registration requirements of the Securities Act.

The offer and sale of Securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada, South Africa or Japan. Subject to certain exceptions, the Bonds referred to herein may not be offered or sold in Australia, Canada, South Africa or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, South Africa or Japan. There will be no public offer of the Securities in the United States, Australia, Canada, South Africa or Japan or elsewhere.

In member states of the European Economic Area (the “EEA”), this announcement and any offer is directed exclusively at persons who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation (“Qualified Investors”). In the United Kingdom this announcement and any offer is directed exclusively at persons who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”) (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) who fall within Article 49(2)(A) to (D) of the Order, or (iii) to whom it may otherwise lawfully be communicated (all such persons together with Qualified Investors in the EEA being referred to herein as “Relevant Persons”). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

This announcement may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s and its group’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.

Each of the Company, the joint bookrunners appointed in the context of the Offering and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement, whether as a result of new information, future developments or otherwise.

Each of the joint bookrunners appointed in the context of the Offering is acting exclusively for the Company and no-one else in connection with the Offering. They will not regard any other person as their respective client in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offering, the joint bookrunners appointed in the context of the Offering and any of their affiliates may take up a portion of the Bonds in the Offering as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such Bonds and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references to the Bonds being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, the joint bookrunners appointed in the context of the Offering and any of their affiliates acting in such capacity. In addition, the joint bookrunners appointed in the context of the Offering and any of their affiliates may enter into financing arrangements (including swaps, warrants or contracts for differences) with investors in connection with which the joint bookrunners appointed in the context of the Offering and any of their affiliates may from time to time acquire, hold or dispose of Bonds and/or Shares. The joint bookrunners appointed in the context of the Offering do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the joint bookrunners appointed in the context of the Offering or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

Information to Distributors: Solely for the purposes of the product governance requirements of Directive 2014/65/EU on markets in financial instruments, as amended and supplemented (“MiFID II”) and local implementing measures (together, the “Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Bonds have been subject to a product approval process, which has determined that: (i) the target market for the Bonds is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Bonds (a “distributor”) should take into consideration the manufacturers’ target market assessment; however, a distributor (for the purposes of the Product Governance Requirements) is responsible for undertaking its own target market assessment in respect of the Bonds (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

The target market assessment is without prejudice to the requirements of any contractual or legal selling restrictions in relation to any offering of the Bonds.

For the avoidance of doubt, the target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Bonds.

PRIIPs Regulation / Prospectus Regulation / Prohibition of sales to EEA and UK retail investors – The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a “retail investor” means (a) in the EEA, a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 as amended or superseded (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a Qualified Investor as defined in Article 2(e) of the Prospectus Regulation and (b) in the UK, a person who is one (or more) of (i) a retail client within the meaning of Regulation (EU) No. 2017/565 as it forms part of UK domestic law by virtue of the EUWA or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 of the UK (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No. 600/2014 as it forms part of UK domestic law by virtue of the EUWA or (iii) not a Qualified Investor as defined in Article 2(e) of the Prospectus Regulation as it forms part of UK domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “EU PRIIPs Regulation”) or the EU PRIIPS Regulation as it forms part of UK domestic law by virtue of the EUWA (the “UK PRIIPS Regulation”) for offering or selling the Bonds or otherwise making them available to retail investors in the EEA or UK has been prepared and therefore offering or selling the Bonds or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the EU PRIIPs Regulation and/or the UK PRIIPs Regulation.

Attachment
- 20250522_Pricing Press Release_Euronext Bond issuance
The MIL Network –
May 27, 2025
MIL-OSI United Kingdom: PM’s remarks at press conference on Diego Garcia: 22 May 2025

Source: United Kingdom – Government Statements

Speech

PM’s remarks at press conference on Diego Garcia: 22 May 2025

PM’s remarks at his press conference on Diego Garcia.

A few moments ago…

I signed a deal…

To secure the joint UK-US base on Diego Garcia.

This is absolutely vital…

For our defence and intelligence…

And therefore –

For the safety and security of the British people.

The full assessment of why this is so important is highly classified.

But I want to speak as frankly as I can.

The strategic location of this base is of the utmost significance to Britain.

From deploying aircraft to defeat terrorists in Iraq and Afghanistan…

To anticipating threats in the Red Sea and the Indo-Pacific…

The base is right at the foundation of our security and safety at home.

It has helped us to…

Disrupt threats to the UK…

Support counter terror operations against Islamic State…

And to reduce the risk to brave British and American servicemen and servicewomen.

The base will help protect the safe passage of our Carrier Strike Group as it goes through the Middle East.

It enables rapid deployment across the Middle East, East Africa, and South Asia…

It helps combat some of the most challenging threats we face,

Including from terrorism and hostile states…

And its location creates real military advantage across the Indo-Pacific.

The base gives the UK and the US access to unique and vital capabilities – which benefit us directly.

Many of these capabilities are secret, but they include…

Airfield and deep-water port facilities…

Facilities that support the worldwide operation of GPS…

And the monitoring of objects in the earth’s orbit…

And equipment to monitor the nuclear test ban treaty.

The base is one of the most significant contributions we make to our security relationship with the United States –

Which is critical for keeping Britain safe.

Almost everything we do from the base is in partnership with the US.

President Trump has welcomed the deal –

Along with other allies.

Because they see the strategic importance of this base –

And that we cannot cede this ground to others who would seek to do us harm.

And let me be clear –

We had to act now…

Because the base was under threat.

The courts have already made decisions which undermine our position.

And if Mauritius takes us to court again…

The UK’s longstanding legal view…

Is that we would not have a realistic prospect of success…

And would likely face a Provisional Measures Order within a matter of weeks.

But this is not just about international law.

This is about the operation of the base.

Even if we chose to ignore judgments made against us…

International organisations and other countries would act on them.

And that would undermine the operation of the base –

Causing us to lose this unique capability.

One example of this is the electromagnetic spectrum.

Countries have the right to manage this spectrum as they wish within their borders…

A right that’s recognised in regulations…

And overseen in the International Telecommunication Union.

The use of spectrum is key to understand and anticipate those who seek to do us harm.

If our right to control it is put into doubt…

We would lose the first line of defence against other countries who wish to interfere and disrupt this capability…

Rendering it practically useless.

In addition – if we do not agree this deal…

The legal situation would mean that…

We would not be able to prevent China…

Or any other nation…

Setting up their own bases on the outer islands,

Or carrying out joint exercises near our base.

We would have to explain to you – the British people –

And to our allies…

That we had lost control of this vital asset.

No responsible government could let that happen.

So there is no alternative –

But to act –

In Britain’s national interest.

By agreeing to this deal now – on our terms –

We are securing strong protections, including from malign influence…

That will allow the base to operate well into the next century…

Helping to keep us safe for generations to come.

Other approaches to secure the base have been tried over the years –

And they have failed.

[political content redacted]

Now there is obviously a cost to maintaining such a valuable asset.

We pay for our other military bases.

Allies like the US and France do the same.

This cost is part and parcel of using Britain’s global reach to keep us safe at home…

And it will be less than cost of running one aircraft carrier for a year.

*

Today’s agreement is the only way to maintain the base in the long term.

There is no alternative.

We will never gamble with national security.

So we have acted –

To secure our national interest…

To strengthen our national security –

And to protect the British people for many years to come.

Thank you.

Updates to this page

Published 22 May 2025

MIL OSI United Kingdom –

May 27, 2025

MIL-OSI: WISeKey Updates on the Negotiations to Acquire 100% of IC’ALPS

Source: GlobeNewswire (MIL-OSI)

WISeKey Updates on the Negotiations to Acquire 100% of IC’ALPS

Geneva, Switzerland – May 22, 2025 – Ad-Hoc announcement pursuant to Art. 53 of SIX Listing Rules – WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN) (“WISeKey” or “the Company”), a global leader in cybersecurity, digital identity, and IoT technologies, today shares an update on the exclusive negotiations entered into by its subsidiary, SEALSQ Corp (“SEALSQ”), a leading developer and provider of Semiconductors, PKI, and Post-Quantum technology hardware and software solutions, to acquire 100% of the share capital and voting rights of IC’ALPS SAS (“IC’ALPS”), an Application-Specific Integrated Circuit (“ASIC”) design and supply specialist based in Grenoble, France (“the Acquisition”).

These exclusive negotiations result from the execution of a Letter of Intent with IC’ALPS and its shareholders (the “Sellers”). This proposed strategic Acquisition (subject to the signing of a Share Purchase Agreement and satisfaction of closing conditions) is expected to reinforce SEALSQ’s commitment to advancing its ASIC development to meet the growing demand in the sector and would add approximately 100 highly skilled staff based out of IC’ALPS’ current centers in Grenoble and Toulouse.

SEALSQ and the Sellers have reached an agreement in principle to sign a Share Purchase Agreement (“SPA”) based on the following elements:

A fixed purchase price of EUR 12.5 million (subject to a ‘No Leakage’ undertaking clause) comprised of EUR 10 million consideration payable in cash and EUR 2.5 million consideration to be paid to one of the Sellers in fully paid and non-assessable Ordinary Shares of SEALSQ, the number of which would be calculated based on the volume weighted average price of an Ordinary Share of SEALSQ on the Nasdaq Stock Market during the ninety trading days ending on the trading day immediately prior to the closing of the Acquisition.
An earn-out payment in Ordinary Shares of up to EUR 4 million in value based on IC’ALPS achieving revenue in excess of EUR 11 million in the twelve months ending on December 31, 2025 (revenue to be accounted for in accordance with US GAAP and audited by SEALSQ’s statutory auditors).
The Ordinary Shares of SEALSQ to be issued as part of the equity consideration would be subject to a mandatory holding period of one hundred and eighty days from their date of issuance, during which the relevant Seller would be restricted from selling, transferring, or otherwise disposing of the SEALSQ Ordinary Shares.
Conditions precedent to the closing of the Acquisition include, among others, approval of the Acquisition by the French Ministry of the Economy in accordance with articles L.151-3 and R.151-1 et seq of the French Financial and Monetary Code (code monétaire et financier).

During the year ended December 31, 2024, based solely on the draft unaudited revenue of IC’ALPS provided to SEALSQ using French GAAP was EUR9,756,000 with a net loss of EUR2,016,000. In the previous year, the audited revenue of IC’ALPS, based solely on the audited revenue of IC’ALPS provided to SEALSQ, using French GAAP was EUR 8,465,000 with a net income of EUR318,000. As further detailed below, upon completion of the Acquisition, it is anticipated that SEALSQ would prepare full audited financial statements using US GAAP for both years ended December 31, 2024 and 2023, and that this might lead to material adjustment to these numbers.

We note that the net loss of IC’ALPS under French GAAP for the twelve months ended December 31, 2024 included sales to SEALSQ in an amount of approximately EUR 615,000. Excluding the sales to SEALSQ, the net loss of IC’ALPS under French GAAP for the twelve months ended December 31, 2024 would amount to a net loss in the amount of EUR (2,631,000), based on the draft unaudited revenue of IC’ALPS provided to SEALSQ. We note that the net income of IC’ALPS under French GAAP for the twelve months ended December 31, 2023 included sales to SEALSQ in an amount of approximately EUR 1,168,000. Excluding the sales to SEALSQ, the net income of IC’ALPS under French GAAP for the twelve months ended December 31, 2024 would amount to a net loss in the amount of EUR (850,000) based on the audited revenue of IC’ALPS provided to SEALSQ.

Although the conversion of the financial information of IC’ALPS from French GAAP to US GAAP has not been initiated, we expect that material adjustments may arise upon conversion to US GAAP in relation to French GAAP based net sales, operating expenses and income tax income reflected in the IC’ALPS income statement for twelve months ended December 31, 2024 and 2023, and in relation to French GAAP based intangible assets, current liabilities, and pension and debt liabilities reflected in the balance sheet as at December 31, 2024 and 2023, as reflected in the numbers provided by IC’ALPS to SEALSQ and disclosed in the preceding paragraphs.

About IC’ALPS:
IC’ALPS is your one-stop-shop ASIC partner. Based in France (HQ in Grenoble, two design centers in Grenoble and Toulouse), the company provides customers with a complete offering for Application Specific Integrated Circuits (ASIC) and Systems on Chip (SoC) development from circuit specification, mastering design in-house, up to the management of the entire production supply chain. Its 100+ engineers’ areas of expertise include analog, digital and mixed-signal circuits (sensor/MEMS interfaces, ultra-low power consumption, power management, high-resolution converters, high voltage, signal processing, ARM and RISC-V based multiprocessors architectures, hardware accelerators) on technologies from 0.18 µm down to 1.8 nm, and from multiple foundries (TSMC, Global Foundries, Tower Semiconductor, X-FAB, STMicroelectronics, Intel Foundry, etc.). The company is active worldwide in medical, industrial, automotive, IoT, IA, mil-aero, and digital identity & security sectors. IC’ALPS is ISO 9001:2015, ISO 13485:2016, EN 9100:2018, Common Criteria certified, IATF16949-ready, member of TSMC Design Center Alliance (DCA), Intel Foundry Accelerator Design Services Alliance and Value Chain Alliance (DSA & VCA), ams Osram Preferred Partner and X-FAB’s partner network.
More information: www.icalps.com and https://www.linkedin.com/company/ic-alps

About SEALSQ:
SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.

SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.

For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com.

About WISeKey
WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

Disclaimer

Forward-Looking Statements

This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the actual adjustments that arise upon conversion of the financial information of IC’ALPS to US GAAP in relation to net sales, operating expenses and income tax income in the income statement for twelve months ended December 31, 2024 and 2023, and in relation to intangible assets, current liabilities, and pension and debt liabilities in the balance sheet as at December 31, 2024 and 2023, in comparison with the French GAAP ; the entering into of definitive documents, the authorization by French regulatory authorities and the successful closing of the Acquisition; ; and the risks discussed in WISeKey’s filings with the SEC. Risks and uncertainties are further described in reports filed by WISeKey with the SEC.

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

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com

WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lcati@theequitygroup.com

The MIL Network –

May 27, 2025

MIL-OSI: Banqup delivers 26% growth in organic subscription revenue in Q1 2025

Source: GlobeNewswire (MIL-OSI)

Press Release – Regulated Information

La Hulpe, Belgium – 22 May 2025, 19:00 CET – REGULATED INFORMATION – Banqup Group SA, formerly Unifiedpost Group SA, (Euronext: UPG) (Banqup, Company), a leading provider of integrated business communications solutions, publishes its business update on the first quarter of 2025.

Key Highlights

Solid double-digit growth momentum in organic¹ subscription revenue (+25,9% y/y)
Digital service revenue growth of +7,7% y/y driven by subscription and transaction revenue growth
Focused on operational preparedness for key geographies with upcoming e-invoicing regulations
Divestment of 21 Grams on track, while portfolio rationalisation of non-digital services remains a priority
Reiterating FY 2025 guidance: ~25% organic subscription revenue growth and FCF² positive by year-end
Appointment of our new Chief Revenue Officer, Chrystèle Dumont.

Commenting on the Q1 2025 results, Nicolas de Beco, CEO, remarked: “We have seen a solid start to the year. During the first quarter, we made good progress on organic subscription revenue growth, with performance already tracking our FY guidance. We continued to work on the divestments of non-core activities and enhancing operational efficiencies. Alongside this, developing our payment solutions remains a key focus. We also strengthened our leadership team, which is marked by the arrival of our new Chief Revenue Officer, who will play a key role in leveraging the Group’s digital solutions for compliance and efficiency. The effective change of the Company name to Banqup Group, which was approved at the AGM, also marks a step forward in the realignment of our business as a pure-play SaaS provider. We continue to actively engage with our customers and partners ahead of the upcoming e-invoicing regulations and remain confident in our ability to deliver against our growth targets for 2025.”

Continuing operations³

Thousands of EUR	Q1 2025	Q1 2024	Change (%)
Group revenue and income from client money	20.263	21.162	-4,2%
Digital services revenue	11.526	10.701	+7,7%
Subscription	3.645	3.157	+15,4%
of which Organic¹	3.645	2.895	+25,9%
Transaction	5.201	4.909	+6,0%
Other	2.680	2.635	+1,7%
Traditional communication services revenue	8.737	10.460	-16,5%

Digital services business performance

Subscription revenue growth was primarily driven by the increase in e-invoicing subscriptions in Belgium, ahead of the incoming e-invoicing mandate set for 1 January 2026.
Transaction revenue increased +6,0% y/y as a result of client money, part of our embedded e-payment services, which amounted to €0,4m in Q1 2025 (compared to € 0,7m in FY 2024, reflecting a business that was launched in July 2024).

Operational and leadership updates:

Appointed Chrystèle Dumont as Chief Revenue Officer, bringing her proven track record of strategic vision and operational excellence. Chrystèle will lead our revenue strategy and drive customer acquisition through partnerships, as we navigate the rapidly evolving e-invoicing landscape across Europe.
Focused on operational preparedness for European geographies with upcoming regulatory requirements (Benelux, France, Germany).

Wholesale Identity Access business earn-out condition realised:
On 17 December 2025, Banqup completed the divestment of its Wholesale Identity Access business in the Netherlands, as initially disclosed in its press release dated 26 August 2024. The sale included a potential earn-out payment of up to € 7,7 million, contingent upon achieving a defined financial milestone. On 30 April 2025, Banqup signed an agreement for a final earn-out of € 6,7 million for completion of the full transaction, with the effective payment date as of 6 May 2025.

Banqup rebranding and enhanced governance approved at the Extraordinary General Meeting and Annual General Meeting on 20 May 2025:

The proposal to rebrand to Banqup across the Group was approved. The rebranding underpins our focus on core digital services and the positioning of our business as a pure-play SaaS provider, reinforcing our commitment to growth in e-invoicing and payment solutions.
The appointment of four new Board members was approved; for more details, see the previous announcement.

Reconfirming FY 2025 Guidance (based on current reporting structure)

25% increase in organic subscription revenue
FCF positive by year-end

Financial Calendar:

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

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

About Banqup Group

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

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

¹ Organic revenue excludes revenue from FitekIN/ONEA (divestment closed on 5 July 2024) in the comparative figures

² Free cash flow is defined as net income (i) plus non-cash items in the income statement, (ii) minus cash out for IFRS 16 adjustments, (iii) minus capital expenditure, (iv) minus reimbursement on loans and leasing for the reporting period

³ Excludes discontinued operations: 21 Grams.

Attachment

Press release Q1 2025

The MIL Network –

May 27, 2025

MIL-OSI Global: After 50 successful years, the European Space Agency has some big challenges ahead

Source: The Conversation – UK – By Daniel Brown, Lecturer in Astronomy, Nottingham Trent University

Rosetta at Comet 67P/Churyumov-Gerasimenko. ESA/ATG medialab; Comet image: ESA/Rosetta/Navcam

This year marks the 50th anniversary of the founding of the European Space Agency (Esa). It has launched spectacularly successful missions, but is different to other space agencies which generally represent one country. Esa is funded by 23 member states and also has cooperation agreements with nations such as Canada.

Esa operates cutting edge spacecraft designed to monitor the Earth, as well as space telescopes that study the distant cosmos. It has launched robotic spacecraft to other planets and to objects such as comets. It is also involved in human spaceflight – training European astronauts to work on the International Space Station (ISS).

These are hugely successful achievements. But the agency now faces challenges as competition heats up among newer space powers such as China and India.

The history of Esa can be traced to events immediately after the second world war, when many European scientists moved to either the US or to the Soviet Union. Many of them realised that projects supported only by a single nation could not compete with those supported by the two big geopolitical players at the time.

This motivated the physicists Pierre Auger, from France, and Edoardo Amaldi, from Italy, to propose a European organisation that would carry out space research and would be “purely scientific”.

In 1962, two agencies were created. One of these, the European Launch Development Organisation (ELDO), would concentrate on developing a rocket. The other, the European Space Research Organisation (ESRO), would focus on developing robotic spacecraft. Both were joined together in 1975 to form the European Space Agency.

The push to build a European rocket would eventually yield the Ariane launcher, which is operated by the French company Arianespace.

The first satellite to be launched under the banner of the newly formed European Space Agency was Cos-B. This spacecraft was designed to monitor a high energy form of radiation called gamma rays, being emitted from objects in space.

Esa collaborated with other space agencies on the Hubble Space Telescope.
ESA/NASA

In 1978, Esa cooperated with Nasa and the UK on the International Ultraviolet Explorer mission. This space telescope was designed to observe the cosmos in ultraviolet light, something that cannot be done from Earth.

The agency would later collaborate with Nasa and the Canadian Space Agency on one of the most successful space telescopes of all time: Hubble. Launched in 1990, the Hubble Space Telescope helped confirm the expansion rate of the universe and showed that black holes are at the cores of almost all galaxies. Hubble’s stunning images also changed the way that many people saw the universe. Esa funded one of the original instruments on the space telescope, the Faint Object Camera, and provided the first two solar arrays.

The space agency is also a partner on the revolutionary James Webb Telescope, which launched in 2021. Esa contributed two of the telescope’s instruments: the Near-Infrared Spectrograph (NirSpec) and the Mid-Infrared Instrument (Miri).

Solar System missions

Esa has also launched pioneering missions to other planets and objects in our solar system. The first of these was the Giotto comet explorer. This robotic spacecraft flew past Halley’s comet in 1986 and was successfully woken up in 1992 to study a comet called Grigg-Skejllerup.

A second successful cometary mission followed when the Rosetta spacecraft entered orbit around Comet 67P/Churyumov-Gerasimenko in 2014. Rosetta despatched a lander called Philae to touch down on the comet’s surface.

Rosetta has been my favourite of all Esa achievements, simply due to the pure audacity of attempting to land on an object whose shape and composition was until then only sparsely known. In order to “land” on an object with low gravity, Philae was to have deployed harpoons that would attach the lander to the surface. These systems did not work, but the overall mission was a success, leading to high levels of engagement from the public.

Besides comets, Esa launched one of the most successful missions to the red planet: Mars Express. The spacecraft entered orbit around Mars in 2003 and has played a key role in enhancing understanding of our planetary neighbour. It is expected to continue working until at least 2034. Mars Express also carried the ill-fated British Beagle 2 spacecraft to Mars. This was supposed to land in 2003, but contact was never established with the probe, which is presumed to have been damaged while touching down.

In 2005, Esa’s Huygens spacecraft landed on Titan, Saturn’s largest moon. This was the furthest from Earth that a spacecraft has ever landed. These are all outward facing missions, but Esa has also had major success with projects to study what’s going on here on Earth. These include the Envisat satellite, which operated from 2002-2012, and the Sentinel series of spacecraft, which have operated from 2014 to the present.

These have helped map agriculture and forests, understand the Earth’s climate, track ice, and monitor atmospheric ozone. In addition, the Galileo navigation satellites are providing a high precision alternative to GPS.

Esa is also a major player in human spaceflight, having been a partner in the International Space Station project since 1993. It has built sections of the ISS, including the Columbus laboratory, launched in 2008, and the Cupola viewing window, which gives astronauts panoramic views of Earth. The agency’s astronauts regularly spend time on the ISS as crew and could even fly to the Moon under Nasa’s Artemis programme.

Since the 1990s, Esa has frequently collaborated with Nasa – often very successfully. However, this relationship has also faced challenges. In the wake of the financial crisis, for example, Nasa cancelled its participation in several collaborative missions with Esa. Under a proposed Nasa budget this year, the US space agency may again cancel its involvement with the joint Nasa-Esa Mars Sample Return mission.

Esa’s future

Times have changed in the space industry since Esa’s founding 50 years ago. Major countries such as China, India and Japan all have their own space programmes. Esa faces considerable financial pressures to compete with them.

Nevertheless, Esa is working on strengthening its space exploration and launch capabilities through the use of a commercial space port in Norway.

It has also put together a long-term strategy for 2040. This document highlights important areas where Esa can play a major role, including protecting Earth and its climate, continued missions to explore space and also efforts to boost European growth and competitiveness.

All this should strengthen and secure the agency for the future. Through a mixture of developing its own missions and collaborating with other agencies and commercial partners on others, Esa should be a major player in space exploration for decades to come.

Daniel Brown 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. After 50 successful years, the European Space Agency has some big challenges ahead – https://theconversation.com/after-50-successful-years-the-european-space-agency-has-some-big-challenges-ahead-256633

MIL OSI – Global Reports –

May 27, 2025
MIL-OSI Global: Heart Lamp by the Indian writer Banu Mushtaq wins 2025 International Booker prize – a powerful collection of stories inspired by the real suffering of women

Source: The Conversation – UK – By Helen Vassallo, Associate Professor of French and Translation, University of Exeter

Banu Mushtaq’s quietly powerful collection of short stories, translated by Deepa Bhasthi, shines a light on the lives of Muslim women in rural India. It is the first time that the International Booker prize has been won by a book translated from Kannada, a language of south India spoken by between 50 and 80 million people.

Mushtaq is a writer who has previously worked as a journalist and lawyer, fighting for women’s rights and speaking out against caste and religious oppression. This comes through in the vignettes collected in Heart Lamp. At the centre of this work is great compassion for the women Mushtaq brings to life in her writing.

Inspired by encounters with women who came to her for help, each of Mushtaq’s stories introduces us to a different woman from a different family. What the women of Heart Lamp share is that their lives are all dictated by men.

We meet a young girl forced into wedlock, and a woman whose son arranges a new marriage for her. Elsewhere, an older woman is obliged to accept the indignity of her husband taking a second wife.

Heart Lamp opens up an intimate world of domestic rituals and family tensions, rife with judgement, suspicion, righteousness and sacrifice. In the quiet of daily life, Mushtaq reveals the enormity of human emotion and experience. She also reveals the resilience of the women who resist the violence – physical, emotional, social and psychological – inflicted on them.

Women are insulted for not expressing desire when they are forced into the conjugal bed, reproached for bearing girls, and warned repeatedly that any non-compliance is a stain on family honour. They are beaten, and casually replaced with second wives.

In one horrific instance from the title story, a woman is told in no uncertain terms that “if you had the sense to uphold our family honour, you would have set yourself on fire and died” – a chilling sanction that hangs over the story until its tense dénouement.

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Deepa Bhasthi’s bold and memorable translation invites us not to impose our own language and linguistic system on the original work.

There are several words that are offered as a transliteration of their original Kannada form, without heavy-handed glosses or an attempt to transpose them into something more immediately recognisable to Anglophone readers. In her translator’s note, Bhasthi describes this as “against italics”, where using italics would signal to the reader that a word has been brought across from the Kannada.

Bhasthi favours a way of translating that aims to respect the culture and language of the original text. This trusts readers to come to that language and culture rather than rendering the text in a blandly comfortable English that might make the setting more familiar but would strip it of its specificity.

Instead, Bhasthi’s work welcomes Kannada’s evocative phrases, introducing into English lines such as “No matter how many times I tell you, you don’t let it fall inside your ears.” “Is the fruit a burden on the creeper?” And “the snake of arrogance had laid many, many eggs.”

Bhasthi selected the 12 stories of Heart Lamp from a range of pieces written by Mushtaq over many years, and with her translation of the title story, was a winner of the first issue of PEN Presents, a digital initiative led by English PEN (which stands for poets, playwrights, editors, essayists and novelists).

This organisation funds and promotes samples of original and diverse literature not yet available in English translation, fostering bibliodiversity by brokering connections between under-represented cultural contexts and UK publishers and readers.

Following its promotion through PEN Presents, Heart Lamp was acquired by And Other Stories, a Sheffield-based independent publisher that has been at the vanguard of publishing innovative literature in translation over the past 15 years. The award represents multiple important firsts.

As well as being the first book translated from Kannada to win the International Booker prize, it is the first time the prize has been won by an Indian translator. It is the first time a short story collection has won the award.

Read more:
International Booker prize 2025: six experts review the shortlisted novels

It is also the first time And Other Stories has won the award and the first International Booker prize to be awarded to a PEN Presents winner. That it has received this highest of accolades in the translated literature sector of the publishing industry shows the importance of publishing that takes risks, of representing a broader range of languages and cultures in translation and of initiatives to support translators.

This striking collection is perhaps best summed up in the final story, “Be a Woman Once, O Lord!”, in which the narrator teasingly implores her creator:

“If you were to build the world again, to create males and females again, do not be like an inexperienced potter. Come to earth as a woman, Prabhu!”

With unfailing compassion and humour, Mushtaq and Bhasthi lead us through a society that prioritises masculinity, male dominance, and father-son lineage. In so doing, they invite us – and whichever male deity might be listening – to walk in the shoes of women overlooked by an unquestioned patriarchal and religious hierarchy, and to re-evaluate what we think we know about social dynamics.

Helen Vassallo 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. Heart Lamp by the Indian writer Banu Mushtaq wins 2025 International Booker prize – a powerful collection of stories inspired by the real suffering of women – https://theconversation.com/heart-lamp-by-the-indian-writer-banu-mushtaq-wins-2025-international-booker-prize-a-powerful-collection-of-stories-inspired-by-the-real-suffering-of-women-257287

MIL OSI – Global Reports –

May 27, 2025
MIL-OSI Global: Mary Dorcey: queer Irish poet illuminates a form of sexuality even the law has overlooked

Source: The Conversation – UK – By Jack Reid, PhD Candidate in Irish literature, University of Limerick

Ezhova Mariia/Shutterstock

It’s the tenth anniversary of the marriage referendum in Ireland on May 22. The first country to legalise same-sex marriage by popular vote, Ireland has transformed itself from a conservative stronghold to a liberal state. This transformation could not have occurred without the important contributions of activists like Mary Dorcey, one of Ireland’s most significant LGBTQ+ writers.

Dorcey began her political activism in the 1970s, having returned to Ireland after living in France and England. Having met other queer people abroad, Dorcey was struck by the repression that characterised Irish life: “The word ‘homosexual’ was not spoken or written in Ireland before the 1970s. The word ‘gay’ didn’t exist.”

Determined to break through the silence, Dorcey became a founding member of various activist groups, including the Sexual Liberation Movement at Trinity College Dublin.

One of Dorcey’s most prominent displays of early activism occurred at the Women’s Week conference at University College Dublin, where she substituted for an absentee speaker. Frustrated by the erasure of homosexuality from Irish life, Dorcey took the stage, quoting the American feminist slogan “if feminism is the theory, lesbianism is the practice”.

Mary Dorcey discusses the controversy around her statement at Women’s Week.

A headline appeared on the front page of the Irish Times the following day. It read: “Self-confessed lesbian denounces heterosexuality as sadomasochism.” While the headline caused ruptures at home, Dorcey remained an advocate of queer rights. “I wasn’t going to make any apologies,” she told the Museum of Literature Ireland. “It was their problem if they couldn’t see how beautiful we were.”

Dorcey’s unwavering commitment to breaking the silence surrounding queerness is clearly displayed in her first poetry collection, Kindling (1982). Poems like Night, for example, are explicit in their bold use of homosexual imagery:

I ask you then what am I to do with all these memories

heavy and full?

Hold them, quiet, between my two hands,

as I would if I could again

your hard breasts?

The collection made waves, with even members of the queer community commenting on its outspokenness. Dorcey has discussed how her unflinching portrayal of homosexuality worried many community members – did her candidness threaten to expose them?

Despite this, her activist tendencies prevailed, recognising the power of literature to shock readers into sociopolitical awareness, as expressed in poems like Deliberately Personal.

Deliberately Personal, read by Mary Dorcey.

One of Dorcey’s most important literary contributions is her short story collection A Noise from the Woodshed (1989). The collection debuted a year after her former Sexual Liberation Movement comrade David Norris’s landmark victory at the European Court of Human Rights, which required Ireland to decriminalise homosexual activity between men.

Lesbianism was never explicitly illegal in Ireland under its adoption of British legal codes, which feared that writing it into law would introduce otherwise “respectable” women to its existence.

Dorcey’s overtly lesbian stories are therefore groundbreaking. They depict autonomous women unafraid to voice their lesbian desires. Much of her work responds to the main concerns of the “decriminalisation era”, resulting in a charged critique of traditional Irish life.

For example, the title story of A Noise from the Woodshed follows a group of lesbians refusing domestic duties to bask in the sensuality of a rural Irish landscape. The collection won the Rooney Prize for Irish Literature a year after its publication.

Writing desire

Seven years after Norris’s win, a 1995 referendum signalled further shifts in Irish society. Succeeding by only a whisper, the legalisation of divorce reflected the further weakening influence of the Catholic church, making way for alternative family structures.

Although Dorcey’s Biography of Desire doesn’t address the referendum directly, its story touches on many of the same issues. The 1997 novel follows the growing relationship between Katherine and Nina. Katherine has left her husband and children to start a new life with Nina.

While Katherine chooses to only separate from her husband, she is fearful that a judge will grant him full custody of their children because of her lesbian relationship. “Can there be any doubt which of us would be considered the more respectable parent by the law?” she wonders.

In this regard, the novel anticipates many of the issues that would emerge during the 2015 referendum.

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Biography of Desire also marks an early exploration of bisexuality in Irish literature, with Katherine and Nina’s intense affair leading critics to position the book as one of the first erotic novels in Irish history.

Dorcey’s commitment to voicing the fluid possibilities of queerness continues with Katerine’s suggestion: “We ought to be bisexual all of us … Men would learn to surrender themselves to pleasures … and women would learn to please themselves … instead of waiting passively.”

The novel, however, should not be taken as a simplistic disavowal of heterosexuality, but rather aligned with Dorcey’s mission to explore the universality of human love, life and experience.

While Dorcey is no longer making such a ruckus at public gatherings, she continues to publish, with her influence on queer Irish literature voiced by the likes of Irish Canadian novelist Emma Donoghue and affirmed by her admittance to the prestigious Irish organisation of artists, the Aosdána in 2010.

Her most recent poetry collection, Life Holds its Breath (2022), testifies to her talents as a writer, and concludes with the poem Banshee, which reflects on her activist days: “We are the women our mothers / warned us about.”

Jack Reid 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. Mary Dorcey: queer Irish poet illuminates a form of sexuality even the law has overlooked – https://theconversation.com/mary-dorcey-queer-irish-poet-illuminates-a-form-of-sexuality-even-the-law-has-overlooked-256750

MIL OSI – Global Reports –

May 27, 2025
MIL-OSI Global: Ukraine: it’s clear right now there are no serious plans for peace

Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

When it comes to the sincerity, or otherwise, of Vladimir Putin’s apparent willingness to talk peace with Ukraine, the Russian leader has given us plenty of hints. He may insist he wants to see a deal done and an end to the killing. But his insistence that any agreement would have to address the “root causes” of the war is a clear indication that he hasn’t rowed back from his original maximalist war aims. To whit: no Nato membership, a Kremlin-friendly government in Kyiv, ownership of Crimea and control – preferably annexation – of the four provinces of Ukraine presently under Russian occupation.

Meanwhile his great ally Dmitry Medvedev continues to insist that there are at present no Ukrainian officials who legitimately qualify as partners for negotiation. The Russian national security council secretary claims that Ukraine is a “failed state” whose leaders’ lack of legitimacy, meanwhile, raise “serious questions” about who Russia can conclude any agreement with.

So when Donald Trump said this week after a two-hour chat with Putin that Russia and Ukraine would “immediately start negotiations” toward a ceasefire, it’s not clear who he thought the Russian president was planning to talk to if, as Putin and his cronies insist, Zelensky and his team are not legitimate. And, from what he had to say about his recent phone call with Putin, it appears that Trump has his eyes more on the sorts of deals that might be done with Russia once this is all cleared up.

As he posted on his Truth Social platform after talking with Putin: “Russia wants to do largescale [sic] TRADE with the United States when this catastrophic ‘bloodbath’ is over, and I agree. There is a tremendous opportunity for Russia to create massive amounts of jobs and wealth. Its potential is UNLIMITED.”

Accordingly, he has backed away from his previous willingness to join Europe in imposing fresh sanctions on Russia. Meanwhile Russia continues to hammer Ukraine both on the battlefield and via ever larger drone and missiles attacks against its civilian population.

Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

The real clue to Trump’s attitude, writes Stefan Wolff, is the order of phone calls on Monday. Before settling down to talk with Putin, the US president put in a call to the Ukrainian president, Volodymyr Zelensky. Reporting back on the call, Zelensky said he had urged Trump that he mustn’t make any decisions about Ukraine “without us”. Having subsequently spoken at length with Putin, Trump emerged saying in his Truth Social post that Russia and Ukraine will “immediately start negotiations” towards a ceasefire and an end to the war.

The state of the conflict in Ukraine, May 21 2025.
Institute for the Study of War

But Wolff, professor of international security at the University of Birmingham who has written regularly here about the conflict, believes that the fact that Trump added the conditions for peace “will be negotiated between the two parties, as it can only be” suggests he is indeed planning to abandon his peacemaking ambitions. The whole deal was taking far longer than the 24 hours he boasted of during the election campaign last year.

Where this leaves Europe is unclear, writes Wolff. If it can no longer rely on Washington as a security partner (and the signs aren’t good), then this will require a substantial rethink. Indeed there are signs, with the UK’s recent agreement over security and defence, that minds are increasingly focused on a more self-reliant future. In turn, this has implications for US security. If Europe is compelled to rethink its security relationship with the US it could cut both ways as Washington pivots to face an increasingly aggressive China.

Read more:
After another call with Putin, it looks like Trump has abandoned efforts to mediate peace in Ukraine

Of course, it should have been clear to all concerned not to take Putin at face value over his apparent willingness to talk peace with Zelensky when he failed to turn up to talks in Istanbul at the end of last week. As Natasha Lindstaedt writes here, none of the main players attended the talks, despite plans for Putin, Zelensky and Trump to all meet face-to-face.

Lindstaedt, an expert in international relations at the University of Essex, describes what for all the world seemed like a bizarre game of bluff – certainly as far as Putin and Trump are concerned. All three leaders had promised to be there, but in the end they all sent intermediaries with the result that nothing of any consequence was agreed. Trump’s aides insisted that if Putin attended he would be there. Then the US president said the reason that Putin hadn’t turned up was because he knew Trump wasn’t going to be there.

“It’s certainly hard to take peace talks seriously when there is an awkward back-and-forth just about who is going to attend,” Lindstaedt concludes. “And while Trump thinks peace is only possible through bilateral meetings between himself and Putin, it’s clear he can’t even influence Putin to show up to peace talks that the Russian president himself suggested.”

Read more:
Putin is testing how far he can push Trump by not turning up for Istanbul talks

Pie in the sky?

The US president, meanwhile, has announced plans for an ambitious missile defence system to be called “Golden Dome”. It’s a next-generation system, says Trump, “capable even of intercepting missiles launched from the other side of the world, or launched from space”.

The plan, for which US$25 billion (£18.6 billion) has been set aside in the US president’s “one big beautiful bill”, presently before the US Congress, calls for a network of surveillance satellites complemented by a separate fleet of offensive satellites that would shoot down offensive missiles soon after lift-off. Trump has estimated this will cost US$175 billion and will be completed by the end of his current four-year term. But other estimates are that it will be much more expensive and take far longer to complete.

“There has never been anything like this”, the US president said. And indeed there hasn’t, writes Matthew Powell, an expert in air power from the University of Portsmouth. In fact, Powell is deeply sceptical that the technology to enable such an ambitious defence system exists at present. He points to Ronald Reagan’s Strategic Defense Initiative, which became known by critics, with their tongues in their cheeks, as “Star Wars”, which never really got any further than the drawing board.

It did, however, have the effect of signalling to the Kremlin and the Soviet leader, Mikhail Gorbachev, that the sky would be the limit in terms of US willingness to push the boundaries of defence spending. Powell believes it significantly changed the calculations when it came to the feasibility of continuing the nuclear arms race and may have been responsible for the end of the cold war.

Read more:
Golden Dome: what Trump should learn from Reagan’s ‘Star Wars’ missile defence system plan

Incidentally, the US president’s funding bill scraped through the House of Representatives with 215 votes for and 214 against. In addition to setting aside funds for Golden Dome, the bill, which in its current form adds trillions of dollars to the US debt, has been described by Democrat critics as a “tax scam”. A statement from Democrat leaders said: “This fight is just beginning, and House Democrats will continue to use every tool at our disposal to ensure that the GOP Tax Scam is buried deep in the ground, never to rise again.”

But how much stomach do the Democrats have for the fight? They’ve had a pretty terrible few months since the election. Their approval rating in March was at 29%, the worst since polling began in 1992. Fernando Pizarro, a lecturer in journalism at City St Georges, University of London, who has several Emmys under his belt for his work on US politics, has cast his eye over some of the leading Democrats who he thinks will spearhead the opposition to the Republicans over the next few years and identifies a few players who could vie for the presidential nomination in 2028.

Read more:
The top Democrats leading the fight against Trump’s agenda

Gaza: situation increasingly desperate

Meanwhile, after 11 weeks of Israeli blockade of aid to the people of Gaza, limited deliveries have now recommenced in the face of pressure from both the US and increasingly outspoken interventions from the likes of the UK, France and Canada.

But despite reports that up to 100 trucks are now being allowed into the Gaza Strip, human rights agencies and aid organisations have said that there is a desperate threat of widespread starvation unless the amount of food, fuel and medicine getting through increases exponentially. And fast.

There is talk of a US-administered programme, the Gaza Humanitarian Foundation (GHF), which could be up and running by the end of May and could accelerate the delivery of vital supplies to the civilian population while ensuring it does not does not get into the hands of militants or black marketeers.

But this scheme has its critics, write Sarah Schiffling and Liz Breen, experts in humanitarian logistics and health service operations at Hanken School of Economics and the University of Bradford respectively. They point to a number of flaws, including the plan to concentrate the secure distribution points in southern and central Gaza, forcing large numbers of people to travel considerable distances for supplies.

The GHF plan also calls for aid distribution to be coordinated with the Israel Defense Forces, which humanitarian organisations says is a “humanitarian cover for a military strategy of control and dispossession”.

Schiffling and Breen point out that humanitarian organisations have 160,000 pallets of supplies and almost 9,000 aid trucks ready to be dispatched across the border “as soon as Israel allows it”. Whether Israel will allow it is, of course, another question entirely.

Read more:
Israel allows a ‘limited’ amount of aid back into Gaza, where the humanitarian situation is desperate

World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.

– ref. Ukraine: it’s clear right now there are no serious plans for peace – https://theconversation.com/ukraine-its-clear-right-now-there-are-no-serious-plans-for-peace-257388

MIL OSI – Global Reports –

May 27, 2025
MIL-OSI Africa: Commission recommends conditional approval of MultiChoice acquisition

Source: South Africa News Agency

The Competition Commission has recommended that the Competition Tribunal approve the proposed acquisition of MultiChoice by Groupe Canal+ SAS, subject to certain conditions.

This recommendation comes after the Commission’s (which is an agency of the of the Department of Trade, Industry and Competition) investigation into the large merger notification submitted on 30 September 2024.

The Commission is one of three independent statutory bodies established in terms of the Competition Act to regulate competition between firms in the market.

Canal+, along with its ultimate controllers and the companies they control, are referred to collectively as the “acquiring group.”
The acquiring group is a French media and entertainment company involved in the production, commissioning, and supply of audiovisual content, the provision of advertising services, the development of video games, and the publication of books.
LicenceCo is a proposed company within the merged group, containing local license rights and subscribers, which will broadcast content through DStv.

Meanwhile, the Target Group provides audiovisual content via its streaming service, Showmax.

“The Commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market.

“However, in recognition of the important role played by the Target Group within the broader audiovisual ecosystem in South Africa, and to address public interest concerns raised by various stakeholders, the Commission has recommended approval of the merger subject to a number of conditions.”

The conditions include, but are not limited to, addressing employment concerns, increasing the shareholding of historically disadvantaged persons (HDP) and workers in Orbicom and LicenceCo, committing to supplier development, ensuring the merged entity continues to operate from South Africa, promoting a diversity of television news, and encouraging export activities.

According to the Commission, the parties involved in the merger have agreed to a three-year moratorium on layoffs following the merger implementation date.

“The merger parties have also committed that the majority of LicenceCo’s shareholders will be HDPs and workers. Moreover, the parties have agreed to continue certain corporate social responsibility initiatives such as skills development in the audiovisual industry and sports development.”

Canal+ has committed to ensuring that MultiChoice remains incorporated and headquartered in South Africa, promotes exports, and seeks a secondary inward listing on the Johannesburg Stock Exchange (JSE) Limited.

The merged entity has also made supplier development commitments that include expenditure on local audiovisual content, the promotion of South African audiovisual content in new markets, and procurement from HDPs and small, medium and micro enterprises (SMMEs).

“Finally, the parties have agreed that LicenceCo will continue to procure local news content for DStv and will ensure the diversity of the news content it broadcasts.”

The total value of all the public interest commitments advanced by the merger parties based on past spend by MultiChoice is projected at a total amount of about R26 billion over the next three years.

“In large mergers, the Commission is required to assess and to ultimately make a recommendation to the Tribunal. The Commission is satisfied that the conditions attached to this merger sufficiently address the concerns raised during the investigation.

“The matter is now before the Tribunal for a final determination,” Deputy Commissioner Hardin Ratshisusu explained. – SAnews.gov.za

MIL OSI Africa –

May 27, 2025
MIL-OSI Europe: Answer to a written question – International child abduction and implementation of the Brussels IIb Regulation – E-001054/2025(ASW)
Source: European Parliament
Prevention of international child abduction and the regulation of cross-border issues related to parental responsibility are an essential part of the EU policy to promote the rights of the child and a core feature of EU judicial cooperation, including with third countries.

At EU level, the Brussels IIb Regulation establishes very strict rules concerning the return of the child after abduction[1] which supplement the 1980 Hague Convention on the Civil Aspects of International Child Abduction in relations between EU Member States.

The regulation, which is directly applicable to Member States, is constantly monitored by the Commission and discussed in the European Judicial Network in civil and commercial matters (EJN-civil) to ensure correct application in the Member States. To date, no complaints have been received on its implementation by France.

The Commission has taken several initiatives to inform and train judges, lawyers and Central Authorities, including via the 2022 practice guide[2] to improve the application of the regulation.

The Hague Convention is subject to the monitoring of the Hague Conference on Private International Law. Special Commissions to identify problems and best practices are convened on a regular basis, most recently in 2023[3], and the Commission proactively participates to ensure proper implementation and enforcement.

[1] Council Regulation (EU) No 2019/1111 of 25 June 2019 on jurisdiction, the recognition and enforcement of decisions in matrimonial matters and the matters of parental responsibility, and on international child abduction (recast), OJ L 178, 2.7.2019, p. 1-115.

[2] https://op.europa.eu/en/publication-detail/-/publication/ff34bda5-ea90-11ed-a05c-01aa75ed71a1.

[3] For information about the last Special Commission held in October 2023 see: https://www.hcch.net/en/publications-and-studies/details4/?pid=8488&dtid=57.
Last updated: 22 May 2025
MIL OSI Europe News –
May 27, 2025
MIL-OSI Security: France takes command of NATO Mission Iraq

Source: NATO

On Thursday 22 May, Major General Christophe Hintzy from France assumed command of NATO Mission Iraq, at a change of command ceremony in Baghdad. He succeeds Lieutenant General Lucas Schreurs from the Netherlands, who had been in post since May 2024. The ceremony was attended by Iraqi officials, Ambassadors from Allied and partner countries, NATO officials, and other representatives from the international community in Baghdad.

“For France and for me personally, it is an honour and immense privilege to take over command of the NATO Mission in Iraq, a country often regarded as the cradle of civilization,” Major General Hintzy said. “Together with Iraqi security institutions and Iraqi Security Forces, we share a common goal. Our success will never be an individual success, but rather a collective one to develop tailored and sustainable solutions that will help Iraq as a valued partner for NATO,” he pointed out.

The outgoing commander, Lieutenant General Lucas Schreurs, thanked his Iraqi counterparts for their hospitality and excellent cooperation and praised them for their commitment to the cooperation with NATO and to further strengthening the Iraqi security forces and institutions. “To our Iraqi partners — your resilience and leadership inspire us. We have learned much from you, and it has been a privilege to serve alongside you. To our Allies and partners — thank you for investing in Iraq’s future and in our shared security,” he said. “Christophe, I pass this command to you with full confidence. You inherit a team of dedicated professionals and a resilient network of partnerships. I know you will lead with vision and respect for both NATO’s principles and the Iraqi context. This mission is about people — about trust, support, and sovereignty. I know you will carry it forward with the integrity it deserves,” Lieutenant General Schreurs added.

At the NATO Summit in Brussels in July 2018, Allied leaders launched NATO Mission Iraq, following a request and upon invitation from the Government of Iraq. The mission was established in Baghdad, in October 2018. It is a non-combat, advisory, and capacity-building mission that assists Iraq in building more sustainable, transparent, inclusive and effective security institutions and forces, so that they themselves are able to stabilise their country, fight terrorism, and prevent the return of ISIS/Daesh.

All efforts of NATO Mission Iraq are carried out with the consent of the Iraqi government and conducted in full respect of Iraq’s sovereignty and territorial integrity.

Ahead of the change of command ceremony of NATO Mission Iraq, NATO’s Assistant Secretary General for Operations, Tom Goffus, participated in the second meeting of the High-Level Dialogue for Partnership between NATO and Iraq, held in Baghdad, on 21 May. “This second meeting of the High-Level Dialogue for Partnership, here in Baghdad, is a testimony to our partnership with Iraq and to cementing this dialogue,” he said, adding that “NATO continues to stand prepared to support the Government of Iraq and its security institutions into the future through NATO Mission Iraq.”

The High-Level Dialogue for Partnership between NATO and Iraq was launched in Brussels on 27 August 2024. It provides an additional framework for consultations and exchange of views on issues of mutual interest – including stability across the Middle East.

MIL Security OSI –

May 27, 2025
MIL-OSI Russia: Lightning: China, France should jointly safeguard international trade rules and world economic order, practice true multilateralism – Xi Jinping

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

Xinhua | 22.05.2025

Key words: China-France

Source: Xinhua

Lightning: China, France should jointly safeguard international trade rules and world economic order, practice true multilateralism – Xi Jinping Lightning: China, France should jointly safeguard international trade rules and world economic order, practice true multilateralism – Xi Jinping

MIL OSI Russia News –

May 27, 2025
MIL-OSI Russia: Lightning: Xi Jinping calls on China, France to be reliable forces to uphold international order, open forces to promote global growth, and progressive forces to lead multilateral cooperation

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

Xinhua | 22.05.2025

Key words: China-France

Source: Xinhua

Flash: Xi Jinping calls on China, France to be reliable forces to uphold international order, open forces to promote global growth, and progressive forces to lead multilateral cooperation Flash: Xi Jinping calls on China, France to be reliable forces to uphold international order, open forces to promote global growth, and progressive forces to lead multilateral cooperation

MIL OSI Russia News –

May 27, 2025
MIL-OSI USA: Speaker Johnson: The President is waiting with his pen. And the American people are waiting for relief.

Source: United States House of Representatives – Representative Mike Johnson (LA-04)

WASHINGTON — Ahead of passage, Speaker Johnson delivered the closing argument for the One Big Beautiful Bill Act on the House floor this morning, arguing for its swift passage and immediate consideration by the U.S. Senate.

Click here to watch Speaker Johnson’s full remarks

Below are Speaker Johnson’s remarks as delivered:

After a long week and a long night and countless hours of work over the past year, a lot of prayer and a lot of teamwork, my friends, it quite literally is again Morning in America, isn’t it? And after four long years of President Biden’s failures, President Trump’s America First agenda is finally here, and we are advancing that today.

What we’re going to do here this morning is truly historic, and it will make all the difference in the daily lives of hard-working Americans. The Dallas waitress pulling overtime, the Detroit mom counting bills late at night, the Kentucky coal miner waiting on his second chance. These are the forgotten men and women of our country that we are all called here to serve, and the One Big Beautiful Bill will deliver for those people.

It revives our economy. It will deliver historic tax relief. It will make the largest investment in our border security in a generation. It will unleash affordable American energy again, restore common sense to government, secure generational savings and strengthen our national defense, while it also strengthens our essential programs like Medicaid for the people who need it the most. That’s what we’re doing with the One Big Beautiful Bill.

To put it simply, this bill gets Americans back to winning again, and it’s been a long time coming. This One Big Beautiful Bill is the most consequential legislation that any party has ever passed, certainly under a majority this thin. Legislation of this magnitude is truly nation shaping and life changing. It’s the kind of transformational change that future generations will study one day.

They’ll look back at this day as a turning point in American history, and it’s exactly what we were sent here to do. Let the record show that when the House Democrats vote in a few moments, this is what they’ll be voting for. Their vote will show that they are apparently for the largest tax increase in the history of our country. They will be voting for when they vote against this bill, waste, fraud, and abuse. They will be voting against safer communities, American energy dominance and American strength on the world stage.

Today wouldn’t be possible without the leadership of arguably the most powerful and the most successful and the most respected president in the modern era of the United States. Our Democratic colleagues mock the objective truth. We were delivered unified government, my friends, in November, the White House, the Senate and the House were delivered to the party on this side of the aisle. So you can laugh all you want.

None of this would be possible without the leadership of the 45th and the 47th president of the United States, Donald J. Trump, and it would not be possible without the really hard work of the men and women on this side of the aisle.

I just want to name our chairman of their House committees that produced and did all the hard work to produce the big, beautiful bill. Scripture says we give honor where honor is due, Mr. Leader, and we’re going to do that here quickly: Chairman G.T. Thompson of the Agriculture Committee, Chairman Mike Rogers of the Armed Services Committee, Chairman Jodey Arrington of the Budget Committee, Chairman Tim Walberg, Education and Workforce Committee, Chairman Brett Guthrie, Energy and Commerce Committee, Chairman French Hill, Financial Services Committee, Chairman Mark Green, Homeland Security Committee Chairman Jim Jordan, Judiciary Committee, Chairman Bruce Westerman, House Natural Resources Committee, Chairman James Comer Oversight and Accountability Committee, Chairman Sam Graves, Transportation and Infrastructure, Chairman Jason Smith, Ways and Means Committee, and I want to make special mention of Chairwoman Virginia Foxx of the Rules Committee, who, by my count, sat in that chair and led that Rules Committee for almost seemed like two straight days. And I think she took two short breaks. She’s the “iron lady of the House,” and I’m so grateful for all their hard work.

The beauty of what we produce with the One Big Beautiful Bill over here is that this was a team effort. This was men and women who were elected to come here, the duly elected representatives of the people back home. They rolled up their sleeves. They got down in the trenches. We began this effort over a year ago.

It was actually March of last year, because we anticipated, and we believed, that we would be delivered unified government, that we would have a Republican leader in the White House, Donald J. Trump, that we would have the Senate and the house, and that we would have that moment of opportunity. And so, we planned, and we worked, and we locked arms together as a team, and we have delivered this against all odds.

The media has tried to divide us. They’ve written our eulogy about 10 times, and you know what? Sometimes it’s good to be underestimated, isn’t it? But we got this done, and I’m so proud of the work of every member of this House Republican Conference who worked in their committees. Every single member had a say in this, every single constituent, the millions of people that are represented here, have their voices and their interests reflected, because we did this together as a team, and it’s quite an achievement.

I just want to say that all that tireless work has led to the hard work of crafting this legislation, and we’ve been ready since day one to deliver on this agenda. Unified control of government is a rare mandate. It doesn’t happen very often. It’s happened just three times for our party in the last half century. We do not take it for granted, and we are delivering on that mandate here today.

The American people gave us a mandate in November. They sent a message with their vote. They gave this side of the aisle the power, and we’re going to use it to make their lives better. What we’re achieving here today is nothing short of historic, and that’s true. House Republicans are getting it done again.

In the Republican Party, see, we believe in a simple principle. We believe that America really is a shining city on a hill. Ronald Reagan used to talk about that, he was referencing Scripture. He understood that America is exceptional. He understood that, as it says right there above the Speaker’s rostrum, our national motto, that we trust in God, in God is our trust. These are the things that make our nation exceptional, and the people of our country, they deserve, they deserve better.

We’ve been working hard to deliver so that the people of our country see this again as a shining city on a hill, and that people around the world see us for who we should be. One thing that we can all agree on, on both sides of the aisle, is that a strong America is good for everybody, all around the world. All of us together, regardless of party, were called here to stand together and defend those freedoms and to defend those foundations that made us the greatest nation in the history of the world. All of us have to look and recognize that the shine has not been on that city in a while. We’re here to restore it, and this piece of legislation, as large as it is and historic as it is, will do that very thing.

Now look, we’re accomplishing a big thing here today, but we know this isn’t the end of the road just yet. We’ve been working closely with Leader Thune and our Senate colleagues, the Senate Republicans, to get this done and delivered to the President’s desk by our Independence Day, that’s July 4.

Today proves that we can do that, and we will do that. And it doesn’t matter how much the media doubts this, or how much the Democrats, you know, give us their narratives. Doesn’t matter how long the speeches are. It doesn’t change the facts; we’re delivering, and we’re doing it in a big way.

So, to our friends in the Senate, I would just say, the President is waiting with his pen. The American people are waiting for this relief. They are waiting for these life changing results, and we are going to finish this job. This is a historic moment that we will be talking to our children and our grandchildren about, and everyone will remember America’s back. I yield back.

###

MIL OSI USA News –

May 27, 2025
MIL-OSI Global: At Cannes, decency and dress codes clash with fashion’s red carpet revolution

Source: The Conversation – USA – By Elizabeth Castaldo Lundén, Research Fellow at the School of Cinematic Arts, University of Southern California

Jennifer Lawrence and Robert Pattinson appear on the red carpet prior to the screening of ‘Die, My Love’ at the 78th annual Cannes Film Festival on May 17, 2025. Kristy Sparow/Getty Images

Ahead of the Cannes Film Festival, the spotlight moved from movie stars and directors to the festival’s fashion rules.

Cannes reminded guests to follow the standard black-tie dress code for evening events at the Grand Theatre Lumière – “long dresses and tuxedos” – while highlighting acceptable alternatives, such as cocktail dresses and pantsuits for women, and a black or navy suit with a tie for men.

The real stir, however, came from two additions to the formal guidelines: a ban on nudity “for decency reasons” and a restriction on oversize garments.

The new rules caught many stylists and stars by surprise, with some decrying the move as a regressive attempt to police clothing.

It’s hard not to wonder whether this is part of some broader conservative cultural shift around the world.

But I study the cultural and economic forces behind fashion and media, and I think a lot of the criticism of Cannes is unfounded. To me, the festival isn’t changing its identity. It’s reasserting it.

Red carpet control

Concerns about indecency on the red carpet have appeared before – most notably during the first televised Academy Awards in 1953.

In 1952, the National Association of Radio and Television Broadcasters adopted a censorship code in response to concerns about television’s influence on young audiences. Among its rules for “decency and decorum” were guidelines against revealing clothing, suggestive movements or camera angles that emphasized body parts – all to avoid causing “embarrassment” to the viewers.

Actress Inger Stevens at the 39th Academy Awards in 1967, a year before she was reprimanded for her skimpy attire.
Bettmann/Getty Images

To ensure that no actress would break the decency dress code, the Academy of Motion Picture Arts and Sciences hired acclaimed costume designer Edith Head as a fashion consultant for the show in 1953.

In my book “Fashion on the Red Carpet,” I explain how Head equipped backstage staff with kits to deal with any sartorial emergencies that might arise. That same year, the balcony cameras at the Pantages Theatre accidentally peeked down into the actresses’ cleavage as they walked to the stage. From then on, a supply of tulle – a type of versatile fabric that can easily cover revealing openings that expose too much skin – was kept backstage.

The 1960s posed new challenges. Youth fashion trends clashed with traditional dress codes and television censorship. In 1968, after actress Inger Stevens appeared on the red carpet wearing a mini skirt, the Academy sent a letter reminding attendees of the black-tie – preferably floor-length – dress code. When Barbra Streisand’s Scaasi outfit accidentally turned see-through under the lighting in 1969, Head again warned against “freaky, far-out, unusual fashion” ahead of the 1970 ceremony.

However, in the 1970s, the Oscars eliminated Head’s fashion consultant position. Despite maintaining its black-tie dress code, the absence of a fashion consultant opened the door to some provocative attire, ranging from Cher’s see-through, sheer outfits, to Edy Williams’ provocative, barely-there getups.

Once the fashion consultant position was eliminated for the Oscars, many attendees – like actress Edy Williams – tried to stand out from the crowd with provocative attire.
Fotos International/Getty Images

Old rules in a new era

Racy red carpet appearances have since become a hallmark of awards shows, particularly in the digital age.

Extravagance and shock are a way for celebrities and brands to stand out amid a glut of social media content, especially as brands increasingly pay a fortune to turn celebrities into walking billboards.

And in an era when red carpet looks are carefully curated ahead of time through partnerships with fashion brands, many celebrities expressed frustration about being unable to sport the outfits they had planned to wear at Cannes.

Stylist Rose Forde lamented the restrictions, saying, “You should be able to express yourself as an artist, with your style however you feel,” while actress Chloë Sevigny described the code as “an old-fashioned archaic rule.”

But I still can’t see the Cannes rules as part of any sort of broader conservative backlash.

Whether at the Oscars or the MTV Video Music Awards, backlash over celebrities baring too much skin has gone on for decades. Cannes hasn’t been spared from controversy, either: There was Michelle Morgan’s bikini in 1946, La Cicciolina’s topless look in 1988, Madonna’s Jean Paul Gaultier lingerie in 1991, Leila Depina’s barely-there pearl outfit in 2023 and Bella Hadid’s sheer pantyhose dress in 2024, to name just a few.

Cape Verdean model Leila Depina arrives for the screening of the film ‘Asteroid City’ during the 2023 Cannes Film Festival.
Christophe Simon/AFP via Getty Images

The festival has routinely reminded guests of its dress code, regardless of the cultural zeitgeist.

The “decency” rule, for example, is actually required by French law. Article 222-32 of the French Criminal Code classifies showing private parts in public as a sexual offense, and can lead to a year in prison and a fine. While the legal definition hinges on intent and setting, the festival, as a public event, technically has to operate within that framework.

Compared to white-tie events like the Nobel Prize award ceremony or a state banquet, Cannes’ black-tie requirement is relatively flexible. It allows for cocktail-length dresses and even accommodates pants and flat sandals for women.

Meanwhile, the worry about voluminous clothes points to a practical issue: the movement of bodies in tight spaces.

Unlike the Met Gala – where the fashion spectacle is the focus, and its red carpet is a stage for photo-ops – Cannes is a film festival. The red carpet is the main path thousands of people use to enter the theater.

A dramatic gown – like the one worn at the Met Gala by Cardi B in 2024 – could block others and cause delays. While a photo-op may be the primary goal for celebrities and the brands they promote, the festival has a screening schedule to stick to, and attendees must be able to easily access the venue and their seats.

Red carpet rules are fluid. Sometimes they adapt to cultural shifts. Sometimes they resist them. And sometimes, they’re there to make sure you can fit in your seat in the movie theater.

Elizabeth Castaldo Lundén received funding from Fulbright (2023-2024)

– ref. At Cannes, decency and dress codes clash with fashion’s red carpet revolution – https://theconversation.com/at-cannes-decency-and-dress-codes-clash-with-fashions-red-carpet-revolution-256948

MIL OSI – Global Reports –

May 27, 2025
Two galaxies seen in a ‘joust’ preceding a cosmic mega-merger

Source: Government of India

Source: Government of India (4)

Astronomers have observed two distant galaxies – both possessing roughly as many stars as our Milky Way – careening toward each other before their inevitable merger at a time when the universe was about a fifth its current age, a scene resembling two knights charging in a joust.

The galaxies, observed using two Chile-based telescopes, were seen as they existed about 11.4 billion years ago, approximately 2.4 billion years after the Big Bang event that initiated the universe.

At the heart of one of the galaxies resides a quasar, a highly luminous object powered by gas and other material falling into a supermassive black hole. The intense radiation across the electromagnetic spectrum unleashed by the quasar is seen disrupting clouds of gas and dust, known as molecular clouds, in the other galaxy.

It is molecular clouds that give rise to stars. But the effects of the quasar’s radiation turned the clouds in the affected region into “only tiny dense cloudlets that are too small to form stars,” said astrophysicist Sergei Balashev of the Ioffe Institute in Saint Petersburg, Russia, co-lead author of the study published on Wednesday in the journal Nature.

This is the first time such a phenomenon has been observed, Balashev said.

Stars form by the slow contraction under gravity of these clouds, with small centers taking shape that heat up and become new stars. But the galaxy affected by the quasar’s radiation was left with fewer regions that could serve as such stellar nurseries, undermining its star formation rate.

The interaction between the two galaxies reminded the researchers of a medieval joust.

“Much like jousting knights charging toward one another, these galaxies are rapidly approaching. One of them – the quasar host – emits a powerful beam of radiation that pierces the companion galaxy, like a lance. This radiation ‘wounds’ its ‘opponent’ as it disrupts the gas,” said astronomer and co-lead author Pasquier Noterdaeme of the Paris Institute of Astrophysics in France.

Supermassive black holes are found at the heart of many galaxies, including the Milky Way. The researchers estimated the mass of the one that serves as the engine of the quasar studied in this research at about 200 million times that of our sun.

The intense gravitational strength of the supermassive black hole pulls gas and other material toward it. As this stuff spirals inward at high speed, it heats up due to friction, forming a disk that emits extremely powerful radiation in two opposite directions, called biconical beams.

The ultraviolet light from one of these beams is what played havoc with the gas in the companion galaxy.

This supermassive black hole is much more massive than the one at the center of the Milky Way – called Sagittarius A*, or Sgr A* – which possesses roughly 4 million times the mass of the sun and is located about 26,000 light-years from Earth. A light-year is the distance light travels in a year, 5.9 trillion miles (9.5 trillion km).

The researchers used the Atacama Large Millimeter/submillimeter Array, or ALMA, to characterize the two galaxies and used the European Southern Observatory’s Very Large Telescope, or VLT, to probe the quasar as well as the gas in the companion galaxy.

The configuration of the galaxies as viewed from the perspective of Earth enabled the researchers to observe the radiation from the quasar passing directly through the companion galaxy.

Most galactic mergers that have been observed by astronomers occurred later in the history of the universe.

“Galaxies are typically found in groups, and gravitational interactions naturally lead to mergers over cosmic time,” Noterdaeme said. “In line with current understanding, these two galaxies will eventually coalesce into a single larger galaxy. The quasar will fade as it exhausts the available fuel.”

(Reuters)

May 27, 2025
MIL-OSI Global: Anti-environmentalism is on the rise but it’s full of contradictions

Source: The Conversation – UK – By Alastair Bonnett, Professor of Geography, Newcastle University

Vadim Sadovski/Shutterstock

Anti-environmentalism is gaining ground. Attacks on the net zero goal and hostility to conservation measures and anti-pollution targets are becoming more common. And, as recent election results have shown, these tactics are reshaping politics in Britain and across the west.

Anti-environmentalism is a rejection of both environmental initiatives and activism. But despite its sudden rise and bold rhetoric, it is built on shaky foundations. The messages it offers are often contradictory and row against the tide of everyday experience.

Take the US president, Donald Trump. He dismantled many environmental protections in his last term of office, and is now removing those that are left – including support for research that even mentions the word climate. Yet he told a rally in Wisconsin in 2024: “I’m an environmentalist. I want clean air and clean water. Really clean water. Really clean air.”

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Some of the contradictions of anti-environmentalism reflect its departure from traditional conservatism. Although routinely identified as “conservative”, the populist anti-green politics of Republicans in the US and Reform in the UK, along with the AfD in Germany and National Rally in France, represent a radical challenge to the ideals of continuity and conservation that were once at the heart of conservatism.

The Conservative Environment Network is an organisation which pitches itself as an “independent forum for conservatives in the UK and around the world who support net zero, nature restoration and resource security”. Much of this network’s work involves reminding people that important environmental protections, from America’s national parks to controls on pollution and climate change in Britain and elsewhere, were introduced by conservatives.

But few on the right appear to be listening. A populist tide is washing this conservative tradition away, despite the fact that support for environmental protection remains very popular.

Polling indicates that 80% of people in the UK worry about climate change. Public backing for the work of the US Environmental Protection Agency is also overwhelming, including among Republican voters.

In part, this support reflects the fact that environmental damage is an everyday reality: unpredictable weather, the collapse of animal and insect populations, and a range of other challenges are not just on the TV, they are outside the window.

In my research for a forthcoming book on environmental nostalgia across the world, I keep bumping into an irony. In western nations, voices from the right say they want their country back, yet appear hostile to environmental policies that would protect their country and ensure its survival.

There are many reasons for this disconnect, including resentment against initiatives that require lifestyle and livelihood changes. However, the enmity and disengagement is more complicated than a simple rejection of nature.

Many people – including Trump himself – claim they are environmentalists even when the evidence suggests otherwise. The signs and symbols of environmental care are knitted into every aspect of our commercial and cultural life: if wildlife could sue for copyright, there would a lot of rich bears.

I argue that a distinction can be made between what I call “cold” and “hot” forms of environmentalism. The former values and mourns the loss of nature, but as a spectacle to be observed – a set of appealing images of flora and fauna – while the latter feels implicated and anxious.

The former position allows people to claim they love nature yet be indifferent or even hostile to initiatives to save it. However, the line between cold and hot, or between anti- and pro-environmentalist, is neither fixed nor hard.

Another quality of anti-environmentalism is that its beliefs are changeable, even quixotic. Climate change is an example.

Reform’s leaders have long flirted with climate change denial. “Climate change has happened for millions of years,” explained former Reform UK leader Richard Tice in 2024, adding that “the idea that you can stop the power of the Sun or volcanoes is simply ludicrous”. Tice has not changed his views but later the same year, the party’s new leader, Nigel Farage, told the BBC that he was “not arguing the science”.

Like other populist parties, Reform adopts a mobile position on the environment, moving between denying that climate change is happening or that humans are causing it, and the very different contention that anthropogenic climate change is real but that environmental targets are unreachable and unfair, given that other nations (China is often mentioned) supposedly do so little.

A post-western paradox

Researchers are only just starting to think about anti-environmentalism. One key analysis is environmental politics researcher John Hultgren’s The Smoke and the Spoils: Anti-Environmentalism and Class Struggle in the United States. This new book explains how Republicans managed to convince working-class voters that there is “zero-sum dichotomy between jobs and environmental protection, workers and environmentalists”.

This kind of binary has also been found by contributors to The Handbook of Anti-Environmentalism, who identify and critique the stereotyping of environmentalism as middle-class and elite in several western countries.

Yet the geographical focus of these pioneering works misses yet another of the paradoxes of anti-environmentalism: that although its rhetoric often accuses China and other non-western countries of doing little, there has been a significant environmental turn in both policy and public attitudes beyond Europe and the US.

Environmentalism is becoming post-western. This is partly because the realities of environmental damage are so stark across much of Asia and Africa.

Extreme temperatures and unpredictable rainfall are leading to food insecurity and community displacement. Environmentalism in the African Sahel and south Asia might better be called “survivalism”.

And despite its continuing reliance on fossil fuels, China’s state-led vision of a transition to a conservationist and decarbonised “ecological civilisation” is positioning it as a global environmental leader.

Stereotypes of environmentalism being primarily a western concern are crumbling. Because of this, along with the many contradictions that beset it, the rise of anti-environmentalism appears not only complex, but curious and unsustainable.

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Alastair Bonnett 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. Anti-environmentalism is on the rise but it’s full of contradictions – https://theconversation.com/anti-environmentalism-is-on-the-rise-but-its-full-of-contradictions-256911

MIL OSI – Global Reports –

May 27, 2025
MIL-OSI Russia: France: Staff Concluding Statement of the 2025 Article IV Mission
Source: IMF – News in Russian

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

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
Paris, France – May 22, 2025

An International Monetary Fund (IMF) mission, led by Manuela Goretti and comprising Florian Misch, Rasmane Ouedraogo, Maryam Vaziri, and Torsten Wezel, conducted discussions during May 12-22 for the 2025 Article IV Consultation with France. At the end of the visit, the mission issued the following statement:

The French economy has demonstrated resilience despite high uncertainty, with disinflation progressing well and the labor market remaining robust. However, high and rising public debt, combined with significant domestic and external headwinds to the recovery, highlights the need to strengthen public finances and pursuing structural reforms to foster sustainable growth. The French authorities’ commitment to bring the deficit below 3 percent of GDP by 2029 is welcome and should be supported by a credible and well-designed package of measures. Advancing France’s structural reform agenda will be crucial to boost productivity and facilitate fiscal consolidation. While the financial sector remains resilient, strong supervisory practices need to continue adapting to an increasingly complex financial landscape. France’s sustained efforts to deepen the European single market remain critical to support the economy and strengthen its ability to withstand shocks.

Economic Outlook

High domestic and external uncertainty is expected to continue weighing on the short-term economic outlook. Real GDP growth is projected to slow to 0.6 percent in 2025 and reach 1 percent in 2026. These projections reflect a delayed recovery in private consumption and investment due to weak confidence and fiscal tightening this year, despite some uplift from monetary policy easing. Weaker external demand, amid trade tensions, market volatility, and geo-economic uncertainty, is expected to further dampen exports and investment prospects. These projections are based on the April World Economic Outlook global assumptions and do not reflect the latest trade policy announcements. Over the medium term, growth is projected to converge to around 1.2 percent, before decelerating towards its long-term potential of 1 percent reflecting both demographic trends and need for further structural reforms. The disinflationary process is progressing well, with average headline inflation projected at 1.2 percent in 2025, due to base effects and lower energy prices, and core inflation at 1.9 percent.

The outlook remains subject to significant downside risks, notwithstanding potential upsides. Deepening geoeconomic fragmentation and rising trade tensions could disrupt trade and financial flows and dampen economic activity. In such an environment, uncertainty would increase, and financial conditions could tighten further, reducing domestic demand and worsening debt dynamics. Political fragmentation and social tensions could delay fiscal consolidation and reform efforts, further weighing on confidence and the outlook, raising fiscal risks. On the upside, easing trade tensions and renewed structural reform momentum could improve growth prospects over the medium term. Domestic reforms could be strengthened through deeper coordination and integration at the EU level. Consumption could be stronger if household saving rates eased more rapidly on the back of dissipating uncertainty. Business investment and export performance could also surprise on the upside, driven by higher demand—in France and in the rest of Europe—including for defense as well as digital and green technologies.

Fiscal Policy: Reducing Debt while Refocusing Spending Priorities

Building on the 2025 budget, the authorities are committed to implementing their Medium-term Fiscal Structural Plan (MTFSP) to bring the deficit below 3 percent of GDP by 2029. While the envisaged adjustment is appropriate to improve debt dynamics and strengthen France’s resilience to shocks, it needs to be supported by a credible and well-designed package of measures and remains subject to implementation risks, as evidenced by recent setbacks. Under staff’s current policy baseline scenario, which incorporates only legislated and clearly specified measures, the deficit is projected to decline to 5.4 percent of GDP in 2025, in line with the budget target. However pending approval of significant additional measures, it would remain around 6 percent of GDP in the medium-term, keeping debt on an upward trend until 2030. While short-term risks remain manageable, debt dynamics have weakened significantly, following consecutive fiscal slippages in 2023 and 2024, and remain highly sensitive to the real interest rate and growth path. In this context, France’s commitment to undertake further fiscal consolidation, as per EU rules, represents an important mitigating factor.

Significant additional fiscal efforts will be crucial to preserve fiscal space and create room to absorb rising spending demands, while placing debt on a downward path. Staff recommends a frontloaded structural fiscal effort of 1.1 percent of GDP in 2026, followed by an average of about 0.9 percent of GDP per year over the medium term, broadly in line with the authorities’ plans. The recommended adjustment would allow the country to exit the excessive deficit procedure by end-2029, as targeted. Staff’s debt sustainability analysis indicates that the recommended fiscal path would markedly reduce medium-term debt sustainability risks, with the debt-stabilizing primary balance being reached in 2027.

Achieving this substantial fiscal consolidation will require decisive actions and difficult decisions to ensure equity and fairness amid challenging trade-offs:

Given France’s already high tax-to-GDP ratio, any new tax measures should be focused on reducing inefficient tax expenditures and tackling tax avoidance while improving equity. While exceptional temporary revenue measures can help kickstart much needed fiscal adjustment, France’s level of taxation—among the highest in the EU—indicates that sustained tax-based fiscal consolidation, of the magnitude necessary to advance France’s medium-term plans, would hamper business confidence, household consumption, and growth potential. Building on recent experiences, the authorities should continue to monitor and evaluate tax expenditure programs to address inefficiencies vis-à-vis intended objectives and generate savings. This approach would also simplify the tax system and facilitate revenue forecasting.

The authorities should focus on rationalizing spending and strengthening its efficiency, with concerted action across all government levels: central government, social security, and local governments. France has the highest spending-to-GDP ratio among EU countries. There are several avenues to rationalize spending and improve its quality, while preserving growth-enhancing investment in key priority areas and mitigating distributional impacts on the most vulnerable. The planned expansion of spending reviews and efforts to minimize overlaps across government entities, including local governments, can streamline spending by addressing inefficiencies and reducing red tape. There is also scope to further improve the targeting of social benefits, including by reviewing eligibility and duration of unemployment benefits, to better target active labor market initiatives, as well as to further simplify and harmonize pension schemes, while ensuring a balanced system, building on the 2023 pension reform. These efforts would foster less fragmented and longer careers while enhancing the sustainability and intergenerational equity of the social security system. Enhanced monitoring and financial coordination can also generate savings at the local and national levels.

The authorities’ initiatives to reinforce public finances forecasting and budget controls, in response to recent fiscal slippages, are welcome. The March 2025 Action plan by the authorities aims at enhancing monitoring of tax revenue, fostering greater transparency, and reinforcing the role of the High Council for Public Finances. Sustained efforts in these areas are essential to identify and proactively address fiscal risks, strengthen public finance management, and enhance fiscal policy credibility. Contingency plans will be also needed to ensure that pressing priority spending needs, including in defense, are met without compromising public finances.

Macrostructural Policies to Support Jobs and Productivity Growth

Raising weak productivity growth is critical for sustaining France’s economic prospects, in the face of substantial fiscal consolidation needs. The per capita income gap between France and the US has increased since the early 2000s and now exceeds 20 percent, primarily due to lower productivity and employment in France. Macro-structural reforms can play a critical role in lifting potential output, while facilitating fiscal consolidation efforts. For example, an increase in potential GDP growth of 0.3 percentage points could help reduce public debt by nearly 10 percent of GDP over the long term.

France is well-positioned to capitalize on the green and digital transitions through greater efforts to support innovation and access to capital. France’s comparative advantage in low-carbon technologies and its potential to become a European hub for Artificial Intelligence can foster the development of new technologies and support growth. Ongoing efforts by the authorities to review and rationalize state aid and R&D tax expenditures by focusing on the most impactful schemes and better targeting eligibility criteria can boost innovation and help close gaps with peers. Enhancing access to finance and reducing financing costs for productive but credit-constrained firms is crucial and should be supported by advancing the EU Savings and Investment Union which can increase the availability of capital and its efficient allocation.

To support entrepreneurship, policies should focus on easing entry barriers and reducing the regulatory burden. France performs relatively well in terms of product market regulation, but reducing administrative market entry barriers for firms, especially in some services sectors, is crucial for boosting business dynamism and productivity growth. The Simplification Bill, currently under discussion, would be an important step towards further reducing the regulatory burden and streamlining requirements, particularly for small and medium size firms. At the European level, deepening the single market through the removal of remaining intra-EU trade barriers and greater harmonization of regulations can help firms achieve economies of scale and incentivize innovation by expanding market size.

Sustained efforts to promote employment and job quality remain critical to facilitate green and digital transitions, amid an aging workforce, and boost productivity growth. While employment rates have increased, they remain low in segments of the population compared to other countries. Possible areas for policy intervention include further social benefit reforms to enhance work incentives and reduce career fragmentation, particularly among younger and older individuals. These measures can be complemented by efforts to further raise labor force participation of women, including through recent initiatives to support STEM careers, and better integrate migrants into the labor market. Promoting workforce skills and healthy aging would also contribute to job quality.

Adapting to a Complex Financial Landscape
The banking sector has demonstrated resilience to recent shocks, supported by prudent lending standards and strong precautionary buffers. While profitability remains below the EU average, banks’ solvency and liquidity positions are robust, with adequate buffers. Sound prudential measures are mitigating housing market risks as property prices stabilize, while risks to the banking sector from corporate indebtedness and sovereign exposures remain manageable. Notwithstanding high uncertainty, financial stability risks remain contained, with French banks showing resilience under severe geopolitical and recessionary stress test scenarios, applied in the context of the IMF’s 2025 Financial Sector Assessment Program (FSAP).

The connections between the banking system, insurance firms, and domestic funding markets warrant continued close monitoring. The FSAP stress test indicates that investment funds possess sufficient liquidity to withstand large redemption shocks, and French banks’ liquidity buffers can absorb potential market shocks from associated fixed-income sell-offs. Moreover, liquidity management tools to contain redemption risks have been widely adopted. Nevertheless, amid global uncertainty and episodes of high market volatility, there is scope to further strengthen oversight through greater monitoring and data sharing on fund liability structures as well as closer collaboration among non-bank financial institutions supervisors in France and at the EU level.

https://www.imf.org/en/News/Articles/2025/05/22/CS-France-2025

MIL OSI
MIL OSI Russia News –
May 23, 2025
MIL-OSI Europe: Highlights – DEVE delegation to Mauritania on 26-28 May 2025 – Committee on Development
Source: European Parliament

Mauritania is a solid and priority partner for the European Union in the region of West Africa and the Sahel. The EU’s Global Gateway Strategy and the response to drivers of fragility combining humanitarian-development-peacebuilding will be the focus of a DEVE mission to the country.
The mission will be composed of the following Members:

Chair: Ms Hildegard BENTELE, EPP (Germany) – DEVE 2nd Vice-Chair

Mr Robert BIEDROŃ, S&D (Poland) – DEVE 4th Vice-Chair

Mr Reinhold LOPATKA, EPP (Austria)

Ms Murielle LAURENT, S&D (France)

Mr Rody TOLASSY, PfE (France)

For the content of the mission please refer to the link below:
MIL OSI Europe News –
May 23, 2025
MIL-OSI Europe: Written question – Non-evaluation of FATCA agreements by Member States and protection of fundamental rights of EU citizens – E-001950/2025
Source: European Parliament
Question for written answer E-001950/2025
to the Commission
Rule 144
François-Xavier Bellamy (PPE)

On 13 April 2021, the European Data Protection Board (EDPB) invited Member States to re-evaluate their international agreements involving transfers of personal data, in particular agreements struck with the United States under the Foreign Account Tax Compliance Act (FATCA), in order to make these agreements compliant with the General Data Protection Regulation (GDPR). Four years later, and not a single Member State has published the required evaluation. This inaction constitutes a blatant violation of the obligation of responsibility laid down in Article 24 of the GDPR. During this time, the data of thousands of EU citizens continues to be passed on to the Internal Revenue Service (IRS), the US tax authority, without demonstrated legal safeguards.

In France, the Finance Act for 2022 required the French Government to submit a report on the implementation of its information exchange commitments, in line with the GDPR and the recommendations of the EDPB. This report has never seen the light of day. The lack of political will to protect fundamental rights is clear.

At the same time, the IRS publicly asserts its right to collect data outside the United States, in total disregard of EU legislation.

1.Does the Commission consider it acceptable that this situation persists?

2.Does the Commission plan to launch infringement proceedings against the Member States that are failing to fulfil their obligations under EU law?

3.And, above all: is the Commission finally ready to guarantee that EU citizens’ data will be duly protected, even from non-EU powers?

Submitted: 14.5.2025
Last updated: 22 May 2025
MIL OSI Europe News –
May 23, 2025
MIL-OSI Economics: Thales Reinforces Commitment to Malaysia at LIMA 2025 with New Leadership and Contracts Awarded
Source: Thales Group

Headline: Thales Reinforces Commitment to Malaysia at LIMA 2025
with New Leadership and Contracts Awarded

22 May 2025

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- As a strategic partner in helping Malaysia achieve air sovereignty, Thales has been awarded the role to supply two additional Ground Master 400 Alpha (GM400α) radars by the Ministry of Defence for the Royal Malaysian Air Force (RMAF), following the previous contract for the first radar at the end of 2023.
- Thales will enhance tactical communications for land forces and reinforce its radio communications capabilities through the signing of a strategic MoU with Malaysian defence partner, ADS, to collaborate on radio projects.
- Thales has also been selected to deploy the AW139 flight simulator to the Royal Malaysian Police with local partner Novatis Resources through the LOA signed in presence of Thales.
- To drive the Thales business forward, Florian Riou has been appointed Country Director for Thales in Malaysia, effective 1 July 2025.
Thales’s GM400α radar © Thales” id=”image-a30cd6be-5247-44f2-87e6-7e1b9bfd9e1d” data-id=”a30cd6be-5247-44f2-87e6-7e1b9bfd9e1d” data-original=”https://cdn.uc.assets.prezly.com/a30cd6be-5247-44f2-87e6-7e1b9bfd9e1d/-/inline/no/ABC.jpg” data-mfp-src=”https://cdn.uc.assets.prezly.com/a30cd6be-5247-44f2-87e6-7e1b9bfd9e1d/-/format/auto/” alt=”Thales’s GM400α radar © Thales”/>
Thales’s GM400α radar © Thales

On the occasion of the LIMA 2025 exhibition in Langkawi, Thales’ commitment to Malaysian defence is once again recognised by the Malaysian Ministry of Defence and Armed Forces. With a steady economic growth outlook, the Malaysian government is keen to advance the country’s military modernisation and Thales remains at the forefront of this, with the Memorandum of Understanding & Letter of Award received for equipment ranging from radars to radios.

I. Two additional GM400α long-range radars for superior situational air awareness

To strengthen the air surveillance and air defence capabilities of the Royal Malaysian Air Force (RMAF), Thales will supply two additional long-range air surveillance GM400α radars, following the ceremony held on Day 3 of LIMA 2025, in presence of Francois-Xavier Boutes, Country Director of Thales Malaysia and YBhg Datuk Lokman Hakim bin Ali, Secretary General from the Ministry of Defence, and witnessed by YB Dato’ Seri Mohamed Khaled bin Nordin, Minister of Defence. The award of these two additional radars underscores the trust held by the RMAF in Thales’ radar technology, following the first GM400α contract signed at the end of 2023. Thanks to its high mobility, high availability, easy upgradeability and seamless integration, the GM400α offers armed forces with a valuable tool to gain tactical advantage, detecting all types of threats early and providing precious minutes for decision-making and action (515km range). Today more than 270 Ground Master field-proven family air surveillance radars have been sold worldwide.

In Malaysia, Thales will partner Weststar Group once again to deploy the radars in line with the operational requirements of the RMAF. Thales will also engage in the Transfer of Knowledge and Train-the-Trainer courses delivered under the Industrial Collaboration Programme (ICP), while strengthening its installed base in Malaysia for long-range surveillance radars. By building local expertise, Thales will enhance the efficiency of radar maintenance, enhance the autonomy of the RMAF and ensure timely on-ground maintenance support close to the end-users. Thales’ radar expertise in Malaysia runs deep, as the country was also the launch customer for the precursor GM400 radar in 2009.

II. Enhancing tactical and radio communications for Malaysia

To further deepen its expertise in radio and tactical communications, Thales has also signed a Memorandum of Understanding (MoU) with partner ADS Sdn. Bhd. Signed on Day 2 of LIMA between Brig Gen Dato’ Abdul Hadi bin Abdul Razak (R), ADS and Nicolas Bouverot, VP Thales Asia, the collaboration will see both parties working on the latest digital technologies for handheld radios and other tactical communications.

III. A helicopter training simulator marks a first contract with Royal Malaysian Police (RMP)

Pascale Sourisse, CEO, Thales International witnessed the signing of an LOA, together with Malaysian partner Novatis Resources to deliver a Reality-H® AW139 Full Flight Simulator (FFS) to be used for pilot training with the Royal Malaysian Police (RMP). The Thales Reality H Full Flight Simulator is the world’s most advanced commercial helicopter simulator, and will be qualified to meet Level D standard, the highest level of qualification for a simulator. This marks a first engagement with the RMP, where pilots of the Police Air Wing Training Academy and other government agencies including the fire brigade and coast guard can benefit from realistic and immersive training, customised to the Malaysian environment and terrain.

IV. New leadership for Thales in Malaysia

To drive the growing business in Malaysia, Florian Riou has been appointed Country Director for Thales in Malaysia and Brunei and will effectively take on the role on 1^st of July 2025. Florian brings close to 18 years of professional experience in foreign trade policy and trade compliance, with roles held in the French Ministry of Economics and Finance and Safran Group. With Thales since 2017, Florian’s most recent role was as Group Trade Compliance Director for Thales, based in France.

“These latest agreements are recognition of how Thales’ solutions are supporting the needs of the Malaysian government and Malaysian forces. Our air surveillance radars are bringing air superiority to the Royal Malaysian Air Force in some of most challenging tropical environments. In addition, our history in tactical radio communications dates back several decades in Malaysia and looks set to continue as we collaborate with strong local partners to develop home-grown expertise and joint solutions to support the Army. We appreciate the renewed trust established with Thales to help drive the modernisation of its armed forces.” Pascale Sourisse, CEO, Thales International.
MIL OSI Economics –
May 23, 2025
MIL-OSI NGOs: UK: Creative industry figures urge Starmer to act against Gaza genocide- ‘you know what is happening’
Source: Amnesty International –

116 leading UK and Irish creatives have urged Keir Starmer to act over Israel’s escalating atrocities in Gaza, criticising UK arms exports, settlement trade, and lack of ICC support – open letter

Riz Ahmed, Dame Harriet Walker, Maxine Peake, Nish Kumar, Paloma Faith and others condemn UK government inaction on Gaza

The Prime Minister must ‘stand up for justice and human rights’ and ‘words are no longer enough; we need to see action’ – Creatives

Artists gather outside Downing Street to hold placards urging the PM to act to stop the genocide and human rights abuses in Gaza

Over 100 leading voices from across the UK and Ireland’s film, television, and creative industries including Riz Ahmed, Dame Harriet Walker, Maxine Peake, Nish Kumar, Paloma Faith, Juliet Stevenson and many more have united to call on Prime Minister Keir Starmer to take urgent action in response to Israel’s escalating atrocities in Gaza and the wider Occupied Palestinian Territory (OPT).  

In a public letter, the group condemn “all attacks on civilians” but emphasise that as well as Israel’s decades-long military occupation, expansion of illegal settlements, and system of apartheid, Israel is committing genocide against Palestinians in Gaza, as described by Amnesty International in its report “You feel Like You Are Subhuman”.

“We are deeply troubled by your lack of meaningful action to help deter Israel’s horrifying and calculated violations of Palestinian rights,” the letter states to the Prime Minister.

Since October 2023, more than 20,000 children have reportedly been killed in Gaza. The group point to the use of 2,000lb bombs dropped from F-35 fighter jets – supplied with UK-made components – as part of a devastating campaign that includes siege tactics blocking access to food, water, electricity, and medicine for over two million civilians.

“You know what is happening,” they write to the Prime Minister, and state “your Government is failing to fulfil its obligation to prevent the ongoing genocide in Gaza.”

The letter also highlights a stark double standard in UK policy: banning imports from Russian-occupied Crimea, while allowing trade with Israeli settlements in the illegally Occupied Palestinian Territory. The International Court of Justice has made clear that countries must not support illegal occupations – including through trade.

In addition to arms and trade, the group call on the UK government to fully support the International Criminal Court’s investigation into alleged war crimes and crimes against humanity in the region.

Their demands include:
- An immediate suspension of all UK arms exports to Israel
- A ban on trade with illegal Israeli settlements in the Occupied Palestinian Territory
- Compliance with international legal rulings, including those of the ICJ and ICC
The group implores the Prime Minister “to stand up for justice and human rights” and that “words are no longer enough; we need to see action”.

Artists gather outside Downing Street to deliver the letter and hold placards urging the PM to act to stop Israel’s genocide and human rights abuses in Gaza.

The artists held placards bearing messages from residents of Gaza that capture the urgency and human toll of the crisis:
- “I don’t want my child to die hungry” – Gaza Resident, Occupied Gaza
- “You may send your child to bring water only for him to return in a body bag” – Gaza Resident, Occupied Gaza
These statements are a stark reminder of the daily reality for civilians under Israel’s illegal blockade.

About the Signatories

This statement by Amnesty International has been endorsed by a coalition of UK-based professionals across the creative industries – filmmakers, actors, writers, artists and cultural leaders – who believe in the power of art, law, and collective voice in the face of injustice.

Ahmed Masoud; Aisling Bea; Aiysha Hart; Alan Moore; Alexander McKinnon; Alexei Sayle; Alice Roberts; Alisdair Beckett; King Amrita Acharia; Andrea Arnold Anjli; Mohindra Anneika; Rose Annie Mac; Sir Anish Kapoor CBE; Anoushka Shankar; Dr Ariel Caine; Bernadette O’Brien; Bertie Carvel; President of the Bianca Jagger Human Rights Foundation; Brian Eno; Briony Hannah; Brona C Titley; Charlotte Church; Chipo Chung; David Morrissey; Deborah Frances-White; Declan McKenna; Denise Gough; Emma D’Arcy; Esther Freud; Esther Manito; Fionn O’Loinsigh; Francesca Martinez; Frankie Boyle; Frederico Gaggio; Grace Petrie; Dame Harriet Walter; Himesh Patel; Ian Rickson; Imran Yusuf; Indeyarna Donaldson-Holness; Inua Ellams MBE; Ivor Graeme; Jackie Clune; James Acaster; Jan Pearson; Janie Dee; Jason Fleming; Jay Griffiths; Jen Brister; Jessica Fostekew; Jim Loach; John Higgs; Josie Long; Jolyon Rubinstein; Juliet Stevenson CBE; Kathy Lette; Kerry Godliman; Khalid Abdalla; Ken Loach; Lise Meyer; Lolly Adefope; Louisa Young; Love Ssegga; Mae Martin; Mahtab Hussain; Manjinder Virk; Mariam Haque; Marnie Dickens; Max Porter; Maxine Peake; Dr Michael Hrebeniak; Misan Harriman; Mystery Jets; Nadia Sawalha; Nicola Thorp; Nikesh Patel; Nikesh Shukla; Nikita Gill; Nimmi Harasgama; Nish Kumar; Paapa Essiedu; Paloma Faith; Paul Laverty; Penny Woolcock; Peter Wyer; Rebecca O’Brien; Rida Hamidou; Riz Ahmed; Robin Ince; Robin Morrissey; Roger Hartley; Roisin O’Loughlin; Ruth Lass; Salena Godden; Sam Spruell; Sara Masry; Sarah Agha; Sasha Behar; Selma Dabbagh; Shazia Mirza; Simon Rix; Sonali Bhattacharyya; Stewart Lee; Steve Coogan; Susan Lynch; Suzi Ruffell; Thomas Browne; Thomas Combes; Thusitha Jayasundera; Tobias Menzies; Dame Tracey Emin; Tracey Seaward; Vijay Mistry; Vivian Munn; Young Fathers (all members); Zainab Hassan
MIL OSI NGO –
May 23, 2025
MIL-OSI USA: Former Defense Contractor Pleads Guilty to Tax Crimes

Source: US State of California

Defendant Admits Concealing 50% Ownership of $7B Defense Contracting Business to Evade Taxes

A former defense contractor pleaded guilty today to tax crimes related to his scheme to defraud the United States and evade taxes on income that he earned from his contracts with the U.S. Department of Defense.

The following is according to court documents and statements made in court: Douglas Edelman founded and owned 50% of Mina Corp. and Red Star Enterprises (Mina/Red Star), a defense contracting business that received more than $7 billion from contracts with the U.S. Department of Defense to provide jet fuel in the United States’ post-9/11 military efforts in Afghanistan and the Middle East.

Working with others, Edelman engaged in a lengthy scheme to hide his Mina/Red Star profits to evade U.S. taxes, including by concealing his income in undisclosed foreign bank accounts, creating false documents and making false statements that one of his co-conspirators — a French citizen residing abroad and without U.S. tax obligations — founded and owned Mina/Red Star.

For example, when the company became profitable in 2005, Edelman began taking distributions which he deposited into Swiss bank accounts, primarily at Credit Suisse, in the name of other companies he owned. In 2008, Credit Suisse informed Edelman that he had to either close his accounts or disclose them to U.S. authorities. Rather than come into compliance with his tax and reporting obligations, Edelman closed his accounts and opened new ones at Bank Julius Baer in Singapore in the name of a nominee entity, the beneficiaries of which were purportedly Edelman’s daughters. He then directed the subject income he earned from Mina/Red Star to those bank accounts.

In 2010 the U.S. House of Representatives Committee on Oversight and Government Reform’s Subcommittee on National Security and Foreign Affairs began investigating allegations of corruption in connection with Mina/Red Star’s contracts with the Department of Defense. As part of this inquiry, the subcommittee became interested in the identity of Mina/Red Star’s owners. At this time, Edelman had not filed U.S. tax returns to report the millions of dollars he had earned from Mina/Red Star and had not paid U.S. taxes on his income.

Rather than disclose his ownership, Edelman caused his attorneys to tell Congress a false story that a French co-conspirator who had no U.S. tax or reporting obligations founded and co-owed Mina/Red Star with another individual. To corroborate the false story, Edelman and a co-conspirator caused false and backdated paperwork to be created.

To continue the scheme, Edelman conveyed the false story about Mina/Red Star’s ownership to other arms of the U.S. government, including to the Department of Defense during contract negotiations in 2010 and 2011, to the IRS in a 2016 application to the Offshore Voluntary Disclosure Program, and to the Justice Department in a 2018 presentation.

In conjunction with his 2016 application to the IRS’s Voluntary Disclosure Program, Edelman filed false tax returns for several prior years that only reported income from gifts or purported consulting payments, continuing to conceal the millions he had earned from his company. On the returns, he also concealed profits he had earned from a separate business to provide internet service to members of the armed forces at Kandahar Air Base in Afghanistan.

Instead of paying the taxes that he knew he owed, Edelman used the money to fund his lifestyle and additional investments. He invested in a music television franchise in Eastern Europe, a land venture in Tulum, Mexico, and a farm in Kenya, and purchased property around Europe, including a home in Ibiza, Spain, and a townhouse in London.

Edelman faces a maximum penalty of five years in prison for each count to which he has pleaded. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Jeanine Ferris Pirro for the District of Columbia, and Executive Special Agent in Charge Kareem Carter of the Criminal Investigation (IRS-CI) Washington, D.C., Field Office made the announcement.

Special agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., that is dedicated to uncovering international tax crimes, along with the Special Inspector General for Afghanistan Reconstruction are investigating the case. The Justice Department’s Office of International Affairs assisted in the investigation. Also providing assistance were His Majesty’s Revenue & Customs of the United Kingdom; the Joint Chiefs of Global Tax Enforcement (J5), which brings together the taxing authorities of Australia, Canada, the Netherlands, the United Kingdom, and the United States; and authorities from Belize, Israel, and Cyprus.

The Government of the Kingdom of Spain arrested and extradited Edelman to the United States. The Justice Department’s Office of International Affairs also provided substantial assistance in securing Edelman’s arrest and extradition.

Assistant Chief Sarah Ranney and Trial Attorney Ezra Spiro of the Tax Division and Assistant U.S. Attorney Joshua Gold for the District of Columbia are prosecuting the case.

MIL OSI USA News –

May 23, 2025
MIL-OSI Security: 80 arrests and more than 37,700 cultural goods seized in major art trafficking bust

Source: Interpol (news and events)

22 May 2025

Europol, INTERPOL and the World Customs Organization (WCO) supported investigators from 23 countries in the fight against criminals who exploit humanity’s cultural heritage

LYON, France – The ninth edition of Operation Pandora, an international operation targeting the trafficking of cultural goods, has led to 80 arrests and the seizure of 37,727 items including archaeological pieces, artworks, coins and musical instruments.

Codenamed Pandora IX and carried out throughout 2024, the operation involved law enforcement and customs authorities from 23 countries. It was coordinated by Spain (Guardia Civil), with operational support from Europol, INTERPOL and the WCO through its Regional Intelligence Liaison Office for Eastern and Central Europe.

Authorities also confiscated 69 metal detectors and 23 tools commonly used for illegal excavations, underlining the persistent threat of looting to cultural sites.

In total, 258 cases were reported by the participating countries. Many investigations are still ongoing, with further arrests and seizures expected.

Operational highlights

The Italian Carabinieri Command for the Protection of Cultural Heritage (TPC) in coordination with the Italian Customs and Monopolies agency (ADM) seized a painting attributed to renowned artist Jannis Kounellis during a joint border operation. Upon inspection, it was determined to be inauthentic. Had it been genuine, its estimated value would have been around EUR 100,000. In a separate investigation, the Carabinieri TPC seized more than 300 items, including coins, metal and ceramic fragments such as arrowheads and spearheads dating back to the Roman and Punic periods. These artifacts were being offered for sale on e-commerce platforms and were discovered in a private apartment.

Two icons of Saint Seraphim of Sarov were discovered by Ukraine Customs.

Both icons of Saint Seraphim were found in the luggage of a passenger travelling by bus during a control at the border with Poland.

One of 36 coins found by Ukraine Customs while controlling a private vehicle at the border with Poland.

The Spanish Guardia Civil dismantled a criminal group involved in archaeological looting

Spanish Guardia Civil: During the operation authorities recovered 2,500 archaeological items, primarily Roman coins

Italian Customs and Monopolies agency (ADM) seized a painting attributed to artist Jannis Kounellis, which turned out to be inauthentic.

The Carabinieri TPC seized more than 300 items, including coins, metal and ceramic fragments.

Since its launch in 2016, Operation Pandora has become a key global initiative to protect cultural heritage from illicit trafficking.

The Spanish Guardia Civil dismantled a criminal group involved in archaeological looting in the province of Cáceres. Six individuals were arrested, and three others are under investigation. During the operation authorities recovered 2,500 archaeological items, primarily Roman coins minted in the Celtiberian city of Tamusia. These artifacts had been looted from protected archaeological sites in the province of Caceres using metal detectors and were being sold illegally through social media platforms.

Also in Spain, the Guardia Civil intercepted a passenger attempting to fly from Palma de Mallorca to Germany carrying 55 ancient coins and a ring. A subsequent investigation led to an indictment for crimes against cultural heritage and plundering underwater wrecks and archaeological sites. In total, 64 objects of historical value and 1,576 ancient coins were confiscated.

In Greece, the Department of Cultural Heritage and Antiquities of Athens recovered five Byzantine icons. Acting on intelligence and using special investigative techniques, including an undercover officer, three individuals were arrested while attempting to sell the icons for EUR 70,000.

Ukrainian customs authorities seized 87 cultural goods that were being illegally transported out of the country to Poland, Moldova and Romania.

Cyber patrols uncover additional cases

In addition to on-the-ground actions, dedicated cyber patrols were carried out during the operation to identify potential illicit online sales of cultural property. These virtual investigations led to the opening of new cases, demonstrating how digital platforms are quickly becoming a channel of choice by traffickers to market and sell looted artefacts. A total of 4,298 cultural goods were seized as a result of the cyber patrols.

Built on international cooperation

Operation Pandora IX was carried out in the framework of the European Multidisciplinary Platform Against Criminal Threats (EMPACT). Europol facilitated the exchange of information and provided analytical and operational support to the national investigations. Furthermore, one cyber patrol week was hosted by Europol.

INTERPOL coordinated cross-border actions and offered tools such as its Stolen Works of Art database and on the ground ID-Art mobile application.

The WCO’s secure communication tool, CENcomm, was made available to all participants while its Regional Intelligence Liaison Office for Eastern and Central Europe compiled, refined and shared information provided by Customs administrations

Since its launch in 2016, Operation Pandora has become a key global initiative to protect cultural heritage from illicit trafficking.

Participating countries in Pandora IX (2024):

Albania, Austria, Belgium, Bosnia & Herzegovina, Bulgaria, Czech Republic, France, Germany, Greece, Ireland, Italy, Malta, Moldova, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, Serbia, Spain, Ukraine, United States.

Participating agencies:

Europol, INTERPOL, World Customs Organization

MIL Security OSI –

May 23, 2025
MIL-OSI: RUBIS: Evolutions at the Supervisory Board and its Committees – Communication following the requests received for the inclusion of resolutions to the agenda of the Shareholders’ Meeting of 12 June 2025
Source: GlobeNewswire (MIL-OSI)

Paris, 22 May 2025, 7:45am

1.  The Supervisory Board announces the cooptation of Antoine Sautenet and reorganises its specialised Committees following Nils Christian Bergene’s departure

Following Nils Christian Bergene’s departure on 15 May 2025, the Supervisory Board decided at its meeting on 21 May 2025, upon the Compensation, Appointments and Governance Committee’s recommendation, to coopt Antoine Sautenet, Head of Sustainable Development at Michelin, as independent member of the Supervisory Board.

Antoine Sautenet joins the Board, effective 21 May 2025 and subject to ratification by the upcoming Shareholders’ Meeting, for the remainder of Nils Christian Bergene’s term of office, i.e., until the end of the Shareholders’ Meeting to be held in 2027 to approve the financial statements for the 2026 fiscal year. Antoine Sautenet’s profile was identified during the appointment process to enrich the work of the Board. He will bring his expertise to the Board, particularly in the areas of corporate social and environmental responsibility (CSR) and climate issues.

Upon the Supervisory Board’s recommendation, the Managing Partners have included a new resolution to the agenda of the next annual Shareholders’ Meeting scheduled for 12 June 2025 and invites shareholders to ratify this co-optation in accordance with applicable regulations.

The composition of the Board Committees has also been adjusted to reflect the new composition of the Board, in line with the Board succession plan. Alberto Pedrosa (independent member) has been appointed, with immediate effect, Chairman of the Audit and CSR Committee, which Marc-Olivier Laurent (independent member) joins as ex officio member in his capacity as the new Chairman of the Board. Benoît Luc (independent member) joins the Compensation, Appointments and Governance Committee, replacing Nils Christian Bergene. The Audit and CSR Committee and the Compensation, Appointments and Governance Committee comprise 100% independent members.

2.  The Supervisory Board issued a positive opinion on the two proposed resolutions submitted by Compagnie Nationale de Navigation (CNN), which the Managing Partners have consequently approved, upon the Supervisory Board’s recommendation

As indicated in its press release dated 16 May 2025, Rubis received on 15 May 2025, from Compagnie Nationale de Navigation (CNN), a request to add two resolutions to the agenda. These resolutions pertain to the appointment of Patrick Molis and Anne Lauvergeon as members of the Supervisory Board, for a term of three years.

The Supervisory Board, which met on 21 May 2025, expresses a favourable opinion regarding the appointment of these two candidates. The Board believes that the proposals to appoint Patrick Molis and Anne Lauvergeon, as independent members, do not alter the overall composition of the Supervisory Board and were submitted following discussions between the Company and CNN, a shareholder with a 9.3% stake, demonstrating CNN’s willingness to engage in a constructive dialogue, to which the Supervisory Board, representing shareholders, is sensitive.

It was also noted that CNN, which has engaged in a constructive manner and has a significant stake in the Company’s share capital, supports all the resolutions proposed by the Managing Partners and endorsed by the Supervisory Board.

Patrick Molis also expressed his desire to contribute to the ongoing improvement of the functioning of the Supervisory Board following the strengthening of its duties formalised in October 2024 and, in this regard, proposed the appointment of a new independent member, Anne Lauvergeon.

Finally, committed to complying with the corporate governance rules applicable to the Group, the Supervisory Board emphasised that the members of the Compensation, Appointments and Governance Committee had the opportunity to interview both candidates.

The Managing Partners added these two draft resolutions to the agenda of the Shareholders’ Meeting of 12 June 2025 and decided to approve these two nominations, following the favourable opinion of the Supervisory Board, on its own composition, which it has always followed. Shareholders are therefore also invited to approve the two draft resolutions submitted to the vote of the Shareholders’ Meeting of 12 June 2025, at the initiative of CNN.

Consequently, if the resolutions proposed or approved by the Supervisory Board are adopted, the Supervisory Board will be composed, following the Shareholders’ Meeting of 12 June 2025, of 14 members, including 13 independent members (i.e., 93%) and six women (i.e., 43%).

3.  Request for amendment to the by-laws relating to the methods used to calculate the dividend of the General Partners

At its meeting on 20 May 2025, the Managing Partners reviewed a request to include a draft resolution submitted by a shareholder¹ representing approximately 2.78% of Rubis’ share capital, dated 17 May 2025 and brought to Rubis’ attention on 19 May 2025, aimed at amending Article 56 of Rubis’ by-laws relating to the methods used to calculate the dividend of the General Partners, so as to provide that the Total Shareholder Return (TSR) would now be calculated on the basis of the highest of the average of the opening prices of the last 20 trading days of all the fiscal years preceding the Relevant Fiscal Year, without any time limit.

Rubis reiterates its strong commitment to ensuring the best possible alignment between the interests of all shareholders and those of the General Partners, and notes that the current Total Shareholder Return formula, calculated by reference to the three financial years preceding the financial year in which a possible dividend payment to General Partners is determined, is the result of an evolution proposed in line with expressed expectations. It was approved with very wide support by shareholders, representing 99.8% of the votes cast at the Extraordinary Shareholders’ Meeting of 9 December 2020.

This method currently in force ensures a certain stability in the assessment of Rubis’ performance and is consistent with the structural shift in the valuation of European companies operating in the fossil fuel sector. It is moreover recalled that this method did not result in any dividend distributions to General Partners for fiscal years 2020, 2021, 2022 and 2023.

Considering the complexity and sensitivity of each of the parameters on which the formula is based, any new evolution to the General Partners dividend mechanism requires in-depth simulations and analysis to measure its direct and indirect effects, with a view to proposing a formula that protects the interests of shareholders and all other Rubis stakeholders.

Acknowledging in particular the absence of approval by the General Partners for this proposed amendment to the by-laws, which therefore could not be implemented in accordance with the provisions of the French Commercial Code, the Managing Partners had no option but to conclude that the proposed resolution should not be included on the agenda of the Shareholders’ Meeting scheduled to be held on 12 June 2025.

However, following discussions with this shareholder as part of its shareholder engagement, to which it pays close attention, Rubis will conduct an in-depth analysis of a possible evolution to the methods for calculating the dividend of the General Partners, which could be submitted, as appropriate, upon completion of this analysis and under an appropriate corporate governance framework, at the annual Shareholders’ Meeting to be held in 2026.

The resolution proposals submitted by CNN, along with their statements of reasons and the opinions of the Supervisory Board and the Managing Partners, are covered in an Addendum that complements the main Notice of Meeting for the Shareholders’ Meeting. This Addendum is available on Rubis’ website: https://www.rubis.fr/en/investors/shareholders-meetings/.

BIOGRAPHY OF ANTOINE SAUTENET

With a PhD in international law and a master’s degree in economics from the École normale supérieure in Rennes, Antoine Sautenet is currently Michelin Group’s Director of Sustainable Development. He is responsible for orchestrating the social and environmental aspects of the Group’s CSR performance.

Within the Michelin Group, Antoine Sautenet previously held various positions in charge of public affairs and international trade in North America (Michelin representative in Canada) (2019 to 2022), Asia (Thailand) (2016 to 2019) and Europe (Paris) (2013 to 2016). He was also a project officer at the French Ministry of Foreign Affairs and a research associate at the Asia Centre of the French Institute for International Relations (IFRI).

BIOGRAPHY OF PATRICK MOLIS

Patrick Molis is the Chairman of CNN, a successor to Navale Worms, a historical branch of the Worms Group founded in the 19^th century and specialising in shipping and logistics, particularly oil.

CNN was acquired in 1999 by Patrick Molis, and has developed in land-based oil logistics (Compagnie Industrielle Maritime, TRAPIL), specialised shipping on ro-ro vessels for the benefit of Arianespace, Airbus, the French Armed Forces, air transport with Héli-Union, a company operating helicopters for transport to oil and gas platforms and maintenance in operational conditions of helicopters for the benefit of the French Armies.

The historical operations have been gradually sold and CNN has focused on acquiring stakes in the industrial, maritime, logistics, energy, aeronautics and defense sectors.

Patrick Molis, through CNN, also participated in the refinancing and takeover of the Arc Group, the world’s leading glassmaker, concluded in April 2025.

He is an Officer of the French National Order of Merit and a Knight of the Légion d’honneur.

BIOGRAPHY OF ANNE LAUVERGEON

Anne Lauvergeon has led the French nuclear industry for a decade, as Chairwoman and Chief Executive Officer of Areva NC from June 1999 to July 2011, then Chairwoman of the Management Board (Directoire) of Areva from July 2001 to June 2011.

From 1997 to 1999, she was a member of the Executive Committee of Alcatel, in charge of international and industrial investments; from 1995 to 1997, Managing Partner of Lazard Frères & Cie. In 1990, she was assigned as a special advisor for international economy and foreign trade at the French Presidency, then from 1991 to 1995, Deputy Secretary General and sherpa to the French President for the organisation of international summits (G7/G8).

She was ranked twice by Time Magazine among the 100 most influential people in the world. She also has more than 30 years of experience on Boards of Directors and co-chairs the Medef State Simplification and Reform Commission.

She is an Officer of the French National Order of Merit and an Officer of the Légion d’honneur.

Media Relations Contact

RUBIS – Communication RUBIS – Clémence Mignot-Dupeyrot, Head of IR

Tel. : + 33 (0)1 44 17 95 95

presse@rubis.fr
Tel. : + 33 (0)1 45 01 87 44

investors@rubis.fr

1 The funds Tweedy, Browne International Value Fund, Tweedy, Browne Value Fund, Tweedy, Browne Worldwide High Dividend Yield Value Fund et Tweedy, Browne International Value Fund II – Currency Unhedged.

Attachment
- RUBIS: Evolutions at the Supervisory Board and its Committees – Communication following the requests received for the inclusion of resolutions to the agenda of the Shareholders’ Meeting of 12 June 2025
The MIL Network –
May 22, 2025
MIL-OSI: Euronext launches an offering of bonds due 2032 convertible into new shares and/or exchangeable for existing shares (“OCEANEs”) for a nominal amount of €425 million
Source: GlobeNewswire (MIL-OSI)

Euronext launches an offering of bonds due 2032 convertible into new shares and/or exchangeable for existing shares (“OCEANEs”) for a nominal amount of €425 million

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 22 May 2025 – Euronext (ISIN Code: NL0006294274) (the “Company”), the leading European capital market infrastructure, announces today the launch of an offering of senior unsecured bonds due 2032 convertible into new shares and/or exchangeable for existing shares of the Company (“OCEANEs”) (the “Bonds”), by way of a placement to qualified investors only (within the meaning of Article 2(e) of the Prospectus Regulation (as defined below)), for a nominal amount of €425 million (the “Offering”).

On 17 April 2025, the Company entered into a bridge loan facility with, among others, affiliates of the joint bookrunners appointed in the context of the Offering, to finance the acquisition of Admincontrol. The net proceeds from the Offering will be used by the Company for the repayment of a portion of such bridge financing and general corporate purposes.

Main terms of the Bonds

The Bonds will be issued with a denomination of €100,000 each (the “Principal Amount”), will be convertible and/or exchangeable into new and/or existing shares of Euronext (the “Shares”) and are expected to pay a fixed coupon at a rate between 1.5% and 2.0% per annum, payable semi-annually in arrear on 30 May and 30 November of each year (or on the following business day if this date is not a business day), and for the first time on 30 November 2025.

The initial conversion price of the Bonds will be set between 30% and 35% above the Company’s reference share price on the regulated market of Euronext in Paris (“Euronext Paris”)¹. The final terms and conditions of the Bonds are expected to be determined following the completion of the bookbuilding process later today, and settlement and delivery of the Bonds is expected to take place on 30 May 2025 (the “Issue Date”).

Unless previously converted, exchanged, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 30 May 2032 (or on the following business day if such date is not a business day) (the “Maturity Date”).

The Bonds may be redeemed prior to the Maturity Date at the option of the Company, under certain conditions.

In particular, the Bonds may be fully redeemed early at par plus any accrued interest at the Company’s option, subject to a prior notice of at least 30 (but not more than 60) calendar days, (i) at any time from 20 June 2030 (inclusive), if the arithmetic average, calculated over a period of 10 consecutive trading days chosen by the Company from among the 20 consecutive trading days preceding the day of the publication of the early redemption notice, of the daily products on each of such 10 consecutive trading days of the volume weighted average price of the Shares on Euronext Paris over the applicable conversion price on each such trading day, exceeds 130%; or (ii) at any time if 80% or more in principal amount of the Bonds issued (which shall, for the avoidance of doubt, include any tap issues of the Bonds) have been converted/exchanged and/or redeemed and/or purchased by the Company and cancelled.

Bondholders will be granted the right to convert or exchange the Bonds into new and/or existing Shares (the “Conversion/Exchange Right”) which they may exercise at any time from the 41^st day (inclusive) following the Issue Date up to the 7^th business day (inclusive) preceding the Maturity Date or, as the case may be, the relevant early redemption date.

The conversion ratio of the Bonds will be set at the Principal Amount divided by the prevailing initial conversion price, subject to standard adjustments, including anti-dilution and dividend protections, as described in the terms and conditions of the Bonds. Upon exercise of their Conversion/Exchange Right, holders of the Bonds will receive at the option of the Company new and/or existing Shares, carrying in all cases all rights attached to existing Shares as from the date of delivery.

Application will be made for the admission of the Bonds to trading on Euronext Access^TM in Paris to occur within 30 calendar days from the Issue Date.

Legal framework of the Offering and placement

The Bonds will be issued by way of a placement to qualified investors only (within the meaning of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”)) (excluding the United States of America, Australia, Japan, Canada or South Africa), pursuant to the authorization granted by the Company’s annual general meeting held on 15 May 2025 (15^th and 16^th resolution), without an offer to the public (other than to qualified investors) in any country.

Existing shareholders of the Company shall have no preferential subscription rights, and there will be no priority subscription period in connection with the issuance of the Bonds or any underlying new Shares to be issued upon conversion.

Intentions of existing shareholders

The Company is not aware of the intention of any of its main shareholders to participate in the Offering.

Lock-up undertaking

In the context of the Offering, the Company will agree to a lock-up undertaking with respect to its Shares and securities giving access to share capital of the Company for a period starting from the announcement of the final terms of the Bonds and ending 90 calendar days after the Issue Date, subject to certain customary exceptions or waiver from the joint global coordinators appointed in the context of the Offering.

Dilution

For illustrative purposes, considering a nominal amount of €425 million, a reference share price of €145.0² and a 32.5% conversion premium corresponding to the mid-point of the marketing range, the potential dilution would represent approximately 2.1% of the Company’s outstanding share capital, if the Conversion/Exchange Right was exercised for all the Bonds and the Company decided to deliver new Shares only upon exercise of the Conversion/Exchange Right.

Available information

Neither the offering of the Bonds, nor the admission of the Bonds to trading on Euronext Access^TM is subject to a prospectus approved by the Stichting Autoriteit Financiële Markten (AFM) in Netherlands or the Autorité des marchés financiers (AMF) in France. No key information document required by the PRIIPs Regulation or the UK PRIIPs Regulation (as defined below) has been or will be prepared. Detailed information about Company, including its business, results, prospects and the risk factors to which the Company is exposed are described in the Company’s universal registration document for the financial year ended 31 December 2024, filed with the AFM on 28 March 2025 and the Company’s first quarter 2025 results press release which includes the unaudited financial statements of the Company as at and for the three months ended 31 March 2025, which are all available on the Company’s website (https://www.euronext.com/en/investor-relations).

Important information

This press release does not constitute or form part of any offer or solicitation to purchase or subscribe for or to sell securities to any U.S. person or to any person in the United States, Australia, Japan, Canada or South Africa or in any jurisdiction to whom or in which such offer is unlawful, and the Offering of the Bonds is not an offer to the public in any jurisdiction (other than to qualified investors within the meaning of Article 2(e) of the Prospectus Regulation) or an offer to retail investors as such term is defined below.

CONTACTS

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations        Aurélie Cohen

        Judith Stein        +33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe        Aurélie Cohen         +33 1 70 48 24 45

        Andrea Monzani         +39 02 72 42 62 13

Belgium        Marianne Aalders         +32 26 20 15 01

France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45

Ireland        Catalina Augspach        +33 6 82 09 99 70

Italy         Ester Russom         +39 02 72 42 67 56

The Netherlands        Marianne Aalders         +31 20 721 41 33

Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10

Portugal         Sandra Machado        +351 91 777 68 97

About Euronext

Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

For the latest news, go to euronext.com or follow us on X and LinkedIn.

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

© 2025, Euronext N.V. – All rights reserved.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

Disclaimer

The contents of this announcement have been prepared by and are the sole responsibility of the Company.

The information contained in this announcement is for information purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is an advertisement and not a prospectus within the meaning of Prospectus Regulation.

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy, Bonds to any U.S. person or to any person in the United States, Australia, Canada, South Africa or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The Bonds and the Shares, if any, to be issued upon exercise of the Conversion/Exercise Right (together, the “Securities”) referred to herein may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons unless registered under the US Securities Act of 1933 (the “Securities Act”) or offered in a transaction exempt from, or not subject to, the registration requirements of the Securities Act.

In addition, until 40 days after the commencement of the Offering, an offer or sale of Bonds within the United States by a dealer (whether or not it is participating in the Offering) may violate the registration requirements of the Securities Act.

The offer and sale of Securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada, South Africa or Japan. Subject to certain exceptions, the Bonds referred to herein may not be offered or sold in Australia, Canada, South Africa or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, South Africa or Japan. There will be no public offer of the Securities in the United States, Australia, Canada, South Africa or Japan or elsewhere.

In member states of the European Economic Area (the “EEA”), this announcement and any offer is directed exclusively at persons who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation (“Qualified Investors”). In the United Kingdom this announcement and any offer is directed exclusively at persons who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”) (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) who fall within Article 49(2)(A) to (D) of the Order, or (iii) to whom it may otherwise lawfully be communicated (all such persons together with Qualified Investors in the EEA being referred to herein as “Relevant Persons”). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

This announcement may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s and its group’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.

Each of the Company, the joint bookrunners appointed in the context of the Offering and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement, whether as a result of new information, future developments or otherwise.

Each of the joint bookrunners appointed in the context of the Offering is acting exclusively for the Company and no-one else in connection with the Offering. They will not regard any other person as their respective client in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offering, the joint bookrunners appointed in the context of the Offering and any of their affiliates may take up a portion of the Bonds in the Offering as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such Bonds and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references to the Bonds being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, the joint bookrunners appointed in the context of the Offering and any of their affiliates acting in such capacity. In addition, the joint bookrunners appointed in the context of the Offering and any of their affiliates may enter into financing arrangements (including swaps, warrants or contracts for differences) with investors in connection with which the joint bookrunners appointed in the context of the Offering and any of their affiliates may from time to time acquire, hold or dispose of Bonds and/or Shares. The joint bookrunners appointed in the context of the Offering do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the joint bookrunners appointed in the context of the Offering or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

Information to Distributors: Solely for the purposes of the product governance requirements of Directive 2014/65/EU on markets in financial instruments, as amended and supplemented (“MiFID II”) and local implementing measures (together, the “Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Bonds have been subject to a product approval process, which has determined that: (i) the target market for the Bonds is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Bonds (a “distributor”) should take into consideration the manufacturers’ target market assessment; however, a distributor (for the purposes of the Product Governance Requirements) is responsible for undertaking its own target market assessment in respect of the Bonds (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

The target market assessment is without prejudice to the requirements of any contractual or legal selling restrictions in relation to any offering of the Bonds.

For the avoidance of doubt, the target market assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Bonds.

PRIIPs Regulation / Prospectus Regulation / Prohibition of sales to EEA and UK retail investors – The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a “retail investor” means (a) in the EEA, a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 as amended or superseded (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a Qualified Investor as defined in Article 2(e) of the Prospectus Regulation and (b) in the UK, a person who is one (or more) of (i) a retail client within the meaning of Regulation (EU) No. 2017/565 as it forms part of UK domestic law by virtue of the EUWA or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 of the UK (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No. 600/2014 as it forms part of UK domestic law by virtue of the EUWA or (iii) not a Qualified Investor as defined in Article 2(e) of the Prospectus Regulation as it forms part of UK domestic law by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “EU PRIIPs Regulation”) or the EU PRIIPS Regulation as it forms part of UK domestic law by virtue of the EUWA (the “UK PRIIPS Regulation”) for offering or selling the Bonds or otherwise making them available to retail investors in the EEA or UK has been prepared and therefore offering or selling the Bonds or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the EU PRIIPs Regulation and/or the UK PRIIPs Regulation.

1 The reference share price will be equal to the volume-weighted average price (VWAP) of the Shares recorded on Euronext Paris from the launch of the Offering today until the determination of the final terms (pricing) of the Bonds on the same day.
2 i.e. Euronext’s share price on Euronext Paris, at close of trading on 21 May 2025

Attachment
- 20250522_Launch Press Release_Euronext Bond issuance
The MIL Network –
May 22, 2025
MIL-OSI Russia: Canada’s Foreign Ministry summons Israeli ambassador over shooting at diplomatic delegation

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

OTTAWA, May 22 (Xinhua) — Canadian Foreign Minister Anita Anand said on Wednesday she has demanded that the Israeli ambassador be summoned over the Israel Defense Forces (IDF) shooting at a diplomatic delegation visiting the West Bank.

The head of the Ministry of Foreign Affairs confirmed that there were four Canadians among the delegation that was shot at by the Israeli military, and they were not injured.

“I have asked my officials to call the Israeli ambassador to convey Canada’s grave concerns. We expect a full investigation and accountability,” she wrote.

The IDF said the delegation deviated from its approved route and soldiers fired warning shots, resulting in no casualties.

Earlier this week, Canadian Prime Minister Mark Carney, British Prime Minister Keir Starmer and French President Emmanuel Macron issued a joint statement threatening to take “concrete measures” against Israel in response to the renewed military offensive in the Gaza Strip. –0–

MIL OSI Russia News –

May 22, 2025
MIL-OSI New Zealand: Seventy-four new constables heading to districts in a week

Source: New Zealand Police

Commissioner Richard Chambers, members of the police executive and wing patron former police assistant commissioner, Allan Boreham congratulated 74 graduating constables from Wing 384 today.

Also attending the graduation and presenting a prize in absence of the Minister of Police was her worship Anita Baker, the Mayor of Porirua.

Families and friends celebrated the newly attested police officers at Te Rauparaha Arena, Porirua this afternoon to acknowledge the successful completion of their initial training course.

There are some likeminded individuals in the wing with 11 of the graduates having family members currently working in police.

Four graduating officers made the change from non-constabulary roles to police officers.

The wing is very diverse with eighteen recruits speaking more than one language and 19 recruits who were born overseas. The top prize winner was born and raised in France.

Top of wing, Constable Diane Aspalvo is a French-trained and certified clinical psychologist. She has worked as a psychologist in Paris and in Tairawhiti New Zealand before deciding to join the New Zealand Police.

She previously volunteered for the French Army as a reserve after a call-up for national security due to the terrorist attacks in France in 2015. She is a keen swimmer, skier and is also into CrossFit.

“I decided to join the New Zealand Police at 41 years old, so I am a living proof that it is never too late to achieve your dreams.”

Diane will be deployed to Eastern District.

Second Top Award winner Constable Hunta Sutherland, Ngāti Kuia is also a sporting talent, representing her district, Tasman, in football up to high school level.

Not only is she a ‘Golden Boot’ winner for the most goals scored in a regional competition (39), she’s into running track, cross country, and road races with many podium finishes. Hunta has worked as a teacher’s aide with troubled and autistic youth which she found inspiring.

“While training at college I found strength I never knew I had, and a purpose I’ll never forget.”

Hunta will be based in Tasman District.

Leadership Award winner Constable Charise Perez is also a keen sports person excelling in netball. She was born in Wellington and raised by her Fijian dad and Samoan mother. Charise has experience in hospitality, service and politics.

She began her employment at the Electoral Commission as an administrator. She was a community liaison and worked on the 2020 elections and has also managed administration for an emergency housing organization called Tuatahi Centre.

As the leadership award winner, Charise gave a speech to the wing.

“I stand here today as a product of the relationships and bonds between the members of wing 384. Together we began our journey as strangers, but today we stand as brothers and sisters.

As we take the next step in our police journey, I believe that each and every one of wing 384 are more than capable of fulfilling the oath that we have just taken.”

Charise, a former Authorised Officer for Police, will be based back in Wellington District to start policing.

The wing is dispersed as follows:

Deployment:

Northland 3, Tāmaki Makaurau a total of 23 and broken down as follows: Waitematā – 9, Counties Manukau – 14, Waikato – 4, Bay of Plenty – 8, Eastern – 3, Central – 8, Wellington – 9, Tasman – 6, Canterbury – 3, Southern – 7.
The new constables will start their first week of duty in their Police districts from Monday 2 June 2025 and will continue their training on the job as probationary constables.

Awards:

Minister’s Award recognising top student: Constable Diane Aspavlo, posted to Eastern District.
Commissioner’s Award for Leadership: Constable Charise Perez, posted to Wellington District.
Patron’s Award for second in wing recognising second top student: Constable Hunta Sutherland, posted to Tasman District.
Driver Training and Road Policing Practice Award: Constable Ethan Baldwin posted to Waitematā District.

Demographics:

25.7 percent are female, 74.3 percent are male. New Zealand European make up 56.8 percent of the wing, with Māori 12.2 percent, Pasifika 17.6 percent, Asian 10.8 percent, LAAM 2.7 percent.

383 Wing Patron: Allan Boreham:

Allan Boreham is a retired Assistant Commissioner of Police and former head of Youth Justice for Oranga Tamariki, Ministry for Children. Allan holds the New Zealand Police in very high esteem and is honoured to be the patron for Wing 384.

He says he is looking forward to supporting the wing members to succeed and gain all the satisfaction a Police career offers. Allan joined Police in 1985 (in Wing 97) and served for more than 33 years. He was also a Deputy Chief Executive in the public service for five years in charge of Youth Justice.

His Police career was varied and involved completing a wide range of roles in public safety, investigations, and road policing. These included postings in Auckland, Tokoroa, Hamilton and Wellington.

He received an award for his leadership in solving the 1997 kidnapping and murder of an Auckland businessman, Graham Kirkwood.

Allan holds a Bachelor Arts, majoring in Sociology, from Massey University. He is currently learning to speak Spanish and is also a keen motorcyclist and skier.

His father Bruce, now in his eighties, also served in the Police for 32 years.

ENDS

Watch out for our Ten One story coming soon with more images and stories.

If you’re interested in joining police check out newcops.govt.nz

Issued by Police Media Centre

MIL OSI New Zealand News –

May 22, 2025

Category: France

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