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  • MIL-OSI Russia: Delegations from China’s top universities visited Polytechnic University

    Translation. Region: Russian Federal

    Source: Peter the Great St. Petersburg Polytechnic University –

    An important disclaimer is at the bottom of this article.

    Peter the Great St. Petersburg Polytechnic University recently hosted delegations from top Chinese universities: Tsinghua University (20th place in the QS ranking), Zhejiang University (49th place in QS), and Peking University (13th place in QS).

    Study visits to prestigious partner universities in foreign countries are a mandatory element of the educational program at Chinese universities. That is why every summer students from China come to the Polytechnic University to develop scientific and educational cooperation and exchange best practices in working with young people.

    The delegation of Tsinghua University (SPbPU’s strategic partner), headed by the deputy secretary of the party committee of the university’s Youth Union, Chen Zhihao, consisted of student activists (secretaries of faculty committees of the Komsomol, postgraduates and masters). The visit was organized within the framework of the elite program for training personnel reserves and future leaders of Tsinghua University, implemented under the auspices of the Communist Youth Union of China.

    The introduction to the history and infrastructure of SPbPU began with a tour of the Main Academic Building (White Hall, library, portrait gallery) and the SPbPU History Museum. The key point was a visit to the Youth Trajectory Center in the Polytech Tower — a modern space for student life, project activities, and interaction with industry. At a meeting with Ivan Khlamov, Head of the SPbPU Youth Policy Department, the guests discussed options for involving young people in scientific and technical creativity, project work, developing leadership skills, and a mentoring system. Colleagues from Tsinghua presented the successful experience of their university ecosystem for supporting innovation and entrepreneurship, including the Lighthouse program, Challenge Cup and Entrepreneurship Competitions, as well as the Innovation Plus incubator, which has grown hundreds of startups with a total funding of about 5 billion rubles.

    The study visit of the best students of Zhejiang University to the Polytechnic is a long-standing tradition that has been strictly observed throughout the years of strategic partnership between our universities. The envoys from the Faculty of Mechanical Engineering were led by its international coordinator Qiu Yixin.

    The program included an introduction to the historical heritage of the university, a visit to the modern laboratories of the Institute of Mechanical Engineering, Materials and Transport, and a working meeting with representatives of the SPbPU International Service. The students visited the innovative laboratories of IMMiT and learned about the latest developments of research groups and young scientists of the institute.

    Chinese students were presented with opportunities to study at SPbPU, in particular within the framework of additional programs, summer and winter schools. The guests highly appreciated the educational potential of the Polytechnic University, including that already implemented in partnership with Chinese universities, and expressed interest in creating a joint program in the field of mechanical engineering.

    In addition to students, the representative delegation from Peking University included Dean of the College of Chemistry and Molecular Engineering Peng Hailin, Dean of the Faculty of Materials Science and Engineering Zou Ruqiang, Professor of the Faculty of Physics Wang Xinqiang, and other scientists.

    The visit was eventful: the guests were divided into groups according to their scientific interests to visit specialized laboratories, where they got acquainted with the advanced research of SPbPU in the field of new materials, energy and microelectronics. Of particular interest were the developments of carbon nanomaterials, artificial intelligence for chemistry and promising catalysts. The visit ended with presentations of scientific areas of both universities.

    The past visits demonstrated the mutual interest of Russian and Chinese universities in deepening cooperation, the desire to organize interaction not only between leading scientists, but also among young researchers. As noted by representatives of SPbPU, such meetings help not only to exchange best practices in education and science, but also to create a solid foundation for future joint projects, student initiatives, entrepreneurship. Particular attention was paid to student mobility, academic exchange programs, joint participation in student conferences and youth initiatives. The doors of the Polytechnic University are always open to students of partner universities in China.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Provisional statistics of retail sales for June 2025

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released the latest figures on retail sales today (July 31).

         The value of total retail sales in June 2025, provisionally estimated at $30.1 billion, increased by 0.7% compared with the same month in 2024. The revised estimate of the value of total retail sales in May 2025 increased by 2.4% compared with a year earlier. For the first half of 2025, it was provisionally estimated that the value of total retail sales decreased by 3.3% compared with the same period in 2024.

         Of the total retail sales value in June 2025, online sales accounted for 8.5%. The value of online retail sales in that month, provisionally estimated at $2.5 billion, increased by 8.4% compared with the same month in 2024. The revised estimate of online retail sales in May 2025 decreased by 1.2% compared with a year earlier. For the first half of 2025, it was provisionally estimated that the value of online retail sales decreased by 0.4% compared with the same period in 2024.

         After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in June 2025 decreased by 0.3% compared with a year earlier. The revised estimate of the volume of total retail sales in May 2025 increased by 1.9% compared with a year earlier. For the first half of 2025, the provisional estimate of the total retail sales decreased by 4.7% in volume compared with the same period in 2024.

         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing June 2025 with June 2024, the value of sales of jewellery, watches and clocks, and valuable gifts increased by 6.8%. This was followed by sales of other consumer goods not elsewhere classified (+7.2% in value); commodities in supermarkets (+0.4%); medicines and cosmetics (+6.0%); commodities in department stores (+5.7%); and optical shops (+1.0%).

         On the other hand, the value of sales of wearing apparel decreased by 4.3% in June 2025 over a year earlier. This was followed by sales of food, alcoholic drinks and tobacco (-1.5% in value); electrical goods and other consumer durable goods not elsewhere classified (-9.3%); motor vehicles and parts (-6.0%); fuels (-8.7%); furniture and fixtures (-16.3%); footwear, allied products and other clothing accessories (-7.2%); Chinese drugs and herbs (-2.0%); and books, newspapers, stationery and gifts (-4.7%).

         Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 0.3% in the second quarter of 2025 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales increased by 2.7%.
     
    Commentary

         A government spokesman said that retail sales showed signs of stabilisation in recent months. The value of total retail sales increased further by 0.7% in June 2025 over the year.

         Looking ahead, the spokesman said continued increase in employment earnings, buoyant local stock market, coupled with the Government’s proactive efforts in promoting tourism and mega events and also enterprises’ strenuous effort in providing more diversified experiences would provide support to the consumption sentiment in the domestic market and businesses of the retail sector.

    Further information

         Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for May 2025 as well as the provisional figures for June 2025. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first half of 2025 are also shown.

         Table 2 presents the revised figures on value of online retail sales for May 2025 as well as the provisional figures for June 2025. The provisional figures on year-on-year changes for the first half of 2025 are also shown.

         Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for May 2025 as well as the provisional figures for June 2025. The provisional figures on year-on-year changes for the first half of 2025 are also shown.

         Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.

         The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

         These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.

         The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.

         Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.

         More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).

         Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7400; email: mrs@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Submissions: Masked and armed agents are arresting people on US streets as aggressive immigration enforcement ramps up

    Source: The Conversation – UK – By Dafydd Townley, Teaching Fellow in US politics and international security, University of Portsmouth

    There are masked men, and some women, on the streets in American cities, sometimes travelling in unmarked cars, often carrying weapons and wearing military-style kit. They have the power to identify, arrest, detain non-citizens and deport undocumented immigrants. They also have the right to interrogate any individual who they believe is not a citizen over their right to remain in the US.

    These are agents from US Immigration and Customs Enforcement Agency, known as Ice. This is a federal law enforcement agency, which falls under the control of the Department of Homeland Security (DHS), and is playing a significant and contentious role in the implementation of Donald Trump’s tough immigration policy.

    On the campaign trail Trump promised “the largest domestic deportation operation in American history”. And he is giving Ice more power to deliver his plans.

    Since Trump took office in January, Ice funding has been significantly increased. Trump’s “big beautiful bill”, passed by Congress in July 2025, gave Ice US$75 billion (£55 billion) of funding for the next four years, up from around US$8 billion a year.

    This funding boost will allow the agency to recruit more agents as well as adding thousands more beds plus extensions to buildings to increase the capacity of detention centres. There is also new funding for advanced surveillance tools including AI-assisted facial recognition and mobile data collection. There’s another US$30 billion going to frontline operations, covering removing immigrants and transport to detention centres.

    The president has committed to deporting everyone who is in the US illegally, that is estimated by the Wall Street Journal to be about 4% of the current US population. For the past five months, the numbers of people being picked up by Ice agents has been ticking up fast.

    Average daily arrests were up 268% to about 1,000 a day in June 2025, compared with the same month a year earlier. This was also a 42% rise on May 2025, according to data analysis from the Guardian and the Deportation Data Project. However, this is still considerably short of the 3,000 a day ordered by secretary of homeland security Kristi Noem and White House deputy chief of staff Stephen Miller.

    Ice’s tactics have already attracted significant criticism. Right-leaning broadcaster Fox News has reported on how masked agents are not showing ID or naming their agency when picking up people in raids. Other reporting has highlighted allegations that American citizens are also sometimes being swept up in the raids.

    The agency, currently led by acting director Todd M. Lyons, has three main divisions: the Enforcement and Removal Operations division, which identifies and deports undocumented immigrants as well as manages detention centres. The Homeland Security Investigations, which investigates criminal activities with an international or border nexus such as human trafficking, narcotics, and weapons smuggling. The Office of the Principal Legal Advisor provides legal advice to Ice and prosecutes immigration cases in court.

    Lyons claimed that mask wearing was necessary because of Ice agents being “doxed” – when a person’s personal information such as names and home addresses are revealed online without their permission. Assaults on Ice agents have risen, he claimed. DHS data suggested that there were 79 assaults on Ice agents from January to June 2025, compared to ten in the same period in 2024.

    Democratic House minority leader Hakeem Jeffries compared mask wearing by Ice agents to secret police forces in authoritarian regimes. “We’re not behind the Iron Curtain. This is not the 1930s.”



    Read more:
    ICE has broad power to detain and arrest noncitizens – but is still bound by constitutional limits

    The Ice agency was established in 2003 by the George W. Bush administration, partly as a result of the 9/11 terrorist attacks, and was part of a broader reorganisation of federal agencies under the then newly created DHS. It incorporated parts of the former Immigration and Naturalization Service (INS) and some elements of the US Customs Service.

    According to the agency’s website, Ice’s core mission is “to protect America through criminal investigations and enforcing immigration laws to preserve national security and public safety”.

    News coverage of Ice agents wearing masks and not identifying themselves.

    What’s changed?

    At the start of the administration in January, the White House gave Ice the authority to hasten the deportation of immigrants that had entered the country with government authorisation during the previous administration. This “expedited removal” authority allowed Ice to deport individuals without requiring an appearance before an immigration judge.

    As arrests have grown in the past months, Lyons told CBS News that Ice would detain any undocumented immigrant, even if they did not have a criminal record.

    And the Trump administration has also allowed Ice agents to make arrests at immigration courts, which had previously been off limits. This restriction was introduced by the Biden administration in 2021 to ensure witnesses, victims of crimes and defendants would still appear in court without fear of arrest for immigration violations, unless the target was a national security threat.

    Protests over Ice raids have spread across California.

    However, Lyons rescinded those restrictions in May, part of a broader shift towards aggressive enforcement.

    Much of the time, Ice has targeted illegal immigrants. But the agency has also arrested and detained some individuals who were residents (green card holders) or tourists – and, in some cases, citizens.

    In recent weeks, according to the Washington Post, Ice has been ordered to increase the number of immigrants shackled with GPS-enabled ankle monitors. This would significantly increase the number of immigrants that are under surveillance. Ankle monitors also restrict where people can travel.

    Sparking protests

    There have been numerous public protests about Ice raids, most notably in California. This peaked on June 6 after Ice had conducted numerous raids in Los Angeles, resulting in clashes between agents and protesters. This led to the White House sending around 2,000 National Guard troops and 700 Marines to Los Angeles, despite opposition from California governor Gavin Newsom.

    Part of the friction between the Trump administation and the state is that Los Angeles and San Francisco have adopted local policies to limit cooperation with federal immigration authorities including Ice. California has sanctuary laws, such as SB 54, that prohibit local police and sheriffs from assisting Ice with civil immigration enforcement.

    However, Trump shows every sign of pushing harder and faster to crack down on illegal immigrants, and Ice agents are clearly at the forefront of how he aims to do it.

    Dafydd Townley 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. Masked and armed agents are arresting people on US streets as aggressive immigration enforcement ramps up – https://theconversation.com/masked-and-armed-agents-are-arresting-people-on-us-streets-as-aggressive-immigration-enforcement-ramps-up-261499

    MIL OSI –

  • MIL-OSI USA: Baldwin Statement After Voting to Send a Message to Trump and Netanyahu to End War, Surge in Aid, Release Hostages

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) released the following statement after voting on the Senate floor for Joint Resolutions of Disapproval concerning sales of weapons to Israel:

    “The starvation and suffering that we are watching unfold in Gaza is unimaginable and heartbreaking. There is simply no way to defend it, and it has to stop.

    “I have been crystal clear since the day of Hamas’ horrific terrorist attack on Israel that they have the right to defend themselves, respond, and bring the hostages home. I still believe that. I also firmly believe that this Netanyahu government must protect innocent Palestinian families and prevent children from starving – and right now, they are not doing that. I cannot stand idly by.

    “This vote is about sending a loud and clear message to Netanyahu and the Trump Administration that they must urgently act to end this war, surge food and aid to innocent Palestinians, and finally bring all the remaining hostages home.”

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Directors banned after Stoke firm made hundreds of thousands of nuisance calls

    Source: United Kingdom – Executive Government & Departments

    Press release

    Directors banned after Stoke firm made hundreds of thousands of nuisance calls

    The company also received a £150,000 fine from the Information Commissioner’s Office

    • Mohammed Liaqat and Rubani Ghulam were directors of a company which harassed people with nuisance cold-calls in 2020 and 2021 

    • Posh Windows UK Ltd, based in Stoke-on-Trent, made more than 400,000 unsolicited marketing calls trying to sell home improvements within a nine-month period 

    • Both have now been disqualified as company directors following investigations by the Insolvency Service 

    Two businessmen from Stoke-on-Trent who allowed their home improvements company to make hundreds of thousands of nuisance cold-calls have been banned as directors. 

    Mohammed Liaqat, 37, and Rubani Ghulam, 55, were directors of Posh Windows UK Ltd, which specialised in a range of products including windows, doors and conservatories. 

    However, the company made 461,062 unsolicited marketing calls in a nine-month period between August 2020 and April 2021. 

    The calls were to people who had registered with the Telephone Preference Service (TPS), a statutory register of people who have said they do not want to receive marketing calls.  

    Posh Windows UK Ltd was fined £150,000 by the Information Commissioner’s Office (ICO) in 2022 but went into liquidation in the same year without having paid any of the fine. 

    Liaqat, of Clarke Street, and Ghulam, of Thorndyke Street, have now been disqualified as company directors for four years. 

    Simon Gillett, Chief Investigator at the Insolvency Service, said: 

    Mohammed Liaqat and Rubani Ghulam allowed their company to make nearly half a million nuisance calls to people who had explicitly said they did not want to receive marketing calls, causing significant inconvenience to members of the public. 

    Many of the victims were also subjected to aggressive pressure tactics and repeated calls. 

    Directors who ignore privacy regulations and allow their companies to harass the public through relentless cold-calling will face the consequences. In this case, both Liaqat and Ghulam have been banned from running companies for four years, protecting consumers from further misconduct.

    Posh Windows UK Ltd was based on Cheapside in Stoke-on-Trent, with Liaqat and Ghulam appointed as directors in 2018. 

    The company first came to the attention of the ICO in January 2021 when one of its employees received an unsolicited direct marketing call in the evening. 

    During the call, the caller referred to government grants for home improvements and wanted to book an appointment for the following day. 

    They only hung up when the recipient told them that the telephone number was registered with the TPS. 

    Further complaints to the TPS and ICO indicated that pressure tactics were being used and constant calls were made, often outside standard business hours. Some callers were called more than 10 times, even after they had told them to stop. 

    In total, Posh Windows UK Ltd made 630,971 calls between 1 August 2020 and 30 April 2021. Of those, 461,062 were made to subscribers whose telephone numbers had been registered with the TPS for more than 28 days 

    All but 84 of the 461,062 calls were made from a withheld number, breaching privacy regulations. 

    ICO investigations began in March 2021 but Liaqat still allowed the company to trade for more than a year without the ability to adequately screen numbers against the TPS register. 

    Andy Curry, Head of Investigations at the ICO, said:  

    We welcome the decision to disqualify Mohammed Liaqat and Rubani Ghulam as directors of Posh Windows UK Ltd.  

    Nobody should be made to feel uncomfortable or distressed after simply answering the phone, and our investigation found that this company showed complete disregard for both the law and the thousands of people they were aggressively pestering.  

    Our Financial Investigation Unit works closely with the Insolvency Service to bring companies and directors to account. By disrupting the non-compliant activities of directors such as Mohammed Liaqat and Rubani Ghulam, we can help ensure they can’t easily resurface under a different name and continue to cause further harm to people.

    The Secretary of State for Business and Trade accepted disqualification undertakings from Liaqat and Ghulam, and their bans started on Thursday 31 July. 

    The undertakings prevent them from being involved in the promotion, formation or management of a company, without the permission of the court.  

    Further information  

    About us 

    The Insolvency Service is a government agency that helps to deliver economic confidence by supporting those in financial distress, tackling financial wrongdoing and maximising returns to creditors. 

    The Insolvency Service is an executive agency, sponsored by the Department for Business and Trade. 

    Read more about what we do 

    Press Office 

    Journalists with enquiries can call the Insolvency Service Press Office on 0303 003 1743 or email press.office@insolvency.gov.uk (Monday to Friday, 9am to 5pm). 

    Out of hours 

    For any out of hours media enquiries, please contact the Department for Business and Trade (DBT) newsdesk on 020 7215 2000.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: What’s The Story? Grassroots glory – Council reveals plan to turn big gig revenue into support for smaller venues

    Source: City of Manchester

    Manchester City Council is set to earmark almost £250,000 to support grassroots music venues in the city and help them share the success of the city’s summer of music.

    In recent weeks, hundreds of thousands of music fans have converged on the city to celebrate its music scene – 340,000 at the five Oasis Heaton Park homecoming gigs alone. Other star names appearing in Manchester this summer include Olivia Rodrigo, Billie Eilish, Charlie XCX, Elbow, Fontaines DC and Robbie Williams.

    Over the course of the summer it has been estimated that Manchester will have attracted 1.3 million music tourists – a tremendous boost for the city’s economy as a whole, especially the hospitality industry.

    These huge events are also generating income for the Council, either by being hosted in the city’s largest parks – with commercial arrangements for their use – or through the business rates paid by major venues.

    As well as reinvesting part of this revenue in parks, the Council is planning to set aside £245,000 to be made available in financial support for Manchester’s grassroots venues.

    While exact details are being finalised, the intention is that the scheme will be administered by Music Venue Trust to ensure that the money gets to where it is needed as quickly and effectively as possible.

    It comes as small venues across the country face a difficult economic climate, with a combination of increasing costs and reducing incomes leaving some in a precarious position. One particular challenge is an increase in nationally-set business rates. These had been significantly reduced for the sector in response to the impacts of the pandemic, but this financial year (2025/26) – while still being lower than pre-pandemic levels – they have gone back up significantly.

    Councillor Bev Craig, Leader of Manchester City Council, said: “Manchester is a big noise in the music world. This summer all eyes have been on the city as we’ve hosted some huge concerts and seen unprecedented success in our large venues as the EMA MTV Music Awards showed.

    “But while the biggest gigs – in the city’s arenas and parks – might dominate the headlines, we know they are only possible because they are part of a wider ecosystem with smaller, grassroots venues providing the launchpads for acts to develop and grow.

    “We know that across the country grassroots venues are struggling. That’s why we want to ensure that our grassroots venues can share some of the benefit from the success of those big events.

    “We’re blessed in Manchester with an array of great smaller venues. They are there to be enjoyed and I’d encouraged anyone who values them to get out and support them.”

    Jay Taylor, Music Venue Trust National Co-ordinator, said: “Music Venue Trust wants to thank and congratulate Manchester City Council for leading on this crucial support for grassroots music venues. It’s inspiring to see Manchester recognise its place as one of the world’s leading music cities, and acknowledge that the fantastic grassroots music venue network in the city is an essential cornerstone of the amazing music being produced by Manchester artists.

    “In April, the government reduced business rates relief in England for many grassroots music venues, significantly impacting their long-term sustainability. Manchester City Council has taken the lead with this bold and innovative action and we hope many more cities and towns across the country can join their efforts to secure the future of the UK’s grassroots music venue network.”

    Kate Lowes, Director, Brighter Sound (sector lead Manchester Music City) said: “Grassroots venues sit at the heart of our city’s music scene – supporting emerging artists, bringing people together, and enriching local communities.

    “Recent research, commissioned by Manchester Music City and delivered by the hub, has shown that business rates relief is one of the sector’s most pressing concerns. We therefore welcome this announcement and are encouraged to see Manchester City Council and Music Venue Trust working in partnership to deliver meaningful and targeted support.

    “Manchester Music City is now working with the council to shape a full sector response and action plan, with a further set of actions to be announced this autumn. This type of collaborative approach and investment is essential to ensuring that Manchester remains a city where music and creativity can thrive at every level.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New supported living service to empower young adults with disabilities

    Source: City of Derby

    Derby City Council plans to create a new local supported living provision for young adults aged 18-25 living with learning disabilities, neurodiversity, or autism. The project, in partnership with an external service provider, aims to bridge a gap in local specialist provisions, enabling young people to transition successfully into adulthood. 

    The service will repurpose two former children’s homes to provide support for up to 12 individuals. The focus is on empowering residents to develop essential skills, maximise their potential, and ultimately move towards independent living.

    The proposal to commission an external service provider to deliver, manage and operate the provision in close partnership with the Council will be discussed by Cabinet members at a meeting on Wednesday 6 August.

    The Council is committed to enhancing adult social care in Derby by developing innovative care models. This includes integrating Technology-Enabled Care (TEC) to promote independence, improve safety, and provide reassurance to both individuals and their families. This can include a range of devices and apps, from basic community alarms and wearables to more advanced systems like fall detectors and remote monitoring.

    Councillor Alison Martin, Derby City Council Cabinet Member for Health and Adult Care, said:

    This exciting initiative aims to enhance the lives of young adults with additional needs by fostering greater independence and facilitating a smooth transition into adulthood. 

    Collaborating with an external provider will enable us to strengthen supported living services in Derby, ensuring we deliver high-quality and sustainable solutions that genuinely promote independence.

    Currently, Derby City Council supports 366 adults in various Supported Living settings, at an annual cost of approximately £21 million. 

    Looking ahead, the need for supported accommodation is expected to rise, with the 18-25 age group projected to increase from 13% to 18% of the younger adult population by 2030. Annually, the Council’s Preparing for Adulthood team consistently supports around 40 new entrants to adult social care.

    While some young adults currently need out-of-area placements, this project presents an opportunity to expand suitable options within Derby. Many individuals have said they’d prefer to live in the local area, so developing provision in the city will create a positive impact.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Govt to resume land for rail link

    Source: Hong Kong Information Services

    The Lands Department today posted land resumption notices for private lots required for the construction of the Northern Link (NOL) Main Line, in accordance with the Railways Ordinance.

    The land will revert to the Government on November 1.

    The NOL Main Line project is a 10.7-kilometre underground railway connecting Kam Sheung Road Station, on the Tuen Ma Line, and Kwu Tung Station, a stop on the East Rail Line that is under construction. There will be three intermediate stations at Au Tau, Ngau Tam Mei and San Tin.

    In all, 686 private lots, comprising about 26 hectares, and an underground batch of 252 private lots, comprising about 8.6 hectares, will be resumed. The Government will release ex-gratia land compensation to relevant land owners and handle statutory claims for compensation after the land reversion.

    The Lands Department will post notices in relevant areas according to applicable procedures about three months before departure deadlines for affected households and business undertakings.

    It is estimated the affected households and business undertakings will have to move out from early 2026 at the earliest. The Government will liaise with land owners and affected parties, and handle all compensation and rehousing matters proficiently. 

    MIL OSI Asia Pacific News –

  • At least 60 dead in north China following extreme rain, authorities say

    Source: Government of India

    Source: Government of India (4)

    Extreme weather killed at least 60 people in northern China over the past week, with 31 deaths in an elderly care home in Beijing’s hilly Miyun district in one of the deadliest floods to have hit the Chinese capital in years.

    In Beijing, 44 people were killed and nine were missing as of midday Thursday, deputy mayor of Beijing, Xia Linmao, said at a press conference.

    Heavy rains began a week ago and peaked around Beijing and surrounding provinces on Monday, with Miyun experiencing rainfall of up to 573.5 mm (22.6 inches) – levels local media described as “extremely destructive.” The average annual rainfall in Beijing is around 600 mm.

    In the nearby province of Hebei, 16 people died as a result of the intense rainfall, authorities said.

    At least eight were killed in the city of Chengde just outside Beijing, with 18 unaccounted for.

    The deaths occurred in villages within the Xinglong area of Chengde in Hebei province, state-run Xinhua reported late on Wednesday citing local authorities, without specifying when or how the people died.

    The deaths in Chengde occurred in villages which border Beijing’s Miyun about 25 km (16 miles) from the Miyun reservoir, the largest in China’s north.

    The reservoir saw record-breaking overall water levels and capacity during the rains which devastated nearby towns.

    At its peak on Sunday, up to 6,550 cubic metres of water – about 2.5 Olympic-sized pools’ worth – flooded into the reservoir every second.

    In another Hebei village north of the reservoir, a landslide on Monday killed eight people, with four missing.

    Extreme rainfall and severe flooding, which meteorologists link to climate change, pose major challenges for Chinese policymakers, with officials partially attributing a slowdown in factory activity to such events.

    (Reuters)

  • MIL-OSI United Kingdom: Homebuyers warning as HMRC gets tough on bogus Stamp Duty claims

    Source: United Kingdom – Executive Government & Departments

    Press release

    Homebuyers warning as HMRC gets tough on bogus Stamp Duty claims

    HMRC is actively pursuing dishonest agents who make false Stamp Duty Land Tax repayment claims

    • Landmark Court of Appeal decision confirms that properties needing repair remain chargeable to residential rates of SDLT.
    • Homebuyers warned about rogue agents advertising misleading SDLT repayment claims.

    Homebuyers are being warned to avoid Stamp Duty Land Tax scams, following a landmark Court of Appeal decision.

    HM Revenue and Customs (HMRC) is warning people purchasing properties to be vigilant of tax agents offering to secure Stamp Duty Land Tax (SDLT) repayments on their behalf where repairs are needed to a property they have bought.

    Some agents have suggested that, for a fee, they can reclaim SDLT the buyer has already paid by saying that the property is non-residential because it’s uninhabitable. But making claims of this kind often leave the homeowner liable for the full amount of SDLT, plus penalties and interest.

    A recent Court of Appeal judgment in the case of Mudan & Anor v HMRC has confirmed that housing (“dwellings”) in need of repair are chargeable at the residential rates of SDLT, and that repayment claims based solely on a property’s condition are not valid.

    This decision confirms HMRC’s long-standing view that if a property requires repairs but retains the fundamental characteristics of a dwelling, it is still suitable for use as a dwelling and attracts residential rates of SDLT. A key factor in determining suitability is whether a property had been previously used as a dwelling.

    HMRC is taking decisive action on spurious SDLT repayment claims, using civil and criminal powers to deal with the minority who undermine the tax system.

    Anthony Burke, HMRC’s Deputy Director of Compliance Assets, said:

    The Court of Appeal’s decision is a major win, protecting public funds. Homebuyers should be cautious of allowing someone to make a Stamp Duty Land Tax repayment claim on their behalf. If the claim is inaccurate, you could end up paying more than the amount you were trying to recover.

    Anyone who is unsure of the rules should check the SDLT guidance on GOV.UK.

    As an example, if Joe bought a house in London for £1,100,000 and his solicitor filed the SDLT return, SDLT was calculated at the residential rates (£53,750). As the house required modernisation and repair, Joe couldn’t move in straight away. The house needed a new boiler, rewiring and damp proofing.

    Shortly after moving in, Joe received an advert in the post from a repayment agent which incorrectly suggested that due to the required repairs they could get him a refund of SDLT on a ‘no win, no fee’ basis. In Joe’s case the refund amounted to £9,250 (the difference between residential and non-residential rates), less the agent’s 30% fee. Joe agreed for the agent to make a claim on his behalf, and he received his repayment. Later in the year, HMRC opened a compliance check into the repayment claim and concluded that the property was residential. 

    Consequently, Joe found out that he owed £9,250 SDLT, plus interest and a penalty, even though the agent only sent him £6,475, after deducting their fee. He is now out of pocket as the agent refused to cover the interest and penalty and the agent has since refused to respond to his emails and phone calls. 

    Further information

    For more information visit HMRC’s Stamp Duty Land Tax guidance

    SDLT is a self-assessed tax, so when claiming a repayment of SDLT it is the responsibility of the taxpayer to get it right.

    In the case of Mudan & Anor v HMRC, the claimant had requested a refund of SDLT paid on a property transaction from August 2019. The property was in a poor state of repair. Their claim was submitted by their tax agent who persuaded them that the condition of the purchased property would qualify for a repayment. The dispute centred on the definition of residential property for SDLT purposes, and specifically whether the legal term ‘suitable for use as a dwelling’ meant that the purchaser should be able to move in straight away.

    The primary findings from the Upper Tribunal decision include:

    • being suitable for use as a dwelling does not mean the same thing as ready for immediate occupation
    • taxpayers should assess to what extent the building has the fundamental characteristics of a dwelling, and is structurally sound
    • if a property has previously been used as a dwelling, this will be relevant for considering whether it is suitable for use as a dwelling
    • the question to consider is whether the defects have the result that the building no longer has the characteristics of a dwelling

    The Court of Appeal firmly dismissed the appeal, finding that the Upper Tribunal decision was legally sound, and that the principles laid down in that decision are practical and workable. The decision confirms that the definition of ‘residential property’ should be considered against its statutory context, bearing in mind what the “ordinary speaker of English” would characterise as residential property (that being the “sort of property that people live in”). Past use of the building and whether it retains its identity or character as residential property, despite any disrepair and the requirement for renovations, will therefore be important considerations.

    HMRC has a high success-rate litigating cases where the refund claimed is not due. We encourage customers to carefully consider the terms of engagement with the reclaims specialist including understanding any fee that might be taken.

    Where a claim is due, it can be made directly by the customer at no cost.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Ofsted praises Plymouth’s progress in supporting care leavers

    Source: City of Plymouth

    Significant strides have been made in how care-experienced young people are supported in Plymouth according to Ofsted inspectors, who found ‘many improvements’ since their last visit in February 2024. The Council’s ambition and commitment to its role as a corporate parent were particularly highlighted.

    A focused visit in early July looked specifically at the arrangements for care leavers, who are young people aged 16 to 25-years-old who have previously lived in the local authority’s care. While focused visits do not result in a graded judgement, inspectors published a letter detailing their findings and areas for improvement today.

    The inspection found that ‘Plymouth City Council is an ambitious Corporate Parent, driven effectively by the Director of Children’s Services’.

    Councillor Jemima Laing, Cabinet Member for Children’s Social Care said: “There is a lot in this inspection letter to celebrate and I am incredibly proud that we are now delivering a better service to all our care-experienced young people.

    “We are absolutely committed to being corporate parents, which means supporting our care-experienced young people as a family would support their own young adult children. As every parent knows, your responsibility does not end once your child reaches adulthood.

    “By working closely with partners across the city, we can ensure that care leavers are properly supported at this crucial time in their lives.”

    Corporate parenting means that it is the collective responsibility of the Council and partner organisations to support children in care and care leavers. 

    Plymouth City Council is committed to supporting care leavers as set out in the updated corporate parenting strategy, ‘The Sky’s the Limit’ and in the comprehensive local support offer, which was commended by Ofsted. This includes dedicated help to access health, education and wellbeing services, as well as financial support.

    The Council also agreed to treat care experience as a protected characteristic in March 2023 and is a signatory of the Care Leavers Covenant.

    The Council’s Corporate Parenting Board meets four times a year and works to advise on best practices in fulfilling the council’s role as a corporate parent to ensure the best possible outcomes for children in care and care leavers. Ofsted inspectors noted that the Board ‘provides effective governance and oversight of the council’s work with care-experienced young people’.

    There are currently 200 care-experienced young people in Plymouth aged 18 to 21-years-old, and a further 86 young people aged between 21 and 25 who have chosen to continue receiving support from the Council.

    Each of these young people has a personal adviser (PA) who works closely with them to offer advice and support. The inspectors highlighted how positive these trusting relationships are: young people ‘describe their PAs as always being responsive and kind’ and ‘receive timely practical and emotional support from social workers and PAs who know them well’.

    One young person shared that their PA ‘is amazing, I have no negatives about her, she is trying her best to get the right support for me.’

    Inspectors also noted that care-experienced young people who are pregnant or parents receive ‘dedicated effective support’ to help them ‘succeed in their parenting, and reduce risks in meeting the needs of their children’.

    Karen Blake, Head of Service for Permanence at Plymouth City Council, said: “I am delighted by the recognition we have received from Ofsted about the improvements that have been made for our care-experienced young people. Our staff are extremely dedicated and work incredibly hard every day to support young people as they transition into adulthood.

    “While we’re very proud of these achievements, we know what we need to do to make our service even better and will be focusing on the further improvements that are required as a priority.”

    The inspection letter outlines two key areas for improvement. The first is the effectiveness of joint working with housing to improve the quality and availability of accommodation for care leavers, with a small number of young people having spent too long living in bed and breakfast accommodation.

    Joint working across the Council is already taking place to address this issue, which includes finding alternative accommodation that is more suited to individual young people’s needs.

    The other area for improvement is the identification and management of risk for young people. An additional team manager had already been recruited and has since started with the team, providing additional management capacity which will help to address this issue and work is being undertaken to improve quality assurance across the service.

    Councillor Laing continued: “We completely accept that there are still improvements that need to be made in order to give our young people the best possible start to their adult life. Council teams are working collaboratively to make these improvements as swiftly as possible and the Corporate Parenting Board will have oversight of these improvements.”

    The inspection letter also positively highlights how partnership working between the Council and health organisations means that ‘the physical health needs of young people are well considered and well met’, with access to a flexible nursing team and dental services. Support is given to help young people access mental health services and more work is underway to develop bespoke mental health support.

    Penny Smith, Chief Nursing Officer at NHS Devon said: “It is great to see the hard work that has been put into improving health services for care-experienced young people in Plymouth over the last 18 months recognised by OFSTED.

    “These improvements include improved access to mental health support and dental services and are the result of strong partnership working between numerous organisations.

    “Care-experienced young people in Plymouth have for some time had access to well established, flexible, and responsive nursing teams and these improvements further enhance the support offer available to them.

    “We are committed to continuing to further improve health services for care-experienced young people in Plymouth and growing the strong partnership arrangements we have in place to do this.”

    Read the full inspection letter on the Ofsted website.

    For more information about Plymouth’s offer to care-experienced young people, please visit: www.plymouth.gov.uk/care-leavers.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: /China Focus/ Beijing steps up recovery efforts after rare rainfall in city’s history

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 31 (Xinhua) — Beijing is stepping up efforts to restore power, clear roads and deliver essential supplies to residents displaced by flash floods and landslides caused by some of the most intense rainfall in the capital’s mountainous suburbs.

    In Miyun District, one of the hardest-hit areas of the Chinese capital, a temporary supply center in the village of Xizhuangzi was bustling with activity as of the morning of July 30, with supplies of bottled water, instant noodles, sausages and canned eggs ready to be shipped out.

    More than 60 tons of relief supplies were distributed across Miyun District on July 28 and 29, and four helicopters were deployed on the morning of July 30 to further deliver relief supplies. Repair crews were also dispatched to restore damaged communication and power lines, according to local authorities.

    As of midnight on July 28, 30 people had been confirmed dead in Beijing, including 28 in Miyun District and two in Yanqing District. Authorities said the Miyun Reservoir had recorded its highest inflow, highest water level and fastest outflow since it was built in 1959.

    In Yanqing, more than 4,200 people were evacuated. Some 488 rescue teams with a total of more than 8,300 personnel were dispatched to provide emergency assistance. Communications were restored to all previously cut-off villages, while damaged roads were cleared and basic utilities such as electricity were restored.

    Taotiaogou, a remote village in Yanqing, was the hardest hit. After more than 48 hours of rescue work, its 49 residents were gradually brought to safety.

    “I have never seen such a powerful flood in my life,” said 89-year-old Zhai Cheng’an, recalling how his home was quickly inundated by torrents of dirty water.

    Zhai Yonghui, deputy secretary of the Taotiaogou village party branch, said the downpour intensified at 10:20 p.m. on July 26, breaking local rainfall records. Yanqing County plans to help residents of the devastated village start new lives elsewhere.

    “The waters will recede and we will have our homes again. We believe in that,” he added.

    As part of ongoing restoration work, train services on the Beijing-Baotou high-speed railway will resume on Thursday after being suspended due to heavy rains in Beijing and Hebei province earlier this week, China Railway Hohhot Group Co., Ltd. said.

    Heavy rains also hit other parts of northern China.

    In Hebei province, eight people were confirmed dead and 18 were missing in Xinglong County, while eight people were killed after a rain-triggered landslide hit a village in Luanping County. Ten people were confirmed dead in Shanxi province after a mid-size bus carrying 14 passengers went missing on the morning of July 27 amid days of heavy rainfall. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-Evening Report: Labor well-placed to win three Bass seats in Tasmanian election, giving left a total of 20 of 35 MPs

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    Labor is well-placed to win three seats in the electorate of Bass at the Tasmanian election, although its party totals imply it deserves only two. This would give left-leaning MPs a total of 20 of 35 seats. Interstate, New South Wales Labor has surged to a large lead in a Resolve poll.

    The postal receipt deadline for the July 19 Tasmanian state election passed at 10am Tuesday. Final statewide vote shares
    were 39.9% Liberals (up 3.2% since the March 2024 election), 25.9% Labor (down 3.2%), 14.4% Greens (up 0.5%), 2.9% Shooters, Fishers and Farmers (up 0.6%), 1.6% Nationals (new) and 15.3% independents (up 5.7%).

    Tasmania uses the proportional Hare-Clark system to elect its lower house. There are five electorates corresponding to Tasmania’s five federal seats, and each electorate returns seven members, for a total of 35 lower house MPs.

    Under this system, a quota for election is one-eighth of the vote or 12.5%, but half of this (6.2%) is usually enough to give a reasonable chance of election. There’s no above the line section like for the federal Senate. Instead, people vote for candidates not parties, with at least seven preferences required for a formal vote.

    Robson rotation means that candidates for each party are randomised across ballot papers for that electorate, so that on some ballot papers a candidate will appear at the top of their party’s ticket and on others at the bottom.

    This means parties can’t control the ordering of their candidates. Independents can be listed in single-candidate columns.

    Leakage occurs when party candidates with more than one quota are elected and their surplus distributed, or when minor candidates are excluded and their preferences distributed. In the federal Senate, the large majority of votes are cast above the line, and these votes cannot leak from the party that received a first preference vote.

    The consequence of leakage is that parties will lose votes from their totals during the distribution of preferences when their own candidates are elected or excluded. Single-candidate tickets can’t lose votes, and will only gain as other candidates are excluded.

    Unlike other states and federally, the Tasmanian distribution of preferences is done manually. Before the distributions, analyst Kevin Bonham had called 14 of the 35 seats for the Liberals, ten for Labor, five for the Greens and four for left-leaning independents, leaving two undecided (the final seats in Bass and Lyons).

    Labor well-placed to win three seats in Bass

    Final primary votes in Bass gave the Liberals 3.34 quotas, Labor 2.20, the Greens 1.32, the Shooters 0.32 and independent George Razay 0.27. The Shooters and Razay had single-candidate tickets that can’t leak votes.

    After three days of preference distributions, vote shares in Bass are 3.30 quotas for the Liberals, 2.25 for Labor, 1.31 for the Greens, 0.40 for the Shooters and 0.37 for Razay.

    On quota fractions, the final seat in Bass looks as if it should go to the Shooters or Razay. However, with one Labor candidate already elected, the two leading Labor candidates (Jess Greene and Geoff Lyons) each have about 0.37 quotas with two Labor candidates still to be excluded.

    If the remaining Labor votes divide roughly evenly between Greene and Lyons, they would each have about 0.62 quotas. Greens preferences will then favour Labor whether their final opponent is the Shooters or the Liberals. So Labor is well-placed to win three seats in Bass despite their party total implying they only deserve two.

    If Labor wins the final Bass seat, Labor, the Greens and left-leaning independents would have a total of 20 of the 35 seats, making any Labor attempt to form government easier.

    In Lyons, final primary votes gave the Liberals 3.36 quotas, Labor 2.27, the Greens 1.08, the Shooters 0.53 and the Nationals 0.33. The Shooters had a single-candidate ticket.

    The Liberals now have 3.36 quotas, Labor 2.44, the Greens one, the Shooters 0.68 and the Nationals 0.34. Neither Labor nor the Liberals have any chance of pulling off an even split across candidates, so the Shooters will win the final Lyons seat.

    NSW Resolve poll: Labor surges to large lead

    A New South Wales state Resolve poll for The Sydney Morning Herald, conducted July 13–18 from a sample of 1,054, gave Labor 38% of the primary vote (up five since April), the Coalition 32% (down four), the Greens 13% (up two), independents 8% (down six) and others 10% (up four).

    Resolve does not usually give a two-party estimate for its state polls, but The Poll Bludger estimated a Labor lead by 57–43. Despite the strong voting intentions for Labor, Labor incumbent Chris Minns’ lead over Liberal Mark Speakman as preferred premier narrowed from 40–15 to 35–16. This indicates that Labor’s surge is due to the federal election result.

    Resolve polls taken well before an election have overstated the independent vote as they give independent as an option in all seats, when many seats don’t have viable independents. The six-point drop for independents in this poll suggests a different method is now being used.

    By 32–25, respondents expected their personal outlook in the next year to get better rather than worse, but by 25–21 they expected the NSW state outlook to get worse.

    Additional questions from federal Resolve poll

    I previously covered a national Resolve poll for Nine newspapers that gave Labor a 56–44 lead. On reforms, 36% thought the government should take the opportunity from its landslide re-election to undertake reforms, while 32% thought it should restrict itself to policies put forward at the election.

    By 47–20, respondents opposed raising the GST rate even if it would reduce other taxes. By 31–26, they supported reducing or ditching negative gearing concessions. By 36–27, they supported reducing or ditching capital gains tax concessions on properties.

    By 57–18, respondents thought the opposition should work with the government to negotiate changes, rather than just oppose major reforms.

    By 53–18, respondents thought Donald Trump’s election as United States president last November a bad outcome for Australia (68–11 bad in April, after Trump’s “liberation day” tariffs).

    By 46–22, they thought Australia becoming more independent from the US on foreign policy and national security would be good. By 38–26, voters blamed Trump more than Albanese for the lack of a meeting.

    Adrian Beaumont 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. Labor well-placed to win three Bass seats in Tasmanian election, giving left a total of 20 of 35 MPs – https://theconversation.com/labor-well-placed-to-win-three-bass-seats-in-tasmanian-election-giving-left-a-total-of-20-of-35-mps-261751

    MIL OSI Analysis – EveningReport.nz –

  • Tata Motors announces euro 3.8 billion acquisition of Iveco Group

    Source: Government of India

    Source: Government of India (4)

    Tata Motors Limited has announced plans to acquire Iveco Group N.V., a leading European commercial vehicle and mobility company, through an all-cash voluntary tender offer valued at approximately €3.8 billion.

    The proposed acquisition is subject to regulatory approvals and the successful separation of Iveco’s defence business. The deal aims to create a powerful global player in the commercial vehicle industry, combining complementary capabilities, a broader market presence, and a shared commitment to sustainable mobility.

    Under the terms of the deal, Tata Motors will acquire all issued common shares of Iveco Group—excluding its defence division—at €14.1 per share in cash. Completion of the transaction is conditional upon the separation of the defence business, which is expected to be finalised by March 31, 2026.

    The offer represents a 22–25% premium over Iveco’s average share price in the three months ending July 17, 2025. Factoring in the estimated €5.5–€6.0 per share extraordinary dividend from the defence division’s sale, the premium could increase to 34–41%.

    The merger will combine Tata Motors’ commercial vehicle division with Iveco’s operations, bringing together annual sales of approximately 540,000 units and revenues of €22 billion (INR 2.2 lakh crore). The combined revenue base will be spread across Europe (50%), India (35%), and the Americas (15%).

    “This is a logical next step following the demerger of Tata Motors’ Commercial Vehicle business,” said Tata Motors Chairman Natarajan Chandrasekaran. “It will allow the combined group to compete globally with two strategic home markets in India and Europe.”

    Olof Persson, CEO of Iveco Group, said the partnership with Tata Motors would strengthen industrial capabilities, accelerate innovation in zero-emission transport, and expand the company’s presence in key global markets.

    Tata Motors has secured full financing for the acquisition through a consortium led by Morgan Stanley and MUFG Bank. Clifford Chance, PwC, and Kearney are advising Tata Motors, while Goldman Sachs and law firms De Brauw and PedersoliGattai are advising Iveco Group.

    — ANI

  • MIL-OSI Asia-Pac: Residential mortgage loans in negative equity: End of June 2025

    Source: Hong Kong Government special administrative region – 4

    The following is issued on behalf of the Hong Kong Monetary Authority:

    The Hong Kong Monetary Authority announced today (July 31) the results of its survey on residential mortgage loans (RMLs) in negative equity at end-June 2025.
      
    The estimated number of RMLs in negative equity was 37 806 cases at end-June 2025, as compared to 40 741 cases at end-March 2025. These cases were mainly related to bank staff housing loans or RMLs under mortgage insurance programme, which generally have a higher loan-to-value ratio.
     
    The aggregate value of RMLs in negative equity decreased to HK$190.2 billion at end-June 2025 compared with HK$205.9 billion at end-March 2025.
     
    The unsecured portion of these loans decreased to HK$14.3 billion at end-June 2025 from HK$16.4 billion at end-March 2025.
     
    The three-month delinquency ratio of RMLs in negative equity remained at a low level of 0.21 per cent at end-June 2025 as compared to 0.17 per cent at end-March 2025.
     
    It is important to note that the figures derived from this survey relate only to RMLs provided by authorized institutions on the basis of first mortgages and which the reporting institution knows to be in negative equity (i.e. the outstanding loan amount with the reporting institution exceeds the current market value of the mortgaged property). Not included in these figures are RMLs associated with co-financing schemes which would be in negative equity if the second mortgages were taken into account. The extent to which such RMLs are in negative equity is not known because authorized institutions do not maintain records on the outstanding balances of the second mortgages. 
     
    The mortgage portfolios of the surveyed authorized institutions represent about 99 per cent of the industry total. The survey results have been extrapolated to estimate the position of the banking sector as a whole. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Residential Mortgage Survey Results for June 2025

    Source: Hong Kong Government special administrative region – 4

    The following is issued on behalf of the Hong Kong Monetary Authority:
     
         The Hong Kong Monetary Authority announced the results of the residential mortgage survey for June 2025.
     
         The number of mortgage applications in June increased month-on-month by 4.8 per cent to 8 581.
     
         Mortgage loans approved in June increased by 3.3 per cent compared with May to HK$27.5 billion. Among these, mortgage loans financing primary market transactions increased by 4.2 per cent to HK$9.3 billion and those financing secondary market transactions increased by 2.4 per cent to HK$15 billion. Mortgage loans for refinancing increased by 5.2 per cent to HK$3.2 billion. 
     
         Mortgage loans drawn down during June increased by 8.9 per cent compared with May to HK$17.7 billion. 
     
         The ratio of new mortgage loans priced with reference to HIBOR increased from 93.4 per cent in May to 94.7 per cent in June. The ratio of new mortgage loans priced with reference to best lending rates decreased from 1.9 per cent in May to 1.7 per cent in June.
     
         The outstanding value of mortgage loans increased month-on-month by 0.1 per cent to HK$1,885.6 billion at end-June. 
     
         The mortgage delinquency ratio stood at a low level of 0.13 per cent and the rescheduled loan ratio was unchanged at nearly 0 per cent.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HD implements multipronged mosquito control measures against chikungunya fever (with photos)

    Source: Hong Kong Government special administrative region – 4

         In response to the recent surge in chikungunya fever cases reported in neighbouring regions, the Housing Department (HD) announced today (July 31) that the HD has stepped up mosquito prevention and control efforts through a multipronged approach in all public rental housing estates under the HD’s management, and appeals to residents to strengthen mosquito prevention and control measures.

         “To prevent mosquito-borne diseases effectively, all estate offices under the HD have strengthened anti-mosquito measures and prevention work jointly with different stakeholders and other government departments. They are strengthening inspections in public areas and flower beds; upon detection of mosquito breeding grounds, immediate actions will be taken, including conducting fogging operations to eliminate adult mosquitoes, removal of stagnant water and water-holding containers, application of larvicides (e.g. temephos sand granules), and installation of mosquito traps,” said an HD spokesman.

         “We have taken measures to keep drains free of blockage and level all defective ground surfaces to prevent water accumulation. We have also continuously enhanced public education and publicity through posters and leaflets to remind the public to adopt mosquito control measures. We also invited the Food and Environmental Hygiene Department to conduct educational talks to disseminate the latest information on chikungunya fever and mosquito prevention to the residents,” the spokesman added.

         Public participation is crucial in addition to the efforts of government departments. The HD urged residents to join hands to implement mosquito prevention and control measures at home and other places promptly. The measures include:
     

    • Keep the environment clean by disposing of rubbish properly. Refuse like empty cans and food containers where water can accumulate easily should be disposed of in covered litter containers;
    • Clean the saucers under potted plants weekly to prevent water accumulation;
    • Change the water in vases and scrub their internal surfaces every week;
    • Keep water storage containers, such as buckets and basins, tightly covered; and
    • Check air-conditioner drip trays to prevent any water accumulation.

         Please visit the Centre for Health Protection’s thematic webpage for more information on chikungunya fever: www.chp.gov.hk/en/features/109029.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – How many degrees Celsius of global warming will actually be prevented by the EU’s intermediate target to decrease emissions by 90 % by 2040? – P-003042/2025

    Source: European Parliament

    Priority question for written answer  P-003042/2025
    to the Commission
    Rule 144
    Sander Smit (PPE)

    On 14 July 2025, Parliament’s Committee on the Environment, Public Health and Food Safety held an exchange of views with the Commission, during which MEP Sander Smit raised questions regarding the proposed target to reduce emissions by 90 % by 2040 and the broader implications of this. Specifically, he inquired to what extent the 90 % intermediate reduction target would contribute to limiting the rise in global temperatures. He also asked how the proposed target aligns with Article 2(1)(b) of the Paris Agreement, which requires that climate action be pursued in a manner that does not threaten food production. These oral questions remained unanswered by the Commission.

    • 1.According to the Commission, exactly how many degrees Celsius of global warming will be prevented by the EU’s intermediate target to reduce greenhouse gas emissions by 90 % by 2040?
    • 2.How will the Commission ensure that relevant implementing and emission reduction measures comply with Article 2 (1)(b) of the Paris Agreement, i.e. that these measures are pursued ‘in a manner that does not threaten food production’?

    Submitted: 23.7.2025

    Last updated: 31 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – EU support for the Islamist regime in Syria – E-002994/2025

    Source: European Parliament

    Question for written answer  E-002994/2025
    to the Commission
    Rule 144
    Barbara Bonte (PfE)

    Since the start of the crisis in Syria in 2011, the EU and its Member States have pledged upwards of EUR 37 billion in support for Syria and the region. That makes the EU and its Member States the largest donors of international aid to address the situation in Syria. At the recent donors’ conference in March 2025, the Commission pledged EUR 2.5 billion in support for the transition in Syria. In response to the conference, the Commission stated: ‘The European Union will continue to stand by the Syrian people, not only in responding to urgent humanitarian needs but in helping to build a just, inclusive, and stable future. Together, we are not just offering aid – we are investing in hope, resilience, and a path toward lasting peace.’ That the Commission is naive is borne out by the regime’s violent assaults on Alawites and, recently, on Druze, but also by the abolition of women’s rights.

    • 1.What conditions has the Commission attached to the allocation of funds?
    • 2.Why has the Commission not yet suspended the allocation of grants?
    • 3.How many Syrian refugees have returned to their homeland from the EU since the takeover in Syria?

    Submitted: 18.7.2025

    Last updated: 31 July 2025

    MIL OSI Europe News –

  • MIL-OSI China: China’s tally of marriage registrations down in 2024

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

    China recorded a total of 6.106 million marriage registrations throughout 2024, down 20.5 percent year-on-year, according to a bulletin of statistics issued by the Ministry of Civil Affairs Wednesday.

    The document also shows that the marriage rate among Chinese people was 4.3 per 1,000 people last year, a decrease of 0.11 percentage points from the previous year.

    In 2024, a total of 3.513 million divorces were concluded in China, according to the document.

    After nine consecutive years of decline from 2013 to 2022, China’s marriage registration numbers saw a brief rebound in 2023. However, the downward trend resumed in 2024 and continued into 2025.

    According to statistics released in April, China recorded 1.81 million marriage registrations in the first quarter of this year, marking an 8 percent drop from the same period last year.

    Li Ting, a population expert at Renmin University of China in Beijing, noted that last year’s decline in marriage registrations was partly due to the waning post-pandemic “compensatory” marriage effect and a shrinking population of people within the typical marriageable age range.

    According to calculations based on data from the National Bureau of Statistics, the number of people aged 20 to 39, the core marriageable age group, stood at around 435 million in 2013. By 2023, that number had dropped to approximately 371 million, a decline of about 64 million.

    Experts also point to shifting attitudes toward marriage and financial pressures as contributing factors behind the downward trend. Rising education levels and a growing emphasis on individualism have increasingly challenged traditional views on marriage, Li added.

    The decline in marriage rates is widely believed to be a factor in falling birth rates, trends that are fueling growing public concern. In response, authorities across China have rolled out a series of pro-marriage policies and measures to reverse the trend.

    In May, China’s revised marriage registration rules, which simplify paperwork and offer greater flexibility for couples, came into effect.

    The updated regulations eliminate the need for household registration books, which have long been necessary for marriage applications. Under the new rules, couples can register their marriage at any eligible registry nationwide, regardless of their household registration location.

    Besides, China has rolled out extended marriage leave in at least 27 provincial-level regions as part of ongoing efforts to foster a more family-friendly society.

    Over recent years, China has also launched a persistent campaign against exorbitant bride prices alongside lavish weddings in rural areas, in a bid to address irrational burdens related to marriage.

    A judicial interpretation on handling bride price-related disputes, issued by the Supreme People’s Court, came into effect in February 2024. It prohibited requesting money or other possessions in the name of marriage.

    MIL OSI China News –

  • MIL-OSI China: Beijing accelerates recovery efforts after rare downpours

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

    Beijing is ramping up recovery efforts to restore power, clear roads and deliver essential supplies to residents displaced by flash floods and landslides triggered by some of the most intense rainfall in the city’s mountainous outskirts.

    In Miyun District, one of the worst-hit areas, a makeshift supply hub in Xizhuangzi Village was bustling by Wednesday morning, with stacks of bottled water, instant noodles, sausages and preserved eggs ready for dispatch.

    More than 60 tonnes of emergency supplies were distributed across Miyun on Monday and Tuesday, and on Wednesday morning, four helicopters were deployed to continue airdropping relief materials. Repair crews were also dispatched to restore damaged communication and power lines, according to local authorities.

    As of midnight Monday, 30 people had been confirmed dead in Beijing, including 28 in Miyun District and two in Yanqing District. Authorities said that the Miyun Reservoir recorded its highest inflow, highest water level and fastest outflow since its construction in 1959.

    In Yanqing, more than 4,200 people have been relocated. Some 488 rescue teams, comprising over 8,300 personnel, were dispatched to carry out relief efforts. Communication has been reestablished in all previously unreachable villages, damaged roads cleared, and essential services such as power supply restored.

    Taotiaogou, a remote village in Yanqing, was among the hardest hit. After over 48 hours of rescue efforts, its 49 residents were gradually brought to safety.

    “I’ve never seen such ferocious floodwaters in my life,” said 89-year-old Zhai Cheng’an, recalling how his home was quickly engulfed by muddy torrents.

    Zhai Yonghui, deputy Party chief of Taotiaogou Village, said the downpour intensified at 10:20 p.m. on July 26, breaking local rainfall records. Yanqing District plans to help residents from the devastated village start a new life in other sites.

    “The water will recede, and we will have homes again. We believe in that,” he added.

    As part of ongoing recovery efforts, train services on the Beijing-Baotou high-speed railway will resume Thursday after being suspended due to severe rain in Beijing and Hebei Province earlier in the week, according to China Railway Hohhot Group Co., Ltd.

    The heavy rains have also battered other parts of northern China.

    In Hebei, eight people have been confirmed dead and 18 remain missing in Xinglong County, while eight people were killed after a rain-triggered landslide struck a village in Luanping County. In Shanxi Province, 10 people were confirmed dead after a midsize bus carrying 14 passengers went missing Sunday morning following days of heavy rainfall.

    MIL OSI China News –

  • MIL-OSI Banking: Euro area bank interest rate statistics: June 2025

    Source: European Central Bank

    31 July 2025

    Bank interest rates for corporations

    Chart 1

    Bank interest rates on new loans to, and deposits from, euro area corporations

    (percentages per annum)

    Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in June 2025. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months remained broadly unchanged at 3.29%. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 7 basis points to 3.41%. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 17 basis points to 3.54%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 7 basis points to 3.71%.

    As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 12 basis points to 1.93% in June 2025. The interest rate on overnight deposits from corporations fell by 5 basis points to 0.53%.

    The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 14 basis points to 3.97%.

    Table 1

    Bank interest rates for corporations

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for corporations (Table 1)

    Bank interest rates for households

    Chart 2

    Bank interest rates on new loans to, and deposits from, euro area households

    Data for cost of borrowing and deposit interest rate for households (Chart 2)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, showed no change in June 2025. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 9 basis points to 3.61%. The rate on housing loans with an initial rate fixation period of over one and up to five years stayed almost constant at 3.41%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years remained broadly unchanged at 3.47%. The rate on housing loans with an initial rate fixation period of over ten years stayed constant at 3.12%. In the same period the interest rate on new loans to households for consumption decreased by 13 basis points to 7.40%, driven by both the interest rate and the weight effects.

    As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year decreased by 7 basis points to 1.77%. The rate on deposits redeemable at three months’ notice stayed almost constant at 1.44%. The interest rate on overnight deposits from households remained broadly unchanged at 0.27%.

    Table 2

    Bank interest rates for households

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
    ** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for households (Table 2)

    Further information

    The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

    Notes:

    • In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
    • The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
    • Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
    • In addition to monthly euro area bank interest rate statistics for June 2025, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
    • As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.

    MIL OSI Global Banks –

  • MIL-OSI USA: CPSC Anchor It! Campaign Marks 10 Years: Fewer Furniture Tip-Overs Lead to Safer American Households

    Source: US Consumer Product Safety Commission

    WASHINGTON, D.C. – The U.S. Consumer Product Safety Commission (CPSC) is marking the 10th anniversary of the Anchor It! campaign, a landmark initiative launched in 2015 to address the deadly hazard of TV and furniture tip-overs. With the help of industry advocates and several parents who lost their children to tip-overs, CPSC started the campaign to educate parents and caregivers about the dangers of falling TVs and furniture amid widespread child injuries and fatalities. Campaign efforts contributed to a nearly 50-percent decline in tip-over-related injuries and deaths in the U.S. 
    The Anchor It! campaign promoted the use of anti-tip devices through video and radio Public Service Announcements, social media, and journalism. It showed consumers that the threat of furniture tip-overs is serious, but anchoring is simple.
    One of the biggest safety improvements of the past decade has been CPSC’s federal mandatory standard, which was directed by Congress through passage of the STURDY (Stop Tip-overs of Unstable, Risky Dressers on Youth) Act. The mandatory standard, which went into effect in September 2023, requires clothing storage units such as dressers and armoires to meet key stability requirements. CPSC continues to work with manufacturers and retailers to recall unsafe dressers and to keep them out of consumers’ homes.
    “CPSC has made great strides in the past 10 years to minimize these hazards and save lives,” said Acting Chairman Peter Feldman. “I am grateful for the work of our dedicated staff, safety advocates, and the American furniture industry, without whose collaboration none of this would be possible.” 
    Kimberly Amato, co-founder of Parents Against Tip-Overs (PAT), shared that the CPSC Anchor It! campaign has been an invaluable partner for PAT over the past decade. “The parents who founded PAT came together in the wake of their personal tragedies with a simple mission: to ensure no other children were injured or killed as the result of a tip-over,” she said. “Collaborating with CPSC to educate parents, grandparents, and caregivers of young children to prevent tip-over tragedies and ensure all communities know why and how to anchor their furniture has contributed to the success of our shared goal.”
    CPSC urges Americans to take essential steps to protect themselves and their families from dangerous tip-over risks:

    Anchor TVs and furniture, such as bookcases and dressers, securely to the wall.
    When anchoring is not possible, place TVs on a sturdy, low base, push the TV back as far as possible, and keep cable cords out of reach.
    Avoid storing appealing items such as toys and remotes where kids may be tempted to climb to reach for them; store heavier items on lower shelves.

    For consumers’ peace of mind, CPSC’s Anchor It! campaign website outlines three simple steps to install an anchoring kit correctly.  
    CPSC’s Anchor It! campaign has marked its 10th anniversary by preparing video testimonials from PAT parents affected by tip-over incidents. Media can download footage of the testimonials here.
    The Anchor It! campaign’s PSA safety video includes real-life footage of children and falling furniture. Media can download the video: “Even When You’re Watching.”

    About the U.S. CPSCThe U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risk of injury associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product-related incidents cost the nation more than $1 trillion annually. Since the CPSC was established more than 50 years ago, it has worked to ensure the safety of consumer products, which has contributed to a decline in injuries associated with these products. 
    Federal law prohibits any person from selling products subject to a Commission ordered recall or a voluntary recall undertaken in consultation with the CPSC.
    For lifesaving information:

    MIL OSI USA News –

  • MIL-OSI USA: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    Source: US Federal Emergency Management Agency

    Headline: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    lass=”text-align-center”>On this World Day Against Trafficking in Persons, Kristi Noem and the Department of Homeland Security continue taking action to disrupt criminal human trafficking organizations
    WASHINGTON – On this year’s World Day Against Trafficking in Persons, the Department of Homeland Security (DHS) is announcing a series of major crack downs against the worst of the worst criminal organizations: human trafficking rings

     
    The previous administration’s open border policies empowered human traffickers and allowed over 450,000 unaccompanied children to be illegally smuggled over the border

     
    Under President Trump and DHS Secretary Kristi Noem, the full weight of the American government is bringing the hammer down on human trafficking rings

      In just the first few months, the Trump administration has developed leads on thousands of human trafficking cases

     
    DHS has also cracked down on the criminal terrorist gang Tren de Aragua, which enriches itself through the sex trafficking of vulnerable young women

      The Trump administration has arrested more than 2,700 members of Tren de Aragua so far

     
    This crisis is fueled by organized crime networks: sophisticated cartels that exploited the weakness of the previous administration, especially its open border and refusal to enforce immigration law, to rake in billions from forced labor, brutal sexual exploitation, coercing innocent people into drug running, and other heinous crimes

     
    “The brave men and women of DHS are the best in the world at going after traffickers

    They are always able to track down those who are trafficking individuals, find the ringleaders, and rip that evil off by its head,” said Secretary Kristi Noem

    “I’m so thankful that I get the chance to lead individuals like that, and agents who get up every day to help save our children and to save women and men from the kind of slavery that we’ve seen

    ” 
    Below are some examples of how DHS is fighting to put human traffickers out of business: 

    July 28, 2025: As part of Operation Apex Predator, a Child Exploitation Investigations Unit initiative with the Cyber Crimes Center, Immigration and Customs Enforcement (ICE) Newark arrested four illegal alien child predators over the course of four days

    All four are registered sex offenders

    July 23, 2025: ICE arrested 243 illegal aliens in the Denver metro area

    Among those arrested were aliens wanted for human trafficking, and several members of transnational criminal organizations (TCOs), including Tren de Aragua (TdA), Los Zetas, and the Sinaloa Cartel

    July 22, 2025: Following an ICE Homeland Security Investigations (HSI) investigation, a resident of Laredo, Texas was sentenced to 63 months in prison for smuggling 101 migrants in a locked trailer

    Among the illegal aliens smuggled were 12 children

    The suspect was sentenced after pleading guilty to conspiracy to transport migrants

    July 21, 2025: As a result of an investigation by ICE HSI Rio Grande Valley, a convicted human smuggler was sentenced to 20 years in prison for possessing images of sexual assaults of prepubescent children

    July 10, 2025: ICE and Customs and Border Protection (CBP) executed criminal warrant operations at marijuana facilities in Carpinteria and Camarillo, California

    In these facilities, at least 14 migrant children were rescued from potential exploitation, forced labor, and human trafficking

    During this operation, federal officers also arrested at least 361 illegal aliens

    Among those arrested were criminals with convictions for kidnapping, rape, attempted rape, and attempted child molestation, among other charges

    July 10, 2025: As the result of an ICE New York investigation, the leader of a Mexican sex trafficking organization was sentenced to 188 months in prison for sex trafficking multiple victims by force, fraud, and coercion

    July 9, 2025: An ICE Del Rio investigation resulted in an illegal Honduran alien being sentenced to 10 years in prison, with three years of supervised release, for his role in smuggling thousands of aliens into the United States for financial gain

    His smuggling conspiracy spanned three years and involved thousands of aliens from 11 different countries

    July 7, 2025: Border Patrol agents assisted the U

    S

    Marshals in executing an arrest warrant on a high-priority target linked to a criminal syndicate operating in human exploitation

    The suspect, a U

    S

    citizen, was wanted for multiple charges, including procurement of persons, placing individuals into prostitution, residing in a house of prostitution, and profiting from the earnings of prostitution

    The suspect was arrested without incident in Yuma, Arizona

     
    June 24, 2025: HSI Nashville identified one child victim and one adult victim of labor trafficking

    During an immigration court proceeding, the child victim revealed that she and her 18-year-old brother had been forced by their sponsor to work to pay off their smuggling fees and to pay for the sponsor’s household expenses

    June 16, 2025: A worksite enforcement operation by ICE HSI targeted employers and subcontractors who knowingly hire illegal aliens

    During this operation, HSI Mobile identified and rescued a child and arrested eight foreign nationals for violating immigration law

    The child was found to be working among adults and was believed to have never attended school since entering the United States two years ago

    June 6, 2025: The Department of Justice (DOJ) indicted Kilmar Abrego Garcia, a Venezuelan illegal alien and member of MS-13 arrested by ICE, on charges of alien smuggling and conspiracy to commit alien smuggling

    Despite the mainstream media insisting for months that Garcia was an innocent “Maryland father,” he is now standing trial after evidence emerged of his involvement in criminal smuggling rings

    June 2, 2025: ICE Rio Grande Valley discovered a stash house in South Texas and subsequently arrested 16 illegal aliens

    The owner of the property admitted to harboring the illegal aliens, who came from five different countries

    A Mexican national was taken in for questioning for his role in human smuggling

    May 28, 2025: HSI New York special agents arrested an adult male from Ecuador at his residence for violations relating to the sexual exploitation of a child

    New York received information regarding a 15-year-old female who was apprehended near El Paso, Texas, after illegally entering the United States

    At that time, she was pregnant with the adult’s child and had been in a relationship with him in Ecuador since the age of thirteen

    The subject organized the smuggling of the teenager across the border to engage in sexual acts

    His mother sponsored her after her illegal entry, and the subject continued his relationship with the children, living with his mother in Harlem

    May 28, 2025: CBP issued a Withhold Release Order against Zhen Fa 7, a Chinese-flagged fishing vessel

    As a result, CBP officers at all U

    S

    ports of entry will detain seafood harvested by Zhen Fa 7 based on reasonable suspicion that the vessel uses forced labor to harvest such seafood

    May 28, 2025: Border Patrol agents in the San Diego Sector prevented an attempt to smuggle two Mexican nationals into the United States

    The attempt involved one United States citizen and one Mexican national, who attempted to smuggle the illegal aliens across the border using a truck

    Inside the truck were three fully loaded firearms, including a “ghost gun

    ” The suspected smugglers face felony charges of bringing in and harboring aliens, and unlawful acts involving firearms

     
    May 12, 2025: HSI Austin identified and rescued a child, arrested two Guatemalan nationals for violating immigration law, and initiated an HSI-led investigation of state and federal charges of human trafficking and statutory rape

    During a welfare check, HSI Agents, assisted by the FBI, identified a pregnant 14-year-old female residing with an unrelated adult male sponsor, later determined to be the biological father of the unborn child

    May 7, 2025: CBP’s Air and Marine Operations (AMO) interdicted a vessel with four illegal aliens from Uzbekistan that were being smuggled into Puerto Rico

    The vessel attempted to enter Puerto Rico on the island of Vieques; onboard were the four illegal aliens from Uzbekistan and three United States citizens

    The Uzbeki nationals did not have any documents for an authorized entry or stay in the United States

    May 4, 2025: Border Patrol agents in the Tucson Sector arrested a United States citizen and two Mexican nationals after a high-speed pursuit

    The United States citizen, who was driving the car and had an extensive criminal history, fled from law enforcement at high speed after failing to stop at an immigration checkpoint

    After crashing into another car, the three occupants fled on foot before being arrested

    The driver faces federal charges that include human smuggling, fleeing law enforcement, and endangering human life

    May 2, 2025: Four Mexican nationals in the United States illegally were charged for their roles in an international human smuggling conspiracy that brought aliens across the Canadian border into the United States for profit

    The smuggling organization had been operating for two years and smuggled hundreds of aliens per week through Canada

    The aliens or their family members would pay thousands of dollars to be smuggled into the United States

    April 29, 2025: CBP officers at the Area Port of San Luis arrested a woman in connection with the failed smuggling attempt of a child

    The suspect, a Mexican citizen, had sedated the child prior to attempting to cross the border

    The suspect also presented a false birth certificate and alleged that she was the mother; the officers discovered that there was no family relationship between the woman and the child

    April 2, 2025: CBP issued a Withhold Release Order against Taepyung Salt Farm, based on information that reasonably indicates the use of forced labor in the production of the company’s sea salt products

    As a result, CBP personnel at all U

    S

    ports of entry will detain sea salt products from Taepyung Salt Farm in South Korea

    March 25, 2025: After an ICE Arizona investigation with law enforcement partners, a human smuggling coordinator was sentenced to 30 months in prison for her role in smuggling over 100 Colombians into the United States

    She had been operating a travel agency in her native country, Colombia, where she would charge the victims a fee to travel to Mexico, with additional bribes required at Mexican airports

    February 14, 2025: Working with the Tennessee Bureau of Investigation, an ICE investigation led to a four-count indictment against eight defendants with ties to Tren de Aragua on charges related to their involvement with a transnational commercial sex enterprise

    Everyone can be part of the fight against human trafficking

    The DHS Blue Campaign can help you recognize human trafficking and provide resources to report suspicious activity to law enforcement

     
    ###

    MIL OSI USA News –

  • MIL-OSI USA: Trump tariff policy continues to cause chaos in American economy

    Source: US State of California 2

    Jul 30, 2025

    What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers. 

    SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of another lawsuit challenging the Trump administration’s illegal tariff debacle.  The tariffs continue to cause chaos in the national economy, raise prices for American families, and put California’s ongoing economic dominance under threat.

    “Trump’s illegal tariffs are stagnating our economy and hurting American families. Bragging that your unlawful policies are producing ‘BETTER THAN EXPECTED’ results while the economy slowed.  That’s like an F student bragging because they got a D-. We should all expect more from the executive branch. California will continue to stand up against Trump’s unlawful actions on behalf of all Americans.”

    Governor Gavin Newsom

    In the first six months of Trump’s presidency, the US economy slowed as a result of his policies. While Trump celebrates that his administration’s economic performance is “BETTER THAN EXPECTED,” American families continue to feel the pain from the impacts of his failed negotiations and increased prices. 

    Even Fox Business set the record straight on Fox News saying: Let’s be real clear here. Tariffs cost, they’re a tax. That tax often gets passed on to consumers.

    Consumers, retailers and the business economy are bracing for the impacts of Trump’s tariffs going into effect in August. Here’s how Trump’s failed tariff policy is impacting all Americans:

    • Fewer people are buying goods. Consumer spending is down to only a 1.4 percent annual rate in the second quarter — well below the 2.8 percent growth in spending in 2024.
    • Stockpiling in anticipation of price increases. Trump tariffs are expected to raise prices on groceries and even Trump officials have reportedly started stockpiling to prepare for price increases and shortages.
    • Prices are already increasing. Price increases due to tariffs could cost households on average an extra $2,400 in 2025, the Yale Budget Lab predicted in their most recent analysis.
       

    A one-two gut punch for California

    In addition to the national repercussions, Trump’s tariffs are having an outsized impact on California’s economy in recent months:

    • Families and workers will bear the brunt. Tariffs could cost households $25 billion and lead to a loss of over 64,000 jobs across California.
    • Businesses are also paying the price. California firms incurred $11.3 billion in tariff costs from January through May 2025, the highest of any state in the country.
    • Global supply chains will continue to be impacted, especially here at home. Recently, the Port of Los Angeles was operating at only 70% capacity due to ongoing tariffs and Southern California saw a 40% decline in job postings related to trade and logistics.

    Standing up for California 

    On April 16, Governor Newsom and Attorney General Rob Bonta filed a lawsuit arguing that President Trump lacks the authority to unilaterally impose tariffs through the International Economic Emergency Powers Act, creating immediate and irreparable harm to California, the world’s fourth largest economy, and nation’s leading manufacturing and agriculture state. Today’s amicus brief was filed as part of a separate lawsuit filed by private parties, but aligns with California’s arguments. The lawsuit is ongoing.
     

    “As the country braces for continuous chaos from President Trump’s illegal tariffs, standing united to fight for American consumers and businesses is more important than ever,” said Attorney General Bonta. “Today, I urge the U.S. Court of Appeals for the D.C. Circuit  to affirm the District Court’s decision that President Trump’s chaotic tariffs are unlawful — not one word in the International Emergency Economic Powers Act, the Trump Administration’s vehicle for these tariffs, authorizes tariffs. These illegal tariffs will affect everything from the cost of essential household items like food and toilet paper to the cost of housing. The tariff chaos is a man-made crisis, and California families and industries will pay the price.”

    Today’s brief was filed in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA) and argues that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority is unlawful. 

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    Jul 29, 2025

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    MIL OSI USA News –

  • MIL-OSI: TC Energy reports strong second quarter 2025 operating and financial results

    Source: GlobeNewswire (MIL-OSI)

    Solid execution and asset performance support higher 2025 financial outlook

    Market fundamentals drive customer demand for incremental capacity projects

    CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its second quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our commitment to safety and operational excellence continues to drive strong reliability, availability and financial performance, and we now expect our 2025 comparable EBITDA1 outlook to be higher, in the range of $10.8 to $11.0 billion.” Poirier continued, “Compelling fundamentals are unlocking further growth opportunities across our North American portfolio. To meet this unprecedented demand, we have announced $4.5 billion of new growth projects over the past nine months, including requests for incremental capacity on projects already announced — a trend we’re seeing on several projects currently in development. Our focus on project execution is also delivering tangible results and we expect to place approximately $8.5 billion of capital projects into service this year, on time and are tracking approximately 15 per cent below budget. We remain highly confident in our disciplined strategy and our ability to capture high-value, low-risk opportunities across North America that drive long-term shareholder value.”

    Financial Highlights
    (All financial figures are unaudited and in Canadian dollars unless otherwise noted)

    • Second quarter 2025 financial results from continuing operations2:
      • Comparable earnings1 of $0.8 billion or $0.82 per common share compared to $0.8 billion or $0.79 per common share in second quarter 2024
      • Net income attributable to common shares of $0.9 billion or $0.83 per common share compared to $0.8 billion or $0.78 per common share in second quarter 2024
      • Comparable EBITDA of $2.6 billion, compared to $2.3 billion in second quarter 2024
      • Segmented earnings of $2.0 billion compared to $1.7 billion in second quarter 2024
    • 2025 outlook:
      • Comparable EBITDA is now expected to be higher, in the range of $10.8 to $11.0 billion3, compared to previous outlook of $10.7 to $10.9 billion
      • Comparable earnings per common share (EPS) outlook remains consistent with our 2024 Annual Report, and is expected to be lower than 2024
      • Capital expenditures are anticipated to be $6.1 to $6.6 billion on a gross basis, or $5.5 to $6.0 billion of net capital expenditures4
    • Declared a quarterly dividend of $0.85 per common share for the quarter ending September 30, 2025.

    Operational Highlights

    • Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, up five per cent compared to second quarter 2024
      • Total NGTL System receipts set a new record of 15.5 Bcf on April 13, 2025
      • Canadian Mainline – Western receipts averaged 4.4 Bcf/d, up seven per cent compared to second quarter 2024
    • U.S. Natural Gas Pipelines daily average flows were 25.7 Bcf/d, in line with second quarter 2024
      • Deliveries to LNG facilities averaged 3.5 Bcf/d, up six per cent compared to second quarter 2024
    • Mexico Natural Gas Pipelines flows averaged 3.6 Bcf/d, three per cent higher than second quarter 2024
      • Set a daily flow record of 4.4 Bcf on April 22, 2025
    • Bruce Power achieved 98 per cent availability in second quarter 2025
    • Cogeneration power plant fleet achieved 93.4 per cent availability in second quarter 2025.

    Project Highlights

    • The Southeast Gateway pipeline is in service and we commenced the collection of tolls from the Comisión Federal de Electricidad (CFE) beginning May 2025. In July 2025, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE
    • The East Lateral XPress (ELXP) project, an expansion project on the Columbia Gulf system that connects supply to U.S. Gulf Coast LNG export markets, was placed in service in May 2025, with total project costs of approximately US$0.3 billion
    • On July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, anticipated in fourth quarter 2025
    • Upsized capacity on the previously announced Maysville and Pulaski projects — mainline extension projects off Columbia Gulf — to support incremental load growth in the region, including data centre development
    • Reached positive FID on $0.4 billion of expansion projects as part of the Multi-Year Growth Plan (MYGP). With in-service dates expected in 2027, the projects are designed to serve system demand growth and new supply on the NGTL System.
     
      three months ended
    June 30    		   six months ended
    June 30
    (millions of $, except per share amounts)   2025       20241       2025       20241  
                   
    Income              
    Net income (loss) attributable to common shares from continuing operations   862       804       1,840       1,792  
    per common share – basic $ 0.83     $ 0.78     $ 1.77     $ 1.73  
                   
    Segmented earnings (losses)              
    Canadian Natural Gas Pipelines   551       514       1,067       1,015  
    U.S. Natural Gas Pipelines   907       762       2,016       1,805  
    Mexico Natural Gas Pipelines   191       266       402       478  
    Power and Energy Solutions   312       220       447       472  
    Corporate   (7 )     (26 )     (12 )     (87 )
    Total segmented earnings (losses)   1,954       1,736       3,920       3,683  
                   
    Comparable EBITDA from continuing operations              
    Canadian Natural Gas Pipelines   923       846       1,813       1,692  
    U.S. Natural Gas Pipelines   1,089       1,003       2,456       2,309  
    Mexico Natural Gas Pipelines   319       286       552       500  
    Power and Energy Solutions   301       227       525       547  
    Corporate   (7 )     (14 )     (12 )     (30 )
    Comparable EBITDA from continuing operations   2,625       2,348       5,334       5,018  
    Depreciation and amortization   (671 )     (633 )     (1,349 )     (1,268 )
    Interest expense   (847 )     (783 )     (1,687 )     (1,563 )
    Allowance for funds used during construction   114       184       362       341  
    Foreign exchange gains (losses), net included in comparable earnings   55       (51 )     45       (8 )
    Interest income and other   49       68       100       143  
    Income tax (expense) recovery included in comparable earnings   (294 )     (143 )     (586 )     (424 )
    Net (income) loss attributable to non-controlling interests included in comparable earnings   (155 )     (141 )     (332 )     (312 )
    Preferred share dividends   (28 )     (27 )     (56 )     (50 )
    Comparable earnings from continuing operations   848       822       1,831       1,877  
    Comparable earnings per common share from continuing operations $ 0.82     $ 0.79     $ 1.76     $ 1.81  

    1          Results reflect continuing operations.

           
      three months ended
    June 30    		   six months ended
    June 30
    (millions of $, except per share amounts)   2025     2024     2025     2024
                   
    Cash flows1              
    Net cash provided by operations2   2,173     1,655     3,532     3,697
    Comparable funds generated from operations2,3   1,964     1,874     3,913     4,310
    Capital spending4   1,379     1,591     3,188     3,488
    Disposition of equity interest, net of transaction costs5   —     464     —     426
    Dividends declared              
    per common share $ 0.85 6 $ 0.96   $ 1.70 6 $ 1.92
    Basic common shares outstanding(millions)              
    – weighted average for the period   1,040     1,037     1,040     1,037
    – issued and outstanding at end of period   1,040     1,037     1,040     1,037
    1. Includes continuing and discontinued operations.
    2. Includes Liquids Pipelines earnings for the three and six months ended June 30, 2024 compared to Liquids Pipelines earnings of nil for the same periods in 2025. Refer to the 2024 Annual Report for additional information.
    3. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
    4. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information, of our Condensed consolidated financial statements for additional information.
    5. Included in the Financing activities section of the Condensed consolidated statement of cash flows.
    6. Reflects dividends declared following the Spinoff Transaction.

    CEO Message
    Through the first half of 2025, TC Energy safely and reliably delivered energy across North America, maximizing asset value through safety and operational excellence. Despite the volatility in commodity markets and a complex macroeconomic backdrop, our business continues to demonstrate resiliency, achieving 12 per cent growth in comparable EBITDA and 13 per cent growth in segmented earnings compared to second quarter 2024. Driven by strong performance and focused execution, we now expect our 2025 comparable EBITDA outlook to be higher, in the range of $10.8 to $11.0 billion, compared to the original outlook of $10.7 to $10.9 billion. We continue to advance our strategic priorities – executing a selective portfolio of growth projects, maintaining financial strength and agility, while maximizing the value of our assets through safety and operational excellence. Our performance continues to underscore the strength of our business model and our ability to consistently deliver solid growth, low risk and repeatable performance. TC Energy’s Board of Directors approved a quarterly common share dividend of $0.85 per common share for the quarter ending September 30, 2025, equivalent to $3.40 per common share on an annualized basis.

    Following the completion of the Southeast Gateway pipeline on schedule and under budget in the second quarter, we commenced the collection of tolls from the CFE beginning May 2025. This event represents a significant operational and financial milestone, and an important step for Mexico’s energy landscape and economic development. The Southeast Gateway pipeline is a transformative infrastructure project – serving as a critical artery for delivering natural gas to underserved regions in Southeast Mexico, driving economic growth and energy security while supporting the country’s transition to lower-emitting, more reliable sources of energy. In July, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE.

    As part of our ongoing efforts to maximize the value of our assets, on July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, which we anticipate in fourth quarter 2025. This outcome on our second-largest pipeline asset demonstrates our ongoing commitment to enhance system integrity and service reliability while ensuring timely capital recovery to maximize our long-term cash flow profile.

    We continue to execute our growth projects on-time and are tracking 15 per cent below budget on approximately $8.5 billion of assets expected to be placed into service this year. Year to date, we have placed into service approximately $5.8 billion of natural gas pipeline capacity projects, including the Southeast Gateway pipeline. In May, we successfully placed the East Lateral XPress (ELXP) project into service. As a strategic expansion of the Columbia Gulf Transmission system, ELXP delivers approximately 0.7 Bcf/d of firm natural gas capacity directly to Venture Global’s Plaquemines LNG terminal in Louisiana, reinforcing our role in enabling reliable, long-term energy supply to global markets.

    Fundamentals continue to drive significant growth opportunities for the incremental build-out of natural gas infrastructure across LNG export, coal-to-gas conversions, data centre demand and LDC reliability. Reflecting this momentum, we reached a positive FID on $0.4 billion of expansion facilities as part of MYGP; a program comprised of multiple distinct projects with targeted in-service dates between 2027 and 2030, subject to final company and regulatory approvals. Once complete, MYGP is expected to enable approximately 1.0 Bcf/d of incremental system throughput – further enhancing our ability to connect natural gas supply from competitive, low-cost basins to critical demand markets across North America. Additionally, we have upsized capacity on our previously announced Maysville and Pulaski projects. In aggregate, over the past nine months we have announced $4.5 billion of new capital projects, each underpinned by long-term take or pay contracts with strong counterparties and delivering a weighted average build multiple5 in the 5-7 times range. Our origination pipeline remains robust, with both the volume and scale of opportunities continuing to grow. We are seeing increased demand across multiple end-use sectors, with customers seeking additional capacity to upsize their projects. We believe this trend reflects strong underlying market fundamentals and reinforces our confidence in the long-term need for safe, reliable and affordable natural gas infrastructure.

    Looking ahead, we have clear visibility into a steady cadence of project announcements in the second half of 2025 and into 2026. Maintaining commitment to our annual net capital expenditure range of $6.0 to $7.0 billion, the majority of incremental capital is expected to be allocated toward the latter part of the decade. Our strategy remains centred on advancing low-risk, brownfield projects, underpinned by long-term contracts with strong counterparties, delivering attractive build multiples. This disciplined approach supports organic comparable EBITDA growth, underpins our three to five per cent annual dividend growth target, and enables ongoing deleveraging as we manage to our long-term target of 4.75 times debt-to-EBITDA6 ratio. These efforts collectively reinforce our commitment to sustainable, long-term value creation for shareholders.

    Finally, we released our 2025 Report on Sustainability. The report reaffirms TC Energy’s role in a collective effort to advance a lower-emissions energy system and demonstrates how we’re aiming to strike a balance between meeting growing energy demand and addressing rising global emissions, while collaborating closely with Indigenous rights holders, customers, neighbors and governments across Canada, the U.S. and Mexico. Key highlights include:

    • Reduced absolute methane emissions by 12 per cent between 2019 and 2024 while increasing natural gas throughput by 15 per cent and comparable EBITDA in our natural gas business by 40 per cent
    • A continued focus on methane intensity reduction, targeting cost-effective abatement across jurisdictions
    • Achieved a five-year low in our High Energy Serious Injury and Fatality rate, demonstrating tangible progress in safeguarding our people and operations
    • Signed over 40 relationship agreements with Indigenous communities across NGTL and Foothills pipeline systems since 2020.

    Teleconference and Webcast
    We will hold a teleconference and webcast on Thursday, July 31, 2025 at 6:30 a.m. (MT) / 8:30 a.m. (ET) to discuss our second quarter 2025 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

    Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

    A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13943. The webcast will be available for replay following the meeting.

    A replay of the teleconference will be available two hours after the conclusion of the call until midnight ET on August 7, 2025. Please call 1-855-669-9658 (Canada/U.S. toll free) or 1-412-317-0088 (International toll) and enter passcode 6101975.

    The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to home and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

    Forward-Looking Information
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to expected comparable EBITDA, comparable earnings in total and per common share and the sources thereof and anticipated capital expenditures, expectations with respect to the targeted debt-to-EBITDA leverage metric, expectations with respect to MYGP, including associated capital expenditures, timelines, and outcomes, expectations with respect to completed projects and expected impacts thereof, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to identified FERC rate cases, including timelines, processes and outcomes, expectations with respect to our strategic priorities, and the execution thereof, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about energy demand levels and drivers thereof, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability which is available on our website at www.TCEnergy.com.

    Non-GAAP and Supplementary Financial Measure
    This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA,a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

    This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

    With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

    This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

    Reconciliation
    The following is a reconciliation of adjusted debt and adjusted comparable EBITDAi.

      year ended December 31
    (millions of Canadian $) 2024     2023     2022  
               
    Reported total debt 59,366     63,201     58,300  
    Management adjustments:          
    Debt treatment of preferred sharesii 1,250     1,250     1,250  
    Equity treatment of junior subordinated notesiii (5,524 )   (5,144 )   (5,248 )
    Cash and cash equivalents (801 )   (3,678 )   (620 )
    Operating lease liabilities 511     457     430  
    Adjusted debt 54,802     56,086     54,112  
               
    Comparable EBITDA from continuing operationsiv 10,049     9,472     8,483  
    Comparable EBITDA from discontinued operationsiv 1,145     1,516     1,418  
    Operating lease costs 117     105     95  
    Distributions received in excess of (income) loss from equity investments 67     (123 )   (29 )
    Adjusted Comparable EBITDA 11,378     10,970     9,967  
               
    Adjusted Debt/Adjusted Comparable EBITDAi 4.8     5.1     5.4  
    i Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
    ii 50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
    iii 50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
    iv Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.
       

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403.920.7859 or 800.608.7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403.920.7911 or 800.361.6522

    Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2025/tce-2025-q2-quarterly-report.pdf

    1 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.

    2 Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.

    3 Based on USD/CAD foreign exchange rate of 1.35 for the second half of 2025.

    4 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

    5 Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

    6 Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP and Supplementary financial measure section of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

    The MIL Network –

  • MIL-OSI: Real Matters Reports Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    (all amounts are expressed in millions of U.S. dollars, excluding per share amounts and unless otherwise stated)

    TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the third quarter ended June 30, 2025.

    “Consolidated revenues increased 22% sequentially in the third quarter to $45.4 million, in line with a seasonal uptick in U.S. Appraisal purchase mortgage market volumes and double-digit revenue growth in all three segments. We posted positive consolidated Adjusted EBITDA(A) of $0.3 million, up from a loss of $1.9 million in the second quarter of 2025,” said Real Matters Chief Executive Officer Brian Lang.

    “We continued to launch new clients in the third quarter across all three of our segments and performed at the top of lender scorecards. Subsequent to quarter end, we also went live with our second Tier 1 lender in U.S. Title and added a new top-15 lender in U.S. Appraisal,” added Lang. “Overall, we remain on track with the execution of our strategy which is focused on growing market share and readying the business to scale up when mortgage market volumes normalize.”

    “The number of mortgages being originated at higher interest rates continues to rise, steadily expanding the pool of potential refinance candidates,” concluded Lang. “Currently, nearly 12 million mortgages have rates above 6%, and approximately 8 million of those mortgages have rates above 6.5%. This presents a significant opportunity for us once the rate environment begins to shift – and we are strategically positioned to capitalize on it.”

    Q3 2025 Summary

    • Consolidated revenue of $45.4 million, down 8% year-over-year as increased revenue in our U.S. Title segment was offset by lower year-over-year U.S. Appraisal revenue
    • Consolidated Adjusted EBITDA(A) of $0.3 million compared with $1.7 million in Q3’24
    • Net loss of $4.9 million, down from net income of $1.7 million in Q3’24 primarily due to an increase of $5.6 in net foreign exchange loss
    • Launched four new clients
    • Real Matters’ U.S. Appraisal mortgage origination volumes were down 16% year-over-year mainly due to lower purchase origination volumes
    • Real Matters’ U.S. Title mortgage origination volumes up 52% year-over-year due to net market share gains with clients and higher refinance origination market volumes
    • Cash and cash equivalents of $43.8 million and no outstanding debt as at June 30, 2025

    Financial and Operational Summary

        Quarter ended       Nine months ended   %
      2025   2025   2025   2024   2024   % Change1   2025   2024   Change1
        Q3   Q2   Q1   Q4   Q3   Quarter
    over
    Quarter    		 Year
    over
    Year    		   June 30 June 30   Year
    over
    Year
    Consolidated                                        
    Revenue $ 45.4   $ 37.3   $ 41.0   $ 45.6   $ 49.5     22%   -8%     $ 123.7   $ 127.1     -3%  
    Net Revenue(A) $ 11.9   $ 10.1   $ 10.9   $ 12.0   $ 13.1     18%   -10%     $ 32.8   $ 34.3     -5%  
    Adjusted EBITDA(A) $ 0.3   $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7     116%   -82%     $ (3.2 ) $ 1.3     -351%  
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     -119%   -386%     $ (4.8 ) $ 0.2     -2855%  
    Net (loss) income per diluted share $ (0.07 ) $ (0.03 ) $ 0.03   $ 0.00   $ 0.02     -133%   -450%     $ (0.06 ) $ 0.00     0%  
    Adjusted Net (loss) income(A) $ (0.5 ) $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7     58%   -129%     $ (2.0 ) $ 1.8     -211%  
    Adjusted Net (loss) income(A) per diluted share $ (0.01 ) $ (0.02 ) $ 0.00   $ 0.01   $ 0.02     50%   -150%     $ (0.03 ) $ 0.02     -250%  
                                             
    U.S. Appraisal segment                                        
    Revenue $ 32.6   $ 26.7   $ 29.4   $ 33.8   $ 37.5     22%   -13%     $ 88.6   $ 96.9     -8%  
    Net Revenue(A) $ 8.5   $ 7.3   $ 7.8   $ 9.0   $ 10.3     17%   -17%     $ 23.6   $ 27.0     -13%  
    Net Revenue(A) margin   26.2%     27.3%     26.5%     26.7%     27.6%             26.6%     27.9%      
    Adjusted EBITDA(A) $ 4.0   $ 2.6   $ 2.4   $ 4.1   $ 5.5     58%   -26%     $ 9.1   $ 12.6     -28%  
    Adjusted EBITDA(A) margin   47.7%     35.4%     30.9%     45.2%     53.2%             38.4%     46.6%      
                                             
    U.S. Title segment                                        
    Revenue $ 2.8   $ 2.3   $ 2.5   $ 2.4   $ 2.1     23%   30%     $ 7.6   $ 6.2     22%  
    Net Revenue(A) $ 1.5   $ 1.2   $ 1.4   $ 1.2   $ 0.9     24%   57%     $ 4.0   $ 2.8     43%  
    Net Revenue(A) margin   52.6%     52.1%     53.4%     49.8%     43.6%             52.7%     45.0%      
    Adjusted EBITDA(A) $ (1.7 ) $ (2.1 ) $ (1.8 ) $ (1.6 ) $ (1.9 )   19%   12%     $ (5.6 ) $ (5.2 )   -8%  
    Adjusted EBITDA(A) margin   -117.7%     -179.6%     -132.3%     -131.4%     -209.8%             -140.9%     -187.3%      
                                             
                                             
    Canadian segment                                        
    Revenue $ 10.0   $ 8.3   $ 9.1   $ 9.4   $ 9.9     19%   1%     $ 27.5   $ 24.0     14%  
    Net Revenue(A) $ 1.9   $ 1.6   $ 1.7   $ 1.8   $ 1.9     18%   0%     $ 5.2   $ 4.5     14%  
    Net Revenue(A) margin   18.7%     19.0%     18.9%     18.9%     19.0%             18.9%     18.9%      
    Adjusted EBITDA(A) $ 1.3   $ 1.0   $ 1.1   $ 1.2   $ 1.3     21%   -3%     $ 3.4   $ 2.9     19%  
    Adjusted EBITDA(A) margin   67.6%     65.7%     66.1%     67.7%     69.3%             66.5%     63.7%      
                                             
    Corporate segment                                        
    Adjusted EBITDA(A) $ (3.3 ) $ (3.4 ) $ (3.4 ) $ (3.1 ) $ (3.2 )   2%   -4%     $ (10.1 ) $ (9.0 )   -13%  
                                                                 

    Note 1 – Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.

    Conference Call and Webcast
    A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, July 31, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.

    To access the call:

    • Participants can dial-in to the conference call; however, pre-registration is required. To register, visit: https://register-conf.media-server.com/register/BI798e8af4ea274111bfa0efe3766760a2.
    • Once registered, you will receive an email including dial-in details and a unique access code required to join the live call.
    • Please ensure you have registered at least 10 minutes prior to the conference call start time.

    To listen to the live webcast of the call:

    The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.

    (A) Non-GAAP Measures
    The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by IFRS® Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three and nine months ended June 30, 2025 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.

    Real Matters financial results for the three and nine months ended June 30, 2025 are included in the unaudited interim condensed consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.

    Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:

                Quarter ended   Nine months ended
        Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   June 30,
    2025    		 June 30,
    2024
                                   
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     $ (4.8 ) $ 0.2  
    Operating expenses   11.9     12.1     12.7     12.6     11.8       36.5     34.6  
    Amortization   0.7     0.7     0.7     0.8     0.8       2.1     2.4  
    Restructuring expenses   0.1     –     0.4     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.3     0.3  
    Interest income   (0.4 )   (0.5 )   (0.5 )   (0.5 )   (0.5 )     (1.3 )   (1.3 )
    Net foreign exchange loss (gain)   4.7     0.2     (6.1 )   1.3     (0.9 )     (1.2 )   (1.1 )
    Loss (gain) on fair value of derivatives   0.3     0.6     1.7     (1.9 )   (0.1 )     2.6     (0.2 )
    Income tax (recovery) expense   (0.6 )   (0.9 )   (0.4 )   (0.2 )   0.2       (1.9 )   (0.6 )
    Net Revenue $ 11.9   $ 10.1   $ 10.9   $ 12.0   $ 13.1     $ 32.8   $ 34.3  
                                                 

    Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:

                Quarter ended   Nine months ended
        Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   June 30,
    2025    		 June 30,
    2024
                                   
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     $ (4.8 ) $ 0.2  
    Stock-based compensation expense   0.3     0.1     0.1     1.2     0.4       0.5     1.6  
    Amortization   0.7     0.7     0.7     0.8     0.8       2.1     2.4  
    Restructuring expenses   0.1     –     0.4     –     –       0.5     –  
    Interest expense   0.1     0.1     0.1     0.1     0.1       0.3     0.3  
    Interest income   (0.4 )   (0.5 )   (0.5 )   (0.5 )   (0.5 )     (1.3 )   (1.3 )
    Net foreign exchange loss (gain)   4.7     0.2     (6.1 )   1.3     (0.9 )     (1.2 )   (1.1 )
    Loss (gain) on fair value of derivatives   0.3     0.6     1.7     (1.9 )   (0.1 )     2.6     (0.2 )
    Income tax (recovery) expense   (0.6 )   (0.9 )   (0.4 )   (0.2 )   0.2       (1.9 )   (0.6 )
    Adjusted EBITDA $ 0.3   $ (1.9 ) $ (1.7 ) $ 0.6   $ 1.7     $ (3.2 ) $ 1.3  
                                                 

    The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:

                Quarter ended   Nine months ended
        Q3 2025   Q2 2025   Q1 2025   Q4 2024   Q3 2024   June 30,
    2025    		 June 30,
    2024
                                   
    Net (loss) income $ (4.9 ) $ (2.2 ) $ 2.3   $ (0.2 ) $ 1.7     $ (4.8 ) $ 0.2  
    Stock-based compensation expense   0.3     0.1     0.1     1.2     0.4       0.5     1.6  
    Amortization of intangibles   0.4     0.4     0.4     0.5     0.4       1.2     1.2  
    Restructuring expenses   0.1     –     0.4     –     –       0.5     –  
    Net foreign exchange loss (gain)   4.7     0.2     (6.1 )   1.3     (0.9 )     (1.2 )   (1.1 )
    Loss (gain) on fair value of derivatives   0.3     0.6     1.7     (1.9 )   (0.1 )     2.6     (0.2 )
    Related tax effects   (1.4 )   (0.3 )   0.9     –     0.2       (0.8 )   0.1  
    Adjusted Net (Loss) Income $ (0.5 ) $ (1.2 ) $ (0.3 ) $ 0.9   $ 1.7     $ (2.0 ) $ 1.8  
                                                 

    Forward-Looking Information
    This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

    The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

    The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2024, which is available on SEDAR+ at www.sedarplus.ca.

    Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

    About Real Matters
    Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

    For more information:
    Lyne Beauregard
    Vice President, Investor Relations and Corporate Communications
    Real Matters
    lbeauregard@realmatters.com
    416.994.5930

    The MIL Network –

  • MIL-OSI: CSW Industrials Reports Record Fiscal 2026 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, July 31, 2025 (GLOBE NEWSWIRE) — CSW Industrials, Inc. (NYSE: CSW or the “Company”) today reported record results for the fiscal 2026 first quarter period ended June 30, 2025.

    Fiscal 2026 First Quarter Highlights (comparisons to fiscal 2025 first quarter)

    • Total revenue increased 16.6% to a first quarter record of $263.6 million, driven by the recent acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks
    • Net income attributable to CSW of $40.9 million, increased 6.0% to a first quarter record, compared to $38.6 million
    • Earnings per diluted share (“EPS”) of $2.43, decreased 1.9% when compared to $2.47
    • Adjusted EPS of $2.85, excluding the amortization of acquisition-related intangible assets, increased 2.5% when compared to $2.78
    • EBITDA grew 5.3% to a first quarter record of $68.7 million
    • Paid down $40 million of debt at quarter-end, strengthening the balance sheet after borrowing $135 million for the Aspen Manufacturing acquisition during the quarter, resulting in a net leverage ratio (net Debt to EBITDA), in accordance with our credit facility, of 0.2x

    Comments from the Chairman, President, and Chief Executive Officer

    Joseph B. Armes, CSW Industrials’ Chairman, President, and Chief Executive Officer, commented, “I am very pleased to announce record revenue, net income, EBITDA, and adjusted EPS for the fiscal first quarter. These results were driven by the outstanding performance of our strategic acquisitions of PSP Products, PF WaterWorks, and, most recently, Aspen Manufacturing, which added complimentary, US manufactured, repair-focused air handlers and evaporator coils to the attractive HVAC/R end market. As we have demonstrated over the past decade, our disciplined allocation of capital to acquisitions of innovative products fuels additional future organic revenue growth by adding vitality to our product portfolio while increasing our market share.”

    Armes continued, “Organic volumes were down in the quarter off a challenging comparison, mostly driven by softer demand for products tied to weak housing activity. As we discussed on our previous earnings call, we continue to anticipate delivering full year organic growth in revenue and adjusted EBITDA for each segment, along with consolidated EPS growth and stronger operating cash flow, recognizing that timing can create quarterly fluctuations.”

    Fiscal 2026 First Quarter Consolidated Results

    Fiscal first quarter revenue was $263.6 million, a $37.5 million or 16.6% increase over the prior year period. Total revenue growth included $43.7 million or 19.3% inorganic growth contributed by the Aspen Manufacturing, PSP Products, and PF WaterWorks acquisitions, which are all reported within the Contractor Solutions segment, offset by a slight reduction in organic revenue of $6.2 million or 2.8%.

    Gross profit in the fiscal first quarter was $115.4 million, representing 7.5% growth over $107.4 million in the prior year period. Gross margin contracted 370 bps to 43.8%, compared to 47.5% in the prior year period. The gross margin decrease was primarily a result of the inclusion of recent acquisitions, unfavorable quarterly impact of sales mix and volume leverage, and the inflation of some material costs, including the direct and indirect impact from tariffs.

    Operating expenses were $60.6 million in the current fiscal quarter, compared to $52.4 million in the prior fiscal quarter due to additional expenses related to acquired companies. Operating expenses as a percentage of revenue were 23.0%, slightly lower than the prior year period of 23.2%.

    Operating income in the current period was $54.9 million compared to $55.1 million in the prior year period. Operating income as a percentage of revenue was 20.8%, compared to 24.3% in the prior year period. The decrease in operating margin was a result of the previously mentioned contraction in the gross margin.

    Interest expense, net of interest income, was $1.0 million, compared to interest expense of $2.5 million in the prior year period. The $1.5 million decrease in interest expense was a result of reduced average borrowing during the current fiscal quarter and one month of interest income earned on cash balances prior to funding the Aspen acquisition on May 1, 2025.

    Net income attributable to CSW (net of non-controlling interest in the joint venture) increased 6.0% to $40.9 million compared to the prior year period of $38.6 million. EPS was $2.43, compared to $2.47 in the prior period due to the incremental increase in shares outstanding resulting from the follow-on equity offering in September 2025. Adjusted EPS, after excluding the amortization of acquisition-related intangible assets, increased 2.5% to $2.85, compared to $2.78 in the prior year period.

    Fiscal 2026 first quarter EBITDA increased 5.3% to a record $68.7 million, up from $65.3 million in the prior year period. EBITDA margin contracted 280 bps to 26.1%, compared to 28.9% in the prior year period due to the contraction in gross margin offset slightly by leverage on operating expenses.

    The quarterly cash flows from operations of $60.6 million were mostly comparable to $62.7 million in the prior year period, with some routine fluctuations in working capital.

    Free cash flow, defined as cash flow from operations minus capital expenditures, was $57.7 million, as compared to $59.6 million in the prior year period.

    Following quarter-end, the Company announced its twenty-sixth consecutive regular quarterly cash dividend in the amount of $0.27 per share, which will be paid on August 8, 2025, to shareholders of record on July 25, 2025.

    The Company’s effective tax rate for the fiscal first quarter was 24.3%, as compared to 26.4% in the prior year period.

    Fiscal 2026 First Quarter Segment Results

    Contractor Solutions segment revenue was $196.7 million, a $36.3 million or 22.6% increase over the prior year period, comprised of inorganic growth of $43.7 million from the recent acquisitions of Aspen Manufacturing, PSP Products, and PF WaterWorks, offset by a 4.6% or $7.4 million reduction in organic revenue from decreased unit volumes. Organic unit volumes were down in the current quarter due to soft housing activity, a one-time stock up of inventory in the prior year period for a customer’s added distribution center network, higher preseason sales in our fiscal fourth quarter ended March 31, 2025, and consumers’ shift to repair of HVAC units versus replacement. As compared to the prior year period, net revenue growth was driven by the HVAC/R, electrical, and plumbing end markets. Segment operating income improved to $52.8 million compared to $49.9 million in the prior year period. The incremental profit resulted from the inclusion of recently acquired businesses and was partially offset by the impact of lower organic sales, as well as unfavorable volume leverage and sales mix. Segment operating income margin for the fiscal first quarter was 26.8% compared to 31.1% in the prior year period primarily due to the gross margin impact of recent acquisitions on our overall profit margin. Segment EBITDA in the fiscal first quarter increased 11.6% to $65.0 million, or 33.0% of revenue, compared to $58.3 million, or 36.3% of revenue in the prior year period.

    Specialized Reliability Solutions segment revenue was $36.8 million, flat to revenue reported in the prior year period. Revenue increased in the mining and energy end markets and declined in the general industrial and rail transportation end markets. Segment operating income was $5.2 million, as compared to $7.2 million in the prior year period, a decrease of 26.7%. Segment operating income margin for the fiscal first quarter was 14.2%, compared to the prior year period of 19.4% as a result of an escalation in commodity pricing, one-time expenses associated with the consolidation of a manufacturing facility, and unfavorable sales mix. Segment EBITDA in the fiscal first quarter was $6.5 million, or 17.7% of revenue, compared to $8.5 million, or 23.1% of revenue in the prior year period.

    Engineered Building Solutions segment revenue was $31.9 million, a 3.2% increase compared to $30.9 million in the prior year period. Segment operating income was $4.0 million, or 12.5% of revenue, as compared to the prior year period of $5.7 million, or 18.5% of revenue. The reduction in operating income was driven by the inflation of some project costs due to tariffs, as well as growth investment in the sales team and R&D to pursue prospective revenue opportunities. Segment EBITDA and EBITDA margin in the fiscal first quarter were $4.4 million and 13.9%, respectively, compared to $6.2 million and 20.1%, respectively, in the prior year period.

    All percentages are calculated based upon the attached financial statements. Share counts used in determining the diluted EPS are based on a weighted average of outstanding shares throughout the reporting period.

    Conference Call Information

    The Company will host a conference call today at 10:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. A live webcast of the call can be accessed at https://cswindustrials.gcs-web.com/. To access the call, participants may dial 1-877-407-0784, international callers may use 1-201-689-8560, and request to join the CSW Industrials earnings call.

    A telephonic replay will be available shortly after the conclusion of the call and until Thursday, August 14, 2025. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13754759. The call will also be available for replay via webcast link on the Investors portion of the CSW website www.cswindustrials.com.

    Safe Harbor Statement

    This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations, and financial performance and condition.

    The forward-looking statements included in this press release are based on our current expectations, projections, estimates, and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

    All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

    Non-GAAP Financial Measures

    This press release includes an analysis of adjusted diluted earnings per share attributable to CSW, adjusted net income attributable to CSW, adjusted effective tax rate, adjusted operating income and free cash flows, which are non-GAAP financial measures of performance. Attributable to CSW is defined to exclude the income attributable to the non-controlling interest in the Whitmore JV.

    CSW utilizes adjusted EBITDA (earnings before interest, tax, depreciation and amortization) as an additional consolidated, non-GAAP financial measure, which consists of consolidated net income including income attributable to the non-controlling interest in the Whitmore JV, adjusted to remove the impact of income taxes, interest expense, depreciation, amortization and impairment, and significant nonrecurring items.

    For a reconciliation of these measures to the most directly comparable GAAP measures and for a discussion of why we consider these non-GAAP measures useful, see the “Reconciliation of Non-GAAP Measures” section of this release.

    About CSW Industrials, Inc.

    CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CSW provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, architecturally-specified building products, energy, mining, and rail transportation. For more information, please visit www.cswindustrials.com.

    Investor Relations

    Alexa Huerta
    Vice President, Investor Relations and Treasurer
    214-489-7113
    alexa.huerta@cswindustrials.com


    CSW INDUSTRIALS, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited)
        Three Months Ended
    June 30,
    (Amounts in thousands, except per share amounts)     2025       2024  
    Revenues, net   $ 263,646     $ 226,177  
    Cost of revenues     (148,204 )     (118,756 )
    Gross profit     115,442       107,421  
    Selling, general and administrative expenses     (60,566 )     (52,361 )
    Operating income     54,876       55,060  
    Interest expense, net     (1,022 )     (2,520 )
    Other income, net     528       260  
    Income before income taxes     54,382       52,800  
    Provision for income taxes     (13,211 )     (13,950 )
    Net income     41,171       38,850  
    Less: Income attributable to redeemable noncontrolling interest     (246 )     (259 )
    Net income attributable to CSW Industrials, Inc.   $ 40,925     $ 38,591  
             
    Net income per share attributable to CSW Industrials, Inc.        
    Basic   $ 2.43     $ 2.48  
    Diluted   $ 2.43     $ 2.47  
             
    Weighted average number of shares outstanding:        
    Basic     16,808       15,534  
    Diluted     16,863       15,596  
    CSW INDUSTRIALS, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited)
    (Amounts in thousands, except for per share amounts)   June 30, 2025   March 31, 2025
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 37,990     $ 225,845  
    Accounts receivable, net of allowance for expected credit losses of $869 and $1,137, respectively     179,409       155,651  
    Inventories, net     217,671       194,876  
    Prepaid expenses and other current assets     15,962       16,489  
    Total current assets     451,032       592,861  
    Property, plant and equipment, net of accumulated depreciation of $117,394 and $113,219, respectively     99,742       93,415  
    Goodwill     365,412       264,092  
    Intangible assets, net     536,418       357,910  
    Other assets     83,315       70,787  
    Total assets   $ 1,535,919     $ 1,379,065  
             
    LIABILITIES AND EQUITY        
    Current liabilities:        
    Accounts payable   $ 64,560     $ 54,767  
    Accrued and other current liabilities     93,336       92,435  
    Total current liabilities     157,896       147,202  
    Long-term debt     95,000       —  
    Retirement benefits payable     1,072       1,083  
    Other long-term liabilities     151,690       138,347  
    Total liabilities     405,658       286,632  
    Commitments and contingencies (See Note 13)        
    Redeemable noncontrolling interest     20,433       20,187  
    Equity:        
    Common shares, $0.01 par value     178       177  
    Additional paid-in capital     509,100       501,286  
    Treasury shares, at cost (1,042 and 1,027 shares, respectively)     (130,111 )     (122,125 )
    Retained earnings     741,404       705,035  
    Accumulated other comprehensive loss     (10,743 )     (12,127 )
    Total equity     1,109,828       1,072,246  
    Total liabilities, redeemable noncontrolling interest and equity   $ 1,535,919     $ 1,379,065  
    CSW INDUSTRIALS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)
        Three Months Ended June 30,
    (Amounts in thousands)     2025       2024  
    Cash flows from operating activities:        
    Net income   $ 41,171     $ 38,850  
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation     3,929       3,622  
    Amortization of acquisition-related intangible assets & inventory step-up     9,411       6,312  
    Amortization of deferred financing fees     322       191  
    Provision for inventory reserves     242       517  
    Provision for credit losses     72       378  
    Share-based compensation     4,037       3,746  
    Net gain on disposals of property, plant and equipment     —       (13 )
    Net pension benefit     17       16  
    Net deferred taxes     790       2,084  
    Changes in operating assets and liabilities:        
    Accounts receivable     (7,788 )     (998 )
    Inventories     7,641       (6,766 )
    Prepaid expenses and other current assets     656       3,438  
    Other assets     43       28  
    Accounts payable and other current liabilities     6       10,923  
    Retirement benefits payable and other liabilities     92       327  
    Net cash provided by operating activities     60,641       62,655  
    Cash flows from investing activities:        
    Capital expenditures     (2,904 )     (3,101 )
    Proceeds from sale of assets     —       13  
    Cash paid for investments     —       (500 )
    Cash paid for acquisitions, net of cash received     (323,814 )     (50 )
    Proceeds from acquisitions’ true-up     —       470  
    Net cash used in investing activities     (326,718 )     (3,168 )
    Cash flows from financing activities:        
    Borrowings on line of credit     135,000       7,723  
    Repayments of line of credit     (40,000 )     (58,723 )
    Payments of deferred loan costs     (2,835 )     —  
    Purchase of treasury shares     (9,091 )     (7,891 )
    Payments of contingent consideration     (113 )     (113 )
    Dividends     (4,537 )     (3,262 )
    Net cash provided by (used in) financing activities     78,424       (62,266 )
    Effect of exchange rate changes on cash and equivalents     (202 )     (525 )
    Net change in cash and cash equivalents     (187,855 )     (3,304 )
    Cash and cash equivalents, beginning of period     225,845       22,156  
    Cash and cash equivalents, end of period   $ 37,990     $ 18,852  


    Reconciliation of Non-GAAP Measures

    We use adjusted earnings per share attributable to CSW, adjusted net income attributable to CSW, adjusted operating income, adjusted effective tax rate, and adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as revenue, cost of revenue, operating expense, operating income and net income attributable to CSW, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. Free cash flow is a non-GAAP financial measure and is defined as cash flow from operations less capital expenditures. We also believe these measures are useful for investors to assess the operating performance of our business without the effect of non-recurring items. In the following tables, there could be immaterial differences in amounts presented due to rounding.

    CSW INDUSTRIALS, INC.
    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO CSW TO ADJUSTED NET INCOME ATTRIBUTABLE TO CSW
    (Unaudited)
    (Amounts in thousands)   Three Months Ended June 30,
          2025       2024  
    Net income attributable to CSW   $ 40,925     $ 38,592  
             
    Adjusting items:        
    Amortization of acquisition-related intangible assets and inventory step-up     9,412       6,311  
    Amortization tax effect     (2,325 )     (1,559 )
    Adjusted net income attributable to CSW   $ 48,012     $ 43,344  
             
    Net Income Attributable to CSW per diluted common share   $ 2.43     $ 2.47  
             
    Adjusting Items, per dilutive common share:        
    Amortization of acquisition-related intangible assets and inventory step-up     0.56       0.40  
    Amortization tax effect     (0.14 )     (0.10 )
    Adjusted net income attributable to CSW per dilutive common share   $ 2.85     $ 2.78  
    CSW INDUSTRIALS, INC.
    Reconciliation of Net Income Attributable to CSW to EBITDA
    (unaudited)
    (Amounts in thousands)   Three Months Ended June 30,
          2025       2024  
    Net Income attributable to CSW   $ 40,925     $ 38,591  
    Plus: Income attributable to redeemable noncontrolling interest     246       259  
    Net Income   $ 41,171     $ 38,850  
             
    Adjusting Items:        
    Interest expense, net     1,022       2,520  
    Income tax expense     13,212       13,950  
    Depreciation & amortization     13,338       9,932  
    EBITDA   $ 68,742     $ 65,252  
    CSW INDUSTRIALS, INC.
    Reconciliation of Segment Operating Income to Segment EBITDA
    (unaudited)
    (Amounts in thousands)   Three months ended June 30, 2025
        Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Corporate and Other Consolidated
    Revenue, net   $ 196,740   $ 36,806   $ 31,896   $ (1,796 ) $ 263,646  
                 
    Operating Income   $ 52,759   $ 5,241   $ 3,999   $ (7,123 ) $ 54,876  
    % Revenue     26.8 %   14.2 %   12.5 %     20.8 %
                 
    Adjusting Items:            
    Other income (expense), net     698     (76 )   8     (102 )   528  
    Depreciation & amortization     11,540     1,337     416     45     13,338  
    EBITDA   $ 64,996   $ 6,503   $ 4,423   $ (7,180 ) $ 68,742  
    % Revenue     33.0 %   17.7 %   13.9 %     26.1 %
                 
    (Amounts in thousands)   Three months ended June 30, 2024
        Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Corporate and Other Consolidated
    Revenue, net   $ 160,418   $ 36,791   $ 30,893   $ (1,926 ) $ 226,177  
                 
    Operating Income   $ 49,884   $ 7,150   $ 5,723   $ (7,698 ) $ 55,060  
    % Revenue     31.1 %   19.4 %   18.5 %     24.3 %
                 
    Adjusting Items:            
    Other income (expense), net     396     (63 )   (7 )   (66 )   260  
    Depreciation & amortization     7,983     1,423     485     41     9,932  
    EBITDA   $ 58,263   $ 8,511   $ 6,201   $ (7,723 ) $ 65,252  
    % Revenue     36.3 %   23.1 %   20.1 %     28.9 %
    CSW INDUSTRIALS, INC.
    Reconciliation of Operating Cash Flow to Free Cash Flow
    (Unaudited)
    (Amounts in thousands)   Three Months Ended June 30,
          2025       2024  
    Net cash provided by operating activities   $ 60,641     $ 62,655  
    Less: Capital expenditures     (2,904 )     (3,101 )
    Free cash flow   $ 57,737     $ 59,554  
    EBITDA     68,742       65,252  
    Free cash flow % EBITDA     84.0 %     91.3 %

    The MIL Network –

  • MIL-Evening Report: Grattan on Friday: Aggrieved Liberals stamp their feet, testing Sussan Ley’s authority

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    As any leader of a political party knows, when you demote people they can become difficult, or worse.

    Among Opposition Leader Sussan Ley’s multiple problems are two very unhappy former frontbenchers. Sarah Henderson, who was opposition education spokeswoman last term, and Jane Hume, who had a high profile in finance, were dumped to the backbench in Ley’s reshuffle.

    There were mixed views about Ley’s judgement. But it was clear neither would take the relegation lying down.

    Henderson at the time declared she found it regrettable that “a number of high-performing Liberal women have been overlooked or demoted”. Hume said, ominously, “there is something very liberating about being on the backbench and being able to speak without having to stick to the party line and without having to stick to talking points”.

    This week, both women used their freedom to freelance.

    On the government’s student debt legislation, Henderson made her presence felt by moving an amendment designed to cap indexation. It got only a handful of votes from the crossbench. The opposition abstained.

    Also in the Senate, Hume put down her marker, on a motion moved by One Nation repudiating the net zero target. Predictably, Matt Canavan (Nationals) and Alex Antic (right-wing South Australian Liberal) voted for the motion. The Liberals’ official position – given they’re in no-man’s land, reviewing their policy – was to abstain. But Hume and Andrew McLachlan (a moderate from South Australia), voted against the motion.

    Hume has kept a regular spot on Sky News Australia, an opportunity to use her “liberated” voice.

    Then there’s Andrew Hastie who, despite being a frontbencher, doesn’t feel under collective discipline. Hastie, whom some see as a possible future leader, didn’t get his wish for a non-security portfolio in the reshuffle. Instead, the former defence spokesman was moved to home affairs, a broad job that presents many opportunities.

    When the Western Australian Liberal council passed a motion rejecting net zero at the weekend, Hastie gave his enthusiastic backing.

    He then got stuck into state Liberal leader Basil Zempilas, who had said the WA parliamentary party supported “the status quo on the net zero targets”.

    Hastie fired off a newsletter to supporters declaring, “This motion – moved and supported by my division of Canning – reflects a growing concern from mainstream Australians about our expensive energy bills, unreliable supply, and the erosion of our national sovereignty.

    “I was therefore disappointed to see [Zempilas] publicly dismiss those concerns.”

    The government was quick to exploit this, with Climate Change Minister Chris Bowen telling parliament on Thursday Hastie “will undermine any opposition leader he can find. He’s taking a practice run in Perth for what he intends to do in Canberra, some time in the next 12 months as we all know. He loves undermining leaders of the opposition.”

    Peter Dutton was a disaster for the Liberals, as the election drubbing showed. But he was (mostly) able to impose substantial unity on the parliamentary party.

    That was seen as a big achievement. But it had two downsides. At the time, it stifled what might have been useful internal debate, or warnings, that could have helped the opposition. And now it has left some Liberals who felt they held their tongues last time determined not to do so again. Even those not aggrieved for specific reasons are likely to be more inclined to be outspoken this term.

    Ley will not be able to impose the degree of discipline that Dutton did.

    Meanwhile, as the aggrieved Liberals were stamping their feet, their colleague James Paterson, new to his post of finance spokesman, was seeking to repair some of the political damage the opposition did by its attacks on the public service.

    The hostility to the public service goes back a long way – some might argue it’s ingrained in the Liberals’ DNA. It was strong during Scott Morrison’s prime ministership.

    Dutton promised massive cuts to the Canberra-based public service, which even the Liberals admit would have been unattainable. Hume’s plan to force public servants back into the office five days a week, a policy the opposition had to drop midway through the election campaign, has also left deep suspicion.

    For the Liberals, attacking the public service has always appeared a ready road to savings. But the political dangers are obvious. It is not the seats directly affected – the ACT always votes Labor. But assaults on the public service can be readily segued by the Coalition’s opponents into code for attacks on government services.

    Paterson, who’s also shadow minister for the public service, told an Australian Financial Review summit on government services, “It is not lost on me that promising significant cuts to the size of the APS or changing the way public servants work from home was poorly received and not just here in Canberra.”

    Paterson said, “I have great respect for public servants, and I recognise the significant contributions they make to our democracy.

    “The Coalition aspires to have a respectful, constructive relationship with the APS. We want a motivated, high-performing public service that works in genuine partnership with government to deliver the services Australians rely on. And we want it to do so as a trusted steward of taxpayer dollars.”

    On the basis of history, the public servants will remain suspicious of the Liberals; Paterson’s aim will be to mitigate that as much as possible.

    In a twist on the working-from-home debate, the secretary of the health department, Blair Comley, this week expressed some concern about the implications of the trend.

    “I don’t think anyone is suggesting we go back to a rigid five days a week and no flexibility,” Comley told the AFR summit. But he was worried about what was happening to “learning, development, mentoring, and what’s happening to the social capital”.

    Knowing the sensitivities of the issue, Comley was extremely careful with his words. Hume, having been burned once, was not putting her hand into this particular fire again. “That is not a policy that the Coalition has now, not a policy that we took to the election”, she said. There is a limit to being liberated.

    Michelle Grattan 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. Grattan on Friday: Aggrieved Liberals stamp their feet, testing Sussan Ley’s authority – https://theconversation.com/grattan-on-friday-aggrieved-liberals-stamp-their-feet-testing-sussan-leys-authority-262026

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Membership of Fundamental Review of Building Regulations Guidance

    Source: United Kingdom – Executive Government & Departments

    News story

    Membership of Fundamental Review of Building Regulations Guidance

    The government has appointed six members to the Fundamental Review of Building Regulations Guidance panel today.

    Today (31 July), the government has announced the appointment of six members to the Fundamental Review of Building Regulations Guidance panel.  

    The panel is being appointed to support work to deliver on the recommendation from the Grenfell Tower Public Inquiry Phase 2 report, accepted by the government, to review the statutory guidance which accompany the Building Regulations known as Approved Documents.

    In December 2024, we announced that the Building Safety Regulator would be leading a fundamental review of the building regulations guidance, to centre on how they are produced, structured and presented. The Fundamental Review of Building Regulations Guidance panel members will support and inform the review and the members each come with extensive experience across a range of sectors. 

    The panel will provide an interim update in early 2026 and a final report in Summer 2026.

    Minister for Building Safety, Alex Norris said:

    “The appointment of this panel is an important step in our response to the Grenfell Tower Inquiry. Guidance which supports compliance with Building Regulations must be clear, accurate, and practical, and subject to regular updates to ensure it remains effective.  

    “The work of the panel will support our delivery of 1.5 million new homes, by making compliance easier, improving safety and quality in construction, and ensuring greater confidence in the building safety system. I look forward to receiving the panel’s recommendations.”

    Background on the Approved Documents and Building Regulations system

    • The Building Regulations set the minimum required standards for building work, referred to as the ‘functional requirements’.  
    • The Approved Documents contain general guidance on the performance expected of materials and building work, including practical examples of how to achieve compliance in common building situations. 
    • The Grenfell Tower Inquiry raised concerns about the way that the statutory guidance is expressed. In April 2023, the responsibility for updating and keeping Approved Documents under review was transferred to the Building Safety Regulator (BSR), in line with their duty under the Building Safety Act 2022 to keep under review the safety and standards of buildings.  
    • In December 2024, the BSR was commissioned by the government to conduct a fundamental review of the statutory guidance, and the new panel has been appointed to inform this work.

    Further information

    The establishment of the panel was announced on 31 July 2025.

    The Grenfell Tower Phase 2 Inquiry recommended that the statutory guidance be urgently reviewed. On 2 December 2024 the Deputy Prime Minister announced a fundamental review of the statutory guidance to the Building Regulations. This panel will inform that review.   The panel’s role is advisory.  The aim is to produce an interim report in early 2026 and a final report by Summer 2026.   

    Further updates, including the panel’s Terms of Reference, will be published shortly.

    Panel members

    Dinah Bornat, Architect 

    Dinah is a renowned advocate for people-centred development. She is the Director & Co-founder of ZCD, a research-led practice based in London who work on residential, community and commercial projects. She has served as a design advocate for the Mayor of London and an adviser to local authorities and developers. 

    Dan Rossiter, Digital Expert

    Dan is the Built Environment Sector Lead at the British Standards Institute, and Vice-President Technical at the Chartered Institute of Architectural Technologists. He has previously provided his expertise to several national committees relating to information management and technical documentation in the built environment. 

    Danielle Michalska-Morris, Housebuilder 

    Danielle is the Director of Research and Technical Innovation at Taylor Wimpey. She brings to the panel her expert knowledge and experience in low carbon building design and building services.

    Rachel Ferguson, Planner 

    Rachel is Senior Development Manager at Pocket Living. She has extensive expertise in affordable housing, and brings her broad experience in planning including strategic masterplans, estate regeneration projects and new build residentials to this panel. 

    Professor Luke Bisby, Technical Expert

    Luke is the Chair of Fire and Structures and Director of Discipline at the University of Edinburgh. He served as an expert witness to the Grenfell Tower Inquiry, and will bring particular expertise on fire safety to this panel. 

    Dr Hywel Davies, Technical Expert    

    Hywel is the former technical Director for the Chartered Institution of Building Services Engineers (CIBSE). He served as the previous chair of DLUHC’s statutory committee, and the Building Regulations Advisory Committee. He brings to this panel his broad expertise on a range of technical areas.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –