Category: France

MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 15, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on May 15, 2025.

Ferocity, fitness and fast bowling: how Virat Kohli revolutionised Indian cricket
Source: The Conversation (Au and NZ) – By Vaughan Cruickshank, Senior Lecturer in Health and Physical Education, University of Tasmania Virat Kohli announced his retirement from Test cricket on Monday. While his Instagram message just said this was the “right time”, his poor recent Test form, mental fatigue and desire to spend more time with

Curious Kids: if our eyes see upside down, how does the brain flip the picture?
Source: The Conversation (Au and NZ) – By Daniel Joyce, Senior Lecturer in Psychology, University of Southern Queensland I heard that we see upside down, but our brain flips the image. How does it do that? –Jasmine, Mount Evelyn, Victoria Our eyes work thanks to light. Objects we can see are either sources of light

Return of the huia? Why Māori worldviews must be part of the ‘de-extinction’ debate
Source: The Conversation (Au and NZ) – By Nic Rawlence, Associate Professor in Ancient DNA, University of Otago A museum specimen of the extinct huia. Wikimedia Commons/Auckland Museum collection, CC BY-SA The recent announcement of the resurrection of the dire wolf generated considerable global media attention and widespread scientific criticism. But beyond the research questions,

After an autocratic leader was toppled in Bangladesh, democratic renewal remains a work in progress
Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University Last July, a powerful student-led uprising in Bangladesh toppled the authoritarian, corrupt government led for 15 years by Prime Minister Sheikh Hasina. Bangladesh now shows modest signs of democratic recovery. Months into its tenure, a transitional government has reopened political

Greenpeace flagship Rainbow Warrior to return for 40th anniversary of French bombing
By Russel Norman The iconic Greenpeace flagship Rainbow Warrior will return to Aotearoa this year to mark the 40th anniversary of the bombing of the original campaign ship at Marsden Wharf in Auckland by French secret agents on 10 July 1985. The return to Aotearoa comes at a pivotal moment — when the fight to

Can we confront cancel culture by finding common ground between moderate leftists and ‘wokists’?
Source: The Conversation (Au and NZ) – By Hugh Breakey, Deputy Director, Institute for Ethics, Governance & Law, Griffith University A.C. Grayling’s new book Discriminations: Making Peace in the Culture Wars sees the renowned philosopher wading into the ethical minefields of “woke” activism, cancellation, and conservative backlash. Filled with thoughtful analysis, deep reflection, and fascinating

Justice on demand? The true crime podcasts serving up Erin Patterson’s mushroom murder trial
Source: The Conversation (Au and NZ) – By Kate Cantrell, Senior Lecturer – Writing, Editing, and Publishing, University of Southern Queensland The trial of the so-called “mushroom cook” Erin Patterson, currently underway in the Victorian town of Morwell, continues to generate global attention. The mother of two is charged with three counts of murder and

This 6-point plan can ease Australia’s gambling problems – if our government has the guts
Source: The Conversation (Au and NZ) – By Charles Livingstone, Associate Professor, School of Public Health and Preventive Medicine, Monash University WHYFRAME/Shutterstock We have a refreshed and revitalised Australian government, enriched with great political capital. During the last term of parliament before the election, opportunities to address Australia’s raging gambling habit were neglected. Could this

Whatever happened to Barbie’s feet? Podiatrists studied 2,750 dolls to find out
Source: The Conversation (Au and NZ) – By Cylie Williams, Professor, School of Primary and Allied Health Care, Monash University elinaxx1v/Shutterstock What do you get when a group of podiatrists (and shoe lovers) team up with a Barbie doll collector? A huge opportunity to explore how Barbie reflects changes in the types of shoes women

Economic pessimism is behind the drift of voters to minor parties and independents
Source: The Conversation (Au and NZ) – By Viet Nguyen, Principal Research Fellow, Macroeconomics Research Program, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne Growing economic pessimism appears to have pushed many voters away from Australia’s two major parties, Labor and the Coalition. Support for minor parties and independents has doubled

A law change will expand who we remember on Anzac Day – the New Zealand Wars should be included too
Source: The Conversation (Au and NZ) – By Alexander Gillespie, Professor of Law, University of Waikato The New Zealand Wars memorial in new Plymouth. Wikimedia Commons, CC BY-SA Anzac Day has come and gone again. But – lest we forget – war and its consequences are not confined to single days in the calendar. Nor

Newly discovered frog species from 55 million years ago challenges evolutionary tree
Source: The Conversation (Au and NZ) – By Roy M. Farman, Adjunct Associate Lecturer, School of Biological, Earth and Environmental Sciences, UNSW Sydney Australian Green Tree Frog (_Litoria caerulea_). indrabone/iNaturalist, CC BY-NC Australian tree frogs today make up over one third of all known frog species on the continent. Among this group, iconic species such

Two lizard-like creatures crossed tracks 355 million years ago. Today, their footprints yield a major discovery
Source: The Conversation (Au and NZ) – By John Long, Strategic Professor in Palaeontology, Flinders University Marcin Ambrozik The emergence of four-legged animals known as tetrapods was a key step in the evolution of many species today – including humans. Our new discovery, published today in Nature, details ancient fossil footprints found in Australia that

Politics with Michelle Grattan: Andrew Leigh on more productive work in the age of AI
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Australia’s productivity performance has stagnated for years, and Treasurer Jim Chalmers has declared addressing this is a second term priority. “Productivity” is now an added part of the remit of Assistant Minister Andrew Leigh, along with his responsibility for competition,

Caitlin Johnstone: Israel admits it bombed a hospital to kill a journalist for doing journalism
Report by Dr David Robie – Café Pacific. – COMMENTARY: By Caitlin Johnstone The IDF has admitted to bombing a hospital in order to assassinate a prominent Palestinian journalist in Gaza, Hassan Aslih, explicitly stating that they assassinated him for engaging in journalistic activities. The official Israel Defense Forces account made the following post on

Men are shaving off their eyelashes on TikTok. Here’s why that might be a bad idea
Source: The Conversation (Au and NZ) – By Amanda Meyer, Senior Lecturer, Anatomy and Pathology, James Cook University Bhatakta Manav/Shutterstock Videos of men removing their eyelashes, by trimming or shaving, have been circulating on social media in recent weeks. This trend is based on the idea short eyelashes look more masculine. Hair can tell us

Soon, your boss will have to pay your wages and super at the same time. Here’s how everyone could benefit
Source: The Conversation (Au and NZ) – By Helen Hodgson, Professor, Curtin Law School and Curtin Business School, Curtin University Dragon Images/Shutterstock If you have a job in Australia, you’ve probably noticed each of your payslips has a section telling you how much superannuation will be paid alongside your wages. But while your wages are

What is the ‘glass cliff’ phenomenon – and why do women often find themselves on the precipice?
Source: The Conversation (Au and NZ) – By Kerrie-Anne Hammermeister, PhD Candidate in the School of Humanities and Communication, University of Southern Queensland GoodStudio/Shutterstock Speaking to the media after being named leader of the Liberal Party, Sussan Ley was asked if this appointment was an example of the “glass cliff effect”. Ley said “I don’t

Fiji Indians in NZ ‘not giving up’ on Pasifika classification struggle
By Susana Suisuiki, RNZ Pacific Waves presenter/producer, and Christina Persico, RNZ Pacific bulletin editor The co-founder of Auckland’s Fiji Centre is concerned that Indo-Fijians are not classified as Pacific Islanders in Aotearoa. This week marks the 146th anniversary of the arrival of the first indentured labourers from British India to Fiji, who departed from Calcutta.

MIL OSI Analysis – EveningReport.nz –

May 15, 2025
MIL-Evening Report: After an autocratic leader was toppled in Bangladesh, democratic renewal remains a work in progress
Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University

Last July, a powerful student-led uprising in Bangladesh toppled the authoritarian, corrupt government led for 15 years by Prime Minister Sheikh Hasina.

Bangladesh now shows modest signs of democratic recovery. Months into its tenure, a transitional government has reopened political and civic space, especially at universities, and begun reforming key state bodies.

Yet, violence and political retribution persist. This week, the interim government banned Hasina’s former party, the Awami League, under the country’s Anti-Terrorism Act while a tribunal investigates its role in the deaths of hundreds of protesters last year.

Elections have also been delayed and may not happen until 2026.

Amid this fragile transition, interim leader Muhammad Yunus, the 84-year-old Nobel-prize winning economist, has emerged as a rare figure of trust and calm. His popularity is so high, in fact, many are calling for him to remain at the helm for another five years.

Given the uncertainty, Bangladesh faces some uncomfortable questions: can it afford electoral democracy right now? Or must stability come first, with democracy postponed until institutions can catch up?

And what happens if emergency governance becomes the new normal?

Fraught road to democratic renewal

According to a global democracy report, Bangladesh is still classified as an “electoral autocracy” — one of the few in the category that actually got worse in 2024.

The opposition, chiefly the Bangladesh National Party (BNP), has mounted a fierce challenge to the interim government’s legitimacy, arguing it lacks a democratic mandate to implement meaningful reforms.

While the BNP and its former ally, the Islamist party Jamaat-e-Islami, may appeal to segments of Bangladesh’s Muslim majority, their support is undermined by reputational baggage and limited resonance with younger voters.

At the same time, radical, right-wing, Islamist forces are exploiting the vacuum to reassert themselves, exacerbating tensions between Muslims and the Hindu minority.

Economically, the country is also still reeling from the damage done under Hasina’s regime.

Corruption hollowed out the banking system, leaving key institutions almost bankrupt. Although Yunus has taken steps to stabilise the economy by bringing in competent officials, uncertainty continues to dampen investor confidence.

Inflation remains high. And unless job creation accelerates, especially for the youth, the seeds of further unrest are already planted.

In addition, law and order has deteriorated sharply. The country’s police force has been tainted by its association with the Alami League, and the former police chief is facing charges of crimes against humanity.

Street crime is rising and minorities are experiencing growing harassment. Women feel deeply unsafe — both online and on the streets. Some parties are also seen as a threat to countering violence against women.

Despite strong laws on paper, weak law enforcement and victim-blaming are allowing violence to flourish. It’s very difficult to hold perpetrators of crimes to account.

Bangladesh is also increasingly isolated on the global stage.

India, long allied to Hasina’s government, has turned its back on the interim government. The United States is disengaging, as well. USAID had committed nearly US$1 billion (A$1.6 billion) from 2021–26 to help improve the lives of Bangladeshis, but this funding has now been suspended.

Some gains on civil liberties

This year, Bangladesh improved slightly in Freedom House’s index on political freedoms and civil liberties, from a score of 40 points out of 100 last year to 45. This is a step in the right direction.

Among the improvements in the past year, the government has:
- removed restrictions on some political parties
- released political detainees
- and committed to major judicial reforms to increase accountability.
The appointment of new election commissioners and the creation of advisory commissions for judicial and anti-corruption reform also signal an institutional reset in motion.

But gains remain fragile. While politically motivated cases against opposition figures have been dropped, new ones have emerged against former ruling elites. The military’s policing role has expanded and harassment of Awami League supporters by protesters persists.

In addition, media freedom remains heavily constrained, with a human rights group reporting the interim government had targeted hundreds of journalists in the past eight months.

In this fractured environment, urgent reforms are needed. But these need to be sustainable, as well. Whether the interim government has the time, authority or support to deliver them remains in doubt. The government also needs to deliver on its promise to hold free and fair elections.

A new party on the rise

The country’s politically engaged youth have not been dissuaded by these issues. Rather, they are trying to reshape the political landscape.

The new National Citizen Party (NCP) was formed in early 2025 by leaders of last year’s student uprising. It has positioned itself as the party to bring a “second republic” to Bangladesh. Drawing from historical models from France and the US, the party envisions a new elected, constituent assembly and constitution.

With organisational support and tacit backing from the interim government, the NCP has rapidly grown into a viable political force.

Still, the party faces a steep, uphill climb. Its broad, ideological umbrella risks diluting its message, blurring its distinctions with the BNP.

For the NCP to turn protests into policy, it must sharpen its identity, consolidate its base, and avoid being co-opted or outflanked.

Whether this moment of political flux leads to real transformation or yet another cycle of disillusionment will depend on how boldly — and how sustainably— the interim government and new actors like the NCP act. And they must not draw out the process of transition for too long.

Intifar Chowdhury 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 an autocratic leader was toppled in Bangladesh, democratic renewal remains a work in progress – https://theconversation.com/after-an-autocratic-leader-was-toppled-in-bangladesh-democratic-renewal-remains-a-work-in-progress-253846
MIL OSI Analysis – EveningReport.nz –
May 15, 2025
MIL-OSI United Kingdom: UK at heart of NATO talks on strengthening Euro-Atlantic security and support for Ukraine
Source: United Kingdom – Executive Government & Departments 3

Press release

UK at heart of NATO talks on strengthening Euro-Atlantic security and support for Ukraine

NATO Allies are in Turkey to underline the Alliance’s support for Ukraine and commitment to a secure and stable Euro-Atlantic.
UK leading calls for Europe to support Ukraine

UK and NATO Allies will commit to building a stronger, fairer and more lethal NATO at meeting of Foreign Ministers in Antalya

Visit follows UK hosted talks with European partners on bolstering security and support for Ukraine

As President Zelenskyy further demonstrates his commitment to peace by travelling to Istanbul for direct talks with Russia, NATO Allies are gathering in Turkey today to underline the Alliance’s support for Ukraine and commitment to a secure and stable Euro-Atlantic, with a stronger, fairer and more lethal NATO at its core.

At the NATO informal Foreign Ministers’ Meeting in Antalya, the Foreign Secretary will lead calls for the strongest Alliance in history to stand united in the face of a generational threat from our adversaries, and stand behind Ukraine to secure a just and lasting peace. Security is the foundation of our Plan for Change and central to this government’s plans to deliver growth and prosperity to British working people.

Ahead of the Hague Summit in June, Allies are meeting in Antalya with a clear message that NATO must step up together to meet this critical moment for our collective security. The Foreign Secretary will say that Europe must shoulder more responsibility for its own security, as security threats from Russia and its enablers continue to mount.

Foreign Secretary David Lammy said:

Today, President Zelenskyy is in Turkey in a further demonstration of his commitment to peace, ready to enter talks direct with Russia and continuing to push for a full ceasefire as a first crucial step.

As myself and my fellow NATO Allies also travel to Turkey, we are united alongside Ukraine in our determination to secure a just and lasting peace. We are working to deliver more for our collective security and bring this barbaric war to an end.

Euro-Atlantic security is the foundation of our Plan for Change. Without the security NATO provides, we cannot deliver the growth and prosperity the British people deserve.”

During his remarks in an informal meeting of the North Atlantic Council, the Foreign Secretary will update on UK steps to protect Euro-Atlantic security and disrupt Russia’s reckless actions to force Putin’s hand. He will say that every step the Alliance takes to increase pressure on Russia and achieve peace in Ukraine is another step towards security and prosperity at home and abroad.

Earlier this week, six spies working for Russia were sentenced in the UK, as the UK cracks down on Russian espionage attempts on British soil. The successful convictions came about as a result of close international cooperation with a number of NATO Allies, including Bulgaria, France and Germany, demonstrating a unified front against hostile Russian activity.

The visit follows the UK-hosted Weimar+ meeting on Monday, where representatives from France, Italy, Germany, Spain, Poland and the EU joined the Foreign Secretary in London to share Europe’s unwavering support for Ukraine’s right to peace and freedom.

It also comes after the Prime Minister’s visit to Oslo last week where the Joint Expeditionary Force (JEF) announced enhanced support for the Ukrainian Armed Forces through intensive training exercises, increasing interoperability across military platforms and enhancing countering disinformation support as well as allowing JEF Nations to learn from the battlefield experience of Ukraine’s armed forces.

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 15 May 2025
MIL OSI United Kingdom –
May 15, 2025
MIL-Evening Report: Greenpeace flagship Rainbow Warrior to return for 40th anniversary of French bombing

By Russel Norman

The iconic Greenpeace flagship Rainbow Warrior will return to Aotearoa this year to mark the 40th anniversary of the bombing of the original campaign ship at Marsden Wharf in Auckland by French secret agents on 10 July 1985.

The return to Aotearoa comes at a pivotal moment — when the fight to protect our planet’s fragile life-support systems has never been as urgent, or more critical.

Here in Aotearoa, the Luxon government is waging an all-out war on nature, and on a planetary scale, climate change, ecosystem collapse, and accelerating species extinction pose an existential threat.

Greenpeace Aotearoa’s Dr Russel Norman . . . “Our ship was targeted because Greenpeace and the campaign to stop nuclear weapons testing in the Pacific were so effective.” Image: Greenpeace

As we remember the bombing and the murder of our crew member, Fernando Pereira, it’s important to remember why the French government was compelled to commit such a cowardly act of violence.

Our ship was targeted because Greenpeace and the campaign to stop nuclear weapons testing in the Pacific were so effective. We posed a very real threat to the French government’s military programme and colonial power.

It’s also critical to remember that they failed to stop us. They failed to intimidate us, and they failed to silence us. Greenpeace only grew stronger and continued the successful campaign against nuclear weapons testing in the Pacific.

Forty years later, it’s the oil industry that’s trying to stop us. This time, not with bombs but with a legal attack that threatens the existence of Greenpeace in the US and beyond.

We will not be intimidated
But just like in 1985 when the French bombed our ship, now too in 2025, we will not be intimidated, we will not back down, and we will not be silenced.

We cannot be silenced because we are a movement of people committed to peace and to protecting Earth’s ability to sustain life, protecting the blue oceans, the forests and the life we share this planet with,” says Norman.

In the 40 years since, the Rainbow Warrior has sailed on the front lines of our campaigns around the world to protect nature and promote peace. In the fight to end oil exploration, turn the tide of plastic production, stop the destruction of ancient forests and protect the ocean, the Rainbow Warrior has been there to this day.

Right now the Rainbow Warrior is preparing to sail through the Tasman Sea to expose the damage being done to ocean life, continuing a decades-long tradition of defending ocean health.

This follows the Rainbow Warrior spending six weeks in the Marshall Islands where the original ship carried out Operation Exodus, in which the Greenpeace crew evacuated the people of Rongelap from their home island that had been made uninhabitable by nuclear weapons testing by the US government.

In Auckland this year, several events will be held on and around the ship to mark the anniversary, including open days with tours of the ship for the public.

Dr Russel Norman is executive director of Greenpeace Aotearoa.

MIL OSI Analysis – EveningReport.nz –

May 15, 2025
MIL-OSI USA: Dingell, Merkley, Welch, Sanders Introduce Bill to Lower Prescription Drug Prices for All Americans
Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

Congresswoman Debbie Dingell (MI-06) along with Senators Jeff Merkley (D-OR), Peter Welch (D-VT), and Bernie Sanders (I-VT), today introduced the End Price Gouging for Medications Act.

The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.

“In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive.” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”

“Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed. If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”

“No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”

On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:
- Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
- Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.
Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.

In addition to Dingell, Merkley, Welch, and Sanders, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.

“American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.

“There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President, Just Care USA.

Full text of the End Price Gouging for Medications Act can be found here.

MIL OSI USA News –
May 15, 2025
MIL-OSI USA: Congressman Moore Introduces Resolution Honoring Pope Leo XIV

Source: United States House of Representatives – Representative Riley Moore (WV-02)

Washington, D.C. – This afternoon, Congressman Riley M. Moore introduced a resolution with 20 of his House colleagues to honor Pope Leo XIV after his historic election to the Chair of St. Peter. Born Robert Francis Prevost, Pope Leo XIV is a native of Chicago and graduate of Villanova University. He was ordained a priest in 1982 and named a Cardinal by Pope Francis in 2023.

Congressman Moore issued the following statement:

“I was thrilled to hear of Pope Leo’s XIV election to the Chair of St. Peter, and have felt a tremendous sense of national pride that an American now leads the Catholic Church.

“I pray the Lord blesses the Holy Father with the great wisdom and unyielding courage necessary to preach the Gospel of our Lord and Savior Jesus Christ.”

Represenative Tom Suozzi (D-NY) co-led the resolution with Congressman Moore. Joining on as original co-sponsors were Representatives Tom Barrett (R-MI); Ryan Zinke (R-MT); Ann Wagner (R-MO); Michael McCaul (R-TX); Rob Bresnahan, Jr. (R-PA); Michael Rulli (R-OH); Stephanie Bice (R-OK); Lisa McClain (R-MI); John Rose (R-TN); Bryan Steil (R-WI); Mark Messmer (R-IN); Carlos Gimenez (R-FL); Chris Smith (R-NJ); French Hill (R-AR); John Rutherford (R-FL); Tony Gonzales (R-TX); Jeff Hurd (R-CO); Don Bacon (R-NE); and Jen Kiggans (R-VA).

The Daily Wire first covered the story, read more here.

###

MIL OSI USA News –

May 15, 2025
MIL-OSI Video: Joint Stakeout on the Humanitarian Situation in Gaza- Media Stakeout | United Nations

Source: United Nations (Video News)

Joint Press Encounter delivered by ambassador Barbara Woodward, Permanent Representative of the United Kingdom to the United Nations, on the humanitarian situation in Gaza on behalf of the UK, France, Denmark, Greece and Slovenia.

https://www.youtube.com/watch?v=OLh0JEtLckE

MIL OSI Video –

May 15, 2025
MIL-OSI Global: Andor showcases the power of music to oppose tyranny – an homage to the French Resistance

Source: The Conversation – UK – By Clare V. Church, Fellow of the Institute of Historical Research, School of Advanced Study, University of London

Warning: this article contains spoilers for Andor season two, up to episode nine.

This week, many fans are diving into the final episodes of Andor season two on Disney+. Meanwhile, others are still reeling from last week’s powerful episode.

Episodes seven through nine of the Star Wars spin-off show depicted the tragedy of the fictional Ghorman massacre and its political fallout. Set chronologically two years before Star Wars: Episode IV – A New Hope, the episodes present the peaks of the Galactic Empire’s oppressive rule over the planet Ghorman, which culminates in a mass slaughter of peaceful Ghor protesters in the capital city’s main plaza.

Episode eight, Who Are You?, is a poignant portrayal of propaganda, collective resistance and military force.

A particularly emotive scene comes when Lezine (Thierry Godard) – a member of a local rebel group called the Ghorman Front – begins to sing in the midst of the Ghor’s demonstration. Soon, all members of the peaceful protest join Lezine’s chorus in an act that signals not aggression, but community.

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

The moment echoes the French Resistance’s use of music to defy Nazi rule throughout the second world war. The French Resistance was a movement of civilians and combatants who opposed the German occupation of France.

While the episode’s parallels to Earth-side conflicts throughout historical and modern eras do not start and stop with the French Resistance, it is worth unpacking these similarities further. Doing so reveals insights into the power of art — and specifically music – in fighting tyranny.

The political parallels between Star Wars and Andor

The Star Wars franchise has long been analysed for its political storytelling. The original trilogy, for instance, makes connections to the French Revolution, the second world war and the Vietnam war. There are overarching themes of colonialism, fascist dictatorship and guerrilla warfare.

Andor is no exception. Showrunner Tony Gilroy uses two 12-episode seasons to narrate the birth of a rebellion and subsequent revolution. Critics and Star Wars pundits alike have commented on the show’s parallels to historical and contemporary conflicts, with think-pieces and social-media threads comparing season two’s plot points to the America’s 2003 invasion of Iraq, the Russo-Ukrainian war and even the conflict in Gaza.

The Ghor sing their anthem as an act of defiance in Andor season two, episode eight.

The Ghorman massacre has become an especially explosive talking point given its significance to the overall series. At the start of season two, it becomes clear that the Galactic empire requires a mineral – kalkite – that is unique to Ghorman to supply its “energy initiative” (the Death Star).

The empire subsequently launches a devastating propaganda campaign to turn the galaxy against the Ghor. This is done in anticipation of eventually carrying out a genocide against the planet’s people to clear the path for unimpeded mineral extraction. In turn, it is the Ghorman massacre that prompts Senator Mon Mothma (Genevieve O’Reilly) to publicly declare her opposition to the “monstrous” Emperor Palpatine (Ian McDiarmid) and lead the Rebel Alliance – as seen in the films Rogue One (2016) and Episode IV – A New Hope (1977).

In the lead-up to the Ghorman massacre, some of the Ghor initiate an underground resistance against the empire’s forces – often haphazard and disjointed, but resilient all the same. Several storytelling devices are used to evoke the spirit of the French Resistance.

For one, Gilroy casts French actors to play many of the Ghorman Front leaders, including Ewens Abid, Thierry Godard and Caroline Vanier. Second, the Ghor language is based on a combination of French phonetics and Italian grammar. Combined with the accents of the Ghor actors, it conjures the feeling of the French language, without directly using its vocabulary.

The costuming of the Ghor is also suggestive of second world war France, as they don trench coats and berets.

Music as a tool against tyranny

In the episode, the protesters sing the Ghor national anthem: We Are The Ghor! Its lyrics yield imagery of the “valley” and “highland”, as well as call upon its nationals to “raise your eyes to homeland skies”, “call your kin to come and sing”, and “tight the weave and roll the sleeve”.

Describing the creation of the anthem, composer Nicholas Britell remarked that his and Gilroy’s goal was to “create something that felt timeless and authentic, but which could also feel like an emotional rallying cry”.

The French national anthem, La Marseillaise, has served a similar mandate since its adoption in 1795. It was used as a political tool of resistance throughout the second world war.

French soldiers are shown singing La Marseillaise in a scene from Casablanca (1942).

Upon Germany’s defeat of France in 1940, the Nazi occupiers swiftly banned French citizens from singing La Marseillaise. In November 1940, however, thousands of French students and civilians marched around the Arc de Triomphe while chanting the anthem in a show of defiance. To end the display of unity, occupying forces violently dispersed the demonstration, injuring and arresting many.

Members of the French Resistance also gained a second anthem throughout the war, titled Le Chant des Partisans, which was composed and performed by Anna Marly. Like We Are The Ghor!, the tune evokes rural landscapes, hard workers and kin, as well as issues demands to its listeners-in-arms to “sing” as one.

There are many accounts of Le Chant being used to oppose Nazi rule. It was played, for instance, over the radio to signal an incoming message for the French Resistance. It was also reportedly hummed between members of the Maquis during sabotage operations. One account even relays the story of French fighters who whistled the song while they were forced by the Germans to dig their own graves.

The trailer for season two of Andor.

These examples from history and fantasy demonstrate the power of music to oppose tyranny. While in itself an act of nonviolence, singing in a group is a tool of community building – an indispensable component of overcoming authoritarianism. Tellingly, in an interview with DECIDER, Andor creator Gilroy explained that authoritarianism is always “about the destruction of community”.

When you sing along with the crowd at a beloved artist’s concert or belt the anthem ahead of a heated sports match, it is the joy of community that is felt – a feeling of oneness among a swath of strangers. It is therefore in this musical moment – reminiscent of not just the French Resistance but of all movements that have deployed music in defiance – that the fictional realm of Andor’s Who Are You? tragically tells the truth.

For fans, it aptly brings to bear the unshakeable capacity of singing to combat oppression, be it here on Earth, or in a galaxy, far, far away.

Clare V. Church 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. Andor showcases the power of music to oppose tyranny – an homage to the French Resistance – https://theconversation.com/andor-showcases-the-power-of-music-to-oppose-tyranny-an-homage-to-the-french-resistance-256522

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI: Fiera Capital Corporation announces increase to previously announced bought deal offering of 7.75% Senior Subordinated Unsecured Debentures to $70 million

Source: GlobeNewswire (MIL-OSI)

MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Fiera Capital Corporation (“Fiera Capital” or the “Company”) (TSX: FSZ) is pleased to announce that, due to strong demand, it has entered into a revised agreement with Scotiabank, CIBC Capital Markets, Desjardins Capital Markets and RBC Capital Markets, as joint bookrunners, on behalf of a syndicate of underwriters which also included National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc. and Raymond James Ltd. (collectively, the “Underwriters”), to increase the size of its previously announced bought deal offering of senior subordinated unsecured debentures due June 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”) to $70 million. Fiera Capital has also granted the Underwriters an option to purchase up to an additional $10.5 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering. The Offering is expected to close on or about June 3, 2025.

The Debentures will bear interest at a rate of 7.75% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, with the first interest payment on December 31, 2025. The December 31, 2025 interest payment will represent accrued interest from the closing of the Offering, to but excluding December 31, 2025. The Debentures will mature on June 30, 2030 (the “Maturity Date”).

The Debentures will not be redeemable prior to June 30, 2028 (the “First Call Date”), except upon the occurrence of a change of control of the Company in accordance with the terms of the indenture (the “Indenture”) governing the Debentures. On and after the First Call Date and prior to June 30, 2029, the Debentures will be redeemable in whole or in part from time to time at the Company’s option at a redemption price equal to 103.875% of the principal amount of the Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after June 30, 2029 and prior to the Maturity Date, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days’ prior notice of redemption of the Debentures.

The Company will have the option to satisfy its obligation to repay the principal amount of the Debentures due at redemption or maturity by issuing and delivering that number of freely tradeable Class A subordinate voting shares (the “Class A Shares”) in accordance with the terms of the Indenture.

The Debentures will not be convertible into Class A Shares at the option of the holders at any time.

The net proceeds of the Offering will be used to fund the redemption of the Company’s 8.25% Senior Subordinated Unsecured Debentures due December 31, 2026 (the “2026 Debentures”) that the Company intends to effect on the first call-date, December 31, 2025, and for general corporate purposes. Pending such use, the net proceeds from the Offering will temporarily be used by the Company to reduce indebtedness under the Company’s unsecured revolving credit facility. The foregoing is not a redemption notice with respect to the 2026 Debentures. Any redemption of the 2026 Debentures will be made pursuant to a notice of redemption under the indenture governing those securities.

The Debentures will be direct, senior subordinated unsecured obligations of the Company which will rank pari passu with one another and will rank (a) effectively subordinate to any existing and future secured indebtedness of the Company but only (other than with respect to the Senior Credit Facilities (as defined in the Indenture)) to the extent of the value of the assets securing such secured indebtedness, (b) subordinate to the obligations under the current and future Senior Credit Facilities (as defined in the Indenture), (c) pari passu with the Company’s existing 2026 Debentures and 6.00% Senior Subordinated Unsecured Debentures due June 30, 2027 and, except as prescribed by law, all existing and future unsecured indebtedness (other than the Senior Credit Facilities) that by its terms is not subordinated in right of payment to the Debentures, including indebtedness to trade creditors, and (d) senior to all existing and future unsecured indebtedness that by its terms is subordinated in right of payment to the Debentures, including any convertible unsecured subordinated debentures which may be issued by the Company in the future. In addition, the Debentures will be structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries.

A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada. The Offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Legal advisors

Legal advice is being provided to Fiera Capital by Fasken Martineau DuMoulin LLP. Legal advice is being provided to the Underwriters by Norton Rose Fulbright Canada LLP.

Forward-Looking Statements

This document may contain certain forward-looking statements relating to future events or, future performance reflecting management’s expectations or beliefs regarding future events, including, without limitation, business and economic conditions, outlook and trends, Fiera Capital’s growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, new initiatives, such as those related to sustainability and other statements that do not refer to historical facts. In particular, this press release includes forward-looking statements relating to the proposed timing of completion of the Offering and the anticipated use of the net proceeds of the Offering. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. These forward-looking statements may typically be identified by words and expressions such as “assumption, “continue”, “estimate”, “forecast”, “goal”, “guidance”, “likely”, “plan”, “objective”, “outlook”, “potential”, “foresee”, “project”, “strategy”, “target”, and other similar words or expressions or future or conditional verbs (including in their negative form), such as “aim”, “anticipate”, “believe”, “could”, “expect”, “foresee”, “intend”, “may”, “plan”, “predict”, “seek”, “should”, “strive” and “would”.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, which make it possible for actual results or events to differ materially from management’s expectations and that predictions, forecasts, projections, expectations, conclusions or statements will not prove to be accurate. As a result, Fiera Capital does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. These risks include, but are not limited to, the failure or delay in satisfying any of the conditions to the completion of the Offering. Additional factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital’s interim condensed and annual consolidated financial statements, and its latest Annual Report and Annual Information Form filed on www.sedarplus.ca. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.

Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), Hong Kong (SAR) and Abu Dhabi (ADGM).

Each affiliated entity (each an “Affiliate”) of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration.

Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital’s Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions

Additional information about Fiera Capital, including its Annual Information Form, is available on SEDAR+ at www.sedarplus.ca

SOURCE Fiera Capital Corporation

The information contained in press releases and company news is valid as of the date indicated. You should not assume that statements remain accurate or valid after the date.

For more information: Analysts and investors, Marie-France Guay, Senior Vice President, Treasury and Investor Relations, Fiera Capital Corporation, 514 294-5878, mguay@fieracapital.com

The MIL Network –

May 15, 2025

MIL-OSI: Boralex announces the election of its directors and highlights of its Annual Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) held its annual meeting of shareholders earlier today. During the meeting chaired by Alain Rhéaume, Chairman of the Board, shareholders elected directors and adopted the resolutions proposed.

Mr. Rhéaume opened the meeting by outlining Boralex’s highlights for the year 2024, during which the Company continued to stand out thanks to the agility and flexibility that have long characterized it. He pointed out that the Company had achieved several important and structuring achievements in 2024, in addition to maintaining its growth strategy aimed at sustainability and value creation. He also underlined the arrival of three new directors: Ricky Fontaine, Nadia Martel and Rémi G. Lalonde. These appointments reflect a commitment to ongoing renewal and to maintaining the highest level of expertise, skills and diversity on the Board of Directors. Finally, Mr. Rhéaume announced to shareholders that Boralex’s 2030 Strategy will be presented at an Investor Day on June 17.

Election of directors

All nominees proposed in the Management Proxy Circular dated March 7, 2025, were elected directors of Boralex by the shareholders present or represented by proxy at the meeting. The results of the vote were as follows:

Nominee	For		Against
	#	%	#	%
André Courville	76,556,022	98.95	812,983	1.05
Lise Croteau	76,824,339	99.30	544,666	0.70
Patrick Decostre	76,561,100	98.96	807,905	1.04
Marie-Claude Dumas	74,681,322	96.53	2,687,683	3.47
Ricky Fontaine	74,609,408	96.43	2,759,597	3.57
Rémi G. Lalonde	75,192,680	97.19	2,176,325	2.81
Patrick Lemaire	75,020,952	96.97	2,348,053	3.03
Nadia Martel	77,339,203	99.96	29,802	0.04
Dominique Minière	76,551,622	98.94	817,383	1.06
Alain Rhéaume	72,224,746	93.35	5,144,259	6.65
Zin Smati	75,171,508	97.16	2,197,496	2.84
Dany St-Pierre	76,127,159	98.39	1,241,845	1.61

The final voting results on all questions submitted to a vote at the Annual Meeting will be filed with SEDAR+ (www.sedarplus.ca).

About Boralex

At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.2 GW. Our pipeline of projects and growth path total over 78GW in wind, solar and electricity storage projects. We develop those projects guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

For more information, visit boralex.com or sedarplus.com. Follow us on Facebook, Twitter, LinkedIn and Instagram.

For more information

MEDIA

INVESTOR RELATIONS

Camille Laventure
Senior Advisor, Public Affairs and External
Communications

Boralex Inc.

438-883-8580
camille.laventure@boralex.com

Stéphane Milot
Vice President, Investor Relations and Financial
Planning & Analysis

Boralex Inc.

514-213-1045
stephane.milot@boralex.com

Source: Boralex inc.

The MIL Network –

May 15, 2025

MIL-OSI Europe: Written question – Mercosur agreement: Agen prunes sector at risk! – E-001813/2025
Source: European Parliament
Question for written answer E-001813/2025
to the Commission
Rule 144
Gilles Pennelle (PfE), Marie Dauchy (PfE), Philippe Olivier (PfE), Mélanie Disdier (PfE), Julien Leonardelli (PfE), Christophe Bay (PfE)

France’s Agen prune has protected geographical indication status, providing the guarantee that the product’s origin and quality are attached to a specific region and specialised know-how. Some 800 producers and 60 processing companies work in this sector, making it an important economic asset.

In the context of the agreement discussions with the Mercosur countries, the Commission agreed that European agriculture, and French agriculture in particular, would be affected by the massive imports of agricultural products from South America. On the other hand, it argued that products with designations of origin would benefit from new markets and even wider recognition than they currently enjoy in the EU.

1.Can the Commission therefore confirm that the term ‘Agen’ and any reference to this French geographical indication will be protected so that they cannot be used fraudulently for plums and prunes from Mercosur countries?

2.Can it guarantee that the Agen prune sector, which is subject to strict rules on the use of plant protection products, will not be placed in direct competition with third-country producers who produce prunes without having to comply with the same rules?

Supporters[1]

Submitted: 6.5.2025

[1] This question is supported by Members other than the authors: Jean-Paul Garraud (PfE), Mathilde Androuët (PfE), Valérie Deloge (PfE)
Last updated: 14 May 2025
MIL OSI Europe News –
May 15, 2025
MIL-OSI Europe: Written question – Investigation and possible failure to comply with Regulation (EU) 2019/941 on risk‑preparedness in the electricity sector in Spain – E-001843/2025
Source: European Parliament
Question for written answer E-001843/2025
to the Commission
Rule 144
Dolors Montserrat (PPE)

On 28 April 2025, Spain suffered one of the worst power cuts in its recent history, during which the entire country – as well as Portugal and parts of France – was without electricity for more than 12 hours. The Spanish Government has not yet provided an explanation as to what caused the incident, nor has it assumed any political responsibility. This situation raises major concerns with regard to energy security, risk prevention and grid coordination by the network management company, Redeia, which is partly state-owned.

1.Has the Commission received official information from the Spanish Government on the causes of the power cut?

2.Does the Commission think the government’s actions have been in line with the principles of cooperation, transparency and information exchange laid down in Regulation (EU) 2019/941 on risk-preparedness in the electricity sector?

3.Is the Commission planning to launch an investigation – to be carried out by independent experts with proven, extensive experience who are not under the influence of companies with market interests – to establish whether management failures could have caused this crisis?

Submitted: 7.5.2025
Last updated: 14 May 2025
MIL OSI Europe News –
May 15, 2025
MIL-OSI USA: Welch, Merkley, Sanders, Dingell Team Up to Introduce Bill to Lower Prescription Drug Prices for All Americans

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today joined Senator Jeff Merkley (D-Ore.), Senator Bernie Sanders (I-Vt.), and U.S. Representative Debbie Dingell (D-MI-06) in introducing the End Price Gouging for Medications Act.
The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.
“No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”
“Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed.”
Merkley continued, “If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”
“In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive,” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will help to bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”
On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:
Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.
Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.
In addition to Welch, Merkley, Sanders, and Dingell, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.
“American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.
“There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President of Just Care USA.
“The reason Americans pay higher prescription drug prices than other countries is because big drug and insurance companies, and their armies of lobbyists, work overtime to ensure their monopolies are protected and their CEOs continue to get massive compensation packages. It is far past time that Congress acts to rein in the out-of-control cost of what Americans have to pay for life-saving medications. The End Price Gouging for Medications Act is an important step,” said Wendell Potter, President of the Center for Health and Democracy.
Full text of the End Price Gouging for Medications Act can be found by clicking here.

MIL OSI USA News –

May 15, 2025
MIL-OSI Canada: Minister of Finance to Co-Host G7 Finance Ministers and Central Bank Governors’ Meeting in Banff

Source: Government of Canada News

May 14, 2025

As part of Canada’s G7 Presidency, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, and Bank of Canada Governor Tiff Macklem, will co-host the G7 Finance Ministers and Central Bank Governors’ Meeting in Banff, Alberta, from May 20 to 22. They will be joined by Finance Ministers and Central Bank Governors from the G7 countries (France, Germany, Italy, Japan, United Kingdom, United States) and the European Union.

G7 Finance Ministers and Central Bank Governors will be joined by the heads of the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank and the Financial Stability Board. The Ukraine Finance Minister and the President of the Financial Action Task Force will join for parts of the meeting. Ministers and Governors will discuss and share views on current global economic and financial challenges, with a focus on how the G7 can work together on issues.

The details of the media events and core programming are described below.

Please note that media events are restricted to accredited media, and the accreditation portal is now closed. Additional logistical details for each media event will be provided directly to accredited media, closer to the events. Please contact mediag7@fin.gc.ca with any questions.

Core Program (All Times Local, MT)

Tuesday, May 20

4:00 p.m.

The Minister and the Ukraine Minister of Finance, Sergii Marchenko, will answer questions from the media.

Wednesday, May 21

8:15 a.m. – 8:45 a.m.

The Minister will join fellow G7 Finance Ministers and Central Bank Governors for a group photograph and hold a welcoming ceremony.

Open to media. Photo opportunity only.

9:00 a.m. – 9:15 a.m.

The Minister and Governor will officially open the G7 Finance Ministers and Central Bank Governors’ Meeting.

Pooled B-roll media opportunity.

9:30 a.m. – 4:30 p.m.

The Minister and Governor will co-chair sessions on the global economy, economic resilience and security, and the situation in Ukraine, among others.

Closed to media.

Thursday, May 22

8:30 a.m. – 12:30 p.m.

The Minister and Governor will co-chair sessions on financial crime and artificial intelligence, among others.

Closed to media.

12:30 p.m. – 1:00 p.m.

The Minister and Governor will hold a joint press conference to close the G7 Finance Ministers and Central Bank Governors’ Meeting.

Open to media. A media availability will follow. Watch live on X at https://x.com/G7 or on Facebook at https://www.facebook.com/G7.

MIL OSI Canada News –

May 15, 2025
India’s Operation Sindoor draws global support as new front against cross-border terrorism

Source: Government of India

Source: Government of India (4)

In the wake of the tragic terrorist attack in Pahalgam on April 22, which claimed the lives of 26 innocent civilians, India has mounted a decisive and strategic response aimed at dismantling cross-border terrorism. The attack, which drew widespread condemnation and grief across the country, prompted immediate and firm action by the Government of India, with the Cabinet Committee on Security (CCS) approving a range of diplomatic and military measures targeting Pakistan’s continued support for terrorism.

Among the key diplomatic actions taken, India placed the Indus Waters Treaty of 1960 in abeyance until Pakistan verifiably ceases its support for cross-border terror activities. The Integrated Check Post at Attari was closed, and Pakistani nationals were barred from entering India under the SAARC Visa Exemption Scheme. Defence, Naval, and Air Advisors posted at the Pakistani High Commission in New Delhi were declared persona non grata, while the strength of both High Commissions was halved from 55 to 30 personnel.

As part of a precise military strategy, India launched “Operation Sindoor,” a calibrated campaign designed to neutralize key terror camps across the border. Based on multi-agency intelligence, nine significant terror infrastructure sites, including those in Bahawalpur and Muridke, were identified and targeted through coordinated air and ground strikes. The operation was executed with high operational ethics, focusing exclusively on terrorist camps while taking all precautions to prevent civilian casualties.

Indian strikes successfully eliminated more than 100 terrorists and destroyed 11 air bases within Pakistan. Among those neutralized were high-value individuals linked to the 1999 IC-814 hijacking and the 2019 Pulwama terror attack, including Yusuf Azhar, Abdul Malik Rauf, and Mudassir Ahmad.

The strikes marked a shift in India’s strategy by targeting deep into Pakistani territory, including critical radar installations in Lahore and Gurjanwala. Additionally, coordinated missile attacks were carried out on terror hubs in Pakistan-occupied Kashmir (PoK), including Muzaffarabad and Kotli. Military bases housing Pakistan’s F-16 and JF-17 fighter jets at Sargodha and Bholari were hit, leading to the destruction of nearly 20 percent of Pakistan’s air force infrastructure.

India’s retaliatory operations were launched in response to not only the Pahalgam attack but also subsequent Pakistani provocations, including drone and missile attacks on Indian civilian and religious areas on the nights of May 7, 8, and 9. Indian forces successfully intercepted and neutralized these threats, reinforcing the country’s operational readiness and commitment to defending its sovereignty.

In a televised address on May 12, Prime Minister Narendra Modi underscored the resolve behind Operation Sindoor, calling it not just a military campaign but a reflection of the collective sentiment of the Indian people. He reiterated that terrorism would be met with decisive force, rejecting any possibility of dialogue or trade with Pakistan until terrorism is addressed. He stated unequivocally that water and blood cannot flow together and emphasized that the only issue India is willing to discuss is the return of Pakistan-occupied Kashmir.

As Pakistani forces continued mortar shelling across the Line of Control (LoC), India responded forcefully, targeting terrorist bunkers and Pakistani army positions. Unable to withstand the Indian response, Pakistan sought a ceasefire, with its Director General of Military Operations contacting his Indian counterpart. A ceasefire was declared on May 10, but Pakistan violated it soon after, sending drones into Indian territory, which were swiftly countered by Indian forces.

Despite the ceasefire at the borders, Operation Sindoor remains ongoing. The Indian Armed Forces remain on high alert to counter any future threats, with field commanders granted operational freedom to respond to provocations.

India’s robust and restrained response has garnered wide support from the international community. World powers have condemned the Pahalgam attack and endorsed India’s right to self-defense. The United Kingdom, Russia, Israel, the United States, France, Japan, and key Gulf countries including Saudi Arabia, the UAE, and Qatar expressed solidarity with India. European Union member states, Sri Lanka, the Maldives, Panama, and even Palestine joined the chorus of condemnation.

Each expressed their support for India’s fight against terrorism, with many recognizing Operation Sindoor as a legitimate and proportionate response. Iran’s President personally conveyed condolences to Prime Minister Modi, and global leaders have emphasized the need for stronger international cooperation to combat terrorism.

May 15, 2025
MIL-OSI United Kingdom: Fear and Fascination: a Gothic Exhibition A new exhibition at the University of Aberdeen invites visitors to meet ghosts, vampires and the supernatural as they step into a world of Gothic terror and explore how Gothic literature used fear to both terrify and excite readers.

Source: University of Aberdeen

Frankenstein artworkA new exhibition at the University of Aberdeen invites visitors to meet ghosts, vampires and the supernatural as they step into a world of Gothic terror and explore how Gothic literature used fear to both terrify and excite readers.
Opening in the Sir Duncan Rice Library on May 19, 2025, the exhibition explores why we are so intrigued and excited by things that scare us. Using the rich collection of eighteenth and nineteenth century Gothic literature cared for by University Collections, the exhibition highlights how the genre explores transgressive themes through their tales of monsters and villains.
Visitors will see early editions of key Gothic novels including Castle of Otranto (first published 1764), The Picture of Dorian Gray (1890), and M. R. James’s Ghost Stories of an Antiquary (1904). These texts, and many more on display, are used to explore how fields such as queer theory and Postcolonial readings have brought new meanings to these stories that have fascinated audiences since their publication.
An immersive space highlights the tropes used by authors to evoke a sense of fear in readers and will allow those who visit to get creative and explore the darker side of their imaginations, creating Gothic plots and stories. A cosy Victorian reading provides space to settle down and enjoy a good book, while Old Aberdeen Library will also have a selection of Gothic writing available to check out and read at home.
Curator Christina Mackenzie said: “Gothic literature has an enduring appeal as shown by the popularity of many of these texts centuries after they were written.
“This has been such a fun and revealing exhibition to work on and we’ve really tried to explore that throughout – the way these texts tell scary stories on the surface, but have been reinterpreted over time to question the monstrosity of the ‘monsters’.”
‘Fear & Fascination’ will be accompanied by a rich events programme, kicking off with Sophie Coulombeau’s talk Brothers & Lovers: Frances Burney and the Gothicon 29 May.
‘Fear and Fascination: A Gothic Exhibition’ will be open in the Sir Duncan Rice Library Gallery, Bedford Road, Aberdeen AB24 3AA, 11am-7pm Mon-Fri, 1pm-4pm Sat & Sun, from 19 May to 7 December 2025.
Enquiries: uoacollections@abdn.ac.uk
See https://www.abdn.ac.uk/collections/whats-on/ for further details of the exhibition and events programme.

MIL OSI United Kingdom –

May 15, 2025
MIL-OSI Africa: CORRECTION: Mauritania Moves to Private Power Model, Set to Receive Independent Power Producer (IPP) Bids Within Weeks

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, May 14, 2025/APO Group/ —

Mauritania is accelerating its shift toward a fully privatized power generation model, with bids due in the next two to three weeks for a new independent power plant tied to the Greater Tortue Ahmeyim (GTA) gas project. The country’s Minister of Petroleum and Energy, Mohamed Ould Khaled, made the announcement at the Invest in African Energy 2025 Forum in Paris on Tuesday.

“All new power generation projects in Mauritania will be private. State-owned companies will no longer be involved in power generation,” said the Minister. He added that two projects currently being developed as IPPs will be fueled by domestic gas and will contribute a combined 550 MW to the national grid over the next couple of years.

The power sector reform is part of a wider transformation aimed at enabling Mauritania to harness its significant gas and renewable energy resources to power industrialization, expand electricity access and drive inclusive growth.

“We want to develop large-scale natural gas and renewable energy resources. We want to expand affordable, clean power access to our people and industries and power inclusive economic growth, especially to unleash our mining potential.”

Mauritania currently has 57% energy access and aims to achieve full national coverage by 2030, according to the Minister. Gas from the GTA project – shared with Senegal – will play a central role in this transition, supplying enough fuel for a 250 MW combined-cycle power plant in each country during the project’s first phase, he said.

The Minister described Mauritania as uniquely positioned for energy leadership on the continent and beyond, citing its combination of gas, solar, wind and strategic proximity to Europe. He also highlighted Mauritania’s position as the African leader in green hydrogen project development, backed by newly modernized regulatory frameworks.

“Mauritania holds the largest pipeline of green hydrogen projects in Africa, which are designed not only to export molecules, but to catalyze industrialization in Mauritania and decarbonize hard-to-abate sectors. We have the potential to produce 12 million tons of green hydrogen production per year, with wind speeds of 10 meters per second and amazing solar.”

“To support this transformation, we have completely modernized our framework,” the Minister continued. “We have opened up the electricity sector to private investments, introduced a new local content policy, and implemented new PPP and investment codes. Additionally, we have launched Africa’s first green hydrogen code, which provides clarity and long-term stability for investors.”

Looking ahead, Mauritania’s integrated energy vision includes the expanded development of the BirAllah gas field – another major deepwater discovery – along with subsequent phases of the GTA project to reach 10 million tons of LNG per year, cross-border electricity trade with neighboring countries and further development of its mining sector.

MIL OSI Africa –

May 15, 2025

MIL-OSI: Euronext publishes Q1 2025 results

Source: GlobeNewswire (MIL-OSI)

Euronext publishes Q1 2025 results

Strong start of the year with growth of non-volume-related revenue, record FICC trading volumes and exceptional market volatility.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 14 May 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the first quarter 2025 using the new, simplified reporting framework¹.

Q1 2025 revenue and income was up +14.1% at €458.5 million:

Non-volume-related revenue and income represented 57% of total revenue and income and covered 158% of underlying operating expenses, excluding D&A²:

Securities Services revenues grew to €83.4 million (+6.8%), driven by double-digit growth in custody and settlement revenue;
Capital Markets and Data Solutions revenue grew to €157.4 million (+6.6%), driven by the continued commercial expansion of Euronext Corporate and Investor Solutions and Technology Services and the strong performance of Advanced Data Solutions, supported by the acquisition of GRSS and by retail participation;
Net treasury income was €18.6 million (+58.8%), demonstrating the benefits of the Euronext Clearing expansion and the internalisation of net treasury income following the derivatives clearing migration in Q3 2024.

Volume-related revenue was driven by high market volatility in Q1 2025:

FICC³Markets reported €90.7 million of revenue (+25.1%), driven by record performance in fixed income trading and clearing, commodities trading and clearing and FX trading;
Equity Markets revenue grew to €108.4 million (+18.0%), reflecting high volatility.

Underlying operating expenses excluding D&A were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, combined with strong costs discipline, in line with the ramp-up of growth investments set out as part of Euronext’s underlying cost guidance of €670 million for the full year 2025.
Adjusted EBITDA was €294.1 million (+17.0%) and adjusted EBITDA margin was 64.1% (+1.6pts).
Adjusted net income was €183.5 million (+11.8%) and adjusted EPS was €1.80 (+13.9%).
Reported net income was €164.8 million (+17.9%) and reported EPS was €1.62 (+20.0%).
Net debt to EBITDA⁴was at 1.4x at the end of March 2025, within Euronext’s target range of the “Innovate for Growth 2027” strategic plan. On 22 April 2025, Euronext had successfully redeemed the €500 million bond issued in connection with the acquisition of Euronext Dublin in April 2018.

Key figures for the first quarter of 2025:

In €m, unless stated otherwise	Q1 2025	Q1 2024	% var	% var l-f-l3F⁵
Revenue and income	458.5	401.9	+14.1%	+12.9%
Underlying operational expenses excluding D&A²	(164.5)	(150.7)	+9.1%	+7.2%
Adjusted EBITDA	294.1	251.3	+17.0%	+16.4%
Adjusted EBITDA margin	64.1%	62.5%	+1.6pts	+1.9pts
Net income, share of the parent company shareholders	164.8	139.7	+17.9%
Adjusted net income, share of the parent company shareholders	183.5	164.2	+11.8%
Adjusted EPS (basic, in €)	1.80	1.58	+13.9%
Reported EPS (basic, in €)	1.62	1.35	+20.0%
Adjusted EPS (diluted, in €)	1.80	1.58	+13.9%
Reported EPS (diluted, in €)	1.61	1.34	+20.1%

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

“In the first quarter of 2025, Euronext has delivered a remarkable performance. We achieved record revenue and income of €458.5 million, driven by initial successes of the strategic initiatives, growth of non-volume-related revenue and exceptional volatility across trading and clearing activities, especially in cash equity, fixed income, FX, power and commodities. Our diversified business model has allowed us to invest in growth and reach an adjusted EBITDA of €294.1 million, marking a significant +17.0% increase compared to Q1 2024. In Q1 2025, we reached record adjusted EPS (basic) of €1.80 per share. Our reported EPS (basic) grew by an impressive +20.0% compared to Q1 2024, to €1.62 per share.

We have launched significant initiatives of our ‘Innovate for Growth 2027’ strategic plan to reinforce Euronext as a leader in the European financial markets. The upcoming consolidation of settlement for Amsterdam, Brussels and Paris equity trades in Euronext Securities represents a significant optimisation of the European post-trade landscape. With this strategic move, we foster the integration and competitiveness of European capital markets at an unprecedented speed.

The launch late April 2025 of a European Common Prospectus⁶in English will pursue this ambition. This new initiative facilitates access to European capital markets and addresses the need for a competitive, integrated Savings and Investment Union. In addition, we are proud to launch a comprehensive set of measures to support the financing needs of companies that contribute to Europe’s strategic autonomy⁷.

The acquisition in May 2025 of Admincontrol⁸, leader in the governance SaaS space, accelerates the development of Euronext Corporate Solutions in the Nordics, and reinforces Euronext’s subscription-based revenue.

With this strong first quarter of 2025, we demonstrate our capacity to innovate ahead of the curve, leading the way to a stronger, more innovative and more competitive European capital market.”

Q1 2025 business highlights

Q1 2025 revenue and income

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue and income (in €m)	458.5	401.9	+14.1%	+12.9%
Securities Services	83.4	78.1	+6.8%	+4.8%
Capital Markets and Data Solutions	157.4	147.6	+6.6%	+4.5%
Net treasury income	18.6	11.7	+58.8%	+58.8%
FICC Markets	90.7	72.5	+25.1%	+25.2%
Equity Markets	108.4	91.9	+18.0%	+18.0%
Other income	0.1	0.2	N/A	N/A

Non-volume-related revenue
- Securities Services

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue (in €m)	83.4	78.1	+6.8%	+4.8%
Custody and Settlement	75.8	67.9	+11.6%	+9.4%
Other Post Trade	7.6	10.2	-25.3%	-25.3%

Revenue from Custody and Settlement this quarter was at €75.8 million, +11.6% compared to Q1 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.1 trillion, up +3.8% compared to end of Q1 2024. Over 39.3 million instructions were settled via Euronext Securities during the first quarter of 2025, up +9.3% compared to the first quarter of 2024.

Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €7.6 million in Q1 2025. The -25.3% decrease compared to Q1 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line.

Capital Markets and Data Solutions

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue (in €m)	157.4	147.6	+6.6%	+4.5%
Primary Markets	46.3	45.5	+1.8%	+2.1%
Advanced Data Solutions	65.1	60.2	+8.1%	+3.7%
Corporate and Investor Solutions and Technology Services	45.9	41.8	+9.8%	+8.1%

Primary Markets revenue was €46.3 million in Q1 2025, an increase of +1.8% compared to Q1 2024. The first quarter recorded slower equity listing performance explained by a volatile environment. Euronext sustained its leading position for equity listing with 8 new listings.

Advanced Data Solutions revenue was €65.1 million in Q1 2025, up +8.1% compared to Q1 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets.

Corporate and Investor Solutions and Technology Services revenue grew by +9.8% in Q1 2025 to €45.9 million. This strong performance reflects the continued commercial expansion of the governance SaaS offering, the increased use of colocation and microwave connectivity, and double-digit growth of investor solutions, supported by the acquisition of Substantive Research.

Following the completion of the acquisition of Admincontrol on 13 May 2025, Admincontrol’s revenue will be integrated with Corporate and Investor Solutions and Technology Services revenue from Q2 2025.

Net treasury income

Net treasury income was at €18.6 million (+58.8%). This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility.

Volume-related revenue
- FICC Markets

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue (in €m)	90.7	72.5	+25.1%	+25.2%
Fixed income trading and clearing	51.8	39.1	+32.4%	+32.4%
Commodities⁹ trading and clearing	29.6	26.3	+12.8%	+13.9%
FX trading	9.2	7.1	+30.4%	+26.5%

Fixed income trading and clearing revenue reached €51.8 million in Q1 2025, up +32.4% compared to Q1 2024, driven by record fixed income trading activity supported by favourable market conditions.

Commodities trading and clearing revenue reached €29.6 million in Q1 2025, up +12.8% compared to Q1 2024, reflecting record intraday power trading volumes and dynamic agricultural commodity trading and clearing.

FX trading revenue was up +30.4%, at €9.2 million in Q1 2025, reflecting record trading volumes, and a positively geared volume mix.

Equity Markets

	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue (in €m)	108.4	91.9	+18.0%	+18.0%
Cash equity trading and clearing	94.0	76.8	+22.5%	+22.5%
Financial derivatives trading and clearing	14.4	15.1	-4.8%	-4.8%

Cash equity trading and clearing revenue was €94.0 million in Q1 2025, up +22.5% driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.8 billion, up +31.8% compared to Q1 2024. Revenue capture on cash trading averaged 0.50 bps for the first quarter of 2025, impacted by higher volumes, stronger intraday volatility and larger average order size. Euronext market share on cash equity trading averaged 64.1% in Q1 2025.

Financial derivatives trading and clearing revenue was €14.4 million in Q1 2025, -4.8% compared to Q1 2024. This decrease is mostly linked to the decrease of the average clearing fees, as following the clearing migration certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q1 2024.

Q1 2025 financial performance

In €m, unless stated otherwise	Q1 2025	Q1 2024	% var	% var l-f-l
Revenue and income	458.5	401.9	+14.1%	+12.9%
Underlying operational expenses exc. D&A	(164.5)	(150.7)	+9.1%	+7.2%
Adjusted EBITDA	294.1	251.3	+17.0%	+16.4%
Adjusted EBITDA margin	64.1%	62.5%	+1.6pts	+1.9pts
Operating expenses exc. D&A	(164.3)	(159.4)	+3.1%	+1.2%
EBITDA	294.2	242.6	+21.3%	+20.6%
Depreciation & Amortisation	(48.3)	(44.0)	+9.8%	+10.6%
Total Expenses (inc. D&A)	(212.6)	(203.4)	+4.6%	+2.9%
Adjusted operating profit	272.6	232.3	+17.4%	+16.8%
Operating Profit	245.9	198.6	+23.8%
Net financing income / (expense)	(1.5)	4.7	N/A
Profit before income tax	244.4	203.3	+20.2%
Income tax expense	(67.8)	(54.7)	+24.0%
Share of non-controlling interests	(11.9)	(8.9)	+33.6%
Net income, share of the parent company shareholders	164.8	139.7	+17.9%
Adjusted Net income, share of the parent company shareholders¹⁰	183.5	164.2	+11.8%
Adjusted EPS (basic, in €)	1.80	1.58	+13.9%
Reported EPS (basic, in €)	1.62	1.35	+20.0%
Adjusted EPS (diluted, in €)	1.80	1.58	+13.9%
Reported EPS (diluted, in €)	1.61	1.34	+20.1%

Q1 2025 adjusted EBITDA

Underlying operating expenses excluding D&A¹ were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, partially offset by cost discipline. In addition, Q1 2024 expenses were positively impacted by one-off releases.

Driven by the double digit growth in revenue, adjusted EBITDA for the quarter reached €294.1 million, up +17.0% compared to Q1 2024. This represents an adjusted EBITDA margin of 64.1%, up 1.6pts vs. Q1 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +16.4% compared to Q1 2024.

Q1 2025 non-underlying expenses profited from a one-off release of accruals. As a consequence, reported EBITDA was at €294.2 million, up +21.3% compared to Q1 2024.

Q1 2025 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €48.3 million in Q1 2025, +9.8% more than Q1 2024. PPA related to acquired businesses accounted for €20.4 million.

Adjusted operating profit was €272.6 million, up +17.4% compared to Q1 2024.

Euronext reported a net financing expense of €1.5 million in Q1 2025, compared to €4.7 million net financing income in Q1 2024. The variation reflects short-term FX movements and decreasing interest rates.

Income tax for Q1 2025 was €67.8 million. This translated into an effective tax rate of 27.7% for the quarter, compared to 26.9% in Q1 2024.

Share of non-controlling interests amounted to €11.9 million, correlated with the strong performance of MTS and Nord Pool.

As a result, the reported net income, share of the parent company shareholders, increased by +17.9% for Q1 2025 compared to Q1 2024, to €164.8 million. This represents a reported EPS of €1.62 basic and €1.61 diluted. Adjusted net income, share of the parent company shareholders, was up +11.8% to €183.5 million. Adjusted EPS (basic) was €1.80. This increase reflects higher profit and a lower number of outstanding shares over the first quarter of 2025 compared to Q1 2024.

The weighted number of shares used over the first quarter of 2025 was 101,695,588 for the basic calculation and 102,166,786 for the diluted calculation, compared to 103,640,164 and 104,040,256 respectively over the first quarter of 2024. The difference is due to the share repurchase programme executed by Euronext.

In Q1 2025, Euronext reported a net cash flow from operating activities of €190.6 million, compared to €184.6 million in Q1 2024, reflecting higher profit before tax and higher income tax paid in Q1 2025. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 88.1% of EBITDA in Q1 2025.

Q1 2025 corporate highlights since publication of the fourth quarter 2024 results on 13 February 2025

Euronext consolidates settlement on its markets to improve the competitiveness of European capital markets

On 12 March 2025, Euronext has announced that from September 2026, Euronext Amsterdam, Brussels, and Paris will designate Euronext Securities as the central securities depository (CSD) for equity trade settlements. This aligns with Euronext’s “Innovate for Growth 2027” strategic plan and aims to enhance the competitiveness of European capital markets by addressing post-trade fragmentation. Currently, equity trade settlement in Europe is fragmented across over 30 CSDs. This initiative allows clients to consolidate settlement and custody activities across multiple markets into a single CSD, streamlining operations and enhancing liquidity. It also aids them adapting to regulatory changes, such as the move to T+1 settlement in October 2027. Additionally, Euronext has moved its own shares to Euronext Securities, showcasing the benefits of this consolidation for equity issuers.

Dividend payment schedule for 2025

The Managing Board, upon the approval of the Supervisory Board, has decided to propose for approval at the Annual General Meeting the payment of a dividend of €2.90 per ordinary share (based on the total number of eligible shares). The dividend would be distributed evenly (pro rata the number of shares held) to holders of ordinary shares on the dividend record date set on 27 May 2025 (ex-dividend date is set on 26 May 2025 and payment date is set on 28 May 2025). This dividend represents a pay-out ratio of 50% of the reported net income, in line with Euronext’s current dividend policy.

Corporate highlights since 1 April 2025

Euronext completes the acquisition of Admincontrol

On 13 May 2025, Euronext announced the completion of the acquisition of 100% of the shares of Admincontrol for an enterprise value of NOK 4,650 million. This transaction complies with Euronext’s capital allocation policy, with a ROCE expected to exceed the WACC within three to five years post-closing¹¹. Admincontrol will be part of Euronext Corporate Solutions, strengthening the development of the franchise in the Nordics and the UK. This acquisition supports Euronext’s strategy to expand its software-as-a-service (SaaS) offering and increases Euronext’s share of subscription-based revenue. Admincontrol has experienced double-digit growth over the past five years, with NOK 452 million in revenue and NOK 200 million in EBITDA in 2024¹². From the second quarter of 2025, Admincontrol’s revenue will be integrated into Euronext’s revenue line Corporate and Investor Solutions and Technology Services.

Launch of European Common Prospectus to accelerate capital market integration and boost IPO activity across the EU

On 25 April 2025, Euronext has launched the European Common Prospectus, a standardised template for equity issuances, with the aim to integrate European capital markets more deeply. This initiative seeks to reduce regulatory fragmentation, enhance transparency, and promote cross-border investment. The prospectus, developed since November 2024, aligns with existing EU regulations and simplifies the listing process by reducing the required sections from 21 to 11. It uses English as the preferred language, facilitating cross-border access to capital. This new format benefits issuers by streamlining the listing process, and investors by providing consistency and comparability across EU jurisdictions. The full implementation of the Listing Act is expected by June 2026; but this prospectus addresses the immediate need to boost IPO activity in Europe in the meantime.

Euronext strengthens its support for European strategic autonomy

On 6 May 2025, Euronext announced the implementation of a full set of initiatives to support investments in European strategic autonomy. This includes the creation of a new series of thematic indices covering companies that contribute to Europe’s strategic autonomy, tailored solutions to enhance equity financing of European aerospace and defence companies and facilitated issuance of European defence bonds¹³.

Euronext volumes for April 2025

In April 2025, the average daily transaction value on the Euronext cash order book stood at €16.0 billion, up +44.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 712,389 lots, up +6.4% compared to April 2024, and the open interest was 25,388,147 contracts at the end of April 2025, up +6.4% compared to April 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $38.2 billion, up +33.1% compared to the same period last year. Average daily day-ahead power traded was 2.7TWh, down -3.5% compared to the same period last year, and average daily intraday power traded was 0.5TWh, up +37.4% compared to April 2024. MTS Cash average daily volumes were up +55.4% to €55.8 billion in April 2025, MTS Repo term adjusted average daily volume stood at €723.1 billion, up +50.1% compared to the same period last year. Euronext Clearing cleared 32,206,770 shares in April 2025, +58.2% compared to April 2024. €2,752 billion of wholesale bonds were cleared in April 2025 (double counted), up +19.7% compared to the same period in 2024. 1,098,474 bond retail contracts were cleared in April 2025 (double counted), down -18.0% compared to April 2024. The number of derivatives contracts cleared was 14,247,781, up +934.7% compared to April 2024 (single counted). Euronext Securities reported 12,506,259 settlement instructions in April 2025, up +14.0% compared to the same period last year. The total Assets Under Custody reached over €7.0 trillion in April 2025, up +3.0% compared to the same period last year.

Results Webcast

A webcast will be held on Thursday, 15 May 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):

Live webcast:

For the live webcast go to: Webcast

The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.
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 Andrea Monzani +39 02 72 42 62 13

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

Corporate Solutions Andrea Monzani +39 02 72 42 62 13

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. The figures in this document have not been audited or reviewed by our external auditor. 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.

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.

Appendix

The figures in this Appendix have not been audited or reviewed by our external auditor.

Non-IFRS financial measures

For comparative purposes, the company provides unaudited non-IFRS measures including:

Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

Non-IFRS measures are defined as follows:

Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;

Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
- integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
- one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
- amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
- tax related to non-underlying items.

Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
EBITDA as the operating profit before depreciation and amortisation;
Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
EBITDA margin as EBITDA divided by total revenue and income;
Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

Consolidated income statement

	Q1 2025			Q1 2024
in €m, unless stated otherwise	Underlying	Non-underlying	Reported	Underlying	Non-underlying	Reported
Revenue and income	458.5	–	458.5	401.9	–	401.9
Securities Services	83.4	–	83.4	78.1	–	78.1
Custody and Settlement	75.8	–	75.8	67.9	–	67.9
Other Post Trade	7.6	–	7.6	10.2	–	10.2
Capital Markets and Data Solutions	157.4	–	157.4	147.6	–	147.6
Primary Markets	46.3	–	46.3	45.5	–	45.5
Advanced data solutions	65.1	–	65.1	60.2	–	60.2
Corporate and Investor Solutions and Technology Services	45.9	–	45.9	41.8	–	41.8
Net treasury income	18.6	–	18.6	11.7	–	11.7
FICC Markets	90.7	–	90.7	72.5	–	72.5
Fixed income trading and clearing	51.8	–	51.8	39.1	–	39.1
Commodities income trading and clearing	29.6	–	29.6	26.3	–	26.3
FX trading	9.2	–	9.2	7.1	–	7.1
Equity Markets	108.4	–	108.4	91.9	–	91.9
Cash equity trading and clearing	94.0	–	94.0	76.8	–	76.8
Financial derivatives trading and clearing	14.4	–	14.4	15.1	–	15.1
Other income	0.1	–	0.1	0.2	–	0.2
Operating expenses excluding D&A	(164.5)	0.1	(164.3)	(150.7)	(8.7)	(159.4)
Salaries and employee benefits	(86.9)	(0.5)	(87.3)	(80.7)	(4.4)	(85.1)
Other operational expenses, of which	(77.6)	0.6	(77.0)	(70.0)	(4.3)	(74.3)
System & communication	(25.9)	(0.1)	(26.0)	(24.6)	(1.4)	(26.0)
Professional services	(18.1)	1.0	(17.1)	(11.9)	(1.9)	(13.8)
Clearing expense	(0.2)	–	(0.2)	(9.1)	–	(9.1)
Accommodation	(4.6)	(0.2)	(4.8)	(3.8)	(0.3)	(4.1)
Other operational expenses	(28.8)	–	(28.8)	(20.6)	(0.7)	(21.3)
EBITDA	294.1	0.1	294.2	251.3	(8.7)	242.6
EBITDA margin	64.1%		64.2%	62.5%		60.4%
Depreciation & amortisation	(21.5)	(26.8)	(48.3)	(19.0)	(25.0)	(44.0)
Total expenses	(185.9)	(26.7)	(212.6)	(169.7)	(33.7)	(203.4)
Operating profit	272.6	(26.7)	245.9	232.3	(33.7)	198.6
Net financing income / (expense)	(1.5)	–	(1.5)	4.7	(0.0)	4.7
Profit before income tax	271.1	(26.7)	244.4	237.0	(33.7)	203.3
Income tax expense	(74.9)	7.1	(67.8)	(63.4)	8.7	(54.7)
Non-controlling interests	(12.7)	0.9	(11.9)	(9.3)	0.4	(8.9)
Net income, share of the parent company shareholders	183.5	(18.8)	164.8	164.2	(24.5)	139.7
EPS (basic, in €)	1.80		1.62	1.58		1.35
EPS (diluted, in €)	1.80		1.61	1.58		1.34

Adjusted EPS definition

	Q1 2025	Q1 2024
Net income reported	164.8	139.7
EPS reported	1.62	1.35
Adjustments for non-underlying items included in:
Operating expenses exc. D&A	0.1	(8.7)
Depreciation and amortisation	(26.8)	(25.0)
Minority interest	0.9	0.4
Tax related to adjustments	7.1	8.7
Adjusted net income	183.5	164.2
Adjusted EPS	1.80	1.58

Consolidated comprehensive income statement

	Q1 2025	Q1 2024
Profit for the period	176.6	148.6

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	16.9	(26.3)
– Income tax impact on exchange differences on translation of foreign operations	(1.1)	2.6
– Gains and losses on cash flow hedges	2.2	–
– Change in value of debt investments at fair value through other comprehensive income	–	0.2
– Income tax impact on change in value of debt investments at fair value through other comprehensive income	–	(0.1)

Items that will not be reclassified to profit or loss:
– Remeasurements of post-employment benefit obligations	(2.5)	(0.3)
Other comprehensive income for the period, net of tax	15.5	(23.8)
Total comprehensive income for the period	192.1	124.8

Comprehensive income attributable to:
– Owners of the parent	179.9	116.6
– Non-controlling interests	12.2	8.2

Consolidated statement of financial position

in €m	31 March 2025	31 December 2024
Non-current assets
Property, plant and equipment	107.4	106.2
Right-of-use assets	88.2	57.5
Goodwill and other intangible assets	6,096.5	6,096.2
Deferred income tax assets	29.1	30.4
Investments in associates and joint ventures	0.8	0.8
Financial assets at fair value through OCI	357.0	357.0
Other non-current assets	3.4	3.5
Total non-current assets	6,682.4	6,651.6

Current assets
Trade and other receivables	574.2	412.9
Income tax receivable	17.5	11.4
Derivative financial instruments	2.2	–
CCP clearing business assets	341,647.6	270,288.7
Other current financial assets	59.5	63.8
Cash & cash equivalents	1,642.3	1,673.5
Total current assets	343,943.3	272,450.3

Total assets	350,625.7	279,101.8

Equity
Shareholders’ equity	4,224.6	4,245.2
Non-controlling interests	161.7	156.8
Total Equity	4,386.3	4,402.0

Non-current liabilities
Borrowings	2,537.5	2,537.0
Lease liabilities	71.7	46.2
Other non-current financial liabilities	3.5	3.5
Deferred income tax liabilities	495.1	496.8
Post-employment benefits	23.0	21.0
Contract liabilities	54.2	56.4
Other provisions	7.0	7.2
Total Non-current liabilities	3,192.1	3,168.2

Current liabilities
Borrowings	524.0	516.5
Lease liabilities	21.9	15.8
Derivative financial instruments	–	0.1
CCP clearing business liabilities	341,695.3	270,357.9
Income tax payable	99.3	91.1
Trade and other payables	526.5	464.3
Contract liabilities	176.2	80.1
Other provisions	4.1	5.9
Total Current liabilities	343,047.3	271,531.7

Total equity and liabilities	350,625.7	279,101.8

*The comparative figures for CCP clearing business assets and liabilities were both adjusted upwards by €69,713.3 million in the Universal Registration Document 2024 as published on 28 March 2025 due to an adjustment in the recognition of clearing business assets and clearing business liabilities, when compared to the positions in the press release dated 13 February 2025.

Consolidated statement of cash flows

in €m	Q1 2025	Q1 2024
Profit before tax	244.4	203.3
Adjustments for:
– Depreciation and amortisation	48.3	44.0
– Share based payments	3.9	3.9
– Changes in working capital	(37.4)	(36.6)
Cash flow from operating activities	259.2	214.7
Income tax paid	(68.6)	(30.0)
Net cash flows from operating activities	190.6	184.6

Cash flow from investing activities
Purchase of current financial assets	(0.7)	(21.7)
Redemption of current financial assets	5.7	18.6
Purchase of property, plant and equipment	(6.8)	0.1
Purchase of intangible assets	(23.0)	(16.4)
Interest received	10.3	10.4
Proceeds from sale of property, plant, equipment and intangible assets	–	0.1
Net cash flow from investing activities	(14.6)	(8.9)

Cash flow from financing activities
Interest paid	(0.8)	(0.2)
Payment of lease liabilities	(5.5)	(5.5)
Transactions in own shares	(204.5)	(2.1)
Dividends paid to non-controlling interests	–	(0.3)
Net cash flow from financing activities	(210.8)	(8.2)

Total cash flow over the period	(34.8)	167.6
Cash and cash equivalents – Beginning of period	1,673.5	1,448.8
Non-cash exchange gains/(losses) on cash and cash equivalents	3.6	(6.8)
Cash and cash equivalents – End of period	1,642.3	1,609.6

Volumes for the first quarter of 2025

Securities Services

Euronext Securities activity	Q1 2025	Q1 2024	% var
Number of settlement instructions over the period	39,317,842	35,963,785	+9.3%
Assets under Custody (in €bn), end of period	7,132	6,871	+3.8%

Capital Markets

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
Listings
Number of Issuers on Equities
Euronext	1,786	1,860	-4.0%
SMEs	1,397	1,463	-5.0%
Number of Listed Securities
Funds	2,163	2,392	-10.0%
ETFs	4,158	3,861	+8.0%
Bonds	55,645	56,862	-2.0%
Capital raised on primary and secondary market
Total Euronext, (€ million)
Number of new equity listings	8	10
Money Raised – New equity listings (including over-allotment)	237	156	+52.0%
Money Raised – Follow-ons on equities	2,850	8,012	-64.0%
Money Raised – Bonds	316,716	380,183	-17.0%
Total Money Raised	319,803	388,352	-18.0%
of which SMEs
Number of new equity listings	8	9
Money Raised – New equity listings (including over-allotment)	237	156	+52.0%
Money Raised – Follow-ons on equities	1,278	4,957	-74.0%
Money Raised – Bonds	396	478	-17.0%
Total Money Raised	1,911	5,591	-66.0%

FICC Markets

Fixed income trading

	Q1 2025	Q1 2024	% var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	56,791	34,658	+64.0%
TAADV MTS Repo	508,929	491,789	+3.0%
Other fixed income
ADV Fixed income	1,932	1,744	+11.0%

Fixed income clearing

Number of transactions and lots cleared	Q1 2025	Q1 2024	% var
Bonds – Wholesale (nominal value in €bn – double counted)	8,160	7,392	+10.0%
Bonds – Retail (number of contracts – double counted)	4,175,846	3,800,084	+10.0%

Commodities markets

	Q1 2025	Q1 2024	% var
Number of trading days	90	91	-1.1%
Power volume (in TWh)
ADV Day-ahead Power Market	3.28	3.32	-1.2%
ADV Intraday Power Market	0.43	0.29	+47.3%

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
Derivatives Volume (in lots)
Commodity	*7,886,335*	*7,193,909*	+9.6%
Futures	7,570,868	6,756,390	12.1%
Options	315,467	437,519	-27.9%
Derivatives ADV (in lots)
Commodity	125,180	114,189	9.6%
Futures	120,173	107,244	12.1%
Options	5,007	6,945	-27.9%

	31 March 2025	31 March 2024	% var
Open interest (in lots)

Commodity	1,043,370	923,004	+13.0%
Futures	841,449	584,361	+44.0%
Options	201,921	338,643	-40.4%

FX Markets

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
FX volume ($m, single counted)
Total Euronext FX	1,856,742	1,583,472	+17.3%
ADV Euronext FX	29,472	24,742	+19.1%

Equity Markets

Cash trading

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
Number of transactions (buy and sell)
Total Cash Market	188,721,610	152,340,714	+24.0%
ADV Cash Market	2,995,581	2,418,107	+24.0%
Transaction value (€ million, single counted)
Total Cash Market	867,015	657,688	+31.8%
ADV Cash Market	13,762	10,439	+31.8%

Cash clearing

Number of transactions and lots cleared	Q1 2025	Q1 2024	% var
Shares (number of contracts – single counted)	76,849,676	58,446,470	+31.0%
Derivatives (number of contracts – single counted)	42,112,910	5,823,089	+623.0%

Financial derivatives markets

	Q1 2025	Q1 2024	% var
Number of trading days	63	63	–
Derivatives Volume (in lots)
Equity	34,226,575	32,815,066	+4.3%
Index	11,889,419	12,477,980	-4.7%
Futures	6,946,746	7,240,666	-4.1%
Options	4,942,673	5,237,314	-5.6%
Individual Equity	22,337,156	20,337,086	+9.8%
Futures	489,757	574,911	-14.8%
Options	21,847,399	19,762,175	+10.6%

Derivatives ADV (in lots)
Equity	543,279	520,874	+4.3%
Index	188,721	198,063	-4.7%
Futures	110,266	114,931	-4.1%
Options	78,455	83,132	-5.6%
Individual Equity	354,558	322,811	+9.8%
Futures	7,774	9,126	-14.8%
Options	346,784	313,685	+10.6%

Open interest (in lots)	31 March 2025	31 March 2024	% var
Equity	23,589,360	21,831,754	+8.1%
Index	1,052,853	878,571	+19.8%
Futures	477,425	638,777	-25.3%
Options	575,428	239,794	+140.0%
Individual Equity	22,536,507	20,953,183	+7.6%
Futures	165,404	564,408	-70.7%
Options	22,371,103	20,388,775	+9.7%

¹www.euronext.com/en/media/13322/download
² Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
³ Fixed income, commodities and currencies
⁴ Last twelve months reported and adjusted EBITDA
⁵ Like-for-like basis at constant currency
⁶www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-european-common-prospectus-accelerate-capital
⁷www.euronext.com/en/about/media/euronext-press-releases/euronext-strengthens-its-support-for-european-strategic
⁸www.euronext.com/en/about/media/euronext-press-releases/euronext-completes-acquisition-admincontrol
⁹ Including revenue from power trading and clearing
¹⁰ For the total adjustments performed please refer to the Appendix of this press release
¹¹ The cashflow related to the transaction will be communicated as part of Q2 2025 results
¹² Unaudited figures
¹³www.euronext.com/en/about/media/euronext-press-releases/euronext-strengthens-its-support-for-european-strategic

Attachment

2025_Euronext_PR_Q12025_VF

The MIL Network –

May 15, 2025

MIL-OSI Canada: Get Ready to Explore Dino Country – T. Rex Discovery Centre Opens for 2025 Season

Source: Government of Canada regional news

Released on May 14, 2025

It’s time to gear up for another exciting season at the T.rex Discovery Centre (TRDC). Located in Eastend, the TRDC is the home of Scotty, the world’s largest T.rex, and opens for the season on Saturday, May 17.

In addition to getting a closeup look at Scotty in the CN Gallery, visitors can experience the Paleo Lab Experience, marine reptiles, prehistoric mammals, dinosaur fossils and so much more.

“It is always exciting to welcome Saskatchewan families and tourists back to the T.rex Discovery Centre,” Parks, Culture and Sport Minister Alana Ross said. “It is sure to be another busy season of exploration and fun. Whether it is checking out Scotty or taking in the amazing exhibits and programming, the T.rex Discovery Centre in Eastend has something for visitors of all ages.”

In the Paleo Lab, visitors can discover new micro fossils in the dig stations with hands-on fossil activities for visitors of all ages. There are guided and self-guided tours of the Cretaceous and Cenozoic galleries featuring Scotty the T. rex, Thor the Brontothere and Omâcîw, the Tylosaurus.

Visit the Discovery Theatre for dinosaur documentaries and films, including special themed events.

The theatre will also host a number of presentations starting on May 24 with Bones, Boring, Bugs and Botany with Jack Milligan. Presentations are planned for Canada Day, Dino Days (July 27) and for Scotty’s Unearthed Day (August 16).

In addition, there are fun and engaging activities for the entire family with daily drop-in children’s programs. Explore the beautiful landscape of the Frenchman River Valley on the hiking trails situated around the Discovery Centre and the outdoor play area featuring our Dino Dig Pit.

The TRDC operates in scientific partnership with the Royal Saskatchewan Museum and is proudly funded by the Government of Saskatchewan and generous donors.

The TRDC, located at #1 T-rex Drive in Eastend, SK, is open daily from 10 a.m. to 6 p.m. until Labour Day. The centre is an hour-and-a-half drive from Swift Current and an hour-drive from Cypress Hills Interprovincial Park.

Follow the Royal Saskatchewan Museum on social media @royalsaskmuseum to receive updates on the TRDC. Visit: www.royalsaskmuseum.ca/trex for special events and activities.

Admission is by donation.

-30-

For more information, contact:

MIL OSI Canada News –

May 15, 2025
MIL-OSI Africa: Africa’s Oil Frontiers Urged to Accelerate Development at Invest in African Energy (IAE) 2025

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, May 14, 2025/APO Group/ —

African oil and gas markets must act swiftly to turn exploration wins into production success if they hope to emulate the rapid energy transformation seen in Guyana. This was the consensus from panelists speaking on the Exploring New Territories: Technology Innovation in African E&P panel at the Invest in African Energy Forum in Paris on Tuesday.

“My advice to Namibia is to capture the moment and do whatever you can to support companies, in terms of an enabling environment, to develop and produce. Great exploration success is nothing if it’s not produced,” said Gil Holzman, CEO of Eco (Atlantic) Oil & Gas.

Eco (Atlantic) has been active in Namibia since 2009 and currently holds four blocks in the Walvis Basin, along with Block 3B/4B in the Orange Basin, where it plans to drill a first exploration well by the end of this year or early 2026 with its joint venture partners. Last year, the company also acquired a 75% operating stake in Block 1 in the Orange Basin.

Referencing Guyana’s path to production, where over 13 billion barrels have been discovered and output is expected to reach one million barrels per day by 2026, Holzman noted: “Proximity to the U.S. and the fact that Guyana didn’t have existing infrastructure opened the door for international companies to set the tone – in line with PSCs – to bring in technology and expertise.”

Drawing clear parallels between international success stories and emerging opportunities in Africa, Jean-Marc Kloss, Managing Director for West Africa at SLB, emphasized the role of global collaboration and talent mobility in accelerating project timelines.

“Fast-tracking development in Africa is possible,” he said. “From exploration to discovery to drilling, there is a lot of learning, technology and people that we have brought in from Guyana. We are in a global environment.”

He pointed to Brazil and Nigeria to underscore Africa’s untapped potential and the need for greater project sanctioning. “Brazil has 30 deepwater rigs – Nigeria has one. Brazil has 54 FPSOs – Nigeria has 14. There is huge potential, unbelievable resources in Africa,” Kloss said. “There has been no sanction of a deepwater project in years – the first one was the $5 billion [UTM FLNG facility] last year.”

Arthur Ename, Vice President, Global Accounts, Africa at NOV, emphasized the difference between drilling success and actual resource monetization.

“It’s one thing to drill – it’s another to produce the reserve that is underground. Eni did extremely well with [the Baleine project in Ivory Coast] by bringing infrastructure in-country that allowed them to start production very fast.”

Moderated by Justin Cochrane, Director of African Regional Research at S&P Global Commodity Insights, the panel made clear that while Africa has entered a promising new chapter in exploration, translating that promise into value will depend on swift regulatory decisions, infrastructure planning and technology transfer.

MIL OSI Africa –

May 15, 2025
MIL-OSI Africa: TotalEnergies’ Mike Sangster Talks Multi-Energy Strategy at Invest in African Energy (IAE) 2025

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, May 14, 2025/APO Group/ —

Mike Sangster, Senior Vice President for Africa at TotalEnergies, outlined the company’s multi-energy strategy in Africa at the Invest in African Energy (IAE) 2025 Forum in Paris. Speaking during a one-on-one conversation with America Hernandez, Energy Correspondent at Reuters, Sangster said that the company is committed to producing more energy in a sustainable manner.

In the oil sector, TotalEnergies continues to invest in established markets such as the Republic of Congo and Angola as well as in emerging markets such as Namibia, Uganda and South Africa. According to Sangster, TotalEnergies’ African portfolio constitutes half of the company’s operated production globally. “The largest part of our exploration budget is also in Africa,” he said.

In South Africa, the company hopes to start drilling in 2026. The company is currently awaiting the requisite permits. In Namibia, the company is spearheading efforts to produce first oil by 2029 through its Venus project. A field development plan is currently underway, with plans to make a final investment decision by Q4, 2026. Given the complexity of the deepwater project, Venus will target oil production.

“The site is extremely remote, 300 km offshore and at a depth of 1,900 m,” Sangster said, highlighting that much of the associated gas discovered would need to be reinjected.

Monetizing Africa’s natural gas resources through LNG deployment and flare reduction represents a core part of TotalEnergies’ African strategy. “Part of our growth target is focused on LNG,” Sangster stated, adding that “we finished routine flaring in Nigeria, Gabon and Angola. In the Republic of Congo, we will eliminate flaring this year.”

In Nigeria, TotalEnergies is ramping up gas investments to support both local energy needs and exports. “It’s important to monetize gas and its reservoirs,” Sangster noted. “In Nigeria, there are significant reserves and we are actively developing this sector. There are high-quality fields that can also serve export markets.”

Beyond oil and gas investments, TotalEnergies’ broader energy strategy includes the development of renewable energy projects. Sangster reiterated TotalEnergies’ rebranding from an oil major to a multi-energy company, stating that “It makes sense to expand integrated energy activities. We have invested in renewables, green hydrogen and even mining in Africa. The future of our industry is integrated energy combined with new technologies to meet growing demand sustainably.”

Meanwhile, TotalEnergies is committed to supporting capacity building across the markets in which it operates. Sangster explained that through projects such as Tilenga, TotalEnergies “has generated around 20,000 direct jobs in Uganda and Tanzania. We are also training 200 local people. These are high-paying jobs that will be there for the next 20 years.”

In Nigeria, TotalEnergies works closely with local educational institutions to transfer skills and enhance capacity building. “In Nigeria, we have the Petroleum Institute, and we’re fully committed to developing [capacity] in the country,” Sangster said. These initiatives not only support the development of projects, but create tangible opportunities for local communities.

MIL OSI Africa –

May 15, 2025
MIL-OSI Global: Social platform Stocktwits and other sources of ‘alternative data’ may be hurting financial analysts’ long-term forecasts

Source: The Conversation – France – By Thierry Foucault, Professeur de Finance, HEC Paris Business School

Since the beginning of the century, the number of satellites orbiting Earth has increased more than 800%, from less than 1,000 to more than 9,000. This profusion has had a number of strange and disturbing repercussions. One of them is that companies are selling data from satellite images of parking lots to financial analysts. Analysts then use this information to help gauge a store’s foot traffic, compare a retailer to competitors and estimate its revenue.

This is just one example of the new information, or “alternative data”, that is now available to analysts to help them make their predictions about future stock performance. In the past, analysts would make predictions based on firms’ public financial statements.

A weekly e-mail in English featuring expertise from scholars and researchers. It provides an introduction to the diversity of research coming out of the continent and considers some of the key issues facing European countries. Get the newsletter!

According to our research, the plethora of new sources of data has improved short-term predictions but worsened long-term analysis, which could have profound consequences.

Tweets, twits and credit card data

In a paper on alternative data’s effect on financial forecasting, we counted more than 500 companies that sold alternative data in 2017, a number that ballooned from less than 50 in 1996. Today, the alternative data broker Datarade lists more than 3,000 alternative datasets for sale.

In addition to satellite images, sources of new information include Google, credit card statistics and social media such as X or Stocktwits, a popular X-like platform where investors share ideas about the market. For instance, Stocktwits users share charts showing the evolution of the price of a given stock (e.g. Apple stock) and explanations of why the evolution predicts a price increase or decrease. Users also mention the launch of a new product by a firm and whether it makes them bullish or bearish about the firm’s stock.

Using data from the Institutional Brokers’ Estimate System (I/B/E/S) and regression analyses, we measured the quality of 65 million equity analysts’ forecasts from 1983 to 2017 by comparing analysts’ predictions with the actual earnings per share of companies’ stock.

We found, as others had, that the availability of more data explains why stock analysts have become progressively better at making short-term projections. We went further, however, by asking how this alternative data affected long-term projections. And we found that over the same period that saw a rise in accuracy of short-term projections, there was a drop in validity of long-term forecasts.

More data, but limited attention

Because of its nature, alternative data – information about firms in the moment – is useful mostly for short-term forecasts. Longer-term analysis – from one to five years into the future – is a much more important judgment.

Previous papers have proved the common-sense proposition that analysts have a limited amount of attention. If analysts have a large portfolio of firms to cover, for example, their scattered concentration begins to yield diminishing returns.

We wanted to know whether the increased accuracy of short-term forecasts and declining accuracy of long-term predictions – which we had observed in our analysis of the I/B/E/S data – was due to a concomitant proliferation of alternative sources for financial information.

To investigate this proposition, we analyzed all discussions of stocks on Stocktwits that took place between 2009 and 2017. As might be expected, certain stocks like Apple, Google or Walmart generated much more discussion than those of small companies that aren’t even listed on the Nasdaq.

We conjectured that analysts who followed stocks that were heavily discussed on the platform – and so, who were exposed to a lot of alternative data – would experience a larger decline in the quality of their long-term forecasts than analysts who followed stocks that were little discussed. And after controlling for factors such as firms’ size, years in business and sales growth, that’s exactly what we found.

We inferred that because analysts had easy access to information for short-term analysis, they directed their energy there, which meant they had less attention for long-term forecasting.

The broader consequences of poor long-term forecasting

The consequences of this inundation of alternative data may be profound. When assessing a stock’s value, investors must take into account both short- and long-term forecasts. If the quality of long-term forecasts deteriorates, there is a good chance that stock prices will not accurately reflect a firm’s value.

Moreover, a firm would like to see the value of its decisions reflected in the price of its stock. But if a firm’s long-term decisions are incorrectly taken into account by analysts, it might be less willing to make investments that will only pay off years away.

In the mining industry, for instance, it takes time to build a new mine. It’s going to take maybe nine, 10 years for an investment to start producing cash flows. Companies might be less willing to make such investments if, say, their stocks may be undervalued because market participants have less accurate forecasts of these investments’ impacts on firms’ cash flows – the subject of another paper we are working on.

The example of investment in carbon reduction is even more alarming. That kind of investment also tends to pay off in the long run, when global warming will be an even bigger issue. Firms may have less incentive to make the investment if the worth of that investment is not quickly reflected in their valuation.

Practical applications

The results of our research suggest that it might be wise for financial firms to separate teams that research short-term results and those that make long-term forecasts. This would alleviate the problem of one person or team being flooded with data relevant to short-term forecasting and then also expected to research long-term results. Our findings are also noteworthy for investors looking for bargains: though there are downsides to poor long-term forecasting, it could present an opportunity for those able to identify undervalued firms.

Thierry Foucault a reçu des financements du European Research Council (ERC).

– ref. Social platform Stocktwits and other sources of ‘alternative data’ may be hurting financial analysts’ long-term forecasts – https://theconversation.com/social-platform-stocktwits-and-other-sources-of-alternative-data-may-be-hurting-financial-analysts-long-term-forecasts-244102

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI Global: Trump’s tariff threat to foreign films overlooks the value of multilingual cinema

Source: The Conversation – Canada – By Gaelle Planchenault, Associate Professor of French Media, Culture, and Applied Linguistics, Simon Fraser University

With the 78th Cannes International Film Festival underway this week, there is little doubt that one topic will be central to conversations among filmmakers, sales agents and journalists: United States President Donald Trump’s threat to impose a 100 per cent tax on foreign-made films.

Amid an ongoing tariff war, Trump’s proposal — which may ultimately remain an empty threat — goes beyond economic protectionism. It is cultural protectionism. It also reflects language ideologies that have long constrained the American film industry and American engagement with multilingual cinema.

Experts have offered various theories about the motivations behind this threat, as well as why it may ultimately prove unwise. In the rush to brace for impact, we often forget the values behind these extreme positions aren’t new. More importantly, we must also remember why it’s vital to protect these cultural expressions.

As a linguist, I see a clear connection between this proposal and one of the administration’s actions earlier this year, when Trump signed an executive order designating English as the country’s sole official language. This move reflected a deeply rooted monolingual ideology that has long influenced both the U.S. language policy and education systems.

Read more:
Trump’s English language order upends America’s long multilingual history

Monolingual ideology

Such language ideology reflects a belief in the superiority of monolingualism, a view that American linguist Rosina Lippi-Green links to the “myth of Standard American English.”

This myth is grounded in the subordination by one dialect, believed to be of higher quality and status, over other languages and dialects. According to Lippi-Green, the enforcement of this ideology follows a systematic process: language is mystified, authority is claimed and a series of negative consequences ensue. Misinformation is generated, targeted languages are trivialized, non-conformers are vilified or marginalized and threats are made.

Such authority and threats are recognizable in this most recent threat to make access to foreign films difficult. The issue is not just about the economic dimension of foreign-made films. It is also about the perceived threat posed by the presence and influence of other languages. At its core, this reflects a fear or rejection of linguistic diversity.

In the film industry, this monolingual ideology is closely tied to glottophobic attitudes, also referred to by some scholars as linguicism. These terms define the misrepresentation and negative stereotyping of speakers of languages other than English.

Hollywood, in particular, has a long history of portraying foreign or heritage languages in stereotypical and often derogatory ways. Consider, for instance, the German-speaking characters in Second World War films, or more recent depictions of Arabic, Mexican Spanish or Russian speakers.

These portrayals illustrate a tendency to depict other languages as menacing — a point that was also made in the American president’s claim that foreign films pose a “threat” because they constitute “messaging and propaganda.”

Linguistic stereotyping

It’s not just characters who speak other languages who have been misrepresented in American films. Those who speak English as a second language — that is with an accent or with a syntax that is marked by their first language — were often played by white actors and subject to similar derogatory stereotypes.

Linguists have identified patterns in these linguistic representations, referring to them as Injun English, Mock Spanish or yellow voices, among others.

Lippi-Green has famously argued that such linguistic depictions are ways to reinforce standard language ideologies through linguistic stereotyping in media, including popular Disney cartoons. They effectively teach American children how to discriminate.

In my work, I examined French-accented English to demonstrate that these representations reflect broader cultural anxieties. Ultimately, this rhetoric reveals more about the U.S. relationship with linguistic diversity than it does about the communities being portrayed.

Trump has made reference to “any and all movies coming into our country that are produced in foreign lands.” But it remains unclear how such measures would impact streaming platforms and the diverse range of films they currently offer.

Hollywood has come a long way since the heydays of linguicism, gradually embracing a more inclusive and multilingual cinematic landscape. Today, films that present a more diverse linguistic landscape are increasingly common. And audiences are accustomed to having access to a wide selection of international content.

The global success of the French series Call My Agent is just one example. Among others are popular French spy thrillers and romances, Swedish thrillers, Japanese anime and Korean dystopian series.

The pleasure of watching foreign films

For years, foreign language films have been recognized as an invaluable resource for language learning. This fact is supported by language learning apps that increasingly recommend users to view TV programs or movies to support learning. Movies and TV provide access to a variety of dialects as well as authentic forms of language.

As a professor of French media and linguistics, I often use films to teach students about French language and culture. But beyond their educational benefits, foreign-language films offer unique esthetic and emotional pleasures.

A press image for the show Call My Agent.
Netflix

Watching a film is to engage with sound and image. The language itself enhances the immersive experience, contributing to the authenticity of the storytelling. For example, one of my students told me he enjoys turning on closed captions in French. These are also known as SDH: Subtitles for the Deaf and Hard-of-Hearing. He does this not just for the dialogue but because they capture the full cinematic experience, including the naming of sounds.

Restricting access to these cultural products would trap viewers in an ideological echo chamber, where only one language is heard and validated.

Fictional representations play a powerful role in shaping and reinforcing real-world attitudes. Monolingual representations potentially foster linguistic discrimination and intolerance toward any word uttered with an accent or in another language. In short, such restrictions could pave the way for a partial and stunted society.

Gaelle Planchenault 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. Trump’s tariff threat to foreign films overlooks the value of multilingual cinema – https://theconversation.com/trumps-tariff-threat-to-foreign-films-overlooks-the-value-of-multilingual-cinema-256323

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI Global: Pacific voyagers’ remarkable environmental knowledge allowed for long-distance navigation without Western technology

Source: The Conversation – USA – By Richard (Rick) Feinberg, Professor Emeritus of Anthropology, Kent State University

An outrigger canoe would typically have several paddlers and one navigator. AP Photo/David Goldman

Wet and shivering, I rose from the outrigger of a Polynesian voyaging canoe. We’d been at sea all afternoon and most of the night. I’d hoped to get a little rest, but rain, wind and an absence of flat space made sleep impossible. My companions didn’t even try.

It was May 1972, and I was three months into doctoral research on one of the world’s most remote islands. Anuta is the easternmost populated outpost in the Solomon Islands. It is a half-mile in diameter, 75 miles (120 kilometers) from its nearest inhabited neighbor, and remains one of the few communities where inter-island travel in outrigger canoes is regularly practiced.

A documentary team made a recent visit to Anuta.

My hosts organized a bird-hunting expedition to Patutaka, an uninhabited monolith 30 miles away, and invited me to join the team.

We spent 20 hours en route to our destination, followed by two days there, and sailed back with a 20-knot tail wind. That adventure led to decades of anthropological research on how Pacific Islanders traverse the open sea aboard small craft, without “modern” instruments, and safely arrive at their intended destinations.

Wayfinding techniques vary, depending upon geographic and environmental conditions. Many, however, are widespread. They include mental mapping of the islands in the sailors’ navigational universe and the location of potential destinations in relation to the movement of stars, ocean currents, winds and waves.

Western interest in Pacific voyaging

Disney’s two “Moana” movies have shined a recent spotlight on Polynesian voyaging. European admiration for Pacific mariners, however, dates back centuries.

In 1768, the French explorer Louis Antoine de Bougainville named Sāmoa the “Navigators’ Islands.” The famed British sea captain James Cook reported that Indigenous canoes were as fast and agile as his ships. He welcomed Tupaia, a navigational expert from Ra‘iātea, onto his ship and documented Tupaia’s immense geographic knowledge.

European explorers were impressed by the navigational skills of the people they encountered in the Pacific islands.
Science & Society Picture Library via Getty Images

In 1938, Māori scholar Te Rangi Hīroa (aka Sir Peter Buck) authored “Vikings of the Sunrise,” outlining Pacific exploration as portrayed in Polynesian legend.

In 1947, Thor Heyerdahl, a Norwegian explorer and amateur archaeologist, crossed from Peru to the Tuamotu Islands aboard a balsa wood raft that he named Kon-Tiki, sparking further interest and inspiring a sequence of experimental voyages.

Ten years later Andrew Sharp, a New Zealand-based historian and prominent naysayer, argued that accurate navigation over thousands of miles without instruments is impossible. Others responded with ethnographic studies showing that such voyages were both historic fact and current practice. In 1970, Thomas Gladwin published his findings on the Micronesian island of Polowat in “East Is a Big Bird.” Two years later, David Lewis’ “We, the Navigators” documented wayfinding techniques across much of Oceania.

Many anthropologists, along with Indigenous mariners, have built on Gladwin’s and Lewis’ work.

A final strand has been experimental voyaging. Most celebrated is the work of the Polynesian Voyaging Society. They constructed a double-hull voyaging canoe named Hōkūle‘a, built from modern materials but following a traditional design. In 1976, led by Micronesian navigator Mau Piailug, they sailed Hōkūle‘a over 2,500 miles, from Hawai‘i to Tahiti, without instruments. In 2017, Hōkūle‘a completed a circumnavigation of the planet.

In traversing Earth’s largest ocean, one can travel thousands of miles and see nothing but sky and water in any direction. Absent a magnetic compass, much less GPS, how is it possible to navigate accurately to the intended destination?

Looking to the stars

Most Pacific voyagers rely on celestial navigation. Stars rise in the east, set in the west, and, near the equator, follow a set line of latitude. If a known star either rises or sets directly over the target island, the helmsman can align the vessel with that star.

However, there are complications.

Which stars are visible, as well as their rising and setting points, changes throughout the year. Therefore, navigation requires detailed astronomical understanding.

Also, stars are constantly in motion. One that is positioned directly over the target island will soon either rise too high to be useful or sink below the horizon. Thus, a navigator must seek other stars that follow a similar trajectory and track them as long as they are visible and low on the horizon. Such a sequence of guide stars is often called a “star path.”

Of course, stars may not align precisely with the desired target. In that case, instead of aiming directly toward the guide star, the navigator keeps it at an appropriate angle.

A navigator must modify the vessel’s alignment with the stars to compensate for currents and wind that may push the canoe sideways. This movement is called leeway. Therefore, celestial navigation requires knowledge of the currents’ presence, speed, strength and direction, as well as being able to judge winds’ strength, direction and effect on the canoe.

During daylight, when stars are invisible, the Sun may serve a similar purpose. In early morning and late afternoon, when the Sun is low in the sky, sailors use it to calculate their heading. Clouds, however, sometimes obscure both Sun and stars, in which case voyagers rely on other cues.

Navigating requires deep understanding of waves, in the form of both swells and seas.
AP Photo/Esteban Felix

Waves, wind and other indicators

A critical indicator is swells. These are waves produced by winds that blow steadily across thousands of miles of open sea. They maintain their direction regardless of temporary or local winds, which produce differently shaped waves called “seas.”

The helmsman, feeling swells beneath the vessel, gleans the proper heading, even in the dark. In some locations, as many as three or four distinct swell patterns may exist; voyagers distinguish them by size, shape, strength and direction in relation to prevailing winds.

Once sailors near their target island, but before it is visible, they must determine its precise location. A common indicator is reflected waves: swells that hit the island and bounce back to sea. The navigator feels reflected waves and sails toward them. Pacific navigators who have spent their lives at sea appear quite confident in their reliance on reflected waves. I, by contrast, find them difficult to differentiate from waves produced directly by the wind.

Birds headed for home at the end of the day provide a clue about where land lies.
Ecaterina Leonte/Photodisc via Getty Images

Certain birds that nest on land and fish at sea are also helpful. In early morning, one assumes they’re flying from the island; in late afternoon, they’re likely returning to their nesting spots.

Navigators sometimes recognize a greenish tint to the sky above a not-yet-visible island. Clouds may gather over a volcanic peak.

And sailors in the Solomon Islands’ Vaeakau-Taumako region report underwater streaks of light known as te lapa, which they say point toward distant islands. One well-known researcher has expressed confidence in te lapa’s existence and utility. Some scholars have suggested that it could be a bioluminescent or electromagnetic phenomenon. On the other hand, despite a year of concerted effort, I was unable to confirm its presence.

Estimating one’s position at sea is another challenge. Stars move along a given parallel and indicate one’s latitude. To gauge longitude, by contrast, requires dead reckoning. Navigators calculate their position by keeping track of their starting point, direction, speed and time at sea.

Some Micronesian navigators estimate their progress through a system known as etak. They visualize the angle between their canoe, pictured as stationary, and a reference island that is off to one side and represented as moving. Western researchers have speculated on how etak works, but there is no consensus yet.

For millennia, Pacific voyagers have relied on techniques such as these to reach thousands of islands, strewn throughout our planet’s largest ocean. They did so without Western instruments. Instead, they held sophisticated knowledge and shared understandings, passed by word of mouth, through countless generations.

Richard (Rick) Feinberg has, in the past, received research funding from the National Science Foundation, the National Institute for Mental Health, and Kent State University. He is a member of the American Anthropological Association, the Association of Senior Anthropologists, and the Association for Social Anthropology in Oceania. He has maintained connections with people of the islands on which he has conducted research.

– ref. Pacific voyagers’ remarkable environmental knowledge allowed for long-distance navigation without Western technology – https://theconversation.com/pacific-voyagers-remarkable-environmental-knowledge-allowed-for-long-distance-navigation-without-western-technology-247547

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI: Fiera Capital Corporation announces $60 million bought deal offering of 7.75% Senior Subordinated Unsecured Debentures

Source: GlobeNewswire (MIL-OSI)

MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Fiera Capital Corporation (“Fiera Capital” or the “Company”) (TSX: FSZ) is pleased to announce that it has entered into an agreement with Scotiabank, CIBC Capital Markets, Desjardins Capital Markets and RBC Capital Markets, as joint bookrunners, on behalf of a syndicate of underwriters which also included National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc. and Raymond James Ltd. (collectively, the “Underwriters”), whereby the Underwriters have agreed to purchase $60 million aggregate principal amount of senior subordinated unsecured debentures due June 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). Fiera Capital has also granted the Underwriters an option to purchase up to an additional $9 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering. The Offering is expected to close on or about June 3, 2025.

The Debentures will bear interest at a rate of 7.75% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, with the first interest payment on December 31, 2025. The December 31, 2025 interest payment will represent accrued interest from the closing of the Offering, to but excluding December 31, 2025. The Debentures will mature on June 30, 2030 (the “Maturity Date”).

The Debentures will not be redeemable prior to June 30, 2028 (the “First Call Date”), except upon the occurrence of a change of control of the Company in accordance with the terms of the indenture (the “Indenture”) governing the Debentures. On and after the First Call Date and prior to June 30, 2029, the Debentures will be redeemable in whole or in part from time to time at the Company’s option at a redemption price equal to 103.875% of the principal amount of the Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after June 30, 2029 and prior to the Maturity Date, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days’ prior notice of redemption of the Debentures.

The Company will have the option to satisfy its obligation to repay the principal amount of the Debentures due at redemption or maturity by issuing and delivering that number of freely tradeable Class A subordinate voting shares (the “Class A Shares”) in accordance with the terms of the Indenture.

The Debentures will not be convertible into Class A Shares at the option of the holders at any time.

The net proceeds of the Offering will be used to fund the redemption of the Company’s 8.25% Senior Subordinated Unsecured Debentures due December 31, 2026 (the “2026 Debentures”) that the Company intends to effect on the first call-date, December 31, 2025, and for general corporate purposes. Pending such use, the net proceeds from the Offering will temporarily be used by the Company to reduce indebtedness under the Company’s unsecured revolving credit facility. The foregoing is not a redemption notice with respect to the 2026 Debentures. Any redemption of the 2026 Debentures will be made pursuant to a notice of redemption under the indenture governing those securities.

The Debentures will be direct, senior subordinated unsecured obligations of the Company which will rank pari passu with one another and will rank (a) effectively subordinate to any existing and future secured indebtedness of the Company but only (other than with respect to the Senior Credit Facilities (as defined in the Indenture)) to the extent of the value of the assets securing such secured indebtedness, (b) subordinate to the obligations under the current and future Senior Credit Facilities (as defined in the Indenture), (c) pari passu with the Company’s existing 2026 Debentures and 6.00% Senior Subordinated Unsecured Debentures due June 30, 2027 and, except as prescribed by law, all existing and future unsecured indebtedness (other than the Senior Credit Facilities) that by its terms is not subordinated in right of payment to the Debentures, including indebtedness to trade creditors, and (d) senior to all existing and future unsecured indebtedness that by its terms is subordinated in right of payment to the Debentures, including any convertible unsecured subordinated debentures which may be issued by the Company in the future. In addition, the Debentures will be structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries.

A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada. The Offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Legal advisors

Legal advice is being provided to Fiera Capital by Fasken Martineau DuMoulin LLP. Legal advice is being provided to the Underwriters by Norton Rose Fulbright Canada LLP.

Forward-Looking Statements

This document may contain certain forward-looking statements relating to future events or, future performance reflecting management’s expectations or beliefs regarding future events, including, without limitation, business and economic conditions, outlook and trends, Fiera Capital’s growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, new initiatives, such as those related to sustainability and other statements that do not refer to historical facts. In particular, this press release includes forward-looking statements relating to the proposed timing of completion of the Offering and the anticipated use of the net proceeds of the Offering. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. These forward-looking statements may typically be identified by words and expressions such as “assumption, “continue”, “estimate”, “forecast”, “goal”, “guidance”, “likely”, “plan”, “objective”, “outlook”, “potential”, “foresee”, “project”, “strategy”, “target”, and other similar words or expressions or future or conditional verbs (including in their negative form), such as “aim”, “anticipate”, “believe”, “could”, “expect”, “foresee”, “intend”, “may”, “plan”, “predict”, “seek”, “should”, “strive” and “would”.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, which make it possible for actual results or events to differ materially from management’s expectations and that predictions, forecasts, projections, expectations, conclusions or statements will not prove to be accurate. As a result, Fiera Capital does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. These risks include, but are not limited to, the failure or delay in satisfying any of the conditions to the completion of the Offering. Additional factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital’s interim condensed and annual consolidated financial statements, and its latest Annual Report and Annual Information Form filed on www.sedarplus.ca. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.

Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), Hong Kong (SAR) and Abu Dhabi (ADGM).

Each affiliated entity (each an “Affiliate”) of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration.

Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital’s Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions

Additional information about Fiera Capital, including its Annual Information Form, is available on SEDAR+ at www.sedarplus.ca

SOURCE Fiera Capital Corporation

The information contained in press releases and company news is valid as of the date indicated. You should not assume that statements remain accurate or valid after the date.

For more information: Analysts and investors, Marie-France Guay, Senior Vice President, Treasury and Investor Relations, Fiera Capital Corporation, 514 294-5878, mguay@fieracapital.com

The MIL Network –

May 15, 2025
MIL-OSI Global: Territorial concessions will be central to any Ukraine peace deal, and to Russia’s long-term plan

Source: The Conversation – Global Perspectives – By Stefan Wolff, Professor of International Security, University of Birmingham

If the Ukrainian president, Volodymyr Zelensky, and his Russian counterpart, Vladimir Putin, meet in Istanbul on May 15, territory – and who controls it – will be high on their agenda.

Putin offered to start direct talks between Russia and Ukraine at a press conference on May 11. Donald Trump pushed Zelensky to accept this offer in a social media post, saying that “Ukraine should agree to this, IMMEDIATELY.”

The Ukrainian president, still buoyed by a meeting with the British, French, German and Polish leaders that called for an unconditional 30-day ceasefire, agreed shortly afterwards.

Russia has said it wants to focus on the Istanbul communique of March 2022 and a subsequent draft agreement that was negotiated, but never adopted, by the two sides in April 2022.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

These 2022 negotiations focused on Ukraine becoming a permanently neutral state and on which nations would provide security guarantees for any deal. They also relegated discussions over Crimea to separate negotiations with a ten-to-15-year timeframe.

Russia uses the phrase “the current situation on the ground” as thinly disguised code for territorial questions that have become more contentious over the past three years. This relates to Russian gains on the battlefield and the illegal annexation of four Ukrainian regions in September 2022 (in addition to Crimea, which Russia also illegally annexed in 2014).

Russia’s position, as articulated recently by the country’s foreign minister, Sergey Lavrov, is that “the international recognition of Crimea, Sevastopol, the DPR, the LPR, the Kherson and Zaporozhye regions as part of Russia is … imperative”.

This is clearly a non-starter for Ukraine, as repeatedly stated by Zelensky. There could, however, be some flexibility on accepting that some parts of sovereign Ukrainian territory are under temporary Russian control. This has been suggested by both Trump’s Ukraine envoy, Keith Kellogg, and Kyiv’s mayor, Vitali Klitschko.

Institute for the Study of War.

Black Sea’s strategic value

The territories that Russia currently occupies, and claims, in Ukraine have varying strategic, economic and symbolic value for Moscow and Kyiv. The areas with the greatest strategic value include Crimea and the territories on the shores of the Azov Sea, which provide Russia with a land corridor to Crimea.

The international recognition of Crimea as part of Russia, as apparently suggested under the terms of an agreement hashed out by Putin and Trump’s envoy Steve Witkoff, could expand the areas of the Black Sea that Russia can claim to legally control.

This could then be used by the Kremlin as a launchpad for renewed attacks on Ukraine and to threaten Nato’s eastern maritime flank in Romania and Bulgaria. Any permanent recognition of Russia’s control of these territories is, therefore, unacceptable to Ukraine and its European partners.

Read more:
Russia-China ties on full display on Victory Day – but all is not as well as Putin is making out

Donetsk and Luhansk are of lower strategic value, compared with Crimea and the Kherson and Zaporizhzhia regions. However, they do have economic value because of the substantial resources located there. These include some of the mineral and other resources that were the subject of a separate deal which the US and Ukraine concluded on April 30.

They also include Europe’s largest nuclear power plant in Zaporizhzhia and a large labour force among their estimated population of between 4.5 million to 5.5 million people who will be critical to Ukraine’s post-war reconstruction.

Beyond the strategic and economic value of the illegally occupied territories, the symbolism that both sides attach to their control is the most significant obstacle to any deal, given how irreconcilable Moscow’s and Kyiv’s positions are. For both sides, control of these territories, or loss thereof, is what defines victory or defeat in the war.

Putin may be able to claim that some territorial gains in Ukraine since the start of the full-scale invasion in February 2022 are a victory for Russia. But even for him any compromise that would see Russia give up territory that it has conquered – often at exceptionally high cost – would be a risky gamble for the stability of his regime.

Anything less than the complete restoration of the country’s territorial integrity in its 1991 borders would imply recognition of defeat in the war for Ukraine. This would critically threaten the stability of the Zelensky government, whose political programme rests on exactly the premise of a return to the 1991 borders.

Long-term consequences

As a result, the Ukrainian leadership has become hostage to its own information strategy, which has placed the “return of all territories” at the top of the criteria for victory. This is a goal widely shared among Ukrainians, according to a poll conducted by the Razumkov Center in March 2025. But it will be hard to achieve.

Read more:
US-Ukraine minerals deal looks better for Kyiv than expected – but Trump is an unpredictable partner

Apart from the potential domestic fall-out from any territorial compromises that Ukraine may be forced to make, there is another reason why the territorial question has become so intractable.

Beyond any strategic, economic and symbolic value that the occupied Ukrainian territories hold from the Kremlin’s perspective, control over territory has always been an instrument for Russia to pursue its broader geopolitical agenda of exercising influence over its neighbours – from Moldova, to Georgia, Armenia and Ukraine.

It is also important to remember that Russia’s territorial claims in Ukraine have gradually expanded since 2014. Until September 2022, when it annexed the other four regions, Russia laid claim to Crimea only.

There is no guarantee that any territorial concession from Kyiv now would put a permanent end to Moscow’s territorial expansionism. It is therefore worrying that Trump envoy Witkoff, in an interview with the Breitbart news website, reiterated the US view that the two sides need to find compromises on who controls which territories.

Russia’s aggression against Ukraine was not a war over territory as such, but was part of Moscow’s agenda to restore the sphere of influence that it lost at the end of the cold war. This agenda is far from finished.

The strategy of both Moscow and Washington to focus on territorial consequences may lead to a ceasefire. But it will not address the fundamental issue of how to deal with a vengeful and revisionist autocracy on Europe’s doorsteps.

Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

Tetyana Malyarenko 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. Territorial concessions will be central to any Ukraine peace deal, and to Russia’s long-term plan – https://theconversation.com/territorial-concessions-will-be-central-to-any-ukraine-peace-deal-and-to-russias-long-term-plan-256347

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI Banking: Top EMEA banks see revenue surge in 2024 despite rate cuts and turmoil, finds GlobalData

Source: GlobalData

The top 20 Europe, Middle East, and Africa (EMEA) banks saw a healthy 14% increase in combined revenue from $1.4 trillion in 2023 to $1.6 trillion in 2024, despite a challenging macroeconomic landscape defined by geopolitical friction, rate normalization, and tariff uncertainties, reveals GlobalData, a leading data and analytics company.

Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “European central banks implemented multiple rate cuts throughout 2024, reversing the aggressive hiking cycle of previous years. This easing supported lending growth, improved credit demand, and stimulated consumer and business activity. However, declining interest margins also pressured net interest income, forcing banks to rely more heavily on fee income and trading operations.”

Ranked by revenue, HSBC Holdings led the EMEA region with $157.8 billion, followed closely by BNP Paribas ($148.6 billion) and Banco Santander ($147.2 billion). These institutions capitalized on diversified international exposure and stable credit portfolios in a year marked by both opportunities and headwinds.

Notably, revenue growth across the board was largely positive, with all 20 banks reporting year-over-year (YoY) gains. Russia’s Sberbank Rossii and VTB Bank recorded the highest revenue growth rates at 54.0% and 48.4%, respectively. These gains likely reflect ruble depreciation effects, domestic market dominance, and a pivot toward internal financial resilience amid ongoing Western sanctions.

Southern European banks also delivered strong results. BBVA posted a 30.3% increase in revenue, driven by robust lending activity in Latin American markets and digital transformation initiatives. Spain’s Banco Santander reported a 6.8% revenue growth and a 13.6% rise in net income, showcasing stable margins and improving

Among French institutions, Societe Generale stood out with a 68.5% surge in net income, despite moderate revenue growth of 10.6%. The recovery in profitability is attributed to a successful cost-reduction program and a rebalancing of risk-weighted assets. Credit Agricole and BNP Paribas also performed well, underpinned by strong corporate banking and wealth management divisions.

In the UK, HSBC and Barclays continued to benefit from diversified global operations. HSBC saw a modest 1.9% increase in net income on a 6.7% revenue gain, reflecting stable interest income and expanding operations in Asia. Barclays’ 12.0% revenue growth and 23.3% net income jump reflect efficiency gains and rising fee-based income.

Conversely, UBS Group AG posted the sharpest decline in net income, down 81.4% despite a strong 22.3% rise in revenue. This anomaly is likely linked to the integration of Credit Suisse, involving one-time restructuring costs and asset impairments.

German and Dutch banks experienced moderate top-line growth but faced downward pressure on earnings. Deutsche Bank’s net income fell by 29.4% despite a 12.0% revenue increase, potentially due to elevated risk provisions and a cautious lending stance amid economic uncertainty.

Grandhi concludes: “Looking ahead, EMEA banks face a challenging 2025. The escalating tariff war between major economies, combined with continued geopolitical tensions in Eastern Europe and the Middle East, is expected to create volatility in capital markets and cross-border trade.

“Rising operational costs, currency fluctuations, and potential regulatory shifts may compress margins. However, banks with strong digital infrastructure, diversified geographical exposure, and robust capital buffers—such as HSBC, Santander, and BNP Paribas—are better positioned to absorb shocks.

“While revenue momentum is likely to continue in the short term, profitability may come under strain. Institutions will need to prioritize operational efficiency, credit risk management, and strategic realignment to navigate an increasingly fragmented global financial landscape.”

MIL OSI Global Banks –

May 15, 2025
MIL-OSI: FDCTech Reports Over 58% Year-over-Year Revenue Growth in Q1 2025 Driven by Strong Performance Across All Business Segments
Source: GlobeNewswire (MIL-OSI)

Q1 2025 Highlights Show Continued Growth and Operating Profitability.

Irvine, CA, May 14, 2025 (GLOBE NEWSWIRE) — FDCTech, Inc. (“FDC” or the “Company,” PINK: FDCT), a fintech-driven firm specializing in acquiring and scaling small to mid-size legacy financial services companies, today announced its unaudited financial results for the three months ended March 31, 2025.

Q1 2025 Financial Highlights
- Total Revenue: $10.11 million for Q1 2025, up from $6.38 million in Q1 2024 — an increase of 58.59%, driven primarily by the full-period contribution from the Company’s Investment and Brokerage segment (Alchemy Markets Ltd. and Alchemy Prime Ltd.) and strong performance in the Technology segment.
- Gross Profit: $5.18 million in Q1 2025, compared to $2.34 million in Q1 2024 — a growth of 121.32%.
- Net Income: $301,002 in Q1 2025, compared to $833,445 in Q1 2024. The prior-year quarter included significant non-operating income.
- Cash Position: $26.99 million as of March 31, 2025, up from $24.78 million at year-end 2024.
- Working Capital: $10.08 million as of March 31, 2025, up from $9.10 million at year-end 2024.
- Net Assets: $15.64 million as of March 31, 2025, up from $14.43 million at year-end 2024.
Performance by Segment

Investment and Brokerage
- Revenue rose to $7.76 million in Q1 2025 from $4.61 million in Q1 2024 — an increase of 69%, following full consolidation of AML and APL operations and increased trading volume across European clients.
Wealth Management
- Revenue was $1.53 million in Q1 2025, consistent with $1.51 million in Q1 2024, reflecting stable advisor-led revenues at AD Advisory Services.
Technology & Software Development
- Revenue grew 218% to $0.81 million in Q1 2025 from $0.26 million in Q1 2024, driven by new licensing agreements and custom development projects for its proprietary Condor Trading platform.
Strategic and Operational Highlights
- Condor Investing & Trading App: The Company continues development and expects commercialization.
- International Expansion: Opened and staffed new offices in Cyprus, Malta, and the UK. AML continues to onboard EU retail clients and expand product offerings under its MFSA license.
- Client Growth: AML now services clients from Germany, France, and other EU countries, including the onboarding of over 2,631 clients from Next Markets and 35 clients from a Cypriot-based broker.
- Product Offering Expansion: AML obtained MFSA authorization under Article 6 of the Investment Services Act to offer equities and money market securities, expanding its income-generating capabilities.
FDCTech’s management remains committed to building a diversified and scalable financial services company. With a strong balance sheet, improved operational margins, and growth in core segments, the Company is well-positioned for continued expansion in FY 2025.

Please visit our SEC filings or the Company’s website for more information on the full results and management’s plan.

FDCTech, Inc.

FDCTech, Inc. (“FDC”) is a regulatory-grade financial technology infrastructure developer designed to serve the future financial markets. Our clients include regulated and OTC brokerages and prop and algo trading firms of all sizes in forex, stocks, commodities, indices, ETFs, precious metals, and other asset classes. Our growth strategy involves acquiring and integrating small to mid-size legacy financial services companies, leveraging our proprietary trading technology and liquidity solutions to deliver exceptional value to our clients.

Press Release Disclaimer

This press release’s statements may be forward-looking statements or future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third party. Therefore, in no case will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

Contact Media Relations
FDCTech, Inc.
info@fdctech.com
www.fdctech.com
+1 877-445-6047
200 Spectrum Center Drive, Suite 300,
Irvine, CA, 92618

The MIL Network –
May 15, 2025
MIL-OSI Global: Pope Leo XIV’s link to Haiti is part of a broader American story of race, citizenship and migration

Source: The Conversation – USA – By Chelsea Stieber, Associate Professor of French Studies, Tulane University

Pope Leo XIV appears before thousands of journalists on May 12, 2025, in Vatican City. Vatican Media via Vatican Pool/Getty Images

Early coverage of Pope Leo XIV has explored the first American pontiff’s Chicago upbringing, as well as the many years he spent in Peru, first as a missionary and then as a bishop.

Genealogist Jari Honora broke the story of the pope’s ancestors’ connection to the Creole of color community in New Orleans. A family historian at the Historic New Orleans Collection’s Williams Research Center, Honora has given research presentations to my graduate students and consulted with me on my own work. In his research on Leo’s lineage, he was also able to find several official documents that list Haiti as the birthplace of his maternal grandfather, Joseph Norval Martinez.

The pope’s Creole lineage in Louisiana is interesting enough. But many commentators have strained to make sense of the link to Haiti, if they mention it at all.

As an expert in 19th-century Haiti, I study the period during which Leo’s ancestors likely traveled between Haiti and New Orleans before migrating to Chicago. Their story is part of a broader American story of race, citizenship and migration.

A grandfather born in Haiti

It’s worth noting that Leo’s genealogy is not entirely straightforward.

At least one record indicates Joseph Norval as having been born in Louisiana. And a 1910 census seems to reinvent the family lineage: Martinez is now “Martina,” Joseph’s birthplace is “S. Domingo,” and he is supposedly Maltese.

Nevertheless, far more documents – numerous census records as well as his marriage certificate – identify Martinez’s place of birth as Haiti. An 1866 passenger list for a ship bound for New Orleans from Haiti, despite some inconsistencies, does indeed appear to list members of the Martinez family, including his father and three siblings.

Just because Leo’s grandfather was born in Haiti, it didn’t mean he was Haitian. Instead, he belonged to a class of people in New Orleans known as Creoles of color.

A three-pronged racial order

It’s important to understand the historical complexity of the Creole identity in New Orleans and in Louisiana, and its continued significance today.

The descriptor “Creole of color” is somewhat anachronistic; it emerges at the end of the 19th century in Louisiana to categorize the descendants of a historically subordinate class known as free people of color, or “gens de couleur libres” in French.

Portrait of a Free Woman of Color by François Jacques Fleischbein.
Courtesy of the Historic New Orleans Collection

It has its origins in the tripartite racial order of the French and Spanish colonial periods in the Americas, when authorities created a hierarchy of legal classes: enslaved people, free people of African descent, and white people.

In theory, free people of color encompassed a range of people. It could describe formerly enslaved people; people who had never been enslaved; people born in Africa; or people with extended, mixed-race American families.

In 19th-century Louisiana, the term generally referred to people of mixed racial ancestry who were born with free status, though at varying degrees of removal from slavery. They generally spoke French and were Catholic.

Though they were subject to repressive laws and could never become citizens and gain the right to vote, free people of color could own, inherit and sell property, including enslaved people. Most worked as artisans and shopkeepers, and a handful became quite wealthy through trade and real estate.

The Martinez family fits squarely within this community.

Census records from 1850 list Jacques Martinez – Joseph Norval Martinez’s father and Leo’s maternal great-grandfather – as a tailor and modest property owner in New Orleans. They were never enslaved but do not appear to have been enslavers, either.

Life gets worse for people of color

So why was Joseph Norval Martinez born in Haiti?

At some point, his parents probably felt they had to leave New Orleans.

Despite their relative prosperity, free people of color in Louisiana and throughout the United States were being subjected to increasing legal restrictions, repression and violence in the years leading up to the Civil War.

This situation worsened in the 1840s and ‘50s, as white Southerners worked to further restrict citizenship and rights along hard racial lines. The 1857 Dred Scott Supreme Court decision affirmed that any people descended from Africa, including free people of color, had no right to citizenship.

For those who remained in the South, the outbreak of the Civil War in 1861 would have made life even more difficult.

In the first half of the 19th century, many free people of color in Louisiana emigrated to France. But the two main options in the 1860s were Haiti and Mexico.

However, at the time of the Martinez family’s departure, Mexico was embroiled in conflict with France. Haiti, meanwhile, was crafting an ambitious plan to attract immigrants.

After the 1804 Haitian Revolution – the uprising against French colonizers that led to the creation of Haiti – the nation became the first in the world to permanently ban slavery. For this reason, many people of color viewed Haiti as a beacon of freedom and equality.

Indeed, Haiti long promoted itself as a free soil republic: Any person with African descent would enjoy freedom and, eventually, Haitian citizenship. Several Haitian presidents staged immigration campaigns to attract enslaved and formerly enslaved laborers from the United States.

Fabre Geffrard served as president of Haiti from 1859 to 1867.
Heritage Art/Heritage Images via Getty Images

In response to worsening conditions for people of color in the U.S., Haitian President Fabre Geffrard launched a particularly ambitious campaign, setting up Haitian Emigration bureaus and staffing them with agents in New York, Boston, New Orleans and other major cities. Louisiana newspapers advertised Geffrard’s immigration plan, which included land concessions for families and individuals. Geffrard’s focus was on attracting agricultural laborers – not the kind of work the Martinez family would likely be enticed to take on. Still, skilled artisans were welcomed as immigrants.

It was within this context that the Martinez family probably departed New Orleans for Haiti. At present there is scant information about their voyage, but the journey would have echoed many family histories of migration from Louisiana to Haiti in the 1860s.

Based on my study of census and notarial archives, it appears the Martinez family left sometime after the birth of daughter Adele in New Orleans in December 1861 and before the birth of Joseph Norval in Haiti in 1864.

The promise of Reconstruction crumbles

The Martinez family didn’t stay in Haiti long.

According to the passenger list, they returned to New Orleans in February 1866.

As was the experience for many émigrés to Haiti, they may have found the conditions difficult. It’s also possible that the successes of wartime Reconstruction in Louisiana encouraged them to reestablish their lives in New Orleans.

They returned to a state transformed by the abolition of slavery. Free people of color were at the forefront of the fight for civil rights and key architects behind a progressive, egalitarian state constitution that called for equal access to education for all citizens.

The Martinez children likely benefited – albeit briefly – from that provision. The 1870 census records show them all enrolled in school: Michel (14), Girard (12), Adele (9) and young Joseph Norval (6).

They would also witness the violent backlash to Reconstruction, which was especially intense in Louisiana. In 1866, a white mob laid siege to those attempting to amend the state’s constitution to enfranchise Black voters, in what became known as the Mechanics Institute Massacre. In the ensuing years, the state was gripped by ever more violence.

A sketch of the Mechanics Institute Massacre in an issue of Harper’s Weekly.
The Historic New Orleans Collection

Joseph Norval Martinez married Louise Baquié in 1887, and they went on to have six children, all girls, in New Orleans. He worked as a cigar maker – a common enterprise for free men of color during the period – and later as a clerk.

The family was subjected to increasing segregation with the Separate Car Act, an 1890 Louisiana statute that separated train cars by race. The Supreme Court went on to uphold the Louisiana statute in 1896, enshrining the “separate but equal” doctrine throughout the South.

An American tale

Martinez and Baquié remained in New Orleans until 1910, at which point they joined the millions of other Black Americans who migrated from the South to the North and the West in the early decades of the 20th century, in what became known as the Great Migration. A significant portion, including Martinez and Baquié, ended up in Chicago.

Their youngest daughter, Mildred Anges Martinez – Leo’s mother – was born there.

Joseph Norval Martinez’s census records tell a complex story about the history of race in the U.S. Prior to 1900, he is listed as “m” for “mulatto.” In the 1900 census, he is listed as Black. And then in the 1910 census, he is listed as white.

The Martinez family could not dictate the racial descriptors assigned to them in the census, but they had some claim over birthplace and lineage. Against the backdrop of segregation, disenfranchisement and violence, Martinez appears to have claimed a lineage – Maltese – that the 1910 census categorized as white.

It is this – and so much more – that makes theirs a truly American story.

One thing we do know: Martinez reverted back to his original lineage after he and his family settled in Chicago. The 1920 census lists Martinez’s birthplace of record as Haiti.

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

– ref. Pope Leo XIV’s link to Haiti is part of a broader American story of race, citizenship and migration – https://theconversation.com/pope-leo-xivs-link-to-haiti-is-part-of-a-broader-american-story-of-race-citizenship-and-migration-256425

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI Africa: Invest in African Energy (IAE) 2025: Innovative Financing to Unlock Africa’s Energy Potential

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, May 14, 2025/APO Group/ —

Africa holds immense energy potential, with more than 125 billion barrels of proven oil reserves, 620 trillion cubic feet of natural gas and 60% of the world’s best solar resources. Yet, the continent continues to struggle with attracting the capital needed to leverage these resources for transformative development. Addressing this paradox, panelists at the Invest in African Energy Forum in Paris underscored how innovative financing mechanisms can help unlock Africa’s vast energy opportunities.

“There’s a huge amount of financing required to close the financing gap on the continent. It’s quite clear that there’s not enough capital and we need to think about innovative ways to source capital. With the right fiscal regimes, regulatory frameworks and policies, investors will come to invest in the energy sector in Africa,” stated Taiwo Okwor, Vice President: Invest Division and Natural Resources Division at development institution the Africa Finance Corporation.

By utilizing innovative financing tools and regional cooperation mechanisms, Africa will be able to scale investments and reduce risk. Additionally, by leveraging blended finance, de-risking strategies and multilateral partnerships, countries can not only secure capital but bolster energy access at a continental scale. However, challenges will need to be addressed, including lack of investor certainty, regulatory barriers and red tape.

“Investors thrive on predictability,” stated Ibra Ndiaye, Partner: Energy, Industry & Services at professional services network Forvis Mazars. “According to the African Energy Chamber, 45% of investors cite uncertainty in legal frameworks in Africa as a major concern before entering new markets. This ambiguity in regulatory frameworks creates a delay in project implementation.”

To address regulatory challenges and increase energy capacity, there is an urgent need for systemic reform in the continent’s utility companies. Stronger institutions and reforms have emerged as critical drivers for attracting private sector involvement. Panelists noted that many state-owned utilities across Africa are unable to deliver consistent and reliable energy services due to financial instability and poor infrastructure.

“What have we done to improve the quality of utilities going forward? I think 85% of utilities across Africa are technically insolvent and cannot meet the energy needs of Africans,” stated Reginald Max, Senior Advisor for Infrastructure and Independent Power Producers for financial institution the Trade and Development Bank. Max added that until the underlying inefficiencies in energy distribution and cost recovery are addressed, investor confidence will remain weak.

Another core issue raised was the necessity of implementing cost-reflective tariffs. Tariff policies in many countries have kept electricity prices artificially low, discouraging private investment and further burdening state utilities.

“The key is cost-reflective tariffs,” stated Liz Williamson, Head of Energy Corporate Finance at investment banking firm Rand Merchant Bank, adding, “We need the political will to go through the pain to get to cost-reflective tariffs. This could make a big difference in terms of liability.”

As the session concluded, the panelists emphasized that while the continent faces considerable hurdles, the combination of its resource wealth and growing investor interest presents a promising path forward – if governments and stakeholders can align on reform, innovation and regional integration.

MIL OSI Africa –

May 15, 2025

Category: France

Fraught road to democratic renewal

Some gains on civil liberties

A new party on the rise

UK at heart of NATO talks on strengthening Euro-Atlantic security and support for Ukraine

Foreign Secretary David Lammy said:

Share this page

Updates to this page

The political parallels between Star Wars and Andor

Music as a tool against tyranny

Tweets, twits and credit card data

More data, but limited attention

The broader consequences of poor long-term forecasting

Practical applications

Monolingual ideology

Linguistic stereotyping

The pleasure of watching foreign films

Western interest in Pacific voyaging

Looking to the stars

Waves, wind and other indicators

Black Sea’s strategic value

Long-term consequences

A grandfather born in Haiti

A three-pronged racial order

Life gets worse for people of color

The promise of Reconstruction crumbles

An American tale