NewzIntel.com

Category: Latin America

  • MIL-OSI Banking: Tariff-related disruptions to outweigh other oil and gas themes, says GlobalData

    Source: GlobalData

    Tariff-related disruptions to outweigh other oil and gas themes, says GlobalData

    Posted in Oil & Gas

    US tariffs and energy security are expected to remain the focal points for oil and gas trade in 2025. Tariff-induced trade tensions might exert downward pressure on the US and global economy in the near term, potentially affecting the energy demand. It is therefore important for the industry to assess the impact of macroeconomic themes of tariffs, along with geopolitics, and supply chain while charting out its growth plans, says GlobalData, a leading data and analytics company.

    GlobalData’s thematic report, “Top 20 Oil & Gas Themes – 2025,” identifies the top 20 themes that will impact the oil and gas industry in 2025. Besides macro themes, the ones enabling the transition towards clean energy, such as renewables, low-carbon hydrogen, carbon capture and storage (CCS), and electric vehicles (EV) are expected to have a potential impact on oil and gas operations in 2025 and beyond.

    Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “The US government initially imposed hefty import tariffs on most countries in line with their respective trade deficits, which were later normalized at 10% for a period of 90 days. As a result, the global economic forecast is clouded by the frequent changes in the US tariffs and the prospect of retaliatory rate increases from affected trading partners, especially China.”

    The industry has largely recovered from the geopolitical developments since 2022 that had vastly impacted global supply chains. While the global oil demand is anticipated to grow in 2025, fueled by consistent economic expansion in Asia, the stability of supply hinges on geopolitical risks and the production strategies of OPEC+ nations.

    Puranik adds: “A resolution to the conflict in Ukraine, along with incremental increases in OPEC+ output post-April 2025, could ensure adequate market supply, even in the face of stringent US sanctions on Iran and Venezuela.”

    Traditional oil and gas themes, namely LNG, shale, and integrated refineries will continue to enable companies to remain competitive in the energy market. The report also features disruptive tech themes, such as artificial intelligence (AI), blockchain, cloud computing, cybersecurity, the Internet of Things (IoT), and robotics.

    Puranik concludes: “GlobalData research shows that companies who invest in the right themes become success stories; those who miss the big themes ultimately fail. Given that so many themes are disruptive, it is very easy to be blindsided by industry outsiders invading the sector. In this scenario it is important to understand the biggest themes in the industry and the how they could help companies thrive in the rapidly changing energy dynamics.”

    MIL OSI Global Banks –

  • MIL-OSI Global: Pope Leo XIV’s link to Haiti is part of a broader American story of race, citizenship and migration

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

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

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

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

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

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

    A grandfather born in Haiti

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

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

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

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

    A three-pronged racial order

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

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

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

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

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

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

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

    The Martinez family fits squarely within this community.

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

    Life gets worse for people of color

    So why was Joseph Norval Martinez born in Haiti?

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

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

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

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

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

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

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

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

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

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

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

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

    The promise of Reconstruction crumbles

    The Martinez family didn’t stay in Haiti long.

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

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

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

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

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

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

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

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

    An American tale

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

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

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

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

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

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

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

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

    MIL OSI – Global Reports –

  • MIL-OSI China: China, Colombia trade expands amid closer bilateral ties

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

    Bilateral trade volume between China and Colombia rose 13.1 percent year on year to reach 149.63 billion yuan (about 20.8 billion U.S. dollars) in 2024, surpassing 120 billion yuan for the fourth consecutive year, official data showed on Wednesday.

    According to the General Administration of Customs, trade between the two countries hit a record high of 48.34 billion yuan in the first four months of 2025, marking an 8.5 percent year-on-year increase.

    Since the establishment of diplomatic relations 45 years ago, the two countries have witnessed steady growth of economic and trade ties with tangible fruits.

    China is now Colombia’s second-largest trading partner, while Colombia ranks as China’s fifth-largest trading partner in Latin America. Colombia’s agricultural products — ranging from coffee to cut flowers — are becoming increasingly popular in the Chinese market.

    MIL OSI China News –

  • MIL-OSI Russia: China-Colombia trade volume expands amid close bilateral ties

    Translation. Region: Russian Federal

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

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

    BEIJING, May 14 (Xinhua) — Bilateral trade between China and Colombia is expected to reach 149.63 billion yuan (about 20.8 billion U.S. dollars) in 2024, up 13.1 percent year on year, exceeding 120 billion yuan for the fourth consecutive year, official data showed Wednesday.

    According to the General Administration of Customs of the People’s Republic of China, trade turnover between the two countries in the first four months of this year broke another record, reaching 48.34 billion yuan (an increase of 8.5 percent).

    Since China and Colombia established diplomatic relations 45 years ago, both countries have seen steady growth in trade and economic ties.

    China is currently Colombia’s second-largest trading partner, while Colombia is the fifth-largest trader with China among Latin American countries. Colombian agricultural products, including coffee and cut flowers, are becoming increasingly popular in the Chinese market. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Han Zheng Meets with Chilean President

    Translation. Region: Russian Federal

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

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

    BEIJING, May 14 (Xinhua) — Chinese Vice President Han Zheng met with Chilean President Gabriel Boric in Beijing on Wednesday.

    Noting that this year marks the 55th anniversary of the establishment of diplomatic relations between the two countries and the 20th anniversary of the signing of the free trade agreement, Han Zheng said that since the establishment of diplomatic relations more than half a century ago, the relations between the two countries have maintained a good momentum of development and have long occupied a leading position among China’s diplomatic relations with other Latin American and Caribbean (LAC) countries.

    Han Zheng said that the fruitful meeting between the two heads of state has injected strong impetus into the development of China-Chile relations, adding that China is willing to work with Chile to effectively implement the important consensus reached by the two heads of state, continuously strengthen political mutual trust, continue to deepen practical cooperation, strengthen multilateral strategic coordination, advance the China-Chile comprehensive strategic partnership, and make new contributions to the building of a community with a shared future for China and the LAC.

    G. Boric said that Chile is willing to actively develop cooperation within the framework of the Belt and Road, strengthen practical cooperation with China in the economic, cultural, social and technological fields, jointly combat climate change, and uphold multilateralism and world peace. -0-

    MIL OSI Russia News –

  • MIL-OSI Security: Mexican fishermen indicted for illegal red snapper harvesting in U.S. waters

    Source: Office of United States Attorneys

    First illegal fishing case in Southern District of Texas with potential prison time

    BROWNSVILLE, Texas – A Brownsville grand jury has indicted a crew of four men from Matamoros, Mexico, for unlawfully transporting fish taken from the Gulf of America, announced U.S. Attorney Nicholas J. Ganjei.

    Previously arrested upon the filing of a criminal complaint, Miguel Angel Ramirez-Vidal, 32, Jesus David Luna-Marquez, 20, Jesus Roberto Morales-Amador, 27, and Jose Daniel Santiago-Mendoza, 22, are expected appear for their arraignment before U.S. Magistrate Judge Karen Betancourt May 22 at 1:45 p.m.

    On April 17, the crew of four allegedly attempted to transport and export roughly 315 kilograms of red snapper illegally taken from U.S. waters. The charges allege they intended to sell the fish in Mexico.

    The criminal complaint alleges authorities observed the crew’s panga-style fishing vessel in the Gulf of America, seven miles north of the U.S.-Mexico maritime boundary line and 21 miles east of South Padre Island (SPI).

    The crew was allegedly fishing with approximately four kilometers of heavy nylon fishing line and 1,200 fishing hooks. The complaint further alleges they were in an unmarked and unregistered vessel which was not flying the flag of any nation and operating without running lights. The charges allege none of the crew had a permit to fish in U.S. waters nor had a quota for red snapper in violation of federal law.

    If convicted, they face up to five years in federal prison and a possible $250,000 maximum fine.

    Immigration and Customs Enforcement-Homeland Security Investigations, Coast Guard Investigative Services, Coast Guard Station SPI, Customs and Border Protection Air and Marine Operations, National Oceanic and Atmospheric Administration, Texas Parks and Wildlife and South Padre Island Police Department conducted the joint investigation.

    Assistant U.S. Attorney William Hagen is prosecuting the case.

    An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

    MIL Security OSI –

  • MIL-OSI: Angola Entry via Strategic Partnership with Corcel plc Investment in KON-16 Onshore Kwanza Basin

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to announce the formation of a strategic partnership with Corcel, plc (AIM: CRCL) (“Corcel”) focused initially on opportunities in Angola.

    Specifically, Sintana and Corcel have entered into an agreement which provides for Sintana’s acquisition of an indirect 5% net interest in KON-16 located in the onshore Kwanza Basin in Angola. Sintana will acquire its interest through the acquisition of a 5.88% equity stake in a newly formed Special Purpose Vehicle (“SPV”) that will hold Corcel’s consolidated 85% gross interest in KON-16. Additionally, Sintana will receive a future 2.5% Net Profits Interest (“NPI”) on Corcel’s interest in KON-16 of up to $50,000,000, after which the NPI reduces to 1.5%. The consideration for the transaction is a total of US$2.5MM payable by way of an initial US$500,000 deposit and a balance of payment at closing, which is subject to entry into definitive documents and other completion conditions expected to occur in Q3 2025.

    KON-16 represents one of the most exciting opportunities in the onshore Kwanza Basin with a history of successful exploration establishing petroleum systems in both post- and pre-salt intervals. KON-16 has multiple exploration opportunities, including a large, multi-target prospect whose primary targets contain estimated unrisked volumes of several hundred million barrels of recoverable oil.

    Corcel and Sintana have also executed a Joint Study and Bid Agreement establishing an alliance to evaluate and pursue oil and gas exploration and production opportunities in Angola. Under the agreement, both parties commit to jointly collaborate on the identification and review of new opportunities. Participation in any specific opportunity is voluntary and subject to unanimous agreement on commercial and other bid terms.

    “Our emerging partnership with Corcel is emblematic of our strategy to work with best-in-class partners and deploy high impact capital that brings us exposure to large potential resource outcomes that require little additional capital,” said Robert Bose, CEO of Sintana. “We look forward to the expansion of our West African conjugate margin exposure through our acquisition of an interest in KON-16, one of the most promising blocks in a proven, underexplored basin,” he added.

    ABOUT SINTANA ENERGY:

    The Company is engaged in petroleum and natural gas exploration and development activities on six large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

    On behalf of Sintana Energy Inc.,

    “A. Robert Bose”
    Chief Executive Officer

    For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com

    Corporate Contacts:   Investor Relations Advisor:
    Robert Bose Sean Austin Jonathan Paterson
    Chief Executive Officer Vice-President Founder & Managing Partner
    212-201-4125 713-825-9591 Harbor Access
    475-477-9401
         

    Forward-Looking Statements

    Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 83 and/or PEL 90 and neighbouring properties, statements as to the future prospectivity of KON-16, the closing of the proposed transaction with Corcel as presently proposed or at all, the receipt of all applicable regulatory approvals, as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56e0d936-7e4d-49ce-8408-a41979ca8677

    The MIL Network –

  • MIL-OSI Russia: Chinese President Xi Jinping Meets with Chilean President /detailed version-1/

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BEIJING, May 14 (Xinhua) — Chinese President Xi Jinping on Wednesday met with Chilean President Gabriel Boric, who is in Beijing to attend the fourth ministerial meeting of the China-CELAC (Community of Latin American and Caribbean States) Forum.

    During the meeting, the Chinese head of state noted that this year marks the 55th anniversary of the establishment of diplomatic relations between the two countries. It is important for China and Chile to constantly fill the comprehensive strategic partnership between the two countries with the content of a new era, create a model for the joint development of China and Latin American countries, set an example of South-South cooperation, and jointly promote the cause of peace and progress of mankind, Xi Jinping said.

    China, Xi Jinping continued, is ready to work with Chile to strengthen political mutual trust, intensify exchanges of experience in public administration, firmly support each other on issues affecting the core interests and major concerns of the two countries, and protect their sovereignty, security and development interests.

    Xi Jinping called on the two countries to effectively implement the Belt and Road cooperation plan, deepen cooperation in agriculture, forestry, animal husbandry, fisheries, industrial investment, infrastructure and green mining, and create new growth points in areas such as astronomy, polar exploration, artificial intelligence, biomedicine and the digital economy.

    He said China supports more Chinese enterprises to invest and do business in Chile and welcomes more high-quality Chilean products to enter the Chinese market.

    Xi Jinping noted the importance for both sides to intensify civilizational mutual learning, effectively organize exchanges in the fields of education, culture, media and youth, and facilitate mutual travel of citizens of the two countries.

    As firm supporters of multilateralism and free trade, China and Chile should step up multilateral cooperation to safeguard the common interests of countries in the Global South, Xi added.

    Calling China Chile’s most important trading partner, Mr. Boric said bilateral cooperation has benefited the peoples of the two countries.

    Chile will firmly adhere to the one-China principle, expand cooperation with China in areas such as trade, investment, and AI, jointly promote high-quality cooperation under the Belt and Road Initiative, and strengthen people-to-people and cultural exchanges, he said.

    All countries should adhere to the principles of free trade, mutual benefit and win-win results. Trade should not serve only the interests of one country, he said, adding that waging a trade war only leads to a dead end.

    The Republic of Chile is willing to work with China to firmly uphold multilateralism and the authority of the United Nations, insist on resolving differences through dialogue, and jointly uphold international justice, he said.

    During G. Borich’s visit to China, the parties signed a number of documents on cooperation in such areas as economics, publishing, inspection and quarantine, mass media and think tanks. -0-

    MIL OSI Russia News –

  • MIL-OSI: Bitfarms Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    – Revenue of $67 million, up 33% Y/Y –
    – Gross mining margin of 43%, down from 63% from Q1 2024 –
    – Total energy pipeline of ~1.4 GW, ~80% based in the U.S. –
    – Private debt facility announced in April 2025 with division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline – 

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the first quarter ended March 31, 2025. All financial references are in U.S. dollars.  

    CEO Ben Gagnon stated, “During the quarter, we executed across several key areas in our strategic pivot to the U.S. and HPC. First, we completely transformed our energy portfolio with the strategic and profitable disposition of one of our Paraguayan Bitcoin mining campus, Yguazu, and the strategic acquisition of two large power campuses in Pennsylvania with the Stronghold acquisition. This materially reduced capex spending on Bitcoin mining and secured two high potential flagship campuses for HPC while further bolstering our liquidity position. Second, we strengthened our management team with two internal HPC/Infrastructure hires and two world-class external HPC/AI partners who are laser focused on developing and scaling our North American HPC/AI business. Lastly, we continued to make strides with our core Bitcoin mining business, growing our EHuM over 50% in the quarter and achieving our efficiency target of 19 w/TH ahead of schedule. The mining business now provides a stable, low-capex and free cash flow foundation for the Company that positions us very well to grow and develop our U.S. assets into HPC/AI data centers while still capitalizing on any potential Bitcoin upside in 2025 and 2026.

    “We continued this momentum into Q2, having already secured an attractive financing facility for up to $300 million with a division of Macquarie Group, one of the world’s largest and most reputable infrastructure investors, to fund HPC data center development at our Panther Creek campus. Panther Creek has the scale, location, power availability, and fiber connectivity that is attracting notable HPC counterparties. This campus also has the quickest energization timeline of our three PA sites, and extensive work is underway on the Site Map Plans, development timelines, budgets and other key initiatives needed in order to begin construction.”

    CFO Jeff Lucas stated, “We are excited to have joined forces with Macquarie to finance our HPC business cost-effectively and with much less dilution than equity funding, creating long-term value for shareholders. In addition to funding the initial phase of our buildout of Panther Creek, their expertise and vast experience in HPC infrastructure financing will be integral as we look to further scale our project and expand to other sites within our portfolio.  With strong and steady mining economics, no plans for additional large miner purchases, minimal impact expected from potential tariffs, and near-term capital expenditures funded or with financing in place, we are confident that our strong financial position will enable us to efficiently and cost-effectively grow our HPC business in the U.S.” 

    Mining Operations

    • Current hashrate of 19.5 EHuM, up 200% from 6.5 EHuM as of March 31, 2024
    • Current efficiency of 19 w/TH, an improvement of 44% from 34 w/TH as of March 31, 2024

    Recent Strategic Developments 

    • Completed acquisition of Stronghold Digital Mining, Inc.
    • Completed sale of 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies Ltd.
    • Secured private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ HPC data center potential
    • Strengthened management team with two new strategic hires, James Bond, SVP of HPC/AI, and Craig Hibbard, SVP of Infrastructure
    • Completed feasibility assessments for all U.S. sites with two strategic partners, ASG and World Wide Technology, advancing HPC/AI business
    • Initiated Bitcoin One program following the success of  Synthetic HODLTM program in 2024

    Q1 2025 Financial Highlights

    • Total revenue of $67 million, up 33% Y/Y
    • Gross mining margin of 43%, down from 63% in Q1 2024
    • General and administrative expenses of $20 million, inclusive of $2 million in non-recurring expenses related to closing transactions with Stronghold and Hive, compared to $13 million in Q1 2024
    • Operating loss of $32 million compared to an operating loss of $24 million in Q1 2024
    • Net loss of $36 million, or $0.07 per basic and diluted share compared to a net loss of $6 million or $0.02 per basic and diluted share in Q1 2024
    • Adjusted EBITDA* of $16 million, or 23% of revenue, down from $23 million or 46% of revenue in Q1 2024
    • The Company earned 693 BTC at an average direct cost of production per BTC* of $47,800
    • Total cash cost of production per BTC* was $72,300 in Q1 2025

    Liquidity**
    As of May 13, 2025, the Company had total liquidity of approximately $150 million. 

    Q1 2025 and Recent Financing Activities

    • Sold 428 BTC at an average price of $87,100 for total proceeds of $37 million in Q1 2025. Earned 268 BTC and sold 350 BTC during April 2025, generating total proceeds of $30 million. A portion of the funds was used to pay capital expenditures to support the Company’s growth and efficiency improvement objectives and to supplement our Bitcoin One market operations program.
    • As of May 13, 2025, the Company held 1,166 BTC.
    • Raised $24 million in net proceeds during January 2025 under the Company’s 2024 at-the-market equity offering program (“ATM”). During the period from January 24, 2025 through May 13, 2025, the Company issued zero shares through the ATM.

    Quarterly Operating Performance

      Q1 2025   Q4 2024   Q1 2024
    Total BTC earned                        693                             654                          943
    BTC received through hosting revenue                            6                               —                            —
    BTC sold                        428                             502                          941
      As of March 31,   As of December 31,   As of March 31,
      2025   2024   2024
    Operating EH/s                       19.5                            12.8                           6.5
    Average Watts/Average TH efficiency***                          20                               22                            35
    Operating capacity (MW)                        461                             394                          240
               

    Quarterly Average Revenue**** and Cost of Production per BTC*

      Q1 2025
    		   Q4 2024
    		   Q3 2024
    		   Q2 2024
    		   Q1 2024
    Avg. Rev****/BTC $ 92,500   $ 82,400   $ 60,900   $ 65,800   $ 52,400
    Direct Cost*/BTC $ 47,800   $ 40,800   $ 36,600   $ 30,600   $ 18,400
    Total Cash Cost*/BTC $ 72,300   $ 60,800   $ 53,700   $ 47,600   $ 27,900

    * Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.

    ** Liquidity represents cash and balance of unrestricted digital assets.

    *** Average watts represent the energy consumption of miners.

    **** Average revenue per BTC is for mining operations only and excludes Volta revenue and Hosting revenue.

    Conference Call 

    Management will host a conference call today at 8:00 am EST. All Q1 2025 materials will be available before the call and can be accessed on the ‘Financial Results’ section of the Bitfarms investor site.  

    The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    Non-IFRS Measures*
    As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.

    The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.

    About Bitfarms Ltd.
    Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    http://x.com/Bitfarms_io
     https://www.instagram.com/bitfarms/
     https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • BTC BTC/day = Bitcoin or Bitcoin per day
    • EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • Q/Q = Quarter over Quarter
    • Y/Y = Year over Year
    • Synthetic HODL™ = the use of instruments that create Bitcoin equivalent exposure
    • HPC/AI = High Performance Computing / Artificial Intelligence

    Forward-Looking Statements 
    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy,  opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the ability to enhance the business of the Company through adding additional human resources and consulting groups to HPC/AI strategies, the benefits of a second principal office in the U.S., the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms  operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on  www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law.   Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Caroline Brady Baker
    Director, Communications and Marketing
    cbaker@bitfarms.com  

    Bitfarms Ltd. Consolidated Financial & Operational Results
     
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues 66,848     50,317     16,531     33 %
    Cost of revenues (67,390 )   (60,999 )   (6,391 )   10 %
    Gross loss (542 )   (10,682 )   10,140   (95)%
    Gross margin (1) (1)% (21)%   —     —  
             
    Operating expenses        
    General and administrative expenses (20,173 )   (13,196 )   (6,977 )   53 %
    Gain on disposition of property, plant and equipment and deposits 5,586     170     5,416   nm
    Impairment of non-financial assets (17,230 )   —     (17,230 ) (100)%
    Operating loss (32,359 )   (23,708 )   (8,651 )   36 %
    Operating margin (1) (48)% (47)%   —     —  
             
    Net financial income 2,110     11,443     (9,333 ) (82)%
    Net loss before income taxes (30,249 )   (12,265 )   (17,984 )   147 %
             
    Income tax recovery (expense) (5,626 )   6,285     (11,911 ) (190)%
    Net loss (35,875 )   (5,980 )   (29,895 )   500 %
             
    Basic and diluted net loss per share  (in U.S. dollars) (0.07 )   (0.02 )   —     —  
    Change in revaluation surplus – digital assets, net of tax (13,421 )   17,433     (30,854 )   (177 %)
    Total comprehensive income (loss), net of tax (49,296 )   11,453     (60,749 )   (530 %)
             
    Gross Mining profit (2) 28,043     31,340     (3,297 ) (11)%
    Gross Mining margin (2) 43 %   63 %   —     —  
    Adjusted EBITDA (2) 15,086     23,324     (8,238 ) (33)%
    Adjusted EBITDA margin (2) 23 %   46 %   —     —  

    nm: not meaningful

    1 Gross margin and Operating margin are supplemental financial ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
    2 Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 9 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
       
    Bitfarms Ltd. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA 
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues 66,848     50,317          16,531     33 %
             
    Net loss before income taxes (30,249 )   (12,265 )      (17,984 )   147 %
    Interest income (305 )   (302 )                (3 )   1 %
    Depreciation and amortization 29,693     38,977          (9,284 ) (24)%
    EBITDA (861 )   26,410        (27,271 ) (103)%
    EBITDA margin (1)%   52 %                —               —     
    Share-based payment 4,437     3,094            1,343     43 %
    Impairment of non-financial assets 17,230     —          17,230     100 %
    Gain on revaluation of warrants (5,618 )   (9,040 )          3,422   (38)%
    Gain on disposition of marketable securities (391 )   (338 )              (53 )   16 %
    Gain on settlement of Refundable Hosting Deposits (945 )   —              (945 ) (100)%
    Professional services not associated with ongoing operations 1,671     —            1,671     100 %
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1) —     2,387          (2,387 )   100 %
    Net financial (income) expense and other (437 )   811          (1,248 ) (154)%
    Adjusted EBITDA 15,086     23,324          (8,238 ) (33)%
    Adjusted EBITDA margin 23 %   46 %   —     —      
       
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
       
    Bitfarms Ltd. Calculation of Gross Mining Profit and Gross Mining Margin
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Gross loss      (542 )   (10,682 )      10,140   (95)%
    Non-Mining revenues¹ (1,985 )        (894 )       (1,091 )   122 %
    Depreciation and amortization   29,693       38,977         (9,284 ) (24)%
    Electrical components and salaries         877             708              169     24 %
    Sales tax recovery – prior years – energy and infrastructure²            —         2,028         (2,028 )   100 %
    Other            —         1,203         (1,203 )   100 %
    Gross Mining profit   28,043       31,340         (3,297 ) (11)%
    Gross Mining margin 43 %   63 %              —               —     

    nm: not meaningful

    (1 ) Non-Mining revenues reconciliation:
         
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Revenues       66,848           50,317           16,531     33 %
    Less Mining related revenues for the purpose of calculating gross Mining margin:        
    Mining revenues³     (64,863 )       (49,423 )       (15,440 )   31 %
    Non-Mining revenues         1,985               894             1,091     122 %

    nm: not meaningful

    (2 ) Sales tax recovery relating to energy and infrastructure expenses has been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
    (3 ) Mining revenues include revenues from sale of computational power used for hashing calculations and revenues from computational power sold in exchange of services.
         
    Bitfarms Ltd. Calculation of Direct Cost and Direct Cost per BTC
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Cost of revenues      67,390          60,999            6,391     10 %
    Depreciation and amortization    (29,693 )      (38,977 )          9,284   (24)%
    Electrical components and salaries          (877 )            (708 )            (169 )   24 %
    Infrastructure expenses      (3,677 )        (1,974 )        (1,703 )   86 %
    Sales tax recovery – prior years – energy and infrastructure (1)              —          (2,028 )          2,028     100 %
    Other              —                  —                  —     — %
    Direct Cost      33,143          17,312          15,831     91 %
             
    Quantity of BTC earned           693               943              (250 ) (27)%
    Direct Cost per BTC (in U.S. dollars)      47,800          18,400          29,400     160 %
                           
    Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost per BTC
       
      Three months ended March 31,
    (U.S.$ in thousands except where indicated) 2025     2024     $ Change     % Change  
    Cost of revenues      67,390          60,999            6,391     10 %
    General and administrative expenses      20,173          13,196            6,977     53 %
           87,563          74,195          13,368     18 %
    Depreciation and amortization    (29,693 )      (38,977 )          9,284   (24)%
    Non-cash service expense (2)          (785 )                —              (785 ) (100)%
    Electrical components and salaries          (877 )            (708 )            (169 )   24 %
    Share-based payment      (4,437 )        (3,094 )        (1,343 )   43 %
    Professional services not associated with ongoing operations      (1,671 )                —          (1,671 ) (100)%
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)              —          (2,387 )          2,387     100 %
    Other              —          (2,744 )          2,744     100 %
    Total Cash Cost      50,100          26,285          23,815     91 %
             
    Quantity of BTC earned           693               943              (250 ) (27)%
    Total Cash Cost per BTC (in U.S. dollars)      72,300          27,900          44,400     157 %
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the 2024 Annual Financial Statements. 
    2 Non-cash service expense, included in infrastructure, which was exchanged for computational power sold.

    The MIL Network –

  • MIL-OSI: Tower Semiconductor Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    9% year-over-year revenue growth

    Affirms sequential quarterly revenue growth target throughout 2025

    MIGDAL HAEMEK, Israel, May 14, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ/TASE: TSEM) reports today its results for the first quarter ended March 31, 2025.

    First Quarter of 2025 Results Overview
    Revenues for the first quarter of 2025 were $358 million as compared to $327 million for the first quarter of 2024, representing 9% year-over-year revenue growth.

    Gross profit and operating profit for the first quarter of 2025 were $73 million and $33 million, respectively, as compared to gross profit and operating profit of $73 million and $34 million in the first quarter of 2024, respectively. Gross and operating profits remain similar since the positive impact of the $31 million revenue increase was offset by the fixed costs of the new 300mm Agrate facility, as previously disclosed.

    Net profit for the first quarter of 2025 was $40 million, reflecting $0.36 basic and $0.35 diluted earnings per share. First quarter of 2024 net profit was $45 million, reflecting $0.40 basic and diluted earnings per share, having been positively impacted by a non-recurring income tax benefit.

    Cash flow generated from operating activities in the first quarter of 2025 was $94 million. Investments in property and equipment, net, were $111 million and debt payments totaled $27 million.

    Corporate Credit Rating 
    On May 7, 2025, Standard & Poor’s Maalot (an S&P Global Ratings fully owned company) completed its annual rating review for the Company and reaffirmed its corporate credit rating as “ilAA, with a stable outlook”.

    Business Outlook
    Tower Semiconductor guides revenues for the second quarter of 2025 to be $372 million, with an upward or downward range of 5%, reflecting 6% year-over-year revenue increase; and reiterates its previously communicated company target for continued quarter-over-quarter revenue growth within 2025.

    Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
    “Tower delivered continued record revenue in RF infrastructure, which includes SiPho and SiGe. We target further revenue growth of these technologies throughout the year, increases in our high voltage 200mm power management business and higher revenue levels in our sensors business. Additionally, we have entered a new served market for Tower, namely envelope trackers, using our 300mm technology platform. In the face of geo-political uncertainties, we are leveraging Tower’s global scale and technology breadth into new opportunities.”

    Teleconference and Webcast
    Tower Semiconductor will host an investor conference call today, Wednesday, May 14, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the first quarter of 2025 and its business outlook.

    The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

    Non-GAAP Financial Measures
    The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $94 million, $101 million and $110 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively (less cash used for investments in property and equipment, net (in the amounts of $111 million, $93 million and $98 million for the three months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

    About Tower Semiconductor 
    Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiPho, SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACT:
    Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

    Forward-Looking Statements
    This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, include certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, credit crisis and/or unfavorable macro-economic conditions, such as the imposition of regulatory requirements, tariffs, import and export restrictions and other trade barriers and restrictions, including the timing and availability of export licenses and permits, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, such as announced for SiPho and SiGe, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease due to which he requested a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well as uncertainties associated with the ability to extend such lease or acquire the real estate and obtain the required local, state and/or other approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impact due to reorganization and consolidation of fabrication facilities, or cessation of operations, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares, and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

    A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

    (Financial tables follow)

       
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
    (dollars in thousands)  
      March 31,   December 31,  
      2025   2024  
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents $ 274,818   $ 271,894  
    Short-term deposits 906,446   946,351  
    Trade accounts receivable 219,496   211,932  
    Inventories 276,072   268,295  
    Other current assets 51,429   61,817  
    Total current assets 1,728,261   1,760,289  
    PROPERTY AND EQUIPMENT, NET 1,346,213   1,286,622  
    OTHER LONG-TERM ASSETS, NET 34,131   33,574  
    TOTAL ASSETS $ 3,108,605   $ 3,080,485  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Short-term debt $ 27,490   $ 48,376  
    Trade accounts payable 118,318   130,624  
    Deferred revenues and customers’ advances 17,233   21,655  
    Other current liabilities 86,421   84,409  
    Total current liabilities 249,462   285,064  
    LONG-TERM DEBT 134,835   132,437  
    OTHER LONG-TERM LIABILITIES 22,293   22,804  
    TOTAL LIABILITIES 406,590   440,305  
    TOTAL SHAREHOLDERS’ EQUITY 2,702,015   2,640,180  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,108,605   $ 3,080,485  
             
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (dollars and share count in thousands, except per share data)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    REVENUES $ 358,170     $ 387,191     $ 327,238  
    COST OF REVENUES 284,999     300,338     254,632  
    GROSS PROFIT 73,171     86,853     72,606  
    OPERATING COSTS AND EXPENSES:                
    Research and development 20,172     20,622     19,951  
    Marketing, general and administrative 20,101     19,812     18,670  
      40,273     40,434     38,621  
                     
    OPERATING PROFIT 32,898     46,419     33,985  
    FINANCING AND OTHER INCOME, NET 10,598     8,315     3,984  
    PROFIT BEFORE INCOME TAX 43,496     54,734     37,969  
    INCOME TAX BENEFIT (EXPENSE), NET   (3,779 )     (2,149 )   5,078  
    NET PROFIT 39,717     52,585     43,047  
    Net loss attributable to non-controlling interest 425     2,553     1,587  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    BASIC EARNINGS PER SHARE $ 0.36     $ 0.49     $ 0.40  
    Weighted average number of shares 111,575     111,493     110,840  
    DILUTED EARNINGS PER SHARE $ 0.35     $ 0.49     $ 0.40  
    Weighted average number of shares 113,152     112,967     111,627  
     
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 40,142     $ 55,138     $ 44,634  
    Stock based compensation and amortization of acquired intangible assets 10,335     11,258     7,209  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 50,477     $ 66,396     $ 51,843  
    ADJUSTED EARNINGS PER SHARE:                
    Basic $ 0.45     $ 0.60     $ 0.47  
    Diluted $ 0.45     $ 0.59     $ 0.46  
                     
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
    (dollars in thousands)
      Three months ended
      March 31,
    		   December 31,
    		   March 31,
      2025
    		   2024
    		   2024
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 271,894     $ 270,979     $ 260,664  
    Net cash provided by operating activities 93,922     100,816     110,038  
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Debt received (repaid), net   (26,874 )   2,795       (8,409 )
    Effect of Japanese Yen exchange rate change over cash balance 2,817       (4,972 )     (2,665 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net 44,470       (4,328 )     (1,113 )
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
                     
     TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    (dollars in thousands)
      Three months ended
        March 31,     December 31,     March 31,
        2025     2024     2024
    CASH FLOWS – OPERATING ACTIVITIES                      
    Net profit for the period $ 39,717     $ 52,585     $ 43,047  
    Adjustments to reconcile net profit for the period                      
    to net cash provided by operating activities:                      
    Income and expense items not involving cash flows:                      
    Depreciation and amortization *   74,228       75,820       59,544  
    Other expense, net   558       12,439       5,993  
    Changes in assets and liabilities:                      
    Trade accounts receivable   (6,354 )     (19,034 )     (6,489 )
    Other current assets   5,622       (36,464 )     (13,454 )
    Inventories   (4,128 )     (3,356 )     (23,703 )
    Trade accounts payable   (11,114 )     18,320       32,559  
    Deferred revenues and customers’ advances   (4,432 )     (8,712 )     (1,931 )
    Other current liabilities   3,718       7,057       16,868  
    Other long-term liabilities   (3,893 )     2,161       (2,396 )
    Net cash provided by operating activities   93,922       100,816       110,038  
    CASH FLOWS – INVESTING ACTIVITIES                      
    Investments in property and equipment, net   (111,411 )     (93,396 )     (98,018 )
    Proceeds from (investments in) deposits, marketable securities and other assets, net   44,470       (4,328 )     (1,113 )
    Net cash used in investing activities   (66,941 )     (97,724 )     (99,131 )
    CASH FLOWS – FINANCING ACTIVITIES                      
    Debt received (repaid), net   (26,874 )     2,795       (8,409 )
    Net cash provided by (used in) financing activities   (26,874 )     2,795       (8,409 )
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   2,817       (4,972 )     (2,665 )
                           
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   2,924       915       (167 )
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD   271,894       270,979       260,664  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 274,818     $ 271,894     $ 260,497  
     
    * Includes stock based compensation and amortization of acquired intangible assets in the amounts of $10,335, $11,258 and $7,209
    for the 3 months periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    The MIL Network –

  • MIL-OSI: Red Cat Expands Maritime Domain Capabilities with Battle-Tested Unmanned Surface Vessels

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, May 14, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a leading provider of drone technology for military, government, and commercial operations, today announced the expansion of its multi-domain Family of Systems with a new line of Unmanned Surface Vessels (USVs). This strategic move marks Red Cat’s official entry into the rapidly evolving maritime autonomy market and reinforces its position as a provider of comprehensive, interoperable unmanned systems for air, land, and sea operations.

    Meeting the Demands of Modern Conflict

    Red Cat’s entry into the maritime domain builds on existing inroads, including a partnership with Ocean Power Technologies to integrate its aerial drones with autonomous maritime platforms. Red Cat’s own line of kinetic-capable USVs marks a significant step forward. The decision is a direct response to rising geopolitical tensions and a shift in U.S. defense priorities toward re-asserting American maritime dominance globally. Red Cat is well positioned to deliver American-manufactured solutions that address these urgent operational needs of the U.S. and allied naval forces.

    “This is a pivotal moment for Red Cat as we evolve from an aerial-first drone company into a true multi-domain defense provider,” said Jeff Thompson, Red Cat CEO. “This expansion into maritime platforms opens significant opportunities in a fast-growing and urgently needed defense sector. As the U.S. and its allies confront rising maritime threats, particularly in the Indo-Pacific, there’s a clear demand for powerful, proven, and scalable USVs made in America. With these USVs, we’re helping to shape the future of autonomous warfare and strengthening the foundation of U.S. defense manufacturing.”

    Introducing Red Cat’s New Line of USVs

    Red Cat is bringing its line of USVs to market in partnership with a leading global manufacturer of USVs. The system is tested daily in actual combat and designed to operate either autonomously or in manned-unmanned teaming (MUM-T) configurations. The technology already has 10,000+ hours of operating time in live combat missions. Moving into production will accelerate Red Cat’s roadmap for USVs that integrate seamlessly with its existing family of ISR and unmanned aerial systems, supporting multi-domain and swarming operations.

    “This system has been used day in and day out in the current conflict, accumulating tens of thousands of hours in real combat operations and achieving dozens of successful kinetic engagements against enemy assets, more than any navy since World War II,” Thompson stated. “By partnering with a company that has extensive proven experience and is well beyond the proof-of-concept stage, we gain a substantial competitive advantage as we enter this market.”

    Red Cat is preparing to start production in Q3 of a seven-meter Expeditionary Multi-Role Craft developed to meet the demands of high-speed, long-range, kinetic maritime operations. It is built for larger payloads, extended endurance, and increased firepower. The version has enhanced range, payload capacity, and mission flexibility making it ideal for deep-strike missions, anti-ship warfare, and coastal interdiction in contested zones.

    Leaders in Ship Building and Marine Innovation

    Red Cat has assembled an elite team of master boatbuilders, drawing from industry leaders with centuries of collective experience. Renowned for pioneering advanced jet propulsion systems and crafting superior, American-made hulls, our team brings unmatched expertise to every vessel. Boatbuilding at scale demands profound knowledge and precision—qualities our proven professionals deliver with decades of hands-on experience, ensuring excellence in every detail.

    For more information about Red Cat’s mission and its line of Unmanned Surface Vessels visit www.redcat.red/USV.

    About Red Cat Holdings, Inc.

    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a leading-edge Family of Systems. This includes the flagship Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

    Forward Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

    Contact:

    INVESTORS:

    E-mail: Investors@redcat.red

    NEWS MEDIA:

    Phone: (347) 880-2895
    Email: peter@indicatemedia.com

    The MIL Network –

  • MIL-OSI United Nations: Secretary-General’s statement on the passing of Mr. José “Pepe” Mujica, former President of Uruguay [scroll down for Spanish]

    Source: United Nations

    I am deeply saddened by the passing of former President José Mujica. My heartfelt condolences go out to his family, the Government, and the people of Uruguay. 

    President Mujica will be remembered not only for his steadfast commitment to social justice, equality, and solidarity but also for the deeply human way in which he embodied those values. He led with humility, choosing simplicity over privilege, and reminded us—through words and example—that power should be exercised with responsibility and compassion. 

    President Mujica championed dialogue and multilateralism, embodying the values at the heart of the Charter of the United Nations and lending his moral authority to the cause of peace and human rights.  
     

    ***

    Me encuentro profundamente entristecido por el fallecimiento del ex Presidente José Mujica. Mis más sinceras condolencias para su familia, el Gobierno y el pueblo de Uruguay. 

    El Presidente Mujica será recordado no solo por su firme compromiso con la justicia social, la igualdad y la solidaridad, sino también por la forma profundamente humana en la que encarnó esos valores. Lideró con humildad, eligiendo la simplicidad sobre el privilegio, y nos recordó—tanto con sus palabras como con su ejemplo—que el poder debe ejercerse con responsabilidad y compasión. 

    El Presidente Mujica fue un firme defensor del diálogo y el multilateralismo, personificando los valores fundamentales de la Carta de las Naciones Unidas y aportando su autoridad moral a la causa de la paz y los derechos humanos. 
     

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Trade Minister to meet US Trade Representative at APEC in Korea

    Source: NZ Music Month takes to the streets

    Trade and Investment Minister Todd McClay travels to Korea today for the annual Asia-Pacific Economic Cooperation (APEC) Trade Ministers meeting where he will meet with APEC and CPTPP trading partners including a first in person meeting with United Stated Trade Representative Jamieson Greer.

    “These meetings are an opportunity to advocate for New Zealand exporters, discuss our strong and mutually beneficial trade relationships, and restate New Zealand’s opposition to high tariff regimes,” Mr McClay says.

    While in Jeju, Minister McClay will meet with Ministers from: Australia, China, Chile, Indonesia, Japan, Korea, Peru, Singapore and the United States where he will talk about the need for certainty for consumers and exporters.  

    APEC’s 21 economies receive over 75 per cent of New Zealand’s exports and represent nearly 60 per cent of global GDP. 

    “Open and fair market access remains a priority for our Government as we look to double the value of exports in 10 years and grow the economy,” Mr McClay says. 

    “This meeting is an opportunity to deepen our connections with these major economic partners and support New Zealand exporters.”

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Thales awarded ATC modernization contract in Brazil by CISCEA and installs new radar station at Presidente Prudente airport, reinforcing Brazilian airspace safety and security

    Source: Thales Group

    Headline: Thales awarded ATC modernization contract in Brazil by CISCEA and installs new radar station at Presidente Prudente airport, reinforcing Brazilian airspace safety and security

    • The Commission for the Implementation of the Brazilian Airspace Control System (CISCEA), an entity of the Brazilian Air Force Airspace Control Department (DECEA), awards a modernization contract for 9 Primary and Secondary Surveillance Radars to Omnisys, a Thales company.
    • The recent deployment of a co-mounted Primary TRAC NG and Secondary RSM NG radar, at Presidente Prudente airport (São Paulo), marks the 133rd milestone of installed Thales ATC (Air Traffic Control) radars in Brazil, contributing to more than 80% of the country’s airspace security and safety.
    • Renowned for outstanding reliability, unmatched performance and the latest in digital innovations, Thales Primary and Secondary radars, play a vital role in air surveillance, maintaining constant awareness of aircraft position at all times.
    Co-mounted Primary TRAC NG and Secondary RSM NG radar installed at Presidente Prudente airport Copyright Omnisys, a Thales company” id=”image-4ce97681-063e-4b93-9446-2298ef4b4412″ data-id=”4ce97681-063e-4b93-9446-2298ef4b4412″ data-original=”https://cdn.uc.assets.prezly.com/4ce97681-063e-4b93-9446-2298ef4b4412/-/inline/no/345.jpg” data-mfp-src=”https://cdn.uc.assets.prezly.com/4ce97681-063e-4b93-9446-2298ef4b4412/-/format/auto/” alt=”Co-mounted Primary TRAC NG and Secondary RSM NG radar installed at Presidente Prudente airport Copyright Omnisys, a Thales company”/>
    Co-mounted Primary TRAC NG and Secondary RSM NG radar installed at Presidente Prudente airport Copyright Omnisys, a Thales company

    Thales announces the signature of a modernization contract for nine air traffic control radar systems awarded to Omnisys, a Thales company in Brazil and Strategic Defence Company (EED), as well as the delivery of a new radar station at Presidente Prudente (São Paulo State) which represents the milestone of 133 Thales air traffic control radars operating within Brazilian airspace.

    The modernization of these nine radars includes upgrades with advanced technology capable of 3D detection of both low- and high-speed targets. It also features integration between Mode S1 and the ADS-B system, enabling greater precision in identifying cooperative and non-cooperative aircrafts. The update includes electronic protection features to ensure effective operation, even in the presence of electromagnetic interference, guaranteeing continuous and reliable surveillance.

    Certified by the Brazilian Ministry of Defence, as a Strategic Defence Product (PED) and manufactured at Omnisys headquarters near São Paulo, the new co-mounted Primary TRAC NG and Secondary RSM NG Surveillance Radar is installed at Presidente Prudente airport (São Paulo), and provisioned for future IFF (Identification, Friend or Foe) implementation. The launch of this radar station is part of the broader strategy to keep Brazilian skies increasingly secure.

    The radar station will expand air traffic surveillance capabilities, significantly improving safety and operational efficiency at Presidente Prudente Airport — the third busiest airport in the interior of the state of São Paulo.

    “This initiative represents a strategic step in renewing Brazil’s radar network, ensuring greater operational reliability and alignment with current air traffic control demands,” says Air Lieutenant Brigadier Maurício Augusto Silveira de Medeiros, General Director of DECEA. “DECEA is proud of the significant operational advancements and efficiency level achieved at the Brazilian airspace control system, recognized as a worldwide reference. Thales, thanks to its cutting-edge solutions and commitment to localization, is a major partner of the Brazilian Air Force. We highly value this partnership and look forward to continued collaboration to further enhance our capabilities.”

    “With 133 radars for Air Traffic Control and Management produced and delivered in Brazil, Thales confirms its commitment to deliver the best in technology, contributing to the security of Brazilian airspace. Local production not only reinforces, but also highlights our dedication to innovate in order to meet the specific needs of our customers. The modernization contract is key to maintaining the installed base of radars at the highest level of technology, as well as ensuring high operational reliability. We are committed to developing technology that addresses both current and future challenges of national airspace and security”, adds Eric HUBER, Vice President Surface Radars, Thales.

    1a secondary surveillance and communication standard which supports Air Traffic Control (ATC)

    MIL OSI Economics –

  • MIL-OSI Africa: Secretary-General’s statement on the passing of Mr. José “Pepe” Mujica, former President of Uruguay [scroll down for Spanish]

    Source: United Nations – English

    am deeply saddened by the passing of former President José Mujica. My heartfelt condolences go out to his family, the Government, and the people of Uruguay. 

    President Mujica will be remembered not only for his steadfast commitment to social justice, equality, and solidarity but also for the deeply human way in which he embodied those values. He led with humility, choosing simplicity over privilege, and reminded us—through words and example—that power should be exercised with responsibility and compassion. 

    President Mujica championed dialogue and multilateralism, embodying the values at the heart of the Charter of the United Nations and lending his moral authority to the cause of peace and human rights.  
     

    ***

    Me encuentro profundamente entristecido por el fallecimiento del ex Presidente José Mujica. Mis más sinceras condolencias para su familia, el Gobierno y el pueblo de Uruguay. 

    El Presidente Mujica será recordado no solo por su firme compromiso con la justicia social, la igualdad y la solidaridad, sino también por la forma profundamente humana en la que encarnó esos valores. Lideró con humildad, eligiendo la simplicidad sobre el privilegio, y nos recordó—tanto con sus palabras como con su ejemplo—que el poder debe ejercerse con responsabilidad y compasión. 

    El Presidente Mujica fue un firme defensor del diálogo y el multilateralismo, personificando los valores fundamentales de la Carta de las Naciones Unidas y aportando su autoridad moral a la causa de la paz y los derechos humanos. 
     

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: PRESENTATION OF CREDENTIALS OF THE AMBASSADOR OF GEORGIA TO THE INDEPENDENT STATE OF SAMOA

    Source:

    Share this:

    [PRESS RELEASE – WEDNESDAY 16 APRIL 2025] – His Excellency Mr. Beka Dvali presented his Letters of Credence to the Head of State of the Independent State of Samoa, Afioga Tuimaleali’ifano Va’aletoa Sualauvi II, at a Credentials ceremony held this morning at the Official Residence of the Head of State at Vailele, accrediting His Excellency as the Ambassador Extraordinary and Plenipotentiary of Georgia to Samoa with residence in Canberra, Australia.

    Samoa and Georgia have enjoyed cordial diplomatic relations since the establishment of formal ties on 12 March 2010. The two countries continue to collaborate at the multilateral fora, including the United Nations on matters on mutual interest including the attainment of the 2030 Agenda on sustainable development. Ambassador Dvali reaffirmed Georgia’s commitment to strengthening the growing partnership between our nations, both bilaterally and multilaterally, building on the solid foundation laid by his predecessors.

    Afioga Tuimaleali’ifano Va’aletoa Sualauvi II welcomed the Ambassador and acknowledged the growing relations between Samoa and Georgia. The Head of State expressed appreciation for the shared commitment to global priorities such as democracy, peace and security, human rights, and reaffirmed Samoa’s support for Georgia’s sovereignty and territorial integrity, principles that have underpinned our diplomatic relations since the establishment in 2010.

    H.E. Mr. Beka Dvali holds a Masters of Law in Comparative and European Law from Maastricht University in the Netherlands and a Diploma in Law at the Ivane Javakhishvili Tbilisi State University in Georgia. He is a career diplomat who joined the Ministry of Foreign Affairs of Georgia in 1999 holding various senior positions. He was posted to Georgia’s Diplomatic Missions as Senior Counsellor in the USA, Mexico, Envoy Extraordinary and Plenipotentiary in London, United Kingdom (2009-2012). Mr. Dvali was appointed as Georgia’s Ambassador to the Republic of South Africa from 2013 to 2022 with cross-accreditation to 12 other African countries. This is Mr. Dvali’s second Ambassadorial appointment as the Ambassador Extraordinary and Plenipotentiary of Georgia to Australia with across accreditation to the Pacific including Samoa. Mr. Dvali is married with one son.

    END

    Photo by the Government of Samoa (Jasmine Netzler-Iose)

    Share this:

    MIL OSI Asia Pacific News –

  • MIL-OSI: CBL International Limited (NASDAQ: BANL) to Participate in the Lytham Partners Spring 2025 Investor Conference on May 29, 2025

    Source: GlobeNewswire (MIL-OSI)

    KUALA LUMPUR, Malaysia, May 14, 2025 (GLOBE NEWSWIRE) — CBL International Limited (NASDAQ: BANL) (the “Company” or “CBL”), the listing vehicle of Banle Group (“Banle” or “the Group”), a leading marine fuel logistic company in the Asia-Pacific region, today announced that Dr. Teck Lim Chia, Chairman and CEO, will participate in a  webcasted fireside chat and Ms. Venus Zhao, our IR and PR Director, will host one-on-one meetings with investors at the Lytham Partners Spring 2025 Investor Conference, taking place virtually on Thursday, May 29, 2025.

    Company Webcast

    The webcast presentation will take place at 12:30 pm on Thursday, May 29, 2025, Eastern Time. The webcast can be accessed by visiting the conference home page at https://lythampartners.com/spring2025/ or directly at https://app.webinar.net/bNM Pk09l74O. The webcast will also be available for replay following the event.

    1×1 Meetings

    Management will be participating in virtual one-on-one meetings throughout the event. To arrange a meeting with management, please contact Lytham Partners at 1×1@lythampartners.com or register for the event at https://lythampartners.com/spring2025invreg/.

    About the Banle Group

    CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April, 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

    For more information about our company, please visit our website at: https://www.banle-intl.com.

    CBL INTERNATIONAL LIMITED
    (Incorporated in Cayman Islands with limited liabilities)
       
    For more information, please contact:
    CBL International Limited
    Email: investors@banle-intl.com
       
    Strategic Financial Relations Limited
    Shelly Cheng Tel: (852) 2864 4857
    Iris Au Yeung Tel: (852) 2114 4913
    Email: sprg_cbl@sprg.com.hk

    The MIL Network –

  • MIL-OSI Russia: China and Colombia Sign Cooperation Plan to Jointly Implement Belt and Road Initiative /detailed version-1/

    Translation. Region: Russian Federal

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

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

    BEIJING, May 14 (Xinhua) — China and Colombia should take the latter’s formal accession to the Belt and Road Initiative as an opportunity to improve the quality and level of bilateral cooperation, Chinese President Xi Jinping said Wednesday.

    Xi made the remarks during a meeting with Colombian President Gustavo Petro, who is in Beijing to attend the fourth ministerial meeting of the China-CELAC Forum (Community of Latin American and Caribbean States).

    Following the meeting, the heads of state witnessed the signing of a cooperation plan between the governments of the two countries on the joint construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road. -0-

    MIL OSI Russia News –

  • MIL-OSI China: Central Cordoba edge toward Libertadores knockout stage

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

    Gaston Veron scored late as Argentina’s Central Cordoba moved closer to securing a place in the Copa Libertadores round of 16 with a 2-1 away win over Venezuela’s Deportivo Tachira on Tuesday.

    The hosts were reduced to 10 men in the 12th minute when teenage defender Edicson Tamiche was shown a straight red card for a deliberate handball.

    It didn’t take long for the visitors to capitalize on their numerical advantage, and Jonathan Galvan gave his side the lead by heading home from a corner.

    Deportivo equalized against the run of play as Carlos Sosa’s superb through ball allowed Bryan Castillo to tap home from the edge of the six-yard box 15 minutes from time.

    But Central Cordoba restored its lead almost immediately through Gaston Veron, who fired a first-time effort into the far corner after Fernando Martinez’s cut-back from the right corner flag.

    The result leaves Central Cordoba top of Group C with 11 points from five outings, while Deportivo Tachira is yet to register a point.

    In other Copa Libertadores fixtures on Tuesday, Universidad de Chile won 4-0 at home to Carabobo, Atletico Bucaramanga held Fortaleza to a goalless home draw, and Cerro Porteno edged to a 1-0 away win over Sporting Cristal. 

    MIL OSI China News –

  • MIL-OSI China: Xi meets Colombian president

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

    Chinese President Xi Jinping meets with Colombian President Gustavo Petro, who is here for the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum, at the Great Hall of the People in Beijing, capital of China, May 14, 2025. [Photo/Xinhua]

    BEIJING, May 14 — Chinese President Xi Jinping met with Colombian President Gustavo Petro in Beijing on Wednesday.

    Chinese President Xi Jinping meets with Colombian President Gustavo Petro, who is here for the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum, at the Great Hall of the People in Beijing, capital of China, May 14, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Xi meets Chilean president

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

    Chinese President Xi Jinping meets with Chilean President Gabriel Boric, who is here for the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum, at the Great Hall of the People in Beijing, capital of China, May 14, 2025. [Photo/Xinhua]

    BEIJING, May 14 — Chinese President Xi Jinping met with Chilean President Gabriel Boric in Beijing on Wednesday.

    Chinese President Xi Jinping meets with Chilean President Gabriel Boric, who is here for the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum, at the Great Hall of the People in Beijing, capital of China, May 14, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • Jose Mujica, Uruguay’s former leader, rebel icon, and cannabis reformer, dead at 89

    Source: Government of India

    Source: Government of India (4)

    Jose Mujica, a one-time guerrilla and later president of Uruguay who drove a beat-up VW Beetle and enacted progressive reforms that carried his reputation well beyond South America, has died aged 89.

    The straight-talking Mujica, known to many Uruguayans by his nickname “Pepe,” led the small farming country’s leftist government from 2010 to 2015 after convincing voters his radical past was a closed chapter.

    “It is with deep sorrow that we announce the death of our comrade Pepe Mujica,” President Yamandu Orsi said in a post on X. “Thank you for everything you gave us and for your deep love for your people.”

    As president, Mujica adopted what was then a pioneering liberal stance on issues related to civil liberties. He signed a law allowing gay marriage and abortions in early pregnancy, and backed a proposal to legalize marijuana sales. The gay marriage and abortion measures were a big shift for Catholic Latin America, and the move on marijuana was at the time almost unprecedented worldwide.

    Regional leaders, including leftist presidents in Brazil, Chile, and Mexico, mourned Mujica’s passing and praised his example.

    “He defended democracy like few others. And he never stopped advocating for social justice and the end of all inequalities,” said Brazilian President Luiz Inacio Lula da Silva. Mujica’s “greatness transcended the borders of Uruguay and his presidential term,” he added.

    During his term in office, Mujica refused to move to the presidential residence, choosing to stay in his modest home where he kept a small flower farm in a suburb of Montevideo, the capital.

    Shunning a formal suit and tie, it was common to see him driving around in his Beetle or eating at downtown restaurants where office workers had lunch.

    In a May 2024 interview with Reuters in the tin-roofed house that Mujica shared with his wife, former Senator Lucia Topolansky, he said he had kept the old Beetle and that it was still in “phenomenal” condition.

    But, he added, he preferred a turn on the tractor, saying it was “more entertaining” than a car and was a place where “you have time to think.”

    Critics questioned Mujica’s tendency to break with protocol, while his blunt and occasionally uncouth statements sometimes forced him to explain himself, under pressure from opponents and political allies alike.

    But it was his down-to-earth style and progressive musings that endeared him to many Uruguayans.

    “The problem is that the world is run by old people, who forget what they were like when they were young,” Mujica said during the 2024 interview.

    Mujica himself was 74 when he became president. He was elected with 52% of the vote, despite some voters’ concerns about his age and his past as one of the leaders of the Tupamaros rebel group in the 1960s and 1970s.

    Lucia Topolansky was Mujica’s long-term partner, dating back to their days in the Tupamaros. The couple married in 2005, and she served as vice president from 2017-2020.

    After leaving office, they remained politically active, regularly attending inaugurations of Latin American presidents and giving crucial backing to candidates in Uruguay, including Orsi, who took office in March 2025. They stopped growing flowers on their small holding but continued to cultivate vegetables, including tomatoes that Topolansky pickled each season.

    BEHIND BARS

    Jose Mujica’s birth certificate recorded him as born in 1935, although he claimed there was an error and that he was actually born a year earlier. He once described his upbringing as “dignified poverty.”

    Mujica’s father died when he was 9 or 10 years old, and as a boy he helped his mother maintain the farm where they grew flowers and kept chickens and a few cows.

    At the time Mujica became interested in politics, Uruguay’s left was weak and fractured, and he began his political career in a progressive wing of the center-right National Party.

    In the late 1960s, he joined the Marxist Tupamaros guerrilla movement, which sought to weaken Uruguay’s conservative government through robberies, political kidnappings, and bombings.

    Mujica later said that he had never killed anyone but was involved in several violent clashes with police and soldiers and was once shot six times.

    Uruguay’s security forces gained the upper hand over the Tupamaros by the time the military swept to power in a 1973 coup, marking the start of a 12-year dictatorship in which about 200 people were kidnapped and killed. Thousands more were jailed and tortured.

    Mujica spent almost 15 years behind bars, many in solitary confinement, lying at the bottom of an old horse trough with only ants for company. He managed to escape twice, once by tunneling into a nearby house. His biggest “vice” as he approached 90, he later said, was talking to himself, alluding to his time in isolation.

    When democracy was restored to the farming country of roughly 3 million people in 1985, Mujica was released and returned to politics, gradually becoming a prominent figure on the left.

    He served as agriculture minister in the center-left coalition of his predecessor, President Tabaré Vázquez, who would go on to succeed him from 2015 to 2020.

    Mujica’s support base was on the left, but he maintained a fluid dialogue with opponents within the center-right, inviting them to traditional barbecues at his home.

    “We can’t pretend to agree on everything. We have to agree with what there is, not with what we like,” he said.

    He believed drugs should be decriminalized “under strict state control” and addiction addressed.

    “I do not defend drug use. But I can’t defend (a ban) because now we have two problems: drug addiction, which is a disease, and narcotrafficking, which is worse,” he said.

    In retirement, he remained resolutely optimistic.

    “I want to convey to all the young people that life is beautiful, but it wears out and you fall,” he said following a cancer diagnosis.

    “The point is to start over every time you fall, and if there is anger, transform it into hope.”

    –Reuters

  • MIL-OSI Russia: Peruvian PM resigns ahead of no-confidence vote

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    LIMA, May 14 (Xinhua) — Peruvian Prime Minister Gustavo Adriaenssen resigned on Tuesday, hours before Congress was set to debate at least three proposals to remove him from office.

    “Considering the supreme interests of the nation, I feel obliged to submit my final resignation from the post of Chairman of the Council of Ministers,” he said in a televised address.

    Along with the Prime Minister, members of the government and Peruvian President Dina Boluarte were in the frame, who consistently defended G. Adriaansen and praised his work. –0–

    MIL OSI Russia News –

  • Indian junior women’s hockey team to compete in Four Nations Tournament in Argentina

    Source: Government of India

    Source: Government of India (4)

    The Indian Junior Women’s Hockey Team is set to participate in a four-nation tournament in Rosario, Argentina, scheduled from May 25 to June 2. The team will play six friendly matches against Argentina, Uruguay, and Chile, according to a release by Hockey India.

    India will kick off the tournament with back-to-back matches against Chile and Uruguay on May 25 and 26, respectively. After a rest day, they will face hosts Argentina on May 28. The return leg will follow the same sequence, with India taking on Chile on May 30, Uruguay on June 1, and Argentina on June 2.

    This tour serves as a key preparatory step for the FIH Hockey Junior Women’s World Cup, slated to be held in Santiago, Chile, in December.

    Speaking about the significance of the tournament, Head Coach Tushar Khandker said, “We are preparing for the Junior World Cup later this year, and this Four Nations tour is crucial for identifying the best talent in the squad. Our goal is to gain valuable international experience and evaluate our progress based on past performances.”

    When asked about the opponents, Khandker added, “Every international match—whether it’s a tour, bilateral series, test match, or tournament—is an opportunity to represent India. Our focus will be on executing our strategies effectively and providing the girls with ample match experience to build their confidence ahead of the World Cup.”

    The Indian team is scheduled to depart for Rosario on May 21 to acclimatize and prepare for the tournament.

    (With ANI inputs)

  • MIL-OSI China: China, Colombia sign cooperation plan on BRI

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

    China and Colombia should take the latter’s formal accession to the Belt and Road Initiative as an opportunity to upgrade bilateral cooperation, Chinese President Xi Jinping said on Wednesday.

    Xi made the remarks when meeting with his Colombian counterpart Gustavo Petro, who is in Beijing for the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum.

    After their meeting, the two heads of state witnessed the signing of a cooperation plan between the two governments on jointly building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road.

    MIL OSI China News –

  • MIL-OSI USA: Trade Ranking Member Sánchez: UK deal lazy attempt at claiming victory

    Source: United States House of Representatives – Congresswoman Linda Sanchez (38th District of CA)

    WASHINGTON – Ways and Means Trade Subcommittee Ranking Member Linda T. Sánchez (D-Calif.) released the following statement in response to President Trump announcing an unfinished trade agreement with the United Kingdom:  

    “This is a lazy attempt at a trade agreement. President Trump is desperate to claim a win, hoping it will deflect from the rising costs and economic pain caused by his reckless trade policies.

    “His so-called trade deal won’t help working families, farmers, or small businesses. Where is the U.K. market access for American poultry? What, if any, are the environmental, anti-corruption, and labor commitments? How will we uphold these commitments without any enforcement mechanism? And will President Trump follow the law and bring his deal before Congress so the American people get a say? Another attempt to weaken accountability and transparency

    “This is what President Trump does. He claims these ‘huge’ victories but after the headlines are written and the details come out, they fall short of his hype. Despite his attempt at distraction, his economic agenda is clearly failing.”

    Background

    Ranking Member Sánchez introduced the Stopping a Rogue President on Trade Act, a bill that would turn off the global tariffs imposed on April 2, turn off the tariffs imposed by executive order for Mexico and Canada, and require congressional approval for tariffs imposed by the president. The bill has the support of all Ways and Means Democrats.

    ###
     

    MIL OSI USA News –

  • MIL-OSI USA: Sánchez: Congress must reclaim trade authority before Trump plunges economy into recession

    Source: United States House of Representatives – Congresswoman Linda Sanchez (38th District of CA)

    WASHINGTON – Ways and Means Trade Subcommittee Ranking Member Linda Sánchez (D-Calif.) released the following statement in response to the U.S. economy shrinking due to President Trump’s trade policies:  

    “President Trump inherited a strong, growing economy that was the envy of the world. But in just 100 days, his reckless trade policies have sent our economy spiraling downward and we’re now staring at the very real threat of yet another Republican-led recession. 

    “That means lost jobs, rising prices, and working families once again forced to bear the brunt of this administration’s failures – all due to self-inflicted wounds by a president dangerously out of control. Congress must reclaim its authority over trade and tariffs before President Trump plunges us into a recession.”

    Background

    Ranking Member Sánchez earlier this month introduced the Stopping a Rogue President on Trade Act, a bill that would turn off the global tariffs imposed on April 2, turn off the tariffs imposed by executive order for Mexico and Canada, and require congressional approval for tariffs imposed by the president. The bill has the support of all Ways and Means Democrats.

    ###

    MIL OSI USA News –

  • MIL-OSI Russia: China, Brazil sign memorandum of understanding on strategic cooperation in financial field

    Translation. Region: Russian Federal

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

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

    BEIJING, May 14 (Xinhua) — The central banks of China and Brazil signed a memorandum of understanding (MOU) on strategic cooperation in the financial field on Tuesday, the People’s Bank of China (PBOC) said.

    The PBOC said the signing of the MOU is intended to deepen cooperation between China and Brazil in areas such as improving the investment environment in the financial market, enhancing financial technical exchange, promoting financial infrastructure connectivity, etc.

    On the same day, the PBOC and the Central Bank of Brazil also extended the term of their bilateral currency swap agreement, worth a total of 190 billion yuan (about $26.39 billion), or 157 billion Brazilian reals. The agreement is for five years and can be extended by mutual agreement. -0-

    MIL OSI Russia News –

  • MIL-OSI USA: THOMPSON WELCOMES HOME FOURTH DISTRICT DACA RECIPIENT DENIED ENTRY BACK INTO U.S.

    Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

    Washington – Last week, U.S. Representative Mike Thompson (CA-04) sat down with a constituent and DACA recipient from California’s Fourth Congressional District who was denied entry back into the U.S. for weeks after a trip to Mexico due to a clerical error by U.S. Citizen and Immigration Services. The constituent, who is identified only as Jane Doe to remain anonymous, sat down with Rep. Thompson to discuss the harrowing incident and how Thompson and his team were able to intervene to bring her home. Watch the video HERE. 

    “Through no fault of her own, Jane was wrongfully denied re-entry from Mexico into the United States due to a paperwork error made by U.S. Citizen and Immigration Services. It’s sad that the federal government can make an error that causes a legal resident of the United States — in this case, my constituent — to have to miss three weeks of work, stay in a foreign country, and leave her family without their sole breadwinner for weeks. It took my office, my staff, and myself to intervene to get her home,” said Rep. Thompson. 

    “Constituent services are an important part of my job and my staff and I are dedicated to helping all of our constituents on any matters they have with the federal government.” 

    “When I was stranded in Mexico, I reached out to Congressman Thompson, him and his team listen to my story, they supported me and provided me with help to solve my situation. If not for them, I don’t think I would be here today. Thank you for everything,” said Jane Doe. 

    BACKGROUND 

    On March 26th, Jane Doe contacted Representative Thompson’s Washington, D.C. office to ask for help from the Congressman and his team. 

    Jane had traveled to Mexico legally after being granted an I-131 petition which allows a DACA recipient to leave the country and return for a justified reason. Jane filed her paperwork on time and without errors, and was granted the petition before leaving for her trip.  

    At the conclusion of her trip, Jane was denied entry onto the plane to fly home to the North Bay. Border patrol officials pointed out that the paperwork sent to Jane by the United States Citizenship and Immigration Services (USCIS) listed the wrong dates for her return, despite Jane filing for the correct dates.  

    Thompson’s office intervened to inquire with the USCIS San Francisco office as well as Customs & Border Control. Thompson and his team worked through USCIS to have Jane’s documents reissued and coordinated to have them couriered to Jane in Mexico. She was able to fly home on Saturday, April 27th.   

    Fourth District residents who face issues with passports and visas, veterans’ benefits, IRS issues, agricultural issues, small business assistance, immigration, Medicare and Medicaid, or any other problem navigating the federal government are encouraged to contact Rep. Thompson’s nearest office for support: 

    • Napa: (707) 226-9898
    • Santa Rosa: (707) 542-7182
    • Woodland: (530) 753-3501
    • Washington: (202) 225-3311

    MIL OSI USA News –

  • MIL-OSI United Nations: UN Secretary-General – Remarks to the Ministerial Meeting on the Future of Peacekeeping

    Source: United Nations – Peacekeeping

    [Bilingual, as delivered]

    Dear Ministers of Foreign Affairs and Defence Affairs of the Federal Republic of Germany, our generous hosts.

    Excellencies, ladies and gentlemen,

    My thanks to Germany for bringing us together at this consequential moment.

    This year marks the 80th anniversary of the United Nations.

    Our organization was founded on the conviction that peace is possible if we work as one united human family.

    That is what our peace operations are about. 

    From preventive diplomacy to peacekeeping…

    From negotiating ceasefires to helping to implement them…

    From electoral support and observer missions to de-mining operations and protection of civilians…

    To the focus of today’s Ministerial meeting — peacekeeping.

    Excellencies,

    UN Blue Helmets are the most globally recognized symbol of the world’s ability to come together to help countries move from conflict to peace.

    Peacekeepers hail from every corner of the world.

    But they are united in their commitment to peace.

    As we meet today, UN peacekeepers are hard at work helping to ensure that ceasefires are respected…

    Protecting civilians caught in the line of fire…

    Helping provide the conditions for lifesaving aid to flow to those in need…

    And laying the foundations for long-term recovery.

    In trouble spots around the world, Blue Helmets can mean the difference between life and death.

    And they are also a clear demonstration of the power of multilateral action to maintain, achieve and sustain peace.

    There is a long list of countries that have achieved durable peace with the support of UN Peacekeeping — including Cambodia, Cote d’Ivoire, El Salvador, Liberia, Namibia, Mozambique, Sierra Leone and Timor Leste.  

    Many of these countries now themselves contribute troops. 

    At the same time, we recognize that peace comes at a price.

    Through the decades, 4,400 peacekeepers have fallen in the line of duty.

    Their service and sacrifice will never be forgotten.  

    Please join me in a moment of silence to honour all those who lost their lives in the pursuit of peace.

    [MOMENT OF SILENCE]

    Thank you.

    Excellencies,

    We owe it to peacekeepers — and the populations they protect — to continue strengthening their ability to answer this call to peace.

    And to do so in the face of daunting challenges.

    Complex, intertwined and frequently borderless conflicts…

    Growing polarization and division around the globe…

    Targeting of peacekeepers through deadly misinformation spreading through social media…

    Terrorism and transnational crime, which find fertile ground in instability…

    The ongoing climate crisis that is exacerbating conflict while leaving more of the planet uninhabitable…

    All the continued trampling of international law and international humanitarian law.

    As a result, we are now facing the highest number of conflicts since the foundation of the United Nations, and record numbers of people fleeing across borders in search of safety and refuge.

    We must recognize that peacekeeping operations are only as effective as the mandates directing them, and can struggle in contexts where political support and clearly defined outcomes and solutions are absent or elusive.

    Meanwhile, we see increasing differences of views around how peacekeeping operations should work, under what circumstances, with what mandates they should be deployed, and for how long.

    And we face dramatic financial constraints across the board.

    We’ve worked to adapt in the face of these challenges.

    But we need to do more.

    Today, I want to highlight three areas of focus.

    First — help us shape peacekeeping operations that are fit for the future.     

    The Pact for the Future called for a Review of Peace Operations — including peacekeeping.

    The review will examine how we can make peacekeeping operations more adaptable, flexible and resilient — while recognizing the limitations in situations where there is little or no peace to keep.

    It will also aim to critically examine the tools we have today and propose concrete recommendations to make them fit for the future.  

    Through this review, we must ensure that the United Nations is prepared to deploy peace operations tailored to each individual conflict, while preparing for the challenges of tomorrow.

    We can draw inspiration from our UNIFIL operation, which recently developed an adaptation plan to keep peace along the Blue Line, and ensure lifesaving aid can flow to civilians in southern Lebanon.

    In the Central African Republic, we see MINUSCA protecting civilians and assisting the government to extend its reach beyond the capital where people are in desperate need. 

    In the Democratic Republic of the Congo, despite ongoing fighting, UN Peacekeepers remain in the field, protecting vulnerable populations. 

    We’re also seeking efficiencies through partnerships — from Member States to regional and sub-regional organizations, to local communities.

    Most important among them is our strong partnership with the African Union.

    Security Council resolution 2719 has lifted this partnership to a new level as we work to establish peace enforcement missions under the AU’s responsibility, supported by the United Nations through assessed contributions.

    Today, the Review of Peace Operations will need to be informed — and inspired — by your views.

    Member States make peacekeeping possible.

    They must lead the way as we strengthen it for the future.

    Second — as we make our operations more adaptable and flexible, we need to do the same in the use of our resources.

    Peace operations can only succeed when backed by robust mandates and clear, predictable and sustained contributions, both financial and logistical. 

    But these are tough times for the financing of our work across the board.

    Peacekeeping is no exception.

    It is crucial that we are able to use the increasingly limited resources we have — and use them well.

    That requires more flexible rules and processes.

    This means updating our approach to abolishing or establishing positions, and working with troop-contributing countries to ensure we can deliver.

    It means working with Member States and the UN Security Council to ensure that any new mandates are prioritized and achievable with the resources available and with a clear exit strategy.

    And it means driving efficiencies and improvements across our work in light of the continued funding challenges we face.

    Our Review of Peace Operations will work hand-in-hand with our UN80 initiative, to ensure we maximize efficiencies wherever possible, supported at every step by Member States.

    We look forward to your governments’ support and ideas as we tackle these challenges together.

    Troisièmement, nous avons besoin de votre soutien politique – qui passe notamment par les engagements que vous prendrez demain.

    Sans solution politique, les opérations de paix sont vouées à l’échec.

    Ensemble, nous devons rallier un soutien accru en faveur des solutions politiques pour toutes les missions de maintien de la paix.

    Faire avancer ces solutions politiques nécessite d’avoir les moyens nécessaires pour mener à bien nos opérations – notamment un soutien politique unifié de la part des États Membres, un leadership fort, des troupes bien préparées, du matériel et des technologies.

    Ces éléments peuvent renforcer nos opérations et améliorer sensiblement la vie des gens.

    Cela nécessite aussi un soutien de tous les États membres pour assurer la sécurité des Casques bleus sur le terrain, ainsi que le plein respect des privilèges et immunités pertinentes de notre Organisation et de son personnel.

    Nous sommes profondément reconnaissants de votre soutien et des contributions concrètes que nombre d’entre vous annonceront demain.

    Excellences,

    Le budget des opérations de la paix des Nations Unies, réparti entre les 193 États Membres, ne représente qu’une infime partie des dépenses militaires mondiales – environ 0,5 %. Ces opérations demeurent donc l’un des moyens les plus efficaces et les plus économiques de consolider la paix et la sécurité internationales.

    Toutefois, leur force est tributaire de l’engagement des États Membres à leur égard.

    Malheureusement, les opérations de maintien de la paix sont soumises a un sérieux problème de liquidité. Il est absolument essentiel que tous les Etats Membres respectent leurs obligations financières en payant les contributions intégralement et dans les temps.

    Aujourd’hui plus que jamais, le monde a besoin de l’ONU.

    Et l’ONU a besoin que les opérations de maintien de la paix disposent de tous les moyens nécessaires pour faire face aux réalités d’aujourd’hui et relever les défis de demain.

    Ensemble, faisons en sorte que les opérations de maintien de la paix de l’ONU répondent aux défis du moment, aux attentes des États Membres, et aux besoins légitimes de nos soldates et soldats de la paix – et des personnes à qui ils viennent en aide.

    Je vous remercie.

    Full translation in English.

    Full translation in French.

    MIL OSI United Nations News –